392019 ANNUAL AND CORPORATE RESPONSIBILITY REPORT
The fundamental objectives of our strat- egy is to maximize returns and value cre-
ation, managing to maintain our financial strength and sustained growth over time.
OUR VALUE GENERATION
Direct economic value generated and distributed in 2019 (millions of euros)
Economic value generated 24,033
Net revenues 1 23,857
Other operating income 62
Financial income 60
Share of result of associates 38
Income from asset disposals 16
Economic value distributed 23,722
Suppliers 2 18,548
Providers of capital (shareholders and financial entities) 1,233
Public administration (taxes) 3 3,294
Employees 642
Social programs and initiatives investment 5
Economic value retained 315
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.