(excluding transportation)
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| (in million of euros) |
CONSOLIDATED SUBSIDIARIES |
| Europe |
Africa |
North America |
Far East |
Rest of the world |
Total Consolidated |
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| As of December 31, 1999 |
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| Future cash inflows |
48,743 |
66,389 |
2,271 |
21,659 |
29,240 |
168,302 |
| Future production costs |
(9,366) |
(11,951) |
(357) |
(2,935) |
(6,554) |
(31,163) |
| Future development costs |
(4,044) |
(8,647) |
(496) |
(1,918) |
(3,751) |
(18,856) |
| Futur net cash flows, before income taxes |
35,333 |
45,791 |
1,418 |
16,806 |
18,935 |
118,283 |
| Future income taxes |
(19,798) |
(28,491) |
(320) |
(7,418) |
(5,934) |
(61,961) |
| Future net cash flows, after income taxes |
15,535 |
17,300 |
1,098 |
9,388 |
13,001 |
56,322 |
| Discount at 10% |
(5,583)) |
(8,217)) |
(421) |
(4,864) |
(7,153) |
(26,238) |
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| Net cash flows |
9,952 |
9,083 |
677 |
4,524 |
5,848 |
30,084 |
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| As of December 31, 2000 |
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| Future cash inflows |
55,763 |
66,026 |
5,779 |
23,464 |
32,918 |
183,950 |
| Future production costs |
(6,983) |
(12,219) |
(290) |
(3,508) |
(8,110) |
(31,110) |
| Future development costs |
(3,947) |
(9,196) |
(680) |
(2,340) |
(3,047) |
(19,210) |
| Futur net cash flows, before income taxes |
44,833 |
44,611 |
4,809 |
17,616 |
21,761 |
133,630 |
| Future income taxes |
(24,510) |
(27,969) |
(1,318) |
(7,809) |
(10,043) |
(71,649) |
| Future net cash flows, after income taxes |
20,323 |
16,642 |
3,491 |
9,807 |
11,718 |
61,981 |
| Discount at 10% |
(7,958) |
(8,014) |
(1,159) |
(5,034) |
(6,271) |
(28,436) |
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| Net cash flows |
12,365 |
8,628 |
2,332 |
4,773 |
5,447 |
33,545 |
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| Company's share of equity affiliates' future net cash flows as of |
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| Year ended December 31, 1999 |
1,751 |
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| Year ended December 31, 2000 |
2,511 |
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Figures calculated according to Article 215 : they may differ substantially from SFAS 69.
The standardized measure of discounted future net cash flows from production of proved reserves was developed as follows:
- Current prices: the estimated future cash flows are determined based on prices as at 31 December.
- Current production and development costs: the future costs pertaining to production of proved reserves are determined assuming constant year-end technical and economic conditions. The production costs include production taxes unlike table Results of operations.
- Income taxes: the estimated taxes are computed according to the existing local tax laws at year-end and take into consideration the permanent differences and future income tax credits.
- Discount rate: the future net cash flows are discounted at the standard 10 % rate.
These applicable principles are the ones required by the SFAS 69, and do not necessarily reflect the expectations of real revenues from these reserves, nor their present value: hence, they do not constitute criteria of investment decision. A better estimate of the present value of reserves should also take into account, among other things, the recovery of reserves not presently classified as proved, anticipated futures changes in prices and costs and a discount factor more representative of the time value of money and the risks inherent in reserves estimates.
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