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Economic value generated and distributed

05/31/2016 - 05:00 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

2015

2014

2013

(million euros)

 

 

 

Direct value generated

 

 

 

a) Total revenue and operating income

20,005

21,974

23,731

b) Interest payable and dividends paid

216

228

149

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

assets

336

29

(82)

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

20,557

22,231

23,798

Economic value distributed

 

 

 

e) Operating costs

9,296

9,951

10,976

f) Employee costs

3,589

3,119

3,087

g) Shareholders and providers of capital

2,291

2,259

2,508

h) Taxes and duties

532

852

961

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

15,708

16,181

17,532

Economic value retained (d-i)

4,849

6,050

6,266

Employee costs

2015

2014

2013

(million euros)

 

 

 

Wages and salaries

2,296

2,202

2,183

Social security costs

834

801

788

Other expenses

459

116

116

TOTAL

3,589

3,119

3,087

Operating costs

2015

2014

2013

(million euros)

 

 

 

Purchases of materials and services

8,533

9,430

10,377

Other operating costs (*)

1,375

1,057

1,190

Change in inventories

44

52

(48)

Internally generated assets

(656)

(588)

(543)

TOTAL

9,296

9,951

10,976

(*)  Mainly includes write-downs and charges connected with the management of non-financial credits of 345 million euros (375 million euros in 2014), risk provisions equal to 330 million euros (84 million euros in 2014), and contributions and fees for the performance of TLC activities of 342 million euros (449 million euros in 2014) net of “Indirect taxes and duties” of 116 million euros (118 million euros in 2014) included in the item “Taxes and duties”.

Shareholders and providers of capital

2015

2014

2013

(million euros)

 

 

 

Dividends distributed

262

319

595

Interest payable

2,029

1,940

1,913

TOTAL

2,291

2,259

2,508

Taxes

2015

2014

2013

(million euros)      

Income tax

416

734

833

Indirect taxes and duties

116

118

128

Taxes and duties

532

852

961

- regarding Domestic BU

381

724

826

- regarding the Brazilian BU

121

122

126

- regarding activities abroad/other

30

6

9