In the first three months of this year, Altri recorded a profit of 29.8 million euros, up 144.8% compared to 12.2 million euros recorded in the first quarter of 2021, excluding GreenVolt, which is currently considered ” discontinued operations” in terms of providing financial information.
In a statement, the group adds that as of March, total revenue reached €249.2 million, up 46.5% compared to the same period in 2021, emphasizing that “financial performance was strongly affected by fiber production, but in mainly due to increased sales in the face of rising prices in international markets.”
EBITDA reached 61 million euros, up 85.6% year-on-year, “despite higher costs for natural gas, chemicals, and higher levels of timber imports, this resulted in a significant increase in cost per tonne,” notes is he.
The EBITDA margin increased 5.1 percentage points to 24.5%, “reflecting growing efficiency in the context of headline inflation,” he notes.
At the enterprises of the group – Celbi, Biotek and Caima – the total volume of cellulose fiber produced in the first quarter reached 280.3 thousand tons, which practically corresponds to the level of the same period last year.
Cellulosic fiber sales amounted to about 298.1 thousand tons, down 2.1% year-on-year, with foreign markets accounting for 86% of the total.
The group’s total net investment up to March was 6.8 million euros.
Net debt at the end of the first quarter was around 303.3 million euros, a reduction from the 344 million registered at the end of 2021. YoY net debt/EBITDA ratio was 1.2x.
In a message that accompanies the release of quarterly reports, Altri’s CEO highlights the fact that the group has delivered high levels of cellulose fiber production, “ultimately capitalizing on strong demand as well as a continued upward trend in prices. in international markets.”
“Cellulosic fiber demand continues to show very positive momentum in most regions, with the exception of China,” says José de Pina, adding that this context of destocking has led to consistent price increases.
The price, he said, rose to $1,200 per tonne at the end of the first quarter, “but since then, several upgrades totaling $100 have been announced to the market,” boosting the group’s revenue, EBITDA and bottom line. income.
The official acknowledges that the unfavorable context will continue, with “strong increases in energy and raw material prices, especially for chemicals and timber,” stressing that “felt inflationary pressures are a reflection of disruptions in supply chains.” , now “exacerbated by Russia’s invasion of Ukraine, an act worthy of condemnation at all levels.” A reality, he adds, “that will accompany us in the times to come.”
José de Pina also notes the success of the group in the preparation of the Gama project in Galicia. “Recently, we took an important step by choosing Palas de Rei in Lugo as the right place to host a sustainable fiber complex,” he says.
The next steps will include an environmental impact study, the start of detailing the engineering design and economic feasibility, and the definition of a funding structure.
The Galicia project is based on an MOU signed with Impulsa, a public-private consortium in the region of Galicia, for the exclusive study of greenfield construction of an industrial plant with an annual production capacity of 200,000 tons of dissolving pulp and sustainable textile fibers.