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Altri’s profits increase by 400% to 123.7 million in 2021 – Industry

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Last year, Altri made a profit of 123.7 million euros, an increase of 400.7% compared to the 24.7 million euros in consolidated net profit attributable to the parent company in 2020.

In the publication of the 2021 accounts, the company points out that the production of cellulosic fibers and sales have reached an “all-time high”.

In the group’s production units – Celbi, Biotek and Caima – 1.126 million tons of pulp were produced (2.2% more than in 2020). Sales totaled 1.158 million tonnes (a 5% increase over the previous year), with overseas markets absorbing 86% of the total. This, the company points out, “in a period marked by high pulp prices on international markets”.

Thus, Altri’s total turnover reached 793.4 million euros in 2021, representing a growth of 38% compared to 2020.

On the other hand, operating expenses increased by 18.6%, “under the effect of the general inflationary pressure of production factors”, he explains, adding that EBITDA reached 227.7 million euros. euros, an increase of 132.7% in homologous terms. The EBITDA margin reached 28.7%, up 11.7 percentage points.

The net debt of the Altri group was, at the end of 2021, around 344 million euros, which is equivalent to a net debt/EBITDA ratio of 1.5x.

The group switches to the energy market regime

“2021 has been another year of strong growth for the Altri group. Despite all the constraints linked to the pandemic, with strong constraints in terms of logistics at the global level, we were once again able to surpass ourselves, to reach production levels of cellulosic fibers, but also in terms of turnover, unprecedented in the history of our company, emphasizes José Soares de Pina, in the message that accompanies the announcement of the results.

The CEO of Altri also highlights the fact that the group has been selected by the Galician authorities to develop a project for the production of sustainable cellulosic textile fibers, as well as the reduction of energy dependence on fossil sources.

“Caima will soon become the first Iberian producer of cellulosic fibers free of fossil fuels, and the whole group is moving to the energy market regime, taking into account that it is a surplus producer”, he adds, stressing that this change “will already have a positive impact during the first quarter of 2022”.

A decision which makes it possible “to mitigate the effects of the rise in energy prices following the tragedy in Ukraine where millions of innocent people are suffering from an unjustifiable Russian military operation”, estimates José de Pina , considering that “this is one of the measures put in place to face a year that promises to be full of challenges”.

The CEO of Altri also points out that “the war scenario increases uncertainty, worsening the global logistics restrictions, which were already being felt, and pushing energy prices to historic highs at a time when the difficulties in the value chains of various industries were already creating inflationary pressures”. .

Regarding the outlook for this year, Altri specifies that in the pulp segment “there continues to be strong demand in Europe at the start of 2022”, noting that in a context of low availability “two price increases have already been announced for February ($30) and March ($30), bringing the value to $1,200/ton”.

In terms of supply, the group highlights the global logistics restrictions, but also the prolonged strikes in the sector in Northern Europe as “a factor having a relevant impact on the dynamics of the European market”.

On the cost side, the group assumes that “the generalized inflation of production factors is a challenge that we intend to manage as well as possible”, recalling that the increase in energy costs was the main negative factor during the fourth quarter. 2021. has decided to change the energy regime, moving from the regulated cogeneration regime to the market regime.

Regarding the project in Galicia, Altri indicates that it “continues to be on track with the start of environmental, economic feasibility and engineering studies in collaboration with Impulsa’s partners”, adding that “in the short term “he hopes to be able to announce the end of the location of the project.

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