Cepsa closes the first nine months of the year in the red due to the impact of the extraordinary tax on energy companies and changes in the valuation of inventory. The company has recorded losses of 116 million euros until September, far from the 982 million euros earned in the same period last year, according to the results presented this Thursday by the company.
“Our financial results have improved in the third quarter thanks to the increase in refining margins, although the overall results for the first nine months of the year continue to reflect the impact of the extraordinary tax, which we consider poorly designed; as well as the volatility of energy markets observed throughout Europe so far this year,” said Maarten Wetselaar, CEO of Cepsa.
The figure is in any case less than the 145 million that it lost until June, thanks to the fact that in the third quarter it earned 278 million euros, almost double that of last year.
In these nine months the company estimates that it has paid 3,358 million euros in taxes in Spain, of which it directly supports 2,046 million. Of them, 323 million are for the extraordinary tax on energy companies, after paying 158 million in the second payment. This tax is levied at 1.2% on sales. “We look forward to working with the new Government to ensure that the fiscal and regulatory framework supports the industry and creates a competitive environment for the energy transition,” said Wetselaar with the inauguration in mind.
Cepsa’s business is divided into several areas that have had uneven luck. In energy, ebitda in the third quarter was 335 million, compared to 114 million in the previous quarter, thanks to better margins in refining. In exploration and production it earns 73 million, above the 58 million in the second quarter, thanks to a higher price per barrel and sustained production. Finally, in chemistry the results were lower, with an EBITDA of 52 million, compared to the previous 60 million.
Like the rest of the sector, the company continues to promote sustainable business. The investments in this portfolio, which represented 40% of the total, amounted to 439 million euros in the year. They remain 23% above those of 2022.
Cepsa supports a debt of 2.5 billion euros at the end of September, up from 2.8 billion a year ago. The company announced this week the purchase of Ballenoil gas stations, which will mark its entry into the low-cost segment. It will acquire 235 service stations, bringing its total portfolio to 2,000 stations.
