Ercros maintains good results for 2021 nine months

• Ercros’ profit for the first nine months of 2021 (9M21) amounted to EUR 26.17 million, 5.7 times higher than the EUR 4.58 million obtained in the same period of the previous year.
• Adjusted ebitda for 9M21 was EUR 61.27 million compared to EUR 36.95 million in 9M20, an increase of 65.8%.
• The rise in adjusted ebitda was mainly due to the significant increase in the average price of the products sold by Ercros (EUR 96.35 million) and the higher volume sold (EUR 14.63 million). The effect of the average price more than offset the also significant rise in the variable cost per unit (EUR -74.64 million) caused by the increase in raw materials and energy.
• Ercros reduced its debt by EUR 12.12 million, bringing it to EUR 72.71 million at 30 September 2021. Despite the increase in the cost of energy, raw materials, and freight, Ercros has maintained a solid financial position with liquidity of more than EUR 98 million.
• 2021 will be clearly better than 2020, although we expect the high cost of energy to affect earnings in the second half of the year compared to those obtained in the first half. Our forecasts for 2021 are as follows: Billings: EUR 700 – 750 million; contribution margin: 30% – 35%; ordinary ebitda: EUR 65 – 75 million; and profit for the year: EUR 25 – 30 million.

Income statements for the 2021 and 2020 first nine months