Basis of presentation
The accompanying consolidated financial statements are presented in millions of euros and were
prepared from the accounting records of Repsol, S.A. and its investees. They are presented in
accordance with the International Financial Reporting Standards (IFRSs) as issued by the
International Accounting Standards Board (IASB) as well as the IFRSs adopted by the European
Union (EU) as of December 31, 2013. The IFRSs adopted by and in effect in the EU differ in
certain respects from the IFRSs issued by the IASB, with the exception to the future application of
IFRS 11 Joint Arrangements (see Note 2.1.1), these differences do not have a material impact on
the Group’s consolidated financial statements for the years presented. The financial statements