The group avoids provisioning the 325 million hit of the new tax on the sector after exceeding the 4,700 million tax contribution in Spain in 2022
Cepsa se a al festn of profits of the big oil companies after skyrocketing their profits more than a 66% in 2022 until €1.1 billioncompared to the 661 million they earned in 2021, as the group reported to the market this Friday.
The good performance of the business is explained by the rise in the prices of crude oil and natural gas, within the framework of the recovery of global demand after the stoppage of the pandemic and the supply tensions derived from the war in Ukraine. With this scenario as a backdrop, the company that runs Martin Wetselaar It increased its investments by 57% to 743 million, compared to 473 million in 2021.
In 2022, the group’s total tax contribution reached 6,654 million euros, the largest in the company’s history. 71% of the total, 4,721 million, were taxes paid in Spain. The energy figures at about 325 million the impact of the new temporary government tax on energy income, a rate that Cepsa will have to face in 2023 and that the group has not yet provisioned in its latest financial statements.
Cepsa closes a golden year in which it has managed to give an important nibble to your financial debt. The company’s leverage has gone from a ratio of 1.6 times net debt to EBITDA at the end of 2021, to below 1.0 times at the end of 2022. The energy giant maintains a solid liquidity position of 4,000 million euros, enough to cover liability maturities until 2027.
One year after Wetselaar landed in the company controlled by the funds Carlyle y Exchangethe group has managed to accelerate its commitment to clean energy, under the umbrella of its 2030 strategy called Positive Motion. The company has set itself the goal of developing projects with a total investment of more than €3.6 billion in the next three years. Of the total, more than 50% be used for sustainable businesses. The figure represents an increase of 93% compared to the investments made in the three preceding years.
This same week, Cepsa announced an agreement to transfer all its oil wells in Abu Dhabi to the French TotalEnergies. A movement that consolidates in the eyes of the market the transformation of the hydrocarbons group into a multi-energy company. The Exploration and Production business in the United Arab Emirates accounts for 50% of the activity of Upstream (as the oil and gas business is known in jargon) of the entire group. According to market sources, Cepsa would have received around the €1.5 billion For this transaction, an injection of liquidity that the company will allocate to accelerate its commitment to new energies such as biofuels or green hydrogen.
“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,” Wetselaar said. Cepsa’s first sword has highlighted the “fruitful and ambitious alliances” that the group sealed throughout 2022 to develop decarbonisation solutions aligned with international requirements.
The CEO of Cepsa has ratified his commitment to “transform the company into a leading producer of green energy by 2030, investing between 7,000 and 8,000 million euros, and I am convinced of reaching this goal”, and has qualified that in order to achieve this milestone , the company You must be able to finance your strategy.
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