The progress of the Group during the past financial year has maintained a positive trend, exceeding the predicted targets both for the domestic market (an increase of 20.9% on the turnover in 1995) and the foreign market, where sales have increased by 32.6% compared with the same period. In 1996 sales on the foreign markets (4,171 million pesetas) represented 29.4% of the Group's total net sales (14,176 million pesetas).

At the end of 1996 own resources were 6,099 million pesetas (one thousand more than the previous year) and by 31 December the workforce fund (3,800 million pesetas) had increased by 51.84% compared with December 1995. During the 1996 financial year, the Azkoyen Group made investments of more than a thousand million pesetas, of which 481 million was for R&D.

In December, Azkoyen, through BBV, made a payment of 150 pesetas gross per share as a dividend on account charged to the 1996 financial year.

REPEAT DIVIDEND
On 28 April, Azkoyen shareholders received a supplementary dividend of 250 pesetas gross (187.5 net) charged to the results from 1996, according to the agreement adopted at the General Meeting held in Peralta (Navarre). This sum, plus the dividend on account (150 pesetas gross) distributed in December, represents a total payment of 400 pesetas, similar to the corresponding amount in 1995.

The General Meeting also approved an increase in the paid-up capital (426,750 million pesetas) without any payout for the shareholders, who will receive a new share for every four old shares, which means fixing the company's share capital at 2,133,750 million pesetas.

The Azkoyen Group, the national leader in the manufacture and sale of automatic vending machines, selection mechanisms, development and monitoring of methods of payment and catering machinery, achieved a total turnover in 1996 of 14,176 million pesetas, with a net profit of 1,241 million, which compared to the 1,014 million recorded in the previous year, represents an increase of 22.4%.

The net cash-flow generated (2,174 million pesetas) increased to 55.6% during 1996. The Group has updated its balance sheet in accordance with the latest regional rules and provisions, with a net appreciation of tangible fixed assets of 395 million pesetas. The Azkoyen Group (established in 39 countries) increased its foreign sales by 33% during 1996, with foreign turnover (4,171 million pesetas) representing 29% of the total turnover.

The performance of Azkoyen shares during 1996 on the Spanish Mercado Continuo, was described in the General Meeting as "magnificent" following an appreciation of 133.97%, reaching 15,980 pesetas on 31 December. Since that date their performance has been spectacular, with a new high of 22,040 pesetas recorded last Wednesday.

The growth of the Group, according to statements made at the General Meeting by the management, will be "smooth and balanced", with the necessary financial resources being used to achieve the proposed objectives (growth in markets and products, through the incorporation of technical and human resources).