Ercros increased its profit tenfold for 2021 first quarter

• Ercros’ profit for the first quarter of 2021 (1Q21) amounted to EUR 8.72 million, 10.6 times higher than the EUR 0.82 million obtained in the same period of the previous year (1Q20).
• Adjusted ebitda in 1Q21 was EUR 21.32 million, up 89% on the EUR 11.30 million achieved in 1Q20. Ebitda in 1Q21 was not only higher than that posted in 1Q20, a period already somewhat affected by covid-19, but was also higher than 1Q19, when the pandemic had not yet appeared. 
• The increase in adjusted ebitda from EUR 11.28 million in 1Q20 to EUR 21.32 million in 1Q21 is mainly due to the improvement in price of the products sold by Ercros, which far exceeds the increase in the average variable cost.
• Despite an economic environment still dominated by health restrictions, Ercros maintains a solid financial position with liquidity of more than EUR 60 million.
• At its meeting held on 30 April, the board of directors approved a new shareholder remuneration policy that will be in force for 2021-2024.
• The treasury share buyback has been initiated with a charge to the 2021 payout. At 31 March, 480,523 shares were repurchased for EUR 1.21 million.

Income statements for the 2021 and 2020 first quarters