Repsol's benefits climbed during 2022 to 4,251 million euros, which represents a growth of 70%, compared to the 2,499 million it earned in 2021, according to the information that the company registered this Thursday with the National Market Commission for Values. You have to go back to 2010 to see a higher profit in this company and on that occasion it was due to the contribution of income from extraordinary operations.
The operating result before taxes, (Ebitda) amounted to 13,813 million, almost 60% more than during the entire year 2021. This good evolution of the business allowed the company chaired by Antonio Brufau, to reduce the net debt of the company that ended the year 2022 at 2,256 million euros, 61% below.
Liquidity stood at 12,022 million, compared to the 10,066 registered at the end of 2021. This means, as explained by Repsol in the documentation submitted to the regulator, that the company has sufficient financial capacity to cover four times the maturities of the short-term gross debt.
Despite this good performance by the company in the last year, Repsol has still not been able to offset the accumulated losses between 2019 and 2020, which between the two years amounted to 7,105 million; although to achieve it he barely needed 355 million more.
For this reason, the CEO, Josu Jon Imaz, was once again opposed to the tax with which this year and the next the Government will record the income of the large energy companies. "Considering a benefit obtained from a great investment effort as extraordinary and penalizing it against those who import products from other continents without creating a single industrial job, is, in addition to being unfair, incomprehensible and detrimental to the Spanish economy," said Imaz. through the documents presented to the CNMV.
Part of that effort to which the manager refers is the more than 500 million euros that Repsol allocated to discounts on fuels in addition to the 20 cents that the Government implemented. Also to the 2,000 million destined to increase inventories, to guarantee the supply and even the salary increase of 9.4% carried out in 2022
The company in turn explains that the Repsol Group made the largest tax contribution in its history in 2022 with the payment of 17,000 million euros, of which 70% were paid in Spain.
During 2022, Repsol also allocated 4,182 million, 40% more than the previous year, to investments for the efficient transformation of the business with Spain and the US as the destination countries for the largest volume of this investment.
An investment trend that will reinforce throughout 2023, the year in which it foresees a "historic" organic investment, "We are going to allocate more than 5,000 million euros to organic investment this year 2023, the highest figure in history in that regard. 35% of these investments will be allocated to low carbon projects", says Josu Jon Imaz.
On the other hand, in line with the objectives set out in its 2021-2025 strategic plan, the company will continue to increase shareholder remuneration. In 2023, this numbering increase will be 11%, up to 0.75 euros per share, in two payments.
In line with this value creation, the company has launched a new round of share repurchase and redemption, anticipating the objectives of its strategic plan. Specifically, the Repsol Administration Agreement has approved the implementation in 2023 of a new share repurchase program for a maximum of 35 million own shares. In turn, it will propose to the General Meeting a capital reduction through the amortization of 50 million own shares.
