Repsol has
registered a net income for 1995 of 117,715 million pesetas, showing a rise of
21.6% over the 96,803 million pesetas obtained in 1994. Operating income for
last year was 20.1% up at 212,504 million pesetas in comparison to the
year-earlier 176,917 million pesetas.
These good results are mainly due
to increases in chemicals and gas over the financial year, which more than
compensated for lower results in refining and marketing. Investments also gave a
high return over the year in conjunction with substantial cost cutting in all
business areas.
Growth in fourth quarter results was held back by a fall
in margins on chemical products and the negative effect of mild weather on the
consumption of LPG (propane and butane gas), natural gas and heating gasoil in
November and December. Apart from this, high rainfall at the end of the year
affected sales of vehicle fuels because of a sharp drop in
traffic.
Details for each of Repsol's areas of activity are as
follows:-
Operating income for exploration and
production rose by 11.3% to 18,999 million pesetas. These figures were
boosted by capital gains from the sale of assets in Angola. Oil and gas
production amounted to 10 million tonnes of oil equivalent (toe).
In
refining and marketing, operating income was 75,993 million
pesetas as opposed to 89,367 million pesetas in 1994. This drop was mainly due
to weak international refining margins throughout the whole year, although both
refining and marketing margins showed improvement over the second half. In fact,
first half results were 38.6% down on the same term a year earlier at 29,638
million pesetas, but rose in the second half to be 12.7% higher than those for
the same period in 1994. Within this context, Repsol managed to raise overall
sales by more than the market average. Sales of light products (gasolines and
gasoils) were 7.7% up over the previous year.
Chemicals
reported record profits for 1995, with an operating income of 62,859 million
pesetas, (170.9% higher than a year earlier). The cyclical nature of this
business was made obvious by the sharp fall in margins on all types of plastics
over the last quarter.
In the gas sector, operating
income was 57,526 million pesetas, which is almost 21% higher than results
reported in 1994. This growth is remarkable if we bear in mind the adverse
effect of a mild winter on the consumption of fuels for heating.
Investments of approximately 200 billion pesetas were made
by Repsol in 1995, with special attention to refining and marketing, mainly for
the acquisition and linking of service stations. There were also considerable
investments in the chemical area in order to raise production capacity on
certain plastics and other high added value products. This high investment
performance has been compatible with a reduction in the company's debt level,
which fell from 240 billion pesetas to 175 billion pesetas.
Repsol Summarised Income
Statements
(Million pesetas)
(NON-AUDITED FIGURES)
| |
JANUARY-DECEMBER |
| |
1995 |
1994 |
| Operating
income |
212,504 |
176,917 |
| Financial results*
|
(16,566) |
(17,180) |
| Extraordinary
items |
(7,040) |
(3,690) |
| Income before income
tax and minority interests |
188,898 |
156,047 |
| |
|
|
| Income Tax |
(60,563) |
(48,719) |
| Net income before minority
interests |
128,335 |
107,328 |
| Minority interests |
(10,620) |
(10,525) |
| |
|
|
| Net Income |
117,715 |
96,803 |
| |
|
|
| Net income per share |
|
|
| * Pts/Share |
392.38 |
322.68 |
| * $/ADR |
3.22 |
2.45 |
*Includes financial results, goodwill amortization and income from
non-consolidated affiliates.
------------------------------
$ = 121.71
pesetas in 1995
$ = 131.66 pesetas in 1994
Page
Up
|