Iberpapel Gestión S A : active management mitigates higher energy costs and regulatory impacts
October 28, 2022 at 12:03 pm EDT
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Iberpapel's active management mitigates higher energy costs and regulatory impacts
Oct 27, 2022
In the first nine months of the year Iberpapel reported revenue of €230.79 million, year-on-year growth of 40.17%, thanks to the price strategy implemented by the company to address the unstable macroeconomic and geopolitical environment.
However, the impact of regulatory developments in the third quarter, specifically co-generators' inability to participate in the government's gas price adjustment measures, forced the company to stop its co-generation plant in Hernani, resulting in high and unforeseen costs. As a result, EBITDA narrowed by 17.06% year-on-year to €16.47 million, while net profit ended the period at €6.2 million.
New legislation passed on 20 September 2022 (Royal Decree-Law 17/2022), introducing urgent energy measures, remedies that situation. That, coupled with termination of the previous gas supply contract, among other measures taken by the company, point to a better performance during the last quarter of the year.
(€ million)
9M22
9M21
Revenue
230.79
164.65
EBITDA
16.47
19.86
Profit after tax
6.20
10.02
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Iberpapel Gestion SA published this content on 27 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2022 16:02:11 UTC.
Iberpapel Gestion SA is a Spain-based holding company engaged in the paper industry. The Company operates through three divisions: Forestry, involved in the acquisition and cultivation of eucalyptus plantations in Argentina, Uruguay and Spain; Industrial, focused on the production of bleached pulp and paper products, and Commercial, specialized on the distribution of products such as printing and photocopy paper, offset paper, light-coated paper, laser printing paper, paper bags and envelopes. The Companyâs subsidiaries include Distribuidora Papelera SA, Moliner Dominguez y Cia SA, Ibereucaliptos SA, Papelera Guipuzcoana de Zicunaga SA, Central de Suministros de Artes Graficas Papel SA and Copaimex SA, among others. The Companyâs major shareholders include ONCHENA, SL and BESTINVER GESTION, SA.