MOSCOW (MRC) -- CCS EBITDA was EUR 556 M in 1Q 2023 versus EUR 605 M in the same period of 2022, driven by lower crude prices and lower refining production due to scheduled maintenance turnarounds at both energy parks, weighing on strong refining margins and positive commercial and clean energies earnings, said the company.
CCS net income was EUR 176 M versus EUR 58 M in 1Q 2022, helped by an improvement in refining margins. However, Cepsa registered a IFRS net income loss for the period of EUR 297 M versus a EUR 265 M profit in 1Q 2022, due to a EUR 323 M charge as a result of the extraordinary tax imposed on energy companies in Spain, with the loss also reflecting changes in stock valuations.
Cash flow from operations before working capital reached EUR 285 M, above the 1Q 2022 figure of EUR 205 M, mainly driven by higher refining margins. Capex spend reached EUR 114 M in 1Q 2023 versus EUR 89 M in 1Q 2022, of which 30% was in sustainable businesses compared with 17% in 1Q 2023 period, as Cepsa firmly moves forward with its Positive Motion strategy to lead green hydrogen, biofuels and e-mobility in Spain and Portugal. Continued deleveraging, with net debt to EBITDA ratio decreasing to 0.8x driven by reduced debt following the cash-in of the Abu Dhabi, United Arab Emirates assets divestment.
Liquidity position remains strong at EUR 4.3 bn, covering debt maturities until end-2027. Cepsa completed the sale of its upstream assets in Abu Dhabi to Total Energies in line with its commitment to lead the energy transition in Europe. Results include the contribution of these assets until the 15 Mar 2023 closing date. Cepsa signed a number of new partnerships during the quarter to develop the Andalusian Green Hydrogen Valley and entered into a joint venture to build the largest 2G biofuels plant in southern Europe with Bio-Oils, a member of the Apical Group. To help customers mitigate the impact of high inflation and energy prices, Cepsa launched in Apr 2023 and updated fuel loyalty programme that can save customers more than EUR 300/y.
In total, Cepsa?s customers saved EUR 145 M during 2022 and 1Q 2023 thanks to fuel discounts on top of temporary discounts offered by the Spanish government. Despite this, it was another quarter of transformation for Cepsa as we embark further on its Positive Motion journey to lead green hydrogen, biofuels and e-mobility in Spain and Portugal. It has signed a number of important industry partnerships since implementing this strategy, and this period has been no exception with significant agreements with key industry players confirmed to develop and promote the Andalusian Green Hydrogen Valley.
The quarter also saw the sale of its upstream assets in Abu Dhabi to Total Energies, divesting a large proportion of its traditional E&P operations to allow it to streamline its efforts to produce and supply sustainable fuels.
We remind, Cepsa plans to nearly double its investments over the next three years to a total of 3.6 B euros (USD3.82 B), with more than half of that amount going to sustainable energy and mobility. It also posted a full-year net profit at current cost of supplies (CCS) of 790 MM euros for 2022, up sharply from the 310 MM euros reported in 2021. The planned investment increase of 93% for 2023-25 is from the previous three years, Cepsa said.