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UBE Corporation Europe Results FY2022

Castellón, October 3, 2023

  • At the end of fiscal year 2022 (31.03.2023) the consolidated results after taxes of UBE Corporation Europe showed a loss of €11 million, with record sales of €620 million.
  • Employment remained stable, with a total of 617 people (613 at the end of the previous year), of which 563 worked in the two production centers of the province.
  • The materialization of the uncertainties noted at the end of the previous year, due to the effects of the invasion of Ukraine, on the energy and materials markets, together with the slowdown in demand and Asian competition, have affected the company’s profitability, eroding the benefit.
  • UBE will modify its investment plan for the period 2022-2024, in the two Castellón factories, delaying some of the planned projects in order to adjust to market conditions, with a total amount of around €60 million during the three-year period, and maintaining projects linked to safety and environmental improvement. During the year it made investments worth €15 million.

During the first part of the year and until the end of summer 2022, the cost of the main raw materials and energy suffered a sharp increase to record levels which, although affecting demand, were to a certain extent transferred to the market. After the summer, the trend changed, showing a free fall in input prices, which had a negative impact on the company’s profitability, forced to sell manufactured products with raw materials acquired at high prices, in the face of a situation of demand with progressively decreasing cost prospects.

The conflict in Ukraine additionally caused the closure of certain markets, and a greater increase in productive costs of the sector in Europe, compared to those of its Asian competition, favoring the entry of important flows of material produced outside the European Union, especially in the food protection film market. The evolution of the markets has been uneven, with a worse than expected performance in the basic chemistry and engineering plastics segments, and a positive result in fine chemicals and in the marketing of special products manufactured by the parent company.

The consolidated group of UBE Corporation Europe has maintained its plans for innovation and environmental improvement, continuing to strengthen the foundations for responsible and sustainable corporate management. In line with the Carbon Neutrality Policy in force, during fiscal year 2022 it achieved a 43% reduction in scope 1 and 2 greenhouse gas emissions compared to the base year 2010 and reduced the energy intensity ratio of the production by 36.9%, as a consequence of the implementation of process and operational improvements. Likewise, it installed a photovoltaic installation at the El Serrallo plant, to supply the corporate headquarters.

Throughout the fiscal year and thanks to the progressive general reduction of the impact of Covid 19, the company recovered normality in all its operations, marketing and commercial promotion actions, customer service and relations with society, always complying with the preventive measures established by the authorities.

At the end of the year, the group directly employed 617 people (561 in the province of Castellon) with 24% female staff and more than 99% permanent contracts. Additionally, throughout fiscal year 2022 UBE has outsourced services with an average equivalent to 260 full-time jobs.

Results for fiscal year 2022 (1.4.2022 – 31.3.2023)

FY2019FY2020FY2021FY2022
Turnover428381544620
EBITDA4440605
Profit after tax1914,534-11
Workforce597616613617

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