Over the first three quarters of 1995, Repsol obtained
a net income of 92,149 million pesetas as opposed to a year earlier 69,422
million pesetas, showing a rise of 32.7%. Operating income for the period was
32.1% up at 168,489 million pesetas and cash flow grew by 20.8% to 188,998
million pesetas. This good performance was supported by considerably
higher results from the gas and chemical activities, and by an initial
improvement in refining margins for the third quarter as compared with the first
half-year. The most relevant factors for each of our activities up to
September were as follows: In Exploration and
Production, operating income amounted to 16,436 million pesetas,
showing a rise of 39.5% compared to last year. These results include capital
gains from the sale of exploration assets in Angola and were boosted by higher
average crude oil prices during the period (17.06 $ per barrel as opposed to
15.57 $ per barrel in 1994). Production of oil and gas fell by 3.1% over the
previous year to 7.5 million tonnes, noting the end of production at the Gaviota
gas field and a diminished output from Dubai. Last July a discovery was made
(the Rodaballo I well) that will prolong the useful life-span of the Casablanca
field at Tarragona and where development will begin shortly. Accumulated
operating income from Refining and Marketing was 54,268 million
pesetas in comparison to 72,323 million pesetas for the same nine months of
1994. Here, results were affected by weak international refining margins, which
have, however, slightly improved in the third quarter, and by persistently low
prices on the home market. Figures for R & M in this third quarter were
86.4% up over the second quarter, at 24,630 million pesetas. Sales of light
products (gasolines and gasoils) rose by 7.5% over
1994. Chemicals registered an operating income the first
three quarters of the year of 57,942 million pesetas as opposed to 10,730
million pesetas in 1994, although a fall of the margins in the main plastics has
been observed over this last quarter. In Gas, both the
natural gas and LPG businesses have contributed to raise operating profit by
26.6%, to 42,204 million pesetas as opposed to the year earlier 33,328 million
pesetas. In the natural gas sector, industrial and residential-commercial
activities grew whereas, in LPG, the "Tailor Made Plan" and piped gas markets
continue to expand.
Company investments up to September
amounted to 129,503 million pesetas. 61,948 million pesetas were invested in
refining and marketing, mainly for the acquisition and linking of service
stations. 34,618 million pesetas were spent in the gas area, 28,832 million of
this to extend the natural gas grid.
Special attention has been paid to
increasing international trade over the first nine months of the year,
particularly in Latin America. A small service station network has been acquired
in Ecuador and a contract signed in Peru for the purchase of a company owning
another small network of service stations. These projects will help us to probe
and better judge the opportunities offered by the deregulation and privatisation
processes going on in these countries.
Gas Natural increased its stake in
the Argentinian company Gas Natural BAN to 47.7%. In October, a natural gas peak
shaving plant started up in Argentina, and this will improve operating
flexibility for Buenos Aires Norte in the winter months.
Finally, we
would like to mention steps taken to improve corporate organization.
The
Repsol Board of Directors approved a series of top management appointments
affecting different business areas. In Refining and Marketing, and as a result
of Mr. Jos� Luis D�az Fern�ndez's coming retirement, Repsol's current
Vice-president, Mr. Guzm�n Solana, will take on maximum responsibility for this
area. Mr. Antonio Gonz�lez Adalid, President of Repsol Exploraci�n, has been
appointed President of Repsol Qu�mica and Mr. Juan Sancho Rof, President of
Petronor and CLH, has taken on the Presidency of Repsol Butano. Lastly, Mr.
Miguel Angel Rem�n has taken on top responsibility for the company's Natural Gas
and Technology areas.
REPSOL SUMMARISED
INCOME STATEMENT
REPSOL COMPARATIVE
BALANCE SHEET
(Million pesetas)
- NON AUDITED FIGURES -
| |
JANUARY-SEPTEMBER |
| |
1994 |
1995 |
| Operating
revenues |
1,751,161 |
1,915,149 |
| Operating
income |
127,572 |
168,489 |
| Financial
results |
(12,797) |
(15,094) |
| Extraordinary
items |
(1,489) |
(4,040) |
| Income before income tax and
minority interest |
113,286 |
149,355 |
| Income Tax |
(35,711) |
(49,358) |
| Net income before minority
interest |
77,575 |
99,997 |
| Minority interest |
(8,153) |
(7,848) |
| |
|
|
| Net
income |
69,422 |
92,149 |
| Cash-flow after
taxes |
156,512 |
188,998 |
| |
|
|
| Net income per
share |
|
|
| * Pts/share |
231.41 |
307.16 |
| * $/ADR |
1.80 |
2.49 |
| Cash-flow per
share |
|
|
| * Pts/share |
521.71 |
629.99 |
| * $/ADR |
4.06 |
5.10 |
_________________________________________
$ = 123.44 pesetas en
1995
$ = 128.4 pesetas en 1994
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(Million pesetas)
- NON AUDITED FIGURES -
| |
DECEMBER
1994 |
SEPTEMBER
1995 |
| Net fixed
assets |
980,529 |
1,003,632 |
| Long term financial
instruments |
10,486 |
10,053 |
| Cash and current
liabilities |
118,976 |
117,255 |
| Other current
assets |
496,609 |
494,861 |
| TOTAL
ASSETS/LIABILITIES |
1,606,600 |
1,625,801 |
| |
|
|
| Shareholder's
equity |
588,606 |
655,761 |
| Provisions |
103,988 |
103,966 |
| Minority
interests |
64,068 |
66,565 |
| Non interest bearing
liabilities |
63,159 |
65,425 |
| Financial
loans |
217,427 |
202,317 |
| Current financial debt
|
152,448 |
124,184 |
| Current
liabilities |
416,904 |
407,583 |
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