Cepsa's profit climbed in 2022 to 1,100 million euros, representing an increase of 66% compared to 661 million last year. The company attributes this to "the recovery in demand and supply restrictions in the market, which resulted in a rise in the prices of crude oil and natural gas," as reported this Friday before the National Securities Market Commission. (CNMV).
This improvement in market conditions, boosting the prices of raw materials, has also contributed to improving margins, such as refining, and the results in all the company's businesses, which presents an adjusted gross operating result (ebitda) of 2,939 million euros, 62% more than in 2021.
In this environment, Cepsa increased investment by 57%, to 743 million euros. And it has a portfolio of projects with a total investment of more than 3,600 million euros in the next three years, of which more than 50% will be allocated to sustainable businesses. This amount represents an increase of 93% compared to the investments made in the last three years.
"In a year of enormous geopolitical and economic uncertainty, high prices and growing concerns about energy supply and climate targets in Europe, we have cushioned the impact of the energy crisis on our customers and remain focused on our strategy," said Maarten Wetselaar. , CEO of the company.
In the communication presented to the market, Cepsa also details that 2022 was a "historic" year in terms of the company's tax contribution, which paid 6,654 million euros in taxes, of which 71%, 4,721 million, they went to the coffers of the Spanish Treasury.
Regarding the impact of the extraordinary tax that is levied on energy companies based on their income, Cepsa has quantified it at "approximately 325 million euros", but has not reflected it in the results.
“In my first year as CEO of Cepsa, I am pleasantly surprised by how much progress we have made in our 'Positive Motion' strategy in such a short time. We have committed to transform the company into a leading producer of green energy by 2030, investing between 7 and 8 billion euros, and I am convinced that we will achieve this goal. To do this, we must be able to finance our strategy and our 2022 results lay the foundations to achieve this”, Wetselaar assured.
The company has taken the opportunity to take stock of the main milestones of its Positive Motion strategic plan, with which it planned to invest between 7,000 and 8,000 million euros to become a leader in sustainable mobility, green hydrogen and second-generation biofuels in Spain and Portugal this decade.
Among these outstanding milestones for 2022, Cepsa announced in December its plan to develop the Andalusian Green Hydrogen Valley, the largest green hydrogen hub in Europe and an agreement with the Port of Rotterdam to create the first green hydrogen corridor between the south and Northern Europe. In September, it began to produce second-generation biofuels with used cooking oils and other waste at its Palos de la Frontera Energy Park (Huelva).
To promote the implementation of its master lines, this Friday it launches a sustainability plan, "Driving Positive Impact", with which it seeks to ensure that the key stakeholders for the company have a clear understanding of the strategic direction and Cepsa's priorities.
Along with its net zero emissions and gender diversity goals, the plan includes commitments to increase the circularity of its waste by 50% by 2030, start green hydrogen production through wastewater recycling, and reduce the extraction of fresh water in areas with water stress by 20% by 2025.
