Ence - Energía y Celulosa - achieved a net profit of Euro 9 million in fiscal year 2019 and an EBITDA of Euro 127 million. The EBITDA of the Pulp business was Euro 75 million, while that of Renewable Energy was Euro 52 million.
The results have been marked by the fall in the price of cellulose and the execution of significant investments planned in the Strategic Plan to expand capacity in Cellulose and Renewable Energy, which are already paying off.
Thus, during the 4Q 2019 the 80,000-ton capacity expansion planned at the Navia biofactory has been successfully implemented and has resulted in the improvement of virtually all industrial processes in the plant. Likewise, investments have been made in the Pontevedra biofactory to improve its efficiency and environmental quality.
It should be noted that the price of cellulose has begun to show signs of recovery, after being at a minimum level of the last 10 years in the 4Q 2019, and the rate of production of Ence’s biofactor so far year clearly exceeds that of the same period of the previous year.
In Renewable Energy, two new biomass plants with a capacity of 96 MW are being incorporated in the 1Q, contributing to increase renewable generation by more than 50% in 2020.
In addition, Ence has a portfolio of 405 MW projects with access to the grid and secured locations of photovoltaic solar, biomass and thermosolar-biomass hybridization.
