Last year, Altri earned a profit of 123.7 million euros, which is an increase of 400.7% compared to 24.7 million euros of consolidated net income attributable to the parent company in 2020.
In issuing accounts for 2021, the company notes that cellulose fiber production and sales have reached an “absolute record.”
In the group’s production units – Celbi, Biotek and Caima – 1.126 million tons of pulp were produced (2.2% more than in 2020). Total sales amounted to 1.158 million tons (an increase of 5% over the previous year), and the overseas market absorbed 86% of the total. This, assures the company, “in a period marked by rising pulp prices in world markets.”
With this, Altri’s total revenue amounted to 793.4 million euros in 2021, a growth of 38% compared to 2020.
On the other hand, operating costs rose by 18.6% “due to general inflationary pressure from the factors of production,” he explains, adding that EBITDA reached €227.7 million, an increase of 132.7% in homogeneous terms. The EBITDA margin was 28.7%, up 11.7 percentage points.
The Altri Group’s net debt, at the end of 2021, was approximately €344 million, which is equal to the net debt / EBITDA ratio of 1.5 times.
The group moves to the energy market system
“2021 was another year of strong growth for the Altri Group. Despite all the constraints arising from the pandemic, with high constraints in terms of logistics globally, we were once again able to outpace ourselves, reaching levels of cellulosic fiber production, but José Soares de Pena also confirms in terms of sales volume, unparalleled in the history of our company, in the letter accompanying the announcement of the results.
The CEO of Altri also highlights the fact that the group has been selected by the Galician authorities to develop a project to produce sustainable cellulosic textile fibres, as well as reduce dependence on energy from fossil sources.
He adds, “Caima will soon become the first Iberian producer of fossil-free cellulosic fibres, and the entire group is moving into the energy market system, given that it is a surplus producer,” stressing that this change “will really” have a positive impact during the first quarter of 2022″.
A decision that allows “to mitigate the effects of high energy prices as a result of the tragedy in Ukraine, where millions of innocent people are suffering from an unjustified Russian military operation,” says Jose de Pena, considering that “this is one of the measures implemented to confront a seemingly challenging year.”
The CEO of Altri also asserts that “a war scenario increases uncertainty, exacerbates global logistical constraints, which have already been felt, and pushes energy prices to record levels at a time when difficulties in the value chains of various industries are already creating pressures inflationary”.
Regarding the outlook for this year, Altri states that in the pulp segment “there is still strong demand in Europe at the beginning of 2022”, noting that in the context of low availability “two price increases have already been announced for February (30) and March (30). dollars) bringing the value to 1200 dollars / ton.
In terms of supply, the group highlights global logistical constraints, but also the long strikes in the sector in Northern Europe “as a factor that has a closely related impact on European market dynamics”.
On the cost side, the group assumes that “general factor inflation is a challenge that we intend to manage in the best possible way,” noting that the increase in energy costs was the main negative factor during the fourth quarter of 2021. It decided to change the power system, moving from a structured cogeneration system to the market system.
Regarding the project in Galicia, Altri said it “continues to progress as environmental, economic and engineering feasibility studies begin in collaboration with Impulsa partners,” adding that “in the short term” it hopes to be able to announce the end of the project site.
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