Q4 2019 Ence Energia y Celulosa SA Earnings Call Transcript
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.
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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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