Repsol net profit, excluding YPF, rises 12.4% to 643 million euros
Press Release10/05/2012 15:00
Total net profit, including YPF and Repsol YPF Gas, was 792 million euros, an improvement of 3.5%.
In the interests of transparency and to facilitate the analysis of the company’s earnings, in addition to the accounts presented according to IFRS, Repsol has decided to also present its earnings excluding YPF and Repsol YPF Gas’s contribution during the period following the Argentine Government’s unlawful expropriation of a 51% stake in YPF, decreed on 16 April.
Repsol’s EBITDA, ex-YPF, increased 10.5%, to 1.926 billion euros.
Repsol continued to accumulate exploratory success, including the Pão de Açucar find in Brazil, one of the world’s three largest discoveries in 2012. Upstream earnings rose 33.5% due to higher production from the Gulf of Mexico, the return to normality of activity in Libya and the favourable evolution of the company’s crude realization prices.
Repsol’s operating income, ex-YPF, grew 8.7% in the first quarter of the year to 1.33 billion euros.
Repsol maintains a strong financial position and sufficient liquidity to cover its short-term debt maturity 3.5 times. The Repsol Group’s net debt, excluding Gas Natural Fenosa, YPF and Repsol YPF Gas, fell by 662 million euros from end-2011.
On May 29 Repsol will present its 2012-2016 strategic plan, centred around the organic growth of the Upstream unit, the consolidation of conversion rates at the expanded Cartagena and Bilbao refineries, a more balanced asset portfolio, the preservation of its financial solidity and an adequate shareholder return.