Total CAPEX
In EUR mn
Chemicals CAPEX decreased considerably to EUR 1,081 mn (2023: EUR 1,345 mn). While 2024 included the acquisition of Integra Plastics AD, 2023 saw the impact from an equity injection to Baystar and the acquisition of Rialti S.p.A., as well as organic capital expenditure from the nitrogen business prior to its divestment in July 2023. In 2024, besides ordinary ongoing business investments, organic capital expenditure was predominantly related to Borealis’ construction of the new PDH plant in Kallo (Belgium), the construction of the sorting facility for chemical recycling in Walldürn (Germany), the construction of the ReOil® plant in Schwechat (Austria), and investments fostering growth in specialty products.
Fuels & Feedstock CAPEX amounted to EUR 980 mn (2023: EUR 984 mn). Capital expenditure was slightly higher in 2023 due to higher investments in the co-processing plant in Schwechat and turnaround activities at the Schwechat and Petrobrazi refineries, despite the acquisition of filling stations in Austria for commercial road transportation in Q3/24. Besides ordinary ongoing business investments, organic capital expenditure mainly comprised investments in the aromatic unit and the SAF HVO plant including electrolyzers in Petrobrazi, as well as investments in the EV charging network.
Energy CAPEX including capitalized E&A rose significantly to EUR 1,972 mn in 2024 (2023: EUR 1,582 mn) mainly as a result of a higher activity level related to the Neptun Deep project in Romania. Organic capital expenditure was primarily directed at projects in Romania, the United Arab Emirates, and Norway. Exploration expenditure was EUR 229 mn in 2024, down from the 2023 level of EUR 248 mn. It was mainly directed at activities in Norway, Romania, and Austria.
The reconciliation of total capital expenditure to the investments as shown in the cash flow statement is depicted in the following table:
In EUR mn |
|
|
|
||
|---|---|---|---|---|---|
|
2024 |
2023 |
∆ |
||
Total capital expenditure |
4,101 |
3,965 |
3% |
||
+/– Other adjustments |
–51 |
–14 |
–264% |
||
– Investments in financial assets |
–350 |
–215 |
–63% |
||
Additions according to statement of non-current assets (intangible and tangible assets) |
3,699 |
3,736 |
–1% |
||
+/– Adjustments to cash flow statement1 |
–186 |
–248 |
25% |
||
Cash outflow from investments in intangible assets and property, plant and equipment |
3,513 |
3,487 |
1% |
||
+ Cash outflow from investments, loans and other financial assets |
605 |
635 |
–5% |
||
+ Acquisitions of subsidiaries and businesses net of cash acquired |
199 |
52 |
283% |
||
Investments as shown in the cash flow statement |
4,317 |
4,174 |
3% |
||
|
|||||
1 Includes expenditures for acquisitions as well as equity-accounted investments and other interests; adjusted for capitalized decommissioning costs, exploration wells that have not found proved reserves, borrowing costs and other additions that by definition are not considered capital expenditure