135

2021 INTEGRATED MANAGEMENT REPORT

The increase in working capital is explained primarily by higher investment in inventories (up 1,606 million), due to both the rise in international crude oil prices and demand growth. As a result, trade receivables were 986 million above the 2020 figure. Similarly, trade payables increased due to the growth of inventories, mainly related to crude oil supplies.

The Group s average supplier payment period was 25 days, which is below the legal maximum limit of 60 days laid down in Law 15/2010 of 5 July on measures to combat late payment in commercial transactions.

F) TREASURY SHARES

At year-end 2021, the company holds 156,671 treasury shares and its wholly-owned subsidiary Magna Expergere, S.A.U. holds 400,000 shares in the company. These shares represent 0.1% of share capital. The company did not hold any treasury shares at 31 December 2020.

The treasury shares held are new shares issued in the capital increases carried out during the year and purchased by the company to make the shareholder structure more flexible.

G) EVENTS AFTER THE REPORTING PERIOD

On 1 January 2022, the Group appointed Maarten Wetselaar as new Chief Executive Order to replace Philippe Boisseau.

As of January 1, 2022, Carmen de Pablo joined the Group as the new Chief Financial Officer.

In relation to the conflict between Russia and Ukraine which initiated in February 2022, it should be noted that the Cepsa does not own or operate any assets, nor holds relevant commercial relationships with customers in Russia or Ukraine. Furthermore, the company does not source crude oil from either of these two countries. As such, the impact of this conflict on Cepsa will be mostly derived from the increased volatility in commodity prices, the evolution of the overall macroeconomic conditions and its effect on demand and economic growth.

There have been no more significant subsequent events to be mentioned in this section.

5.3 LIQUIDITY AND CAPITAL RESOURCES

2021 2020

EBITDA IFRS 2,194 622

Dividends received 15 13

Income tax payments/collections (372) (257)

Other operating cash flows 45 38

CF from operating activities before working capital 1,881 416

Changes in operational working capital (575) 603

Cash flow from operating activities 1,306 1,019

A) CASH FLOWS Million