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Economic responsibility

The Economic Value chart is a reclassification of the Consolidated Income Statement and represents the wealth produced and redistributed by the CIR group. More specifically, the chart presents the economic performance of the year and the wealth distributed to those considered to have an interest in the group, i.e. the ability of the organization to create value for its stakeholders. To calculate the formation of Economic value, the CIR group uses the methodology prepared by the Study group for the social reporting (GBS).

Sales revenues consist of revenues from products sold by the group and by the business sectors in which it operates. The income/expense from financial assets means income/expense from dividends and on securities and derivatives, interest income on current accounts with banks and short-term deposits, foreign exchange gains, etc. Other income/expense consists of operating income from grants, from capital gains on the sale of assets, contingent gains and income from equity investments consolidated using the equity method.

The three elements described above make up the gross global Economic value, which in 2015 amounted to 2,649.3 million. This value, minus the value of amortization, appreciation and write-downs, constitutes the net global Economic Value, which in 2015 came to 2,511.1 million and was up by approximately 7% on 2014.
Distribution of Economic Value
Economic Value of the CIR group
(Millions of euros)
20142015
Net sales revenues 2,389.8 2,543.9
Income/expense from financial assets 56.1 63.4
Other income/expense 20.5 42.0
Gross Global Economic Value 2,466.4 2,649.3
Amortization, depreciation and write-downs 116.2 138.2
Net Global Economic Value 2,350.32,511.1
Operating costs 1,554.7 1,653.2
Personnel 680.6 708.5
Lenders 109.8 86.5
Public Administration 28.6 20.9
Economic Value distributed  2,373.72,469.1
Net income (loss) of the group (23.4) 42.0
Economic value kept by the group (23.4) 42.0