In a year marked by a particularly harsh economic climate, Portuguese paper maker Portucel Soporcel recorded turnover of approximately € 1.5 billion, representing growth of 7.4% over the previous year. This increase was due essentially to growth in uncoated woodfree (UWF) printing and writing paper, made possible by rising output from the new paper mill, and by the growth in power output.

The new UWF paper mill in Setúbal achieved output at year-end 2011 equivalent to 97% of its nominal capacity, producing approximately 485 thousand tons of paper. Growing output allowed the Group to achieve a 7% increase in the quantity of paper placed on the market which, combined with rising paper prices over the course of the year, resulted in overall growth in paper sales of more than 9%.

Costs evolved unfavourably in relation to the previous financial year, due to rising prices for timber and chemicals, especially during the first half. The Group also experienced an increase in certain fixed production costs, such as maintenance and personnel expenditure. In this scenario, consolidated EBITDA stood at € 385.1 million, down by 3.8% in relation to 2010.