265

2021 INTEGRATED MANAGEMENT REPORT

1 Includes excise duties. 2 Includes the purchase of crude oil, raw materials and energy products. 3 Includes excise duties, income tax and taxes other than income tax.

VALUE CREATION

Our strategy mainly aims to maximise profitability and value creation, maintaining our financial strength and promoting sustained growth over time.

Direct economic value generated and distributed 2021 2020

Economic value generated 24,870 15,973

Revenue 1 24,532 15,760

Other operating income 48 49

Financial income 204 138

Share of result of associates 51 11

Income from asset disposals 35 15

Economic value distributed 24,280 15,127

Suppliers2 20,207 11,922

Providers of capital (shareholders and financial entities) 639 307

Public administration (taxes)3 2,819 2,227

Employees 615 671

Social programs and initiatives investment 0 0

Economic value retained 590 846

Million