The company reported EBITDA of E259 million for the first quarter of 2008, a 27% decrease, compared to EBITDA of E356 million for the same period of 2007.
In April 2008, Cepsa reached an agreement with Total to purchase its distribution activities in Portugal, including 141 gas stations, as well as its lube and other petroleum product marketing activities. As a result of this deal, Cepsa will have 302 outlets in Portugal and a market share of roughly 11%, consolidating its position on the Iberian Peninsula market with a total of 1,844 retail sites.
In the first three months of 2008, Cepsa’s cash flow from operating activities stood at E238 million. The main outflows of funds in the period were allocated towards capital spending projects, totaling E163 million, and financing the increase in working capital, at an additional E153 million.
