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The price of pulp weighs down Ence, records losses of 25 million between January and June

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Ence Energía y Pulp has recorded a net loss of € 13 million in the second quarter of the financial year 2020 as a consequence of pulp prices, which remain at the lowest levels recorded in the last 10 years, as well as low energy prices. In the semester, the company accumulates net losses of € 24.6 million.

By cons, the company's productivity has starred a significant improvement thanks to the consolidation of the investments made last year, which has led to an increase in sales of both pulp (19%) and energy (27%), and a reduction in production costs

The EBITDA of the Pulp business reached € 8.9 million in the first half of the year, which represents a decrease of 87% compared to the first half of 2019 as a result of lower pulp prices.

On the other hand, the EBITDA of the Renewable Energy business improved 24% year-on-year in the second quarter, to € 15.5 million, and 5% in the whole of the semester, to € 27 million. The incorporation of the two new agricultural and forestry biomass plants in Huelva and Ciudad Real contributed to 51% growth in sales in the second quarter and to offset the decrease in the average sale price to the minimum set by the regulator.

Ence continues with the development of new renewable energy projects. The 405 renewable MW in the portfolio, with access to the network and secured locations, are awaiting the next call for auctions for the implementation of the National Plan for Renewable Energies, while its administrative processing is completed, between the third quarter of 2021 and the first quarter of 2022.

The early and rigorous application of Ence's internal protocols to prevent and minimize the risks of the spread of Covid-19 among the company's human team, have allowed it to continue operating during this health crisis and fully maintain employment.

Ence bets on a green recovery to overcome the crisis caused by the coronavirus, supported by the promotion of renewable energies and the supply of cellulose, a renewable, recyclable and naturally-sourced material that the company produces in a sustainable and eco-efficient manner in its bio factories in Pontevedra and Navia, generating 11,500 jobs altogether.

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