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Consolidated Financial Statements and Auditor's Report WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f REPSOL Group 2017 Consolidated financial statements Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish language version prevails WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish language version prevails. Repsol, S.A. and investees comprising the Repsol Group Balance sheet at December 31, 2017 and 2016 € Million ASSETS Note 12/31/2017 12/31/2016 Intangible assets: 10 4,584 5,109 a) Goodwill 2,764 3,115 b) Other intangible assets 1,820 1,994 Property, plant and equipment 11 24,600 27,297 Investment property 67 66 Investments accounted for using the equity method 12 9,268 10,176 Non-current financial assets 7 2,038 1,204 Deferred tax assets 23 4,057 4,746 Other non-current assets 7 472 323 NON-CURRENT ASSETS 45,086 48,921 Non-current assets held for sale 22 144 Inventories 17 3,797 3,605 Trade and other receivables: 18 5,912 5,885 a) Trade receivables 3,979 3,111 b) Other receivables 1,242 1,785 c) Current income tax assets 691 989 Other current assets 182 327 Other current financial assets 7 257 1,280 Cash and cash equivalents 7 4,601 4,687 CURRENT ASSETS 14,771 15,928 TOTAL ASSETS 59,857 64,849 € Million LIABILITIES AND EQUITY Note 12/31/2017 12/31/2016 Capital 1,556 1,496 Share premium and reserves 25,541 24,232 Treasury shares and own equity investments (45) (1) Net income for the year attributable to the parent 2,121 1,736 Other equity instruments 1,024 1,024 SHAREHOLDERS’ EQUITY 6 30,197 28,487 Available-for-sale financial assets 0 6 Hedging instruments (163) (171) Translation differences (241) 2,545 OTHER ACCUMULATED COMPREHENSIVE INCOME 6 (404) 2,380 NON-CONTROLLING INTERESTS 6 270 244 EQUITY 30,063 31,111 Grants 4 4 Non-current provisions 13 4,829 6,127 Non-current financial debt 7 10,080 9,482 Deferred tax liabilities 23 1,051 1,379 Other non-current liabilities 14 1,795 2,009 NON-CURRENT LIABILITIES 17,759 19,001 Liabilities related to non-current assets held for sale 1 146 Current provisions 13 518 872 Current financial liabilities 7 4,206 6,909 Trade and other payables 19 7,310 6,810 a) Trade payables 2,738 2,128 b) Other payables 4,280 4,365 c) Current income tax liabilities 292 317 CURRENT LIABILITIES 12,035 14,737 TOTAL EQUITY AND LIABILITIES 59,857 64,849 Notes 1 to 32 are an integral part of the consolidated balance sheet. 2 WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish language version prevails. Repsol, S.A. and investees comprising the Repsol Group Consolidated income statement for the years ending December 31, 2017 and 2016 € Million Note 2017 2016 Sales 41,242 34,556 Services rendered and other income 426 133 Changes in inventories of finished goods and work in progress inventories 206 129 Income from reversal of impairment losses and gains on disposal of non-current assets 864 1,625 Other operating income 710 990 OPERATING REVENUE 20 43,448 37,433 Supplies (30,251) (23,615) Personnel expenses (1,892) (2,501) Other operating expenses (5,195) (5,930) Depreciation and amortization of non-current assets (2,399) (2,529) Impairment losses recognized and losses on disposal of non-current assets (922) (947) OPERATING EXPENSES 20 (40,659) (35,522) OPERATING INCOME 2,789 1,911 Finance income 194 176 Finance expenses (677) (741) Change in fair value of financial instruments 34 189 Net exchange gains/(losses) 151 94 Impairment and gains (losses) on disposal of financial instruments (14) 48 FINANCIAL RESULT 22 (312) (234) SHARE OF RESULTS OF COMPANIES ACCOUNTED FOR USING THE EQUITY METHOD AFTER TAXES 12 904 194 NET INCOME BEFORE TAX 3,381 1,871 Income tax 23 (1,220) (391) NET INCOME FROM CONTINUING OPERATIONS 2,161 1,480 NET INCOME ATTRIBUTED TO NON-CONTROLLING INTERESTS FROM CONTINUING OPERATIONS (40) (43) NET INCOME ATTRIBUTED TO THE PARENT FROM CONTINUING OPERATIONS 2,121 1,437 NET INCOME ATTRIBUTED TO THE PARENT FROM DISCONTINUED OPERATIONS - 299 TOTAL NET INCOME ATTRIBUTED TO THE PARENT 2,121 1,736 EARNINGS PER SHARE ATTRIBUTED TO THE PARENT Euros/share Basic 24 1.35 1.11 Diluted 24 1.35 1.11 Notes 1 to 32 are an integral part of the consolidated income statement. 3 WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish language version prevails. Repsol, S.A. and investees comprising the Repsol Group Statement of recognized profit or loss corresponding to the years ending December 31, 2017 and 2016 € Million 2017 2016 CONSOLIDATED NET INCOME FOR THE YEAR (1) 2,161 1,779 From actuarial gains and losses 1 (5) Share of investment in joint arrangements and associates 1 (6) Tax effect - - OTHER COMPREHENSIVE INCOME (Items not reclassifiable to income) 2 (11) Financial assets available for sale: 6 1 Measurement gains (losses) 6 1 Amounts transfered to the income statement - - Cash flow hedges 22 18 Measurement gains (losses) (5) (16) Amounts transferred to the income statement 27 34 Translation differences (2,660) 505 Measurement gains (losses) (2,622) 560 Amounts transferred to the income statement (38) (55) Share of investment in joint arrangements and associates: (132) 152 Measurement gains (losses) (175) 99 Amounts transfered to the income statement 43 53 Tax effect (30) 15 OTHER COMPREHENSIVE INCOME (Items reclassifiable to income) (2,794) 691 TOTAL OTHER COMPREHENSIVE INCOME (2,792) 680 TOTAL RECOGNIZED INCOME FOR THE YEAR (631) 2,459 a) Attributable to the parent (662) 2,413 b) Attributable to minority interests 31 46 (1) Constituting the sum of the following consolidated income statement captions: “Net income from continuing operations” and “Net income attributable to the parent from discontinued operations” Notes 1 to 32 are an integral part of the consolidated statement of recognized income and expense. 4 WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish language version prevails. Repsol S.A. and Investees comprising the Repsol Group Statement of changes in equity corresponding to the years ending December 31, 2017 and 2016 Total equity attributable to the parent and other holders of equity instruments Capital and reserves Non- Net income Accumulated controlling Equity Treasury Share for the year other interests shares and Other equity Capital premium attributable comprehensive own equity instruments and reserves to the income investments € Million parent Closing balance at 12/31/2015 1,442 26,030 (248) (1,398) 1,017 1,691 228 28,762 Total recognized income/(expense) - (11) - 1,736 688 46 2,459 Transactions with shareholders or owners Increase/(decrease) of share capital 54 (54) - - - - - - Dividend payments - - - - - - (9) (9) Transactions with treasury shares or own equity instruments (net) - (61) 247 - - - - 186 Increases/(decreases) due to changes in the - - - - - - (21) (21) scope of consolidation Other transactions with partners and owners - (243) - - - - - (243) Other changes in equity Transfers between equity items - (1,398) - 1,398 - - - - Issues of perpetual subordinated bonds - (29) - - 7 (22) Other changes - (2) - - - 1 - (1) Closing balance at 12/31/2016 1,496 24,232 (1) 1,736 1,024 2,380 244 31,111 Total recognized income/(expense) - 2 - 2,121 - (2,785) 31 (631) Transactions with shareholders or owners - - - - - - - - Increase/(decrease) of share capital 60 (60) - - - - - - Dividend payments - - - - - - (5) (5) Transactions with treasury shares or own equity instruments (net) - - (44) - - - - (44) Increases/(decreases) due to changes in the - - - - - - - - scope of consolidation Other transactions with partners and owners - (342) - - - - - (342) Other changes in equity - - - - - - - - Transfers between equity accounts - 1,736 - (1,736) - - - - Issues of perpetual subordinated bonds - (29) - - - - - (29) Other changes - 2 - - - 1 - 3 Closing balance at 12/31/2017 1,556 25,541 (45) 2,121 1,024 (404) 270 30,063 Notes 1 to 32 are an integral part of the consolidated statement of changes in equity. 5 WorldReginfo - 772dcdb9-06b0-4e41-9a7e-e370402a651f Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish language version prevails. Repsol, S.A. and investees comprising the Repsol Group Statement of cash flows corresponding to the years ending December 31, 2017 and 2016 Million euros Note 2017 2016 Net income before tax 3,381 1,871 Adjustments to net income: 1,872 2,547 Depreciation and amortization of non-current assets 10 and 11 2,399 2,529 Other adjustments to income (net) (527) 18 Changes in working capital (110) (517) Other cash flows from/(used in) operating activities: (30) (11) Dividends received 12 511 920 Income tax payments/(receipts) (320) (264)
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