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392019 ANNUAL AND CORPORATE RESPONSIBILITY REPORT

The fundamental objectives of our strat- egy is to maximize returns and value cre-

ation, managing to maintain our financial strength and sustained growth over time.

OUR VALUE GENERATION

Direct economic value generated and distributed in 2019 (millions of euros)

Economic value generated 24,033

Net revenues 1 23,857

Other operating income 62

Financial income 60

Share of result of associates 38

Income from asset disposals 16

Economic value distributed 23,722

Suppliers 2 18,548

Providers of capital (shareholders and financial entities) 1,233

Public administration (taxes) 3 3,294

Employees 642

Social programs and initiatives investment 5

Economic value retained 315

1 Includes excise duties. 2 Includes the purchase of crude oil, raw materials and energy products. 3 Includes excise duties, income tax and taxes other than income tax.