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Spanish Cepsa's loss reduced to EUR 8 million in the 1st quarter
Cepsa went from a loss of 297 million euros in the first quarter of 2023 to a loss of eight million euros until March this year, the Spanish oil company revealed today.
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Economia Cepsa
This is a 97% reduction in homologous terms, Cepsa says in a statement, clarifying that in the first quarter of last year it presented a loss of 297 million and that it paid the extraordinary tax on energy companies for that year in full (323 million).
In the first three months of this year, Cepsa paid the first instalment of that tax in the amount of 122 million, the statement reads.
Until March, the adjusted net result of the oil company - which does not take into account the variation in the value of inventories and which measures the real evolution of the business - amounted to 226 million euros, 28.4% more than in the first quarter of 2023, an increase that occurs despite no longer having the assets in Abu Dhabi, in the United Arab Emirates, which were sold in March last year.
Cepsa, which attributes the improvement to the robust performance of refining during the period under analysis, achieved an adjusted gross operating result (ebitda) of 583 million euros, 5% more than in the same period of the previous year, thanks to the "maintenance of solid margins and higher production in refining".
Cepsa's executive chairman, Maarten Wetselaar, highlighted the solid financial results of the activity obtained in the first quarter of this year, despite the "continuous impact" of the extraordinary tax on energy companies, which he considered to be "poorly conceived in Spain".
Cepsa's operating cash flow amounted to 318 million euros in the first quarter of this year, 16% more in homologous terms, while net debt stood at 2,344 million euros, 3% more than a year ago.
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