Repsol has invested 4,362 million euros in the first nine months of 2023, 82% more than in the same period of the previous year, and expects to end the year with a total investment of 5,200 million. Of them, 41% went to projects in Spain and 37% went to the United States.
A trend that could have its days numbered with the warning that the company launched this Thursday with the information on its results presented to the National Securities Market Commission (CNMV). “The lack of stability in Spain's regulatory and fiscal framework could condition the company's future industrial projects in the country,” literally states that communication, which also specifies that its fiscal contribution reached 10,890 million euros.
The company explains that the extraordinary tax on energy companies, which was designed as temporary and extraordinary, punishes companies that, like Repsol, invest in industrial assets, generate employment and guarantee the country's energy independence.
If the measure that was initially proposed as exceptional and temporary is maintained over time "it favors importers who do not generate employment or relevant economic activity in Spain."
The energy company's warning joins that already launched by the banks. Although faced with the exceptional year of profits presented by the financial sector, the fall in oil and gas prices compared to the crisis after the outbreak of the war in Ukraine, Repsol's profits stood at 2,785 million euros until September, 13.6% less. Despite this, it is their second best result in history.
The operating result before taxes (ebitda) reached 7,194 million euros, 39% less, while net debt stood at the end of the third quarter at 1,855 million euros, 15% below the same period of the previous year .
Liquidity reached 10,650 million, enough to cover more than five times the maturities of short-term gross debt.
“We have achieved good results at a time of continued volatility in global energy markets, generating value through solid profits and strong cash generation. "Maintaining, at the same time, a healthy balance sheet position and being disciplined in the fulfillment of our strategy," said the CEO of Repsol, Josu Jon Imaz.
In this context, Repsol has announced a new increase in shareholder remuneration in the dividend that will be paid in January 2024 to 0.4 euros per share, compared to the 0.35 paid in July, which represents an increase of 14% compared to the January cash dividend.
The cash dividend paid in 2023 stood at 0.70 euros gross per share, 11% more than in 2022. The combination of dividends and capital reductions will mean the distribution of nearly 2.4 billion euros to shareholders in the present exercise.
