Repsol

Highlights

FINANCIAL DATA (Millions of euros)

	2000	2001	2002	2003	2004*	2005	2006	2007	2008
Operating revenues	45,742	43,653	36,490	37,206	40,292	51,045	55,080	55,923	60,975
Net income	2,429	1,025	1,952	2,020	2,414	3,120	3,124	3,188	2,711
Operating income	6,242	4,920	3,323	3,860	4,686	6,161	5,911	5,808	5,083
Dividends	610	256	378	488	610	733	879	1,121	1,282
Investments	5,940	4,456	2,673	3,837	3,747	3,713	5,737	5,387	5,586
Assets	52,419	51,439	38,064	38,033	39,693	45,782	45,201	47,084	49,429
Shareholders' equity	15,143	14,538	13,586	13,632	12,806	16,262	17,433	18,511	20,100

NET DEBT AND FINANCIAL RESULTS (Millions of euros)

	2000	2001	2002	2003	2004*	2005	2006	2007	2008
Net debt at year-end	(20,398)	(16,555)	(7,472)	(5,047)	(5,399)	(4,514)	(4,396)	(3,493)	(3,334)
Interest income	(1,300)	(1,352)	(786)	(400)	(624)	(722)	(482)	(224)	(372)
Net debt (%)	51.0	40.1	29.2	21.9	24.3	18.1	17.0	13.4	11.9
Interest coverage (number of times)	7.0	6.7	8.8	13.8	19.2	23.2	25.2	28.4	38.6

PROFITABILITY RATIOS

	2000	2001	2002	2003	2004*	2005	2006	2007	2008
Return on equity (ROE) (%)	17.6	6.9	13.9	14.8	20.0	21.5	18.5	17.7	14.4
Return on assets (ROA) (%)	9.3	4.5	6.5	6.6	7.5	8.5	8.0	7.5	6.3
Return on capital employed (ROCE) (%)	11.9	6.0	7.7	9.9	14.3	16.5	14.7	13.5	11.7
Return on capital employed before nonrecurring items (ROCE) (%)	14.3	10.4	13.1	17.0	16.5	18.7	14.1	12.7	10.7

Highlights (Excel 10 Kb)

* From 2004, the financial aggregates are reported in accordance with International Financial Reporting Standards (IFRS) as approved by the European Union

Definition of ratios:
Debt ratio: Net debt/ (shareholders' equity + minorities + net debt + exploration subsidies + distribution revenues)
Interest coverage: EBITDA (earnings before income tax, depreciations and amortizations) / financial charges
Return on equity (ROE): Net income / average shareholders' equity
Return on assets (ROA): (Net income + minorities + net financial expenses) / average assets
Return on capital employed (ROCE): (Net income + minorities + net financial expenses) / (shareholders' equity + minorities + net debt at the start of the period)
Return on capital employed ex-goodwill (ROCE): (Net income + minorities + net financial expenses + goodwill amortisation) / (shareholders' equity + minorities + net debt - goodwill at the start of the period)

Last updated: 1 October 2009