• Eucalyptus pulp demand (the one which manufactures Ence) rose 8.5% in the first two months of the year.
• The company reduced its net financial debt by 9.7% over the first quarter of last year and stood at 241.9 million €.
• Ence advances its asset divestment program by signing agreements arras sales amounting to € 30 million, will have an approximate gain of € 12 million.

April 20, 2016. – Ence – Energía y Celulosa achieved net profit of € 13.9 million in the first quarter of 2016, representing an increase of 43.9% over the same period last year. The adjusted EBITDA of the company stood at 37 million euros, compared with 39.1 million in the first quarter of 2015. On the other hand, it highlights the financial result of 5.9 million euros achieved through policy exchange hedges deployed by Ence.

It should be noted the strength of demand for eucalyptus pulp, which grew 8.5% in the first two months of the year (latest available data) compared to the same period of 2015, much higher than the global pulp demand growth , which was 4.8%.

Net financial debt was reduced by 9.7% compared to March 31, 2015 and stood at 241.9 million €. The Ence liquidity position at quarter end amounted to € 262.4 million, including 172.4 million in cash and 90 million line of available RCF.

Within the program of divestment of assets, deposit agreements were signed for the sale of 1,305 hectares of irrigated farms in the south for a total amount of € 29.9 million. These sales, which are estimated to close in the third quarter of this year, will have an approximate gain of € 12 million.

April 14 was the payment of a final dividend of 0.1 euros gross per share for fiscal year 2015, which added to the interim dividend paid last October 0.044 euros gross per share represents a return of 4, 7% on the average share price in 2015.