Ence Energía y Celulosa achieved a net profit of € 9 million in fiscal year 2019 (-93%) and an EBITDA of € 127 million (-56%). The EBITDA of the Pulp business was € 75 million (-69%), while that of Renewable Energy was € 52 million (+ 15%).
The results have been marked by the fall in the price of cellulose and the execution of significant investments planned in the Strategic Plan to expand capacity in Cellulose and Renewable Energy, which are already paying off.
Thus, during the fourth quarter the 80,000-ton capacity expansion planned at the Navia biofactory has been successfully implemented and has resulted in the improvement of virtually all industrial processes in the plant. Likewise, investments have been made in the Pontevedra biofactory to improve its efficiency and environmental quality.
It should be noted that the price of cellulose has begun to show signs of recovery, after being at a minimum level of the last 10 years in the 4th quarter of 2019, and the rate of production of Ence’s biofactor so far year clearly exceeds that of the same period of the previous year.
In Renewable Energy, two new biomass plants with a capacity of 96 MW are being incorporated in the first quarter, contributing to increase renewable generation by more than 50% in 2020.