CEPSA, EBITDA de 605 millones de euros en el primer trimestre

La compañía mantiene una sólida posición de liquidez de 3.400 millones de euros

El resultado bruto de explotación ajustado (CCS EBITDA) fue de 605 millones de euros en el primer trimestre de 2022, frente a los 324 millones de euros del mismo periodo de 2021, impulsado por la subida de los precios del crudo, el aumento de la producción en el negocio de Exploración y Producción, y los sólidos resultados registrados por el negocio de Química, a pesar de los elevados costes energéticos

El beneficio neto ajustado (CCS) fue de 58 millones de euros(beneficio neto NIIF de 265 millones de euros), lo que supone una mejora respecto a los 53 millones de euros del primer trimestre de 2021 (beneficio neto NIIF de 75 millones de euros)

El flujo de caja antes de capital circulante se situó en 205 millones de euros, por debajo de la cifra del primer trimestre de 2021 de 309 millones de euros, como consecuencia del aumento del pago de impuestos en el negocio de Exploración y Producción en comparación con créditos fiscales aplicados en el mismo periodo de 2021

La compañía continúa reduciendo su ratio de endeudamiento, con una relación entre la deuda neta y el EBITDA que se reduce hasta 1,5x, gracias a la mejor evolución del EBITDA en el periodo

CEPSA mantiene una sólida posición de liquidez de 3.400 millones de euros, que cubre los próximos 4,5 años de vencimientos de deuda

Estos sólidos resultados respaldan la nueva estrategia de la compañía a 2030, ‘Positive Motion’, anunciada a finales de marzo, que permitirá a Cepsa convertirse en líder en movilidad y energía sostenibles en España y Portugal, y ser un referente en la transición energética

Cepsa firmó una serie de alianzas estratégicas para descarbonizar el transporte aéreo a gran escala, entre las que se encuentran Grupo Iberia, Binter y Air Nostrum, a través del desarrollo, producción y suministro de biocombustibles sostenibles para la aviación (SAF)

Desde el 1 de abril, Cepsa ofrece descuentos especiales de hasta 25 cts./l que se suman a los 20 cts./l ofrecidos por el Gobierno de España para que sus clientes fidelizados puedan llenar su depósito a precios de combustible similares a los de 2021. Estos descuentos, implementados para ayudar a mitigar el impacto de los elevados precios del combustible, estarán vigentes hasta el 30 de junio

“Este ha sido otro trimestre de sólidos resultados en Cepsa, con un buen comportamiento de todas nuestras métricas financieras. Estos resultados se producen tras la presentación de nuestra nueva estrategia para 2030, ‘Positive Motion’, que traza un ambicioso camino para que Cepsa se convierta en líder en hidrógeno verde, biocombustibles y movilidad eléctrica. No cabe duda de que vivimos tiempos de incertidumbre, sobre todo en los mercados energéticos, sin embargo, en Cepsa contamos con gran capacidad para reaccionar con flexibilidad a la evolución del entorno, tal y como ponen de manifiesto estos resultados.”

Maarten Wetselaar – consejero delegado de Cepsa

Entorno de mercado

Los precios del crudo aumentaron significativamente en el primer trimestre, alcanzando una media de 101,4 $/barril (frente a la media de 60,9 $/barril en el mismo periodo del año anterior y 79,7 $/barril en el cuarto trimestre de 2021), principalmente como consecuencia de una oferta ajustada, agravada por las tensiones geopolíticas derivadas del conflicto en Ucrania.

Los márgenes de refino se incrementaron durante el primer trimestre, situándose el margen medio de Cepsa en 2,5 $/barril (frente a 1,9 $/barril en el primer trimestre de 2021 y 3,8 $/barril en el cuarto trimestre de 2021), aunque impactados negativamente por el incremento de los precios del gas natural, provocado por el conflicto en Ucrania, que registró una media de 95,6 €/MWh (frente a 18,5 €/MWh en el mismo periodo del año anterior y 92,2 €/MWh en el cuarto trimestre de 2021).

La demanda española de carburantes aumentó frente a los tres primeros meses de 2021 en un 8 %, aunque disminuyó un 8 % en relación al cuarto trimestre de 2021, debido a la huelga del sector del transporte en España, que se tradujo en una menor movilidad.

La volatilidad de los precios de la electricidad se mantuvo en el primer trimestre del año. Los precios del pool español siguieron aumentando con respecto al cuarto trimestre de 2021, hasta una media de 229 €/MWh (un 9 % más que en el cuarto trimestre de 2021), y cuatro veces más que en el primer trimestre de 2021.

Detalle de resultados

Las tres principales áreas de negocio de Cepsa (Energía, Química y Exploración y Producción) tuvieron una evolución positiva durante el primer trimestre del año. El EBTIDA se vio impulsado por unos precios más altos del crudo, el aumento de la producción del área de Exploración y Producción y el mantenimiento de los sólidos resultados de Química, aunque los elevados precios del gas natural afectaron a los márgenes de refino. Por líneas de negocio:

Energía (Commercial & Clean Energies, Mobility & New Commerce, Energy Parks y Trading). El resultado bruto de explotación ajustado (CCS EBITDA) durante el primer trimestre se situó en 143 millones de euros (mientras que en el mismo periodo de 2021 este resultado fue de 89 millones de euros y en el cuarto trimestre de 2021 fue de 108 millones de euros), principalmente como consecuencia de la mejora del negocio de Energy Parks. Los márgenes de refino durante el trimestre se situaron en una media de 2,5 $/barril, afectados por el aumento de los costes de la energía y la reducción de la utilización de las instalaciones frente al trimestre anterior, que fue del 83 %, debido a la parada programada de una unidad de crudo en el Energy Park Gibraltar-San Roque. Las ventas del área comercial disminuyeron un 8 % con respecto al cuarto trimestre de 2021 como consecuencia de la huelga de transporte, mencionada anteriormente, y los márgenes se mantuvieron estables.

Química. Continuó registrando unos resultados sólidos, con un resultado bruto de explotación ajustado (CCS EBITDA) de 110 millones de euros (frente a los 100 millones de euros registrados en el primer trimestre de 2021 y los 106 millones de euros durante el último trimestre de 2021) con volúmenes similares y márgenes sólidos y sostenidos, a pesar de los elevados precios del gas y la electricidad registrados durante el trimestre.

Exploración y Producción. Este negocio registró una mejora sustancial de los resultados, con un resultado bruto de explotación ajustado (CCS EBITDA) de 384 millones de euros (mientras que en el mismo periodo de 2021 fue de 171 millones de euros y en el cuarto trimestre de 2021 fue de 290 millones de euros), gracias a la subida de los precios del crudo (+67 % frente al primer trimestre de 2021 y +27 % frente al cuarto trimestre de 2021) y al aumento de la producción, que alcanzó los 81.500 barriles/día, significativamente superior a la de los trimestres anteriores (71.900 barriles/día en el primer trimestre de 2021 y 74.200 barriles/día en el cuarto trimestre de 2021), debido a la reducción de las restricciones de la cuota de la OPEP, el aumento de la producción en Abu Dabi y las mejoras operativas en los campos para reducir su declive natural.


Estrategia 2030 – ‘Positive Motion’

Cepsa presentó el 30 de marzo su nueva estrategia a 2030, ‘Positive Motion’ con el objetivo de convertirse en líder en movilidad y energía sostenibles en España y Portugal, y en un referente en la transición energética.

Para 2030, Cepsa reducirá sus emisiones de CO2 (alcance 1 y 2) en un 55 % con respecto a 2019 y será neutra en carbono antes de 2050. En cuanto al alcance 3, la compañía reducirá su índice de intensidad de carbono entre un 15 % y un 20 % para 2030.

Según el nuevo plan estratégico, Cepsa invertirá entre 7.000 y 8.000 millones de euros en esta década, de los que más del 60 % se destinará a negocios sostenibles a partir de 2023. Esto se traducirá en una mayor contribución de los negocios sostenibles al EBITDA, hasta representar más de la mitad en 2030.

Principales hitos del trimestre

Durante el primer trimestre de 2021, Cepsa firmó varias alianzas estratégicas para impulsar la descarbonización del transporte aéreo a gran escala, entre ellas, con Grupo Iberia, Binter y Air Nostrum, mediante el desarrollo, producción y suministro de biocombustibles de aviación sostenibles (SAF) a partir de materias primas circulares, como aceites usados de cocina o grasas animales de uso no alimentario. Estos acuerdos contemplan otras fuentes de energía alternativas, como el hidrógeno renovable y la electricidad, para promover la movilidad sostenible en las flotas de aviones y de tierra.

La compañía inició la desinstalación de su refinería en Tenerife como parte de un acuerdo estratégico entre Cepsa y el Gobierno de Canarias para promover la sostenibilidad y la transición energética mediante la transformación de los terrenos en zonas verdes para la ciudad.

Desde el 1 de abril, Cepsa ofrece descuentos especiales de hasta 25 cts./l que se suman a los 20 cts./l ofrecidos por el Gobierno de España para que sus clientes fidelizados puedan llenar su depósito a precios de combustible similares a los de 2021. Estos descuentos, implementados para ayudar a mitigar el impacto de los elevados precios del combustible, estarán vigentes hasta el 30 de junio.

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