TOTAL S.A.

-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ManYneRhEhiLSbydFpCYEnh3j1dIW2KXNLJCBnTR8DAWuraHMSD5sL34zyrJmHqJ toBxam4GU2AEPb0lgSTR/w== 0000950123-05-006708.txt : 20050611 0000950123-05-006708.hdr.sgml : 20050611 20050525083048 ACCESSION NUMBER: 0000950123-05-006708 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20050430 FILED AS OF DATE: 20050525 DATE AS OF CHANGE: 20050525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TOTAL SA CENTRAL INDEX KEY: 0000879764 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10888 FILM NUMBER: 05855539 BUSINESS ADDRESS: STREET 1: 2 PLACE DE LA COUPOLE STREET 2: LA DEFENSE 92078 CITY: PARIS FRANCE STATE: I0 ZIP: 00000 BUSINESS PHONE: 2129693300 MAIL ADDRESS: STREET 1: 2 PLACE DE LA COUPOLE STREET 2: LA DEFENSE 92078 CITY: PARIS FRANCE STATE: I0 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA ELF SA DATE OF NAME CHANGE: 20001010 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL FINA SA DATE OF NAME CHANGE: 19990713 FORMER COMPANY: FORMER CONFORMED NAME: TOTAL DATE OF NAME CHANGE: 19960103 6-K 1 y01085e6vk.htm FORM 6-K TOTAL S.A.

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington D.C.

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13-a16 OR 15-d16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of

April 2005

TOTAL S.A.

(Translation of registrant’s name into English)

2, place de la Coupole
92078 Paris La Défense Cedex
France

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.


Form 20-F þ		Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.


Yes o		No þ

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-_______________.)

TABLE OF CONTENTS


SIGNATURES
EXHIBIT INDEX
EX 99.1: TOTAL AND NIGERIA'S AKPO FIELD
EX 99.2: FIRST QUARTER 2005 RESULTS
EX 99.3: FIRST QUARTER 2005 CONSOLIDATED ACCOUNTS
EX 99.4: PARTICIPATION IN SURMONT OIL SANDS LEASES
EX 99.5: RENEWABLE ENERGY
EX 99.6: 2005 ANNUAL GENERAL MEETING
EX 99.7: DISCOVERY OF HYDROCARBONS, NORWAY

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TOTAL S.A.

Date: May 25th, 2005 By:   /s/ Charles Paris de Bollardière
Name:   Charles PARIS de BOLLARDIERE
Title:   Treasurer

EXHIBIT INDEX

Ø EXHIBIT 99.1 : Total Launches Development of Nigeria’s Deep Offshore Akpo Field (May 2, 2005)

Ø EXHIBIT 99.2 : First Quarter 2005 Results (May 3, 2005)

Ø EXHIBIT 99.3 : First Quarter Year 2005 Consolidated Accounts, IFRS Accounting Standards (May 3, 2005)

Ø EXHIBIT 99.4 : Canada : Total increases its share in the Surmont oil sands leases to 50 % (May 10, 2005)

Ø EXHIBIT 99.5 : Renewable Energies : Electricité de France and Total Consolidate Their Photovoltaic Business

(May 12, 2005)

Ø EXHIBIT 99.6 : 2005 Annual General Meeting (May 17, 2005)

Ø EXHIBIT 99.7 : Norway: Discovery of hydrocarbons on the Onyx SW prospect (May 23, 2005)

EX-99.1 2 y01085exv99w1.htm EX 99.1: TOTAL AND NIGERIA'S AKPO FIELD EX-99.1:

(TOTAL LOGO)

Exhibit 99.1

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. : 33 (1) 47 44 37 76

Patricia MARIE
Tel. : 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel. : 33 (1) 47 44 47 49

Bertille ARON
Tel. : 33 (1) 47 44 67 12

Mary DWYER
Tel. : 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

(NEWS RELEASE)

Total Launches Development of Nigeria’s Deep Offshore Akpo Field

Paris, May 2, 2005 – State-owned Nigerian National Petroleum Corporation (NNPC) has authorized Total, as operator, to begin developing the offshore Akpo field on the Oil Mining License (OML) 130, Nigeria. Total holds a 24% interest in the OML 130, alongside NNPC, Petrobras and Sapetro.

Discovered in 2000, the Akpo gas and condensate field is located around 200 kilometers offshore Port Harcourt in water depths ranging from 1,100 to 1,700 meters.

The field development plan calls for 22 producing wells, 20 water injection wells and two gas injection wells, tied back to a floating production, storage and offloading (FPSO) vessel with a storage capacity of 2 million barrels.

Akpo will come on stream in late 2008 and is expected to quickly reach peak production of 225,000 barrels of oil equivalent per day, of which nearly 80% condensate. The condensate will be exported via a buoy located 2 kilometers from the FPSO, while the gas will be piped 150 kilometers to the Amenam/Kpono platforms, from where it will be sent to the Bonny liquefaction plant.

“This latest major development project confirms Total’s commitment to pursuing our growth strategy in Nigeria and developing the country’s oil and gas industry. The development of Akpo is a further demonstration of our ability to meet the technological challenges of the deep offshore,” said Christophe de Margerie, Total’s President, Exploration & Production.

Africa is Total’s leading growth region, accounting for production of 813,000 barrels of oil equivalent per day in 2004, of which 271,000 in Nigeria, a key contributor to the Group’s strategy to strengthen its presence in the deep offshore Gulf of Guinea.

* * * * *

Total is the fourth largest oil and gas company in the world with operations in more than 130 countries. Total’s activities cover the whole energy chain of the petroleum industry: exploration, oil and gas production, refining and marketing, trading and power generation. The Group is also a major player in chemicals. Total has more than 111,000 employees worldwide. More information can be found on the company’s website: www.total.com

EX-99.2 3 y01085exv99w2.htm EX 99.2: FIRST QUARTER 2005 RESULTS EX-99.2:

(TOTAL LOGO)

Exhibit 99.2

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. : 33 (1) 47 44 37 76

Patricia MARIE
Tel. : 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel. : 33 (1) 47 44 47 49

Bertille ARON
Tel. : 33 (1) 47 44 67 12

Mary DWYER
Tel. : 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

(NEWS RELEASE)

May 4, 2005

Total First Quarter 2005 results: strong performance

• +50% to 2.92 billion for adjusted net income in euros

• +54% to 4.90 € for adjusted earnings per share in euros

• +57% to 3.83 billion for adjusted net income expressed in dollars

• +62% to 6.42 $ for adjusted earnings per share expressed in dollars

• Results expressed in dollars^1-2



	First quarter 2005

Adjusted net income³		3.83	B$	+57	%

		6.42	$/share	+62	%

Net income		4.21	B$	+61	%

• Results in euros²



	First quarter 2005

Adjusted net income³		2.92	B€	+50	%

		4.90	€/share	+54	%

Net income		3.21	B€	+53	%

¹ dollar amounts represent euro accounts converted at the average €/$ exchange rate for the period (1.3113 $/€ in the first quarter 2005 and 1.2497 $/€ in the first quarter 2004)

² percent changes are relative to first quarter 2004

³ adjusted net income = net income using replacement cost, adjusted for special items and excluding Total’s equity share of amortization of intangibles related to the Sanofi-Aventis merger

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. : 33 (1) 47 44 37 76

Patricia MARIE
Tel. : 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel. : 33 (1) 47 44 47 49

Bertille ARON
Tel. : 33 (1) 47 44 67 12

Mary DWYER
Tel. : 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

Paris, May 4, 2005 – The Board of Directors, chaired by CEO Thierry Desmarest, met on May 3, 2005 to review the first quarter 2005 results.

Commenting on the results, Thierry Desmarest said :

« The first quarter 2005 market environment was very favorable for the oil industry. Against a backdrop of persistently strong demand for oil and tension over production capacity, oil prices rose again to record levels while refining margins remained high. At the same time, the positive trend observed at the end of 2004 in the Chemicals segment continued in petrochemicals, as well as for Arkema.

In this context, Total’s adjusted net income increased by 50% to 2,919 million euros from 1,946 million euros in the first quarter 2004.
Adjusted earnings per share rose to 4.90 euros, an increase of 54% compared to the first quarter 2004. Expressed in dollars, the increase is 62%, which is the highest percentage increase among the majors.

This performance shows that the Group is able to benefit fully from the high oil price environment in the Upstream as well as from the productivity programs that have strengthened the Downstream and Chemicals. Furthermore, in terms of return on average capital employed, Total’s performance is the best in the industry.

For the Upstream segment, the start of the year has been highlighted by significant progress in the negotiation for major projects, notably in Yemen and Qatar, and by the approval of the plan to launch the development of the giant Akpo field in Nigeria. Total is actively pursuing its growth strategy, and our investments expressed in dollars increased by 14% in the first quarter 2005 compared to the first quarter 2005.»

• Total – consolidated accounts⁴

Starting in the first quarter 2005, results for the Group, including data for prior periods, are presented in accordance with IFRS rules.



in millions of euros	1Q05		1Q04		%

Sales		31,739		26,975		+18	%

Adjusted operating income from business segments		5,456		3,576		+53	%

• Upstream		4,010		2,823		+42	%
• Downstream		891		553		+61	%
• Chemicals		555		200		+178	%

Adjusted net operating income from business segments		2,877		1,966		+46	%


Net income*		3,208		2,090		+53	%

Adjusted net income		2,919		1,946		+50	%

Adjusted earnings per share (euros)		4.90		3.18		+54	%


Investments		1,784		1,637		+9	%

Divestments at selling price		213		182		+17	%

Cash flow from operating activities		4,037		4,109		-2	%

^* Group share

⁴ adjusted income (adjusted operating income, adjusted net operating income, adjusted net income) are defined as income using replacement cost, adjusted for special items and excluding Total’s equity share of amortization of intangibles related to the Sanofi-Aventis merger

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. : 33 (1) 47 44 37 76

Patricia MARIE
Tel. : 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel. : 33 (1) 47 44 47 49

Bertille ARON
Tel. : 33 (1) 47 44 67 12

Mary DWYER
Tel. : 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

• Number of shares



in millions	1Q05		1Q04		%

Fully-diluted weighted-average shares		596.1		612.7		-3	%

• Market environment



	1Q05		1Q04		%

€/$		1.31		1.25		-5	%*
Brent ($/b)		47.6		32.0		+49	%
European refining margins TRCV ($/t)		31.7		21.6		+47	%

change in the dollar versus the euro

• Adjustments to operating income from business segments



in millions of euros	1Q05		1Q04

Impact of special items on operating income		—		—

• Restructuring charges		—		—
• Impairments		—		—
• Other		—		—

Difference of FIFO vs. replacement cost		722		248


Total adjustments affecting operating income from business segments		722		248

• Adjustments to net income (Group share)



in millions of euros	1Q05			1Q04

Impact of special items on net income		(125	)		(17	)

• Equity share of special items recorded by Sanofi-Aventis		(42	)		—
• Gain/(loss) on asset sales		—			—
• Restructuring charges and early retirements plans		(83	)		(17	)
• Impairments		—			—
• Other		—			—

Adjustment related to the Sanofi-Aventis merger *
(share of amortization of intangible assets)		(82	)		—

After-tax difference of FIFO vs. replacement cost		496			161


Total adjustments affecting net income		289			144

based on 13% participation by Total in Sanofi-Aventis at March 31, 2005

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. : 33 (1) 47 44 37 76

Patricia MARIE
Tel. : 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel. : 33 (1) 47 44 47 49

Bertille ARON
Tel. : 33 (1) 47 44 67 12

Mary DWYER
Tel. : 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

• First quarter 2005 results

> Operating income

The oil market environment for the first quarter 2005 was marked by sharply higher oil prices and stronger refining margins compared to the first quarter 2004. The average Brent price increased by 49% to 47.6 $/b. The TRCV European refining margin indicator averaged 31.7 $/t, an increase of 47% compared to the first quarter last year.
In addition, petrochemical margins continued to increase, reaching an average level higher than that of the first and fourth quarters in 2004.

The impact of the improvement in the oil market and chemicals environment was slightly offset by the 5% decline in the value of the dollar relative to the euro.

In this context, the adjusted operating income from business segments increased by 53% to 5,456 million euros (M€) from 3,576 M€ in the first quarter 2004.

Adjusted net operating income from business segments increased by 46% to 2,877 M€ from 1,966 M€ in the first quarter 2004. The lower percentage increase, relative to the increase in operating income, is due primarily to a higher effective tax rate in the first quarter 2005.

> Net income

Special items had a net negative impact of 125 M€ in the first quarter 2005 and 17 M€ in the first quarter 2004. They are made up mainly of restructuring charges in the Chemicals segment.

Included in the first quarter 2005 equity income from affiliates is a net negative accounting impact of 82 M€ for the Total’s equity share of amortization of intangible assets related to the Sanofi-Aventis merger.

Adjusted net income, which excludes an after-tax inventory valuation effect of 496 M€ in the first quarter 2005 and 161 M€ in the first quarter 2004, increased by 50% to 2,919 M€ from 1,946 M€ in the first quarter 2004.

During the first quarter 2005, the Group bought back 4.87 million of its shares for 847 M€. The number of weighted-average shares at March 31, 2005 is 594.9 million compared to 597.7 million at December 31, 2004.

Adjusted earnings per share based on 596.1 million fully-diluted weighted-average shares, increased by 54% to 4.90 euros from 3.18 euros in the first quarter 2004. Earnings per share increased at a higher rate than adjusted net income due to the accretive effect of the share buybacks.

Net income rose to 3,208 M€ from 2,090 M€ in the first quarter 2004.

> Cash flow

Cash flow from operating activities was 4,037 M€, a decrease of 2% compared to the first quarter 2004.

Investments were 1,784 M€ in the first quarter 2005 compared to 1,637 M€ in the same quarter last year.

Divestments in the first quarter 2005 were 213 M€.

Net cash flow⁵ was 2,466 M€, or approximately 3.2 B$, compared to 2,654 M€ in the first quarter 2004.

The net-debt-to-equity ratio was 23.9% at March 31, 2005 compared to 30.7% at December 31, 2004 and 24.1% at March 31, 2004.

⁵ net cash flow = cash flow from operating activities + divestments - investments

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. : 33 (1) 47 44 37 76

Patricia MARIE
Tel. : 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel. : 33 (1) 47 44 47 49

Bertille ARON
Tel. : 33 (1) 47 44 67 12

Mary DWYER
Tel. : 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

• Upstream

> Results



in millions of euros	1Q05		1Q04		%

Adjusted operating income*		4,010		2,823		+42	%

Adjusted net operating income*		1,808		1,399		+29	%


Investments		1,363		1,214		+12	%

Divestments at selling price		128		99		+29	%

Cash flow from operating activities		2,188		2,332		-6	%

adjustment detail included in business segment information

Adjusted operating income from the Upstream segment increased by 42% to 4,010 M€ in the first quarter 2005 from 2,823 M€ in the first quarter 2004.
The Upstream segment benefited from higher hydrocarbon prices, more so for liquids than for gas, and from an above average ratio of sales to liquids production.

Adjusted net operating income from the Upstream rose to 1,808 M€ in the first quarter 2005, an increase of 29%.
This increase, which is a smaller percentage increase than for the adjusted operating income is due mainly to a higher effective tax rate in the first quarter 2005 than in the same quarter last year.

> Production



Hydrocarbon production	1Q05		1Q04		%

Combined production (kboe/d)		2,562		2,633		-3	%

• Liquids (kb/d)		1,657		1,723		-4	%
• Gas (Mcfd)		4,945		4,951		—

Hydrocarbon production was 2,562 thousand barrels per day (kboe/d) in the first quarter 2005 versus 2,633 kboe/d in the first quarter 2004, a decrease of 2.7%.

The decrease is due essentially to the negative impact of higher prices in the first quarter 2005 versus the first quarter 2004 on entitlement volumes from production sharing and buy-back contracts (« price effect »),
In addition, production shut-downs in the Gulf of Mexico following Hurricane Ivan, affected first quarter 2005 volumes. The main facilities restarted production progressively from the end of March 2005.

Excluding these impacts, production increased slightly, with growth from Libya, Indonesia, Angola, Nigeria, Venezuela and Qatar being largely offset by lower production in the North Sea.

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. : 33 (1) 47 44 37 76

Patricia MARIE
Tel. : 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel. : 33 (1) 47 44 47 49

Bertille ARON
Tel. : 33 (1) 47 44 67 12

Mary DWYER
Tel. : 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

> Liquids and gas price realizations⁶



Liquids and gas price*	1Q05		1Q04		%

Average liquids price ($/b)		44.1		31.0		+42	%

Average gas price ($/Mbtu)		4.40		3.70		+19	%

consolidated subsidiaries, excluding fixed margin and buy-back contracts

The average realized price for liquids reflects a smaller increase than for the Brent price primarily because of the wider light-heavy differential in pricing various grades of crude. The increase in the average realized gas price is due notaby to higher European gas prices.

> Recent highlights

First quarter 2005 exploration successes included an extension of the Usan discovery in Nigeria (Total-operated, 20%), securing a 49% interest in Block 4 of Plataforma Deltana in Venezuela⁷, and the acquisition of new exploration acreage, two deep-offshore blocks in Australia and two blocks in Mauritania.
More recently, Total added a new exploration block in Cameroon.

The first quarter 2005 highlights also included the start-up of the Grand Angostura field (Total 30%) offshore Trinidad and Tobago and the launching of the development of the Forvie North field (Total 100%) in the UK North Sea.

Following the preemption process related to the sale of the BG stake in the North Caspian permit, Total signed an agreement to sell a 1.85% interest to KazMunaGas, the national oil company of the Republic of Kazakhstan. Once this sale is complete, Total will hold an 18.5 percent interest in the permit.

In upstream LNG, significant progress was made on Yemen LNG (Total 42.9%) with the signing of three LNG sales agreements covering almost all of the production capacity and the launching of calls for tenders on the development of the project. On Qatargas II, Total signed an agreement to acquire 16.7% of train 2 in the project and a purchase agreement for up to 5.2 million tons per year of LNG over 25 years.

In midstream LNG, the Hazira LNG regasification terminal (Total 26%) in India started commercial operations in April 2005.

On May 2, 2005, Total announced the launching of the development of the offshore Nigerian Akpo field (Total-operated 24%). First production from Akpo is expected at end-2008 with a plateau rate of 225 kboe/d, consisting of about 80% of condensates.

⁶ average realized oil and gas prices will be posted on the Total web site (Finance-Main Indicators) around the middle of the month following the end of each quarter.

⁷ subject to approval by authorities

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. : 33 (1) 47 44 37 76

Patricia MARIE
Tel. : 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel. : 33 (1) 47 44 47 49

Bertille ARON
Tel. : 33 (1) 47 44 67 12

Mary DWYER
Tel. : 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

• Downstream

> Results



in millions euros	1Q05		1Q04		%

Adjusted operating income*		891		553		+61	%

Adjusted net operating income*		678		425		+60	%


Investments		217		240		-10	%

Divestments at selling price		45		43		+5	%

Cash flow from operating activities		1,689		1,724		-2	%

adjustment detail included in business segment information

Adjusted operating income from the Downstream segment increased by 61% to 891 M€ from 553 M€ in the first quarter 2004.

The Downstream segment benefited from a favorable refining environment. Relative to the first quarter of last year, refining margins were driven sharply higher in early 2005 by a combination of strong product demand, for distillates in Europe and for gasoline in the US, plus the wider light-heavy crude price differential. The favorable impact of this trend was not fully reflected by the 47% increase in the TRCV margin indicator.
Downstream results also benefited from the improved operational performance of the refineries and from the positive effects of productivity programs.

Adjusted net operating income from the Downstream increased by 60% to 678 M€ in the first quarter 2005 from 425 M€ in the first quarter 2004.

> Refinery throughput



Refinery throughput (kb/d)	1Q05		1Q04		%

Total refinery throughput*		2,626		2,493		+5	%

• France		1,049		1,034		+1	%
• Rest of Europe*		1,252		1,181		+6	%
• Rest of world		325		278		+17	%

includes equity share in Cepsa

Thanks to the strong operational performance of the refineries, throughput (crude and cracker feedstocks) reached a new record level of 2,626 kb/d in the first quarter 2005. The refining utilization rate based on crude input rose to 95% from 92% in the first quarter 2004. A period of major turnarounds began at the end of the first quarter 2005 that will involve Grandpuits and Milford Haven refineries as well as partial turnarounds for the Normandy and Antwerp refineries.

> Recent highlights

Total reached an agreement with the Chinese authorities to form a joint venture with Sinochem for the creation of a network of 200 service stations in northern China, where the two companies are already partners in the Dalian refinery.

Beginning in April 2005, Total began selling new high-performance fuels (gasoline and diesel) : TOTAL EXCELLIUM. Initially marketed in nearly 300 stations, they will be distributed throughout the Total network by the end of 2005.

2, place de la Coupole
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92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. : 33 (1) 47 44 37 76

Patricia MARIE
Tel. : 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel. : 33 (1) 47 44 47 49

Bertille ARON
Tel. : 33 (1) 47 44 67 12

Mary DWYER
Tel. : 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

• Chemicals

> Results



in millions euros	1Q05			1Q04			%

Sales		5,518			4,673			+18	%

• Base chemicals & polymers		2,587			1,922			+35	%
• Specialties		1,568			1,466			+7	%
• Arkema		1,360			1,278			+6	%
• Corporate Chemicals		3			7			—

Adjusted operating income*		555			200			+178	%

• Base chemicals & polymers		352			69			x5,1
• Specialties		116			119			-3	%
• Arkema		89			11			x8,1
• Corporate Chemicals		(2	)		1			ns

Adjusted net operating income*		391			142			+175	%


Investments		158			172			-8	%

Divestments at selling price		22			19			+16	%

Cash flow from operating activities		82			(72)	**		ns

*		adjustment detail included in business segment information
**		includes disbursements related to the Toulouse-AZF reserve of 130 M€

Sales for the Chemicals segment increased by 18% to 5,518 M€ from 4,673 M€ in the first quarter 2004.

Adjusted operating income increased sharply to 555 M€ in the first quarter 2005 from 200 M€ in the first quarter 2004.

This performance was due mainly to the strong increase in base chemicals which benefited from the rebound in petrochemical margins that began in the second half of 2004.
Specialties continued to perform well.

Arkema’s results increased sharply mainly due to improved market conditions and to the positive effects of self-help programs that are underway. In the chlorochemicals business unit, Arkema announced a restructuring program at the beginning of the year.

Adjusted net operating income from the Chemicals segment increased to 391 M€ in the first quarter 2005 from 142 M€ in the first quarter 2004.

> Recent highlights

Samsung Total Petrochemicals launched a project to debottleneck the aromatics plant in Daesan, South Korea which is expected to increase capacity by about 25%.

In April 2005, the project to build an ethane cracker at Ras Laffan in Qatar was launched. Total Petrochemicals holds a 22% net interest in this project through Qatofin subsidiary.

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. : 33 (1) 47 44 37 76

Patricia MARIE
Tel. : 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel. : 33 (1) 47 44 47 49

Bertille ARON
Tel. : 33 (1) 47 44 67 12

Mary DWYER
Tel. : 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

• Summary and outlook

The return on average capital employed (ROACE⁸) for Total for the period April 1, 2004 to March 31, 2005 was 26%. Profitability increased in all business segments.
The return on equity for the same period was 33%.

The investment program is proceeding according to plan with the priority being Upstream growth as well as increased expenditures for refining.

Total bought back 1.45 million of its shares for 261 M€ in April 2005, raising the total bought back since the beginning of the year to slightly more than 1% of the share capital.

Since the beginning of the second quarter 2005, the oil market environment has remained favorable with high oil prices and refining margins. Despite compression in petrochemical margins, the Chemicals segment continues to benefit from a relatively favorable environment.

u u u

To listen to the conference call with CFO Robert Castaigne and financial analysts today at 15:00 (Paris time), please call +44 (0)20 7162 9919 from Europe or +1 954 334 0340 from the US or access the call through company web site www.total.com. For a replay, please dial +44 (0)20 7031 4064 from Europe or 1 954 334 03 42 (access code: 658 039) from the US.

The March 31, 2005 notes to the consolidated accounts are available on the Total web site (www.total.com). The interim accounts have been the subject of a limited review by the company’s auditors. This document may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, business, strategy and plans of Total. Such statements are based on a number of assumptions that could ultimately prove inaccurate, and are subject to a number of risk factors, including currency fluctuations, the price of petroleum products, the ability to realize cost reductions and operating efficiencies without unduly disrupting business operations, environmental regulatory considerations and general economic and business conditions. Total does not assume any obligation to update publicly any forward-looking statement, whether as a result of new information, future events or otherwise. Further information on factors which could affect the company’s financial results is provided in documents filed by the Group and its affiliates with the French Autorité des Marchés Financiers and the US Securities and Exchange Commission.

The business segment information is presented in accordance with the Group internal reporting system used by the Chief operating decision maker to measure performance and allocate resources internally. Due to their particular nature or significance, certain transactions qualified as “special items” are monitored at the Group level and excluded from the business segment figures. In general, special items relate to transactions that are significant, infrequent or unusual. However, in certain instances, certain transactions such as restructuring costs or assets disposals, which are not considered to be representative of normal course of business, may be qualified as special items although they may have occurred within prior years or are likely to recur within following years.
In accordance with IAS 2, the Group values inventories of crude oil and petroleum products in the financial statements in accordance with the FIFO (First in, First out) method and other inventories using the weighted-average cost method. However, in the note setting forth information by business segment, the Group continues to present the results for the Downstream segment according to the replacement cost method and those of the Chemicals segment according to the LIFO (Last in, First out) method in order to ensure the comparability of the Group’s results with those of its main competitors, notably from North America. The inventory valuation effect is the difference between the results according to the FIFO method and the results according to the replacement cost or LIFO method.
In this framework, performance measures such as adjusted operating income, adjusted net operating income and adjusted net income are defined as incomes using replacement cost, adjusted for special items and excluding Total’s equity share of the amortization of intangibles related to the Sanofi-Aventis merger. They are meant to facilitate the analysis of the financial performance and the comparison of income between periods.

⁸ ROACE = adjusted net operating income divided by the average capital employed using replacement cost

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. : 33 (1) 47 44 37 76

Patricia MARIE
Tel. : 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel. : 33 (1) 47 44 47 49

Bertille ARON
Tel. : 33 (1) 47 44 67 12

Mary DWYER
Tel. : 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

Operating information by segment
First quarter 2005

• Upstream



Combined production by region (kboe/d)	1Q05		1Q04		%

Europe		830		891		-7	%
Africa		804		796		+1	%
North America		37		65		-43	%
Far East		256		244		+5	%
Middle East		394		419		-6	%
South America		232		210		+10	%
Rest of world		9		8		+13	%

Total		2,562		2,633		-3	%



Liquids production by region (kb/d)	1Q05		1Q04		%

Europe		415		448		-7	%
Africa		720		723		—
North America		6		16		-63	%
Far East		30		32		-6	%
Middle East		339		362		-6	%
South America		139		134		+4	%
Rest of world		8		8		—

Total		1,657		1,723		-4	%

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. : 33 (1) 47 44 37 76

Patricia MARIE
Tel. : 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel. : 33 (1) 47 44 47 49

Bertille ARON
Tel. : 33 (1) 47 44 67 12

Mary DWYER
Tel. : 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com



Gas production by region (Mcfd)	1Q05		1Q04		%

Europe		2,258		2,413		-6	%
Africa		450		391		+15	%
North America		165		259		-36	%
Far East		1,257		1,179		+7	%
Middle East		296		302		-2	%
South America		517		407		+27	%
Rest of world		2		—	ns

Total		4,945		4,951		—

• Downstream



Refined product sales by region (kb/d)*	1Q05		1Q04		%

Europe		2,858		2,794		+2	%
Africa		318		280		+14	%
United States		591		580		+2	%
Rest of world		223		188		+19	%

Total		3,990		3,842		+4	%

includes equity share in Cepsa and trading

EX-99.3 4 y01085exv99w3.htm EX 99.3: FIRST QUARTER 2005 CONSOLIDATED ACCOUNTS EX-99.3:

Exhibit 99.3

Total financial statements

First quarter year 2005 consolidated accounts, IFRS accounting standards

(TOTAL LOGO)

CONSOLIDATED STATEMENT OF INCOME

Total


	First quarter			First quarter
	2005			2004
Amounts in millions of euros (1)	(unaudited)			(unaudited)

Sales		31,739			26,975
Excise taxes		(5,051	)		(5,190	)
Revenues from sales		26,688			21,785

Cost of goods sold and inventory variation		(14,877	)		(12,039	)
Other operating expenses		(4,435	)		(4,732	)
Unsuccessful exploration costs		(72	)		(73	)
Depreciation, depletion, and amortization of tangible assets		(1,191	)		(1,232	)


Operating income
Corporate		(65	)		(115	)
Business segments *		6,178			3,824


Total operating income		6,113			3,709



Other income		4			74
Other expense		(172	)		(97	)

Financial charge on debt		(254	)		(153	)
Financial income on cash and cash equivalents and equity securities		184			105
Cost of net debt		(70	)		(48	)

Other financial income		88			64
Other financial expense		(66	)		(46	)
Income taxes		(2,899	)		(1,797	)
Equity in income (loss) of affiliates		295			292


Consolidated net income		3,293			2,151


Group share **		3,208			2,090
Minority interests and dividends on subsidiaries’ redeemable preferred shares		85			61


Earnings per share (euros) ***		5.38			3.41







* Adjusted operating income from business segments		5,456			3,576



Adjusted net operating income from business segments		2,877			1,966



** Adjusted net income		2,919			1,946



*** Adjusted earnings per share (euros)		4.90			3.18

(1) Except for earnings per share

CONSOLIDATED BALANCE SHEET

Total


	Amounts in millions of euros
	31/03/2005						31/03/2004
	(unaudited)			31/12/2004			(unaudited)

ASSETS

NON-CURRENT ASSETS
Intangible assets, net		3,274			3,176			3,536
Property, plant, and equipment, net		36,184			34,906			35,505
Equity affiliates : investments and loans		11,298			10,680			8,186
Other investments		1,156			1,198			1,276
Other non-current assets		2,033			2,351			2,455


Total non-current assets		53,945			52,311			50,958



CURRENT ASSETS
Inventories, net		10,459			9,264			7,837
Accounts receivable, net		16,593			14,025			14,278
Prepaid expenses and other current assets		5,258			5,314			4,727
Cash and cash equivalents		12,548			3,860			16,190


Total current assets		44,858			32,463			43,032



TOTAL ASSETS		98,803			84,774			93,990



LIABILITIES & SHAREHOLDERS’ EQUITY

EQUITY
Common shares		6,358			6,350			6,497
Paid-in surplus and retained earnings		35,023			31,717			29,546
Cumulative translation adjustment		(481	)		(1,429	)		616
Treasury shares		(5,848	)		(5,030	)		(5,236	)


SHAREHOLDERS’ EQUITY — GROUP SHARE		35,052			31,608			31,423



Minority interest and subsidiaries’ redeemable preferred shares		846			810			1,144



TOTAL EQUITY		35,898			32,418			32,567



LONG-TERM LIABILITIES
Deferred income taxes		6,700			6,402			6,025
Employee benefits		3,592			3,607			3,892
Other liabilities		6,497			6,274			6,228


Total long-term liabilities		16,789			16,283			16,145



LONG-TERM DEBT		10,795			9,773			11,050



CURRENT LIABILITIES
Accounts payable		13,080			11,672			11,202
Other creditors and accrued liabilities		12,529			11,148			10,901
Short-term borrowings and bank overdafts		9,712			3,480			12,125


Total current liabilities		35,321			26,300			34,228



TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		98,803			84,774			93,990

CONSOLIDATED STATEMENTS OF CASH FLOWS

Total


	First quarter			First quarter
	2005			2004
Amounts in millions of euros	(unaudited)			(unaudited)

CASH FLOW FROM OPERATING ACTIVITIES

Consolidated net income		3,293			2,151

Depreciation, depletion, and amortization		1,243			1,276

Long-term liabilities, valuation allowances, and deferred taxes		549			77
Impact of coverage of pension benefit plans		—			—
Unsuccessful exploration costs		72			73
(Gains)/Losses on sales of assets		(4	)		(74	)
Equity in income of affiliates (in excess of)/less than dividends received		(195	)		(245	)
Other changes, net		11			70

Cash flow from operating activities before changes in working capital		4,969			3,328
(Increase)/Decrease in operating assets and liabilities		(932	)		781

CASH FLOW FROM OPERATING ACTIVITIES (1)		4,037			4,109


CASH FLOW USED IN INVESTING ACTIVITIES

Intangible assets and property, plant, and equipment additions		(1,513	)		(1,295	)
Exploration expenditures charged to expenses		(71	)		(73	)
Acquisitions of subsidiaries, net of cash acquired		—			—
Investments in equity affiliates and other securities		(15	)		(31	)
Increase in long-term loans		(185	)		(238	)

Investments		(1,784	)		(1,637	)
Proceeds from sale of intangible assets and property, plant, and equipment		14			74
Proceeds from sale of subsidiaries, net of cash sold		11			1
Proceeds from sale of non-current investments		5			26
Repayment of long-term loans		183			81

Total divestitures		213			182
(Increase)/Decrease in short-term investments		—			12

CASH FLOW USED IN INVESTING ACTIVITIES		(1,571	)		(1,443	)


CASH FLOW FROM FINANCING ACTIVITIES

Issuance and repayment of shares:
Parent company’s shareholders		—			—
Purchase of treasury shares		(808	)		(633	)
Minority shareholders		62			39
Subsidiaries’ redeemable preferred shares		(38	)		—
Cash dividends paid:
- Parent company’s shareholders		(1	)		—
- Minority shareholders		(28	)		(4	)
Net issuance/(repayment) of long-term debt		689			1,225
Increase/(Decrease) in short-term borrowings and bank overdrafts		5,952			7,661
Other changes, net		(1	)		(1	)

CASH FLOW FROM FINANCING ACTIVITIES		5,827			8,287

Net increase/decrease in cash and cash equivalents		8,293			10,953
Effect of exchange rates and changes in reporting entity on cash and cash equivalents		395			386
Cash and cash equivalents at the beginning of the period		3,860			4,836

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD		12,548			16,175

(1)

Including payments relating to the Toulouse AZF plant explosion, offset by a long-term liability write-back of 10 million euros for the first quarter 2005 and 130 million euros for the first quarter 2004.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDER’S EQUITY

Total

(unaudited)



							Paid-in															Subsidiaries’
							surplus and			Cumulative												redeemable
	Common shares issued						retained			translation			Treasury shares						Shareholders’			preferred			Minority			Total
(Amounts in millions of euros)	Number			Amount			earnings			adjustment			Number			Amount			equity			shares			interest			equity

As of January 1, 2004 (French GAAP)		649,118,236			6,491			30,408			(3,268	)		(26,256,899	)		(3,225	)		30,406			396			664			31,466

IFRS adjustments		—			—			(3,048	)		3,268			(10,855,206	)		(1,388	)		(1,168	)		—			19			(1,149	)

As of January 1, 2004 (IFRS)		649,118,236			6,491			27,360			—			(37,112,105	)		(4,613	)		29,238			396			683			30,317

Cash dividend		—			—			—			—			—			—			—			—			(4	)		(4	)

Net income for the first quarter		—			—			2,090			—			—			—			2,090			1			60			2,151

Issuance of shares		622,573			6			33			—			—			—			39			—			—			39

Purchase of treasury shares		—			—			—			—			(4,300,000	)		(633	)		(633	)		—			—			(633	)

Cancellation of repurchased shares		—			—			—			—			—			—			—			—			—			—

Sale of treasury shares (1)		—			—			3			—			127,399			10			13			—			—			13

Translation adjustments		—			—			—			616			—			—			616			13			24			653

Other (2)		—			—			60			—			—			—			60			—			(29	)		31

As of March 31, 2004 (IFRS)		649,740,809			6,497			29,546			616			(41,284,706	)		(5,236	)		31,423			410			734			32,567

Cash dividend		—			—			(4,293	)		—			—			—			(4,293	)		—			(203	)		(4,496	)

Net income from April 1, 2004 to December 31, 2004		—			—			8,778			—			—			—			8,778			6			214			8,998

Issuance of shares		5,148,231			52			445			—			—			—			497			—			—			497

Purchase of treasury shares		—			—			—			—			(18,250,000	)		(2,921	)		(2,921	)		—			—			(2,921	)

Cancellation of repurchased shares		(19,873,932	)		(199	)		(2,877	)		—			19,873,932			3,076			—			—			—			—

Sale of treasury shares (1)		—			—			11			—			588,287			51			62			—			—			62

Translation adjustments		—			—			—			(2,045	)		—			—			(2,045	)		(28	)		(43	)		(2,116	)

Other (2)		—			—			107			—			—			—			107			(241	)		(39	)		(173	)

As of December 31, 2004 (IFRS)		635,015,108			6,350			31,717			(1,429	)		(39,072,487	)		(5,030	)		31,608			147			663			32,418

Cash dividend		—			—			—			—			—			—			—			—			(28	)		(28	)

Net income for the first quarter		—			—			3,208			—			—			—			3,208			1			84			3,293

Issuance of shares		821,475			8			55			—			—			—			63			—			—			63

Purchase of treasury shares		—			—			—			—			(4,870,000	)		(847	)		(847	)		—			—			(847	)

Cancellation of repurchased shares		—			—			—			—			—			—			—			—			—			—

Sale of treasury shares (1)		—			—			10			—			321,340			29			39			—			—			39

Repayment of subsidiaries’ redeemable preferred shares		—			—			—			—			—			—			—			(38	)		—			(38	)

Translation adjustments		—			—			—			948			—			—			948			7			19			974

Other (2)		—			—			33			—			—			—			33			—			(9	)		24

As of March 31, 2005		635,836,583			6,358			35,023			(481	)		(43,621,147	)		(5,848	)		35,052			117			729			35,898

(1)		Treasury shares related to the stock option purchase plans

(2)		Mainly due to the charge related to stock options

BUSINESS SEGMENT INFORMATION

Total

(unaudited)


	Amounts in millions of euros

First quarter 2005	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		4,805			21,416			5,518			—						31,739
Intersegment sales		4,226			1,029			352			58			(5,665	)
Excise taxes		—			(5,051	)		—			—						(5,051	)

Revenues from sales		9,031			17,394			5,870			58			(5,665	)		26,688

Operating expenses		(4,266	)		(15,600	)		(5,069	)		(114	)		5,665			(19,384	)
Depreciation, depletion, and amortization of tangible assets		(755	)		(251	)		(176	)		(9	)					(1,191	)

Operating income		4,010			1,543			625			(65	)		—			6,113

Equity in income (loss) of affiliates and other items		77			115			(106	)		63						149
Tax on net operating income		(2,279	)		(530	)		(164	)		51						(2,922	)

Net operating income		1,808			1,128			355			49						3,340

Net cost of net debt																	(47	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(85	)

Net income																	3,208



First quarter 2005
*(adjustments) ()**	Upstream		Downstream			Chemicals			Corporate			Intercompany	Total

Non-Group sales
Intersegment sales
Excise taxes

Revenues from sales

Operating charges (1)		—		652			70			—				722
Depreciation, depletion, and amortization of tangible assets		—		—			—			—				—

Operating income		—		652			70			—				722

Equity in income (loss) of affiliates and other items (1) (2)		—		13			(125	)		(124	)			(236	)
Tax on net operating income		—		(215	)		19			—				(196	)

Net operating income		—		450			(36	)		(124	)			290

Net cost of net debt														—
Minority interests and dividends on subsidiaries’ redeemable preferred shares														(1	)

Net income														289

(*)

Adjustments include special items, inventory valuation effect and Total’s equity share of amortization of intangible assets related to the Sanofi-Aventis merger


(1) Of which inventory valuation effect
On operating income	—	652	70	—
On net operating income	—	450	47	—
(2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger	—	—	—	(82	)



First quarter 2005
(adjusted)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		4,805			21,416			5,518			—						31,739
Intersegment sales		4,226			1,029			352			58			(5,665	)		—
Excise taxes		—			(5,051	)		—			—						(5,051	)

Revenues from sales		9,031			17,394			5,870			58			(5,665	)		26,688

Operating expenses		(4,266	)		(16,252	)		(5,139	)		(114	)		5,665			(20,106	)
Depreciation, depletion, and amortization of tangible assets		(755	)		(251	)		(176	)		(9	)					(1,191	)

Adjusted operating income		4,010			891			555			(65	)					5,391

Equity in income (loss) of affiliates and other items		77			102			19			187						385
Tax on net operating income		(2,279	)		(315	)		(183	)		51						(2,726	)

Adjusted net operating income		1,808			678			391			173						3,050

Net cost of net debt																	(47	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(84	)

Adjusted net income																	2,919



First quarter 2005	Upstream		Downstream		Chemicals		Corporate		Intercompany	Total

Total expenditures		1,363		217		158		46			1,784
Divestitures at selling price		128		45		22		18			213
Cash flow from operating activities (3)		2,188		1,689		82		78			4,037

(3)

In the Chemicals segment, this figure amounts to 92 millions of euros excluding an amount of 10 millions of euros paid relating to the Toulouse AZF plant explosion.

BUSINESS SEGMENT INFORMATION

Total

(unaudited)


	Amounts in millions of euros

First quarter 2004	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		3,639			18,652			4,673			11						26,975
Intersegment sales		3,062			579			142			41			(3,824	)		—
Excise taxes		—			(5,190	)		—			—						(5,190	)

Revenues from sales		6,701			14,041			4,815			52			(3,824	)		21,785

Operating expenses		(3,107	)		(13,057	)		(4,345	)		(159	)		3,824			(16,844	)
Depreciation, depletion, and amortization of tangible assets		(771	)		(248	)		(205	)		(8	)					(1,232	)

Operating income		2,823			736			265			(115	)					3,709

Equity in income (loss) of affiliates and other items		118			37			(18	)		150						287
Tax on net operating income		(1,542	)		(228	)		(78	)		39						(1,809	)

Net operating income		1,399			545			169			74						2,187

Net cost of net debt																	(36	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(61	)

Net income																	2,090



First quarter 2004
*(adjustments) ()**	Upstream		Downstream			Chemicals			Corporate		Intercompany	Total

Non-Group sales													—
Intersegment sales													—
Excise taxes													—

Revenues from sales													—

Operating charges (1)		—		183			65			—			248
Depreciation, depletion, and amortization of tangible assets		—		—			—			—			—

Operating income		—		183			65			—			248

Equity in income (loss) of affiliates and other items (1) (2)		—		(3	)		(25	)		—			(28	)
Tax on net operating income		—		(60	)		(13	)		—			(73	)

Net operating income		—		120			27			—			147

Net cost of net debt													—
Minority interests and dividends on subsidiaries’ redeemable preferred shares													(3	)

Net income													144

(*)

Adjustments include special items, inventory valuation effect and Total’s equity share of amortization of intangible assets related to the Sanofi-Aventis merger


(1) Of which inventory valuation effect
On operating income	—	183	65	—
On net operating income	—	120	44	—
(2) Of which equity share of amortization of intangible assets related to the Sanofi-Aventis merger	—	—	—	—



First quarter 2004
(adjusted)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		3,639			18,652			4,673			11						26,975
Intersegment sales		3,062			579			142			41			(3,824	)		—
Excise taxes		—			(5,190	)		—			—						(5,190	)

Revenues from sales		6,701			14,041			4,815			52			(3,824	)		21,785

Operating expenses		(3,107	)		(13,240	)		(4,410	)		(159	)		3,824			(17,092	)
Depreciation, depletion, and amortization of tangible assets		(771	)		(248	)		(205	)		(8	)					(1,232	)

Adjusted operating income		2,823			553			200			(115	)					3,461

Equity in income (loss) of affiliates and other items		118			40			7			150						315
Tax on net operating income		(1,542	)		(168	)		(65	)		39						(1,736	)

Adjusted net operating income		1,399			425			142			74						2,040

Net cost of net debt																	(36	)
Minority interests and dividends on subsidiaries’ redeemable preferred shares																	(58	)

Adjusted net income																	1,946



First quarter 2004	Upstream		Downstream		Chemicals			Corporate		Intercompany	Total

Total expenditures		1,214		240		172			11			1,637
Divestitures at selling price		99		43		19			21			182
Cash flow from operating activities (3)		2,332		1,724		(72	)		125			4,109

(3)

In the Chemicals segment, this figure amounts to 58 millions of euros excluding an amount of 130 millions of euros paid relating to the Toulouse AZF plant explosion.

CONSOLIDATED STATEMENT OF INCOME (Impact of adjustments)

Total


	First quarter										First quarter
	2005										2004
	(unaudited)										(unaudited)
							Consolidated
Amounts in millions of euros	Adjusted			Adjustments			statement of income			Adjusted

Sales		31,739			—			31,739			26,975
Excise taxes		(5,051	)		—			(5,051	)		(5,190	)
Revenues from sales		26,688			—			26,688			21,785

Cost of sales and inventory variation		(15,599	)		722			(14,877	)		(12,288	)
Other operating expenses		(4,435	)		—			(4,435	)		(4,731	)
Unsuccessful exploration costs		(72	)		—			(72	)		(73	)
Depreciation, depletion, and amortization of tangible assets		(1,191	)		—			(1,191	)		(1,232	)


Operating income
Corporate		(65	)		—			(65	)		(115	)
Business segments		5,456			722			6,178			3,576


Total operating income		5,391			722			6,113			3,461


Other income		4			—			4			74
Other expense		(47	)		(125	)		(172	)		(73	)

Financial charge on debt		(254	)		—			(254	)		(153	)
Financial income on cash and cash equivalents and equity securities		184			—			184			105
Cost of net debt		(70	)		—			(70	)		(48	)

Other financial income		88			—			88			64
Other financial expense		(66	)		—			(66	)		(46	)
Income taxes		(2,703	)		(196	)		(2,899	)		(1,723	)
Equity in income (loss) of affiliates		406			(111	)		295			295


Consolidated net income		3,003			290			3,293			2,004


Group share		2,919			289			3,208			1,946
Minority interests and dividends on subsidiaries’ redeemable preferred shares		84			1			85			58

EX-99.4 5 y01085exv99w4.htm EX 99.4: PARTICIPATION IN SURMONT OIL SANDS LEASES EX-99.4:

(TOTAL LOGO)

Exhibit 99.4

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. : 33 (1) 47 44 37 76

Patricia MARIE
Tel. : 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel. : 33 (1) 47 44 47 49

Bertille ARON
Tel. : 33 (1) 47 44 67 12

Mary DWYER
Tel. : 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

(NEWS RELEASE)

Canada : Total increases its share in the Surmont oil sands
leases to 50 %

Paris, May 10, 2005 – Total announces the purchase of an additional 6.5% stake in the Canadian Surmont leases. With the completion of this transaction Total will have a 50% stake alongside ConocoPhillips (operator). The Surmont oil sands project is in the Athabasca oil sands area, 60 kilometres southeast of Fort McMurray, Alberta, Canada.

The first phase of production will start in 2006 and reach 27,000 barrels per day of bitumen. This represents an important milestone in the development of the totality of Surmont reserves. Phase 2, which would involve the expansion of plateau production to 100,000 barrels per day by 2012, has been approved by the authorities of Alberta and is currently under study Further phases are targeted to take the production to a significantly higher level, depending on the results of the ongoing appraisal of the leases.

The Surmont oil sands project uses Steam Assisted Gravity Drainage (SAGD), a method that involves the injection of steam deep into the oil sands. The steam melts the bitumen, which is then recovered in its liquid state and pumped to the surface for further processing.

Total has extensive experience in producing heavy oils, notably in Venezuela where it is the majority shareholder in the Sincor project operating company, one of the largest extra-heavy oil recovery projects in the world. Innovative production technologies acquired through extensive research and development will allow Total to significantly expand its activities in Canada.

* * * * *

EX-99.5 6 y01085exv99w5.htm EX 99.5: RENEWABLE ENERGY EX 99.5

(TOTAL LOGO)

Exhibit 99.5

(NEWS RELEASE)

Renewable Energies:
Electricité de France and Total Consolidate Their Photovoltaic Business

Paris, May 12, 2005 – Electricité de France (EDF) and Total today increased their respective stakes in Total Energie, a company specialising in photovoltaic solar energy, to 50% each with the acquisition of the 20% interest held by the founders and management of the company. Total Energie will now be known as TENESOL.

This transaction demonstrates EDF and Total’s commitment to jointly developing TENESOL, a world leader in photovoltaics. The current management team has been tasked with the continued development of the company.

TENESOL has designed, manufactured, installed and operated photovoltaic solar systems for more than 20 years. The Lyon-based company has a photovoltaic panel production plant in South Africa and has begun construction of a new facility in Toulouse. In 2004, it generated consolidated sales of around €115 million, corresponding to 25 MWp¹ (250,000 square metres) of photovoltaic solar panels. The panels are used for domestic and industrial applications at sites connected to the grid and off-grid sites. TENESOL has solid positions in Europe, mainly Germany, in French overseas departments and territories, and in Africa, the Middle East and Latin America.

EDF, Total and joint subsidiary TENESOL are also implementing decentralized rural electrification programmes in Morocco, Mali and South Africa, which will eventually supply more than 70,000 isolated households with photovoltaic electricity.

With this transaction, the two companies have confirmed their commitment to a fast-growing renewable energy. Solar power is forecast to make an increasing contribution to global energy supply while at the same time contributing to sustainable development.

Total
France : Philippe GATEAU
Tél. : 33 (0)1 47 44 47 05
philippe.gateau@total.com

EDF
Jill Coulombez
Tél. : 33 (0)1 40 42 24 25
Jill.coulombez@edf.fr

¹ MWp: Megawatt-peak, or 1,000,000 watt-peak. Watt-peak is the unit of solar panel and, in good sunlight, it represents on watt of electricity.

EX-99.6 7 y01085exv99w6.htm EX 99.6: 2005 ANNUAL GENERAL MEETING EX 99.6

(TOTAL LOGO)

Exhibit 99.6

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

May 17, 2005 Annual Meeting

15% dividend increase

Pursuing profitable growth policy and large investment program

Paris, May 17, 2005 – At the Annual Meeting held on May 17, 2005, chaired by CEO Thierry Desmarest, the shareholders of Total approved all the proposed resolutions recommended by the Board of Directors.

During his address, Thierry Desmarest said:

« In 2004, Total delivered strong operational and financial performances. The Group achieved record profits, with adjusted net income of 9 billion euros, a 20% increase compared to 2003. The return on average capital employed reached 24%, at the level of the best in the industry. These results confirm the success of our strategy and demonstrate the quality of the work achieved by Total’s employees (...)

In 2004, Total pursued a large investment program amounting to 10.7 billion dollars, while achieving, through a combination of dividends and buybacks, the best return to shareholders among the major oil companies (...)

Total is confident in its ability to extend its long-term profitable growth through exploration success and the development of giant projects currently being negotiated. The past months have been highlighted by significant progress in preparing for such long-term growth, notably through LNG projects in Iran, in Yemen and in Qatar, and by the launch of the development of the giant Akpo field in Nigeria (...)

In the first quarter 2005, in a favorable market environment for the oil industry and sharply improved market conditions for Chemicals, Total recorded an adjusted net income of 2.92 billion euros, a 50% increase compared to the first quarter 2004. Adjusted earnings per share increased by 54% to 4.90 euros. Expressed in dollars, the increase was 62% compared to the first quarter 2004, which is the highest percentage increase among the majors.

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

Since the beginning of the second quarter 2005, oil prices and refining margins have remained high. Despite compression in petrochemical margins, the Chemicals segment continues to benefit from a relatively favorable environment (...)

The planned 2005 investment program amounts to 12 billion dollars and is mainly dedicated to Upstream growth, adapting refineries and further developing petrochemicals.»

During the meeting, the shareholders approved the 2004 accounts and the payment of a cash dividend of 5.40 euros per share, an increase of 15% from last year. Taking into account the interim dividend of 2.40 euros per share paid on November 24, 2004, the remaining balance of 3 euros per share will be paid on May 24, 2005.

In addition, the following resolutions, among others, were approved at the Annual Meeting :

• Renewal of the three-year term for the following Directors: Mr. Paul Desmarais Jr, Mr. Bertrand Jacquillat and Mr. Maurice Lippens,

• Appointment of Lord Levene of Portsoken KBE as Director for a three-year term,

• Grant or renewal of the Board’s authority, pursuant to the applicable legal provisions, to continue share buy-backs, to carry out capital increases and to strengthen employee shareholding through stock grants or reserved capital increases.

* * * * *

EX-99.7 8 y01085exv99w7.htm EX 99.7: DISCOVERY OF HYDROCARBONS, NORWAY EX 99.7

(TOTAL LOGO)

Exhibit 99.7

2, place de la Coupole
La Défense 6
92 400 Courbevoie France
Fax : 33 (1) 47 44 68 21

Catherine ENCK
Tel. 33 (1) 47 44 37 76

Patricia MARIE
Tel. 33 (1) 47 44 45 90

Paul FLOREN
Tel. : 33 (1) 47 44 45 91

Christine de CHAMPEAUX
Tel : 33 (1) 47 44 47 49

Bertille ARON
Tel 33 (1) 47 44 67 12

Mary DWYER
Tel.: 33 (1) 47 44 21 19

Isabelle CABROL
Tel. : 33 (1) 47 44 64 24

Charles-Edouard ANFRAY
Tel. : 33 (1) 47 44 65 55

Franklin BOITIER
Tel. : 33 (1) 47 44 59 81

Philippe GATEAU
Tel. : 33 (1) 47 44 47 05

TOTAL S.A.
Capital 6 350 151 080 euros
542 051 180 R.C.S. Nanterre

www.total.com

Norway: Discovery of hydrocarbons on the Onyx SW prospect

Paris, May 23, 2005 – Total announces a gas discovery on the licence PL255, in the Haltenbanken area of the Norwegian Sea some 150 kilometres from the coast in water depths of approximately 300 metres. Total holds a 20% in the licence beside partners Shell (operator), Statoil and Petoro.

The 6406/9-1 exploration well drilled on the Onyx SW prospect attained a total depth of 5,052 metres below sea level. Condensates were encountered in several levels of the Jurassic layer and two tests made with a maximum debit of 1.4 million cubic meters of gas per day with a 48/64 inch choke.

A complementary appreciation well will be drilled in the coming months to further establish the precise size of the discovery. Other prospects have been identified on this license and will be studied.

This discovery reinforces Total’s position in Norway where the Group presently produces around 400,000 barrels of oil equivalent per day. In the years to come, Total will grow production thanks to the achievement of “Great Ekofisk” project and the start-up of the liquefied natural gas project Snohvit.

* * * * * * *

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Table of Contents

Table of Contents

Table of Contents


	TOTAL S.A.
Date: May 25th, 2005	By:	/s/ Charles Paris de Bollardière
		Name:	Charles PARIS de BOLLARDIERE
		Title:	Treasurer


Ø	EXHIBIT 99.1 : Total Launches Development of Nigeria’s Deep Offshore Akpo Field (May 2, 2005)


Ø	EXHIBIT 99.2 : First Quarter 2005 Results (May 3, 2005)


Ø	EXHIBIT 99.3 : First Quarter Year 2005 Consolidated Accounts, IFRS Accounting Standards (May 3, 2005)


Ø	EXHIBIT 99.4 : Canada : Total increases its share in the Surmont oil sands leases to 50 % (May 10, 2005)


Ø	EXHIBIT 99.5 : Renewable Energies : Electricité de France and Total Consolidate Their Photovoltaic Business


Ø	EXHIBIT 99.6 : 2005 Annual General Meeting (May 17, 2005)


Ø	EXHIBIT 99.7 : Norway: Discovery of hydrocarbons on the Onyx SW prospect (May 23, 2005)

•		*+50% to 2.92 billion for adjusted net income in euros*
•		*+54% to 4.90 € for adjusted earnings per share in euros*
•		*+57% to 3.83 billion for adjusted net income expressed in dollars*
•		*+62% to 6.42 $ for adjusted earnings per share expressed in dollars*

¹		dollar amounts represent euro accounts converted at the average €/$ exchange rate for the period (1.3113 $/€ in the first quarter 2005 and 1.2497 $/€ in the first quarter 2004)
²		percent changes are relative to first quarter 2004
³		adjusted net income = net income using replacement cost, adjusted for special items and excluding Total’s equity share of amortization of intangibles related to the Sanofi-Aventis merger

^*		Group share
⁴		adjusted income (adjusted operating income, adjusted net operating income, adjusted net income) are defined as income using replacement cost, adjusted for special items and excluding Total’s equity share of amortization of intangibles related to the Sanofi-Aventis merger

⁶		average realized oil and gas prices will be posted on the Total web site (Finance-Main Indicators) around the middle of the month following the end of each quarter.
⁷		subject to approval by authorities