| Standardized measure
of discounted future net cash flow (excluding
transportation) |
|
| (in millions of euros) |
|
CONSOLIDATED SUBSIDIARIES
|
|
| |
Europe
|
Africa
|
North
|
Far
|
Rest
|
Total
|
| |
|
|
America
|
East
|
of world
|
Consolidated
|
|
| As of December 31, 1999 |
|
|
|
|
|
|
|
| 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)
|
|
| Net cash flows |
9,952
|
9,083
|
677
|
4,524
|
5,848
|
30,084
|
|
As of December 31, 2000 |
|
|
|
|
|
|
|
| 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)
|
|
| Net cash flows |
12,365
|
8,628
|
2,332
|
4,773
|
5,447
|
33,545
|
|
As of December 31, 2001 |
|
|
|
|
|
|
|
| Future cash inflows |
48,279
|
60,535
|
2,356
|
20,072
|
25,636
|
156,878
|
| Future production costs |
(7,628)
|
(12,452)
|
(478)
|
(3,386)
|
(7,183)
|
(31,127)
|
| Future development costs |
(5,691)
|
(10,687)
|
(741)
|
(2,776)
|
(2,964)
|
(22,859)
|
| Futur net cash flows, before
income taxes |
34,960
|
37,396
|
1,137
|
13,910
|
15,489
|
102,892
|
| Future income taxes |
(19,818)
|
(22,449)
|
(106)
|
(6,281)
|
(4,271)
|
(52,925)
|
| Future net cash flows, after
income taxes |
15,142
|
14,947
|
1,031
|
7,629
|
11,218
|
49,967
|
| Discount at 10% |
(4,909)
|
(7,464)
|
(434)
|
(3,779)
|
(5,587)
|
(22,173)
|
|
| Net cash flows |
10,233
|
7,483
|
597
|
3,850
|
5,631
|
27,794
|
|
Company’s share of equity affiliates’ future net cash flows
as of
|
|
| Year ended December 31, 1999 |
|
|
|
|
|
1,751
|
| Year ended December 31, 2000 |
|
|
|
|
|
2,511
|
|
| Year ended December 31,
2001 |
|
|
|
|
|
2,247
|
|
Figures calculated according
to Article 215: they may differ substantially from FAS 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 December 31 .
- 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 FAS
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.
|
|
|
