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Economic value generated and distributed

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 value201920182017
(million euros)
Direct value generated   
a) Total revenue and operating income18,90719,28120,351
b) Interest payable and dividends paid7854129
c) Net gains (losses) on disposals of non-current assets(49)(1)11
d) Direct economic value generated (a+b+c)18,93619,33420,491
Economic value distributed   
e) Operating costs7,5558,6498,824
f) Employee costs3,0773,1053,626
g) Shareholders and providers of capital1,7291,5851,705
h) Taxes and duties365696750
i) Economic value distributed (e+f+g+h)12,72614,03514,905
Economic value retained (d-i)6,2105,2995,586
Employee costs201920182017
(million euros)
Wages and salaries1,9501,9942,056
Social security costs716738745
Other expenses411373825
TOTAL3,0773,1053,626
Operating costs201920182017
(million euros)
Purchases of materials and services6,4638,1868,388
Other operating costs1,5011,1351,097
Change in inventories128(102)(35)
Internally generated assets(537)(570)(626)
TOTAL7,5558,6498,824
Shareholders and providers of capital201920182017
(million euros)
Dividends distributed296281223
Interest payable1,4331,3041,482
TOTAL1,7291,5851,705
Taxes201920182017
(million euros)
Income tax241571639
Indirect taxes and duties124125111
Taxes and duties365696750
- regarding Domestic BU282598679
- regarding the Brazilian BU457464
- regarding activities abroad/other38247