##### Table of Contents

 

 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 

**
 
**

**Form 20-F**

 

**
 
**

 

**ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)**

**OF THE SECURITIES EXCHANGE ACTOF 1934**

**For the fiscal year ended: December 31, 2008**

**Commission file number: 1-10220**

 

**
 
**

**Repsol YPF, S.A.**

**(Exact name of Registrant as specified in its charter)**

 

**
 
**

**Kingdom of Spain**

**(Jurisdiction of incorporation or organization)**

**Paseo de la Castellana, 278—280, 28046 Madrid, Spain**

**(Address of principal executive offices)**

**Fernando Ramírez Mazarredo**

**Repsol YPF, S.A.**

**Paseo de la Castellana, 278-280, 28046 Madrid, Spain**

**Tel: (011-34) 91 753 8100**

**Facsimile Number: (011-34) 91 314 2821**

**(Name, Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)**

**Securities registered or to beregistered pursuant to Section 12(b) of the Act:**

 

**
 
**

 

 

The number of certain outstanding shares of each class of stock of Repsol International Capital Limited benefiting from aguarantee of Repsol YPF, S.A. at December 31, 2008 was: 

 

The number of outstanding shares of each class of stock of Repsol YPF, S.A. as of December 31,2008 was: 

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 ofthe Securities Act.    Yes  x    No   ̈

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes   ̈    No  x

Indicate by check mark whether the registrant(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) hasbeen subject to such filing requirements for the past 90 days.    Yes  x    No   ̈

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data Filerequired to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post suchfiles).    Yes   ̈    No   ̈

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2of the Exchange Act. 

Large accelerated filer  x        Accelerated filer   ̈            Non-acceleratedfiler   ̈     

Indicate by check mark which basis of accounting theregistrant has used to prepare the financial statements included in this filing: 

 

If “Other” has been checked in response to the previous question, indicate by check markwhich financial statement item the registrant has elected to follow.    Item 17    ̈         Item 18   ̈

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct).    Yes   ̈    No  x

 

 

 

Table of Contents
**CROSS REFERENCE SHEET**

The following table provides cross reference between the contents of this annual report and the requirements of Form 20-F. 

 

**Form 20-F Item**
  
**Repsol YPF 2008 annual report**

PART I
  PART I  
Item 1.
  *  
Item 2.
  *  
Item 3.
  Item 1.  Key Information about Repsol YPF
Item 4.
  Item 2.  Information on Repsol YPF
Item 4A.
  Item 13F.  Unresolved Staff Comments
Item 5.
  Item 3.  Operating and Financial Review and Prospects
Item 6.
  Item 4.  Directors, Senior Management and Employees
Item 7.
  Item 5.  Major Shareholders and Related Party Transactions
Item 8.
  Item 6.  Financial Information
Item 9.
  Item 7.  Offering and Listing
Item 10.
  Item 8.  Additional Information
Item 11.
  Item 9.  Quantitative and Qualitative Disclosure About Market Risk
Item 12.
  *  
PART II
  PART II  
Item 13.
  Item 10.  Defaults, Dividend Arrearages and Delinquencies
Item 14.
  Item 11.  
Material Modifications to the Rights of Securities Holders and Use of Proceeds

Item 15.
  Item 12.  Controls and Procedures
Item 16.
  *  
Item 16A.
  Item 13A.  Audit Committee Financial Expert
Item 16B.
  Item 13B.  Code of Ethics
Item 16C.
  Item 13C.  Principal Accountant Fees and Services
Item 16D.
  Item 13D.  Exemptions from the Listing Standards for Audit Committees
Item 16E.
  Item 13E.  Purchases for Equity Securities by the Issuer and Affiliated Purchasers
PART III
  PART III  
Item 17.
  *  
Item 18.
  Item 14.  Financial Statements
Item 19.
  Item 15.  Exhibits
 
*Not applicable. 
Table of Contents
**TABLE OF CONTENTS**

 
      **Page**
Oil and Gas Terms
  i
Conversion Table
  v
References
  vi
Presentation of Certain Information
  vi
Forward-looking Statements
  vi
PART I
  1
1.     Key Information about Repsol YPF 
  1
1.1
  Selected Consolidated Financial Data  1
1.2
  Exchange rates  2
1.3
  Risk Factors  3
2.     Information on Repsol YPF 
  10
2.1
  Repsol YPF  10
2.2
  Oil and Gas Reserves  15
2.3
  Operations  22
2.4
  Environmental Matters  72
2.5
  Insurance  73
2.6
  Regulation of the Petroleum Industry  73
2.7
  Description of Property  85
2.8
  Seasonality  85
2.9
  Risk Control Systems  85
3.     Operating and Financial Review and Prospects 
  87
3.1
  Factors Affecting Repsol YPF’s Consolidated Results of Operations  87
3.2
  Overview of Consolidated Results of Operations  94
3.3
  Results of Operations by Business Segment  97
3.4
  Liquidity and Capital Resources  102
3.5
  Research and Development  112
4.     Directors, Senior Management and Employees 
  114
4.1
  Directors and Officers of Repsol YPF  114
4.2
  Remuneration of Directors and Officers  122
4.3
  Share Ownership of Directors and Officers  126
4.4
  Employees  127
5.     Major Shareholders and Related Party Transactions 
  130
5.1
  Major Shareholders of Repsol YPF  130
5.2
  Related Party Transactions  131
5.3
  Interest of Management in Certain Transactions  132
6.     Financial Information 
  132
6.1
  Financial Information  132
6.2
  Legal Proceedings  132
6.3
  Dividends Policy  141
7.     Offering and Listing 
  141
7.1
  Historical Trading Information  141
7.2
  Nature of the Trading Market  143
7.3
  Spanish Securities Market Regulation  144
7.4
  Trading by Subsidiaries/Affiliates  145
7.5
  Internal Code of Conduct for the Repsol YPF Group in respect of the Stock Markets  145
8.     Additional Information 
  146
8.1
  Memorandum and Articles of Association  146
8.2
  Dividends  153
8.3
  Taxation  153
8.4
  Available Information  157
8.5
  Material Contracts  157
Table of Contents      **Page**
9.       Quantitative and Qualitative Disclosure About Market Risk
  159
PART II 
  174
10.     Defaults, Dividend Arrearages and Delinquencies 
  174
11.     Material Modifications to the Rights of Security Holders and Use of Proceeds
  174
12.     Controls and Procedures 
  174
13A.  Audit Committee Financial Expert 
  175
13B.  Code of Ethics 
  175
13C.  Principal Accountant Fees and Services 
  176
13D.  Exemptions from the Listing Standards for Audit Committees 
  177
13E.  Purchases for Equity Securities by the Issuer and Affiliated Purchasers 
  177
13F.  Unresolved Staff Comments 
  178
PART III 
  179
14.     Financial Statements 
  179
15.     Exhibits 
  179
16.     Signatures 
  181
Table of Contents
**Oil and Gas Terms**

Oil and gas reserves definitions used in this annual report are in accordance with Rule 4-10(a) (1)-(17) of Regulation S-X and relevant guidancenotes and letters issued by the U.S. Securities and Exchange Commission (“SEC”) Staff. 

The definitions of reserves estimate,reserves audit and reserves review as given below and used hereunder are not terms defined under SEC rules or regulations effective as of December 31, 2008, and are terms used by Repsol YPF in this annual report as defined herein andconsequently such definitions may be defined and used differently by other companies. 

For the purpose of this annual report, any reservesestimate, or any reserves audit or any reserves review invoked hereunder, are in accordance with Rule 4-10(a) (1)-(17) of Regulation S-X of the SEC. 

The following terms have the meanings shown below unless the context indicates otherwise: 

***“acreage”*****:** The total area, expressed in acres or km2, over which Repsol YPF has interests in exploration or production. Net acreage is Repsol YPF’s interest in the relevant exploration or production area. 

***“concession contracts”*****:** A grant of access for a defined area and time period that transfers certain entitlements to produce hydrocarbons from the host country to an enterprise. Thecompany holding the concession generally has rights and responsibilities for the exploration, development, production and sale of hydrocarbon, and typically, an obligation to make payments at the signing of the concession and once production beginspursuant to applicable laws and regulations. 

***“condensate”*****:** Light hydrocarbon substances produced withnatural gas which condense into liquid at normal temperatures and pressures associated with surface production equipment. 

***“crude oil”*****:**Crude oil with respect to Repsol YPF’s production and reserves includes condensate and natural gas liquids (“NGL”). 

***“exploratory well”*****:** A well drilled to find and produce oil or gas in an unproved area, to find a new reservoir in a fieldpreviously found to be productive of oil or gas in another reservoir, or to extend a known reservoir. 

***“gas”*****:**Natural gas. 

***“hydrocarbons”*****:** Crude oil and natural gas. 

***“non-concessionary contract”*****:** Contract regulating the relationship between states and oil companies with regard to theexploration and production of hydrocarbons, including production sharing contracts (PSC) and risk-and-reward agreements. Ownership is retained by the host government and is assigned to the national oil company jointly with the foreign oil companywhich has an exclusive right to perform exploration, development and production activities and can enter into agreements with other local or international entities. In this type of contract, the national oil company assigns to the internationalcontractor the task of performing exploration and production activities with the contractor’s equipment and financial resources. Exploration and production risks are borne by the contractor and production is divided into two portions:“cost oil” is used to recover costs borne by the contractor and “profit oil” is shared between the contractor and the national company pursuant to applicable laws and regulations and represents the profit deriving fromexploration and production. Further terms and conditions of these contracts may vary from country to country. Under these contracts, entitlement of reserves is based on the economic interest held by each party, as defined in the applicable contract.Under the economic interest method, the contractor's share of the cost recovery oil (or gas) revenue and the profit oil (or gas) revenue is divided by the year-end oil (or gas) price, which represents the volume entitlement. The lower the oil (orgas) price, the higher the volume entitlement, and vice versa. 

 

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***“oil and gas producing activities”*****:** Such activities include: 

 
 • 
The search for crude oil, including condensate and natural gas liquids, or natural gas (“oil and gas”) in their natural states and original locations.

 
 • 
The acquisition of property rights or properties for the purpose of further exploration and/or for the purpose of removing the oil or gas from existing reservoirson those properties. 

 
 • 
The construction, drilling and production activities necessary to retrieve oil and gas from its natural reservoirs, and the acquisition, construction, installation,and maintenance of field gathering and storage systems—including lifting the oil and gas to the surface and gathering, treating, field processing (as in the case of processing gas to extract liquid hydrocarbons) and field storage. For purposesof this section, the oil and gas production function shall normally be regarded as terminating at the outlet valve of the lease or field storage tank; if unusual physical or operational circumstances exist, it may be appropriate to regard theproduction function as terminating at the first point at which oil, gas or gas liquids are delivered to a main pipeline, a common carrier, a refinery, or a marine terminal. 

Oil and gas producing activities do not include: 

 
 • 
The transporting, refining and marketing of oil and gas. 

 
 • 
Activities relating to the production of natural resources other than oil and gas. 

 
 • 
The production of geothermal steam or the extraction of hydrocarbons as a by-product of the production of geothermal steam or associated geothermal resources asdefined in the Geothermal Steam Act of 1970; or 

 
 • 
The extraction of hydrocarbons from shale, tar sands or coal. 

***“proved oil and gas reserves”*****:** Proved oil and gas reserves are the estimated quantities of crude oil, natural gas, and natural gas liquids which geological and engineering datademonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions, i.e., prices and costs as of the date the estimate is made. Prices include consideration of changes inexisting prices provided only by contractual arrangements, but not on escalations based upon future conditions. 

 
 • 
Reservoirs are considered proved if economic producibility is supported by either actual production or conclusive formation test. The area of a reservoir consideredproved includes (A) that portion delineated by drilling and defined by gas-oil and/or oil-water contacts, if any; and (B) the immediately adjoining portions not yet drilled, but which can be reasonably judged as economically productive onthe basis of available geological and engineering data. In the absence of information on fluid contacts, the lowest known structural occurrence of hydrocarbons controls the lower proved limit of the reservoir. 

 
 • 
Reserves which can be produced economically through application of improved recovery techniques (such as fluid injection) are included in the “proved”classification when successful testing by a pilot project, or the operation of an installed program in the reservoir, provides support for the engineering analysis on which the project or program was based. 

 
 • 
Estimates of proved reserves do not include the following: (a) oil that may become available from known reservoirs but is classified separately as“indicated additional reserves”; (b) crude oil, natural gas, and natural gas liquids, the recovery of which is subject to reasonable doubt because of uncertainty as to geology, reservoir characteristics, or economic factors;(c) crude oil, natural gas, and natural gas liquids, that may occur in undrilled prospects; and (d) crude oil, natural gas, and natural gas liquids, that may be recovered from oil sales, coal, gilsonite and other such sources.

***“proved developed reserves”*****:** Proved developed oil and gas reserves are reserves that canbe expected to be recovered through existing wells with existing equipment and operating methods. Additional oil and gas expected 

 

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to be obtained through the application of fluid injection or other improved recovery techniques for supplementing the natural forces and mechanisms ofprimary recovery should be included as “proved developed reserves” only after testing by a pilot project or after the operation of an installed program has confirmed through production response that increased recovery will be achieved.

***“proved undeveloped reserves”*****:**Proved undeveloped oil and gas reserves are reserves that are expected to berecovered from new wells on undrilled acreage, or from existing wells where a relatively major expenditure is required for recompletion. Reserves on undrilled acreage shall be limited to those drilling units offsetting productive units that arereasonably certain of production when drilled. Proved reserves for other undrilled units can be claimed only where it can be demonstrated with certainty that there is continuity of production from the existing productive formation. Under nocircumstances should estimates for proved undeveloped reserves be attributable to any acreage for which an application of fluid injection or other improved recovery technique is contemplated, unless such techniques have been proved effective byactual tests in the area and in the same reservoir. 

***“reserves audit”*****:**The process of reviewing certain ofthe pertinent facts interpreted and assumptions underlying a reserves estimate prepared by another party and the rendering of an opinion about (i) the appropriateness of the methodologies employed, (ii) the adequacy and quality of the datarelied upon, (iii) the depth and thoroughness of the reserves estimation process, (iv) the classification of reserves appropriate to the relevant definitions used, and (v) the reasonableness of the estimated reserves quantities.

***“reserves estimate”*****:** The process of performing a comprehensive evaluation by interpreting and assessing allthe pertinent data to generate such proved reserves estimates and cash flow analysis. The main product of this evaluation results in a report that includes: (i) the actual reserve estimate quantities, (ii) the future producing rates fromsuch reserves, (iii) the future net revenues from such reserves, and (iv) the present value of such future net revenue. This report may also include maps, logs or other technical backup used by the estimator. 

***“reserves review”*****:**The process of conducting a high-level assessment of reserves estimates to determine if they areplausible. The steps consist primarily of: 

 
 • 
inquiry; 

 
 • 
analytical procedures; 

 
 • 
analysis; 

 
 • 
review of historical reserves performance; and 

 
 • 
discussions with reserves management staff. 

“Plausible” means the reserves estimate data appear to be worthy of belief based on the available information. It may result in a statement like “Nothing came to my attention that would indicate the reserves estimate has notbeen prepared and presented in accordance with the applicable principles and definitions.” 

***“surfaceconditions”*****:**Represents the pressure and temperature conditions at which volumes of oil, gas, condensate and natural gas liquids are measured for report purpose. It is also referred to as standard conditions. For Repsol YPF theseconditions are 14.7 psi for pressure and 60°F for temperature. All volume units expressed in this report are at surface conditions. 

***“third party reserves engineer”*****:**A person with sufficient educational background, professional training and professional experience to exercise prudent professional judgment while in charge of the conduct ofan audit, estimate or review of reserves. The determination of whether a third party reserves engineer is qualified is made on a case-by-case basis with reference to the recognition and respect of such third party reserves engineer’s peers.Repsol YPF would normally consider a third party reserves engineer to be qualified if such person (i) has a minimum of 10 years’ practical experience in petroleum engineering or petroleum production geology, with at least 

 

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five years of such experience in charge of the estimates and evaluation of reserves information; and (ii) has either (A) obtained, from a collegeor university of recognized stature, a bachelor’s or advanced degree in petroleum engineering, geology or other discipline of engineering or physical science or (B) received, and is maintaining in good standing, a registered or certifiedprofessional engineer’s license or a registered or certified professional geologist’s license, or the equivalent thereof, from an appropriate governmental authority or professional organization. 

Repsol YPF’s standard of independence for a third party reserves engineer is that such person must not have any financial interest in the propertiesunder evaluation. This is to ensure that there is no incentive for the third party reserves engineer’s reports to be outcome-oriented because there is no direct economic benefit for the third party reserves engineer as a consequence of theresults of such person’s work. An independent third party reserves engineer’s compensation is based only on professional services carried out to deliver an unbiased analysis suitable for the public and financial communities. Repsol YPFalso requires that a statement of such independence is included in the third party reserves engineer’s report. 

 

iv 

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**Abbreviations:**

 

“bbl”
  Barrels.
“bcf”
  Billion cubic feet = 109cubic feet.
“bcm”
  Billion cubic meters = 109cubic meters.
“boe”
  Barrels of oil equivalent.
“boe/d”
  Barrels of oil equivalent per day.
“GWh”
  Gigawatt hours.
“HP”
  Horse Power.
“km”
  Kilometers.
“km2”
  Square kilometers.
“liquids”
  Crude oil, condensate and natural gas liquids.
“LNG”
  Liquefied natural gas.
“LPG”
  Liquefied petroleum gas.
“m”
  Thousand.
“mbbl/d”
  Thousand barrels per day.
“mboe/d”
  Thousand barrels of oil equivalent per day.
“mm”
  Million.
“mmbbl”
  Million barrels.
“mmboe”
  Million barrels of oil equivalent.
“mmboe/d”
  Million barrels of oil equivalent per day.
“mmBtu”
  Million British thermal units.
“mmcf”
  Million cubic feet.
“mmcf/d”
  Million cubic feet per day.
“mmcm/d”
  Million cubic meters per day.
“MW”
  Megawatts.
“psi”
  Pound per square inch.
“WTI”
  West Texas Intermediate.
“USA”
  United States of America.
**Conversion Table**

1 tonne = 1 metric ton = 1,000 kilograms = 2,204 pounds 

1 barrel = 42 U.S. gallons 

1 tonne of oil = approximately 7.3 barrels assuming a specific gravity of 34 degrees API (American Petroleum Institute) 

1 barrel of oil equivalent = 5,615 cubic feet of gas = 1 barrel of oil, condensate or natural gas liquids 

1 kilometer = 0.63 miles 

1 million Btu = 252 termies 

1 cubic meter of gas = 35.3147 cubic feet of gas 

1 cubic meter of gas = 10 termies 

1,000 acres = approximately 4 square kilometers 

 

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**References**

In this annual report, references to “Repsol YPF,” “Repsol YPF Group,” “Group,” “the Company,” “we,” “us” and “our” refer to Repsol YPF, S.A. andits consolidated subsidiaries, unless otherwise specified. 

In this annual report, references to “Consolidated FinancialStatements” are to Repsol YPF’s audited consolidated balance sheets as of December 31, 2008 and 2007, Repsol YPF’s audited consolidated statements of income for the years ended December 31, 2008, 2007 and 2006, RepsolYPF’s audited consolidated statements of recognised income and expenses for the years ended December 31, 2008, 2007 and 2006, Repsol YPF’s audited consolidated cash flow statements for the years ended December 31, 2008, 2007 and2006, and the related notes and schedules thereto. 

In this annual report, references to “euro” or “€” are to theeuro, which is Spain’s legal currency, references to “dollars” or “$” or “US$” are to United States dollars, and references to “pesos” or “Ps.” are to Argentine pesos. A “billion” is athousand million. 

**Presentation of Certain Information**

Repsol YPF publishes its financial statements in euro. In accordance with European Union (“EU”) regulations, from January 1, 2005, RepsolYPF has prepared its financial statements in conformity with International Financial Reporting Standards (“IFRS”) as adopted by the EU and in accordance with IFRS as issued by the International Accounting Standards Board(“IASB”). 

Unless otherwise indicated, the information contained in this annual report reflects: 

 
 • 
for the subsidiaries whose results and balance sheet were consolidated using the full consolidation method at the date or for the periods indicated, 100% of theassets and liabilities, plus the amount of any goodwill generated upon the acquisition of these subsidiaries, if any, and 100% results of operations of such subsidiaries without excluding minority interests; 

 
 • 
for the subsidiaries whose results and balance sheet were consolidated using the proportional integration method, a pro rata amount of the assets, liabilities andresults of operations for such subsidiaries at the date or for the periods indicated plus the amount of any goodwill generated upon the acquisition of these subsidiaries, if any. For information regarding consolidation, see Note 3 to theConsolidated Financial Statements; and 

 
 • 
for the subsidiaries whose results were consolidated using the equity method, the amount of the financial investment in such subsidiaries corresponds to the prorata share of the value of the equity of such subsidiaries, plus the amount, if any, of any associated goodwill and whose results of operations are included within the item “Share of results of companies accounted for using the equitymethod” on our consolidated income statement. 

Unless otherwise indicated, where this annual report providestranslations into euro of amounts denominated in or resulting from transactions effected in currencies other than the euro, the conversion has been effected at the relevant exchange rate on the effective date of the transaction for accountingpurposes. All other translations into euro of amounts in currencies other than the euro in this annual report have been calculated, unless otherwise indicated, at the relevant exchange rate on December 31, 2008. 

**Forward-looking Statements**

This annual report, including any documents incorporated by reference, contains statements that Repsol YPF believes constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Theseforward-looking statements may include statements regarding the intent, belief or current expectations of Repsol YPF and its management, including statements with respect to trends affecting 

 

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Repsol YPF’s financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reservesand Repsol YPF’s plans with respect to capital expenditures, business strategy, geographic concentration, cost savings, investments and dividend payout policies. These statements are not guarantees of future performance and are subject tomaterial risks, uncertainties, changes and other factors which may be beyond Repsol YPF’s control or may be difficult to predict. Accordingly, Repsol YPF’s future financial condition, financial ratios, results of operations, business,strategy, geographic concentration, production volumes, reserves, capital expenditures, cost savings, investments and dividend payout policies could differ materially from those expressed or implied in any such forward-looking statements. Suchfactors include, but are not limited to, factors described in Repsol YPF’s filings with the Securities and Exchange Commission and, in particular, those described in Item 1. “Key Information about Repsol YPF—Risk Factors”and Item 3. “Operating and Financial Review and Prospects” in this annual report. Repsol YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that theprojected results or condition expressed or implied therein will not be realized. 

 

vii 

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**PART I**

**1. Key Information about Repsol YPF**

 
**1.1****Selected Consolidated Financial Data**
The followingtables present selected consolidated financial data of Repsol YPF. You should read this table in conjunction with Item 3. “Operating and Financial Review and Prospects” and the Consolidated Financial Statements included elsewhere inthis annual report. 

The consolidated income statement data for each of the years in the three-year period ended December 31, 2008 andthe consolidated balance sheet data as of December 31, 2008 and 2007, set forth below have been derived from the Consolidated Financial Statements and notes thereto included in this annual report, which have been prepared in accordance withIFRS as adopted by the EU and in accordance with IFRS as issued by the IASB and have been audited by our independent auditor, Deloitte, S.L. The consolidated income statement data for the years ended December 31, 2005 and 2004 and theconsolidated balance sheet data as of December 31, 2006, 2005 and 2004, are derived from our audited consolidated financial statements, which are not included herein. 

Pursuant to SEC Release No. 33-8879, “Acceptance from Foreign Private Issuers of Financial Statements Prepared in Accordance with InternationalFinancial Reporting Standards Without Reconciliation to U.S. GAAP,” Repsol YPF includes selected financial data prepared in compliance with IFRS, without a reconciliation to U.S. GAAP. 

The following table presents selected consolidated financial data of Repsol YPF in accordance with IFRS for the periods indicated: 

 
   **Year ended December 31,**    **2008**  **2007**  **2006**  **2005**  **2004**    **(millions of euro, except per share and**