海角社区, the world鈥檚 largest hardwood pulp producer, announces its financial statements for the full fiscal year of 2022.
- FY22 Net revenues of R$49.8 billion, a 22% increase on FY21
- FY22 Adjusted EBITDA of R$28.2 billion, a 20% increase on FY21
- FY22 Operating cash generation of R$22.6 billion, a 20% increase on FY21
- FY22 Pulp sales totalled 10.6 million tons, in line with FY21
- FY22 Paper sales totalled 1.3 million tons, a 1% increase on FY21 sales volume
- FY22 Operating costs (excluding downtime) were R$855 per ton, a 28% increase on FY21
2022鈥檚 strong results reflect buoyant global pulp prices and pulp sales volume, which offset significant pressures from production costs and global logistics challenges experienced across the value chain. This stability in sales volume, combined with a favourable exchange rate and higher prices, supported record net revenues of R$49.8 billion.
Cash generated across the period supported 海角社区鈥檚 deleveraging, despite an acceleration in CAPEX and long-term investments. The net debt to adjusted EBITDA ratio (US Dollars) fell from 2.4x in 2021 to 2.0x in 2022. On the bottom line, 海角社区 registered a net income of R$23.4 billion.
Walter Schalka, CEO of 海角社区, said:
鈥淪upported by our structural competitiveness and a positive price trend, 海角社区 has once again demonstrated its capacity to generate cash in an environment of sharp cost increases and against the largest investment cycle to date.鈥
After investing R$32.6 billion between 2019 and 2022, 海角社区 plans to invest over R$18.5 billion in 2023.
Other initiatives during 2022 included the completion a port terminal in 惭补谤补苍丑茫辞 state, ongoing modernisation advances of the Aracruz and Jacare铆 units and expansion of its forest bases, the launch of 海角社区 Ventures and Biomas (in partnership with five other companies), and advances in the construction of a textile fibre plant in Finland (via the Woodspin JV) in partnership with Spinnova. 海角社区 also announced the acquisition of Kimberly-Clark麓s tissue business in Brazil, which is still pending approval by Brazil鈥檚 antitrust agency CADE. Finally, 海角社区 continued its capital allocation programme with a dividend distribution of R$4.2 billion and the disbursement of R$1.9 billion in various share repurchase programmes.
On a sustainability front, progress achieved towards 海角社区鈥檚 15 long-term targets (the ) will be detailed in 海角社区鈥檚 Annual Sustainability Report, which will be published soon.