In his speech, Oscar Fanjul welcomed the new shareholders who joined the company through Repsol's last public share offering. He recalled that income and dividends have risen continuously since the company's foundation and that shareholders investing in the first offering, which took place in 1989, have obtained an average accumulated profitability rate of 18.7% per year.

Repsol's net income in 1995 was 117,715 million pesetas, with a growth of 21.6% over the previous year. Net cash flow was 245,201 million pesetas and investments for the year amounted to 203,228 million pesetas.

The Repsol Annual General Shareholders' Meeting approved a gross dividend of 171 pesetas per share, implying a rise of 22.14%. An interim dividend of 73 pesetas against the 1995 financial year was paid in January, 1996, and the remaining 98 pesetas will be distributed from July 5th, onwards.

Speaking at the Annual General Shareholders' Meeting, Oscar Fanjul also emphasised the company's achievements of the last ten years and the promising future awaiting it. Income, he said, has multiplied six-fold, after allotting some 150 billion pesetas to provisions, whereas cash-flow, shareholders' equity and assets have practically tripled. Fanjul also mentioned the importance during this period of an ambitious cost control policy and a no less ambitious investment policy. Repsol has invested 1.6 trillion pesetas over the past ten years, with a profitability rate which places it among the top oil companies in the world. In fact, a 19% average rate of return on investments was obtained between 1986 and 1995.

During his presentation to the shareholders, Oscar Fanjul recalled the most significant aspects of Repsol's strategy over the past ten years, and stated, "this has proved effective and allowed us not only to maintain a constant growth in income, but also to ensure Repsol's future growth regardless of adverse economic conditions".

"There are no guarantees", said Oscar Fanjul, "Every day new problems arise. Competition increases in all fields of activity and our customers have more and more alternatives from which to choose. However, it is also true that the company is prepared to confront these difficulties as it has in the past."

He expressed his acknowledgement of the "important work carried out over these years by the management team and all Group employees. Without their dedication and effort, we would not have been able to achieve our objectives."

Finally, Oscar Fanjul expressed his "best wishes to Repsol's new Chairman, Alfonso Cortina, for whom he requested the support and cooperation of all the Group".