On October 5, 2015, the European Securities and Markets Authority (ESMA) published Guidelines 2015/1415 (hereinafter the Guidelines) on Alternative Performance Measures (MAR) of mandatory compliance for all listed issuers whose securities are admitted for trading in an official market and publish regulated information according to the Directive 2004/109 / EC on transparency.
Repsol's financial information contains indicators and measures prepared in accordance with applicable financial information regulations, as well as other measures prepared in accordance with the Group’s Reporting Model defined as Alternative Performance Measures (APMs). APMs are measures which are “adjusted” compared to those presented under IFRS-EU or with Supplementary Information on Oil and Gas Exploration and Production Activities (hereinafter, “E&P Information”), and therefore should be considered by the reader in addition to, but not instead of, the GAAP information.
APMs are highly useful for users of financial information as they are the measures employed by Repsol’s Management to evaluate its financial performance, cash flows, or its financial position when making operational or strategic decisions for the Group.
Inventory of the main Alternative Performance Measures |PDF| 230 KB >