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Economic value generated and distributed

05/23/2017 - 05:30 PM

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The Group economic value generated and distributed to stakeholders is shown below. Since 2008, the method of presentation recommended by the GRI has been adopted, with appropriate adaptation.

The value distributed to the stakeholder, The Community, is not shown in this table.

Economic value

2016 2015*

2014*

(million euros)

   

 

Direct value generated

   

 

a) Total revenue and operating income

19,336 20,006

21,975

b) Interest payable and dividends paid

159 216

228

c) Net gains (losses) on disposals of non-current

assets

14 336

29

d) Direct economic value generated (a+b+c)

19,509 20,558

22,232

Economic value distributed

   

 

e) Operating costs

8,128 9,295

9,953

f) Employee costs

3,106 3,589

3,119

g) Shareholders and providers of capital

1,729 2,291

2,259

h) Taxes and duties

949 534

854

i) Economic value distributed (e+f+g+h)

13,912 15,709

16,185

Economic value retained (d-i)

5,597 4,849

6,047

* The data relating to 2015 and 2014 was reviewed to take into account some changes made by the Brazil BU.

Employee costs

2016 2015

2014

(million euros)

   

 

Wages and salaries

2,116 2,296

2,202

Social security costs

770 834

801

Other expenses

220 459

116

TOTAL

3,106 3,589

3,119

Operating costs

2016 2015

2014

(million euros)

   

 

Purchases of materials and services

7,793 8,532

9,432

Other operating costs

983 1,375

1,057

Change in inventories

(9) 44

52

Internally generated assets

(639) (656)

(588)

TOTAL

8,128 9,295

9,953

Shareholders and providers of capital

2016 2015

2014

(million euros)

   

 

Dividends distributed

191 262

319

Interest payable

1,538 2,029

1,940

TOTAL

1,729 2,291

2,259

Taxes

2016 2015

2014

(million euros)      

Income tax

849 418

736

Indirect taxes and duties

100 116

118

Taxes and duties

949 534

854

- regarding Domestic BU

876 381

724

- regarding the Brazilian BU

84 123

124

- regarding activities abroad/other

(11) 30

6