Cepsa earned 145 million euros in the first half of the year, representing a 69% drop in profits compared to the 463 million earned in the same period of the previous year.
The company has been affected by the drop in oil and gas prices between the two periods and by a change in the valuation of inventories. But above all, he attributes these losses to the strong impact of the extraordinary tax that the Government approved to tax the income of energy companies.
"Our first semester has been affected by a poorly designed extraordinary tax that has had a significant impact on our results and cash generation, in a context in which Cepsa is undergoing a profound transformation, going from being a traditional oil and gas to a company at the forefront of the European energy transition", explained Maarten Wetselaar, CEO, in the note issued by the company.
The gross operating result (ebitda) was 742 million euros, compared to 1,742 million in the first half of 2022, due to the lower volumes of the exploration and production business after the sale of the assets in Abu Dhabi and the decrease in crude oil prices. The company also ensures that "refining margins continue to be good, although lower than those of the first half of 2022."
The operating cash flow, excluding non-recurring items, a figure that reflects the company's profitability, grew to 580 million, 33% higher.
The company increased investments by 26% to 276 million, compared to the 218 million invested in the same period of the previous year, of which 39% was allocated to sustainable investments.
Net debt was reduced to €2.5bn, with the leverage ratio increasing due to lower EBITDA following the sale of the Abu Dhabi assets. Liquidity remains solid at 4.1 billion euros, covering 4.3 years of debt maturities.
Despite this balance, the company maintains the commitment designed in its Positive Motion strategic plan focused on promoting renewable gases with special dedication to promoting green hydrogen and biofuels.
In the area of green hydrogen, during the period Cepsa presented its plan to build the largest green ammonia plant in Europe, with a production capacity of 750,000 tons, which will entail a gross investment of 1,000 million euros, and signed strategic alliances with Yara Clean Ammonia and Gasunie to promote the first green hydrogen maritime corridor between southern and northern Europe.
In addition, the company has also reached an agreement with GETEC, one of the main European providers of energy services for industry and the real estate sector, with regional platforms in Germany, the Netherlands, Switzerland and Italy, to supply green hydrogen and its derivatives to its industrial customers.
In the field of biofuels, Cepsa awarded the engineering contract for its 2G biofuels plant in Huelva, which will be built within the framework of a joint venture with Bio-Oils (Apical's biofuels company in Huelva). This facility will be the largest 2G biofuel plant in southern Europe, with an annual production of 500,000 tons of renewable diesel and sustainable aviation fuels (SAF), which will contribute to the decarbonisation of air, sea and land transport, allowing a reduction in CO₂ emissions of up to 90% compared to the use of traditional fuels.
With the aim of further strengthening Cepsa's position in the SAF market, the company announced alliances with Wizz Air and Volotea to accelerate the decarbonization of air transport and in July it began to market SAF at the airports of Madrid, Barcelona, Palma Mallorca and Seville to all customers who request it.
