CHAPTER 5 Solid economic and operational performance

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II. MAIN FINANCING TRANSACTIONS

As has been customary since its signing in 2014, approval was received from the 18 banks issuing the EUR 2,000 million line of credit to extend the maturity one more year. With unanimous consent therefrom, this set the maturity at September 2026, notably improving Cepsa s liquidity quality. No amounts had been drawn down on this syndicated credit line at 31 December 2021. This renewal has bolstered the company's balance sheet and strengthened our liquidity position.

The investment grade rating of Cepsa's bonds was reaffirmed by the three main credit rating agencies this year.

At the year-end, the Cepsa Group companies had undrawn credit facilities amounting to 2,819 million.

Finally, Cepsa has not had to comply with any financial ratios in its financing contracts as it holds the status of a company with an external rating, which is expected to be maintained throughout 2022.

D) FINANCIAL AUTONOMY RATIO AND LEVERAGE RATIO

The financial autonomy ratio (including the impact of IFRS 16), expressed as the ratio of net debt to capital employed (net debt plus equity), stood at 44% at December 2021, as compared with 46% at December 2020. This decrease is mainly due to improved results in relation to the previous year.

Gearing ratio 2021 2020

Bank borrowings non-current 3,818 4,573

Bank borrowings current 285 236

Cash and cash equivalents (657) (1,358)

Net debt paid 3,446 3,451

Equity 4,307 4,029

Capital Employed IFRS 7,753 7.480

Net Debt/(net debt + Equity) 44.4% 46.1%

IFRS 16 impact in net debt 687 626

Net debt paid (*) 2,759 2,825

Capital Employed IFRS (*) 7,066 6,854

Net Debt/(net debt + Equity) (*) 39.0% 41.2%

(*) Excluding IFRS 16 impact.

Million