03/24/97
REPSOL APPROVES A FINAL GROSS DIVIDEND OF 181 PESETAS PER SHARE AGAINST THE 1996 FINANCIAL YEAR
 

The Repsol Board of Directors agreed this past Friday to propose to the Annual General Shareholders� Meeting a total gross dividend of 181 pesetas per share, against the 1996 financial year. Of this, 79 pesetas were paid as an interim dividend in January of this year. The final dividend is 102 pesetas per share.

This total dividend, to be approved by the Annual General Meeting scheduled for June 6th next, represents a 6% rise over the amount paid out a year earlier.

This proposed dividend means that pay-out will be 45.5% in line with Repsol�s policy to distribute between 40 and 50% of profits as dividend to its shareholders. Since the company�s creation in 1987, it has successively increased its dividend and profits.

Approval was also given to the 1996 audited income statement, to be ratified by the Annual General Meeting. Last year, Repsol reported a net income of 119,222 million pesetas. Operating income was 198,610 million pesetas and net cash-flow reached 259,261 million pesetas.