Repsol, S.A. and investees comprising the Repsol Group
Report on limited review of condensed consolidated interim financial statements and consolidated interim management report as at 30 June 2022
This version of our report is a free translation of the original, which was prepared in Spanish. All possible care has been taken to ensure that the translation is an accurate representation of the original. However, in all matters of interpretation of information, views or opinions, the original language version of our report takes precedence over this translation.
Report on limited review of
condensed consolidated interim financial statements
To the shareholders of Repsol, S.A. at the request of the Board of Directors
Introduction
We have performed a limited review of the accompanying condensed consolidated interim financial statements (hereinafter, the interim financial statements) of Repsol, S.A. (hereinafter, the Parent company) and investees comprising the Repsol Group (hereinafter, the Group), which comprise the balance sheet as at 30 June 2022, and the income statement, the statement of recognized income and expense, the statement of changes in equity, the statement of cash flows and related notes, all condensed and consolidated, for the six-month period then ended. The Parent company's directors are responsible for the preparation of these interim financial statements in accordance with the requirements of International Accounting Standards (IAS) 34, Interim Financial Reporting, as adopted by the European Union, for the preparation of condensed interim financial statements, as provided in Article 12 of Royal Decree 1362/2007. Our responsibility is to express a conclusion on these interim financial statements based on our limited review.
Scope of review
We conducted our limited review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A limited review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A limited review is substantially less in scope than an audit conducted in accordance with legislation governing the Audit practice in Spain and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on these interim financial statements.
Conclusion
Based on our limited review, that cannot be considered as an audit, nothing has come to our attention that causes us to believe that the accompanying interim financial statements for the six-month period ended 30 June 2022 have not been prepared, in all material respects, in accordance with the requirements of International Accounting Standard (IAS) 34, Interim Financial Reporting, as adopted by the European Union, as provided in Article 12 of Royal Decree 1362/2007, for the preparation of condensed interim financial statements.
PricewaterhouseCoopers Auditores, S.L., Torre PwC, Pº de la Castellana 259 B, 28046 Madrid, España | 1 |
Tel.: +34 915 684 400 / +34 902 021 111, Fax: +34 915 685 400, www.pwc.es |
R. M. Madrid, hoja 87.250-1, folio 75, tomo 9.267, libro 8.054, sección 3ª Inscrita en el R.O.A.C. con el número S0242 - CIF: B-79 031290
Emphasis of matter
We draw attention to note 1.3.1, in which it is mentioned that these interim financial statements do not include all the information required in a complete set of consolidated financial statements prepared in accordance with International Financial Reporting Standards, as adopted by the European Union, and therefore the accompanying condensed consolidated interim financial statements should be read together with the consolidated annual accounts of the Group for the year ended 31 December 2021. Our conclusion is not modified in respect of this matter.
Other matters
Consolidated interim management report
The accompanying consolidated interim management report for the six-month period ended
30 June 2022 contains the explanations which the Parent company's directors consider appropriate regarding the principal events of this period and their impact on the interim financial statements presented, of which it does not form part, as well as the information required under the provisions of Article 15 of Royal Decree 1362/2007. We have verified that the accounting information contained in this management report is in agreement with that of the interim financial statements for the six-month period ended 30 June 2022. Our work as auditors is limited to checking the consolidated interim management report in accordance with the scope mentioned in this paragraph and does not include a review of information other than that obtained from Repsol, S.A. and investees comprising the Repsol Group´s accounting records.
Preparation of this review report
This report has been prepared at the request of the Board of Directors of Repsol, S.A. in relation to the publication of the half-yearly financial report required by Article 119 of Royal Legislative Decree 4/2015 of 23 October, approving the revised text of the Securities Market Law developed by Royal Decree 1362/2007, of 19 October.
PricewaterhouseCoopers Auditores, S.L.
Iñaki Goiriena Basualdu
28 July 2022
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REPSOL Group
Interim consolidated financial statements 1st Half
Translation of a report originally issued in Spanish. In the event of a discrepancy, the Spanish language version prevails
Translation of a report originally issued in Spanish
In the event of a discrepancy, the Spanish language version prevails
Financial Statements H1 2022 | Repsol Group
Repsol, S.A. and Investees comprising the Repsol Group
Balance sheet at June 30, 2022 and December 31, 2021
€ Million | |||||
ASSETS | Note | 06/30/2022 | 12/31/2021 | ||
Intangible assets | 3,137 | 3,497 | |||
Property, plant and equipment | 3.1.1 | 22,114 | 21,726 | ||
Investments accounted for using the equity method | 3.1.2 | 4,204 | 3,554 | ||
Non-current financial assets | 1,360 | 1,249 | |||
Deferred tax assets | 2,872 | 2,878 | |||
Other non-current assets | 1,039 | 908 | |||
NON-CURRENT ASSETS | 34,726 | 33,812 | |||
Non-current assets held for sale | 3.1.9 | - | 605 | ||
Inventories | 3.1.9 | 9,019 | 5,227 | ||
Trade and other receivables | 3.1.9 | 11,837 | 8,238 | ||
Other current assets | 509 | 326 | |||
Other current financial assets | 3.1.6 | 2,955 | 2,451 | ||
Cash and cash equivalents | 3.1.6 | 4,332 | 5,595 | ||
CURRENT ASSETS | 28,652 | 22,442 | |||
TOTAL ASSETS | 63,378 | 56,254 | |||
€ Million | |||||
EQUITY AND LIABILITIES | Note | 06/30/2022 | 12/31/2021 | ||
Shareholders' equity | 23,484 | 22,320 | |||
Other cumulative comprehensive income | 1,436 | 94 | |||
Non-controlling interests | 426 | 380 | |||
EQUITY | 3.1.4 | 25,346 | 22,794 | ||
Non-current provisions | 3,662 | 3,264 | |||
Non-current financial liabilities | 3.1.5 | 9,215 | 10,185 | ||
Deferred tax liabilities and other tax items | 2,434 | 2,022 | |||
Other non-current liabilities | 914 | 671 | |||
NON-CURRENT LIABILITIES | 16,225 | 16,142 | |||
Liabilities associated with non-current assets held for sale | 3.1.9 | - | 460 | ||
Current provisions | 1,258 | 1,024 | |||
Current financial liabilities | 3.1.5 | 4,664 | 4,611 | ||
Trade and other payables | 3.1.9 | 15,885 | 11,223 | ||
CURRENT LIABILITIES | 21,807 | 17,318 | |||
TOTAL EQUITY AND LIABILITIES | 63,378 | 56,254 | |||
Notes 1 to 7 are an integral part of the balance sheet.
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Repsol SA published this content on 28 July 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2022 09:27:06 UTC.