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