CHAPTER 8 Further information Economic, financial information
100
Cepsa Group Financial Information Income Statement for Years Ended 31 December (Millions of euros)
2015 2014 (Restated)*
2013 2012 2011
Sales of products and services 17,452 23,365 25,244 26,808 24,681
Excise tax on oil and gas charged on sales 2,440 2,275 2,333 2,003 2,210
Net Sales 19,892 25,640 27,577 28,811 26,891
EBITDA (Adjusted gross operating profit) Includes discontinued operations (*)
Trading 65 13 17
Corporation (72) (102)
Exploration and Production 549 955 729 872 789
Refining 722 244 410 625 450
Marketing 344 318
Petrochemicals 150 221 214 227 227
Gas and Power 21 32 23 53 43
Total adjusted gross operating income 1,779 1,681 1,393 1,777 1,509
Total adjusted operating income excluding discontinued operations in Petrochemicals 1,766 1,643 1,393 1,777 1,509
Adjusted operating income (*)
Trading 65 13 17
Corporation (72) (101)
Exploration and Production (96) 283 436 533 487
Refining 512 32 72 265 121
Marketing 258 231
Petrochemicals 96 153 161 161 176
Gas and Power 7 13 5 42 35
Total adjusted operating income 771 625 691 1,001 819
Inventory gains/(losses) (444) (891) (119) 163 374
Other non-recurring items (3,392) (132) (85) (72) (25)
Total operating income IFRS (3,065) (399) 487 1,092 1,168
Income before taxes IFRS (2,934) (381) 795 1,068 1,190
Corporate income taxes 1,883 32 (247) (477) (533)
Consolidated profit for the year IFRS continuing operations (1,052) (349) 547 591 657
Consolidated profit for the year IFRS discontinued operations 4 (22)
Net income (before minority interests) IFRS (1,047) (372) 547 591 657
Minority interests 7 (18) (14) (15) (17)
Net income IFRS (1,040) (389) 533 576 640
Net losses/(gains) on non-recurring items in the period 1,652 848 (163) (21) (215)
Adjustment to minority interests for net losses/ (gains) on non-recurring items in the period
(16) - - - -
Adjusted net income 596 459 371 555 425
(*) Adjusted using the Replacement Cost method to eliminate inventory price variations and other non-recurring items in the period. * Financial year 2014 has been restated for comparison purposes with financial year 2015.