The group will pay 325 million for the new extraordinary tax on energy after a record tax contribution in 2022


Cepsa obtained a net profit of 1,100 million euros in 2022, a figure 66.4% higher than that of 2021, as reported by the company this Friday, which explained that this result is due to the rise in crude oil prices and of natural gas in a context of demand recovery and supply restrictions in the market.

Cepsa’s adjusted net profit more than doubled last year, going from 310 million euros in 2021 to 790 million in 2022, while the adjusted gross operating result (adjusted Ebitda) reached 2,939 million euros , 62% more than the previous year.

The company has attributed the Ebitda growth to the improvement in market conditions, higher crude oil prices, the increase in refining margins and the optimization initiatives that it has developed to improve results “in all businesses and functional areas “.

Within the framework of its ‘Positive Motion’ strategy, Cepsa increased its investments in 2022 to 743 million euros, 57% more than in 2021, with sustainable investments representing a total of 185 million euros.

The group plans to double its investments between 2023 and 2025, to exceed 3,600 million euros, of which more than 50% will be allocated to sustainable businesses. This amount represents an increase of 93% compared to the investments made by the company in the last three years.

Cepsa’s total tax contribution reached 6,654 million euros in 2022, a record figure in the company’s history, of which 71% (a total of 4,721 million euros) were taxes paid in Spain.

Additionally, during this year, the company will pay the extraordinary tax levied on energy companies based on their 2022 income, which in the case of Cepsa will amount to approximately 325 million euros. This charge, the group specifies, is not reflected in the results of 2022.

The group has reported that it offered and continues to offer discounts on fuel due to the rise in inflation and energy costs. These discounts, in addition to those that the Government was providing with the 20-cent discount on fuel, reached 130 million euros in 2022 in the case of Cepsa.

The company has also highlighted that in 2022 it reduced its financial leverage from 1.6 times the net debt over Ebitda at the end of 2021 to less than 1 times at the end of 2022.

Likewise, it has stressed that it has a “solid position” of liquidity, worth 4,000 million euros, “which covers debt maturities until 2027.”

In 2022, Cepsa’s free cash flow decreased slightly, to 901 million euros, compared to 915 million in 2021, with a net debt of 2,756 million euros, a level similar to that at the end of 2021 (2,759 million).

Maarten Wetselaar, CEO of Cepsa, has highlighted that in his first year in office “much” progress has been made and “in a short time” in the group’s ‘Positive Motion’ strategy.

“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 it,” he stated.

Wetselaar has also outlined that, with the support of Cepsa, “Spain will become one of the main European producers of green hydrogen and second generation biofuels in Europe”.

Cepsa’s CEO today announced the launch of Cepsa’s new sustainability plan, ‘Driving Positive Impact’, which includes the company’s commitments and progress in areas such as carbon reduction, diversity, preservation of the water and biodiversity.