Ence : Cash cost inflation limits profit expansion
>Significant results improvement, yet weak profitability at pulp - Ence Q1 22 results reflected a significant improvement supported by the increase in pulp prices (>60% vs Q1 21) and energy pool prices (+5x) which largely offset the effects of higher cash costs (fixed cost dilution effects, wood, chemicals, energy, transportation) and the new Renewable Energy remuneration parameters which sets an estimated pool price for 2022 of € 122/MWh (capping returns on certain p...Ence Energia Y Celulosa is engaged in the manufacture and commercialization of wood pulp and derivatives. Co. divides its activities into the following two business lines: Forest Division: Co. manages timberlands in South America and the Iberian Peninsula. Co. is involved in trading of wood, and supplies solid wood products including: plywood, sawn timber, parquet flooring and glued-edge paneling. Co. is involved in forest and environmental consulting. Pulp Division and Energy Production: Co. is engaged in the production of Eucalyptus globulus-based TCF and ECF paper pulp. Co. is also involved in the generation of electricity through biomass power producing plants.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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