Measuring shared value

Supplementary disclosure to the financial data describes how the economic value generated is allocated to stakeholders.

To this end, economic value means the total wealth created by MAG, based on the GRI1 definition in a manner consistent with objectively measurable indicators in accordance with the relevant standards of accounting and financial practice.

However, economic value is also shown divided into value distributed and value withheld, constituting the breakdown of value among the various stakeholders (suppliers, the workforce, the financial community, shareholders, the public administration and the community):

Economic value generated by the group 2019/20 2018/19 2017/18 2016/17 2015/16
Revenue from core business 138.145 129.154 97.363 104.373 116.567
Other revenue and components of revenue 7.728 6.449 11.246 3.432 1.471
Other income 1.134 756 1.286 687 534
Financial income 3.710 899 231 873 503
Exchange gains or losses (197) (188) 298 (760) (68)
Total economic value generated 150.520 137.070 110.424 108.605 119.007
Economic value distributed by the group
Suppliers 90.494 86.253 69.491 66.634 69.758
Workforce 38.521 35.793 31.190 32.095 34.278
Financial community 1.823 2.103 1.641 2.713 2.381
Shareholders - - - - -
Public administration 2.012 2.615 1.932 1.745 2.267
Donations 28 15 20 8 7
Total economic value distributed 132.878 126.779 104.274 103.195 108.691
Economic value withheld by the group
Amortisation and depreciation 8.098 4.514 4.763 4.767 4.636
Provisions 2.033 128 (1.313) (2.013) 2.867
Reserves 7.511 5.649 2.700 2.656 2.813
Total economic value withheld 17.642 10.291 6.150 5.410 10.316

The structure of distributed value highlights the numerical significance of wealth creation from the economic process carried out by the group’s business activities.

The most significant component is suppliers, which refers to the supply chain, i.e., the chain of companies whose operations support the group’s economic process and which are a strategic part of the business model.

Another significant component is the employees and contractors who are the biggest driver via their expertise and labour.

The distribution of economic value to the public administration is made up of the amount of current taxes paid. It theoretically represents the remuneration of services, infrastructures and the community in general.

Dividends have not been distributed to date, as earnings are withheld within the group as value allocated to support future development strategies.

It could be said that shared value can be measured as the amount of value generated from which the stakeholders benefit.


  1. Global Reporting Initiative