Cepsa registers losses of 116 million as of September impacted by the tax on energy companies

MADRID, 16 Nov. (EUROPA PRESS) -

Cepsa recorded losses of 116 million euros in the first nine months of the year, compared to profits of 982 million euros in the same period of the previous year, weighed down by the extraordinary tax with which the Government taxes energy companies in Spain, the company reported.

The company's adjusted net profit, which specifically measures business performance, reached €252 million in the period from January to September after the sale of the Abu Dhabi assets, with a drop of 53% more compared to the 534 million registered in the same period of 2022.

For its part, the adjusted gross operating result (Ebitda) was 1,165 million euros in the first nine months of the year, compared to 2,492 million in the same period of the previous year, driven by lower volumes of the Exploration and Production business, after that sale of assets in Abu Dhabi.

Meanwhile, refining margins remained high, with an average margin for the group of $14.4/barrel, almost double that of the second quarter of this year, driven mainly by the better performance of light and medium distillates. However, the group expects that in the fourth quarter of 2023 they will fall to levels similar to those of the second quarter of the year.

The CEO of Cepsa, Maarten Wetselaar, considered that the group's results have experienced an improvement in the third quarter thanks to the increase in refining margins, although he stressed that "they continue to reflect the impact of the extraordinary tax, which we consider poorly designed; as well as the volatility of energy markets seen across Europe so far this year.

In this sense, he extended his hand to "work" with the new Spanish Government to "guarantee that the fiscal and regulatory framework supports the industry and creates a competitive environment for the energy transition, encouraging investment and allowing the development of the greatest European green hydrogen project".

Specifically, the total amount for the tax that taxes the sales of companies in the sector at 1.2% in 2022 whose income exceeded 1,000 million annually amounts to 323 million euros for the company, after paying 158 million euros in September. million euros corresponding to its second payment.

From a fiscal point of view, during this period, the oil company controlled by Mubadala and Carlyle indicated that it contributed 3,358 million euros in taxes in Spain, of which 2,046 million were borne by the company and 1,312 million collected on behalf of the treasury. Spanish public.

The company indicated that its three business areas - Energy, Chemicals and Exploration and Production - demonstrated "great resilience" during the third quarter of the year, thanks to a favorable market environment, with higher crude oil prices and higher refining margins. , above the historical average.

Thus, Energy recorded an adjusted gross operating result during the third quarter of 2023 of 335 million euros, compared to 114 million euros in the previous quarter. Meanwhile, the Chemicals area obtained slightly lower results than in the second quarter of 2023, with an adjusted gross operating result of 52 million euros, compared to 60 million in the second quarter of 2023.

For its part, Exploration and Production increased its adjusted gross operating profit significantly to 73 million euros, compared to 58 million euros in the second quarter of 2023), thanks to the increase in Brent prices and sustained production. with volumes of 32,800 barrels/day.

For its part, Cepsa's net debt was reduced to 2.5 billion euros in September, with a leverage ratio that increased to 1.7 times, due to lower Ebitda after the sale of Exploration and Production assets. Meanwhile, liquidity increased to 4.2 billion euros, which represents a margin of 4.4 years without refinancing risk.

Likewise, operating cash flow, excluding non-recurring items, stood at 1,006 million euros, compared to 979 million in the first nine months of 2022.

As for sustainable investments, they represented 40% of the total investments made by the group, amounting to 439 million euros, compared to 357 million in the same period of the previous year, which reflects the progress of its 'Positive' strategy. Motion'.

"At a time when the urgency of investing in low-carbon energy solutions is increasingly evident, Cepsa remains committed and focused on its Positive Motion strategy to become the leader in green hydrogen, 2G biofuels and sustainable mobility, with sustainable investment increasing and already representing 40% of spending this quarter," Wetselaar said.

Finally, this week, Cepsa reached an agreement to acquire the Ballenoil service station network, which has more than 220 establishments in Spain, thus expanding its network to around 2,000 service stations in the Iberian market and allowing the company operate in both the low cost and premium segments.