REPSOL SUMMARISED INCOME STATEMENT
(Million Euros)
(Non-audited figures)
|
QUARTERLY FIGURES |
JANUARY-SEPTEMBER |
|
3Q98 |
2Q99 |
3Q99 |
1998 |
1999 |
Operating
income |
383.75 |
379.61 |
836.65 |
1,209.54 |
1,639.54 |
Financial
results |
(50.55) |
(87.42) |
(265.41) |
(124.55) |
(438.75) |
Equity
on earnings of unconsolidated affiliates |
(3.26) |
21.89 |
6.57 |
3.07 |
43.53 |
Goodwill
amortization |
(10.91) |
(17.74) |
(57.34) |
(32.42) |
(81.44) |
Extraordinary
items |
14.00 |
(145.97) |
12.35 |
21.39 |
(114.80) |
Income
before income tax and minority interest |
333.03 |
150.37 |
532.82 |
1,077.03 |
1,048.07 |
Income
tax |
(100.58) |
(49.23) |
(175.84) |
(328.80) |
(336.05) |
Net
income before minority interest |
232.45 |
101.14 |
356.98 |
748.23 |
712.02 |
Minority
interest |
(45.28) |
(48.27) |
(58.66) |
(115.54) |
(129.87) |
Net
income |
187.17 |
52.87 |
298.32 |
632.69 |
582.15 |
Cash-flow
after taxes |
465.44 |
485.70 |
973.95 |
1,528.22 |
2,075.23 |
Net
income per share (1) |
|
|
|
|
|
*Pts/share |
0.21 |
0.06 |
0.26 |
0.70 |
0.59 |
*$/ADR. |
0.24 |
0.06 |
0.27 |
0.83 |
0.63 |
Cash-flow
per share (1) |
|
|
|
|
|
*Pts/share |
0.52 |
0.54 |
0.84 |
1.70 |
2.10 |
*$/ADR. |
0.61 |
0.56 |
0.89 |
1.99 |
2.24 |
_______________________________________________________
(1) 1998 figures were calculated on 900 million shares
resulting from the share split of april 1999.
1999 figures were calculated by taking the number of shares up to July 7th as 900 million,
from July 7th to 19th as 1,140 million, and from July 20th onwards as 1,188 million
$ =141.770 pesetas in
3Q98
$ =161.196 pesetas in 2Q99
$ =156.026 pesetas in 3Q99
BREAK-DOWN
OF REPSOL OPERATING INCOME BY ACTIVITY
(Million Euros)
(Non-audited figures)
|
QUARTERLY FIGURES |
JANUARY-SEPTEMBER |
|
3Q98 |
2Q99 |
3Q99 |
1998 |
1999 |
Exploration & Production (1) |
16.21 |
66.02 |
471.11 |
88.49 |
547.70 |
Refining & Marketing (2) |
257.91 |
181.55 |
226.07 |
685.88 |
612.32 |
Chemicals (3) |
31.46 |
15.70 |
48.23 |
136.99 |
84.92 |
Gas (4) |
82.83 |
122.95 |
121.67 |
308.39 |
434.89 |
Corporate and others (5) |
(4.66) |
(6.61) |
(30.44) |
(10.21) |
(40.29) |
TOTAL |
383.75 |
379.61 |
836.65 |
1,209.54 |
1,639.54 |
_____________________________________________________________________
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, La Pampilla Refinery and Eg3 and YPF refining & marketing
activity from the date of its incorporation.
3)Includes basic petrochemicals from Repsol Petr�leo and Petronor plus derivative
petrochemicals from Repsol Qu�mica, and YPF chemical activity from the date of its
incorporation.
4)Includes Repsol Butano, Solgas, the 45.3% stake in the Gas Natural Group, and Astra's
electricity and gas activities and YPF gas activity from the date of its incorporatio
5)Mainly includes Repsol-YPF overheads.
BREAK-DOWN OF REPSOL
OPERATING CASH-FLOW BY ACTIVITY
(Million Euros)
(Non-audited figures)
|
QUARTERLY FIGURES |
JANUARY-SEPTEMBER |
|
3Q98 |
2Q99 |
3Q99 |
1998 |
1999 |
Exploration & Production (1) |
104.29 |
183.48 |
820.19 |
329.23 |
1,091.15 |
Refining & Marketing (2) |
388.71 |
319.10 |
389.51 |
1,048.68 |
1,012.09 |
Chemicals (3) |
46.03 |
31.45 |
67.05 |
178.63 |
133.59 |
Gas (4) |
132.87 |
165.80 |
194.42 |
462.81 |
613.27 |
Adjustments and others (5) |
0.02 |
2.15 |
(13.24) |
7.02 |
(17.10) |
TOTAL |
671.92 |
701.98 |
1,457.93 |
2,026.37 |
2,833.00 |
_____________________________________________________________________
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, La Pampilla Refinery and Eg3 and YPF refining & marketing
activity from the date of its incorporation.
3)Includes basic petrochemicals from Repsol Petr�leo and Petronor plus derivative
petrochemicals from Repsol Qu�mica, and YPF chemical activity from the date of its
incorporation.
4)Includes Repsol Butano, Solgas, the 45.3% stake in the Gas Natural Group, and Astra's
electricity and gas activities and YPF gas activity from the date of its incorporatio
5)Mainly includes Repsol-YPF overheads.
BREAK-DOWN OF REPSOL
OPERATING INCOME BY ACTIVITIES AND GEOGRAPHICAL AREAS
(Million Euros)
(Non-audited figures)
|
JANUARY - SEPTEMBER |
|
SPAIN |
LATIN AMERICA |
OTHER COUNTRIES |
TOTAL |
|
1998 |
1999 |
1998 |
1999 |
1998 |
1999 |
1998 |
1999 |
Exploration & Production |
27.65 |
4.42 |
25.39 |
424.43 |
35.45 |
118.85 |
88.49 |
547.70 |
Refining & Marketing |
590.60 |
503.25 |
85.63 |
102.78 |
9.65 |
6.29 |
685.88 |
612.32 |
Chemicals |
135.75 |
77.95 |
- |
4.99 |
1.24 |
1.98 |
136.99 |
84.92 |
Gas |
249.73 |
337.50 |
50.39 |
82.65 |
8.27 |
14.74 |
308.39 |
434.89 |
Corporation and others |
(10.21) |
(15.89) |
- |
(24.40) |
- |
- |
(10.21) |
(40.29) |
TOTAL |
993.52 |
907.23 |
161.41 |
590.45 |
54.61 |
141.86 |
1,209.54 |
1,639.54 |
|
QUARTERLY FIGURES |
|
SPAIN |
LATIN AMERICA |
OTHER COUNTRIES |
TOTAL |
|
3Q98 |
2Q99 |
3Q99 |
3Q98 |
2Q99 |
3Q99 |
3Q98 |
2Q99 |
3Q99 |
3Q98 |
2Q99 |
3Q99 |
Exploration & Production |
12.40 |
2.85 |
3.54 |
(0.99) |
36.56 |
382.02 |
4.80 |
26.61 |
85.55 |
16.21 |
66.02 |
471.11 |
Refining & Marketing |
226.83 |
155.67 |
164.67 |
28.83 |
24.03 |
61.26 |
2.25 |
1.85 |
0.14 |
257.91 |
181.55 |
226.07 |
Chemicals |
31.05 |
14.97 |
42.69 |
- |
- |
4.99 |
0.41 |
0.73 |
0.55 |
31.46 |
15.70 |
48.23 |
Gas |
45.25 |
87.71 |
68.17 |
35.03 |
30.22 |
48.41 |
2.55 |
5.02 |
5.09 |
82.83 |
122.95 |
121.67 |
Corporation and others |
(4.66) |
(6.61) |
(6.04) |
- |
- |
(24.40) |
- |
- |
- |
(4.66) |
(6.61) |
(30.44) |
TOTAL |
310.87 |
254.59 |
273.03 |
62.87 |
90.81 |
472.28 |
10.01 |
34.21 |
91.34 |
383.75 |
379.61 |
836.65 |
BREAK-DOWN
OF REPSOL OPERATING REVENUES BY ACTIVITY
(Million Euros)
(Non-audited figures)
|
QUARTERLY FIGURES |
JANUARY - SEPTEMBER |
|
3Q98 |
2Q99 |
3Q99 |
1998 |
1999 |
Exploration & Production (1) |
245.45 |
456.83 |
1,406.90 |
746.72 |
2,084.44 |
Refining & Marketing (2) |
3,652.84 |
3,923.68 |
5,878.69 |
11,035.72 |
13,238.22 |
Chemicals (3) |
251.08 |
272.75 |
389.12 |
851.08 |
893.48 |
Gas (4) |
587.28 |
656.41 |
732.51 |
1,823.47 |
2,190.75 |
Adjustments and others (5) |
(124.96) |
(210.62) |
(785.64) |
(294.31) |
(1,101.28) |
TOTAL |
4,611.69 |
5,099.05 |
7,621.57 |
14,162.68 |
17,305.61 |
________________________________________________________
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, La Pampilla Refinery and Eg3 and YPF refining & marketing
activity from the date of its incorporation.
3)Includes basic petrochemicals from Repsol Petr�leo and Petronor plus derivative
petrochemicals from Repsol Qu�mica, and YPF chemical activity from the date of its
incorporation.
4)Includes Repsol Butano, Solgas, the 45.3% stake in the Gas Natural Group, and Astra's
electricity and gas activities and YPF gas activity from the date of its incorporation.
5)Mainly includes Repsol-YPF overheads.
BREAK-DOWN OF
INVESTMENTS BY ACTIVITY
(Million Euros)
(Non-audited figures)
|
QUARTERLY FIGURES |
JANUARY - SEPTEMBER |
|
3Q98 |
2Q99 |
3Q99 |
1998 |
1999 |
Exploration & Production (1) |
172.44 |
9,345.29 |
433.52 |
507.69 |
11,214.06 |
Refining & Marketing (2) |
129.61 |
2,975.91 |
313.68 |
336.31 |
3,859.05 |
Chemicals (3) |
38.58 |
303.40 |
171.42 |
98.62 |
516.61 |
Gas (4) |
195.02 |
362.93 |
107.45 |
551.97 |
632.52 |
Corporate and others (5) |
2.36 |
4.51 |
155.48 |
28.71 |
166.27 |
TOTAL |
538.01 |
12,992.04 |
1,181.55 |
1,523.30 |
16,388.51 |
________________________________________________________
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, La Pampilla Refinery and Eg3 and YPF refining & marketing
activity from the date of its incorporation.
3)Includes basic petrochemicals from Repsol Petr�leo and Petronor plus derivative
petrochemicals from Repsol Qu�mica, and YPF chemical activity from the date of its
incorporation.
4)Includes Repsol Butano, Solgas, the 45.3% stake in the Gas Natural Group, and Astra's
electricity and gas activities and YPF gas activity from the date of its incorporation.
5)Mainly includes Repsol-YPF overheads.
REPSOL COMPARATIVE BALANCE SHEET
(Million Euros)
(Non-audited figures)
|
DECEMBER |
SEPTEMBER |
|
1998 |
1999 |
Net fixed assets |
12,031.99 |
31,796.23 |
Long term financial assets |
69.92 |
83.76 |
Cash and current investments |
1,062.14 |
1,103.91 |
Other current assets |
4,018.62 |
6,474.34 |
TOTAL ASSETS |
17,182.67 |
39,458.24 |
Shareholders' equity |
6,042.79 |
11,932.68 |
Provisions |
829.84 |
1,649.63 |
Minority interests |
1,512.87 |
1,829.63 |
Non interest bearing liabilities |
719.83 |
1,181.07 |
Financial loans |
2,275.26 |
12,878.22 |
Current financial debt |
2,390.38 |
5,183.84 |
Other current liabilities |
3,411.70 |
4,803.17 |
TOTAL EQUITY / LIABILITIES |
17,182.67 |
39,458.24 |
REPSOL CONSOLIDATED STATEMENTS OF CASH-FLOWS
JANUARY-SEPTEMBER - 1998
AND 1999
(Million Euros)
(Non-audited figures)
|
1998 |
1999 |
CASH-FLOW FROM OPERATING ACTIVITIES |
|
|
Net income |
632.69 |
582.15 |
Adjustments to reconcile net income to net cash provided by
operating activities |
|
|
Amortizations |
818.85 |
1,242.83 |
|
Net Provisions |
43.96 |
113.89 |
|
Minority interest |
115.54 |
129.87 |
|
Income from asset divestments |
(29.69) |
(80.66) |
|
Deferred taxes and others |
(53.13) |
87.15 |
SOURCES OF FUNDS |
1,528.22 |
2,075.23 |
Changes in working capital |
(125.09) |
(880.78) |
|
1,403.13 |
1,194.45 |
CASH-FLOW FROM INVESTING ACTIVITIES |
|
|
Capital expenditures |
(1,168.27) |
(1,537.32) |
Investments in intangible assets |
(22.98) |
(45.26) |
Financial investments |
(151.14) |
(343.17) |
Deferred expenses |
(23.36) |
(242.60) |
Acquisition of shareholdings in consolidated subsidiaries |
(157.55) |
(14,220.16) |
|
(1,523.30) |
(16,388.51) |
Divestments |
120.84 |
356.39 |
|
(1,402.46) |
(16,032.12) |
CASH-FLOW FROM FINANCING ACTIVITIES |
|
|
Loan proceeds and other long-term debt |
466.39 |
10,688.12 |
Capital increase |
0.00 |
5,665.43 |
Repayment of loans and other noncurrent liabilities |
(550.27) |
(2,474.94) |
Variation in current financial assets |
375.31 |
1,328.00 |
Subsidies received |
63.76 |
36.84 |
Minority interest contributions |
10.58 |
5.10 |
Provisions and others |
(31.89) |
(42.58) |
Dividend paid |
(289.96) |
(297.96) |
|
43.92 |
14,908.01 |
Net change in cash and cash equivalents |
44.59 |
70.34 |
Cash and cash equivalents at January 1st |
61.98 |
126.92 |
Cash and cash equivalents at September 30th |
106.57 |
197.26 |
|