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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

February 2003

TOTAL FINA ELF 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 x		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 x

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

TABLE OF CONTENTS


SIGNATURES
EXHIBIT INDEX
Exhibit 99.1: Iran: Start of production from Balal Field
Exhibit 99.2: Highlights from February 19, 2003 TotalFinaElf Board Meeting
Exhibit 99.3: Total FinaElf Reports Fourth Quarter & Full Year 2002 Results
Exhibit 99.4: TotalFinaElf’s Fourth Quarter and Full Year 2002 Consolidated Accounts, French GAAP
Exhibit 99.5: TotalFinaElf Sells Non-Core Gulf of Mexico Assets

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 FINA ELF S.A.



Date: March 6th, 2003	By:	/s/ Charles Paris de Bollardière

		Name: Charles PARIS de BOLLARDIERE Title: Treasurer

EXHIBIT INDEX



4EXHIBIT 99.1:		Iran: Start of production from Balal Field (February 19, 2003)

4EXHIBIT 99.2:		Highlights from February 19, 2003 TotalFinaElf Board Meeting (February 20, 2003)

4EXHIBIT 99.3:		TotalFinaElf Reports Fourth Quarter & Full Year 2002 Results (February 20, 2003)

4EXHIBIT 99.4:		TotalFinaElf's Fourth Quarter and Full Year 2002 Consolidated Accounts, French GAAP (February 20, 2003)

4EXHIBIT 99.5:		TotalFinaElf Sells Non-Core Gulf of Mexico Assets (March 6, 2003)

EXHIBIT 99.1




		FOR IMMEDIATE RELEASE


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		Iran: Start of production from Balal Field
Thomas FELL Tel. : 33 (1) 47 44 47 57 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 Laurence FRANCISCO Tel. : 33 (1) 47 44 51 04 Sarah WACHTER Tel. : 33 (1) 47 44 42 30 Sophie LE CONG NEN-ALIOT Tel. : 33 (1) 47 44 48 00 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 TOTAL FINA ELF S.A. Capital 6 871 905 100 euros 542 051 180 R.C.S. Nanterre www.totalfinaelf.com		Paris, February 19, 2003 — TotalFinaElf announces the start-up of oil production from the Iranian Balal offshore field near Iran’s Lavan Island, in the Persian Gulf. The Group is the operator of the field under a “buy-back” contract signed with state-owned National Iranian Oil Company (NIOC) in April 1999 and has a 46.75% interest in partnership with Eni (38.25%) and Bow Valley (15%). Production started in January at a daily rate of approximately 20,000 barrels coming from two wells. It is exported from the offshore platform using facilities operated by the NIOC (subsea pipeline and processing facilities on Lavan Island). Presently, three additional producer wells are being drilled. They are expected to enter production by the end of the first half of 2003.
		* * * *

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		Highlights from February 19, 2003 TotalFinaElf Board Meeting
Thomas FELL Tel. : 33 (1) 47 44 47 57 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 Laurence FRANCISCO Tel. : 33 (1) 47 44 51 04 Sarah WACHTER Tel. : 33 (1) 47 44 42 30 Sophie LE CONG NEN-ALIOT Tel. : 33 (1) 47 44 48 00 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 TOTAL FINA ELF S.A. Capital 6 871 905 100 euros 542 051 180 R.C.S. Nanterre www.totalfinaelf.com		Paris, February 20, 2003 — The Board of Directors of TotalFinaElf, chaired by CEO Thierry Desmarest, met on February 19, 2003 to review the 2002 fourth quarter results and to close the 2002 consolidated accounts and parent company accounts. The 2002 earnings release was issued separately today. The Board decided to submit at the May 6, 2003 Annual General Meeting (AGM) a resolution proposing to change the name of the company from TOTAL FINA ELF S.A. to TOTAL S.A. A new visual identity associated with the proposed name change will be presented at the AGM. Also submitted at the AGM is the ratification of the appointment of Mr. Maurice Lippens as a new member of the Board and the renewal of terms as directors for Ms. Anne Lauvergeon and Mssr. Daniel Bouton, Bertrand Collomb, Jacques Friedmann, Antoine Jeancourt-Galignani, Michel Pebereau, Jürgen Sarrazin and Pierre Vaillaud. The number of directors, which was 24 when TotalFinaElf was created, will be reduced to 14. Given the large share of the Company’s capital owned by employees (more than 3% today), the Board will propose at the AGM a resolution calling for a change in the company by-laws that will allow the nomination of an employee-shareholder as a Board member. In addition, the Board adopted a new charter for its Directors which builds on the previous charter and takes into account, notably, the recommendations issued in the report of the working group chaired by Mr Daniel Bouton.
		* * * *

EXHIBIT 99.3

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

Thomas FELL
Tel. : 33 (1) 47 44 47 57

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

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Sophie LE CONG NEN-ALIOT
Tel. : 33 (1) 47 44 48 00

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

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

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

TOTAL FINA ELF S.A.
Capital 6 871 905 100 euros
542 051 180 R.C.S. Nanterre

www.totalfinaelf.com

2002 Hydrocarbon Production Increases by 10%
Results show good resistance in a less favorable environment

2002 Net Income excluding non-recurring items

	•		6.26 billion euros, a 17% decrease
	•		9.40 euros per share, a 13% decrease
	•		8.89 dollars per share, an 8% decrease

2002 Reported Net Income

	•		5.94 billion euros, a 22% decrease
	•		8.92 euros per share, a 19% decrease
	•		8.43 dollars per share, a 15% decrease

Proposed dividend of 4.10 euros per share, an 8% increase

Paris, February 20, 2003 — The Board of Directors of TotalFinaElf, chaired by CEO Thierry Desmarest, met on February 19 to review the 2002 fourth quarter results and to close the 2002 consolidated accounts and parent company accounts.

Commenting on the results, Thierry Desmarest said:

« Despite the generally less favorable 2002 environment, TotalFinaElf performed well, partially offsetting the impact of the downturn thanks largely to a record level 10% increase in hydrocarbon production and to the ongoing implementation of synergy and productivity programs (...)

When we express our earnings per share excluding non-recurring items in dollars, in order to be comparable to our peers, TotalFinaElf shows a decline of only 8% year over year, while our major competitors reported decreases ranging between 22% and 34%. »

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

Thomas FELL
Tel. : 33 (1) 47 44 47 57

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

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Sophie LE CONG NEN-ALIOT
Tel. : 33 (1) 47 44 48 00

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

TOTAL FINA ELF S.A.
Capital 6 871 905 100 euros
542 051 180 R.C.S. Nanterre

www.totalfinaelf.com

Consolidated accounts TotalFinaElf


4Q02	4Q01		%	*millions of euros*	2002		2001		%

26,898		23,689	+14%	Sales		102,540		105,318	-3%

2,894		2,506	+15%	Operating income from business		10,995		13,121	-16%
				segments (excluding non-recurring items)

1,461		1,364	+7%	Net operating income from business		5,868		7,564	-22%
				segments (excluding non-recurring items)

1,609		1,424	+13%	Net income excluding non-recurring items		6,260		7,518	-17%

1,372		652	+110%	Net income		5,941		7,658	-22%

2.44		2.11	+16%	Earnings per share (euros) excluding non-recurring items		9.40		10.85	-13%

2,323		3,099	-25%	Investments		8,657		10,566	-18%

800		1,711	-53%	Divestments at selling price		2,313		7,004	-67%

2,233		1,409	+58%	Cash flow from operating activities		11,006		12,303	-11%

Non-recurring items


4Q02			4Q01			*millions of euros*	2002			2001

			Impact of non-recurring items on operating income

	(5	)		(24	)	Restructuring charges		(29	)		(24	)

	(637	)*		(50	)	Impairments		(659	)*		(50	)

	(38	)		(18	)	Other		29			(18	)

	(680	)		(92	)	Total		(659	)		(92	)

			Impact of non-recurring items on net income

	287			429		Gain on asset sales		626			1,400

	87			(600	)	Toulouse plant impact		(61	)		(600	)

	(81	)		(186	)	Restructuring charges and early retirement plans		(158	)		(226	)

	(452	)**		(224	)	Impairments		(467	)**		(224	)

	(78	)		(191	)	Other		(259	)		(210	)

	(237	)		(772	)	Total		(319	)		140

* includes (500) M€ related to the impact of the situation in Argentina
** includes (310) M€ related to the impact of the situation in Argentina

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

Thomas FELL
Tel. : 33 (1) 47 44 47 57

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

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Sophie LE CONG NEN-ALIOT
Tel. : 33 (1) 47 44 48 00

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

TOTAL FINA ELF S.A.
Capital 6 871 905 100 euros
542 051 180 R.C.S. Nanterre

www.totalfinaelf.com

Number of shares


4Q02		4Q01		%			*millions*	2002		2001		%

	658.4		676.1		-3	%	Fully-diluted weighted-average shares		666.1		693.2		-4	%
	655.0		673.0		-3	%	Fully-diluted shares at end of period		655.0		673.0		-3	%

Oil market environment


4Q02		4Q01		%				2002		2001		%

	1.00		0.90		-10%	*	€/$		0.95		0.90		-5%	*
	26.8		19.4		+38%		Brent ($/b)		25.0		24.4		+2%
	16.1		14.7		+10%		European refining margin TRCV ($/t)		8.0		15.4		-48%

* change in the dollar versus the euro

2002 Results

Consolidated sales declined by 3% to 102,540 million euros (M€) in 2002 from 105,318 M€ in 2001.

Although the oil market environment was more favorable in the 2002 fourth quarter than in the 2001 fourth quarter (a 38% increase in the Brent oil price and a 10% increase in the European refining margin that more than offset the 10% decline in the dollar versus the euro), market conditions for the full-year 2002 were less favorable than in the full-year 2001.

Oil market conditions in 2002 were mixed :

• the average Brent oil price rose slightly (+2%) to 25.0 $/b in 2002 from 24.4 $/b in 2001,

• the European refining margin was sharply lower in 2002, falling 48% to 8.0 $/t in 2002 from 15.4 $/t in 2001,

• the dollar weakened against the euro by 5%, setting the average euro/dollar exchange rate at 0.95 in 2002 versus 0.90 in 2001.

In addition, after signs of improvement in mid-year, petrochemical margins declined during the fourth quarter 2002.

Operating income from the business segments excluding non-recurring items rose by 15% in the 2002 fourth quarter as compared to the same quarter a year ago, and for the full year it fell by 16% to 10,995 M€ in 2002 from 13,121 M€ in 2001. Non-recurring items in 2002, comprised mainly of impairments in Argentina related to gas and power assets and the LPG marketing activity, had a negative impact on operating income of 659 M€.

Growth and synergies/productivity programs contributed 1.3 billion euros (B€) to operating income in 2002, partially offsetting the large negative impact of changes in the environment (-3.1 B€) and the effect of an unusually high level of scheduled refinery turn-arounds particularly during the third and fourth quarters of 2002 (-0.3 B€).

Net operating income from the business segments excluding non-recurring items for the 2002 fourth quarter rose by 7% as compared to the same quarter a year ago, and

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

Thomas FELL
Tel. : 33 (1) 47 44 47 57

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

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Sophie LE CONG NEN-ALIOT
Tel. : 33 (1) 47 44 48 00

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

TOTAL FINA ELF S.A.
Capital 6 871 905 100 euros
542 051 180 R.C.S. Nanterre

www.totalfinaelf.com

for the full year it fell by 22% to 5,868 M€ in 2002 from 7,564 M€. The percentage decrease in net operating income is larger than the percentage decrease in the pre-tax operating income due primarily to the fact that the Upstream segment, which is more heavily taxed than Downstream and Chemicals, increased its relative share of the operating results in 2002 versus 2001.

Net income excluding non-recurring items rose by 13% in the 2002 fourth quarter as compared to the 2001 fourth quarter, and for the full year it fell by 17% to 6,260 M€ in 2002 from 7,518 M€ in 2001.

Earnings per share excluding non-recurring items, based on 658.4 million fully-diluted weighted average shares, rose by 16% to 2.44 euros in the 2002 fourth quarter as compared to 2.11 euros in the same quarter last year. For the full year, earnings per share excluding non-recurring items, based on 666.1 million fully-diluted weighted average shares, declined by 13% to 9.40 euros in 2002 from 10.85 euros in 2001. The limited decline in earnings per share reflects in part the accretive impact of the large share buy-back program.

During the 2002 fourth quarter, TotalFinaElf repurchased 10.45 million of its shares for 1.42 B€, bringing the total buy-back program for the year to 24.03¹ million shares, or 3.5% of the share capital, for 3.40 B€.

The number of fully-diluted shares was 655.0 million at December 31, 2002 versus 673.0 million at December 31, 2001.

Reported net income more than doubled to 1,372 M€ in the 2002 fourth quarter from 652 M€ in the 2001 fourth quarter. For the year, reported net income was 5,941 M€ in 2002 compared to 7,658 M€ in 2001.

Reported net income includes the impact of non-recurring items which had a net negative effect of 319 M€ in 2002 as compared to a net positive effect of 140 M€ in 2001. Non-recurring items in 2002 were composed primarily of gains on asset sales (notably shares of Sanofi-Synthelabo), impairments of certain gas and power assets and LPG marketing activities in Argentina, and recognition of the impact on deferred taxes from a change in the UK tax law affecting oil companies.

The net-debt-to-equity ratio was 28.6% at year-end 2002 compared to 30.9% at year-end 2001.

In 2002, the company’s return on average capital employed (ROACE²) was 15%.

The return on equity (ROE) was at a high level of 20% in 2002.

Cash flow from operating activities decreased by 11% to 11,006 M€ in 2002 from 12,303 M€ in 2001.

Investments fell by 18% to 8,657 M€ in 2002 from 10,566 M€ in 2001, reflecting lower spending in Upstream gas and power activities and in the Chemicals segment.

Divestments, based on selling prices, were 2,313 M€ in 2002, comprised mainly of sales of securities (notably Sanofi-Synthelabo and other financial participations) as well as reimbursements of long-term loans.

Free cash flow³ was 4,662 M€ in 2002 compared to 8,741 M€ in 2001.

	¹	includes 2.91 million shares used to cover stock option programs.
	²	To be more comparable to its peer group, TotalFinaElf has changed to presenting a return on average capital employed (ROACE) which is net operating income (excluding non-recurring items and before amortization of goodwill for Chemicals) divided by the average of the beginning and ending capital employed, and will no longer present on the basis of return on beginning of year capital employed. This ratio will be presented for the business segments and at the Group level.
	³	Free cash flow = cash flow from operations + 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

Thomas FELL
Tel. : 33 (1) 47 44 47 57

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

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Sophie LE CONG NEN-ALIOT
Tel. : 33 (1) 47 44 48 00

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

TOTAL FINA ELF S.A.
Capital 6 871 905 100 euros
542 051 180 R.C.S. Nanterre

www.totalfinaelf.com

Upstream

Operating income excluding non-recurring items from the Upstream segment rose by 3% to 9,309 M€ in 2002 from 9,022 M€ in 2001. The positive effects of a large increase in production volume and the higher oil price were partially offset by the negative impacts of the dollar depreciating against the euro and lower natural gas prices.

Net operating income excluding non-recurring items for the Upstream segment was stable at 4,648 M€ in 2002 compared to 4,652 M€ in 2001. Relative to the year-over-year increase in operating income excluding non-recurring items, the flat net operating income reflects the impacts of lower capitalized interest due to a number of start-ups and lower income contributions from equity affiliates.

Upstream ROACE was 23% in 2002.

During the 2002 fourth quarter, hydrocarbon production rose by 8% to 2,523 thousand barrels of oil equivalent per day (kboe/d) from 2,332 kboe/d in the 2001 fourth quarter.

Hydrocarbon production increased by 10% to 2,416 kboe/d for the full year 2002 compared to 2,197 kboe/d for 2001. Excluding the impact of OPEC quota reductions, production growth would have been 11.5% in 2002.

Liquids production rose by 9% to 1,589 kb/d in 2002 from 1,454 kb/d in 2001, driven primarily by growth from Block 17 in Angola, Sincor in Venezuela, South Pars and Dorood in Iran, and various fields in the UK North Sea.

Gas production increased by 12% to 4,532 Mcfd in 2002 from 4,061 Mcfd in 2001, driven primarily by growth from Elgin-Franklin and Nuggets in the UK North Sea and new fields launched in Norway and Syria.

Driven by a sustained exploration and appraisal program, proved reserves continued to grow, rising 2% to 11,203 Mboe at year-end 2002 from 10,978 Mboe at year-end 2001. The 2002 proved reserves represent 12.7 years of production based on the average rate for 2002. For consolidated subsidiaries, the 2000-2002 3-year average reserve replacement rate was very competitive at 151%.

The 2000-2002 3-year average reserve replacement cost for consolidated subsidiaries was 4.0 $/boe and finding costs were 0.7 $/boe.

The main discoveries in 2002 were made in deep-offshore West Africa (Nigeria and Angola, including Zinia in the 2002 fourth quarter), in the North Sea and in Kazakhstan (Kalamkas).

Major 2002 highlights included the build-up of production from South Pars in Iran, Girassol in Angola, Elgin-Franklin in the UK North Sea, and the Sincor upgrader in Venezuela. The Sincor upgrader is in the process of restarting operations after having been idled for 10 weeks by a strike in Venezuela.

Other highlights for the year included the approval of the Snohvit project by the Norwegian Parliament, the acquisition of 5% of the BTC pipeline project as well as the acquisition of several permits in Russia.

Gas and power activities in Argentina were the object of a 431 M€ asset impairment in 2002; however, the operational highlight of the year was launching the Taweelah power project in Abu Dhabi.

For renewable energies, new developments included a solar power project in Morocco and the start of a wind energy project at the Dunkirk refinery site in France.

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

Thomas FELL
Tel. : 33 (1) 47 44 47 57

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

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Sophie LE CONG NEN-ALIOT
Tel. : 33 (1) 47 44 48 00

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

TOTAL FINA ELF S.A.
Capital 6 871 905 100 euros
542 051 180 R.C.S. Nanterre

www.totalfinaelf.com


4Q02		4Q01		%		Upstream — Key Figures	2002		2001		%

	2,523		2,332		+8%	Hydrocarbon production (kboe/d)		2,416		2,197		+10%
	1,617		1,543		+5%	• Liquids (kb/d)		1,589		1,454		+9%
	4,960		4,297		+15%	• Gas (Mcfd)		4,532		4,061		+12%
	2,520		1,617		+56%	Operating income (M€) excluding non-recurring items		9,309		9,022		+3%
	1,196		717		+67%	Net operating income (M€) excluding non-recurring items		4,648		4,652		-
	1,493		2,210		-32%	Investments (M€)		6,122		7,496		-18%
	133		344		-61%	Divestments (M€) at selling price		603		1,116		-46%
	2,110		1,969		+7%	Cash flow from operating activities (M€)		7,721		8,085		-5%


Proved reserves at year-end	2002		2001		%

• Hydrocarbon reserves (Mboe)		11,203		10,978		+2%

• Liquids (Mb)		7,231		6,961		+4%
• Gas (Bcf)		21,575		21,929		-2%

Downstream

Operating income excluding non-recurring items from the Downstream segment fell by 70% to 909 M€ in 2002 from 3,004 M€ in 2001.

Refined product demand in the OECD countries declined due to weak economic conditions and mild weather during 2002, thus creating an exceptionally poor environment for the Downstream segment: European refining margins fell by 48% and marketing margins were under pressure given the context of high crude oil prices.

Downstream results were further affected by an unusually high level of scheduled refinery turn-arounds: 7 of the 12 refineries operated by TotalFinaElf in Europe were affected, mainly in the third and fourth quarters of 2002.

Synergies and productivity efforts had a positive impact of about 0.2 B€ on operating income which only partially offset the negative impact of the environment and the refinery turn-arounds.

Net operating income excluding non-recurring items for the Downstream segment fell by 63% to 846 M€ in 2002 from 2,309 M€ in 2001.

Within this context, Downstream ROACE was 8% in 2002.

Taking into account the refinery turn-arounds, refinery throughput fell by 8% to 2,218 kb/d in the 2002 fourth quarter from 2,406 kb/d in the 2001 fourth quarter. For the full year, refinery throughput fell by 5% to 2,349 kb/d in 2002 from 2,465 kb/d in 2001, and the utilization rate fell to 88% in 2002 from 96% in 2001.

Refined product sales were up slightly to 3,751 kb/d in 2002 from 3,724 kb/d in 2001.

In refining, the main highlights for 2002 concerned the major turn-arounds that improved the safety and reliability of the units as well as increased the conversion and desulphurization rates.

In marketing, a new market segmentation strategy was implemented in France in 2002, using the TOTAL brand (focused on the service-sensitive market segment) and the redesigned Elf brand (focused on the price-sensitive market segment).

Outside of France, an agreement in principle was reached with Agip and Galp under which TotalFinaElf will dispose of its TOTAL-brand service stations in Spain and acquire stations in Italy and Portugal.

TotalFinaElf sold its service station network in Switzerland, where its market share was less than 3%.


4Q02			4Q01		%		Downstream — Key Figures	2002		2001		%

	2,218			2,406		-8%	Refinery throughput* (kb/d)		2,349		2,465		-5%
	229			628		-64%	Operating income (M€) excluding non-recurring items		909		3,004		-70%
	244			469		-48%	Net operating income (M€) excluding non-recurring items		846		2,309		-63%
	465			356		+31%	Investments (M€)		1,112		1,180		-6%
	114			54		+111%	Divestments (M€) at selling price		283		1,079		-74%
	(188	)		2,217		—	Cash flow from operating activities (M€)		1,447		4,374		-67%

* including share of Cepsa

Chemicals

Sales for the Chemicals segment were stable at 19,317 M€ in 2002 compared to 19,560 M€ in 2001.

Operating income excluding non-recurring items fell by 29% to 777 M€ in 2002 from 1,095 M€ in 2001.

The environment for Chemicals had a negative impact of about 0.4 B€ on operating income for the year.

Operating income for the Base chemicals & polymers sector was affected by a particularly depressed environment in the ethylene/polyethylene chain as well as in the chlorine chain.

Intermediates resisted the difficult economic conditions. Specialties improved their performance.

Net operating income excluding non-recurring items fell by 38% to 374 M€ in 2002 from 603 M€ in 2001.

Chemicals ROACE was 5%⁴ in 2002.

The main 2002 highlights for the Base chemicals & polymers sector were the signing of a letter of intent with Samsung for a 50% interest in its Daesan petrochemical complex in South Korea, the launching a new polypropylene unit at Feluy in Belgium and the purchase of Enichem’s interest in Qapco in Qatar.

⁴ excluding amortization of goodwill in the amount of 131 M€ in 2002

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

Thomas FELL
Tel. : 33 (1) 47 44 47 57

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

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Sophie LE CONG NEN-ALIOT
Tel. : 33 (1) 47 44 48 00

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

TOTAL FINA ELF S.A.
Capital 6 871 905 100 euros
542 051 180 R.C.S. Nanterre

www.totalfinaelf.com

TotalFinaElf actively managed its portfolio of Intermediates and Specialties. Telomeres fluorides were sold and the sale of the SigmaKalon paints unit was initiated with a closing expected during the first quarter 2003 after approval from the competition authorities.


4Q02		4Q01		%		Chemicals — key figures (M€)	2002		2001		%

	4,587		4,207		+9%	Sales		19,317		19,560		-1%
	145		261		-44%	Operating income excluding non-recurring items		777		1,095		-29%
	21		178		-88%	Net operating income excluding non-recurring items		374		603		-38%
	371		528		-30%	Investments		1,237		1,611		-23%
	37		225		-84%	Divestments at selling price		140		541		-74%
	636		369		+72%	Cash flow from operating activities		1,053		1,261		-16%

Parent company TOTAL FINA ELF S.A. accounts and proposed dividend

The parent company TOTAL FINA ELF reported earnings of 2,410 M€ in 2002 compared to 3,829 M€ in 2001. The Board of Directors of TotalFinaElf, after closing the accounts, decided to propose at the May 6, 2003 Annual General Meeting (AGM) a cash dividend of 4.10 euros per share, representing an 8% increase from the previous year, to which will be added the avoir fiscal (French tax credit) pursuant to the terms in force. The dividend will be paid May 16, 2003.

2003 Sensitivities

Change

2003(e) Sensitivities*

Operating income

Net income

EPS⁵

€/$

± 0.1 $ per €

1.10 B€

0.57 B€

0.87 €

Brent

± 1 $ per barrel

0.54 B€

0.26 B€

0.40 €

Refining margin

± 1 $ per ton

0.11 B€

0.07 B€

0.11 €

(TRCV)

*sensitivities based on an environment of €/$ = 1, Brent = 20 $/b, TRCV = 12 $/t

Outlook

Given the uncertainties related to events in the Middle East, it is difficult to predict trends for the 2003 oil market environment.

Since the start of the year, oil prices have remained at high levels. Refining margins have recently rebounded sharply. The dollar has lost ground against the euro, and petrochemicals continued to suffer low margins given the high price of naphtha feedstock.

⁵ based on 655.0 M fully-diluted shares at December 31, 2002

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

Thomas FELL
Tel. : 33 (1) 47 44 47 57

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

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Sophie LE CONG NEN-ALIOT
Tel. : 33 (1) 47 44 48 00

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

TOTAL FINA ELF S.A.
Capital 6 871 905 100 euros
542 051 180 R.C.S. Nanterre

www.totalfinaelf.com

Within this context, TotalFinaElf plans to maintain an investment program of 8.7 billion euros, with priority given to Upstream growth. The 2003 budget for investments is split 67% for Upstream, 15% for Downstream and 18% for Chemicals (including the Samsung JV project).

TotalFinaElf plans to continue to improve its performance in 2003 (assuming a constant environment):

• Upstream production is expected to grow by 5%,

• Downstream projects a 300 M€ operating income improvement from ongoing synergies and productivity efforts,

• Chemicals will pursue self-help programs, restructurings and active portfolio management.

The target to improve operating income by 4.8 B€ on an annual basis by the end of the 2000-2003 period is confirmed, assuming a constant environment.

Over the medium term, the target for hydrocarbon production is to average 5% growth per year through 2007.

In addition, the following 2005 targets for return on average capital employed (ROACE⁶) have been set: Upstream 16%⁷, Downstream 16% and Chemicals 14%⁸. For the Group as a whole, the 2005 ROACE target is 15.5%.

The net-debt-to-equity ratio is expected to be maintained at around 30%, and the buy-back program is expected to continue.

In setting demanding but realistic medium-term targets for growth and profitability, the Group mobilizes the talents and energy of its people to achieve profitable and sustainable growth.

• • •

To listen the presentation to financial analysts by CEO Thierry Desmarest today at 11:00 (Paris time), please consult the website www.totalfinaelf.com for information or dial +44 (0) 208 240 8240 from Europe or 1 303 713 7929 from the US. For a replay, please dial +44 (0) 208 288 4459 (access code: 228 072) from Europe or 1 334 323 6222 (access code: 228 072) from the US.

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 TotalFinaElf. 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. The financial information contained in this document has been prepared in accordance with French GAAP, and certain elements would differ materially upon reconciliation to US GAAP.TotalFinaElf 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 Commission des Opérations de Bourse and the US Securities and Exchange Commission.

TotalFinaElf reports the impact on income of non-recurring items, consisting of incomes and charges for the period, which are unusual or significant in nature. Items from incomes from business segments excluding non-recurring items, and net income per share excluding non-recurring items, presented in financial communications (operating income from business segments excluding non-recurring items, net operating income from business segments excluding non-recurring items and net income excluding non-recurring items) and in the footnotes to the financial statements of the Group containing segment data are non-GAAP measures obtained by excluding the non-recurring items described above from the GAAP figures. They are presented in order to facilitate the analysis of financial performance and the comparison of income between periods.

• • •

⁶	In the reference environment: €/$ = 1 ; Brent = 17$/b, TRCV = 12$/t ; Chemicals in mid-cycle
⁷	this target takes into account the impact of the change in UK taxes and the situation in Argentina
⁸	excluding amortization of goodwill

Operating Information by Segment

Fourth Quarter and Full Year 2002

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

Thomas FELL
Tel. : 33 (1) 47 44 47 57

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

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Sophie LE CONG NEN-ALIOT
Tel. : 33 (1) 47 44 48 00

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

TOTAL FINA ELF S.A.
Capital 6 871 905 100 euros
542 051 180 R.C.S. Nanterre

www.totalfinaelf.com

Upstream

Combined liquids and gas production by region


4Q02		4Q01		%			*in kboe/d*	2002		2001		%

	939		850		+10	%	Europe		873		759		+15	%

	689		637		+8	%	Africa		671		620		+8	%

	54		48		+13	%	North America		45		49		-8	%

	220		209		+5	%	Far East		220		219		—	%

	452		398		+14	%	Middle East		432		391		+10	%

	165		183		+10	%	South America		170		153		+11	%

	4		7		—		Rest of world		5		6		—

	2,523		2,332		+8	%	Total production*		2,416		2,197		*+10*	%

*	includes 2,137 kboe/d consolidated production in 2002 and 1,897 kboe/d in 2001

Liquids production by region


4Q02		4Q01		%			*in kb/d*	2002		2001		%

	492		458		+7	%	Europe		464		417		+11	%

	611		563		+9	%	Africa		599		549		+9	%

	4		7		—		North America		5		7		—

	23		13		+77	%	Far East		23		24		-4	%

	365		357		+2	%	Middle East		377		349		+8	%

	118		138		-14	%	South America		116		102		+14	%

	4		7		—		Rest of world		5		6		—

	1,617		1,543		+5	%	Total production*		1,589		1,454		+9	%

*	includes 1,354 kb/d consolidated production in 2002 and 1,196 kb/d in 2001

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

Thomas FELL
Tel. : 33 (1) 47 44 47 57

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

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Sophie LE CONG NEN-ALIOT
Tel. : 33 (1) 47 44 48 00

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

TOTAL FINA ELF S.A.
Capital 6 871 905 100 euros
542 051 180 R.C.S. Nanterre

www.totalfinaelf.com

Gas production by region


4Q02		4Q01		%			*in Mcfd*	2002		2001		%

	2,432		2,108		+15	%	Europe		2,230		1,852		+20	%

	410		391		+5	%	Africa		374		369		+1	%

	264		216		+22	%	North America		214		221		-3	%

	1,117		1,088		+3	%	Far East		1,122		1,114		+1	%

	482		227		+112	%	Middle East		295		222		+33	%

	255		267		+4	%	South America		297		283		+5	%

	—		—		—		Rest of world		—		—		—

	4,960		4,297		*+15*	%	Total production*		4,532		4,061		*+12*	%

*	includes 4,299 Mcfd consolidated production in 2002 and 3,839 Mcfd in 2001

Downstream

Refinery throughput by region


4Q02		4Q01		%			*in kb/d*	2002		2001		%

	883		1,050		-16	%	France		911		1,037		-12	%

	1,054		1,100		-4	%	Rest of Europe		1,157		1,158		—

	281		256		+10	%	Rest of world		281		270		+4	%

	2,218		2,406		-8	%	Total throughput*		2,349		2,465		-5	%

* includes share of Cepsa

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

Thomas FELL
Tel. : 33 (1) 47 44 47 57

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

Laurence FRANCISCO
Tel. : 33 (1) 47 44 51 04

Sarah WACHTER
Tel. : 33 (1) 47 44 42 30

Sophie LE CONG NEN-ALIOT
Tel. : 33 (1) 47 44 48 00

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

TOTAL FINA ELF S.A.
Capital 6 871 905 100 euros
542 051 180 R.C.S. Nanterre

www.totalfinaelf.com

Refined product sales by region*


in kb/d	2002		2001		%

Europe		2,975		3,026		-2	%

Africa		269		249		+8	%

Americas		366		320		+14	%

Middle East		59		54		+9	%

Asia		67		61		+10	%

Rest of World		15		14		+7	%

Total refined product sales		3,751		3,724		+1	%

* includes trading and share of Cepsa

Chemicals


4Q02			4Q01		%			Chemicals — key figures (B€)	2002			2001		%

	4.59			4.21		+9	%	Chemical Sales		19.32			19.56		-1	%

	1.94			1.54		+26	%	• Base chemicals & polymers		7.72			7.57		+2	%

	0.85			0.91		-7	%	• Intermediates		3.77			4.17		-10	%

	1.79			1.75		+2	%	• Specialties		7.80			7.77		—

	0.01			0.01		—		• Corporate — Chemicals		0.03			0.05		-40	%

	0.15			0.26		-42	%	Operating income*		0.78			1.10		-29	%

	(0.03	)		0.07		—		• Base chemicals & polymers		(0.03	)		0.25		—

	0.04			0.04		—		• Intermediates		0.28			0.33		-15	%

	0.13			0.09		+44	%	• Specialties		0.60			0.50		+20	%

	0.01			0.06		-83	%	• Corporate — Chemicals		(0.07	)		0.02		—

* excluding non-recurring items

Exhibit 99.4

CONSOLIDATED STATEMENT OF INCOME
TotalFinaElf


4th Quarter			4th Quarter
2002			2001			in millions of euros (1)	2002			2001

	26,898			23,689		Sales		102,540			105,318
	(22,817	)		(20,024	)	Operating expenses		(86,622	)		(87,760	)
	(1,915	)		(1,346	)	Depreciation, depletion and amortization		(5,792	)		(4,781	)

						Operating income
	(48	)		(95	)	Corporate		(210	)		(252	)
	2,214			2,414		Business segments*		10,336			13,029

	2,166			2,319		Total operating income		10,126			12,777

	(68	)		18		Interest expense, net		(195	)		(184	)
	51			48		Dividend income from non-consolidated subsidiaries		170			159
	(2	)		(3	)	Dividends on subsidiaries’ redeemable preferred shares		(10	)		(19	)
	143			(947	)	Other income (expense)		243			283
	(1,150	)		(826	)	Provision for income taxes		(5,034	)		(5,874	)
	222			259		Equity in income (loss) of affiliates		866			1,001

	1,362			868		Income before amortization of acquisition goodwill		6,166			8,143

	(94	)		(195	)	Amortization of acquisition goodwill		(212	)		(319	)

	1,268			673		Consolidated Net Income		5,954			7,824

	(104	)		21		of which minority interest		13			166

	1,372			652		NET INCOME **		5,941			7,658

	2.08			0.96		Earnings per share (euros)***		8.92			11.05





	2,894			2,506		* Operating income from business segments, excluding non-recurring items		10,995			13,121

	1,461			1,364		Net operating income from business segments, excluding non-recurring items		5,868			7,564

	1,609			1,424		** Net income (Group share), excluding non-recurring items		6,260			7,518

	2.44			2.11		*** Earnings per share, excluding non-recurring items (euros)		9.40			10.85

(1)

except earnings per share

CONSOLIDATED BALANCE SHEET
TotalFinaElf


	in millions of euros

	Dec. 31, 2002			Sept. 30, 2002			Dec. 31, 2001

ASSETS
NON-CURRENT ASSETS
Intangible assets, net		2,752			3,001			3,196
Property, plant and equipment, net		38,592			39,972			41,274
Equity affiliates: investments and loans		7,710			7,833			7,592
Other investments		1,221			1,241			1,536
Other non-current assets		3,735			3,130			3,042

TOTAL NON-CURRENT ASSETS		54,010			55,177			56,640

CURRENT ASSETS
Inventories, net		6,515			6,366			6,622
Accounts receivable, net		13,087			13,117			13,497
Prepaid expenses and other current assets		5,243			5,794			7,263
Short-term investments		1,508			1,426			1,004
Cash and cash equivalents		4,966			10,789			3,574

TOTAL CURRENT ASSETS		31,319			37,492			31,960

TOTAL ASSETS		85,329			92,669			88,600

LIABILITIES AND SHAREHOLDERS’ EQUITY
SHAREHOLDERS’ EQUITY
Common shares		6,872			7,103			7,059
Paid-in surplus and retained earnings		30,514			33,004			30,544
Cumulative translation adjustment		(830	)		(102	)		1,252
Treasury shares		(4,410	)		(6,451	)		(4,923	)

TOTAL SHAREHOLDERS’ EQUITY		32,146			33,554			33,932

SUBSIDIARIES’ REDEEMABLE PREFERRED SHARES		477			507			567

MINORITY INTEREST		724			837			898

LONG-TERM LIABILITIES
Deferred income taxes		6,390			6,586			6,521
Employee benefits		4,103			3,231			3,355
Other liabilities		6,150			5,957			6,093

TOTAL LONG-TERM LIABILITIES		16,643			15,774			15,969

LONG-TERM DEBT		10,157			10,989			11,165

CURRENT LIABILITIES
Accounts payable		10,236			9,303			10,034
Other creditors and accrued liabilities		9,850			11,942			12,470
Short-term borrowings and bank overdrafts		5,096			9,763			3,565

TOTAL CURRENT LIABILITIES		25,182			31,008			26,069

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		85,329			92,669			88,600

CONSOLIDATED STATEMENT OF CASH FLOW
TotalFinaElf


4th Quarter			4th Quarter
2002			2001			in millions of euros	2002			2001

						CASH FLOW FROM OPERATING ACTIVITIES
	1,268			673		Consolidated net income		5,954			7,824
	2,080			1,685		Depreciation, depletion and amortization		6,241			5,390
	(154	)		690		Long-term liabilities, valuation allowances and deferred taxes		(264	)		1,153
	—			(449	)	Impact of coverage of pension benefit plans		—			(449	)
	165			168		Unsuccessful exploration costs		487			571
	(358	)		(363	)	(Gains)/Losses on sales of assets		(862	)		(1,735	)
	(167	)		(242	)	Equity in income of affiliates (in excess of)/less than dividends received		(479	)		(709	)
	1			1		Other changes, net		(7	)		(56	)

	2,835			2,163		Cash flow from operating activities before changes in working capital		11,070			11,989
	(602	)		(754	)	(Increase)/Decrease in operating assets and liabilities		(64	)		314

	2,233			1,409		CASH FLOW FROM OPERATING ACTIVITIES		11,006			12,303

						CASH FLOW FROM INVESTING ACTIVITIES
	(1,974	)		(2,483	)	Intangible assets and property, plant and equipment additions		(6,942	)		(7,517	)
	(146	)		(164	)	Exploration expenditures charged to expenses		(432	)		(521	)
	(22	)		(168	)	Acquisitions of subsidiaries, net of cash acquired		(127	)		(1,051	)
	(46	)		(12	)	Investments in equity affiliates and other securities		(298	)		(539	)
	(135	)		(272	)	Increase in long-term loans		(858	)		(938	)

	(2,323	)		(3,099	)	Total expenditures		(8,657	)		(10,566	)
	124			86		Proceeds from sale of intangible assets and property, plant and equipment		290			409
	(8	)		(32	)	Proceeds from sale of subsidiaries, net of cash sold		5			721
	543			1,098		Proceeds from sale of non-current investments		1,346			4,634
	141			559		Repayment of long-term loans		672			1,240

	800			1,711		Total divestitures		2,313			7,004
	(83	)		6		(Increase)/Decrease in short-term investments		(505	)		(428	)

	(1,606	)		(1,382	)	CASH FLOW FROM INVESTING ACTIVITIES		(6,849	)		(3,990	)

						CASH FLOW FROM FINANCING ACTIVITIES
						Issuance and repayment of shares:
	14			9		Parent company’s shareholders		461			24
	(1,417	)		(1,930	)	Share buy-back		(2,945	)		(5,605	)
	7			12		Minority shareholders		32			12
	—			—		Subsidiaries’ redeemable preferred shares		—			—
						Cash dividends paid:
	—			—		Parent company’s shareholders		(2,514	)		(2,278	)
	(7	)		(26	)	Minority shareholders		(100	)		(151	)
	455			(148	)	Net issuance/(repayment) of long-term debt		1,642			(185	)
	(5,271	)		(4,617	)	Increase/(Decrease) in short-term borrowings and bank overdrafts		746			(1,330	)
	(2	)		(3	)	Other changes, net		(10	)		(19	)

	(6,221	)		(6,703	)	CASH FLOW FROM FINANCING ACTIVITIES		(2,688	)		(9,532	)

	(5,594	)		(6,676	)	NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS		1,469			(1,219	)
	(229	)		(16	)	Effect of exchange rates and changes in reporting entity on cash and cash equivalents		(77	)		193
	10,789			10,266		Cash and cash equivalents at the beginning of the period		3,574			4,600

	4,966			3,574		CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD		4,966			3,574

BUSINESS SEGMENTS INFORMATION
TotalFinaElf


		in millions of euros
4th Quarter 2002
(excluding non-recurring items)	Upstream				Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales			4,381			17,930			4,587			—			—			26,898
Intersegment sales			2,860			441			73			36			(3,410	)		—

Total sales			7,241			18,371			4,660			36			(3,410	)		26,898

Depreciation, depletion and amortization of tangible assets			(836	)		(217	)		(213	)		(12	)					(1,278	)

Operating income excluding non-recurring items			2,520			229			145			(48	)					2,846

Amortization of intangible assets and acquisition goodwill																		(108	)
Equity in income (loss) of affiliates																		222
Other items in net operating income																		91
Tax on net operating income																		(1,351	)

Net operating income excluding non-recurring items			1,196			244			21			239						1,700

Net cost of net debt																		(59	)
Dividends on subsidiaries’ redeemable preferred shares																		(2	)
Minority interests																		(30	)

Net income excluding non-recurring items																		1,609

Gross expenditures			1,493			465			371			(6	)					2,323
Divestitures at selling price			133			114			37			516						800
Cash flow from operating activities			2,210			(188	)		636			(325	)					2,233


4th Quarter 2001
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		3,677			15,807			4,207			(2	)		—			23,689
Intersegment sales		2,851			226			80			24			(3,181	)		—

Total sales		6,528			16,033			4,287			22			(3,181	)		23,689

Depreciation, depletion and amortization of tangible assets		(846	)		(247	)		(186	)		(3	)					(1,282	)

Operating income excluding non-recurring items		1,617			628			261			(95	)					2,411

Amortization of intangible assets and acquisition goodwill																	(115	)
Equity in income (loss) of affiliates																	259
Other items in net operating income																	266
Tax on net operating income																	(1,302	)

Net operating income excluding non-recurring items		717			469			178			155						1,519

Net cost of net debt																	(47	)
Dividends on subsidiaries’ redeemable preferred shares																	(3	)
Minority interests																	(45	)

Net income excluding non-recurring items																	1,424

Gross expenditures		2,210			356			528			5						3,099
Divestitures at selling price		344			54			225			1,088						1,711
Cash flow from operating activities		1,969			2,217			369			(3,146	)					1,409

BUSINESS SEGMENTS INFORMATION
TotalFinaElf


		in millions of euros
2002
(excluding non-recurring items)	Upstream				Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales			16,225			66,984			19,317			14			—			102,540
Intersegment sales			11,525			2,002			355			117			(13,999	)		—

Total sales			27,750			68,986			19,672			131			(13,999	)		102,540

Depreciation, depletion and amortization of tangible assets			(3,362	)		(896	)		(826	)		(49	)					(5,133	)

Operating income excluding non-recurring items			9,309			909			777			(210	)					10,785

Amortization of intangible assets and acquisition goodwill			(21	)		(99	)		(217	)		(18	)					(355	)
Equity in income (loss) of affiliates			234			214			6			412						866
Other items in net operating income			189			61			40			157						447
Tax on net operating income			(5,063	)		(239	)		(232	)		429						(5,105	)

Net operating income excluding non-recurring items			4,648			846			374			770						6,638

Net cost of net debt																		(196	)
Dividends on subsidiaries’ redeemable preferred shares																		(10	)
Minority interests																		(172	)

Net income excluding non-recurring items																		6,260

Gross expenditures			6,122			1,112			1,237			186						8,657
Divestitures at selling price			603			283			140			1,287						2,313
Cash flow from operating activities			7,721			1,447			1,053			785						11,006

Balance sheet as of December 31, 2002
Property, plant and equipment, net			25,189			7,061			6,047			295						38,592
Intangible assets, net			264			473			1,940			75						2,752
Investments in equity affiliates			1,409			1,431			328			3,466						6,634
Total non-current assets			29,109			10,341			9,279			5,281						54,010

Capital employed			18,998			10,207			9,341*			3,580						42,126


2001
(excluding non-recurring items)	Upstream			Downstream			Chemicals			Corporate			Intercompany			Total

Non-Group sales		14,365			71,373			19,560			20			—			105,318
Intersegment sales		12,572			1,912			406			95			(14,985	)		—

Total sales		26,937			73,285			19,966			115			(14,985	)		105,318

Depreciation, depletion and amortization of tangible assets		(2,944	)		(948	)		(790	)		(35	)					(4,717	)

Operating income excluding non-recurring items		9,022			3,004			1,095			(252	)					12,869

Amortization of intangible assets and acquisition goodwill		(16	)		(92	)		(217	)		(9	)					(334	)
Equity in income (loss) of affiliates		330			204			15			452						1,001
Other items in net operating income		441			138			54			107						740
Tax on net operating income		(5,125	)		(945	)		(344	)		231						(6,183	)

Net operating income excluding non-recurring items		4,652			2,309			603			529						8,093

Net cost of net debt																	(366	)
Dividends on subsidiaries’ redeemable preferred shares																	(19	)
Minority interests																	(190	)

Net income excluding non-recurring items																	7,518

Gross expenditures		7,496			1,180			1,611			279						10,566
Divestitures at selling price		1,116			1,079			541			4,268						7,004
Cash flow from operating activities		8,085			4,374			1,261			(1,417	)					12,303

Balance sheet as of December 31, 2002
Property, plant and equipment, net		26,835			7,602			6,547			290						41,274
Intangible assets, net		390			538			2,243			25						3,196
Investments in equity affiliates		1,523			1,305			230			3,416						6,474
Total non-current assets		31,072			10,875			9,996			4,697						56,640

Capital employed		20,839			10,995			10,552*			3,163						45,549

after taking into account a contingency reserve related to Toulouse-AZF plant explosion of 995 million euro (pre-tax) in 2002 and 941 million euro (pre-tax) in 2001

EXHIBIT 99.5




		FOR IMMEDIATE RELEASE


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		TotalFinaElf Sells Non-Core Gulf of Mexico Assets
Thomas FELL Tel. : 33 (1) 47 44 47 57 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 Laurence FRANCISCO Tel. : 33 (1) 47 44 51 04 Sarah WACHTER Tel. : 33 (1) 47 44 42 30 Sophie LE CONG NEN-ALIOT Tel. : 33 (1) 47 44 48 00 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 TOTAL FINA ELF S.A. Capital 6 871 905 100 euros 542 051 180 R.C.S. Nanterre www.totalfinaelf.com		Paris, March 6, 2003 — TotalFinaElf S.A. announces that its U.S. oil and gas exploration and production subsidiary TotalFinaElf E&P USA, Inc. has contracted to sell its interest in 13 non-core assets in the shallow water areas of the Gulf of Mexico. TotalFinaElf's share of production from these 13 fields is currently around 4,500 barrels of oil equivalent per day; the company was the operator on only one of the fields. However, TotalFinaElf retains exploration rights for horizons below current production depths in two of these assets. The sale of these properties is in accordance with the company's strategy in the Gulf of Mexico and Alaska of focusing exploration and production efforts on prospects with high reserve potential. In line with this strategy, TotalFinaElf, as operator, recently commenced production from the Aconcagua field in the Mississippi Canyon area of the Gulf of Mexico using the Canyon Express gas gathering system. In the same area, TotalFinaElf is currently developing the Matterhorn field. These two deepwater developments will significantly increase the company's production in the Gulf of Mexico.
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	•		the average Brent oil price rose slightly (+2%) to 25.0 $/b in 2002 from 24.4 $/b in 2001,

	•		the European refining margin was sharply lower in 2002, falling 48% to 8.0 $/t in 2002 from 15.4 $/t in 2001,

	•		the dollar weakened against the euro by 5%, setting the average euro/dollar exchange rate at 0.95 in 2002 versus 0.90 in 2001.


⁴	excluding amortization of goodwill in the amount of 131 M€ in 2002


⁵	based on 655.0 M fully-diluted shares at December 31, 2002

	•		Upstream production is expected to grow by 5%,

	•		Downstream projects a 300 M€ operating income improvement from ongoing synergies and productivity efforts,

	•		Chemicals will pursue self-help programs, restructurings and active portfolio management.