Repsol

Main figures

FINANCIAL INFORMATION (Million Euros)

	2002	2003	2004*	2005	2006	2007	2008	2009	2010
Operating revenue	36,490	37,206	40,292	51,045	55,080	55,923	61,711	49,032	60,430
After-tax income	1,952	2,020	2,414	3,120	3,124	3,188	2,711	1,559	4,693
Operating income	3,323	3,860	4,686	6,161	5,911	5,808	5,020	3,244	7,621
Dividends	378	488	610	733	879	1,121	1,282	1,038	1,282
Investments	2,673	3,837	3,747	3,713	5,737	5,387	5,597	9,003	5,106
Asset	38,064	38,033	39,693	45,782	45,201	47,084	49,064	58,083	67,631
Equity	13,586	13,632	12,806	16,262	17,433	18,511	19,834	19,951	24,140

NET FINANCIAL DEBT (Million Euros)

	2002	2003	2004*	2005	2006	2007	2008	2009	2010
Net financial debt at year-end	-7,472	-5,047	-5,399	-4,514	-4,396	-3,493	-3,481	-10,928	-7,224
Financial results	-786	-400	-624	-722	-482	-224	-544	-468	-1008
Net indebtedness (%)	29.2	21.9	24.3	18.1	17.0	13.4	12.4	30.3	19.5
Interest coverage (number of times)	8.8	13.8	19.2	23.2	25.2	28.4	37.3	14.4	17.7

PROFITABILITY RATIOS

	2002	2003	2004*	2005	2006	2007	2008	2009	2010
Return on equity (ROE) (%)	13.9	14.8	20.0	21.5	18.5	17.7	13.3	7.8	21.3
Return on assets (ROA) (%)	6.5	6.6	7.5	8.5	8.0	7.5	6.2	3.8	9.0
Return on capital employed (ROCE) (%)	7.7	9.9	14.3	16.5	14.7	13.5	11.7	7.2	15.7
Return on capital employed before non-recurring items (ROCE) (%)	13.1	17.0	16.5	18.7	14.1	12.7	10.7	7.1	8.7

Basic figures (Excel 22.5 Kb)

* From 2004 on, financial figures are presented according to the International Financial Reporting Standards (IFRS) approved by the European Union

Definition of ratios:
Debt to equity ratio: Net debt / (equity + minority shareholders + net debt + exploration subsidies + distribution revenues)
Interest coverage: EBITDA/ financial burden
Return on equity (ROE): Net income / average equity
Return on ssets (ROA): (Net income + minority shareholders + after-tax expense) / average assets
Return on capital employed (ROCE): (Net income + minority shareholders + after-tax expense) / (equity + minority shareholders + net debt at period start)
Return on capital employed before non-recurring items (ROCE): Operating Income After Taxes Adjusted for Non-Recurring Items (After Tax Income attributable to Parent Co. Adj. N/I + After Tax Income External Partners Adj. N/I + After Tax Financial Results Adj. N/I) / Capital Employed at period start