131
2021 INTEGRATED MANAGEMENT REPORT
ADJUSTED EBITDA EVOLUTION DEC20 - DEC21 ( M)
10
71 1
36
(4)
(21)
93
2020 Adjusted EBITDA
Margin Effect
Volume Effect
Corporative Costs
Currency Others 2021 Adjusted EBITDA
The Refining segment significantly increased adjusted EBITDA in relation to 2020 (+820%) thanks to margin growth, the recovery of demand and improved refinery utilisation. Performance in the second half of the year, especially in the last quarter, when all our units were at practically full capacity, is particularly worthy of note.
The increased refining margin had a positive impact of 71 million on EBITDA. This was achieved in a context of soaring energy costs, which forced us to redouble our efforts to consume more efficiently, allowing us to mitigate this impact and generating fixed cost savings of 36 million.
Segment investments focused on improving industrial facilities to minimise environmental impacts and enhance efficiency and safety. We are also undertaking a digital transformation process to boost refinery competitiveness and lead the industry's technology transition.
Key indicators 2021 2020
Product sales (million of tons) 16.2 14.8
Fuels and motor fuels (millions of tons) 9.3 8.5
Bunker sales (millions of tons) 3.7 3.5
Jet fuels (millions of tons) 1.4 1.3
Others (millions of tons) 1.8 1.5
Number of petrol stations 1,753 1,783
Adjusted EBITDA (million ) 478 400
Adjusted NIAT (million ) 225 169
Investments for the period (million ) 82 105
COMMERCIAL
