Q4 2020 Ence Energia y Celulosa SA Earnings Call Transcript
Good afternoon, ladies and gentlemen. Welcome to the ENCE Fourth Quarter 2020 Results Presentation.
I now hand over to Mr. Ignacio de Colmenares, Executive Chairman; and Alfredo Avello, CFO. Gentlemen, please go ahead.
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Good afternoon, ladies and gentlemen. Thank you for joining ENCE's fourth quarter 2020 results conference call. Our CFO, Alfredo Avello, and our Head of IR, Alberto Valdes, are also connected. After the presentation, we will be pleased to answer any questions you may have.
Let's start in Slide #3, with the main highlights of our presentation. Pulp prices are rapidly recovering after one year at minimum levels driven by strong demand growth in China and elsewhere. European hardwood pulp prices have been rising in recent months and will continue to rise.
Our 2020 results show an operating improvement in both businesses following the strategic plan investments made in 2019 and despite the difficulties caused
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