139

2021 INTEGRATED MANAGEMENT REPORT

Leverage ratio 2021 2020

Net debt paid 3,446 3,451

Adjusted EBITDA 1,815 1,187

Net debt / Adjusted EBITDA ratio 1.9x 2.9x

Net debt paid* 2,759 2,825

Adjusted EBITDA* 1,681 1,051

Net debt / Adjusted EBITDA ratio* 1.6x 2.7x

(*) Excluding IFRS 16 impact.

The leverage ratio improved considerably to reach 1.9x at December 2021, driven by higher earnings during the year compared to 2020. It remains at levels close to those of December 2019 (pre-COVID figures).

Million

Equity attributed to the parent company amounted to 4,170 million at the year-end and therefore funds 54% of the capital employed at that date.

D) CAPITAL EMPLOYED

The Group's capital employed stood at 7,753 million at 31 December 2021 (considering the effect of IFRS 16), against 7,480 million at December 2020. The segment breakdown is as follows:

Capital Employed IFRS by business segments

Exploration & Production Refining Commercial Chemicals Corporation Total

Capital Employed at 12/31/2021 1,977 3,275 1,144 1,308 49 7,753

Capital Employed at 12/31/2020 1,928 3,118 1,269 1,150 14 7,480

Variation 2021 - 2020 50 157 (125) 157 35 274

Million