Cepsa Full-Year Report 2023
RESULTS HIGHLIGHTS & STRATEGY UPDATE
Cepsa reports Clean CCS EBITDA of €1.4bn in 2023 as it accelerates its transformation
- In 2023, Cepsa accelerated its ambitious Positive Motion strategy to transform from a traditional oil and gas company to become a European leader in the production of green molecules this decade with the sale of 50% of its Upstream portfolio, and posted a Clean CCS EBITDA of €1,402m
- 2023 CCS Net Income was €278m, also reflecting the sale of the Company’s Upstream assets in Abu Dhabi
- Cepsa’s cash flow from operations of €1,126m for 2023 showed the resilience of its cash generation even with lower Upstream production and the impact of Spain’s extraordinary tax on energy companies, as the Energy and Chemicals segments performed within expectations in the period
- Cepsa’s total tax contribution in the year reached €5,529m, of which 75% or €4,150m was paid in Spain. This figure includes the payment of €323m corresponding to the extraordinary tax imposed on energy companies based on 2022 revenues
- Cepsa ended the year with net debt of €2,291m, a meaningful reduction compared with 2022, on the back of a strong Free Cash Flow generation. The Company retains a significant liquidity position of €4,359m, allowing sufficient headroom to fund its Positive Motion strategy and covering debt maturities until the end of 2028
- Capex spend for 2023 was €732m, with sustainable capex accounting for almost 40% of the total as the Company continued to deliver on its Positive Motion strategy
- In February 2024, a key Positive Motion milestone was reached when Cepsa broke ground on the construction of the largest second-generation biofuels plant in southern Europe, kicking off the start of a new chapter for the Company. The plant, due to begin production in 2026, will be built with joint venture partner Bio-Oils, entailing a total 1.2-billion-euro investment and the ability to flexibly produce 500,000 tons of sustainable aviation fuel and renewable diesel annually, helping to position Spain as a leading provider of decarbonization solutions for land, sea and air transport
- Cepsa made significant progress on its ESG commitments, including achieving a 28% reduction in Scope 1 and 2 and a 21% reduction of freshwater withdrawal, both vs. 2019 baseline, and reached 28.9% of women in leadership positions