Analyzing, Inter preting and Capitalizing Opera ting Leases Total S.A. is a French multinational…

Analyzing, Inter preting and Capitalizing Opera ting Leases

Total S.A. is a French multinational oil company and one of the six “supermajor” oil companies in the world. The company is headquartered in Courbevoie, France, and uses IFRS to prepare its financial statements. Total S.A. reports the following footnote re lating to its finance and operating leases in its 20 12 20-F report (€ millions).

a. Confirm that the implicit rate of Tota l's finance leases is 4%.

b. Use 4% as the discount rate and round the remaining lease term to three decima ls to compute the present value of Total's operating leases.

c. Describe the adjustments we might consider to Total's balance sheet and income statement using the informa t.ion from part b.

d. Total reported total liabilities of €97, 636 million for 2012. Are these finance leases substantial? Would cap italizing the operating leases make a difference to our assessment of Total's liquidity or solvency?

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