ALTRI, SGPS, S.A.
Public Company
Financial Information - 1st Quarter of 2021
This document is a translation of a document originally issued in Portuguese, prepared using accounting policies consistent with the International Financial Reporting Standards and in accordance with the International Accounting Standard 34 - Interim Financial Reporting, some of which may not conform or be required by generally accepted accounting principles in other countries. In the event of discrepancies, the Portuguese language version prevails.
Head Office: Rua Manuel Pinto de Azevedo, 818 - Oporto
Fiscal Number 507 172 086
Share Capital: 25,641,459 Euro
Financial information 1Q21
TABLE OF CONTENTS
1. | HIGHLIGHTS...................................................................................... | .........3 |
2. | FINANCIAL REVIEW .................................................................................. | 4 |
3. | INVESTMENTS ........................................................................................... | 9 |
4. | DEBT ........................................................................................................... | 9 |
5. | SUSTAINABILITY ..................................................................................... | 10 |
6. | PULP MARKET ......................................................................................... | 11 |
7. | ALTRI - Business Profile ........................................................................ | 12 |
8. | FUTURE PERSPECTIVES........................................................................ | 13 |
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Financial information 1Q21
1. HIGHLIGHTS
1.1. Altri Group's First Quarter Activity Summary
- Pulp production amounts to 280.4 million tonnes;
- Pulp sales amount to 304.6 million tonnes;
- Renewable electric energy production through forest biomass amounts to 179.2 GWh;
- Exports reach to 119.2 million Euro;
- EBITDA of 39.5 million Euro:
- 32.7 million Euro in the Pulp segment; o 6.8 million Euro in the Energy segment.
- Nominal remunerated debt 1 of 459.6 million Euro.
During the first quarter of 2021, Altri Group's pulp production reflects a slightly decrease of 0.7% in relation to the first quarter of 2020 and a 2.7% increase comparatively to the fourth quarter of 2020. Pulp sales present an upward trend, namely 6.1% in relation to the first quarter of 2020 and 12.3% over the fourth quarter of 2020.
It should also be noted that the production of renewable electric energy through forest biomass, in the period under analysis, reached about 179.2 GWh, which corresponds to a 2.8% decrease over the first quarter of 2020. This variation is mainly explained by the scheduled annual maintenance stoppage at Constância plant in February and at Figueira da Foz plant in March.
1 Nominal remunerated net debt: Bank loans (nominal values) + Other loans (nominal values) - Cash and cash equivalents.
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Financial information 1Q21
2. FINANCIAL REVIEW
2.1. 1Q2021 Financial Results
The financial information was prepared in accordance with the recognition and measurement principles of the International Financial Reporting Standards, as adopted by the European Union (IFRS-EU).
1Q2021 Income Statement
1Q2021 | 1Q2020 | 1Q21/1Q20 | 4Q2020 | 1Q21/4Q20 | |
thousand Euro | Var% | Var% | |||
Total revenues (a) | 179,203 | 165,660 | 8.2% | 146,102 | 22.7% |
Cost of sales | 86,068 | 81,037 | 6.2% | 66,501 | 29.4% |
External supplies and services | 44,202 | 42,948 | 2.9% | 37,895 | 16.6% |
Payroll expenses | 9,447 | 9,193 | 2.8% | 9,487 | -0.4% |
Other expenses | 675 | 1,193 | -43.4% | -902 | -174.8% |
Fair value changes in biological assets | 0 | 0 | - | -1,246 | - |
Provisions and impairment losses | -663 | -1,857 | -64.3% | -645 | 2.9% |
Total expenses | 139,728 | 132,514 | 5.4% | 111,090 | 25.8% |
EBITDA (b) | 39,474 | 33,146 | 19.1% | 35,012 | 12.7% |
EBITDA margin (c) | 22.0% | 20.0% | +2.0 pp | 24.0% | -1.9 pp |
Amortisation and depreciation | -19,780 | -19,766 | 0.1% | -17,812 | 11.1% |
EBIT (d) | 19,694 | 13,380 | 47.2% | 17,200 | 14.5% |
EBIT margin (e) | 11.0% | 8.1% | +2.9 pp | 11.8% | -0.8 pp |
Results related to investments | 51 | 120 | -57.5% | -20 | - |
Financial expenses | -3,287 | -5,806 | -43.4% | -7,724 | -57.4% |
Financial income | 2,861 | 1,277 | 124.1% | 1,548 | 84.8% |
Financial results | -375 | -4,409 | 91.5% | -6,197 | 93.9% |
Profit before income tax and ESEC | 19,319 | 8,971 | 115.4% | 11,004 | 75.6% |
Income tax | -5,106 | -2,156 | 136.8% | 1,680 | - |
Energy sector extraordinary contribution (ESEC) | -1,016 | 0 | - | -1,998 | -49.2% |
Consolidated net profit for the period | |||||
Attributable to: | |||||
Holders of equity in the parent company | 13,197 | 6,815 | 93.7% | 10,690 | 23.5% |
Non-controlling interest | -7 | 0 | - | -4 | 76.7% |
- Total revenues = Sales + Services rendered + Other income
- EBITDA = Profit before income tax and ESEC, Financial results and Amortisation and depreciation
- EBITDA margin = EBITDA / Total revenues
- EBIT = Profit before income tax and ESEC and Financial results
- EBIT margin = EBIT / Total revenues
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Key indicators: Pulp Segment
1Q2021 | 1Q2020 | 1Q21/1Q20 | 4Q2020 | 1Q21/4Q20 | |
tons | Var% | Var% | |||
BHKP pulp production | 256,520 | 259,748 | -1.2% | 251,358 | 2.1% |
DWP pulp production | 23,892 | 22,584 | 5.8% | 21,583 | 10.7% |
Total pulp production | 280,412 | 282,332 | -0.7% | 272,941 | 2.7% |
BHKP pulp sales | 273,186 | 254,286 | 7.4% | 254,266 | 7.4% |
DWP pulp sales | 31,433 | 32,897 | -4.4% | 17,018 | 84.7% |
Total pulp sales | 304,620 | 287,183 | 6.1% | 271,285 | 12.3% |
The first quarter of 2021 was marked by a recovery in demand in most markets, with several price increases announced during the year 2021, which raised the market price at the date of this press release to 1,090 USD/tad. During the first quarter of the year, the average market price of pulp (BHKP) recorded by PIX was 767 USD/tad, being the price recorded, at the end of March 2021, of 865 USD/tad.
In operational terms, Altri Group's industrial units, produced, during the first quarter, 280.4 thousand tons of pulp (-0.7% comparatively to the same period of 2020). On the other hand, pulp sales reached 304.6 thousand tons, which corresponds to a 6.1% increase over the first quarter of 2020 and a 12.3% increase over the fourth quarter of 2020.
During the quarter under analysis, Altri Group exported 262.7 thousand tons of pulp, which corresponds to 86% of its pulp total sales. In monetary terms, quarterly exports amounted to 119.2 million Euro.
Total revenues associated with pulp production units amounted to approximately 158.1 million Euro, which corresponds to a 10% increase over the first quarter of 2020 and an 8% increase when compared to the fourth quarter of 2020.
In the quarter under analysis, EBITDA of the pulp production units amounted to 32.7 million Euro, which corresponds to an increase of 29% comparatively to the EBITDA recorded in the same period of the previous year.
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Altri SGPS SA published this content on 20 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 June 2021 21:47:06 UTC.