REPSOL S.A. 
Deloitte, S.L.
Plaza Pablo Ruiz Picc,so, 1 Torre Picasso
28020 r ladr id
Espana
Tel:+34 915 14 50 00
Fax: +34 915 14 51 80
www.deloitte.es
Translation of a report originall y issued in Spanish based on our work performed in accordance with the audit regulations in force in Spain. In the event of a discrepanc y , the Spanish-language version prevails.
INDEPENDENT AUDITOR'S REPORT ON CONSOLIDATED FINANCIAL STATEMENTS
To the Shareholders of Repsol, S.A.:
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of Repsol, S.A. (the Parent) and Subsidiaries (the Repsol Group), which comprise the consolidated balance sheet as at 31 December 2016, and the consolidated income statement, the consolidated statement of recognised income and expense, consolidated statement of changes in equity, consolidated cash flows statement and notes to the consolidated financia l statements for the year then ended.
Directors' Responsibility for the Consolidated Financial Statements
The Parent's directors are responsible for preparing the accompanying consolidated financ ial statements so that they present fairly the consolidated equity, consolidate d financial position and consolidated results of the Repsol Group in accordance withInternational Financial Reporting Standards as adopted by the European Union and the other provisions of the regulatory financial reporting framework applicable to the Group in Spain (identified in Note 2 to the accompanying consolidated financial statements) and for such internal control as the directors determine is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these consolidated financia lstatements based on our audit. We conducted our audit in accordance with the audit regulations in force in Spain. Those regulations require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the audito r's judgment , including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. n making those risk assessments, the auditor considers internal control relevant to the preparation by the Parent's directors of the consol idated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the conso lidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropr iate to provide a basis for our audit opinion.
Opinion
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated equity and consolidated financial position of Repsol, S.A. and Subsidiaries as at 31 December 2016, and their consolidated results and their consolidated cash flows for the year then ended in accordance withInternationa l Financial Reporting Standards as adopted by the European Union and the other provisions of the regulatory financial reporting framewo rk applicable to the Group in Spain.
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Report on Other Legal and Regulatory Requirements
The accompanying consolidated management report for 2016 contains the explanations which the Parent's directors consider appropriate about the situation of Repsol Group, the evolution of their business and other matters, but is not an integral part of the conso lidated financial statements. We have checked that the accounting information in the consolidated management report is consistent with that contained in the consolidated financial statements for 2016. Our work as auditors was confined to checking the consolidated management report with the aforementioned scope, and did not include a review of any information other than that drawn from the accounting records of Repsol, S.A. and Subsidiaries,
DELOITIE, S.L.
Registered in ROAC under no. 50692
Javier Ares San Miguel 22 February 2017
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CONSOLIDATED FINANCIAL STATEMENTS For the financial year 2016 REPSOL, S.A. and Investees comprising the Repsol GroupTranslation 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 discrepancy, the Spanish language version prevails
Repsol, S .A. and investees comprising the Repsol Group Consolidated balance sheet at December 31, 2016 and at December 31, 2015 | ||||
ASS ETS | Not e € M illion 2.1 12/31/2016 12/31/2015 01/01/2015 | |||
Intangible Assets: | 6 5,109 4,782 2,282 | |||
a) Goodwill | 3,115 3,099 498 | |||
b) Other intangible assets | 1,994 1,683 1,784 | |||
Property, plant and equipment | 7 | 27,297 | 28,202 | 17,003 |
Investment property | 66 | 26 | 23 | |
Investment accounted for using the equity method | 8 | 10,176 | 11,797 | 11,141 |
Non-current financial assets | 10 | 1,204 | 715 | 593 |
Deferred tax assets | 20 | 4,746 | 4,743 | 3,967 |
Other non-current assets | 10 | 323 | 179 | 155 |
NON-CURRENT AS S ETS | 48,921 | 50,444 | 35,164 | |
Non current assets held for sale | 9 | 144 | 262 | 98 |
Inventories | 11 | 3,605 | 2,853 | 3,931 |
Trade and other receivables: | 12 | 5,885 | 5,681 | 5,685 |
a) Trade receivables | 3,111 | 2,607 | 3,083 | |
b) Other receivables | 1,785 | 2,061 | 1,970 | |
c) Income tax assets | 989 | 1,013 | 632 | |
Other current assets | 327 | 271 | 176 | |
Other current financial assets | 1,280 | 1,237 | 2,513 | |
Cash and cash equivalents | 10 | 4,687 | 2,448 | 4,638 |
CURRENT AS S ETS | 15,928 | 12,752 | 17,041 | |
TOTAL AS S ETS | 64,849 | 63,196 | 52,205 | |
Note | € M illion | |||
LIABILITIES AND EQUITY | 2.1 | 12/31/2016 | 12/31/2015 | 01/01/2015 |
NET EQUITY | ||||
Issued share cap ital | 1,496 | 1,442 | 1,375 | |
Share premium and reserves | 24,232 | 26,030 | 24,867 | |
Treasury shares and own equity instruments | (1) | (248) | (127) | |
Profit attributable to the equity holders of the parent | 1,736 | (1,398) | 1,612 | |
Other equity instruments | 1,024 | 1,017 | - | |
EQUITY | 13 | 28,487 | 26,843 | 27,727 |
Items reclassifiable to income for the year | 2,380 | 1,691 | 440 | |
Financial assets available for sale | 6 | 3 | (5) | |
Hedge transactions | (171) | (227) | (163) | |
Translation differences | 2,545 | 1,915 | 608 | |
ACCUMULATED OTHER COMPREHENS IVE INCOME | 13 | 2,380 | 1,691 | 440 |
HOLDERS OF EQUITY INS TRUMENTS | 13 | 30,867 | 28,534 | 28,167 |
MINORITY INTERES TS | 13 | 244 | 228 | 217 |
TOTAL EQUITY | 31,111 | 28,762 | 28,384 | |
Grants | 4 | 7 | 9 | |
Non-current provisions | 14 | 6,127 | 5,827 | 2,386 |
Non-current financial liabilities | 15 | 9,482 | 10,581 | 7,612 |
Deferred tax liabilities | 20 | 1,379 | 1,600 | 1,770 |
Other non-current liabilities | 18 | 2,009 | 1,942 | 1,801 |
NON-CURRENT LIABILITIES | 19,001 | 19,957 | 13,578 | |
Liabilities related to non-current assets held for sale | 9 | 146 | 8 | - |
Current provisions | 14 | 872 | 1,377 | 240 |
Current financial liabilities | 15 | 6,909 | 7,073 | 4,086 |
Trade p ay ables and other p ay ables: | 19 | 6,810 | 6,019 | 5,917 |
a) Trade p ay ables | 2,128 | 1,799 | 2,350 | |
b) Other payables | 4,365 | 3,975 | 3,402 | |
c) Current income tax liabilities | 317 | 245 | 165 | |
CURRENT LIABILITIES | 14,737 | 14,477 | 10,243 | |
TOTAL EQUITY AND LIABILITIES | 64,849 | 63,196 | 52,205 |
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT AND OTHER
Notes 1 to 34 are an integral part of the consolidated balance sheet.
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Repsol SA published this content on 23 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 23 February 2017 09:36:05 UTC.
Original documenthttp://www.repsol.com/imagenes/es_en/23022017HR_Informe_Financiero_Anual_2016_eng_tcm11-752371.pdf
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