TOT » Topics » C) NET-DEBT-TO-EQUITY RATIO

This excerpt taken from the TOT 20-F filed Apr 3, 2009.

C) NET-DEBT-TO-EQUITY RATIO

For its internal and external communication needs, the Group calculates a debt ratio by dividing its net financial debt by equity. Shareholders’ equity as of December 31, 2008 is calculated after distribution of a dividend of 2.28 per share of which 1.14 per share was paid on November 19, 2008.

The net-debt-to-equity ratio is calculated as follows:

 

As of December 31, (M)                      
(Assets)/Liabilities    2008     2007     2006  

Current borrowings

   7,722     4,613     5,858  

Other current financial liabilities

   158     60     75  

Current financial assets

   (187 )   (1,264 )   (3,908 )

Non-current financial debt

   16,191     14,876     14,174  

Hedging instruments of non-current financial debt

   (892 )   (460 )   (486 )

Cash and cash equivalents

   (12,321 )   (5,988 )   (2,493 )

Net financial debt

   10,671     11,837     13,220  

Shareholders’ equity - Group share

   48,992     44,858     40,321  

Estimated dividend payable

   (2,540 )   (2,397 )   (2,258 )

Minority interest

   958     842     827  

Total shareholder’s equity

   47,410     43,303     38,890  

Net-debt-to-equity ratio

   22.5%     27.3%     34.0%  

 

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Table of Contents
This excerpt taken from the TOT 20-F filed Apr 2, 2008.

C) NET-DEBT-TO-EQUITY RATIO

For its internal and external communication needs, the Group calculates a debt ratio by dividing its net financial debt by equity. The shareholders’ equity as of December 31, 2007 is calculated after distribution of a dividend of 2.07 per share of which 1 per share has already been paid on November 16, 2007.

The net-debt-to-equity ratio is calculated as follows:

 

As of December 31, (M)                        
(Assets) / Liabilities    2007      2006      2005  

Current borrowings

   4,613      5,858      3,920  

Other current financial liabilities

   60      75      33  

Current financial assets

   (1,264 )    (3,908 )    (334 )

Non-current financial debt

   14,876      14,174      13,793  

Hedging instruments on non-current financial debt

   (460 )    (486 )    (477 )

Cash and cash equivalents

   (5,988 )    (2,493 )    (4,318 )

Net financial debt

   11,837      13,220      12,617  

Shareholders’ equity - Group share

   44,858      40,321      40,645  

Estimated dividend payable

   (2,397 )    (2,258 )    (2,006 )

Minority interest

   842      827      838  

Total shareholder’s equity

   43,303      38,890      39,477  

Net-debt-to-equity ratio

   27.3%      34.0%      32.0%  

EXCERPTS ON THIS PAGE:

20-F
Apr 3, 2009
20-F
Apr 2, 2008
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