Cepsa confirmed yesterday that the extraordinary tax with which Spain taxes 1.2% of the billing of the main energy companies will have an impact of around 325 million euros.
Despite being the second energy company on which the measure has the greatest impact – only Repsol, with 450 million, will pay more – Cepsa has not yet taken the step of appealing to the courts and has not included it in its 2022 accounts either. According to the information communicated yesterday to the market, the company registered “the largest tax contribution in history”, 6,654 million euros, of which 71%, 4,721 million, were taxes paid in Spain.
Historic were also its benefits, which climbed to 1,100 million euros, driven by a macroeconomic context marked by soaring oil and gas prices after the outbreak of the war in Ukraine. The price of crude oil increased by 43% to an average of 101.2 dollars per barrel in 2022. This boosted the company's refining margin to 9.6 dollars per barrel, an increase of 160%.
In the case of gas, the year was marked by volatility and although the MWh price in the reference TTF market of the Netherlands was 120.5 euros, 90% higher than the 2021 measure, the price reached mark a maximum of 339 euros MWh in the month of August.
In this context, Cepsa's adjusted gross operating result (ebitda) reached 2,939 million euros, 62% more than in 2021, and investments increased by 57% to 743 million euros. Free cash flow (cash) decreased slightly to 901 million euros, compared to 915 million in 2021, but the company managed to maintain net debt at 2,756 million, a level similar to the 2,759 million at which it closed in 2021 .
"In a year of enormous geopolitical and economic uncertainty, high prices and growing concerns about energy supply and climate objectives in Europe, we have cushioned the impact of the energy crisis on our customers and remain focused on our strategy," Maarten Wetselaar said yesterday. , the CEO.
With regard to customers, Cepsa explained that during 2022 it allocated 130 million euros to complement the fuel discounts approved by the Government in March.
Looking to the future, the company maintains its commitment to renewable gases that it included in its Posivite Motion strategic plan: it plans to double its investments between 2023 and 2025, to exceed 3,600 million euros. More than 50% will be allocated to sustainable businesses, among which its strong commitment to green hydrogen in Spain stands out.
