(Updates with the 168 million from the first tranche of the tax)
Madrid, Apr 25 (EFECOM).- Repsol recorded a net profit of 969 million euros between January and March, 13% less than in the same period of the previous year, given the sharp drop in the price of Henry Hub gas, reference for the US market and energy, and the impact of the extraordinary tax.
The adjusted result, which specifically measures the operation of the businesses, was 1,267 million euros, which is 33% less than the 1,891 million obtained a year before, as reported by the Spanish multinational this Thursday to the National Market Commission. of Securities (CNMV).
According to the document sent to the market, its gross operating result or ebitda fell by 20.5%, to 2,143 million euros, while CSS ebitda, discounting the variation in the value of inventories and extraordinary items, fell by 30 %, to 2,144 million.
The accounts include the impact of the first of the two tranches of the temporary and extraordinary tax of 1.2% on the unregulated activity in Spain of large energy companies in 2023, payable this year, for which the company paid 168 million in February of euros; The other half will face it next September.
In 2023, the group paid 443 million euros under the operations carried out in 2022.
In this first quarter, Repsol invested 2,129 million euros, in line with the update of its strategic plan, under which it plans to allocate between 16,000 and 19,000 million euros net between 2024 and 2027: 60% dedicated to the Iberian Peninsula and more than 35% to low carbon projects.
According to data from the energy company, investment in renewable generation, which amounted to 1,180 million euros, amounted to more than half of the total disbursed between January and March.
In these first months of 2024, the international environment has been characterized by tensions derived from the conflicts in the Red Sea and between Israel and Palestine, which have been reflected in the prices of Brent crude oil, a reference in Europe, which grew by 2.5% in interannual terms.
On the contrary, the average price of Henry Hub gas plummeted 32.4% due to the decrease in demand due to milder temperatures in the United States, which contrasted with high production and lower exports from this country.
In this scenario, the Exploration and Production area had an adjusted result of 442 million euros, 6.8% lower than the same period in 2023, due to lower gas realization prices, higher amortization, higher exploration costs and production, the disinvestment of all productive assets in Canada and the depreciation of the dollar against the euro.
In Industrial, it contracted almost 43%, to 731 million euros, due to lower results in the Refining, Trading and Wholesale and Gas Trading businesses.
While in Low Carbon Generation, the adjusted result was -6 million euros, compared to the positive 34 million in the first quarter of last year, due to lower prices in renewables and lower margins and volumes in combined cycles.
In Corporation and others, the adjusted result improved to -56 million euros.
In Customer, the adjusted result was 156 million euros, 10.3% less, due to the evolution in Mobility and LPG, which was partially offset by higher performance in Lubricants and Aviation and Marketing of Electricity and Gas.
As Repsol explains in a press release, this business will make investments of more than 2,000 million euros between 2024-2027 to reinforce leadership in the main businesses and grow in those with the greatest future.
The company plans to double its electricity and gas customer base, up to four million in 2027, and strengthen its position in the electricity marketing market, where it is already the fourth operator.
It will do so through the development of its Repsol E&G Spain and Portugal customer base, the incorporation of Gana and CHC and the development of a physical marketing channel.
It currently has more than 2.3 million electricity customers and 8.3 million digital customers, most of whom are users of its Waylet payment application.
Net debt at the end of the first quarter stood at 3,901 million euros, compared to 2,096 million at the end of 2023, due to higher investments and the temporary increase in working capital, and liquidity reached 10,332 million, 2.85 times the maturities of short-term gross debt.
In terms of dividend, Repsol distributed 0.4 euros gross per share on January 11, and in March it began a repurchase program of a maximum of 35 million shares with the objective of amortizing 40 million.
The board of directors has proposed for approval at the next General Meeting a capital reduction of 40 million shares, which is expected to be executed before the end of July of this year, through the amortization of own shares. EFECOM
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