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2021 INTEGRATED MANAGEMENT REPORT
MAARTEN WETSELAAR CEO of Cepsa
In 2021 our company continued to be affected significantly by the COVID-19 pandemic. Many of our staff suffered illness but thankfully we did not suffer any loss of life. The economic situation in our main markets remained depressed and volatile.
It is specially against that context that I want to start by sharing my deep appre- ciation for the people of Cepsa and their invaluable contribution to the company's performance. I am thankful for their tenacity, commitment and drive ensure that our customers are served every day whilst carrying out the transformation to which we are all committed.
I would also like to express my gratitude to our shareholders, Mubadala and Car- lyle, for giving me the opportunity to lead this extraordinary company and help turn it into an Energy Transition Leader. And thirdly I want to thank my predeces- sor, Philippe Boisseau, who has done a great job over the last two years laying the foundation for the new strategy upon which we will build our future.
An overview of 2021 shows Cepsa s resilience and strong financial perfor- mance thanks to continued manage- ment focus on efficiencies, operational excellence and an improved market environment which has delivered strong company results.
Our EBITDA rose 53% to 1.8 billion in 2021, a year when the company worked hard to design a long-term strategy that we will soon announce and start executing.
It is important for our people and partners to have a clear understanding of our strategic direction and priorities. Ahead of our strategy announcement, we continue to reshape our organization to provide a solid structure for this next stage. For example, our Executive Com- mittee was recently redesigned to boost areas such as low carbon energy and sustainable mobility, strongly supported by digitalization.
Beyond our financial performance, our safety record also improved over 2020, yet we want to make even more pro- gress in this area, one that we care about deeply at Cepsa. We therefore started a company-wide initiative to significant- ly improve our safety leadership and outcomes, drawing the circle wide to include mental health.
On the crucial agenda of diversity and inclusiveness, we have approved a new Diversity & Inclusion Policy which establishes commitments to ensure equal opportunities, non-discrimination and diverse talent. And we made solid progress towards our goal of increas- ing female representation in our senior leadership.
We also designed a substantial interven- tion to drastically reduce our Scope 1 and 2 carbon footprint in coming years.
As a United Nations Global Compact signatory for the past 15 years, Cepsa continues its strong commitment to the 10 Principles of this initiative. All of our employees are contributing to the United Nations Sustainable Development Goals for 2030 and playing an important role in addressing the decarbonization chal- lenge.
I know that shared purpose and strong values are at the heart of sustainable growth and I believe that Cepsa has what it takes to create the ideal envi- ronment for such growth, paying special attention on meeting our commitments to ESG (Environmental, Social and Governance), Transparency, Ethics and Compliance. Now we need to scale up our impact and focus on execution of our plans.
Once more, I would like to place on record my thanks to the people and business partners of Cepsa for helping create such a strong outcome in such a challenging year. With this solid founda- tion in place, and a winning strategy on the way, I am full of confidence in our future.
CEO'S LETTER
