47

SUSTAINED ECONOMIC VALUE

Obtaining sustained economic value is one of our business objectives, as well as the balanced distribution of that

value among all those who contribute to its achievement.

1. Economic value generated calculated as the sum of operating income, financial income, share in profits of subsidiaries and revenue from asset sales.

2. Economic value generated and distributed on the basis of adjusted results. The effect on equity of price changes in inventories and other non-recurring items has been eliminated, allowing the fundamentals of the business to be appreciated irrespective of the higher or lower value of inventories that are required both for legal (minimum security stocks) and operational purposes.

Economic value generated1 (Millions of euros) 2015 2014 2013 Revenue (including excise taxes) 19,892 26,178 27,577

Other operating income 143 161 157

Financial income 74 61 45

Share in profits of associates 49 57 38

Income on fixed asset disposals 9 31 7

Total 20,167 26.488 27.824

Economic value distributed2 (Millions of euros) 2015 2014 2013 Payments to suppliers 15,344 21,709 23,357

Total employee salaries and compensation 586 709 610

Payments to capital providers 339 314 374

Total taxes paid by Cepsa 2,644 2,579 2,767

Discontinued operations -7 - -

Total 18,906 25,311 27,108

Economic value retained (Millions of euros) 2015 2014 2013 Economic value generated 20,167 26,488 27,824

Economic value distributed 18,906 25,311 27,108

Economic value retained 1.261 1.177 716

INVOLVEMENT IN INITIATIVES

We take indices and initiatives of recog- nized prestige as a reference, on both a local and international level, which en- courage responsible and sustainable business frameworks. By doing this we strengthen our commitment to- wards the responsible management of

our activities, increasing our reliability and transparency with respect to our stakeholders. We are currently com- mitted towards the following national and international initiatives in corpo- rate responsibility:

ANNUAL AND CORPORATE RESPONSIBILITY REPORT 2015