Ignacio Colmenares: “In 2022 we will benefit from a favorable context, strong cash generation and a healthy balance sheet, which will allow us to meet our goals”

The Chairman and CEO of Ence – Energía y Celulosa, Ignacio Colmenares, stated today at the company’s General Shareholders’ Meeting that, after a difficult 2021, “in 2022 we will benefit from a favorable context for our activity, a strong generation of cash and a healthy balance, which will allow us to meet our goals”.

In his intervention, the chairman of the group stressed the good prices in the Pulp market which, added to the high demand forecast for this year, allow for good prospects.

Ence’s strategy for the coming years includes growth and value creation, hand in hand with the new project announced for the Navia (Asturias) biofactory, “Navia Excelent”. At the same time, the company has also expressed its firm commitment to the continuity of the Pontevedra biofactory, in which it plans to make significant investments, if it can continue to operate.

Ence is going to exhaust all legal avenues in defense of the legality of the extraordinary extension of this concession. The Supreme Court has recently admitted an appeal against two of the sentences issued by the National High Court.

In any case, the company foresees a significant generation of cash and value in all scenarios -including a hypothetical closure of the Pontevedra biofactory-, thanks to investments in the Navia biofactory.

For Ence “sustainability is synonymous with competitiveness”, as emphasized by Ignacio Colmenares. For this reason, the investments planned for both facilities will reinforce their efficiency and environmental excellence.

In this same line, the president has highlighted the strong impulse of special products, which already account for 16% of the group’s sales. Capable of providing new functionalities and replacing plastics, these products provide greater added value and advance along the path of the circular bioeconomy.

The promotion of sustainable forest management (certified under internationally recognized standards), the protection of biodiversity and the promotion of biomass sustainability (accredited under the European Sure scheme) are also part of Ence’s strategic commitment to sustainability.

In the Energy business, Ence has great plans for the future for its subsidiary Magnon Green Energy, through renewable biomass and photovoltaic generation, but also through new developments linked to manageability and security of supply, thus aligned with the energy transition (storage, biofuels, thermal energy, biogas).

Finally, Ence’s General Shareholders’ Meeting has approved the appointment of Mr. Ángel Agudo as proprietary director, replacing Mr. Víctor Urrutia, as well as the appointment of two new independent directors, Ms. Carmen Aquerreta and Ms. Rosalía Gil-Albarellos. , replacing Ms. Isabel Tocino and Ms. Amaia Gorostiza. In this way, the Council maintains its composition and continues to be made up of 13 members.