Annex 6

TOTAL GROUP, S.A.E.C.A. AND SUBSIDIARIES

Thousands of dollars as of June 30 of each year

ACTIVE
CURRENT ASSETS 1999 2000
Cash and temporary investments 103,199 171,474
Accounts receivable
Clients 15,253 41,218
Taxes to recover 53,512 64,255
Credit to affiliated companies 14,940 13,510
Other accounts receivable 17,315 19,262
Total de Cuentas por Cobrar 101,020 138,245
Inventories 372,523 465,186
Advance payments 24,845 21,553
Total Current Assets 601,587 796,458
NON-CIRCULATING ASSET
Real estate and equipment

Buildings 475,797 469,985

Store team 363,848 473,360
Furniture and equipment 35,307 38,211
Vehicles 18,283 21,482
Adaptations to properties 130,677 219,961
(-) Accumulated depreciation and amortization -345,574 -423,946
Construction in progress 8,438 12,902
Lands 404,111 413,161
Investment in shares of other companies 0 29,333
Other assets (1) 60,253 64,685
Total Non-Current Assets 1,151,140 1,319,134
TOTAL ASSETS 1,752,727 2,115,592

PASSIVE
CIRCULATING
Credit institutions 0 0
Current portion of long-term liabilities 0 0
Accounts payable 469,344 582,151
Accrued taxes and expenses 65,068 71,185
Total Current Liabilities 534,412 653,336
LONG TERM
Long-term debts 119,539 84,917
Deferred income tax 0 0
Total Long-Term Liabilities 119,539 84,917
TOTAL LIABILITIES 653,951 738,253
NET WORTH
Social Capital 227,365 250,753
First in actions (2) 592,043 702,222
Retained earnings 195,331 264,421
Result of the exercise 84,037 159,943
Total Patrimonio Neto 1,098,776 1,377,339
TOTAL LIABILITIES AND NET EQUITY 1,752,727 2,115,592

It represents the excess paid over the book value of acquired subsidiaries.
It represents the excess of the selling price of the shares over their nominal value.

Income Statement Data

Sales 2,583,073 2,933,956
Cost of Sales 2,037,308 2,316,554
Gross Profit 545,765 617,402
Operating Profit 81,694 105,681
Interest Expense 1,705 1,925
Net Utility 84,036 159,942

Cash Flow Statement Data

Operations Cash 232,566
Capital Investments -212,601

1,999 2,000
Financial Reasons Sheet

Short-Term Liquidity
Current Ratio (Current Assets/Current Liabilities) 1.126 1.219
Acid Test (AC-Inv)/PC 0.429 0.507
Immediate Liquidity Ratio 0.382 0.474
Net Working Capital (Current Assets - Current Liabilities) 67,175 143,122
Free Cash Flow ([Link]) 19,965
EBITDA 129,679 184,052

Reasons for Operation

Asset Turnover (Sales/Assets) 1.517
Inventory Turnover (COGS/Avg Inventory) 5.53
Accounts Receivable Turnover (V/CCP) 24.52
Accounts Payable Turnover (Purchases/Accounts Payable) 4.58
Days of Inventory (365/RotInv) 66.00
Days Sales Outstanding (365/Receivable Turnover Ratio) 14.88
Days of Accounts Payable (365/Turnover of Accounts Payable) 79.65
Cash Cycle of the Company 1.23

Debt Measures
Debt Ratio (Liabilities/Assets) 0.37 0.35
Interest Coverage (Operating Income/Interest) 47.91 54.90
Leverage of Equity (Liabilities/Equity) 0.60 0.54

Profitability Measures
Rendimiento sobre Activos ([Link]/ActP) 5.46%
Asset Rotation 1.517
Net Operating Margin 3.60%
Return on Equity 12.92%
Net Margin (UN/V) 5.45%
Asset Turnover (Act/V) 1.517
Leverage (Assets/Equity) 1.53

Gross Margin 21.13% 21.04%

Operating Expenses to Sales -17.97% -17.44%
Operating profit to sales 3.16% 3.60%

Quality of earnings (Net income/Operating cash flow) 0.69

Short-Term Insolvency Risk

Capital Neto Trabajo/Activos Totales (0.717) 0.04 0.07
Retained Earnings/Total Assets (0.847) 0.11 0.12
Operating Utility/Total Assets (3.107) 0.05 0.05
Equity/Debt (0.42) 9.19 16.22
Sales/Total Assets (0.998) 1.47 1.39

Weighted
Net Working Capital/Total Assets (0.717) 0.03 0.05
Retained Earnings/Total Assets (0.847) 0.09 0.11
Operating Utility/Total Assets (3.107) 0.14 0.16
Equity/Debt (0.42) 3.86 6.81
Sales/Total Assets (0.998) 1.47 1.38

The Z of Altman 5.60 8.51

Change Change Change
2001 2002
68,275 94,937-76,537 47,139-47,798

25,965 57,34816,130 88,44531,097

10,743 55,087-9,168 30,549-24,538
-1,430 12,323-1,187 0-12,323
1,947 22,2152,953 23,119904
146,973 142,113
92,663 505,77740,591 525,06219,285
-3,292 22,205652 23,4311,226
769,892 737,745

-5,812 597,003127,018 707,957110,954

109,512 625,107151,747 750,559,125,452
2,904 52,87414,663 55,763,289
3,199 25,6414,159 25,094-547
89,284 288,71068,749 337,50748,797
-541,380 -627,857
4,464 22,0119,109 8,074-13,937
9,050 536,196,123,035 611,59675,400
29,333 2,095-27,238 2.703608
4,432 79,38514,700 85,1175,732
167,9941,687,642368,5081,956,513
362,8652,457,534341,9422,694,258

0 2,3082,308 20,85718,549
0 1,9281,928 76,31074,382
112,807 664,49582,344 632,470-32,025
6,117 92,44921,264 127,56035,111
761,180 857,197

-34,622 83,626-1,291 5,577-78,049

0 0 0 13,65613,656
83,626-1,291 19,233-64,393
844,806 876,430
23,388 282,48531,732 307,13724,652
110,179 788,00385,781 860,63972,636
69,090 399,578 493,772
75,906 142,662 156,280
278,5631,612,728235,3891,817,828205,100
2,457,534 2,694,258

3,533,253 4,185,607
2,783,291 3,292,307
749,962 893,300
139,567 183,936
2,408 10,729
142,662 156,279

316,141 240,920
-444,004 -349,008

2,001 2,002

1.011 0.861
0.347 0.248
0.318 0.221
8,712 -119,452
-127,863 -108,088

1.545 1.625
5.73 6.39
24.78 28.96
4.53 5.11
 63.67 57.14
14.73 12.60
80.57 71.48
-2.17 -1.73

0.34 0.33
57.96 17.14
0.52 0.48

6.10% 7.14%
1.545 1.625
3.95% 4.39%
9.54% 9.11%
4.04% 3.73%
1.545 1.625
1.50 1.48

21.23% 21.34%
-17.28% -16.95%
3.95% 4.39%

0.45 0.65

0.00 -0.04
0.16 0.18
0.06 0.07
18.36 17.69
1.44 1.55

0.00 -0.03
0.14 0.16
0.18 0.21
7.71 7.43
1.43 1.55

9.46 9.32
 Annex 6
TOTAL GROUP, S.A.E.C.A. AND SUBSIDIARIES
Thousands of dollars as of June 30 of each year

1999 2000
Net sales 2,536,655 2,903,315
Other income 46,418 30,641
Total income 2,583,073Err:522 2,933,956
Cost of goods sold -2,037,308 Err:522 -2,316,554
Gross profit 545,765 Err:522 617,402
Operating expenses -416,086 Err:522 -433,350
Depreciation and amortization -47,985 Err:522 -78,371
Operating income 81,694Err:522 105,681
Non-operating income 17,668 Err:522 71,105
Interests paid -1,705 Err:522 -1,925
Profit before tax and extraordinary items 97,657Err:522 174,861
Income tax Err:522
Tax on assets -12,768 Err:522 -14,919
Worker participation in profits Err:522
Profit before extraordinary items 84,889Error:522 159,942
Extraordinary income (expenses) -853 Err:522
Net profit 84,036Err:522 159,942

Dividends paid 14,948

Purchases 2,055,442 2,409,217
 2001 2002
3,501,133 4,147,111
32,120 38,496
Err:522 3,533,253Err:522 4,185,607
Err:522 -2,783,291 Err:522 -3,292,307
Err:522 749,962 Err:522 893,300
Err:522 -492,961 Err:522 -622,887
Err:522 -117,434 Err:522 -86,477
Err:522 139,567Err:522 183,936
Err:522 23,839 Err:522 37,317
Err:522 -2,408 Err:522 -10,729
Err:522 160,998Err:522 210,524
Err:522 -10,116 Err:522 -51,221
Err:522 -14,331 Err:522
Err:522 -4,005 Err:522 -3,024
Err:522 132,546Err:522 156,279
Err:522 10,116 Err:522
Err:522 142,662Err:522 156,279

24,786 48,468
2,823,882 3,311,591
 Total Corporation
Cash Flow Statements
Thousands of dollars as of June 30 of each year

2000 2001 2002

I. Cash Flow from Operations
Net Utility $159,942 $142,662 $156,279

Items that do not require cash or that

not operational
Depreciation and Amortization $78,371 $117,434 $86,477
Interest Paid
Changes in Working Capital
Current Assets
Clientes $25,965 $16,130 $31,097
Taxes to recover $10,743 $9,168 $24,538
Credit to affiliated companies $1,430 $1,187 $12,323
Other accounts receivable $1,947 $2,953 $904
Inventories $92,663 $40,591 $19,285
Advance Payments $3,292 $652 $1,226
Current Liabilities
Credit institutions $0 $2,308 $18,549
Current portion of long-term liabilities $0 $1,928 $74,382
Accounts payable $112,807 $82,344 $32,025
Taxes and accrued expenses $6,117 $21,264 $35,111
Total Effective Result from Operations $230,641 $317,969 $323,122

Cash Flow from Investments

Buildings $5,812 $127,018 $110,954
Detention team $109,512 $151,747 $125,452
Furniture and equipment $2,904 $14,663 $2,889
Vehicles $3,199 $4,159 $547
Adaptations to properties $89,284 $68,749 $48,797
Construction in progress $4,464 $9,109 $13,937
Land $9,050 $123,035 $75,400
Investment in shares of other companies $29,333 $27,238 $608
Other assets $4,432 $14,700 $5,732

Total Effective Income from Investments $246,366 $485,942 $355,348

Cash Flow from Financing

Long-term debt $34,622 $1,291 $78,049
Credit institutions
Long-term circulating passive portion
Deferred income tax $0 $0 $13,656
Interest Paid
Social Capital $23,388 $31,732 $24,652
First in actions $110,179 $85,781 $72,636
Dividends paid $14,948 $24,786 $48,468

Total Effective Income from Financing $83,997 $91,436 $15,573

Net Increase or Decrease of Funds $68,272 $76,537 $47,799

Initial Balance of Cash and Temporary Investments 103,199 171,474 94,937
Final Balance of Cash and Temporary Investments $171,471 $94,937 $47,138
 1999
Margin 2000
Net 2001
2002

1999
Rotation 2000
1999 Actvos 2001
ROE 2000 2002
2001
2002

1999
Leverage 2000
2001
2002
 1999
Margin 2000
Gross 2001
2002

1999
Rate 2000
Taxes 2001
2002

1999
Days of 2000
Charge 2001
2002

1999
Days of 2000
Inventory 2001
2002

1999
Days of 2000
Payment 2001
2002

1999
Coverage 2000
Intereses 2001
2002

1999
Solvency 2000
2001
2002

1999
Test 2000
Sour 2001
2002