Message from the CEO
The core business of Altri revolves around Fibre. Cellulosic fibre, which begins in forest management, is transformed at our industries using the best sustainable practices, stimulating the circular economy through its incorporation into a multitude of different products. But also the fibre we are made of, which represents our energy, the ability to make decisions and take firm positions. To this we add value: that which we generate through our products, and that which we cultivate daily among the more than 800 employees that make up our Altri Group.
It is with this aspiration that we face 2022. A year of continuous challenges, both at an operational level and in our ambition to do more and better. It was a year in which we faced constant cost pressure in all our inputs, especially raw materials, energy and chemicals, as well as significant changes in the markets we serve, with inflationary pressures resulting from a very hot economic cycle. Faced with all these challenges, the organisation knew how to find the best way to face and overcome them, reaching historic highs in both our operational and financial performance.
The year 2022 marked Altri Group as a year of strong growth, with significant advances in terms of sustainability and results, with a strong increase in revenue (+34.4%), exceeding for the first time the mark of 1,000 million Euro in turnover. Despite the difficult context, the year 2022 reinforced the operating results, with 301.4 million Euro at the EBITDA level (+32.4%), as well as the net profit (continued operations) which reached 152.1 million Euro.
During 2022, Altri Group distributed to its shareholders a cash dividend of € 0.24 per share and also a dividend in kind of 52,523,229 shares of Greenvolt (corresponding to € 1.74 per Altri share). This operation was extremely well received by the market and shareholders. Since 2015, Altri Group has distributed more than 81% of its market value in dividends. In parallel, in 2022 we invested 45.3 million Euro, including maintenance, environmental and growth projects. Despite this strong investment, Altri Group has a solid financial position, reducing our already low level of net debt (1.1x EBITDA), allowing us to maintain the financial flexibility to seize the future opportunities of the bioeconomy.
We remain fully committed to the evaluation of a new industrial unit for the production of sustainable textile fibres at Galicia, which includes the environmental impact study, the economic feasibility study, the engineering design, the financing structure and access to European Union funds. This is a structuring project for the industry both in terms of bioeconomy and circularity, and in terms of energy management, using cutting-edge technology. We intend, as we have already stated, to be able to announce the final investment decision during the current year.
Looking ahead to 2023, we face the future with a strong focus on our operational discipline and value creation, becoming more resilient and betting unequivocally on our purpose of building a more renewable world.
José Soares de Pina
Highlights of 2022
Altri Group achieves its best year ever during 2022 in terms of total revenues, EBITDA as well as pulp produced in several industrial units of the Group. Benefiting from a favourable evolution of pulp prices, total revenues reached € 1,066.2 M in 2022, a 34.4% increase vs 2021. During the 4Q22, Altri Group recorded total revenues of € 260.4 M, a 25.1% increase vs 4Q21.
Altri Group reached a record EBITDA of € 301.4 M in 2022, 32.4% above 2021. Despite the challenging environment of inflation in the costs, the Group managed to maintain a high level of profitability, reporting an EBITDA margin of 28.3% in 2022. In the 4Q22, EBITDA reached € 78.1 M, a 57.3% growth when compared to 4Q21 and an implicit margin of 30.0%.
Altri Group’s Net Profit (continued operations) reached € 152.1 M in 2022, an increase of 23.0% when compared to 2021. In the 4Q22, the Group’s Net Profit of continued operations reached € 34.7 M, an increase of 4.3% when compared to the 4Q21.
Altri Group ended 2022 with a Net Debt/EBITDA ratio of 1.1x, which implies a net debt level of € 325.8 M, which compares to € 344.0 M in the end of 2021.
During the first half of 2022, Altri Group distributed to its shareholders a cash dividend of € 0.24 per share and also a dividend in kind corresponding to 52,523,229 shares of Greenvolt (equivalent to € 1.74 per Altri share).This operation was extremely well received by the market and the shareholders.
Altri Group continues to improve its ESG rating levels with the increase of one level by MSCI agency to BBB. In parallel, it was maintained the classification of 'A-' in the fight against climate change in the CDP ranking, which places Altri Group above the European regional average in the sector.
Altri Group's commitment to a more sustainable future for the planet is present in its actions and results. In 2022, Altri Group achieved important milestones towards the ambitious goals set for 2030 with the United Nations. In line with the defined goals, the Group has already achieved a 24% reduction in greenhouse gas emissions (GHG), the primary energy used in Altri’s factories is already 93% renewable and 70% of the wood used is certified.
During 2022, the Altri Group has committed itself to analysing the Gama project, which implies the construction of an industrial unit for the production of soluble pulp and sustainable textile fibres from scratch, in Galicia. Altri Group has been actively working in the environmental impact study, engineering project, economic feasibility study, financing structure and access to European Union funds, with the aim of announcing a final investment decision during 2023.
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