- 2021 Clean CCS EBITDA was €1,815m versus €1,187m in 2020, an increase of 53% driven by improved market conditions, as the effects of the Covid-19 pandemic diminished, and optimization initiatives that continued to contribute to improved performance in all businesses and functional areas
- 2021 CCS Net Income was €310m (IFRS €661m), a significant improvement versus €1m in 2020 (IFRS €919m net loss), underpinned by a recovery in demand and higher crude prices
- Free cash flow generation before working capital for the year stood at €1,065m, a nine-fold increase when compared to 2020, as a result of improved market conditions and the optimization and efficiency program aimed at improving gross margin, capturing sustainable cost efficiencies and rationalizing capex
- Significant reduction in leverage ratio from 2.7x Net debt to EBITDA at the end of 2020, to 1.6x at the end of 2021
- As of the end of 2021, Cepsa continued to hold a strong liquidity position of €3.5bn, covering more than the next 4.5 years of debt maturities
Cepsa will communicate its new strategic plan on 30 March. This strategy will address the opportunities the company will pursue in the energy transition and mark an inflection point in Cepsa’s long-term vision.
The company’s transformation is already underway. Cepsa’s strong commitment to ESG resulted in several strategic alliances to advance in the decarbonization of its customers, either though the provision of green molecules in its network of service stations, or through the development of sustainable aviation biofuels (SAF).
Recent partnerships announced include one with Endesa in eMobility; with Iberia, Iberia Express and Binter in Sustainable Aviation Fuel (SAF); and with Redexis to create the first global network of service stations generating renewable energy in Europe.
As a result of the company’s ambitious decarbonization plan, which was intensified during 2021, Cepsa has been recognized as top performer by ESG rating agencies such as Sustainalytics, being ranked as the #1 independent O&G company globally, and S&P CSA (Corporate Sustainability Assessment), as first quartile in the energy space.
Cepsa ceased buying Russian crude, natural gas and oil products on the day the war started and the company does not see this position changing in the foreseeable future. Cepsa has traditionally had very limited sales activity into Russia and has now stopped selling.
The company is collaborating with various NGOs such as ACNUR to support the impacted civilian population.