Repsol YPF

Highlights

	1998	1999	2000	2001	2002	2003	2004*	2005	2006	2007
FINANCIAL DATA (Million euros)
Operating revenues	18,989	26,295	45,742	43,653	36,490	37,206	40,292	51,045	55,080	55,923
Net income	875	1,011	2,429	1,025	1,952	2,020	2,414	3,120	3,124	3,188
Operating income	1,658	2,629	6,242	4,920	3,323	3,860	4,686	6,161	5,911	5,808
Dividends	397	499	610	256	378	488	610	733	879	1,121
Investments	2,178	17,633	5,940	4,456	2,673	3,837	3,747	3,713	5,737	5,387
Assets	17,351	42,050	52,419	51,439	38,064	38,033	39,693	45,782	45,201	47,084
Shareholders' equity	6,043	12,526	15,143	14,538	13,586	13,632	12,806	16,262	17,433	18,511
NET DEBT AND FINANCIAL RESULTS (Million euros)
Net debt at year-end	(3,534)	(17,136)	(20,398)	(16,555)	(7,472)	(5,047)	(5,399)	(4,514)	(4,396)	(3,493)
Interest income (expense)	(170)	(126)	(1,300)	(1.352)	(786)	(400)	(624)	(722)	(482)	(224)
Net debt (%)	30.7	53.5	51.0	40.1	29.2	21.9	24.3	18.1	17.0	13.4
Interest coverage (times)	7.9	8.0	7.0	6.7	8.8	13.8	19.2	23.2	25.2	28.4
PROFITABILITY RATIOS
Return on equity (ROE) (%)	15.1	10.9	17.6	6.9	13.9	14.8	20.0	21.5	18.5	17.7
Return on assets(ROA) (%)	7.6	6.4	9.3	4.5	6.5	6.6	7.5	8.5	8.0	7.5
Return on capital employed (ROCE) (%)	10.6	8.3	11.9	6.0	7.7	9.9	14.3	16.5	14.7	13.5
Return on capital employed before nonrecurring items (ROCE) (%)	--	12.0	14.3	10.4	13.1	17.0	16.5	18.7	14.1	12.7

  Highlights (Excel 17 Kb)


* From 2004, the financial aggregates are reported in accordance with International Financial Reporting Standards (IFRS) as approved by the European Union

Definition of ratios:
Debt ratio: Net debt/ (shareholders' equity + minorities + net debt + exploration subsidies + distribution revenues)
Interest coverage: EBITDA (earnings before income tax, depreciations and amortizations) / financial charges
Return on equity (ROE): Net income / average shareholders' equity
Return on assets (ROA): (Net income + minorities + net financial expenses) / average assets
Return on capital employed (ROCE): (Net income + minorities + net financial expenses) / (shareholders' equity + minorities + net debt at the start of the period)
Return on capital employed ex-goodwill (ROCE): (Net income + minorities + net financial expenses + goodwill amortisation) / (shareholders' equity + minorities + net debt - goodwill at the start of the period)