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Repsol YPF, S.A. (Exact Name of Registrant As Specified in Its Charter)

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Repsol YPF, S.A. (Exact Name of Registrant As Specified in Its Charter) 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 ACT OF 1934 For the fiscal year ended: December 31, 2000 Commission file number: 1-10220 Repsol YPF, S.A. (Exact name of registrant as specified in its charter) Kingdom of Spain (Jurisdiction of incorporation of organization) Paseo de la Castellana, 278—28046 Madrid, Spain (Address of principal executive offices) Securities registered or to be registered pursuant to Section 12(b) of the Act: Name of each exchange Title of each class on which registered Ordinary shares of Repsol YPF, S.A., par value 1.00 per share.................... New York Stock Exchange* American Depositary Shares, each representing the right to receive one ordinary share of Repsol YPF, S.A., par value 1.00 per share........................ New York Stock Exchange Series A 7.45% non-cumulative guaranteed preference shares of Repsol International Capital Limited ............................................ New York Stock Exchange * Shares are not listed for trading, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the New York Stock Exchange. The number of outstanding shares of each class of stock of Repsol International Capital Limited benefitting from a guarantee of Repsol YPF, S.A. at December 31, 2000 was: Series A 7.45% non-cumulative guaranteed preference shares .................................................. 29,000,000 The number of outstanding shares of each class of stock of Repsol YPF, S.A. as of December 31, 2000 was: Ordinary shares, par value 1.00 per share ................................................................. 1,220,863,463 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) has been subject to such filing requirements for the past 90 days. Yes : No 9. Indicate by check mark which financial statement item the registrant has elected to follow. Item 17 9 Item 18 :. Please send copies of notices and communications from the Securities and Exchange Commission to: NICHOLAS A. KRONFELD Davis Polk & Wardwell 450 Lexington Avenue New York, NY 10017 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 2000 Annual Report on Form 20-F PART I PART I Item 1............... * Item 2............... * Item 3............... Item 1. Key Information about Repsol YPF Item 4............... Item 2. Information about Repsol YPF 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. Legal Proceedings 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 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 16.............. * Item 17.............. * PART III Item 18.............. Item 12.Financial Statements Item 19.............. Item 13.Exhibits *Not applicable. i Table of Contents Oil and Gas Terms ............................................................................. iv Conversion Table .............................................................................. v References to Repsol YPF....................................................................... v 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 1.4 Forward-looking Statements................................................................ 6 2. Information about Repsol YPF .................................................................. 7 2.1 Repsol YPF............................................................................. 7 2.2 Operations............................................................................. 12 2.3 Regulation of the Petroleum Industry ........................................................ 42 2.4 Description of Property ................................................................... 52 2.5 Seasonality............................................................................ 53 3. Operating and Financial Review and Prospects .................................................... 54 3.1 Summarized Income Statement ............................................................ 54 3.2 Factors Affecting Repsol YPF’s Consolidated Results of Operations .................................54 3.3 Overview of Consolidated Results of Operations................................................ 55 3.4 Results of Operations by Business Segment .................................................. 58 3.5 Extraordinary Income (Expense) ............................................................ 64 3.6 Analysis of Movements in Other Provisions ................................................... 66 3.7 Liquidity and Capital Resources ............................................................ 66 3.8 Research and Development ............................................................... 69 3.9 U.S. GAAP Reconciliation ................................................................. 71 3.10 Conversion to the Euro .................................................................. 72 3.11 Recent Developments................................................................... 73 4. Directors, Senior Management and Employees .................................................... 75 4.1 Directors and Officers of Repsol YPF ........................................................ 75 4.2 Compensation of Directors and Officers ...................................................... 79 4.3 Share Ownership of Directors and Officers .................................................... 82 4.4 Employees ............................................................................ 83 5. Major Shareholders and Related Party Transactions ................................................ 86 5.1 Interest of Management in Certain Transactions ................................................ 86 5.2 Control of Repsol YPF.................................................................... 86 6. Legal Proceedings .......................................................................... 88 7. Offering and Listing ......................................................................... 89 7.1 Historical Trading Information.............................................................. 89 7.2 Nature of the Trading Market............................................................... 91 7.3 Securities Market Regulation ............................................................... 93 7.4 Trading by Subsidiaries/Affiliates ........................................................... 93 8. Additional Information ....................................................................... 94 8.1 Memorandum and Articles of Association ..................................................... 94 8.2 Dividends ............................................................................. 99 8.3 Taxation ............................................................................. 100 8.4 Available Information.................................................................... 102 9. Quantitative and Qualitative Disclosure About Market Risk ...........................................103 9.1 Oil Price Exposure...................................................................... 103 9.2 Foreign Currency Exposure............................................................... 106 9.3 Cross-currency interest rate swaps......................................................... 107 9.4 Interest Rate Swaps .................................................................... 108 9.5 Average Interest Rate Forward ............................................................ 108 9.6 Interest Rate Exposure.................................................................. 109 9.7 Employee Share Purchase Programs....................................................... 110 PART II.....................................................................................II-1 ii 10. Defaults, Dividend Arrearages and Delinquencies ................................................. II-1 11. Material Modifications to the Rights of Security Holders and Use of Proceeds ........................... II-1 PART III ................................................................................... III-1 12. Financial Statements ...................................................................... III-1 13. Exhibits ...............................................................................
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