ENCE Energia y Celulosa SA (LTS:0K96)
€ 2.775 -0.039 (-1.39%) Market Cap: 669.88 Mil Enterprise Value: 900.28 Mil PE Ratio: 15.43 PB Ratio: 1.24 GF Score: 67/100
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Q4 2019 Ence Energia y Celulosa SA Earnings Call Transcript

Feb 27, 2020 / 03:00PM GMT
Release Date Price: €3.26 (-4.03%)
Operator

Good afternoon, ladies and gentlemen. Welcome to the ENCE Fourth Quarter 2019 Results Presentation. I will now hand over to Mr. Ignacio Colmenares, Executive Chairman; and Alfredo Avello, CFO. Gentlemen, please go ahead.

Ignacio de Colmenares y Brunet;a y Celulosa
ENCE EnergÃ;S.A. - Vice-Chairman, CEO & MD

­ -

Good afternoon, ladies and gentlemen. Thank you for joining ENCE's Fourth Quarter 2019 Results Conference Call. I'm here today with our CFO, Alfredo Avello; and our Head of IR, Alberto Valdes.

After the presentation, we will be pleased to answer any questions. Let's start with the main highlights of last year in Slide #4. Latest global pulp shipment statistics confirm the pulp demand improvement in the fourth quarter with a 15% pulp demand growth and a reduction of 6 days in producers inventories.

Despite the coronavirus, pulp prices seem to be finally bottoming out in the first quarter after the last 10-year minimum reached in fourth quarter 2019. Our full year 2019 results were marked by the sharp drop in

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