Author: CAPE
The result includes 169 million from the reversal of asset impairments and cost provisions in the pulp business
Ence made a net profit of more than 247 million euros in 2022, compared to losses of 190.4 million registered in the previous year, due to the positive accounting impact caused by the decision of the Supreme Court to confirm the expansion of its factory in Pontevedra.
As stated in a document sent this Tuesday to the National Securities Market Commission (CNMV), Ence’s result includes 169 million from the reversal of asset impairments and cost provisions in the pulp business. This item was recorded in 2021 as a result of the National Court ruling against the plant expansion.
In addition, the increase in the price of pulp and the improvement in the exchange rate increased the operating margin of the business, mitigating the effect of the suspension of activities in Pontevedra for four months due to the decrease in the flow of the Lérez River and compensations for inflation in the price of raw materials. Thus, the gross operating result or ebitda increased by 131.7%, to 247.6 million.
Regarding shareholder compensation, the Board of Directors agreed to the distribution of an extraordinary interim dividend for the results of 2022 in the amount of 70.4 million, which is equivalent to 0.29 euros gross per share and will be paid on March 16.
Source: La Vozde Galicia
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