{"id":14755,"date":"2021-09-28T16:17:20","date_gmt":"2021-09-28T16:17:20","guid":{"rendered":"https:\/\/ence.es\/?p=14755"},"modified":"2021-09-28T16:22:50","modified_gmt":"2021-09-28T16:22:50","slug":"ence-returns-to-profits-of-e-12-million-in-the-second-quarter-compared-to-the-e-13-million-it-lost-in-2020-due-to-high-pulp-prices-and-good-operating-results","status":"publish","type":"post","link":"https:\/\/ence.es\/en\/ence-returns-to-profits-of-e-12-million-in-the-second-quarter-compared-to-the-e-13-million-it-lost-in-2020-due-to-high-pulp-prices-and-good-operating-results\/","title":{"rendered":"Ence returns to profits of \u20ac 12 million in the second quarter, compared to the \u20ac 13 million it lost in 2020, due to high pulp prices and good operating results"},"content":{"rendered":"<p>Ence Energ\u00eda y Celulosa returned to profits in the second quarter of 2021, due to the high prices of cellulose and the efficiency and good operating performance of the company&#8217;s plants.<\/p>\n<p>The company recorded an ordinary net profit of \u20ac 12 million in the second quarter of 2021, compared to the losses of \u20ac 13 million recorded in the same period of the previous year. Ence&#8217;s consolidated operating result before hedging reached \u20ac 56 million between April and July, which is more than doubling that obtained in the second quarter of 2020.<\/p>\n<p>In the Pulp business, operating income reached \u20ac 42 million, which is 5 times that of 2020. In addition, pulp production increased 4% year-on-year. In the Renewable Energy business, the operating result reached \u20ac 14 million (+ 31% excluding the thermosolar plant sold in December). Ence has a portfolio of 513 MW of biomass and photovoltaic projects, with access to the grid and secured locations, which is expected to begin to be built progressively from 2022.<\/p>\n<p>The company maintains a very healthy balance sheet with a net debt of \u20ac 43 M in its Pulp business, \u20ac 133 M in the Renewable Energy business and with more than \u20ac 380 M of cash available on the balance sheet, after having prepaid loans for \u20ac 95 million in the first half of the year.<\/p>\n<p>In compliance with accounting regulations, the company has recorded in its accounts the impact of a possible closure of its cellulose biofactory in Pontevedra, amounting to \u20ac 196 M, following the judgments issued in July by the National Court, which annul the extension of the concession of the lands of public domain on which this plant is based. The accounting regulations do not allow provision for the costs of the future ERE of termination of the workers at the Pontevedra plant and part of the group&#8217;s corporate structure.<\/p>\n<p>Today the company has presented the corresponding appeals before the Supreme Court, and will exhaust all legal channels in defense of the legality of the extension of this concession, on whose activity 5,100 direct and indirect jobs depend.<\/p>\n<p>However, if it were finally forced to close this biofactory, the company would have to face a disbursement of \u20ac 48 million and the cost of the ERE, not provisioned. Likewise, and in compliance with accounting regulations, the company has recorded an impairment of the value of the assets linked to the biofactory for a net amount of \u20ac 148 million, which will not imply a cash outflow.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ence Energ\u00eda y Celulosa returned to profits in the second quarter of 2021, due to the high prices of cellulose and the efficiency and good operating performance of the company&#8217;s plants. The company recorded an ordinary net profit of \u20ac 12 million in the second quarter of 2021, compared to the losses of \u20ac 13 [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":14801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-14755","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-en"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Ence returns to profits of \u20ac 12 million in the second quarter, compared to the \u20ac 13 million it lost in 2020, due to high pulp prices and good operating results | Ence<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ence.es\/en\/ence-returns-to-profits-of-e-12-million-in-the-second-quarter-compared-to-the-e-13-million-it-lost-in-2020-due-to-high-pulp-prices-and-good-operating-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ence returns to profits of \u20ac 12 million in the second quarter, compared to the \u20ac 13 million it lost in 2020, due to high pulp prices and good operating results | Ence\" \/>\n<meta property=\"og:description\" content=\"Ence Energ\u00eda y Celulosa returned to profits in the second quarter of 2021, due to the high prices of cellulose and the efficiency and good operating performance of the company&#8217;s plants. 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