Informes Trimestrales

Highlights and key financial figures

Unaudited figures (IFRS)
2Q 2010	1Q 2011	2Q 2011	% Variation 2Q11/2Q10	SECOND QUARTER 2011 RESULTS	Jan-Jun 2010	Jan-Jun 2011	% Variation 11/10
CCS REPORTED EARNINGS (M€)
1,300	1,383	1,017	21.8	CCS OPERATING INCOME	2,636	2,400	-9.0
535	628	526	-1.7	CCS NET INCOME	1,090	1,154	5.9
CCS PROFORMA INDICATORS (M€)
1,262	1,397	963	-23.7	CCS ADJUSTED OPERATING INCOME	2,522	2,360	-6.4
523	654	485	-7.3	CCS ADJUSTED NET INCOME	1,031	1,139	10.5
REPORTED EARNINGS (M€)
1,466	1,611	1,111	-24.2	OPERATING INCOME	3,004	2,722	-9.4
650	765	579	-10.9	NET INCOME	1,338	1,344	0.4
PROFORMA INDICATORS (M€)
1,428	1,625	1,057	-26.0	ADJUSTED OPERATING INCOME	2,890	2,682	-7.2
638	791	538	-15.7	ADJUSTED NET INCOME	1,279	1,329	3.9
EARNINGS PER SHARE
0.53	0.63	0.47	-11.3	Euros per share	1.10	1.10	0.0
0.66	0.89	0.69	4.5	Dollars per share	1.34	1.59	18.7

SECOND QUARTER 2011 MAIN HIGHLIGHTS AND KEY FINANCIAL FIGURES

CCS adjusted net income in the quarter was 485M€, CCS adjusted operating income reached 963 M€. In both cases, the key factors that explain the drop vs the same period a year ago were diminished production in Argentina due to social unrest plus the suspension of production in Libya.

Upstream production in the quarter was 296 Kboepd, 12.9% less than in the same period in 2010. Affecting mainly liquids, this drop was caused by the suspension of operations in Libya since 5 March and lower production at the Shenzi field in the United States due to the moratorium imposed in 2010, although the situation is now returning to normal. Production at YPF was 446 Kboepd, 19.8% less than in the second quarter last year. The drop, mainly affecting liquids, is mainly explained by the impact of social unrest which paralysed production in part of the country.

The Group's net financial debt, excluding Gas Natural Fenosa amounted to 1,999 M€ at the end of second quarter 2011, 181 M€ less than at the end of first quarter 2011. Repsol maintains a solid financial position, reflected in its net debt/capital employed ratio, ex Gas Natural Fenosa, which dropped from 6.9% at the end of March 2011 to the current 6.2%. Taking preference shares into account, the ratio is 15.6%.

The divestment process in YPF has continued during the quarter. On 3 May, Grupo Petersen notified that it would exercise its call option for a 10% stake in YPF. In addition, additional disposals of a 0.8% stake and voting rights in YPF, S.A. were made, including the sale on 12 July 2011 of 1,985,823 ordinary class "D" shares representing 0.50% of share capital.

On 18 June, Repsol and Alliance Oil Company executed a Memorandum of Understanding for creating a joint venture that will serve as a growth platform for both companies in the Russian Federation.