Repsol shares gained 50% in the last year

Antonio Brufau foresees positive results for Repsol and the Spanish economy

Press Release 31/05/2013 00:00
  • The Annual General Meeting approved Repsol's results for 2012, during which it posted profits of 2.06 billion euros and increased its hydrocarbons output by 11%.
  • The company’s shares gained 50% in the last twelve months, beating the oil industry average (19%) and the Ibex index (38%.)
  • The company's positive progress was reflected in the successful placement of 5% of its stock in the market, while also welcoming a major new relevant investor (Temasek), along with the recent Repsol bond issue for 1.2 billion euros, for which the company paid the lowest coupon seen in corporate bonds since Spain joined the euro.
  • Repsol announced it will maintain its commitment to create jobs and nurture talent, which over the last five years led to the creation of 3,500 new jobs and 1,600 training grants.
  • Repsol’s Chairman said the company’s future development will occur in a more positive Spanish economic environment. He praised the government’s intensive reform agenda and said there are structural factors that will allow sustainable and robust growth for the country.
  • Repsol approved an offer to repurchase preference shares at 97.5% of their par value, offering more attractive conditions than those currently available in the market.
  • Shareholders at the Annual General Meeting agreed to appoint Rene Dahan as the director representing Temasek, which recently acquired 6.3% of Repsol's stock. Dahan took up his position at the meeting of the Board of Directors held after the AGM.
  • The Annual General Meeting also ratified the appointment by co-option of Manuel Manrique Cecilia as the director representing Sacyr and approved the re-election of Luis Suárez de Lezo Mantilla and María Isabel Gabarró Miquel as company directors.
  • Repsol’s Executive Chairman informed shareholders of progress on the 2012-2016 Strategic Plan. During the first year, five of the 10 key projects were begun, competitiveness of refining assets was improved and the financial targets for the plan as a whole were surpassed.
  • Repsol made five major hydrocarbon discoveries in 2012, one of them, Pão de Açucar in Brazil, among the world’s largest.
  • Brufau emphasised that Repsol's strategy will allow it to embark on a new phase of growth in 2016, thanks to operations in new areas with considerable potential and the start of production from recent discoveries.
  • Regarding the expropriation of YPF, the Repsol Chairman outlined the progress of the judicial and arbitration processes, thanked the Spanish government and international bodies for their support and reiterated the company’s willingness to reach a negotiated solution for a fair compensation for the expropriation of YPF.  
  • The Annual General Meeting approved two proposals of paid up capital increase to maintain the "Repsol Flexible Dividend" programme as a means of shareholder remuneration, an initiative that has been well received.

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