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Statement of Capital Employed (Before Profit Distribution at December 31) (Millions of euros)

2015 2014 (Restated)*

2013 2012 2011

Capital employed

1. Net fixed assets 7,097 9,898 5,555 5,577 5,518

2. Working capital 931 1,303 2,328 2,932 2,553

Net assets 8,027 11,200 7,883 8,509 8,071

3. Long-term operating liabilities (895) (2,379) (623) (669) (572)

Capital employed (*) 7,133 8,822 7,260 7,840 7,499

Capital used

4. Total Shareholders equity 4,394 5,709 6,434 6,312 6,312

4.1. Shareholders equity 4,306 5,591 6,357 6,243 6,243

4.2. Minority interests 88 118 77 69 69

5. Net debt: 2,923 3,042 826 1,528 1,652

5.1. Long-term financing 2,989 3,104 2,395 2,540 2,540

5.2. Short-term financing 1,168 1,321 714 870 870

5.3. Short-term interest-bearing loans - - - (124) -

5.4. Cash and cash equivalents (1,234) (1,383) (2,283) (1,758) (1,758)

Capital used 7,318 8,751 7,260 7,840 7,964

ANNUAL AND CORPORATE RESPONSIBILITY REPORT 2015

(*) Excluded discontinuing operations. * Financial year 2014 has been restated for comparison purposes with financial year 2015.

2015 2014 (Restated)*

2013 2012 2011

Discontinued operations 185 - -- -- --

Financial year 2014 has been restated for comparison purposes with financial year 2015

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