Link | Repsol today presented its results for the 2021 financial year, of which we highlight the following aspects:
-Revenues reached EUR 52.13 billion, an improvement of 49.1% year-on-year, and slightly higher (+1.2%) than the FactSet consensus estimate.
– EBITDA in CCS terms (at replacement cost) reached EUR 7.071 billion (+73.1% y-o-y; +6.8% consensus).
-Adjusted net profit, which measures the performance of the businesses, reached EUR 2.454 billion in 2021, well above the EUR 600 million registered in 2020, and also beating the FactSet consensus estimate (+4.4%). Figures were positive in all business segments leading to an acceleration of the decarbonisation targets to be zero net emissions.
-Strong operating cash generation in 2021 amounted to EUR 5.453 billion, EUR 2.256 billion higher than in the same period of 2020. Free cash flow amounted to EUR 2.839 billion, EUR 860 million higher than the same period in 2020.
Repsol’s net debt at year-end 2021 was EUR 5.762 billion, EUR 1.016 billion lower than at year-end 2020. Strong operating cash generation during the quarter was higher than investments, dividends, interest and others.
-Investments: The group increased its investments for the period 2021-2025 to EUR 19.3 billion, allocating an additional EUR 1 billion to low-carbon projects. Projects categorised as low carbon currently account for 35% of the total (EUR 6.5 billion) for the period 2021-2025 and its capital employed will reach 45% by 2030.
-Shareholder remuneration: Repsol’s Board approved proposing to the next General Shareholders’ Meeting a 5% increase in the dividend to EUR 0.63 gross per share, as well as the redemption of 75 million shares.