Repsol YPF

Consolidated financial data	Million €
	2003	2004	2005	2005/2004 %
Income from operations	3.860	4.686	6.161	31,5
Net income	2.020	2.414	3.120	29,2
Cash-flow	4.477	4.697	6.480	37,9
Operating revenues	37.206	40.292	51.045	26,7
Investments	3.837	3.747	3.713	(0,9)
Net debt	5.047	5.398	4.513	(16,3)
Average number of employees	30.644	32.376	35.239	8,1

Operating data
	2003	2004	2005	2005/2004 %
Oil and gas production (Thousand boepd)	1.132,5	1.165,8	1.139,4	(2,3)
Oil product sales (Thousand tons)	53.577	54.968	57.940	5,4
LPG sales (Thousand tons)	3.193	3.217	3.343	3,9
Petrochemical product sales (Thousand tons)	4.038	4.104	4.649	13,3
Natural gas sales (bcm)	30,34	32,85	36,11	9,9

Financial data for 2004 and 2005 are presented according to the International Financial Reporting Standard approved by the European Union.

Dividendo y Dividend and earnings per share

Data per share
	2003	2004	2005	2005/2004 %
Euros
Earnings	1,65	1,98	2,56	29,2
Dividend(1)	0,40	0,50	0,60	20,0
Cash-flow	3,67	3,85	5,31	37,9
PER (Price/earnings per share)	9,37	9,68	9,64	(0,4)
US$
Earnings(2)	2,08	2,68	3,03	13,1
Dividend(3)	0,50	0,65	0,72	11,1

(1) In 2005, includes interim dividend (€0.30 euros) paid 12/01/2006, and final dividend (€0.30), pending approval at the Annual General Shareholders Meeting.
(2) Exchange rate EPS: at 31/12/2005: US$1.184/€; 31/12/2004: US$1.354/€; 2003: US$1.26/€.
(3) In 2005, includes interim and final dividend at exchange rate applied for the effective interim dividend paid to holders of ADRs (US$1.203/€).

Profitability ratios			(%)
	2003	2004	2005
Return on equity (ROE)	14,8	20,0	21,5
Return on assets (ROA)	6,6	7,5	8,5
Return on capital employed (ROCE)	9,9	14,3	16,5
Return on capital employed ex-goodwill	17,0	16,5	18,7

Definition of ratios:
– Return on equity (ROE): net income / average shareholders' equity.
– Return on assets (ROA): (net income + minorities + net financial expenses) / average assets.
– Return on capital employed (ROCE): (net income + minorities + net financial expenses) / (shareholders' equity + minorities + net debt at the start of the period).
– Return on capital employed ex-goodwill: (net income + minorities + net financial expenses + goodwill amortisation) /(shareholders' equity + minorities + net debt at the start of the period).