Ence (Energía y Celulosa) achieved a net profit of Euro 59.5 million between January and September 2017, practically triple that the same period in 2016.
Success in the execution rate of its Strategic Plan, with a strong increase in capacity in the Energy business and cost reduction, together with the increase in the price of pulp, explain this significant growth in profits.
Ignacio Colmenares, CEO of Ence, said: "The good results show the success of the measures of the company's Strategic Plan and the soundness of our business model. This, together with the progress in reducing costs and the excellent behavior of pulp prices, which will remain high for the next 3 years, allows us to forecast that Ence's EBITDA will exceed Euro 210 million in 2017 with the current market conditions".
In the first nine months of the year, Ence's EBITDA reached Euro 147.7 million (+77.1%).
Free cash flow reached Euro 92.1 million (+84.7%), and net financial debt fell to Euro 183 million in September 2017, 15.9% less than in December 2016. The financial situation was reduced to 1 time EBITDA, well below the average 3.6 times of Ence's competitors.
Ence is one of the main European producers of eucalyptus pulp.