Repsol

Main figures

FINANCIAL INFORMATION (Million Euros)

	2003	2004*	2005	2006	2007	2008	2009	2010	2011
Operating revenue	37.206	40.292	51.045	55.080	55.923	61.711	49.032	60.430	63.732
After-tax income	2.020	2.414	3.120	3.124	3.188	2.711	1.559	4.693	4.694
Operating income	3.860	4.686	6.161	5.911	5.808	5.020	3.244	7.621	4.805
Dividends	488	610	733	879	1.121	1.282	1.038	1.282	705*
Investments	3.837	3.747	3.713	5.737	5.387	5.597	9.003	5.106	6.255
Asset	38.033	39.693	45.782	45.201	47.084	49.064	58.083	67.631	70.957
Equity	13.632	12.806	16.262	17.433	18.511	19.834	19.951	24.140	23.538

NET FINANCIAL DEBT (Million Euros)

	2003	2004*	2005	2006	2007	2008	2009	2010	2011
Net financial debt at year-end	-5.047	-5.399	-4.514	-4.396	-3.493	-3.481	-10.928	-7.224	-14.842
Financial results	-400	-624	-722	-482	-224	-544	-468	-1008	-822
Net indebtedness (%)TD>	21,9	24,3	18,1	17,0	13,4	12,4	30,3	19,5	27,8
Interest coverage (number of times)	13,8	19,2	23,2	25,2	28,4	37,3	14,4	17,7	20,5

PROFITABILITY RATIOS

	2003	2004*	2005	2006	2007	2008	2009	2010	2011
Return on equity (ROE) (%)	14,8	20,0	21,5	18,5	17,7	13,3	7,8	21,3	9,2
Return on assets (ROA) (%)	6,6	7,5	8,5	8,0	7,5	6,2	3,8	9,0	4,5
Return on capital employed (ROCE) (%)	9,9	14,3	16,5	14,7	13,5	11,7	7,2	15,7	8,5
Return on capital employed before non-recurring items (ROCE) (%)	17,0	16,5	18,7	14,1	12,7	10,7	7,1	8,7	8,5

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