CHAPTER 5 Solid economic and operational performance

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There follows a breakdown of investments by business segment:

Investments during the year 2021 2020

Exploration & Production 140 158

Refining 167 279

Commercial 82 105

Chemical 61 87

Corporation 23 23

Total 473 652

Cash flows from operating activities grew significantly to reach 1,306 million, entailing an increase of 28% over 2020, due mainly to improved earnings. Free Cash Flow amounted to 915 million, up from 260 million in 2020, covering debt servicing and dividends.

As regards investments, new assets totalling 473 million were recognised in 2021, 27% below the previous year. In 2021, Cepsa continued to optimise investments by prioritising the selection of the most suitable and profitable projects in view of the Group s strategy.

Million