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2021 INTEGRATED MANAGEMENT REPORT

C) DEBT STRUCTURE AND MAIN FINANCING TRANSACTIONS

I. DEBT STRUCTURE AND MATURITIES

Net debt by currency and interest rate is analysed below at 31 December 2021 (including the impact of related derivatives and excluding IFRS 16 impact):

NET DEBT BREAKDOWN BY CURRENCY

NET DEBT BREAKDOWN BY INTEREST RATE

80%

14%

6%

USD CNYEUR

77%

23%

Flaoting rate

Fixed rate

Maturities of gross debt are as follows (million ):

Liquidity 2022 2023 2024 2029 and following

20272025 20282026

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

Gross debtAvailable CommittedCash Bonds

Cepsa applies a conservative financial policy, keeping available sufficient cash and cash equivalents, and undrawn committed credit lines to cover debt maturities for over four years without the need for recourse to the markets to obtain new financing or refinance existing lines.

The Group has available cash and committed credit lines amounting to around 3,476 million, well in excess of short-term debt maturities. Gross debt has an average maturity of 3.9 years.