REPSOL SUMMARISED INCOME STATEMENT
(Million Euros)
(Non-audited figures)
|
QUARTERLY FIGURES |
JANUARY-JUNE |
|
2Q98 |
1Q99 |
2Q99 |
1998 |
1999 |
Operating income |
397.61 |
423.27 |
379.61 |
825.80 |
802.89 |
Financial results |
(40.12) |
(85.92) |
(87.42) |
(74.01) |
(173.34) |
Equity on earnings of unconsolidated affiliates |
5.85 |
15.05 |
21.89 |
6.33 |
36.95 |
Goodwill amortization |
(10.39) |
(6.36) |
(17.74) |
(21.50) |
(24.10) |
Extraordinary items |
16.93 |
18.84 |
(145.97) |
7.38 |
(127.15) |
Income before income tax and minority interest |
369.88 |
364.88 |
150.37 |
744.00 |
515.25 |
Income tax |
(115.78) |
(110.98) |
(49.23) |
(228.22) |
(160.21) |
Net income before minority interest |
254.10 |
253.90 |
101.14 |
515.78 |
355.04 |
Minority interest |
(38.66) |
(22.94) |
(48.27) |
(70.26) |
(71.21) |
Net income |
215.44 |
230.96 |
52.87 |
445.52 |
283.83 |
Cash-flow after taxes |
488.84 |
616 |
486 |
1062.78 |
1101.28 |
|
|
|
|
|
|
Net income per share (1) |
|
|
|
|
|
| * 'Pts/share |
0.24 |
0.26 |
0.06 |
0.50 |
0.32 |
| * '$/ADR |
0.26 |
0.28 |
0.06 |
0.54 |
0.33 |
Cash-flow per share (1) |
|
|
|
|
|
| *'Pts/share |
0.54 |
0.68 |
0.54 |
1.18 |
1.22 |
| *'$/ADR |
0.59 |
0.73 |
0.56 |
1.28 |
1.26 |
(1) Calculated on
900 million shares resulting from share split of April 1999
____________________________
$ = 153.48 pesetas in 2Q98
$ = 155,066 pesetas in 1Q99
$ = 161.196 pesetas in 2Q99
BREAK-DOWN
OF REPSOL OPERATING INCOME BY ACTIVITY
(Million Euros)
(Non-audited figures)
|
QUARTERLY FIGURES |
JANUARY-JUNE |
|
2Q98 |
1Q99 |
2Q99 |
1998 |
1999 |
Exploration & Production (1) |
31.46 |
10.57 |
66.02 |
72.29 |
76.59 |
Refining & Marketing (2) |
236.65 |
204.70 |
181.55 |
427.97 |
386.25 |
Chemicals (3) |
46.63 |
20.98 |
15.70 |
105.53 |
36.69 |
Gas (4) |
85.74 |
190.26 |
122.95 |
225.56 |
313.21 |
Corporate and others (5) |
(2.87) |
(3.24) |
(6.61) |
(5.55) |
(9.85) |
TOTAL |
397.61 |
423.27 |
379.61 |
825.80 |
802.89 |
_____________________________________________________________________
(1) Includes Repsol Exploraci�n, Astra exploration activity
and since June 23rd, 1999, YPF exploration activity.
(2) Includes C.L.H. refining & marketing of Repsol
Petr�leo, Petronor, Repsol Comercial de Productos Petrol�feros,Refiner�a La Pampilla
and Eg3. From June 23rd, 1999, includes YPF refining and marketing activity.
(3) Includes basic petrochemicals from Repsol Petr�leo and
Petronor plus derivative petrochemicals from Repsol Qu�mica.
(4) Includes Repsol Butano, Solgas, the 45.3% stake in the
Gas Natural Group, and Astra's electricity activities.
(5) Mainly includes Repsol S.A. overheads.
BREAK-DOWN OF REPSOL
OPERATING CASH-FLOW BY ACTIVITY
(Million Euros)
(Non-audited figures)
|
QUARTERLY FIGURES |
JANUARY-JUNE |
|
2Q98 |
1Q99 |
2Q99 |
1998 |
1999 |
Exploration& Production (1) |
107.43 |
87.48 |
183.48 |
224.94 |
270.96 |
Refining & Marketing (2) |
348.58 |
303.49 |
319.10 |
659.97 |
622.58 |
Chemicals (3) |
60.38 |
35.09 |
31.45 |
132.60 |
66.54 |
Gas (4) |
130.40 |
253.04 |
165.80 |
329.94 |
418.85 |
Adjustments and others (5) |
4.11 |
(6.01) |
2.15 |
7.00 |
(3.86) |
TOTAL |
650.90 |
673.09 |
701.98 |
1,355.45 |
1,375.07 |
_____________________________________________________________________
(1) Includes Repsol Exploraci�n, Astra exploration activity
and since June 23rd, 1999, YPF exploration activity.
(2) Includes C.L.H. refining & marketing of Repsol
Petr�leo, Petronor, Repsol Comercial de Productos Petrol�feros,Refiner�a La Pampilla
and Eg3. From June 23rd, 1999, includes YPF refining and marketing activity.
(3) Includes basic petrochemicals from Repsol Petr�leo and
Petronor plus derivative petrochemicals from Repsol Qu�mica.
(4) Includes Repsol Butano, Solgas, the 45.3% stake in the
Gas Natural Group, and Astra's electricity activities.
(5) Mainly includes Repsol S.A. overheads.
BREAK-DOWN OF REPSOL
OPERATING INCOME BY ACTIVITIES AND GEOGRAPHICAL AREAS
(Million Euros)
(Non-audited figures)
|
JANUARY-JUNE |
|
SPAIN |
|
LATIN AMERICA |
|
OTHER COUNTRIES |
|
TOTAL |
|
1,998 |
1,999 |
|
1,998 |
1,999 |
|
1,998 |
1,999 |
|
1,998 |
1,999 |
Exploration & Production |
15.25 |
0.88 |
|
26.38 |
42.41 |
|
30.66 |
33.30 |
|
72.29 |
76.59 |
Refining & Marketing |
363.77 |
338.58 |
|
56.80 |
41.53 |
|
7.40 |
6.14 |
|
427.97 |
386.25 |
Chemicals |
104.70 |
35.26 |
|
0.00 |
0.00 |
|
0.83 |
1.43 |
|
105.53 |
36.69 |
Gas |
204.48 |
269.33 |
|
15.36 |
34.23 |
|
5.72 |
9.65 |
|
225.56 |
313.21 |
Corporation and others |
(5.55) |
(9.85) |
|
0.00 |
0.00 |
|
0.00 |
0.00 |
|
(5.55) |
(9.85) |
TOTAL |
682.65 |
634.20 |
|
98.54 |
118.17 |
|
44.61 |
50.52 |
|
825.80 |
802.89 |
|
|
QUARTERLY FIGURES |
|
SPAIN |
LATIN AMERICA |
OTHER COUNTRIES |
TOTAL |
|
2Q98 |
1Q99 |
2Q99 |
2Q98 |
1Q99 |
2Q99 |
2Q98 |
1Q99 |
2Q99 |
2Q98 |
1Q99 |
2Q99 |
Exploration & Production |
5.35 |
(1.97) |
2.85 |
11.98 |
5.84 |
36.56 |
14.13 |
6.70 |
26.61 |
31.46 |
10.57 |
66.02 |
Refining & Marketing |
204.76 |
182.90 |
155.67 |
28.94 |
17.50 |
24.03 |
2.95 |
4.30 |
1.85 |
236.65 |
204.70 |
181.55 |
Chemicals |
46.19 |
20.29 |
14.97 |
0.00 |
0.00 |
0.00 |
0.44 |
0.69 |
0.73 |
46.63 |
20.98 |
15.70 |
Gas |
69.31 |
181.63 |
87.71 |
13.56 |
4.01 |
30.22 |
2.87 |
4.62 |
5.02 |
85.74 |
190.26 |
122.95 |
Corporation and others |
(2.87) |
(3.24) |
(6.61) |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
(2.87) |
(3.24) |
(6.61) |
TOTAL |
322.74 |
379.61 |
254.59 |
54.48 |
27.35 |
90.81 |
20.39 |
16.31 |
34.21 |
397.61 |
423.27 |
379.61 |
BREAK-DOWN
OF REPSOL OPERATING REVENUES BY ACTIVITY
(Million Euros)
(Non-audited figures)
|
QUARTERLY FIGURES |
JANUARY-JUNE |
|
2Q98 |
1Q99 |
2Q99 |
1998 |
1999 |
Exploration & Production (1) |
226.58 |
220.72 |
456.83 |
501.26 |
677.54 |
Refining & Marketing (2) |
3,802.59 |
3,435.85 |
3,923.68 |
7,382.89 |
7,359.53 |
Chemicals (3) |
285.23 |
231.61 |
272.75 |
600.00 |
504.36 |
Gas (4) |
553.23 |
801.83 |
656.41 |
1,236.19 |
1,458.24 |
Adjustments and others (5) |
(61.56) |
(105.01) |
(210.62) |
(169.36) |
(315.63) |
TOTAL |
4,806.07 |
4,585.00 |
5,099.05 |
9,550.98 |
9,684.04 |
________________________________________________________
(1) Includes Repsol Exploraci�n, Astra exploration activity
and since June 23rd, 1999, YPF exploration activity.
(2) Includes C.L.H. refining & marketing of Repsol
Petr�leo, Petronor, Repsol Comercial de Productos Petrol�feros, Refiner�a La Pampilla and Eg3. From June 23rd, 1999, includes YPF
refining and marketing activity.
(3) Includes basic petrochemicals from Repsol Petr�leo and
Petronor plus derivative petrochemicals from Repsol Qu�mica.
(4) Includes Repsol Butano, Solgas, the 45.3% stake in the
Gas Natural Group, and Astra's electricity activities.
(5) Mainly includes Repsol S.A. overheads.
BREAK-DOWN OF
INVESTMENTS BY ACTIVITY
(Million Euros)
(Non-audited figures)
|
QUARTERLY FIGURES |
JANUARY-JUNE |
|
2Q98 |
1Q99 |
2Q99 |
1998 |
1999 |
Exploration & Production (1) |
181.92 |
1435.25 |
9345.29 |
335.24 |
10780.54 |
Refining & Marketing (2) |
117.86 |
569.46 |
2975.91 |
206.70 |
3545.37 |
Chemicals (3) |
30.55 |
41.79 |
303.40 |
60.04 |
345.19 |
Gas (4) |
238.39 |
162.14 |
362.93 |
356.95 |
525.07 |
Corporate and others (5) |
21.22 |
6.28 |
4.51 |
26.36 |
10.79 |
TOTAL |
589.94 |
2214.92 |
12992 |
985.29 |
15206.96 |
________________________________________________________
(1) Includes Repsol Exploraci�n, Astra exploration activity
and since June 23rd, 1999, YPF exploration activity.
(2) Includes C.L.H. refining & marketing of Repsol
Petr�leo, Petronor, Repsol Comercial de Productos Petrol�feros, Refiner�a La Pampilla and Eg3. From June 23rd, 1999, includes YPF
refining and marketing activity.
(3) Includes basic petrochemicals from Repsol Petr�leo and
Petronor plus derivative petrochemicals from Repsol Qu�mica.
(4) Includes Repsol Butano, Solgas, the 45.3% stake in the
Gas Natural Group, and Astra's electricity activities.
(5) Mainly includes Repsol S.A. overheads.
REPSOL COMPARATIVE BALANCE SHEET
(Million Euros)
(Non-audited figures)
|
DECEMBER |
JUNE |
|
1998 |
1999 |
Net fixed assets |
12,031.99 |
32,019.21 |
Long term financial assets |
69.92 |
76.84 |
Cash and current investments |
1,062.14 |
1,152.22 |
Other current assets |
4,018.62 |
6,589.10 |
TOTAL ASSETS |
17,182.67 |
39,837.37 |
|
|
|
Shareholder's equity |
6,042.79 |
6,139.83 |
Provisions |
829.84 |
1,836.86 |
Minority interests |
1,512.87 |
1,833.15 |
Non interest bearing liabilities |
719.83 |
1,277.70 |
Financial loans |
2,275.26 |
15,411.77 |
Current financial debt |
2,390.38 |
8,291.59 |
Other current liabilities |
3,411.70 |
5,046.47 |
TOTAL EQUITY / LIABILITIES |
17,182.67 |
39,837.37 |
REPSOL CONSOLIDATED STATEMENTS OF CASH-FLOWS
JANUARY-JUNE - 1998 AND
1999
(Million Euros)
(Non-audited figures)
|
1998 |
1999 |
CASH-FLOW FROM OPERATING ACTIVITIES |
|
|
Net income |
445.52 |
283.83 |
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
Amortizations |
526.25 |
580.83 |
|
Net provisions |
24.52 |
71.84 |
|
Minority interest |
70.26 |
71.21 |
|
Income from asset divestments |
(12.70) |
(79.71) |
|
Deferred taxes and others |
8.93 |
173.28 |
SOURCES OF FUNDS |
1,062.78 |
1,101.28 |
Changes in working capital |
30.78 |
(416.89) |
|
1,093.56 |
684.39 |
CASH-FLOW FROM INVESTING ACTIVITIES |
|
|
Capital expenditures |
|
|
Investments in intangible assets |
(795.46) |
(825.12) |
Financial investments |
(13.35) |
(31.80) |
Deferred expenses |
(96.05) |
(68.73) |
Acquisition of shareholdings in consolidated subsidiaries |
(10.39) |
(40.54) |
|
(70.04) |
(14,240.77) |
Divestments |
(985.29) |
(15,206.96) |
|
79.61 |
248.29 |
|
(905.68) |
(14,958.67) |
CASH-FLOW FROM FINANCING ACTIVITIES |
|
|
Loan proceeds and other long-term debt |
|
|
Repayment of loans and other noncurrent liabilities |
430.60 |
10,257.15 |
Variation in current financial assets |
(430.32) |
(50.59) |
Subsidies received |
128.59 |
4,414.02 |
Minority interest contributions |
20.91 |
27.40 |
Provisions and others |
9.30 |
5.11 |
Dividend paid |
(35.65) |
(27.21) |
|
(267.61) |
(283.66) |
|
(144.18) |
14,342.22 |
|
|
|
Net change in cash and cash equivalents |
43.70 |
67.94 |
Cash and cash equivalents at January 1st |
61,98 |
126,92 |
Cash and cash equivalents at June 30th |
105.68 |
194.86 |
|