TABLE OF CONTENTS
1
CHAIRMAN S LETTER
LETTER FROM VICE-CHAIRMAN AND CEO
1. THE YEAR IN REVIEW
MILESTONES
CEPSA AROUND THE WORLD
2. WHO WE ARE
OUR ACTIVITIES
MISSION, VISION, VALUES
SPORTS SPONSORSHIPS
3. OUR ENVIRONMENT
ECONOMIC AND INDUSTRIAL ENVIRONMENT
BUSINESS MODEL
STRATEGY
RISKS AND OPPORTUNITIES MANAGEMENT
4. RESPONSIBLE MANAGEMENT
CORPORATE GOVERNANCE
CORPORATE RESPONSIBILITY STRATEGY
5. INNOVATION AND TECHNOLOGY
6. OUR STAKEHOLDERS
OUR PROFESSIONALS
OUR CUSTOMERS
OUR SUPPLIERS
OUR COMMUNITY
INITIATIVES BY COUNTRY
7. CEPSA AND THE ENVIRONMENT
8. FURTHER INFORMATION
ABOUT THIS REPORT
AUDITOR S REPORT AND CONSOLIDATED ANNUAL
ACCOUNTS 2015
ECONOMIC, FINANCIAL INFORMATION
GLOSSARY
02
03
04
05
07
08
09
24
25
26
27
31
32
36
38
39
45
48
54
55
61
63
66
68
70
88
89
90
92
110