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Altri’s profit will rise by 30% to 117 million by September – Indústria

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Altri loses another 9.6%.  Already lost 258.5 million in two days

Altri posted a net result of 117.4 million euros in the first nine months of this year, an increase of 29.9% compared to 90.4 million recorded in the same period last year.

However, in the third quarter alone, earnings were €47.7 million, an increase of just 3.8%, which the company attributes to “a negative evolution of the USD currency hedges recorded in earnings and an increase in the effective tax rate quarterly.”

In a statement to CMVM, Altri adds that through Caima, Celbi and Biotek, it produced 852,100 tons of cellulose fiber in the first nine months of this year, down 1.6% from the same period last year, “taking into account planned closures. Biotek in May”, with foreign markets absorbing 86% of the total.

“The group’s financial performance was affected by production volumes, sales, and prices,” the paper pulp manufacturer says in a presentation.

Total revenue reached 805.9 million euros, up 37.7% compared to the first nine months of 2021. The pulp business alone generated €667.8 million in revenue, up 36.9% from the same period in 2021.

EBITDA for the year reached 223.4 million euros, up 25.4% year on year. In the third quarter alone, EBITDA was 92.6 million, Altri highlighted in a statement that “EBITDA per tonne of pulp reached 338 euros, a record high in the group’s history, demonstrating a focus on efficiency and profitability.”

EBITDA margin at the end of September was 27.7%, down 2.7 percentage points from the same period in 2021.

“Despite the favorable pulp price environment, the inflationary context of several variable costs limited the margin change,” Altri explains, noting that “there is still a corresponding increase in the prices of chemicals, natural gas and wood.”

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Until September, the group’s investments had more than doubled to 34.8 million euros, compared to 16.8 million euros in the same period last year.

Despite this, net debt stood at around EUR 358.9 million at the end of September, only slightly higher than the EUR 356.9 million recorded at the end of June. The net debt/EBITDA ratio was 1.3x.

José Soares de Pina, CEO of Altri, highlights in the announcement that accompanies the disclosure of the results that the figures were achieved “in challenging conditions, especially with regard to inflation of various variable costs”, adding that “significant increases have been recorded in the price of natural gas, as well as chemicals. In addition, the average cost of timber “was higher, largely reflecting higher levels of imports,” he says.

“All of these factors are affecting the Altri Group, resulting in a corresponding increase in production costs per tonne. However, as a result of focusing on the efficiency of our operations, we achieve more than just offsetting these costs.” .

The low level of net debt, says José Soares de Pina, “allows us to maintain the financial capacity to consider the possibilities of the bioeconomy.”

Regarding the project for a new industrial plant for the production of sustainable textile fibers in Galicia, the CEO says he intends to announce the final investment decision in the first half of next year. Regarding the Gama project, Altri also notes that it continues to move forward in the main areas of decision-making, namely in the field of environmental impact study, engineering design, economic viability, funding structure and access to European Union funds.

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In addition to the international context of increased demand for pulp, Altri notes that stock levels in European ports are still well below the averages of recent years, “having reached the lowest level in the last five years in July 2022”, which “has a positive impact on prices for wood fiber (BHKP), which remained at $1,380 per tonne in the third quarter.”

In terms of year-end outlook, the group notes that “decreasing inventory levels in European ports, combined with strong demand in key segments such as fabrics, are good indicators for the near future.”

On the supply side, he highlights that “global logistics is in the process of normalizing but still has some impact on many value chains.”

Altri points out that “general variable cost inflation was a major concern for the group in 2022”, confirming that “rising natural gas prices, chemical prices and timber costs, largely attributable to increased imports, were the main drivers of the corresponding increase in production cost per ton.

Regarding the decisions made to minimize this effect, the group says that it has recently begun “introducing some solutions, namely by reducing the consumption of natural gas by using alternative products.”

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Economy

Reduced provider discount in December due to falling fuel prices

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Reduced provider discount in December due to falling fuel prices

The Ministry of Finance reported that in December there is a decrease in the ISP discount by 3.9 cents per liter of diesel fuel and 2.4 cents per liter of gasoline, taking into account falling prices.

The guardianship statement states that, as announced, “the mechanism applied in the ISP is equivalent to reducing the VAT rate from 23% to 13%, and the compensation mechanism through the ISP reduces additional VAT income as a result of the changes. in fuel prices remain in effect.

Thus, taking into account the evolution of diesel and gasoline prices, “these temporary measures result in a reduction in the ISP rebate of 3.9 cents per liter of diesel fuel and 2.4 cents per liter of gasoline. a discount of 17.1 cents per liter for diesel ISP and 15.4 cents per liter for gasoline ISP,” the same note reads.

On the other hand, “the carbon tax update will be suspended until the end of the year,” and “taking into account all the measures in place, the reduction in the tax burden is 27.3 cents per liter of diesel fuel and 24.7 cents per liter of gasoline. “.

The government’s rebate mechanism assumes that a decrease in the price of fuel results in an increase in the Tax on Petroleum Products (NPT) due to a drop in VAT revenues.

“Measures to mitigate the increase in fuel prices remain in place in the month of December, while the government continues to support all consumers by reducing fuel taxes,” the ministry reminded.

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The ISP’s rebate, equivalent to a 13 percent VAT rate cut, was due to run until September 4 but was later extended through the end of the year as part of the government’s family relief package due to price hikes.

Average fuel prices have returned this week to below pre-war levels in Ukraine on Feb. 24, with a 5.1% drop for petrol and 4.1% for diesel calculated by ERSE.

According to the “Weekly Report on the Surveillance of Selling Prices for the Public” published on Monday evening by the Entidade Regladora dos Serviços Energéticos (ERSE), “For the week of 28 to 4 December, the effective pre-tax price is 0.860 euro/l. [euros por litro] for straight petrol 95 and 1067 euro/l for direct diesel”, which after tax is 1660 euro/l and 1685 euro/l for straight petrol 95 and straight diesel, respectively.

These figures are comparable to average prices of 1,816 euros/l for 95 straight-through gasoline and 1,660 euros/l for direct diesel filled on February 24 when the Russians invaded Ukraine, according to the Directorate General of Energy and Geology (DGEG). ).

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Economy

The unthinkable happens and the Lufthansa Airbus A380 takes off again two years later.

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The unthinkable happens and the Lufthansa Airbus A380 takes off again two years later.
Image: Lufthansa


This Friday, December 2, 2022, a moment occurred where few expected it to happen again. After repeated claims that the giant Airbus A380 is being retired for good, German airline Lufthansa has come back and decided to put it back into service two years later. As a result, one of the aircraft, registration D-AIMK, parked in Teruel (Spain), flew to Frankfurt.

According to the German company, the aircraft has been at the Spanish airport since May 2020, and since May of this year, more than 3,000 hours of work have been spent on its re-flight preparation. The same service is being performed on three other A380s that the company intends to restore to its network.


However, more work is needed before the aircraft is ready to fly with passengers again. Although additional landing gear maintenance was still required, today’s flight was to be flown at a much lower speed than usual and was performed with the landing gear down.

At the Lufthansa base in Frankfurt, the aircraft will be put on supports so that the landing gear retraction system can be tested. The aircraft will then fly to Manila in the Philippines, where Lufthansa Technik maintains a maintenance base, to undergo final repairs before release.

The Airbus A380 is scheduled to enter service in the summer of 2023 on high-demand flights from Munich. Videos were taken of the departure of the world’s largest passenger aircraft from Teruel (above and below, awaiting loading). Tracking Radarboxin turn, captured the entire flight.

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Economy

Prices for the next week (from 5 to 11 December)

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Crédito Habitação Activo Bank

Fuel price information is based on calculations that take into account quotations on international markets and other factors taken into account when pricing fuel in Portugal. This is the data that I collect weekly from my sources in the fuel market.

I remind you that despite this price indication, each filling station can set the price it considers appropriate🇧🇷 Only private label gas stations should follow brand guidelines. Dealers and each brand may or may not follow the market leaders. But in my experience they go one after the other. This is the price trend for the coming week.

PORTUGAL continental

🇧🇷 Previous weeks*: (-5)(-10)(-7)(4)(-1)(-0.5)(9.5)(11)(+2)(-7)(+1 )(-7)( 11)(5)(-2)(-9)(-1)(-6)(-7)(-9)(-3)(6)(13)(12)(2 .5 )(-2.5 )(-7)(3)(-10 ISP drop)(6)(1)(-5)(-12.5)(16)(-18)(18)(14 , 5)(2.5)(1)( 0.5)(2))(0.5)(3)(2)(2.5)(3)2022

* Order of changes from newest to oldest.

🇧🇷 Previous weeks*: (-5)(-9)(-4)(2)(-1)(-6)(6)(8)(2)(-0.5)(-0.5) (-7)(0.5 )(-1)(-1)(-9)(0.5)(-5)(-5)(-8)(-1.5)(-1)(- 5) (-3)(14)(1.5) (7)(2)(4.5)(-10 ISP drop)(2)(0.5)(-4)(7)(-13, 5 )(14)(7.5)(2)(1)(2)(2) (1.5)(2)(1.5)(0.5)(4.5)2022

* Order of changes from newest to oldest.

| Previous weeks*: (=)(-1)(=)(=)(-1)(=)(1)(-2)(=)(-1)(+2)(=)(=)(= )(-1)(=)(-1)(=)(=)(=)(1)(=)(-2)(1)(=)(-2)(=)(-4)(= )(=)(=)(-1)(=)(-2)(-6)(-10)(21)(=)(12)(=)(=)(1)(=)(-1 )(=)(=)(2)2022

* Order of changes from newest to oldest.

MADEIRA

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