Exposure to highly cyclical and capital-intensive pulp industry. Small size and scope with about €850 million in sales in 2013, and few operating assets, all of which are located in Spain. Limited product and geographical diversity with focus on European markets. Major European eucalyptus pulp producer with efficient and well-invested asset base. Competitive cost position with advanced logistics and biomass energy integration. Stable customer base with a large proportion of sales to the resilient and expanding paper tissue market. Cyclical operating cash flow and credit metrics, reflecting high sensitivity to pulp prices and currency fluctuations. Possible additional investments in line with strategy of expanding into electricity production. "Adequate" liquidity, supported by long-dated debt maturity profile. Neutral financial policy with actions
