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   "value": "<div class=\"c_1 w2_1 h57 gs35\"><div class=\"t_1 m0_1 xe h5b y1eb ff3 fs14 fc3 sc0_1 ls0_1 ws0_1\">ENCE Energ\u00eda y Ce<span class=\"_ _2\"></span>lulosa, S.A<span class=\"_ _2\"></span>. y Sociedades Dependient<span class=\"_ _2\"></span>es </div><div class=\"t_1 m0_1 x1a h8_1 y1c2 ff4 fs4 fc3 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h5c y1ec ff4 fs15 fc3 sc0_1 ls0_1 ws0_1\">Memoria consoli<span class=\"_ _1\"></span>dada del ejercici<span class=\"_ _1\"></span>o <span class=\"lsf\">20</span>22 </div><div class=\"t_1 m0_1 xe h8_1 y1ed ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h8_1 y1ee ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x56 h5d y1ef ff3 fs3 fc3 sc0_1 ls1 ws0_1\">1.<span class=\"ff5 ls0_1\"> <span class=\"_ _bd\"> </span><span class=\"ff3\">Actividad del Grupo  </span></span></div><div class=\"t_1 m0_1 x17 h8_1 y1f0 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Ence <span class=\"_ _0\"></span>Energ\u00eda <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>Ce<span class=\"_ _1\"></span>lulosa, <span class=\"_ _0\"></span>S.A. <span class=\"_ _0\"></span>(en <span class=\"_ _c0\"></span>adelante <span class=\"_ _c0\"></span>\u201c<span class=\"_ _2\"></span>la <span class=\"_ _c0\"></span>Sociedad<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Dominante\u201d) <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>constituy<span class=\"_ _2\"></span>\u00f3 <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>a\u00f1o <span class=\"_ _0\"></span>1968 <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>tiene </div><div class=\"t_1 m0_1 x17 h8_1 y1f1 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">ubicado <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>domicilio <span class=\"_ _2\"></span>social <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Calle Beatriz <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e Bob<span class=\"_ _2\"></span>adilla, 14 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Madrid<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>(Espa\u00f1a). <span class=\"_ _2\"></span>Anteriormente <span class=\"_ _2\"></span>utiliz\u00f3 <span class=\"_ _2\"></span>las </div><div class=\"t_1 m0_1 x17 h8_1 y1f2 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">denominaciones Empresa Nacional de Celulosas, S.A. hasta <span class=\"_ _1\"></span>el a\u00f1o 1999 <span class=\"_ _1\"></span>y Grupo Empresarial ENCE, S<span class=\"_ _2\"></span>.A. hast<span class=\"_ _1\"></span>a </div><div class=\"t_1 m0_1 x17 h8_1 y1f3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">el a\u00f1o 2012.  </div><div class=\"t_1 m0_1 x17 h8_1 y1f4 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Su objeto social, <span class=\"_ _2\"></span>de acuerdo a lo establecido en<span class=\"_ _2\"></span> sus esta<span class=\"_ _2\"></span>tutos, consiste en:<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x17 h8_1 y1f5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">a)  <span class=\"_ _c1\"> </span>la <span class=\"_ _1\"></span>fabricaci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>pas<span class=\"_ _2\"></span>tas <span class=\"_ _1\"></span>celul\u00f3sicas <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>derivados <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>estas, <span class=\"_ _1\"></span>obtenci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>prod<span class=\"_ _2\"></span>uctos <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>elem<span class=\"_ _1\"></span>entos<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>necesarios </div><div class=\"t_1 m0_1 x57 h8_1 y1f6 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">para aqu\u00e9llas y<span class=\"_ _2\"></span> aprovechamiento d<span class=\"_ _2\"></span>e los subprod<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ctos resultantes de ambas;<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x17 h8_1 y1f7 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">b)  <span class=\"_ _ab\"> </span>la producci\u00f3n por cualquier <span class=\"_ _1\"></span>medio, venta <span class=\"_ _1\"></span>y utilizaci\u00f3n <span class=\"_ _1\"></span>de energ\u00eda <span class=\"_ _1\"></span>el\u00e9ctrica, as\u00ed como <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>otras fuentes de </div><div class=\"t_1 m0_1 x57 h8_1 y1f8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">energ\u00eda, <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>las <span class=\"_ _c2\"> </span>materias <span class=\"_ _c2\"> </span>o <span class=\"_ _c2\"> </span>energ\u00edas <span class=\"_ _c2\"> </span>primarias <span class=\"_ _c2\"> </span>n<span class=\"_ _2\"></span>ecesarias <span class=\"_ _c2\"> </span>para <span class=\"_ _c2\"> </span>su <span class=\"_ _c2\"> </span>generaci\u00f3n, <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>acuerdo <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>las </div><div class=\"t_1 m0_1 x57 h8_1 y1f9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">posibilidades <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>revistas <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>legislaci\u00f3n <span class=\"_ _2\"></span>vigente; <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>comercializaci\u00f3n, <span class=\"_ _4\"></span>compraventa <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>suministro, <span class=\"_ _4\"></span>bajo </div><div class=\"t_1 m0_1 x57 h8_1 y1fa ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">cualquiera de las mod<span class=\"_ _2\"></span>alidades permitidas<span class=\"_ _2\"></span> por la ley. <span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x17 h8_1 y1fb ff4 fs4 fc0_1 sc0_1 ls10 ws0_1\">c) <span class=\"ls0_1\"> <span class=\"_ _b2\"> </span>el <span class=\"_ _c0\"></span>cu<span class=\"_ _2\"></span>ltivo, <span class=\"_ _0\"></span>explot<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>aprovechamiento <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>bosques <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>masas <span class=\"_ _c3\"></span>forestales, <span class=\"_ _0\"></span>trabajos <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>forestaci\u00f3n, <span class=\"_ _0\"></span>y </span></div><div class=\"t_1 m0_1 x57 h8_1 y1fc ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">realizaci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>tra<span class=\"_ _2\"></span>bajos <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>servicios <span class=\"_ _c0\"></span>especializados <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>tip<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>forestal. <span class=\"_ _c0\"></span>La <span class=\"_ _c0\"></span>preparaci\u00f3n <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>transformaci\u00f3n <span class=\"_ _c0\"></span>de </div><div class=\"t_1 m0_1 x57 h8_1 y1fd ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">productos  forestales.  El  aprovechamiento  y  explotaci\u00f3n  mercantil  y  come<span class=\"_ _1\"></span>rcializaci\u00f3n  en  todos  los </div><div class=\"t_1 m0_1 x57 h8_1 y1fe ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">\u00f3rdenes <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>los <span class=\"_ _c4\"> </span>productos <span class=\"_ _c4\"> </span>forestales <span class=\"_ _c4\"> </span>(incluyendo <span class=\"_ _c4\"> </span>biomas<span class=\"_ _2\"></span>a <span class=\"_ _c4\"> </span>y <span class=\"_ _c4\"> </span>cultivos <span class=\"_ _c4\"> </span>e<span class=\"_ _2\"></span>nerg\u00e9ticos <span class=\"_ _c4\"> </span>forestales), <span class=\"_ _c4\"> </span>sus<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x57 h8_1 y1ff ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">derivados y<span class=\"_ _2\"></span> subproductos. Estudios y<span class=\"_ _2\"></span> proyectos forestales;<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x17 h8_1 y200 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">d)  <span class=\"_ _ab\"> </span>el proyecto, <span class=\"_ _1\"></span>promoci\u00f3n, <span class=\"_ _1\"></span>desarrollo, <span class=\"_ _1\"></span>construcci\u00f3n, <span class=\"_ _1\"></span>operaci\u00f3n <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>mantenimiento, <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>instalaciones <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>que<span class=\"_ _1\"></span> </div><div class=\"t_1 m0_1 x57 h8_1 y201 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">se refiere los apartad<span class=\"_ _2\"></span>os a), b) y c) anteriores.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x17 h8_1 y202 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Ence  Energ\u00eda  y <span class=\"_ _c2\"> </span>Celulosa,  S.A.  <span class=\"ff6\">y <span class=\"_ _c2\"> </span>su  Grupo  de <span class=\"_ _c2\"> </span>empresas<span class=\"_ _2\"></span>  (<span class=\"_ _1\"></span>en  adelante <span class=\"_ _c2\"> </span>\u201cGrup<span class=\"_ _2\"></span>o\u201d,  \u201c<span class=\"ff4\">ENCE</span>\u201d<span class=\"ff4\">  </span>o  \u201cG<span class=\"_ _1\"></span>rupo  Ence\u201d<span class=\"ff4\">) </span></span></div><div class=\"t_1 m0_1 x17 h8_1 y203 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">desarrolla su a<span class=\"_ _2\"></span>ctividad en torno a dos<span class=\"_ _2\"></span> negocios: </div><div class=\"t_1 m0_1 x17 h9_1 y204 ff3 fs4 fc3 sc0_1 ls0_1 ws0_1\">Negocio <span class=\"ff7\">\u201c</span>Celulosa<span class=\"ff7\">\u201d</span>-<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x17 h8_1 y205 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Comprende la producci\u00f3n de celulosa a partir de m<span class=\"_ _1\"></span>adera de eucalipto, tipos BEKP (Bleached E<span class=\"_ _2\"></span>ucalyptus Kraft </div><div class=\"t_1 m0_1 x17 h8_1 y206 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Pulp) con calidad<span class=\"_ _2\"></span>es de blanqueo ECF (libre de cloro elemental) y TCF (totalmente libre de cloro), y<span class=\"_ _2\"></span> UEKP (Un<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span></div><div class=\"t_1 m0_1 x17 h8_1 y207 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">bleached Eucalyptu<span class=\"_ _2\"></span>s Kraft Pulp). <span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x17 h8_1 y208 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Para <span class=\"_ _c2\"> </span>llevar  a <span class=\"_ _c3\"> </span>cabo<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>esta <span class=\"_ _c5\"> </span>actividad, <span class=\"_ _c2\"> </span>el <span class=\"_ _c5\"> </span>Grupo <span class=\"_ _c2\"> </span>dis<span class=\"_ _2\"></span>pone  de <span class=\"_ _c2\"> </span>2 <span class=\"_ _c2\"> </span>biof\u00e1bricas  ubicadas <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>Espa\u00f1a,<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>en <span class=\"_ _c5\"> </span>Astu<span class=\"_ _2\"></span>rias <span class=\"_ _c2\"> </span>y </div><div class=\"t_1 m0_1 x17 h8_1 y209 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Pontevedra, con u<span class=\"_ _2\"></span>na capacidad no<span class=\"_ _2\"></span>minal con<span class=\"_ _2\"></span>junta de,<span class=\"_ _2\"></span> aproximadamente, <span class=\"ls11\">1.<span class=\"_ _2\"></span>200</span>.000 tonelad<span class=\"_ _2\"></span>as anuales.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x17 h8_1 y20a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Ambas <span class=\"_ _4\"></span>plan<span class=\"_ _2\"></span>tas <span class=\"_ _4\"></span>tienen <span class=\"_ _4\"></span>implantad<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>proceso<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Kraft <span class=\"_ _4\"></span>para <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>producci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>celulosa. <span class=\"_ _c0\"></span>Este <span class=\"_ _4\"></span>proceso <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>roductivo </div><div class=\"t_1 m0_1 x17 h8_1 y20b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">incluye la cogeneraci\u00f3n de <span class=\"_ _2\"></span>energ\u00eda el\u00e9ctrica ut<span class=\"_ _2\"></span>ilizando la p<span class=\"_ _2\"></span>arte de la madera que n<span class=\"_ _2\"></span>o puede transformars<span class=\"_ _2\"></span>e en </div><div class=\"t_1 m0_1 x17 h8_1 y20c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">celulosa; <span class=\"_ _1\"></span>lignina/bio<span class=\"_ _2\"></span>masa. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>capacid<span class=\"_ _2\"></span>ad <span class=\"_ _1\"></span>nominal instalada <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>generaci\u00f3n <span class=\"_ _1\"></span>de energ\u00eda <span class=\"_ _1\"></span>el\u00e9ctrica <span class=\"_ _1\"></span>integrada <span class=\"_ _1\"></span>en las </div><div class=\"t_1 m0_1 x17 h8_1 y20d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">biof\u00e1bricas de <span class=\"_ _2\"></span>celulosa de Astu<span class=\"_ _2\"></span>rias y Pontev<span class=\"_ _2\"></span>edra es de 111 megavatios<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span> </div></div>Asimismo, <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>Grupo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>gestiona <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Pen\u00edns<span class=\"_ _2\"></span>ula <span class=\"_ _0\"></span>Ib\u00e9rica <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>superficie <span class=\"_ _0\"></span>patri<span class=\"_ _2\"></span>monial <span class=\"_ _c3\"> </span>total <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>60.870 <span class=\"_ _0\"></span>hect\u00e1reas<span class=\"_ _2\"></span> productivas<span class=\"_ _2\"></span>, de las que 43.2<span class=\"ls11\">15<span class=\"_ _2\"></span></span> hect\u00e1reas son en<span class=\"_ _2\"></span> propiedad. Negocio \u201cEnerg\u00eda ren<span class=\"_ _2\"></span>ovable\u201d<span class=\"ff3\">-<span class=\"_ _2\"></span> </span>ENCE <span class=\"_ _c6\"> </span>ha  desarro<span class=\"_ _2\"></span>llado  y  ad<span class=\"_ _2\"></span>quirido  div<span class=\"_ _2\"></span>ersos  proyectos <span class=\"_ _c6\"> </span>de  generaci\u00f3n <span class=\"_ _c6\"> </span>de <span class=\"_ _c7\"> </span>energ\u00eda  el\u00e9ctrica <span class=\"_ _c6\"> </span>con <span class=\"_ _c6\"> </span>biomasa<span class=\"_ _1be\"> </span>procedente <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>su<span class=\"_ _2\"></span>bproductos<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>agroforestales<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>como <span class=\"_ _c4\"> </span>actividad<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>independiente <span class=\"_ _c4\"> </span>y <span class=\"_ _c7\"> </span>separada <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>su <span class=\"_ _c4\"> </span>negocio<span class=\"_ _1be\"> </span>celul\u00f3sico. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>capacidad<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de generaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _2\"></span>el\u00e9ctrica <span class=\"_ _4\"></span>renovable, <span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>ualmente en <span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>eraci\u00f3n, <span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span><span class=\"ls11\">266</span> MW de acuerdo con el s<span class=\"_ _2\"></span>iguiente detalle:<span class=\"_ _2\"></span> Ubicaci\u00f3n<span class=\"_ _1be\"> </span>Potencia<span class=\"_ _1be\"> </span>MW<span class=\"ls0_1\"> </span>Vida<span class=\"_ _1be\"> </span>Regulatoria<span class=\"_ _1be\"> </span>Huelva<span class=\"_ _1be\"> </span>50<span class=\"ls0_1\"> </span>2037<span class=\"ls0_1\"> </span>Huelva<span class=\"_ _1be\"> </span>41<span class=\"ls0_1\"> </span>2028<span class=\"ls0_1\"> </span>Huelva 46<span class=\"ls0_1\"> </span>2045<span class=\"ls0_1\"> </span>M\u00e9rida<span class=\"_ _1be\"> </span>20<span class=\"ls0_1\"> </span>2039<span class=\"ls0_1\"> </span>Ja\u00e9n<span class=\"_ _1be\"> </span>16<span class=\"ls0_1\"> </span>2027<span class=\"ls0_1\"> </span>Ciudad Real<span class=\"_ _1be\"> </span>16<span class=\"ls0_1\"> </span>2027<span class=\"ls0_1\"> </span>C\u00f3rdoba<span class=\"_ _1be\"> </span>14<span class=\"ls0_1\"> </span>2031<span class=\"ls0_1\"> </span>C\u00f3rdoba<span class=\"_ _1be\"> </span>13<span class=\"ls0_1\"> </span>2030<span class=\"ls0_1\"> </span>Ciudad Real<span class=\"_ _1be\"> </span>50<span class=\"ls0_1\"> </span>2045<span class=\"ls0_1\"> </span>Adicionalmente, el Grupo <span class=\"_ _1\"></span>est\u00e1 llevando <span class=\"_ _1\"></span>a cabo <span class=\"_ _1\"></span>la tramitaci\u00f3n administrativa de <span class=\"_ _1\"></span>3 <span class=\"_ _1\"></span>proyectos<span class=\"_ _2\"></span> de <span class=\"_ _1\"></span>generaci\u00f3n <span class=\"_ _1\"></span>de<span class=\"_ _1be\"> </span>energ\u00eda <span class=\"_ _c3\"> </span>renovab<span class=\"_ _2\"></span>le <span class=\"_ _c3\"> </span>con <span class=\"_ _c2\"> </span>biomasa, <span class=\"_ _c2\"> </span>con <span class=\"_ _c3\"> </span>un<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>po<span class=\"_ _2\"></span>tencia <span class=\"_ _c3\"> </span>agregada <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>140 <span class=\"_ _c3\"> </span>MW <span class=\"_ _c2\"> </span>renovables, <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>ara <span class=\"_ _c3\"> </span>los <span class=\"_ _c2\"> </span>que <span class=\"_ _c3\"> </span>ya <span class=\"_ _c2\"> </span>se<span class=\"_ _1be\"> </span>dispone <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>acceso <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>red <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>loc<span class=\"_ _2\"></span>alizaciones <span class=\"_ _c0\"></span>asegurada<span class=\"_ _2\"></span>s. <span class=\"_ _c0\"></span>Se <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>comp<span class=\"_ _2\"></span>letado <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>tra<span class=\"_ _2\"></span>mitaci\u00f3n <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>uno<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>ellos <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>se<span class=\"_ _1be\"> </span>espera completarla en los dos restantes durante el primer semestre de 2023. As\u00ed mismo, EN<span class=\"_ _2\"></span>CE tiene previsto<span class=\"_ _1be\"> </span>continuar <span class=\"_ _2\"></span>promov<span class=\"_ _2\"></span>iendo <span class=\"_ _2\"></span>nuevos <span class=\"_ _2\"></span>proyectos <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e generaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>energ<span class=\"_ _2\"></span>\u00eda <span class=\"_ _2\"></span>fotovoltaica <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>fin <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>co<span class=\"_ _4\"></span><span class=\"ls13\">nt</span>inu<span class=\"_ _2\"></span>ar <span class=\"_ _2\"></span>con<span class=\"_ _1be\"> </span>la diversificaci\u00f3n de tecnolog\u00ed<span class=\"_ _2\"></span>as renovab<span class=\"_ _2\"></span>les.<span class=\"_ _1be\"> </span>Por <span class=\"_ _1\"></span>otra <span class=\"_ _1\"></span>parte,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>dicie<span class=\"_ _1\"></span>mbre <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>2021 <span class=\"_ _1\"></span>Magnon <span class=\"_ _1\"></span>Green <span class=\"_ _bb\"></span>E<span class=\"_ _2\"></span>nergy, <span class=\"_ _1\"></span>S.L., <span class=\"_ _1\"></span>holding <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _1\"></span>negocio <span class=\"_ _bb\"></span>Energ\u00eda <span class=\"_ _1\"></span>Renovable <span class=\"_ _1\"></span>firm\u00f3<span class=\"_ _1be\"> </span>un <span class=\"ls0_1\">acu<span class=\"_ _2\"></span>erdo <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>venta <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>terceros <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span>activos <span class=\"_ _2\"></span>fotov<span class=\"_ _2\"></span>oltaicos, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>potencia <span class=\"_ _2\"></span>prevista <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>373 <span class=\"_ _2\"></span>MW, <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>que<span class=\"_ _1be\"> </span></span>actualmente est\u00e1n en fase de tramitaci\u00f3n. La venta se perfeccionar\u00e1 una vez <span class=\"_ _2\"></span>se haya inici<span class=\"_ _2\"></span>ado la construcci\u00f3n<span class=\"_ _1be\"> </span>de los proy<span class=\"_ _2\"></span>ectos (v\u00e9ase nota 6), estim\u00e1ndose qu<span class=\"_ _2\"></span>e ese hito se alcanza<span class=\"_ _2\"></span>r\u00e1 en el conjunto de los proyectos <span class=\"_ _2\"></span>entre<span class=\"_ _1be\"> </span>el <span class=\"ls11\">2023 </span>y el 1\u00ba sem<span class=\"_ _2\"></span>estre de 2024. <span class=\"_ _2\"></span> Otros-<span class=\"_ _1be\"> </span>Durante el <span class=\"_ _2\"></span>ejercicio <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>se h<span class=\"_ _2\"></span>a iniciad<span class=\"_ _2\"></span>o la <span class=\"_ _2\"></span>actividad <span class=\"_ _2\"></span>de p<span class=\"_ _2\"></span>roducci\u00f3n <span class=\"_ _2\"></span>de gas <span class=\"_ _2\"></span>renovable <span class=\"_ _2\"></span>(<span class=\"_ _4\"></span>Biometano) <span class=\"_ _2\"></span>a par<span class=\"_ _2\"></span>tir de<span class=\"_ _2\"></span> su<span class=\"ls0_1\">bproductos <span class=\"_ _c5\"> </span>agr\u00edcolas <span class=\"_ _c2\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>ganaderos  para <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>u <span class=\"_ _c2\"> </span>inyecci\u00f3n <span class=\"_ _c2\"> </span>a  la <span class=\"_ _c3\"> </span>red  de <span class=\"_ _c3\"> </span>gas<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>natura<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>, <span class=\"_ _c5\"> </span>mediante <span class=\"_ _c2\"> </span>la  tramitaci\u00f3n<span class=\"_ _1be\"> </span></span>administrativa <span class=\"_ _2\"></span>de distintos proyectos<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Asimismo, <span class=\"_ _c3\"> </span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _c3\"> </span>h<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>iniciad<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>la <span class=\"_ _c3\"> </span>activ<span class=\"_ _2\"></span>idad <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>o<span class=\"_ _2\"></span>peraci\u00f3n <span class=\"_ _c3\"> </span>de<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>calderas<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>biomas<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>para <span class=\"_ _c2\"> </span>reemplazar <span class=\"_ _c2\"> </span>equipos<span class=\"_ _2\"></span> alimentados <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>combus<span class=\"_ _2\"></span>tibles <span class=\"_ _2\"></span>f\u00f3siles <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>talaciones <span class=\"_ _2\"></span>indus<span class=\"_ _2\"></span>triales<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> es<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>medida <span class=\"_ _2\"></span>reducen <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span> factu<span class=\"_ _2\"></span>r<span class=\"ls15\">a<span class=\"_ _1be\"> </span></span>de derechos de emisi\u00f3n<span class=\"_ _2\"></span>. ENCE <span class=\"_ _0\"></span>complet\u00f3 <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>diciembre <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>2020 <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>venta <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>participaci\u00f3n <span class=\"_ _0\"></span>minoritaria, <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>49%, <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>cap<span class=\"_ _2\"></span>ital <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>Magnon <span class=\"_ _c2\"> </span>Green <span class=\"_ _c3\"> </span>Energy, <span class=\"_ _c2\"> </span>S.L. <span class=\"_ _c3\"> </span>(<span class=\"_ _2\"></span>anteriormente <span class=\"_ _c2\"> </span>Ence <span class=\"_ _c2\"> </span>Energ\u00eda,<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>S.L.<span class=\"_ _2\"></span>), <span class=\"_ _c3\"> </span>holdin<span class=\"_ _2\"></span>g <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"> </span>n<span class=\"_ _2\"></span>egocio <span class=\"_ _c3\"> </span>Energ\u00eda <span class=\"_ _c2\"> </span>Renovable <span class=\"_ _c2\"> </span>a<span class=\"_ _1be\"> </span>Ancala Partners<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>En la <span class=\"_ _1\"></span>p\u00e1gina w<span class=\"_ _1\"></span>eb <span class=\"fc5\">www<span class=\"_ _1\"></span>.ence.es<span class=\"_ _2\"></span><span class=\"fc0_1\"> pueden <span class=\"_ _1\"></span>consultarse los <span class=\"_ _1\"></span>estatutos <span class=\"_ _1\"></span>sociales y<span class=\"_ _1\"></span> otra <span class=\"_ _1\"></span>informaci\u00f3n p\u00fablica <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>ENCE.<span class=\"_ _1be\"> </span></span></span>La totalidad de las a<span class=\"_ _2\"></span>cciones de la Sociedad Dominante est\u00e1n representa<span class=\"_ _2\"></span>das mediante anotacion<span class=\"_ _2\"></span>es en cuenta<span class=\"_ _1be\"> </span>y <span class=\"_ _4\"></span>est\u00e1n <span class=\"_ _4\"></span>admitidas <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>negociaci\u00f3n <span class=\"_ _4\"></span>of<span class=\"_ _2\"></span>icial <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>Bolsas <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>Valores <span class=\"_ _4\"></span>Es<span class=\"_ _2\"></span>pa\u00f1olas <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>Sistema <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>Interconexi\u00f3n<span class=\"_ _2\"></span> Burs\u00e1til Esp<span class=\"_ _2\"></span>a\u00f1ol (Mercado Continu<span class=\"_ _2\"></span>o).<span class=\"_ _1be\"> </span>2.<span class=\"ff5 ls0_1\"> <span class=\"_ _bd\"> </span><span class=\"ff3\">Bases de presentaci\u00f3n y principios de consolidac<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _1be\"> </span></span></span>2.1<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Bases de presen<span class=\"_ _1\"></span>taci\u00f3n </span>Las <span class=\"_ _1\"></span>cuentas <span class=\"_ _1\"></span>anuales <span class=\"_ _1\"></span>consolidadas <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>En<span class=\"_ _2\"></span>ce <span class=\"_ _1\"></span>Energ\u00eda <span class=\"_ _bb\"></span>y Celulosa, <span class=\"_ _1\"></span>S.A. <span class=\"_ _bb\"></span>del <span class=\"_ _1\"></span>ejercicio <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>h<span class=\"_ _2\"></span>an <span class=\"_ _1\"></span>elaborado <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>partir<span class=\"_ _1be\"> </span>de los registros contables y de las cuentas anuales de dicha sociedad, y las de las sociedades integrantes del<span class=\"_ _1be\"> </span>Grupo <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>han<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ido <span class=\"_ _c3\"></span>preparadas <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>acuerdo <span class=\"_ _c3\"> </span>al <span class=\"_ _c3\"> </span>marco <span class=\"_ _c2\"> </span>normativo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>informaci\u00f3n <span class=\"_ _c3\"> </span>finan<span class=\"_ _2\"></span>ciera <span class=\"_ _c3\"></span>que <span class=\"_ _c3\"> </span>resulta <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span>aplicaci\u00f3n y, en particular, de acuerdo con las Normas Inter<span class=\"_ _1\"></span>nacionales de Informaci\u00f3n Financiera adoptadas<span class=\"_ _1be\"> </span>por la <span class=\"_ _1\"></span>Uni\u00f3n <span class=\"_ _1\"></span>Europea (NIIF-UE) conforme<span class=\"_ _1\"></span> a <span class=\"_ _1\"></span>lo dispuesto <span class=\"_ _1\"></span>en e<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Reglamento (CE) <span class=\"_ _1\"></span>n\u00ba <span class=\"_ _1\"></span>1606/2002 del <span class=\"_ _1\"></span>Parlamento<span class=\"_ _1be\"> </span>y del Consejo Europeo y <span class=\"_ _1\"></span>dem\u00e1s disposiciones del marco normativo<span class=\"_ _2\"></span> de informaci\u00f3n f<span class=\"_ _1\"></span>inanciera que resulta de<span class=\"_ _1be\"> </span>aplicaci\u00f3n, de for<span class=\"_ _2\"></span>ma que mue<span class=\"_ _2\"></span>stran la imagen fi<span class=\"_ _2\"></span>el del patrim<span class=\"_ _2\"></span>onio y de la s<span class=\"_ _2\"></span>ituaci\u00f3n finan<span class=\"_ _2\"></span>ciera del Grupo al 3<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>de diciembre de <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y de <span class=\"_ _2\"></span>los resultad<span class=\"_ _2\"></span>os de sus <span class=\"_ _2\"></span>operaciones, <span class=\"_ _2\"></span>de los <span class=\"_ _2\"></span>cambios en <span class=\"_ _2\"></span>el patrimonio n<span class=\"_ _2\"></span>eto y d<span class=\"_ _2\"></span>e lo<span class=\"_ _2\"></span><span class=\"ls16\">s<span class=\"_ _1be\"> </span></span>flujos <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>efectivo <span class=\"_ _c0\"></span>consolida<span class=\"_ _2\"></span>dos <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>han <span class=\"_ _c0\"></span>generado<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>Grupo<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>du<span class=\"_ _2\"></span>rante <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>ejercicio <span class=\"_ _4\"></span>anu<span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>terminad<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>en<span class=\"_ _1be\"> </span>dicha fecha.<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> Las <span class=\"_ _0\"></span>cuentas <span class=\"_ _0\"></span>anuales <span class=\"_ _0\"></span>consolidadas <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Grupo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>ejercicio <span class=\"_ _0\"></span>202<span class=\"_ _2\"></span>2 <span class=\"_ _0\"></span>formuladas <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>Administra<span class=\"_ _2\"></span>dores <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>la<span class=\"_ _2\"></span> Sociedad <span class=\"_ _c9\"> </span>Dominante <span class=\"_ _c9\"> </span>se <span class=\"_ _c9\"> </span>someter\u00e1n <span class=\"_ _c9\"> </span>a <span class=\"_ _c9\"> </span>la <span class=\"_ _c9\"> </span>aprob<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _c9\"> </span>de <span class=\"_ _c9\"> </span>su <span class=\"_ _c9\"> </span>Junta <span class=\"_ _c9\"> </span>General <span class=\"_ _c9\"> </span>Ordinaria <span class=\"_ _c9\"> </span>de <span class=\"_ _c4\"> </span>Accion<span class=\"_ _2\"></span>istas,<span class=\"_ _1be\"> </span>estim\u00e1ndose que s<span class=\"_ _2\"></span>er\u00e1n aprobad<span class=\"_ _2\"></span>as sin n<span class=\"_ _2\"></span>inguna modificaci\u00f3n. Por <span class=\"_ _2\"></span>su parte, las<span class=\"_ _2\"></span> cuentas an<span class=\"_ _2\"></span>uales consolidadas<span class=\"_ _1be\"> </span>del <span class=\"_ _1\"></span>Grupo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>ejercicio <span class=\"_ _1\"></span>2021 fueron <span class=\"_ _1\"></span>aprobadas<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Junta <span class=\"_ _1\"></span>G<span class=\"_ _1\"></span>eneral <span class=\"_ _1\"></span>de Acc<span class=\"_ _1\"></span>ionista<span class=\"_ _2\"></span>s de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Sociedad <span class=\"_ _1\"></span>Dominante<span class=\"_ _1be\"> </span>el <span class=\"ls11\">31</span> de marzo de 2<span class=\"_ _2\"></span>022.<span class=\"_ _1be\"> </span>En <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>nota <span class=\"_ _0\"></span>3 <span class=\"_ _c3\"></span>se <span class=\"_ _c3\"></span>resumen <span class=\"_ _0\"></span>las <span class=\"_ _c3\"></span>pol\u00edticas <span class=\"_ _0\"></span>conta<span class=\"_ _2\"></span>bles <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>criterios <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>valoraci\u00f3n <span class=\"_ _0\"></span>m\u00e1s<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>significati<span class=\"_ _2\"></span>vos <span class=\"_ _c3\"></span>que <span class=\"_ _0\"></span>han <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ido<span class=\"_ _1be\"> </span>aplicados en la<span class=\"_ _2\"></span> elaboraci\u00f3n de estas<span class=\"_ _2\"></span> cuentas anuales co<span class=\"_ _2\"></span>nsolidadas.<span class=\"_ _2\"></span> El <span class=\"_ _c7\"> </span>Euro <span class=\"_ _c4\"> </span>es <span class=\"_ _c7\"> </span>la <span class=\"_ _c7\"> </span>moneda <span class=\"_ _c7\"> </span>funcional <span class=\"_ _c4\"> </span>y <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>present<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>la <span class=\"_ _c7\"> </span>Sociedad <span class=\"_ _c7\"> </span>Domina<span class=\"_ _2\"></span>nte. <span class=\"_ _c7\"> </span>Las<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>cuentas <span class=\"_ _c4\"> </span>anuales<span class=\"_ _1be\"> </span>consolidadas<span class=\"_ _2\"></span> se expresan por tanto en<span class=\"_ _2\"></span> euros.<span class=\"_ _1be\"> </span>2.2<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Principios de conso<span class=\"_ _1\"></span>lidaci\u00f3n<span class=\"_ _1be\"> </span></span>En el Anexo I<span class=\"_ _1\"></span> se <span class=\"_ _1\"></span>incluye un det<span class=\"_ _1\"></span>alle de las <span class=\"_ _1\"></span>sociedades dependientes, negocios conjuntos y <span class=\"_ _1\"></span>asociadas de ENCE,<span class=\"_ _1be\"> </span>as\u00ed como el m\u00e9todo<span class=\"_ _2\"></span> de consolidaci\u00f3n<span class=\"_ _2\"></span> o valoraci\u00f3n a<span class=\"_ _2\"></span>plicado y otra informaci\u00f3n r<span class=\"_ _2\"></span>eferente a las mis<span class=\"_ _2\"></span>mas.<span class=\"_ _2\"></span> Sociedades dependien<span class=\"_ _2\"></span>tes<span class=\"_ _1be\"> </span>Se <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>sideran  sociedades <span class=\"_ _c2\"> </span>depend<span class=\"_ _2\"></span>ientes <span class=\"_ _c5\"> </span>aquellas  sobre <span class=\"_ _c2\"> </span>las  que <span class=\"_ _c2\"> </span>ENCE,  directa <span class=\"_ _c2\"> </span>o  indirectame<span class=\"_ _1\"></span>nte,  e<span class=\"_ _1\"></span>jerce<span class=\"_ _1be\"> </span>control. <span class=\"_ _1\"></span>Dicho <span class=\"_ _1\"></span>control <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>mani<span class=\"_ _2\"></span>fiesta, <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>ge<span class=\"_ _2\"></span>neral <span class=\"_ _1\"></span>aunque <span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>\u00fanicamente, <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>ropiedad, directa <span class=\"_ _bb\"></span>o <span class=\"_ _1\"></span>indirecta,<span class=\"_ _1be\"> </span>de al <span class=\"_ _2\"></span>menos <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>50% o <span class=\"_ _2\"></span>m\u00e1s <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>derechos p<span class=\"_ _2\"></span>ol\u00edticos d<span class=\"_ _2\"></span>e las <span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>tidades <span class=\"_ _2\"></span>participadas. <span class=\"_ _c0\"></span>El Gru<span class=\"_ _2\"></span>po EN<span class=\"_ _2\"></span>CE cons<span class=\"_ _2\"></span>idera<span class=\"_ _1be\"> </span>que <span class=\"_ _2\"></span>mantiene <span class=\"_ _2\"></span>el con<span class=\"_ _2\"></span>trol <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>sociedad<span class=\"_ _2\"></span> cu<span class=\"_ _2\"></span>ando <span class=\"_ _2\"></span>posee <span class=\"_ _2\"></span>derechos s<span class=\"_ _2\"></span>ustantivos <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>vigor <span class=\"_ _c0\"></span>que <span class=\"_ _2\"></span>le p<span class=\"_ _2\"></span>roporcionan<span class=\"_ _1be\"> </span>la capacid<span class=\"_ _2\"></span>ad de <span class=\"_ _2\"></span>dirigir las<span class=\"_ _2\"></span> actividades <span class=\"_ _2\"></span>relevantes <span class=\"_ _2\"></span>y est\u00e1 <span class=\"_ _2\"></span>expuesto, <span class=\"_ _2\"></span>o tiene <span class=\"_ _2\"></span>derecho, a <span class=\"_ _2\"></span>rendimientos <span class=\"_ _2\"></span>variables<span class=\"_ _1be\"> </span>procedentes <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>implicaci\u00f3n <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>ciedad <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>tiene <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>capacidad <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>influir <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>esos <span class=\"_ _4\"></span>rendimientos <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>trav<span class=\"_ _2\"></span>\u00e9s<span class=\"_ _1be\"> </span>de su pod<span class=\"_ _2\"></span>er sobre esta<span class=\"_ _2\"></span><span class=\"ff6\">. Estas sociedades se han<span class=\"_ _2\"></span> consolidado por el m\u00e9todo de \u201cIn<span class=\"_ _2\"></span>tegraci\u00f3n Global\u201d<span class=\"_ _1be\"> </span></span><span class=\"ff6\"><span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span></span>Los <span class=\"_ _4\"></span>ingresos<span class=\"_ _2\"></span>, <span class=\"_ _4\"></span>gastos <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>flujos <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>efectivo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>entidades <span class=\"_ _c0\"></span>dependientes <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>incluyen <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>cuentas <span class=\"_ _c0\"></span>anuales<span class=\"_ _1be\"> </span>consolidadas <span class=\"_ _0\"></span>desde <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>fecha <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>adq<span class=\"_ _2\"></span>uisici\u00f3n, <span class=\"_ _c0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>es <span class=\"_ _c0\"></span>aq<span class=\"_ _2\"></span>uella, <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>que<span class=\"_ _4\"></span> <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>Grupo <span class=\"_ _0\"></span>obtiene <span class=\"_ _c0\"></span>efectivamente <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span>control de las mis<span class=\"_ _2\"></span>mas. Las entid<span class=\"_ _2\"></span>ades dependientes s<span class=\"_ _2\"></span>e excluyen de la co<span class=\"_ _2\"></span>nsolidaci\u00f3n d<span class=\"_ _2\"></span>esde la fecha en la<span class=\"_ _2\"></span> que<span class=\"_ _1be\"> </span>se pierde el control s<span class=\"_ _2\"></span>obre ellas<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>En el <span class=\"_ _2\"></span>proceso <span class=\"_ _2\"></span>de cons<span class=\"_ _2\"></span>olidaci\u00f3n, <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>transaccion<span class=\"_ _2\"></span>es y s<span class=\"_ _2\"></span>aldos mantenid<span class=\"_ _2\"></span>os entre <span class=\"_ _2\"></span>soci<span class=\"_ _4\"></span>edades <span class=\"_ _2\"></span>dependientes <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>los<span class=\"_ _1be\"> </span>beneficios o p\u00e9rdidas<span class=\"_ _2\"></span> no realizados h<span class=\"_ _2\"></span>an sido eliminados.<span class=\"_ _2\"></span> Las <span class=\"_ _0\"></span>participacion<span class=\"_ _2\"></span>es <span class=\"_ _0\"></span>no <span class=\"_ _0\"></span>dominantes <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>reconocen <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>momento <span class=\"_ _0\"></span>inicial <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>importe <span class=\"_ _0\"></span>equivalente <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _1be\"> </span>participaci\u00f3n <span class=\"_ _4\"></span>proporcional <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>activos <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>etos <span class=\"_ _2\"></span>identificables <span class=\"_ _4\"></span>reconocid<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>fecha <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>toma <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>contro<span class=\"_ _2\"></span>l.<span class=\"_ _1be\"> </span>Las <span class=\"_ _c3\"></span>participaciones <span class=\"_ _0\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>dominantes<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>pat<span class=\"_ _2\"></span>rimonio <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>resulta<span class=\"_ _2\"></span>dos <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>las <span class=\"_ _c3\"></span>sociedades <span class=\"_ _0\"></span>dependientes<span class=\"_ _1be\"> </span>integradas globalmente s<span class=\"_ _2\"></span>e presenta<span class=\"_ _2\"></span>n <span class=\"ff6\">bajo<span class=\"_ _2\"></span> la denominaci\u00f3n d<span class=\"_ _2\"></span>e \u201c</span>Intereses m<span class=\"_ _2\"></span>inoritarios<span class=\"_ _2\"></span><span class=\"ff6\">\u201d, dentro del <span class=\"_ _2\"></span></span>cap\u00edtulo<span class=\"_ _2\"></span> \u201cPatrimonio <span class=\"_ _c3\"></span>Neto\u201d <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Esta<span class=\"_ _2\"></span>do <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>Situaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>F<span class=\"_ _2\"></span><span class=\"ff4\">inanciera <span class=\"_ _c3\"></span>consolidado, <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>cap\u00edtulo <span class=\"_ _c3\"></span></span>\u201c<span class=\"ff4\">Resultado <span class=\"_ _0\"></span>atribuid<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>a<span class=\"_ _1be\"> </span></span>intereses minoritarios<span class=\"_ _2\"></span><span class=\"ff6\">\u201d del Estad<span class=\"_ _2\"></span>o de Resultado co<span class=\"_ _2\"></span>nsolidado.</span> Los cambios en la<span class=\"_ _2\"></span> participaci\u00f3n d<span class=\"_ _2\"></span>e una sociedad<span class=\"_ _2\"></span> dependiente que no d<span class=\"_ _2\"></span>an lugar a u<span class=\"_ _2\"></span>na p\u00e9rdida <span class=\"_ _4\"></span>de control, s<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>contabilizan <span class=\"_ _c3\"> </span>como <span class=\"_ _c3\"></span>transacciones <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>patrimonio, <span class=\"_ _c3\"> </span>es <span class=\"_ _c3\"></span>decir, <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c3\"></span>cualquier <span class=\"_ _0\"></span>res<span class=\"_ _2\"></span>ultado <span class=\"_ _c3\"></span>obtenido <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"></span>reconoce<span class=\"_ _1be\"> </span>directamente en el patrimoni<span class=\"_ _2\"></span>o. Cuando <span class=\"_ _0\"></span>se <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>roduce <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>p\u00e9rdida <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>con<span class=\"_ _2\"></span>trol <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>una <span class=\"_ _0\"></span>empresa <span class=\"_ _c0\"></span>del <span class=\"_ _0\"></span>Grupo<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>tiene <span class=\"_ _c0\"></span>lugar <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>baja <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>sus <span class=\"_ _0\"></span>activos <span class=\"_ _c0\"></span>y<span class=\"_ _1be\"> </span>pasivos, <span class=\"_ _c3\"> </span>as\u00ed <span class=\"_ _c3\"> </span>como <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>otro<span class=\"_ _2\"></span>s <span class=\"_ _c3\"></span>componentes <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>patrimonio <span class=\"_ _c3\"></span>y <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>cualquier <span class=\"_ _c3\"></span>participaci\u00f3n <span class=\"_ _c3\"> </span>no <span class=\"_ _c3\"> </span>dominante <span class=\"_ _c3\"> </span>que<span class=\"_ _1be\"> </span>pudiera existir. <span class=\"_ _1\"></span>Las plu<span class=\"_ _1\"></span>sval\u00edas o <span class=\"_ _1\"></span>minusval\u00edas resultantes <span class=\"_ _1\"></span>se r<span class=\"_ _1\"></span>econocen e<span class=\"_ _1\"></span>n el Estado <span class=\"_ _1\"></span>de Res<span class=\"_ _1\"></span>ultado consolidado<span class=\"ls17\">.<span class=\"_ _1be\"> </span></span>Las <span class=\"_ _4\"></span>participaciones <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>mantengan <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>filiale<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>sobre <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>hub<span class=\"_ _2\"></span>iera <span class=\"_ _2\"></span>perd<span class=\"_ _2\"></span>ido <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>control <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>valoran<span class=\"_ _1be\"> </span>por <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>razonable <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>la fecha <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>esta circun<span class=\"_ _2\"></span>stancia <span class=\"_ _2\"></span>hubiera <span class=\"_ _2\"></span>tenido <span class=\"_ _2\"></span>lugar, <span class=\"_ _2\"></span>siendo <span class=\"_ _2\"></span>\u00e9ste <span class=\"_ _2\"></span>el valo<span class=\"_ _2\"></span>r de<span class=\"_ _1be\"> </span>coste a efectos de su<span class=\"_ _2\"></span> valoraci\u00f3n po<span class=\"_ _2\"></span>sterior.<span class=\"_ _1be\"> </span>Inversiones registradas po<span class=\"_ _2\"></span>r el m\u00e9todo d<span class=\"_ _2\"></span>e la p<span class=\"_ _2\"></span>articipaci\u00f3n Las <span class=\"_ _1\"></span>inversiones <span class=\"_ _1\"></span>registradas <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>m\u00e9todo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>particip<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _1\"></span>incluyen <span class=\"_ _1\"></span>las inversiones <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>e<span class=\"_ _2\"></span>mpresas asociadas,<span class=\"_ _1be\"> </span>as\u00ed como en negocios co<span class=\"_ _2\"></span>njuntos.<span class=\"_ _2\"></span> Se <span class=\"_ _1\"></span>consideran asociadas aquellas sociedades sobre las <span class=\"_ _1\"></span>que ENCE, <span class=\"_ _1\"></span>directa o <span class=\"_ _1\"></span>indirectamente, ejerce <span class=\"_ _1\"></span>influencia<span class=\"_ _2\"></span> significativa. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>influencia <span class=\"_ _2\"></span>significativa <span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>poder <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>intervenir <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>decisiones <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e pol\u00edtica <span class=\"_ _2\"></span>financiera <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>explotaci\u00f3n d<span class=\"_ _2\"></span>e una <span class=\"_ _2\"></span>entidad, s<span class=\"_ _2\"></span>in q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>suponga <span class=\"_ _2\"></span>la existencia <span class=\"_ _2\"></span>de control <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de control <span class=\"_ _2\"></span>conjunto <span class=\"_ _2\"></span>sobre <span class=\"_ _2\"></span>la misma.<span class=\"_ _1be\"> </span>Generalmente v<span class=\"_ _2\"></span>iene acompa<span class=\"_ _2\"></span>\u00f1ado <span class=\"_ _2\"></span>por una par<span class=\"_ _2\"></span>ticipaci\u00f3n d<span class=\"_ _2\"></span>e entre un <span class=\"_ _2\"></span>20% y <span class=\"_ _2\"></span>un 50% d<span class=\"_ _2\"></span>e los d<span class=\"_ _2\"></span>erechos de <span class=\"_ _2\"></span>voto<span class=\"_ _2\"></span> de la entidad.<span class=\"_ _1be\"> </span>Las <span class=\"_ _4\"></span>inversiones <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>entidades <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>ociadas <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>inversiones <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>negocios <span class=\"_ _4\"></span>conju<span class=\"_ _2\"></span>ntos <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>registra<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>m\u00e9todo<span class=\"_ _1be\"> </span>de la <span class=\"_ _2\"></span>participaci\u00f3n <span class=\"_ _2\"></span>desde <span class=\"_ _2\"></span>la fecha en <span class=\"_ _2\"></span>la que s<span class=\"_ _2\"></span>e ejerce influen<span class=\"_ _2\"></span>cia significativ<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>o bien, el <span class=\"_ _2\"></span>control <span class=\"_ _2\"></span>conjunto<span class=\"_ _2\"></span>. En<span class=\"_ _1be\"> </span>este sentido, esta<span class=\"_ _2\"></span>s inversiones se recono<span class=\"_ _2\"></span>cen inicialmente por su<span class=\"_ _2\"></span> coste de adquisici\u00f3n<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> El <span class=\"_ _2\"></span>exceso <span class=\"_ _2\"></span>entre <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>inv<span class=\"_ _2\"></span>ersi\u00f3n <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>porcentaje <span class=\"_ _4\"></span>correspondiente <span class=\"_ _4\"></span>al <span class=\"_ _2\"></span>Grupo <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>valores <span class=\"_ _2\"></span>razo<span class=\"_ _2\"></span>nables<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>activos <span class=\"_ _4\"></span>netos <span class=\"_ _4\"></span>identificables <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>registra <span class=\"_ _4\"></span>como <span class=\"_ _2\"></span>fond<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>comercio, <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>incluye <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>valo<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>contab<span class=\"_ _2\"></span>le<span class=\"_ _1be\"> </span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>inversi\u00f3n. <span class=\"_ _0\"></span>E<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>defecto, <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>vez <span class=\"_ _0\"></span>evaluad<span class=\"_ _2\"></span>os <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>impor<span class=\"_ _2\"></span>tes <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>te <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>inversi\u00f3n <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>identificaci\u00f3n <span class=\"_ _0\"></span>y<span class=\"_ _1be\"> </span>valoraci\u00f3n <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>activ<span class=\"_ _2\"></span>os <span class=\"_ _c2\"> </span>netos <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>asociad<span class=\"_ _2\"></span>a, <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>registra <span class=\"_ _c5\"> </span>como <span class=\"_ _c2\"> </span>un  ingre<span class=\"_ _1\"></span>so <span class=\"_ _c2\"> </span>en <span class=\"_ _c5\"> </span>la <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>eterminaci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c5\"> </span>la<span class=\"_ _1be\"> </span>participaci\u00f3n del inv<span class=\"_ _2\"></span>ersor en los resu<span class=\"_ _2\"></span>ltados de la asociad<span class=\"_ _2\"></span>a del ejercicio en que se ha adqu<span class=\"_ _2\"></span>irido.<span class=\"_ _4\"></span> La particip<span class=\"_ _2\"></span>aci\u00f3n del <span class=\"_ _2\"></span>Grupo en los<span class=\"_ _2\"></span> beneficios <span class=\"_ _2\"></span>o p\u00e9rdidas <span class=\"_ _2\"></span>de las <span class=\"_ _2\"></span>entidades as<span class=\"_ _2\"></span>ociadas ob<span class=\"_ _2\"></span>tenidas desd<span class=\"_ _2\"></span>e la fecha<span class=\"_ _1be\"> </span>de adquisici\u00f3n se registra como un aumento o disminuci\u00f3n del valor de <span class=\"_ _1\"></span>las inversiones con abono o cargo al<span class=\"_ _1be\"> </span>ep\u00edgrafe <span class=\"_ _c0\"></span>\"Resultado <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>sociedades <span class=\"_ _c0\"></span>integrad<span class=\"_ _2\"></span>as <span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>m\u00e9todo <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>particip<span class=\"_ _2\"></span>aci\u00f3n<span class=\"_ _2\"></span>\" <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>Estado <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>Resu<span class=\"_ _2\"></span>ltado<span class=\"_ _1be\"> </span>consolidado<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>Las <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>istribuciones <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ividendos <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>registran <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>minora<span class=\"_ _2\"></span>ciones <span class=\"_ _2\"></span>del <span class=\"_ _4\"></span>valor <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>inv<span class=\"_ _2\"></span>ersiones.<span class=\"_ _1be\"> </span>Asimismo, se ajusta el valor de la inversi\u00f3n para reflejar la proporci\u00f3n de aquellos c<span class=\"_ _2\"></span>ambios<span class=\"_ _2\"></span> en el <span class=\"_ _1\"></span>patrimonio<span class=\"_ _2\"></span> neto de estas s<span class=\"_ _2\"></span>ociedades que no se h<span class=\"_ _2\"></span>an reconocido en s<span class=\"_ _2\"></span>us resultados.<span class=\"_ _2\"></span> Conversi\u00f3n de e<span class=\"_ _2\"></span>stados financieros<span class=\"_ _2\"></span> Los res<span class=\"_ _2\"></span>ultados y <span class=\"_ _2\"></span>la posici\u00f3n <span class=\"_ _2\"></span>financiera d<span class=\"_ _2\"></span>e todas<span class=\"_ _2\"></span> las entid<span class=\"_ _2\"></span>ades del <span class=\"_ _2\"></span>Grupo cuy<span class=\"_ _2\"></span>a moneda <span class=\"_ _2\"></span>funcional s<span class=\"_ _2\"></span>ea distinta<span class=\"_ _1be\"> </span>de <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>moneda <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>resentaci\u00f3n <span class=\"_ _0\"></span>se <span class=\"_ _c3\"></span>convierten <span class=\"_ _0\"></span>a <span class=\"_ _c3\"> </span>euro <span class=\"_ _0\"></span>del <span class=\"_ _c3\"></span>siguiente <span class=\"_ _0\"></span>modo; <span class=\"_ _c3\"></span>los <span class=\"_ _0\"></span>activos <span class=\"_ _c3\"></span>y <span class=\"_ _c0\"></span>pas<span class=\"_ _2\"></span>ivos <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>tipo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>ca<span class=\"ls0_1\">mbio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cierre <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>fecha <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Estado <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Si<span class=\"_ _2\"></span>tuaci\u00f3n <span class=\"_ _2\"></span>Financiera, <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cambio <span class=\"_ _2\"></span>hist\u00f3rico, <span class=\"_ _2\"></span>y<span class=\"_ _1be\"> </span></span>los ingresos y gastos <span class=\"_ _1\"></span>al tipo de<span class=\"_ _1\"></span> cambio medio <span class=\"_ _1\"></span>del periodo de <span class=\"_ _1\"></span>devengo. Las diferencias de ca<span class=\"_ _1\"></span>mbio resultantes<span class=\"_ _1be\"> </span>se <span class=\"_ _2\"></span>reconocen <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>\u201cOtro <span class=\"_ _2\"></span>Resultado <span class=\"_ _2\"></span>Global\u201d, <span class=\"_ _2\"></span>y s<span class=\"_ _2\"></span>e impu<span class=\"_ _2\"></span>tar\u00e1n <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cuenta de <span class=\"_ _2\"></span>resu<span class=\"_ _2\"></span>ltados <span class=\"_ _2\"></span>en<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span>el period<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el qu<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span></span>se lleve a cabo la enaj<span class=\"_ _2\"></span>enaci\u00f3n de la invers<span class=\"_ _2\"></span>i\u00f3n. Las sociedad<span class=\"_ _2\"></span>es del Grupo no se ub<span class=\"_ _2\"></span>ican en pa\u00edses d<span class=\"_ _2\"></span>e econom\u00eda <span class=\"_ _2\"></span>hiperinflacionaria.<span class=\"_ _2\"></span> Homogeneizaci\u00f3n y otro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>La consolidaci\u00f3n de las entidades que conforman el <span class=\"_ _1\"></span>per\u00edmetro de consolidaci\u00f3n<span class=\"_ _2\"></span> ha sid<span class=\"_ _2\"></span>o realizada a <span class=\"_ _1\"></span>partir de<span class=\"_ _1be\"> </span>sus cuentas <span class=\"_ _1\"></span>anuales <span class=\"_ _1\"></span>individuales <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>son preparadas <span class=\"_ _1\"></span>conforme <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Plan <span class=\"_ _1\"></span>General <span class=\"_ _1\"></span>de Contabilidad Espa\u00f1ol <span class=\"_ _1\"></span>para<span class=\"_ _1be\"> </span>aquellas <span class=\"_ _c7\"> </span>sociedades <span class=\"_ _c6\"> </span>res<span class=\"_ _2\"></span>identes <span class=\"_ _c6\"> </span>en <span class=\"_ _c7\"> </span>Espa\u00f1a <span class=\"_ _c7\"> </span>y <span class=\"_ _c7\"> </span>conforme <span class=\"_ _c6\"> </span>a <span class=\"_ _c6\"> </span>s<span class=\"_ _2\"></span>u <span class=\"_ _c6\"> </span>pro<span class=\"_ _2\"></span>pia <span class=\"_ _c6\"> </span>normativ<span class=\"_ _2\"></span>a <span class=\"_ _c6\"> </span>local <span class=\"_ _c6\"> </span>par<span class=\"_ _2\"></span>a <span class=\"_ _c6\"> </span>el <span class=\"_ _c6\"> </span>resto<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>de<span class=\"_ _1be\"> </span>participadas. Las p<span class=\"_ _2\"></span>ol\u00edticas <span class=\"_ _2\"></span>contables de <span class=\"_ _2\"></span>las sociedad<span class=\"_ _2\"></span>es dependientes<span class=\"_ _2\"></span> se <span class=\"_ _2\"></span>han adap<span class=\"_ _2\"></span>tado a <span class=\"_ _2\"></span>las pol\u00edticas<span class=\"_ _2\"></span> contables <span class=\"_ _2\"></span>del Grupo.<span class=\"_ _1be\"> </span>As\u00ed <span class=\"_ _1\"></span>mismo, <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>cuentas <span class=\"_ _1\"></span>anuales <span class=\"_ _1\"></span>o <span class=\"_ _bb\"></span>es<span class=\"_ _2\"></span>tados <span class=\"_ _1\"></span>financieros de<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>socie<span class=\"_ _1\"></span>dades dependientes <span class=\"_ _1\"></span>utilizados e<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>proceso<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>consolidaci\u00f3n <span class=\"_ _2\"></span>est\u00e1<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>referidos <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>mis<span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>fecha <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>pres<span class=\"_ _2\"></span>entaci\u00f3n, <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>iciembre, <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>mismo <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>que<span class=\"_ _1be\"> </span>los de la Sociedad d<span class=\"_ _2\"></span>ominante.<span class=\"_ _1be\"> </span>En <span class=\"_ _0\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>transaccione<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>entre <span class=\"_ _c3\"></span>sociedades <span class=\"_ _c3\"></span>consolidadas<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>se <span class=\"_ _0\"></span>eliminan <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>resultad<span class=\"_ _2\"></span>os <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>operaciones <span class=\"_ _0\"></span>internas<span class=\"_ _2\"></span>,<span class=\"_ _1be\"> </span>difiri\u00e9ndose hasta q<span class=\"_ _2\"></span>ue se realizan frente a terceros a<span class=\"_ _2\"></span>jenos al Grupo<span class=\"_ _4\"></span>.<span class=\"_ _1be\"> </span>Los tra<span class=\"_ _2\"></span>bajos <span class=\"_ _2\"></span>efectuados <span class=\"_ _2\"></span>por el <span class=\"_ _2\"></span>Grupo p<span class=\"_ _2\"></span>ara su<span class=\"_ _2\"></span> prop<span class=\"_ _2\"></span>io inmovilizado <span class=\"_ _2\"></span>se reconocen <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>su cos<span class=\"_ _2\"></span>te de <span class=\"_ _2\"></span>producci\u00f3n<span class=\"_ _1be\"> </span>elimin\u00e1ndose los resu<span class=\"_ _2\"></span>ltados intragrupo.<span class=\"_ _2\"></span> En la <span class=\"_ _1\"></span>Nota 6 <span class=\"_ _1\"></span>se presentan <span class=\"_ _1\"></span>los cambios habidos en <span class=\"_ _1\"></span>los ejerci<span class=\"_ _1\"></span>cios 2022 y 2021 en <span class=\"_ _1\"></span>el conjunto de <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>sociedades<span class=\"_ _2\"></span> consolidadas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>integraci\u00f3n <span class=\"_ _c0\"></span>global <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>por <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>m\u00e9todo<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>participaci\u00f3n. <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>las <span class=\"_ _c0\"></span>correspondientes <span class=\"_ _4\"></span>no<span class=\"_ _2\"></span>tas <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>esta Memoria consolidada, bajo el <span class=\"ff6\">t\u00edtulo \u201cVariacio</span>n<span class=\"ls18\">es</span> <span class=\"ff6\">del per\u00edmetro\u201d, se muestra</span>n los efectos relevantes de<span class=\"_ _1be\"> </span>las incorpora<span class=\"_ _2\"></span>ciones y salidas de so<span class=\"_ _2\"></span>ciedades en el per\u00edmetro <span class=\"_ _2\"></span>de consolidaci\u00f3n<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span> <span class=\"_ _2\"></span> 2.3<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Comparaci\u00f3n de <span class=\"_ _1\"></span>la informa<span class=\"_ _1\"></span>ci\u00f3n y estaciona<span class=\"_ _1\"></span>lidad de las<span class=\"_ _1be\"> </span></span>transacciones<span class=\"_ _1be\"> </span>La <span class=\"_ _c3\"> </span>informaci\u00f3n <span class=\"_ _c3\"> </span>contenida <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"></span>esta <span class=\"_ _c3\"></span>memoria <span class=\"_ _c3\"> </span>referida <span class=\"_ _c3\"> </span>al <span class=\"_ _c3\"> </span>ejercicio <span class=\"_ _c3\"> </span>202<span class=\"_ _2\"></span>1 <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>presenta <span class=\"_ _c2\"> </span>\u00fanicamente <span class=\"_ _c3\"></span>a <span class=\"_ _c3\"> </span>efectos<span class=\"_ _1be\"> </span>comparativos. <span class=\"_ _2\"></span> A <span class=\"_ _2\"></span>efectos <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>comparabilidad<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>deben <span class=\"_ _2\"></span>tener <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>consideraci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>asimismo <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>var<span class=\"_ _2\"></span>iaciones <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>er\u00edmetro <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>consolidaci\u00f3n d<span class=\"_ _2\"></span>etalladas en la Nota<span class=\"_ _2\"></span> 6.<span class=\"_ _1be\"> </span>Dadas las actividades a <span class=\"_ _1\"></span>las que<span class=\"_ _1\"></span> se <span class=\"_ _1\"></span>dedican las <span class=\"_ _1\"></span>sociedades del Grupo, las <span class=\"_ _1\"></span>transacciones del mismo no <span class=\"_ _1\"></span>cuentan<span class=\"_ _1be\"> </span>con  un <span class=\"_ _c2\"> </span>car\u00e1cter  c\u00edclico  o <span class=\"_ _c2\"> </span>estacional.  No  obstante, <span class=\"_ _c2\"> </span>las  actividades  de <span class=\"_ _c2\"> </span>produ<span class=\"_ _2\"></span>cci\u00f3n <span class=\"_ _c5\"> </span>de  p<span class=\"_ _1\"></span>asta  celul\u00f3sica <span class=\"_ _c5\"> </span>y<span class=\"_ _1be\"> </span>generaci\u00f3n <span class=\"_ _1\"></span>energ\u00eda <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>novable <span class=\"_ _1\"></span>requieren <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>parad<span class=\"_ _2\"></span>as <span class=\"_ _1\"></span>por <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>eriodos <span class=\"_ _1\"></span>q<span class=\"_ _1\"></span>ue <span class=\"_ _1\"></span>oscilan <span class=\"_ _1\"></span>entre <span class=\"_ _bb\"></span>10 <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>15 <span class=\"_ _1\"></span>d\u00edas <span class=\"_ _1\"></span>para <span class=\"_ _bb\"></span>efectuar<span class=\"_ _1be\"> </span>labores de mantenimi<span class=\"_ _2\"></span>ento. 2.4<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Principales de<span class=\"_ _1\"></span>cisiones rela<span class=\"_ _1\"></span>tivas a las NIIF<span class=\"_ _1be\"> </span></span>En <span class=\"ls0_1\">relaci\u00f3n con<span class=\"_ _2\"></span> la <span class=\"_ _2\"></span>presentaci\u00f3n <span class=\"_ _2\"></span>de las<span class=\"_ _2\"></span> cuentas<span class=\"_ _2\"></span> anu<span class=\"_ _2\"></span>ales consolidadas<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>resto de <span class=\"_ _2\"></span>informaci\u00f3n <span class=\"_ _2\"></span>contenida <span class=\"_ _2\"></span>en la<span class=\"_ _1be\"> </span></span>memoria  consolidada,  el <span class=\"_ _c2\"> </span>Gr<span class=\"_ _2\"></span>upo  adopt\u00f3  las <span class=\"_ _c5\"> </span>siguientes  decisiones;  1) <span class=\"_ _c2\"> </span>el  Estado  de  Situaci\u00f3n  Financiera<span class=\"_ _1be\"> </span>co<span class=\"ls0_1\">nsolidad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>presenta <span class=\"_ _4\"></span>distinguiendo <span class=\"_ _4\"></span>entre <span class=\"_ _2\"></span>partidas <span class=\"_ _4\"></span>corrientes <span class=\"_ _2\"></span>(corto <span class=\"_ _4\"></span>plazo<span class=\"_ _4\"></span>) <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>no <span class=\"_ _4\"></span>corrientes <span class=\"_ _2\"></span>(largo <span class=\"_ _4\"></span>plazo),<span class=\"_ _1be\"> </span></span>2)<span class=\"ls0_1\"> <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>E<span class=\"_ _2\"></span>stado <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>Resultado <span class=\"_ _c2\"> </span>consolidado<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>presenta <span class=\"_ _c2\"> </span>por <span class=\"_ _c3\"> </span>naturaleza, <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>3) <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>Estad<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>Flujos <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>E<span class=\"_ _2\"></span>fectivo<span class=\"_ _1be\"> </span></span>consolidado s<span class=\"_ _2\"></span>e presenta siguiendo el m\u00e9todo in<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>irecto.<span class=\"_ _1be\"> </span>2.5<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Cambios en esti<span class=\"_ _1\"></span>maciones y po<span class=\"_ _1\"></span>l\u00edticas conta<span class=\"_ _1\"></span>bles y corre<span class=\"_ _1\"></span>cci\u00f3n de<span class=\"_ _1be\"> </span></span>errores fundamenta<span class=\"_ _1\"></span>les<span class=\"_ _1be\"> </span>El <span class=\"_ _c3\"></span>efecto <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>cualquier <span class=\"_ _c3\"></span>cambio <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"></span>las <span class=\"_ _0\"></span>es<span class=\"_ _2\"></span>timaciones <span class=\"_ _c3\"></span>contables <span class=\"_ _0\"></span>se <span class=\"_ _c3\"> </span>registra <span class=\"_ _c3\"></span>prospectivamente, <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>mismo<span class=\"_ _1be\"> </span>apartado <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>Estado <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>Resultado <span class=\"_ _c3\"> </span>consolidado <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>encu<span class=\"_ _2\"></span>entra <span class=\"_ _0\"></span>registrado<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>gas<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>ingreso<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span>estimaci\u00f3n anterior. <span class=\"_ _2\"></span> Por <span class=\"_ _c3\"></span>su <span class=\"_ _c3\"></span>parte, <span class=\"_ _c3\"></span>los <span class=\"_ _0\"></span>cambio<span class=\"_ _2\"></span>s <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ol\u00edticas <span class=\"_ _c3\"> </span>contables <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"></span>correcci\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>errores <span class=\"_ _c3\"> </span>fundamentale<span class=\"_ _2\"></span>s <span class=\"_ _c3\"></span>se <span class=\"_ _0\"></span>registran<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>del<span class=\"_ _1be\"> </span>siguiente modo <span class=\"_ _1\"></span>siempre que <span class=\"_ _1\"></span>su impacto <span class=\"_ _1\"></span>sea significativo; <span class=\"_ _1\"></span>el efecto <span class=\"_ _1\"></span>acumulado al <span class=\"_ _1\"></span>inicio del <span class=\"_ _1\"></span>ejercicio se <span class=\"_ _1\"></span>ajusta<span class=\"_ _1be\"> </span>en <span class=\"_ _2\"></span>el ep\u00edgrafe <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>reservas <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>efecto <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>propio <span class=\"_ _2\"></span>ejercicio <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>registra<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el E<span class=\"_ _2\"></span>stado <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Resultado <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>solidado<span class=\"_ _1be\"> </span>del ejercicio. En estos casos se re-expresan los datos financieros del ejercicio comparativo<span class=\"_ _2\"></span> presentado junto<span class=\"_ _1be\"> </span>al ejercicio en curso.<span class=\"_ _2\"></span> Al <span class=\"_ _1\"></span>31 <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>diciembre <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>20<span class=\"_ _2\"></span>21 <span class=\"_ _1\"></span>no <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>han <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>roducido <span class=\"_ _1\"></span>cambios <span class=\"_ _1\"></span>significativos<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>pol\u00ed<span class=\"_ _2\"></span>ticas <span class=\"_ _1\"></span>contables, <span class=\"_ _1\"></span>excepto<span class=\"_ _1be\"> </span>por los efectos de lo <span class=\"_ _1\"></span>indicado en la nota 2.6 siguiente, ni <span class=\"_ _1\"></span>ha sido necesario e<span class=\"_ _1\"></span>fectuar correcciones de errores.<span class=\"_ _1be\"> </span>2.6<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Normas e interpreta<span class=\"_ _1\"></span>ciones efectivas en e<span class=\"_ _1\"></span>l presente p<span class=\"_ _1\"></span>er\u00edodo </span>Las pol\u00edticas co<span class=\"_ _2\"></span>ntables utiliza<span class=\"_ _2\"></span>das en la <span class=\"_ _2\"></span>preparaci\u00f3n d<span class=\"_ _2\"></span>e estas <span class=\"_ _2\"></span>Cuentas a<span class=\"_ _2\"></span>nuales cons<span class=\"_ _2\"></span>olidadas coinciden con<span class=\"_ _2\"></span> las<span class=\"_ _1be\"> </span>utilizadas <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>ejercicio <span class=\"_ _c3\"> </span>anu<span class=\"_ _2\"></span>al <span class=\"_ _c3\"> </span>terminad<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"></span>31 <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>diciembre <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>20<span class=\"_ _4\"></span>21, <span class=\"_ _c3\"> </span>excepto<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>por <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>ap<span class=\"_ _2\"></span>licaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"> </span>las<span class=\"_ _1be\"> </span>siguientes normas <span class=\"_ _1\"></span>emitidas <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>IASB <span class=\"_ _1\"></span>(Internation<span class=\"_ _2\"></span>al <span class=\"_ _1\"></span>Accounting Standards Board) <span class=\"_ _1\"></span>y adoptadas <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Uni\u00f3n<span class=\"_ _1be\"> </span>Europea para <span class=\"_ _2\"></span>su aplicaci\u00f3n en Eu<span class=\"_ _2\"></span>ropa a partir del 1 de enero d<span class=\"_ _2\"></span>e 202<span class=\"_ _2\"></span>2:<span class=\"_ _1be\"> </span>Norma<span class=\"_ _1be\"> </span>Contenido<span class=\"_ _1be\"> </span>Modificaciones de no<span class=\"_ _2\"></span>rmas-<span class=\"_ _1be\"> </span>Modificaci\u00f3n a la NIIF <span class=\"_ _2\"></span>3 Referencia al Marco<span class=\"_ _1be\"> </span>Conceptual (publicad<span class=\"_ _2\"></span>a en mayo de 2020)<span class=\"_ _2\"></span> Se <span class=\"_ _c0\"></span>actualiza <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>N<span class=\"_ _2\"></span>IIF <span class=\"_ _c0\"></span>3 <span class=\"_ _c0\"></span>par<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>alinear <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>definiciones <span class=\"_ _c0\"></span>de<span class=\"_ _2\"></span> activo <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>asivo <span class=\"_ _4\"></span>en <span class=\"_ _0\"></span>una <span class=\"_ _c0\"></span>combinaci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>negocios <span class=\"_ _c0\"></span>con<span class=\"_ _1be\"> </span>las contenidas<span class=\"_ _2\"></span> en el marco conceptual.<span class=\"_ _2\"></span> Modificaci\u00f3n a la NIC 16 In<span class=\"_ _2\"></span>gresos o<span class=\"_ _2\"></span>btenidos antes<span class=\"_ _1be\"> </span>del uso previs<span class=\"_ _2\"></span>to (publicada en mayo d<span class=\"_ _2\"></span>e 2020) <span class=\"_ _2\"></span> La <span class=\"_ _c9\"> </span>modificaci\u00f3n <span class=\"_ _c9\"> </span>proh\u00edbe <span class=\"_ _c9\"> </span>deducir <span class=\"_ _c9\"> </span>del <span class=\"_ _c9\"> </span>coste <span class=\"_ _c9\"> </span>de <span class=\"_ _c4\"> </span>u<span class=\"_ _2\"></span>n<span class=\"_ _1be\"> </span>inmovilizado <span class=\"_ _1\"></span>material <span class=\"_ _1\"></span>cualquier <span class=\"_ _1\"></span>ingreso <span class=\"_ _bb\"></span>ob<span class=\"_ _2\"></span>tenido <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>la<span class=\"_ _1be\"> </span>venta <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>art\u00edcu<span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>ducidos <span class=\"_ _4\"></span>mientras <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>entidad<span class=\"_ _1be\"> </span>es<span class=\"ls0_1\">t\u00e1 preparan<span class=\"_ _2\"></span>do el activo p<span class=\"_ _2\"></span>ara su uso previsto<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span></span>Modificaci\u00f3n a la NIC 37 Con<span class=\"_ _2\"></span>tratos<span class=\"_ _2\"></span> onerosos <span class=\"_ _2\"></span><span class=\"ff6\">\u2013</span> Coste de cumplir un co<span class=\"_ _2\"></span>ntrato (publicad<span class=\"_ _2\"></span>a en mayo<span class=\"_ _1be\"> </span>de 2020)<span class=\"_ _1be\"> </span>La <span class=\"_ _1\"></span>modificaci\u00f3n <span class=\"_ _1\"></span>explica <span class=\"_ _bb\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>coste <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>irecto <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>cu<span class=\"_ _2\"></span>mplir<span class=\"_ _1be\"> </span>un <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>trato <span class=\"_ _0\"></span>comprend<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>los <span class=\"_ _c3\"></span>costes <span class=\"_ _c3\"> </span>incrementales <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span> cumplir ese <span class=\"_ _2\"></span>contrato <span class=\"_ _2\"></span>y una <span class=\"_ _2\"></span>asignaci\u00f3n de <span class=\"_ _2\"></span>otros costes<span class=\"_ _1be\"> </span>que <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>relacionan<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>irectamente <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>cumplimiento<span class=\"_ _1be\"> </span>del contrato.<span class=\"_ _1be\"> </span>Mejoras a las N<span class=\"_ _2\"></span>IIF Ciclo 2018-2020 (publicad<span class=\"_ _2\"></span>a en<span class=\"_ _1be\"> </span>mayo de 2020)<span class=\"_ _1be\"> </span>Modificaciones <span class=\"_ _c0\"></span>menores <span class=\"_ _0\"></span>a <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>NIIF <span class=\"_ _c0\"></span>1, <span class=\"_ _c0\"></span>NIIF <span class=\"_ _0\"></span>9, <span class=\"_ _4\"></span>N<span class=\"_ _2\"></span>IIF <span class=\"_ _c0\"></span>16 <span class=\"_ _c0\"></span>y<span class=\"_ _1be\"> </span>NIC 41.<span class=\"_ _1be\"> </span>Estas <span class=\"_ _c3\"> </span>normas <span class=\"_ _c3\"> </span>no <span class=\"_ _c3\"></span>han <span class=\"_ _c3\"></span>tenido <span class=\"_ _0\"></span>un <span class=\"_ _c3\"> </span>imp<span class=\"_ _2\"></span>acto <span class=\"_ _c3\"> </span>significativo <span class=\"_ _c3\"> </span>sobre <span class=\"_ _c3\"> </span>est<span class=\"_ _2\"></span>a<span class=\"ls14\">s <span class=\"_ _0\"></span></span>cu<span class=\"_ _2\"></span>entas <span class=\"_ _c3\"></span>anuales <span class=\"_ _c3\"> </span>consolidad<span class=\"_ _2\"></span>a<span class=\"ls14\">s.</span> <span class=\"_ _c3\"></span>En <span class=\"_ _c3\"></span>este<span class=\"_ _1be\"> </span>sentido, <span class=\"_ _2\"></span>la modificaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>NIC<span class=\"_ _2\"></span>-16 <span class=\"_ _2\"></span>relativa a <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>ingresos<span class=\"_ _2\"></span> obtenido<span class=\"_ _2\"></span>s en <span class=\"_ _2\"></span>el pe<span class=\"_ _2\"></span>riodo d<span class=\"_ _2\"></span>e prueb<span class=\"_ _2\"></span>as, <span class=\"_ _2\"></span>modifica una<span class=\"_ _1be\"> </span>pol\u00edtica contable del Grup<span class=\"_ _2\"></span>o, si bien, n<span class=\"_ _2\"></span>o hay en 2022 ni en 2021 ingresos<span class=\"_ _2\"></span> que cumplan es<span class=\"_ _2\"></span>tos requisitos<span class=\"_ _2\"></span> y, por<span class=\"_ _1be\"> </span>tanto, se h<span class=\"_ _2\"></span>ayan deducido del co<span class=\"_ _2\"></span>ste de la inversi\u00f3n<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>2.7<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Normas e interpreta<span class=\"_ _1\"></span>ciones emitida<span class=\"_ _1\"></span>s no vigentes </span>A  la  fecha  de <span class=\"_ _c5\"> </span>formulaci\u00f3n  de  e<span class=\"_ _1\"></span>stas  cuentas  anuales  consolidadas,  las  normas  e  interpretaciones  m\u00e1s<span class=\"_ _1be\"> </span>significativas <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e hab<span class=\"_ _2\"></span>\u00edan <span class=\"_ _2\"></span>sido <span class=\"_ _2\"></span>publicadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>IASB, <span class=\"_ _2\"></span>pero <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>hab\u00edan <span class=\"_ _2\"></span>entra<span class=\"_ _2\"></span>do <span class=\"_ _2\"></span>a\u00fan <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>gor, <span class=\"_ _2\"></span>bien <span class=\"_ _2\"></span>porque <span class=\"_ _2\"></span>no<span class=\"_ _1be\"> </span>han sido a\u00fan adoptadas por la Uni\u00f3n Europea, o bien, porque su fecha de efectividad es posterior a la fecha<span class=\"_ _1be\"> </span>de formulaci\u00f3n, son<span class=\"_ _2\"></span>: Aplicaci\u00f3n a<span class=\"_ _1be\"> </span>Norma<span class=\"_ _1be\"> </span>Contenido<span class=\"_ _1be\"> </span>Partir de<span class=\"_ _1be\"> </span>Modificaciones de no<span class=\"_ _2\"></span>rmas <span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>Modificaci\u00f3n a la NIC 1 Des<span class=\"_ _2\"></span>glose<span class=\"_ _1be\"> </span>de pol\u00edticas conta<span class=\"_ _2\"></span>bles (publicada<span class=\"_ _1be\"> </span>en febrero de 2021)<span class=\"_ _2\"></span> Modificaciones <span class=\"_ _ca\"> </span>que <span class=\"_ _ca\"> </span>permiten <span class=\"_ _ca\"> </span>a <span class=\"_ _ca\"> </span>las <span class=\"_ _ca\"> </span>entidades <span class=\"_ _ca\"> </span>identificar<span class=\"_ _1be\"> </span>adecuadamente <span class=\"_ _ca\"> </span>la <span class=\"_ _ca\"> </span>informaci\u00f3n <span class=\"_ _ca\"> </span>sobre <span class=\"_ _ca\"> </span>pol\u00edticas <span class=\"_ _ca\"> </span>contables<span class=\"_ _1be\"> </span>materiales <span class=\"_ _15\"> </span>que <span class=\"_ _cb\"> </span>debe <span class=\"_ _15\"> </span>ser <span class=\"_ _15\"> </span>desglos<span class=\"_ _2\"></span>ada <span class=\"_ _15\"> </span>en <span class=\"_ _15\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>estados<span class=\"_ _1be\"> </span>financieros.<span class=\"_ _2\"></span> 1 de enero de 202<span class=\"_ _1be\"> </span>3<span class=\"_ _2\"></span> Modificaci\u00f3n a la NIC 8 De<span class=\"_ _2\"></span>finici\u00f3n<span class=\"_ _1be\"> </span>de estimaci\u00f3n contable (pu<span class=\"_ _2\"></span>blicada<span class=\"_ _1be\"> </span>en febrero de 2021)<span class=\"_ _2\"></span> Modificaciones  y  aclara<span class=\"_ _2\"></span>ciones  s<span class=\"_ _2\"></span>obre  qu\u00e9  debe  entend<span class=\"_ _2\"></span>erse<span class=\"_ _1be\"> </span>como un cambio de u<span class=\"_ _2\"></span>na estimaci\u00f3n co<span class=\"_ _2\"></span>ntable.<span class=\"_ _2\"></span> 1 de enero de 202<span class=\"_ _1be\"> </span>3<span class=\"_ _2\"></span> Modificaci\u00f3n a la NIC 12 Impu<span class=\"_ _2\"></span>estos<span class=\"_ _2\"></span> diferidos derivados<span class=\"_ _2\"></span> de activos y<span class=\"_ _1be\"> </span>pasivos que resu<span class=\"_ _2\"></span>ltan de una \u00fanica<span class=\"_ _1be\"> </span>transacci\u00f3n (p<span class=\"_ _2\"></span>ublicada en mayo d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>2021) <span class=\"ls0_1\"> </span>Modificaci\u00f3n a la NIIF <span class=\"_ _2\"></span>17 Contratos<span class=\"_ _2\"></span> de Seguros <span class=\"ff6\">\u2013</span> Aplicaci\u00f3n in<span class=\"_ _2\"></span>icial de la<span class=\"_ _1be\"> </span>NIIF 17 y NIIF 9. In<span class=\"_ _2\"></span>formaci\u00f3n<span class=\"_ _1be\"> </span>comparativa (pu<span class=\"_ _2\"></span>blicada en<span class=\"_ _1be\"> </span>diciembre de 2021)<span class=\"_ _2\"></span> Nuevas normas <span class=\"_ _2\"></span><span class=\"ff7\">\u2013</span> NIIF 17 Contratos<span class=\"_ _2\"></span> de seguros<span class=\"_ _2\"></span> Clarificaciones <span class=\"_ _c2\"> </span>sobre <span class=\"_ _c3\"> </span>c\u00f3mo <span class=\"_ _c2\"> </span>las <span class=\"_ _c3\"> </span>entid<span class=\"_ _2\"></span>ades <span class=\"_ _c3\"> </span>deben <span class=\"_ _c2\"> </span>registrar <span class=\"_ _c3\"> </span>el<span class=\"_ _1be\"> </span>impuesto <span class=\"_ _ca\"> </span>diferido <span class=\"_ _ca\"> </span>que <span class=\"_ _ca\"> </span>se <span class=\"_ _ca\"> </span>genera <span class=\"_ _ca\"> </span>en <span class=\"_ _cc\"> </span>operaciones <span class=\"_ _ca\"> </span>como<span class=\"_ _1be\"> </span>arrendamientos y o<span class=\"_ _2\"></span>bligaciones p<span class=\"_ _2\"></span>or desmantelamiento.<span class=\"_ _2\"></span> Modificaci\u00f3n de los r<span class=\"_ _2\"></span>equisitos de trans<span class=\"_ _2\"></span>ici\u00f3n de la NIIF 17 para<span class=\"_ _1be\"> </span>las aseguradoras q<span class=\"_ _2\"></span>ue aplican la NIIF 17 y la NIIF 9 por primera<span class=\"_ _1be\"> </span>vez al mismo tiempo.<span class=\"_ _2\"></span> Reemplaza <span class=\"_ _c4\"> </span>la <span class=\"_ _c4\"> </span>NIIF<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>4 <span class=\"_ _c4\"> </span>y <span class=\"_ _c4\"> </span>r<span class=\"_ _2\"></span>ecoge <span class=\"_ _c4\"> </span>los <span class=\"_ _c4\"> </span>prin<span class=\"_ _2\"></span>cipios <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>registr<span class=\"_ _2\"></span>o,<span class=\"_ _1be\"> </span>valoraci\u00f3n, <span class=\"_ _cc\"> </span>presentaci\u00f3n <span class=\"_ _c9\"> </span>y <span class=\"_ _c9\"> </span>des<span class=\"_ _2\"></span>glose <span class=\"_ _c9\"> </span>de <span class=\"_ _cc\"> </span>los <span class=\"_ _cc\"> </span>contratos <span class=\"_ _c9\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>seguros <span class=\"_ _cc\"> </span>con <span class=\"_ _cc\"> </span>el <span class=\"_ _cc\"> </span>objetivo <span class=\"_ _cc\"> </span>de <span class=\"_ _cc\"> </span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c9\"> </span>la <span class=\"_ _cc\"> </span>entid<span class=\"_ _2\"></span>ad <span class=\"_ _cc\"> </span>proporcione<span class=\"_ _1be\"> </span>informaci\u00f3n <span class=\"_ _4\"></span>relevan<span class=\"_ _2\"></span>te <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>fiable <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>permita <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>los <span class=\"_ _4\"></span>us<span class=\"_ _2\"></span>uarios <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>la <span class=\"_ _c8\"> </span>informaci\u00f3n <span class=\"_ _c8\"> </span>financiera <span class=\"_ _c8\"> </span>determ<span class=\"_ _2\"></span>inar <span class=\"_ _c8\"> </span>el <span class=\"_ _c8\"> </span>efecto <span class=\"_ _c8\"> </span>que <span class=\"_ _c8\"> </span>los<span class=\"_ _1be\"> </span>contratos d<span class=\"_ _2\"></span>e seguros tienen en los<span class=\"_ _2\"></span> estados financieros.<span class=\"_ _2\"></span> 1 de enero de 202<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>1 de enero de 202<span class=\"_ _1be\"> </span>3<span class=\"_ _2\"></span> 1 de enero de 202<span class=\"_ _1be\"> </span>3<span class=\"_ _2\"></span> El <span class=\"_ _4\"></span>Grupo <span class=\"_ _4\"></span>est\u00e1 <span class=\"_ _4\"></span>llevando <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>cabo <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>an\u00e1lisis<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _4\"></span>impacto <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>esta<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>nuevas <span class=\"_ _4\"></span>normas <span class=\"_ _4\"></span>puedan <span class=\"_ _4\"></span>tener <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>obre <span class=\"_ _4\"></span>estas<span class=\"_ _1be\"> </span>cuentas anuales consolida<span class=\"_ _2\"></span>das en <span class=\"_ _1\"></span>caso de ser adoptadas, si bien, no se esperan im<span class=\"_ _1\"></span>pactos <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ignificativos de su<span class=\"_ _1be\"> </span>aplicaci\u00f3n.<span class=\"_ _1be\"> </span>2.8<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Conflicto Rusia-Uc<span class=\"_ _1\"></span>rania<span class=\"_ _1be\"> </span></span>Con <span class=\"_ _c3\"> </span>fecha <span class=\"_ _c3\"> </span>24 <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>febrero <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>2022 <span class=\"_ _c3\"></span>se <span class=\"_ _c3\"> </span>inici\u00f3 <span class=\"_ _c3\"> </span>el<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>conflicto <span class=\"_ _c3\"> </span>b\u00e9<span class=\"_ _2\"></span>lico <span class=\"_ _c3\"></span>entre <span class=\"_ _c3\"> </span>Rusia <span class=\"_ _c2\"> </span>y <span class=\"_ _c3\"> </span>Ucrania.  Este <span class=\"_ _c3\"></span>conflicto <span class=\"_ _c3\"> </span>est\u00e1<span class=\"_ _1be\"> </span>afectando <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>forma <span class=\"_ _c3\"> </span>significa<span class=\"_ _2\"></span>tiva <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>los <span class=\"_ _c3\"> </span>mercados <span class=\"_ _c3\"> </span>econ\u00f3micos<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>y <span class=\"_ _c3\"></span>financieros <span class=\"_ _c3\"> </span>globales, <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"></span>a <span class=\"_ _c3\"> </span>sus <span class=\"_ _c3\"> </span>condiciones<span class=\"_ _1be\"> </span>macroecon\u00f3micas. <span class=\"_ _c2\"> </span>Uno <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>lo<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>sectores <span class=\"_ _c3\"> </span>m\u00e1s<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>afectados <span class=\"_ _c3\"> </span>es <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>sector <span class=\"_ _c2\"> </span>energ\u00e9tico, <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>incremento <span class=\"_ _c2\"> </span>muy<span class=\"_ _1be\"> </span>significativo <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>precio <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>petr<span class=\"_ _2\"></span>\u00f3leo <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>gas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>h<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>casionado <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>ez <span class=\"_ _4\"></span>elevados <span class=\"_ _4\"></span>precios <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>mercado<span class=\"_ _1be\"> </span>el\u00e9ctrico y mucha v<span class=\"_ _2\"></span>olatilidad<span class=\"ls1a\">. </span> En e<span class=\"_ _1\"></span>ste <span class=\"_ _1\"></span>escenario, ENCE <span class=\"_ _1\"></span>est\u00e1 <span class=\"_ _1\"></span>haciendo un <span class=\"_ _1\"></span>seguimiento <span class=\"_ _1\"></span>continuo del <span class=\"_ _1\"></span>estado y <span class=\"_ _1\"></span>evoluci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>situaci\u00f3n actual<span class=\"_ _1be\"> </span>generada por <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>crisis al objeto d<span class=\"_ _2\"></span>e gestiona<span class=\"_ _2\"></span>r los<span class=\"_ _2\"></span> riesgos <span class=\"_ _2\"></span>potenciales. La<span class=\"_ _2\"></span> prioridad<span class=\"_ _2\"></span> se h<span class=\"_ _2\"></span>a centrado <span class=\"_ _2\"></span>en limitar y<span class=\"_ _1be\"> </span>reducir <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>impacto <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>incremento de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>precios <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>materias <span class=\"_ _1\"></span>primas <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>crisis <span class=\"_ _1\"></span>energ\u00e9tica, <span class=\"_ _1\"></span>incrementos<span class=\"_ _1be\"> </span>que <span class=\"_ _4\"></span>afectan <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>eterminados <span class=\"_ _4\"></span>insumos <span class=\"_ _4\"></span>utilizados <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>proceso<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>roductivo <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>flet<span class=\"_ _4\"></span>es, <span class=\"_ _4\"></span>as\u00ed <span class=\"_ _2\"></span>como <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>ad<span class=\"_ _2\"></span>opci\u00f3n <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>medidas de defensa y <span class=\"_ _1\"></span>controles internos para la<span class=\"_ _1\"></span> protecci\u00f3n de <span class=\"_ _1\"></span>nuestras infraestructuras digitales.<span class=\"_ _2\"></span> En el caso<span class=\"_ _1\"></span> de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _4\"></span>el\u00e9ctrica, <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>Negocio <span class=\"_ _4\"></span>Celulosa <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>ENCE <span class=\"_ _4\"></span>es <span class=\"_ _2\"></span>au<span class=\"_ _2\"></span>tosuficiente <span class=\"_ _2\"></span>ya <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _4\"></span>el\u00e9ctrica <span class=\"_ _4\"></span>generada<span class=\"_ _1be\"> </span>en <span class=\"_ _0\"></span>nuestras <span class=\"_ _0\"></span>biof\u00e1b<span class=\"_ _2\"></span>ricas <span class=\"_ _0\"></span>es <span class=\"_ _0\"></span>superior <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>energ\u00eda <span class=\"_ _0\"></span>consumida. <span class=\"_ _0\"></span>Por <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>par<span class=\"_ _2\"></span>te, <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>Negocio <span class=\"_ _0\"></span>Energ\u00eda <span class=\"_ _0\"></span>tambi\u00e9n <span class=\"_ _0\"></span>es<span class=\"_ _1be\"> </span>excedentario energ\u00e9ticam<span class=\"_ _2\"></span>ente al ser su<span class=\"_ _2\"></span> actividad la<span class=\"_ _2\"></span> generaci\u00f3n de energ\u00eda el\u00e9ctrica de fu<span class=\"_ _2\"></span>entes renovables. <span class=\"_ _4\"></span> Adicionalmente <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"></span>est\u00e1 <span class=\"_ _c3\"></span>llevando <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"></span>cabo <span class=\"_ _c3\"></span>un <span class=\"_ _c3\"></span>seguimiento <span class=\"_ _c2\"> </span>cercano <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>uestros <span class=\"_ _c3\"> </span>principales <span class=\"_ _c3\"> </span>clientes <span class=\"_ _c3\"></span>con <span class=\"_ _c3\"> </span>el<span class=\"_ _1be\"> </span>objetivo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>identificar <span class=\"_ _bb\"></span>su afe<span class=\"_ _1\"></span>cci\u00f3n <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>crisis <span class=\"_ _bb\"></span>energ\u00e9tica <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>adoptar <span class=\"_ _1\"></span>acciones <span class=\"_ _1\"></span>comerciales <span class=\"_ _bb\"></span>alternat<span class=\"_ _2\"></span>ivas <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>caso<span class=\"_ _1be\"> </span>de ser necesario.<span class=\"_ _2\"></span> El <span class=\"_ _2\"></span>Grupo <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>tiene <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>trapartes, <span class=\"_ _4\"></span>ni <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>arte <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>suministro <span class=\"_ _4\"></span>ni <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>de <span class=\"_ _c0\"></span>ventas, <span class=\"_ _4\"></span>eventualmente <span class=\"_ _2\"></span>afectadas<span class=\"_ _2\"></span> por <span class=\"_ _1\"></span>las sanciones, <span class=\"_ _1\"></span>ni <span class=\"_ _1\"></span>mantiene <span class=\"_ _1\"></span>operaciones ni <span class=\"_ _1\"></span>tiene <span class=\"_ _1\"></span>formalizados<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>contratos de <span class=\"_ _1\"></span>suministro <span class=\"_ _1\"></span>vinculados<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>Rusia.<span class=\"_ _1be\"> </span>En un e<span class=\"_ _1\"></span>scenario en <span class=\"_ _1\"></span>constante evoluci\u00f3n, caracterizado tambi\u00e9n por <span class=\"_ _1\"></span>una gran <span class=\"_ _1\"></span>incertidumbr<span class=\"_ _2\"></span>e regulatoria <span class=\"_ _1\"></span>y un<span class=\"_ _1be\"> </span>contexto <span class=\"_ _cc\"> </span>de <span class=\"_ _c9\"> </span>precios <span class=\"_ _cc\"> </span>elevados<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>y <span class=\"_ _cc\"> </span>vol\u00e1tiles, <span class=\"_ _cc\"> </span>ENCE <span class=\"_ _cc\"> </span>realiza <span class=\"_ _cc\"> </span>un <span class=\"_ _c9\"> </span>s<span class=\"_ _2\"></span>eguimiento <span class=\"_ _c9\"> </span>consta<span class=\"_ _2\"></span>nte <span class=\"_ _c9\"> </span>de <span class=\"_ _cc\"> </span>las <span class=\"_ _cc\"> </span>variables<span class=\"_ _1be\"> </span>macroecon\u00f3micas <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>negocio <span class=\"_ _0\"></span>para <span class=\"_ _c3\"></span>disponer <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>tiempo <span class=\"_ _0\"></span>real <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>mejor <span class=\"_ _c3\"></span>estimaci\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _c3\"></span>potenciales<span class=\"_ _1be\"> </span>impactos en los<span class=\"_ _2\"></span> flujos d<span class=\"_ _2\"></span>e efectivo futu<span class=\"_ _2\"></span>ro. Ad<span class=\"_ _2\"></span>icionalmente, la <span class=\"_ _2\"></span>solid<span class=\"_ _2\"></span>ez financiera de E<span class=\"_ _2\"></span>NCE y<span class=\"_ _2\"></span> su escaso n<span class=\"_ _2\"></span>ivel de<span class=\"_ _1be\"> </span>endeudamiento act\u00faan<span class=\"_ _2\"></span> como una <span class=\"_ _2\"></span>medida mitigadora de los r<span class=\"_ _2\"></span>iesgos derivados<span class=\"_ _2\"></span> de esta situaci\u00f3n.<span class=\"_ _4\"></span> 3.<span class=\"ff5 ls0_1\"> <span class=\"_ _bd\"> </span><span class=\"ff3\">Pol\u00edticas contables<span class=\"_ _1be\"> </span></span></span>Las principales pol\u00edticas <span class=\"_ _1\"></span>contables utilizadas en <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>elaboraci\u00f3n de <span class=\"_ _1\"></span>estas cuentas anuales, <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>confor<span class=\"_ _2\"></span>midad con<span class=\"_ _1be\"> </span>lo establecido en las Normas Internacionales de Informaci\u00f3n Financiera e interpretaciones adop<span class=\"_ _2\"></span>tadas por la<span class=\"_ _1be\"> </span>Uni\u00f3n Europ<span class=\"_ _2\"></span>ea (NIIF-UE), se detallan a<span class=\"_ _2\"></span> continuaci\u00f3n<span class=\"_ _2\"></span>:<span class=\"_ _1be\"> </span>3.1<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Combinacione<span class=\"_ _1\"></span>s de negocio<span class=\"_ _1be\"> </span></span>Las combinaciones de <span class=\"_ _1\"></span>negocios en <span class=\"_ _1\"></span>las que <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Grupo adquiere <span class=\"_ _1\"></span>el control <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>uno o <span class=\"_ _1\"></span>varios negocios se <span class=\"_ _1\"></span>registran<span class=\"_ _1be\"> </span>por el m\u00e9todo de adqu<span class=\"_ _2\"></span>isici\u00f3n de acuerdo a<span class=\"_ _2\"></span> lo dispues<span class=\"_ _2\"></span>to en la NIIF 3 Combinaciones d<span class=\"_ _2\"></span>e Negocio. <span class=\"_ _4\"></span> El <span class=\"_ _4\"></span>m\u00e9todo<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>adqu<span class=\"_ _2\"></span>isici\u00f3n <span class=\"_ _c0\"></span>implica, <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>car\u00e1cter <span class=\"_ _c0\"></span>general, <span class=\"_ _c0\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _c0\"></span>registro, <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>fecha <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>que <span class=\"_ _4\"></span>ENCE <span class=\"_ _c0\"></span>obtiene <span class=\"_ _c0\"></span>el<span class=\"_ _1be\"> </span>control <span class=\"_ _c7\"> </span>del <span class=\"_ _c7\"> </span>negocio <span class=\"_ _c7\"> </span>adquirido<span class=\"_ _2\"></span>, <span class=\"_ _c7\"> </span>de <span class=\"_ _c6\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>activos <span class=\"_ _c7\"> </span>adquirido<span class=\"_ _2\"></span>s, <span class=\"_ _c6\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>pasivos <span class=\"_ _c7\"> </span>asumidos<span class=\"_ _2\"></span>, <span class=\"_ _c7\"> </span>los <span class=\"_ _c6\"> </span>ins<span class=\"_ _2\"></span>trumentos <span class=\"_ _c7\"> </span>de<span class=\"_ _1be\"> </span>patrimonio <span class=\"_ _4\"></span>neto <span class=\"_ _4\"></span>emitidos, <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>cualquier <span class=\"_ _4\"></span>contraprestaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>contingente <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dependa <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>hechos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>futuros <span class=\"_ _4\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _1be\"> </span>cumplimiento <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>ciertas <span class=\"_ _c3\"></span>condiciones, <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>su <span class=\"_ _c3\"></span>valor <span class=\"_ _0\"></span>razonable <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span>dicha <span class=\"_ _0\"></span>fecha, <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>iempre <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>cuand<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>este <span class=\"_ _0\"></span>valor<span class=\"_ _1be\"> </span>pueda <span class=\"_ _c0\"></span>ser <span class=\"_ _c0\"></span>medido <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>for<span class=\"_ _2\"></span>ma <span class=\"_ _c0\"></span>fiab<span class=\"_ _2\"></span>le. <span class=\"_ _c0\"></span>Los <span class=\"_ _c0\"></span>costes<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>relacionad<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>adquisici\u00f3n <span class=\"_ _0\"></span>se <span class=\"_ _c0\"></span>reconocen <span class=\"_ _0\"></span>como <span class=\"_ _c0\"></span>gasto<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>cuando se in<span class=\"_ _2\"></span>curre en ellos.<span class=\"_ _1be\"> </span>La <span class=\"_ _c3\"></span>diferencia <span class=\"_ _c3\"></span>positiva <span class=\"_ _c3\"> </span>existente <span class=\"_ _c3\"></span>entre <span class=\"_ _c3\"></span>la <span class=\"_ _c3\"></span>contraprestaci\u00f3n <span class=\"_ _c3\"> </span>tran<span class=\"_ _2\"></span>sferida <span class=\"_ _c3\"></span>por <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>particip<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _c3\"> </span>adquirida,<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span>importe <span class=\"_ _2\"></span>neto <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>activo<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>adquiridos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>pasivos <span class=\"_ _2\"></span>asumidos, <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>incluy<span class=\"_ _2\"></span>e los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>pasivos <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tingentes, <span class=\"_ _2\"></span>junto <span class=\"_ _2\"></span>con<span class=\"_ _1be\"> </span>el v<span class=\"_ _2\"></span>alor <span class=\"_ _2\"></span>razonable <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>participaci\u00f3n <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>pu<span class=\"_ _2\"></span>diera <span class=\"_ _2\"></span>tene<span class=\"_ _2\"></span>rse <span class=\"_ _2\"></span>previamente <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el n<span class=\"_ _2\"></span>egocio ad<span class=\"_ _2\"></span>quirido, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>registra<span class=\"_ _1be\"> </span>en <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>ep\u00edgrafe <span class=\"_ _2\"></span>\u201cFon<span class=\"_ _2\"></span>do <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>comercio\u201d. <span class=\"_ _4\"></span>Si <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>cha <span class=\"_ _2\"></span>diferencia <span class=\"_ _4\"></span>fue<span class=\"_ _2\"></span>ra <span class=\"_ _2\"></span>negativa, <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>recono<span class=\"_ _2\"></span>cer\u00eda <span class=\"_ _2\"></span>directam<span class=\"_ _2\"></span>ente <span class=\"_ _2\"></span>como<span class=\"_ _1be\"> </span>un mayor resulta<span class=\"_ _2\"></span>do del ejercicio.<span class=\"_ _1be\"> </span>Si <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>co<span class=\"_ _2\"></span>mbinaci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>negocios <span class=\"_ _1\"></span>s\u00f3lo <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>uede <span class=\"_ _1\"></span>determinar <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>forma <span class=\"_ _1\"></span>provisional, los <span class=\"_ _bb\"></span>activ<span class=\"_ _2\"></span>os <span class=\"_ _1\"></span>netos <span class=\"_ _bb\"></span>identificab<span class=\"_ _2\"></span>les<span class=\"_ _1be\"> </span>se <span class=\"_ _c2\"> </span>registran <span class=\"_ _c2\"> </span>inicialmente <span class=\"_ _c2\"> </span>po<span class=\"_ _2\"></span>r <span class=\"_ _c2\"> </span>sus<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>valores <span class=\"_ _c2\"> </span>provisionales<span class=\"_ _2\"></span>, <span class=\"_ _c2\"> </span>reconociendo <span class=\"_ _c3\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>ajustes <span class=\"_ _c5\"> </span>efectuados <span class=\"_ _c2\"> </span>durante <span class=\"_ _c2\"> </span>el<span class=\"_ _1be\"> </span>periodo de <span class=\"_ _1\"></span>valoraci\u00f3n definitiva, que como m<span class=\"_ _1\"></span>\u00e1ximo es <span class=\"_ _1\"></span>de 1 a\u00f1o <span class=\"_ _1\"></span>desde la <span class=\"_ _1\"></span>fecha de <span class=\"_ _1\"></span>adquisici\u00f3n<span class=\"_ _2\"></span>, como <span class=\"_ _1\"></span>si \u00e9stos<span class=\"_ _2\"></span> se <span class=\"_ _c3\"></span>hubieran <span class=\"_ _c3\"></span>conocido <span class=\"_ _0\"></span>en <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"></span>fecha <span class=\"_ _0\"></span>de <span class=\"_ _c3\"> </span>adquisici\u00f3n<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>-expresan<span class=\"_ _2\"></span>do, <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>su <span class=\"_ _c3\"> </span>caso, <span class=\"_ _c3\"></span>las <span class=\"_ _0\"></span>cifras <span class=\"_ _c3\"> </span>comparativas<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>del<span class=\"_ _1be\"> </span>ejercicio <span class=\"_ _c4\"> </span>anterior.<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>En <span class=\"_ _c4\"> </span>cualqu<span class=\"_ _2\"></span>ier <span class=\"_ _c4\"> </span>caso, <span class=\"_ _c4\"> </span>los <span class=\"_ _c4\"> </span>aj<span class=\"_ _2\"></span>ustes <span class=\"_ _c4\"> </span>a <span class=\"_ _c4\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>valores <span class=\"_ _c4\"> </span>p<span class=\"_ _2\"></span>rovisionales <span class=\"_ _c4\"> </span>\u00fa<span class=\"_ _2\"></span>nicamente <span class=\"_ _c4\"> </span>incorpora<span class=\"_ _2\"></span>n<span class=\"_ _1be\"> </span>informaci\u00f3n <span class=\"_ _c0\"></span>relativa <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>hechos <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>circunstancias<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>exist\u00edan <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>fecha <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>ad<span class=\"_ _2\"></span>quisici\u00f3n <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>que, <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>hab<span class=\"_ _2\"></span>er<span class=\"_ _1be\"> </span>sido <span class=\"_ _4\"></span>conocidos<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>hubieran<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>afectado<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>importes<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>recon<span class=\"_ _2\"></span>ocidos <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>dicha <span class=\"_ _4\"></span>fecha. <span class=\"_ _4\"></span>Transcurrido <span class=\"_ _4\"></span>dicho<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span>o,<span class=\"_ _1be\"> </span>s\u00f3lo se realizan a<span class=\"_ _2\"></span>justes a la valoraci\u00f3n in<span class=\"_ _2\"></span>icial como la correc<span class=\"_ _2\"></span>ci\u00f3n de un error.<span class=\"_ _2\"></span> Los <span class=\"_ _2\"></span>fond<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>comercio <span class=\"_ _2\"></span>s\u00f3<span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>recon<span class=\"_ _2\"></span>ocen <span class=\"_ _2\"></span>cuando<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>han <span class=\"_ _4\"></span>sido <span class=\"_ _2\"></span>adq<span class=\"_ _2\"></span>uiridos <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>t\u00edtulo <span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>eroso <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>amort<span class=\"_ _2\"></span>izan.<span class=\"_ _1be\"> </span>En <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>lugar, <span class=\"_ _c0\"></span>so<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>revis<span class=\"_ _2\"></span>ados <span class=\"_ _c0\"></span>anualmente <span class=\"_ _c0\"></span>median<span class=\"_ _2\"></span>te <span class=\"_ _c0\"></span>estudios <span class=\"_ _c0\"></span>para <span class=\"_ _0\"></span>verificar <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>no <span class=\"_ _c0\"></span>exista <span class=\"_ _c0\"></span>deterioro <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>v<span class=\"_ _2\"></span>alor<span class=\"_ _1be\"> </span>asignado <span class=\"_ _2\"></span>inicialmente, <span class=\"_ _2\"></span>recono<span class=\"_ _2\"></span>ci\u00e9ndose <span class=\"_ _2\"></span>p\u00e9rdidas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>el d<span class=\"_ _2\"></span>eterio<span class=\"_ _2\"></span>ro <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>recuperable <span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>inferior<span class=\"_ _1be\"> </span>al valor asignado inicialmente. El valor recuperable se determina en base al valor actual de <span class=\"_ _1\"></span>los flujos futuros<span class=\"_ _1be\"> </span>esperados de las<span class=\"_ _2\"></span> unidades generadoras<span class=\"_ _2\"></span> de efectivo a las qu<span class=\"_ _2\"></span>e se asigna cad<span class=\"_ _2\"></span>a uno de los<span class=\"_ _2\"></span> fondos de<span class=\"_ _4\"></span> comercio,<span class=\"_ _1be\"> </span>descontados<span class=\"_ _2\"></span> a <span class=\"_ _1\"></span>una tasa <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>considera los riesgos <span class=\"_ _1\"></span>espec\u00edficos<span class=\"_ _2\"></span> de <span class=\"_ _1\"></span>cada <span class=\"_ _1\"></span>uno de <span class=\"_ _1\"></span>los activos. Una vez <span class=\"_ _1\"></span>reconocida<span class=\"_ _1be\"> </span>la <span class=\"_ _c6\"> </span>p\u00e9rdida <span class=\"_ _c6\"> </span>por <span class=\"_ _c6\"> </span>d<span class=\"_ _2\"></span>eterioro <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>u<span class=\"_ _2\"></span>n <span class=\"_ _c6\"> </span>fondo <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>comercio, <span class=\"_ _c7\"> </span>\u00e9sta <span class=\"_ _c6\"> </span>no <span class=\"_ _c6\"> </span>revierte <span class=\"_ _c7\"> </span>en <span class=\"_ _c6\"> </span>los <span class=\"_ _c6\"> </span>ejercicios<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>futuros. <span class=\"_ _c6\"> </span>Es<span class=\"_ _2\"></span>tas<span class=\"_ _1be\"> </span>valoraciones <span class=\"_ _2\"></span>son realizadas <span class=\"_ _2\"></span>de forma <span class=\"_ _2\"></span>interna <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>se ofrecen d<span class=\"_ _2\"></span>etalles sob<span class=\"_ _2\"></span>re la metodo<span class=\"_ _2\"></span>log\u00eda de c\u00e1lculo <span class=\"_ _2\"></span>aplicada<span class=\"_ _1be\"> </span>en la Nota 3.5.<span class=\"_ _1be\"> </span>Adicionalmente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>indicad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>anteriormente, <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fondos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>comer<span class=\"_ _2\"></span>cio <span class=\"_ _2\"></span>asociados<span class=\"_ _2\"></span> a <span class=\"_ _4\"></span>plantas <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>generaci\u00f3n <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>energ\u00eda <span class=\"_ _2\"></span>renovable <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>recupera<span class=\"_ _2\"></span><span class=\"ls13\">n,</span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>lineal, <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a\u00f1os <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>vida <span class=\"_ _2\"></span>regulato<span class=\"_ _2\"></span>ria <span class=\"_ _2\"></span>restante <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>plan<span class=\"_ _2\"></span>tas <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>las <span class=\"_ _c0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c0\"></span>son<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>titulares. <span class=\"_ _0\"></span>En <span class=\"_ _0\"></span>este <span class=\"_ _c0\"></span>sentido,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>fondo <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>comercio <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>deteriora <span class=\"_ _c0\"></span>para <span class=\"_ _0\"></span>recoger <span class=\"_ _0\"></span>as\u00ed <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>efecto <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span>reducci\u00f3n en la vida <span class=\"_ _2\"></span>regulatoria restante de las<span class=\"_ _2\"></span> plantas con el pas<span class=\"_ _2\"></span>o del tiempo. <span class=\"_ _2\"></span> El <span class=\"_ _4\"></span>Grupo <span class=\"_ _4\"></span>reconoce <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>participaciones <span class=\"_ _4\"></span>no <span class=\"_ _4\"></span>dominantes <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>entidad<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>adquirid<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>por <span class=\"_ _4\"></span>su <span class=\"_ _2\"></span>participaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>los<span class=\"_ _1be\"> </span>activos netos<span class=\"_ _2\"></span> identificables de la entidad<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>3.2<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Otros activos inta<span class=\"_ _1\"></span>ngibles<span class=\"_ _1be\"> </span></span>Los <span class=\"_ _c3\"> </span>derechos <span class=\"_ _c3\"> </span>incluid<span class=\"_ _2\"></span>os <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>este <span class=\"_ _c3\"> </span>ep\u00edgrafe <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"> </span>Esta<span class=\"_ _2\"></span>do <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>Situaci\u00f3n <span class=\"_ _c3\"> </span>Fina<span class=\"_ _2\"></span>nciera, <span class=\"_ _c3\"></span>principalmente <span class=\"_ _c3\"> </span>ap<span class=\"_ _2\"></span>licaciones<span class=\"_ _1be\"> </span>inform\u00e1ticas, <span class=\"_ _2\"></span>gastos<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>esarrollo, y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>derechos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>generaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>energ\u00eda el\u00e9<span class=\"_ _2\"></span>ctrica, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>registran <span class=\"_ _2\"></span>inicialmente<span class=\"_ _2\"></span> a <span class=\"_ _4\"></span>su <span class=\"_ _c0\"></span>coste <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>ad<span class=\"_ _2\"></span>quisici\u00f3n <span class=\"_ _c0\"></span>o <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>roducci\u00f3n. <span class=\"_ _4\"></span>Tras <span class=\"_ _c0\"></span>su <span class=\"_ _4\"></span>recon<span class=\"_ _2\"></span>ocimiento <span class=\"_ _c0\"></span>inicial, <span class=\"_ _4\"></span>se<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>valoran <span class=\"_ _c0\"></span>al <span class=\"_ _4\"></span>coste <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>adquis<span class=\"_ _2\"></span>ici\u00f3n,<span class=\"_ _1be\"> </span>deducidas la a<span class=\"_ _2\"></span>mortizaci\u00f3n acumulada y c<span class=\"_ _2\"></span>ualqu<span class=\"_ _2\"></span>ier p\u00e9rdida por deterioro de valor <span class=\"_ _2\"></span>(v\u00e9ase Nota 3.5). <span class=\"_ _2\"></span> Los activos intangibles del Grupo tienen la consideraci\u00f3n de intangibles con vida \u00fatil <span class=\"_ _1\"></span>definida y se amortizan<span class=\"_ _1be\"> </span>siguiendo <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>m\u00e9todo <span class=\"_ _c0\"></span>lineal <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>lo <span class=\"_ _c0\"></span>largo <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>su<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>ida <span class=\"_ _4\"></span>\u00fatil <span class=\"_ _c0\"></span>estimada, <span class=\"_ _c0\"></span>considerando <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>eriod<span class=\"_ _2\"></span>o <span class=\"_ _c0\"></span>duran<span class=\"_ _2\"></span>te <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>cual <span class=\"_ _c0\"></span>se<span class=\"_ _1be\"> </span>prev\u00e9 que generar\u00e1n ingreso<span class=\"_ _2\"></span>s.<span class=\"_ _1be\"> </span>Gastos de I+D -<span class=\"_ _1be\"> </span>Los gastos d<span class=\"_ _2\"></span>e investigaci\u00f3n se reconocen como gasto<span class=\"_ _2\"></span> en el ejercicio en el q<span class=\"_ _2\"></span>ue incurre en ellos. <span class=\"_ _4\"></span> Por <span class=\"_ _c5\"> </span>su <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>arte, <span class=\"_ _c5\"> </span>los <span class=\"_ _c2\"> </span>gastos  de <span class=\"_ _c2\"> </span>desarrollo  se <span class=\"_ _c2\"> </span>reconocen  como <span class=\"_ _c2\"> </span>activo  cuando <span class=\"_ _c2\"> </span>su  coste <span class=\"_ _c2\"> </span>es <span class=\"_ _c2\"> </span>identific<span class=\"_ _4\"></span>able  por<span class=\"_ _1be\"> </span>proyecto, <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>es <span class=\"_ _4\"></span>probab<span class=\"_ _2\"></span>le <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>yecto <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>aya <span class=\"_ _c0\"></span>a <span class=\"_ _4\"></span>tener <span class=\"_ _c0\"></span>\u00e9xito <span class=\"_ _c0\"></span>a <span class=\"_ _4\"></span>niv<span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>t\u00e9cnico <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>comercial. <span class=\"_ _c3\"></span>Los <span class=\"_ _4\"></span>gas<span class=\"_ _2\"></span>tos <span class=\"_ _4\"></span>que <span class=\"_ _c0\"></span>no<span class=\"_ _1be\"> </span>re\u00fanen estos requis<span class=\"_ _2\"></span>itos se reconocen como un ga<span class=\"_ _2\"></span>sto en el ejercicio en que se in<span class=\"_ _2\"></span>curren.<span class=\"_ _2\"></span> Estos <span class=\"_ _0\"></span>costes <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>italizados <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>amortizan <span class=\"_ _0\"></span>linealm<span class=\"_ _2\"></span>ente <span class=\"_ _0\"></span>en<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>5 <span class=\"_ _0\"></span>a\u00f1<span class=\"_ _2\"></span>os, <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>bien <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>plazo <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>prevea <span class=\"_ _0\"></span>que<span class=\"_ _1be\"> </span>generar\u00e1n ingresos s<span class=\"_ _2\"></span>i este plazo es s<span class=\"_ _2\"></span>uperior, con el l\u00edmite de 10 a\u00f1os<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> Aplicaciones inform\u00e1tic<span class=\"_ _2\"></span>as-<span class=\"_ _1be\"> </span>El <span class=\"_ _2\"></span>Grupo <span class=\"_ _2\"></span>registra <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>esta <span class=\"_ _2\"></span>cuen<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>costes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>adquis<span class=\"_ _2\"></span>ici\u00f3n de <span class=\"_ _2\"></span>programas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>inform\u00e1ticos, <span class=\"_ _2\"></span>as\u00ed <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>coste <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span> licencias con <span class=\"_ _2\"></span>vigencia <span class=\"_ _2\"></span>plurianual. <span class=\"_ _2\"></span>Asimismo, s<span class=\"_ _2\"></span>e reconocen <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>activos <span class=\"_ _2\"></span>intangibles <span class=\"_ _2\"></span>los costes <span class=\"_ _2\"></span>directamente<span class=\"_ _2\"></span> relacionados <span class=\"_ _0\"></span>con <span class=\"_ _c3\"></span>el <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>esarrollo <span class=\"_ _0\"></span>interno <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rogramas <span class=\"_ _0\"></span>infor<span class=\"_ _2\"></span>m\u00e1ticos, <span class=\"_ _0\"></span>siempre <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>coste <span class=\"_ _0\"></span>sea <span class=\"_ _0\"></span>clara<span class=\"_ _2\"></span>mente<span class=\"_ _2\"></span> identificable <span class=\"_ _1\"></span>por <span class=\"_ _bb\"></span>proyecto, <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>sea <span class=\"_ _1\"></span>probable <span class=\"_ _1\"></span>que <span class=\"_ _bb\"></span>v<span class=\"_ _2\"></span>ayan <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>gener<span class=\"_ _2\"></span>ar <span class=\"_ _1\"></span>benef<span class=\"_ _1\"></span>icios <span class=\"_ _1\"></span>econ\u00f3micos <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>futuro <span class=\"_ _1\"></span>para <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Grupo.<span class=\"_ _1be\"> </span>El resto de los costes internos y e<span class=\"_ _1\"></span>xternos asociados<span class=\"_ _2\"></span> al mantenimiento y desarrollo de <span class=\"_ _1\"></span>software se imputan a<span class=\"_ _1be\"> </span>resultados en el ejercicio en q<span class=\"_ _2\"></span>ue se incu<span class=\"_ _2\"></span>rren.<span class=\"_ _1be\"> </span>La amortizaci\u00f3n <span class=\"_ _1\"></span>de las <span class=\"_ _1\"></span>aplicacio<span class=\"_ _2\"></span>nes inform\u00e1ticas se <span class=\"_ _1\"></span>realiza aplicando el <span class=\"_ _1\"></span>m\u00e9todo lineal <span class=\"_ _1\"></span>duran<span class=\"_ _2\"></span>te un <span class=\"_ _1\"></span>per\u00edodo de<span class=\"_ _1be\"> </span>5 a\u00f1os, a co<span class=\"_ _2\"></span>ntar desde la entrada en explotaci\u00f3n<span class=\"_ _2\"></span> de cada programa.<span class=\"_ _1be\"> </span>Derechos de ge<span class=\"_ _2\"></span>neraci\u00f3n de energ\u00eda el\u00e9ctric<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>Los d<span class=\"_ _2\"></span>erechos de <span class=\"_ _2\"></span>generaci\u00f3n qu<span class=\"_ _2\"></span>e permiten a <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>instalaci\u00f3n <span class=\"_ _2\"></span>de generaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _2\"></span>operar en <span class=\"_ _2\"></span>el r\u00e9gimen<span class=\"_ _2\"></span> retributivo especial regulado en el <span class=\"_ _1\"></span>Real Decreto 413/2014, de 6 de <span class=\"_ _1\"></span>junio, por el <span class=\"_ _1\"></span>que se regula la <span class=\"_ _1\"></span>actividad de<span class=\"_ _1be\"> </span>producci\u00f3n <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>energ\u00eda <span class=\"_ _c7\"> </span>el\u00e9ctrica <span class=\"_ _c7\"> </span>a <span class=\"_ _c7\"> </span>partir <span class=\"_ _c7\"> </span>de <span class=\"_ _c4\"> </span>fuentes <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>energ\u00eda <span class=\"_ _c7\"> </span>renovable, <span class=\"_ _c7\"> </span>cog<span class=\"_ _2\"></span>eneraci\u00f3n <span class=\"_ _c7\"> </span>y <span class=\"_ _c7\"> </span>residuos,<span class=\"_ _1be\"> </span>adquiridos a <span class=\"_ _1\"></span>terceros, <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>registran <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>coste <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>adquisici\u00f3n, <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>bien, <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>coste <span class=\"_ _1\"></span>incurrido <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>obtenci\u00f3n,<span class=\"_ _1be\"> </span>y <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>amortizan <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>a\u00f1os <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>vida <span class=\"_ _4\"></span>\u00fatil <span class=\"_ _2\"></span>regulatoria <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>instalaciones <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>generaci\u00f3n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _2\"></span>renovab<span class=\"_ _2\"></span>le<span class=\"_ _1be\"> </span>en las que s<span class=\"_ _2\"></span>e utilizan.<span class=\"ff2 fs1\"> </span>3.3<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Propiedad, plan<span class=\"_ _1\"></span>ta y equipo<span class=\"_ _1be\"> </span></span>Estos <span class=\"_ _4\"></span>activos <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>valoran <span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>precio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>adq<span class=\"_ _2\"></span>uisici\u00f3n <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>coste <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>producci\u00f3n<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>deducida<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>amortizaciones <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>los<span class=\"_ _1be\"> </span>deterioros de valor, si los<span class=\"_ _1\"></span> hubiera (v\u00e9ase Nota 3.5). <span class=\"_ _1\"></span>El coste <span class=\"_ _1\"></span>de adquisici\u00f3n incluye, en s<span class=\"_ _1\"></span>u caso, los siguientes<span class=\"_ _1be\"> </span>conceptos:<span class=\"_ _1be\"> </span>\u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4 fc0_1\">Los intereses devengad<span class=\"_ _2\"></span>os d<span class=\"_ _2\"></span>urante el periodo d<span class=\"_ _2\"></span>e constru<span class=\"_ _2\"></span>cci\u00f3n, siempre que <span class=\"_ _2\"></span>este per\u00edodo <span class=\"_ _2\"></span>sea sup<span class=\"_ _2\"></span>erior a<span class=\"_ _1be\"> </span></span></span>1 <span class=\"_ _c3\"></span>a\u00f1o, <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>relativos <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>financiaci\u00f3n <span class=\"_ _c3\"> </span>atrib<span class=\"_ _2\"></span>uible <span class=\"_ _c3\"> </span>al <span class=\"_ _c3\"> </span>activo <span class=\"_ _c3\"> </span>productivo. <span class=\"_ _c3\"> </span>La <span class=\"_ _c3\"> </span>tasa <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>inter\u00e9s <span class=\"_ _c3\"> </span>utilizada <span class=\"_ _c2\"> </span>es <span class=\"_ _c3\"> </span>la<span class=\"_ _1be\"> </span>correspondiente <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>finan<span class=\"_ _2\"></span>ciaci\u00f3n <span class=\"_ _c0\"></span>espec\u00edfica <span class=\"_ _c0\"></span>o, <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>no <span class=\"_ _0\"></span>existir, <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>tasa <span class=\"_ _c0\"></span>med<span class=\"_ _4\"></span>ia <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>finan<span class=\"_ _2\"></span>ciaci\u00f3n <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>Grupo<span class=\"_ _1be\"> </span>(v\u00e9ase Nota <span class=\"ls11\">29<span class=\"ls1b\">).<span class=\"_ _2\"></span></span></span> \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4 fc0_1\">Los <span class=\"_ _c6\"> </span>trab<span class=\"_ _2\"></span>ajos <span class=\"_ _c7\"> </span>realizados <span class=\"_ _c6\"> </span>p<span class=\"_ _2\"></span>or <span class=\"_ _c6\"> </span>el <span class=\"_ _c6\"> </span>Grupo<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>para <span class=\"_ _c7\"> </span>su <span class=\"_ _c7\"> </span>propio <span class=\"_ _c6\"> </span>in<span class=\"_ _2\"></span>movilizado <span class=\"_ _c6\"> </span>materia<span class=\"_ _2\"></span>l <span class=\"_ _c6\"> </span>se <span class=\"_ _c7\"> </span>registra<span class=\"_ _2\"></span>n <span class=\"_ _c6\"> </span>al <span class=\"_ _c7\"> </span>coste<span class=\"_ _1be\"> </span></span></span>acumulado <span class=\"_ _0\"></span>que <span class=\"_ _c0\"></span>res<span class=\"_ _2\"></span>ulta <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>a\u00f1adir <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>los <span class=\"_ _c0\"></span>costes <span class=\"_ _0\"></span>externos <span class=\"_ _0\"></span>los <span class=\"_ _c0\"></span>costes <span class=\"_ _0\"></span>internos, <span class=\"_ _c0\"></span>prin<span class=\"_ _2\"></span>cipalmente <span class=\"_ _c0\"></span>costes<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>personal, <span class=\"_ _c6\"> </span>materiales <span class=\"_ _c6\"> </span>de  alm<span class=\"_ _2\"></span>ac\u00e9n  y <span class=\"_ _c6\"> </span>otros<span class=\"_ _2\"></span>  costes <span class=\"_ _c6\"> </span>operativos. <span class=\"_ _c6\"> </span>Durante <span class=\"_ _c6\"> </span>el  ejercicio <span class=\"_ _c7\"> </span>2022 <span class=\"_ _c6\"> </span>el  import<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>registrado <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>este <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>cepto <span class=\"_ _c0\"></span>as<span class=\"_ _2\"></span>ciende <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span><span class=\"ls11\">250</span> <span class=\"_ _c0\"></span><span class=\"ff6\">miles <span class=\"_ _0\"></span>\u20ac <span class=\"_ _0\"></span>(</span><span class=\"ls11\">747</span> <span class=\"_ _0\"></span><span class=\"ff6\">miles <span class=\"_ _0\"></span>\u20ac <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span></span><span class=\"ls11\">2021</span>), <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>registra <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>entro <span class=\"_ _0\"></span>del<span class=\"_ _1be\"> </span>ep\u00edgrafe \u201cTrabajos r<span class=\"_ _2\"></span>ealizados por el Grup<span class=\"_ _2\"></span>o para su in<span class=\"_ _2\"></span>movilizado\u201d del Estado d<span class=\"_ _2\"></span>e Resultado consolidad<span class=\"_ _2\"></span>o. <span class=\"_ _2\"></span><span class=\"ff4\"> </span>\u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4 fc0_1\">En <span class=\"_ _4\"></span>caso <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>Grupo <span class=\"_ _4\"></span>est\u00e9 <span class=\"_ _4\"></span>obligad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>esmantelar <span class=\"_ _4\"></span>sus <span class=\"_ _4\"></span>insta<span class=\"_ _2\"></span>laciones <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>rehabilitar <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>lugar <span class=\"_ _4\"></span>don<span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span></span></span>asientan, <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>valor <span class=\"_ _c2\"> </span>estimado <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>dichos <span class=\"_ _c3\"> </span>cos<span class=\"_ _2\"></span>tes <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>incorp<span class=\"_ _2\"></span>ora <span class=\"_ _c3\"> </span>al <span class=\"_ _c3\"> </span>valor <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>libros <span class=\"_ _c2\"> </span>del <span class=\"_ _c3\"> </span>activo <span class=\"_ _c2\"> </span>por <span class=\"_ _c3\"> </span>su <span class=\"_ _c3\"> </span>v<span class=\"_ _2\"></span>alor<span class=\"_ _1be\"> </span>presente<span class=\"ls1c\">, <span class=\"_ _c2\"> </span></span><span class=\"ff6\">con  abono <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>ep\u00edgrafe <span class=\"_ _c2\"> </span>\u201cPro<span class=\"_ _2\"></span>visiones\u201d  del <span class=\"_ _c3\"> </span>Estado <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>Situaci\u00f3n  Financiera <span class=\"_ _c3\"> </span>con<span class=\"_ _2\"></span>solidado.  Lo<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span></span>cambios <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>steriores <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>eva<span class=\"_ _2\"></span>luaci\u00f3n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>obligaciones <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _4\"></span>des<span class=\"_ _2\"></span>mantelamiento <span class=\"_ _4\"></span><span class=\"ls14\">se</span> <span class=\"_ _2\"></span>a\u00f1ade<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>deducen<span class=\"_ _1be\"> </span>del valor neto conta<span class=\"_ _2\"></span>ble del activo corresp<span class=\"_ _2\"></span>ondiente en el period<span class=\"_ _2\"></span>o en el que se prod<span class=\"_ _2\"></span>ucen. <span class=\"_ _2\"></span> A este respecto, \u00fanicamente se e<span class=\"_ _1\"></span>stima que se incurrir\u00e1 en este tipo de costes en <span class=\"_ _1\"></span>relaci\u00f3n a la biof\u00e1brica<span class=\"_ _1be\"> </span>de <span class=\"_ _c6\"> </span>Pontevedra <span class=\"_ _c7\"> </span>asentada <span class=\"_ _c7\"> </span>en <span class=\"_ _c6\"> </span>terrenos <span class=\"_ _c6\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c6\"> </span>dominio <span class=\"_ _c6\"> </span>p\u00fab<span class=\"_ _2\"></span>lico <span class=\"_ _c6\"> </span>disponibles <span class=\"_ _c6\"> </span>a <span class=\"_ _c7\"> </span>trav\u00e9s <span class=\"_ _c6\"> </span>de <span class=\"_ _c7\"> </span>una <span class=\"_ _c6\"> </span>concesi\u00f3n<span class=\"_ _1be\"> </span>administrativa <span class=\"_ _2\"></span>(V\u00e9ase Nota 7).<span class=\"_ _1be\"> </span>\u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4 fc0_1\">Con anterioridad a la<span class=\"_ _2\"></span> fecha de<span class=\"_ _2\"></span> transici\u00f3n a la<span class=\"_ _2\"></span> normativa contable intern<span class=\"_ _2\"></span>acional (1 de enero d<span class=\"_ _2\"></span>e 2004), el<span class=\"_ _1be\"> </span></span></span>Grupo <span class=\"_ _4\"></span>ENCE <span class=\"_ _4\"></span>actualiz\u00f3 <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>valor <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>sus <span class=\"_ _4\"></span>terrenos <span class=\"_ _4\"></span>registrados <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>ep\u00edgrafe <span class=\"_ _4\"></span>\u201cPropiedad,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>lanta <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>equipo\u201d<span class=\"_ _1be\"> </span>del Estado de <span class=\"_ _1\"></span>Situaci\u00f3n Financiera <span class=\"_ _1\"></span>consolidado a su <span class=\"_ _1\"></span>valor <span class=\"_ _1\"></span>de me<span class=\"_ _1\"></span>rcado en e<span class=\"_ _1\"></span>se mo<span class=\"_ _2\"></span>mento (v\u00e9ase <span class=\"_ _1\"></span>Nota 17),<span class=\"_ _1be\"> </span>habi\u00e9ndose  considerado <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>importe <span class=\"_ _c2\"> </span>de <span class=\"_ _c5\"> </span>dicha <span class=\"_ _c2\"> </span>actu<span class=\"_ _2\"></span>alizaci\u00f3n <span class=\"_ _c2\"> </span>como  parte <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c2\"> </span>coste <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>activ<span class=\"_ _2\"></span>os <span class=\"_ _c2\"> </span>de<span class=\"_ _1be\"> </span>acuerdo con lo esta<span class=\"_ _2\"></span>blecido por la NIIF <span class=\"_ _2\"></span>1.<span class=\"_ _1be\"> </span>Los <span class=\"_ _c2\"> </span>cos<span class=\"_ _2\"></span>tes <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>ampliaci\u00f3n<span class=\"_ _2\"></span>, <span class=\"_ _c2\"> </span>modernizaci\u00f3n  o <span class=\"_ _c3\"> </span>mejoras <span class=\"_ _c2\"> </span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>repres<span class=\"_ _2\"></span>entan <span class=\"_ _c2\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>aumento <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>roductivi<span class=\"_ _4\"></span>dad,<span class=\"_ _1be\"> </span>capacidad, <span class=\"_ _2\"></span>eficiencia o <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>alargamiento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la v<span class=\"_ _2\"></span>ida \u00fatil <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>bienes s<span class=\"_ _2\"></span>e capitalizan <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ayor <span class=\"_ _2\"></span>coste de <span class=\"_ _2\"></span>los<span class=\"_ _1be\"> </span>correspondientes activos<span class=\"_ _2\"></span>. ENCE sigue e<span class=\"_ _1\"></span>l criterio de <span class=\"_ _1\"></span>traspasar la obra en curso al inm<span class=\"_ _1\"></span>ovilizado en explotaci\u00f3n<span class=\"_ _1be\"> </span>una vez finalizad<span class=\"_ _2\"></span>o el correspond<span class=\"_ _2\"></span>iente periodo d<span class=\"_ _2\"></span>e prueba.<span class=\"_ _1be\"> </span>Por su parte, los gastos de <span class=\"_ _1\"></span>conservaci\u00f3n y mantenimiento incurridos durante el ejercicio <span class=\"_ _1\"></span>se cargan al Estado<span class=\"_ _1be\"> </span>de Resultado cons<span class=\"_ _2\"></span>olidado.<span class=\"_ _1be\"> </span> Las s<span class=\"_ _2\"></span>ustituciones <span class=\"_ _2\"></span>de elemento<span class=\"_ _2\"></span>s d<span class=\"_ _2\"></span>el inmovilizado <span class=\"_ _2\"></span>material s<span class=\"_ _2\"></span>usceptib<span class=\"_ _2\"></span>les de <span class=\"_ _2\"></span>capitalizaci\u00f3n <span class=\"_ _2\"></span>suponen<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>baja d<span class=\"_ _2\"></span>el<span class=\"_ _1be\"> </span>valor  contable  de  los  elementos<span class=\"_ _2\"></span>  sustituidos.  En  aquellos  casos  en  los  que  el  coste  de  los  elementos<span class=\"_ _1be\"> </span>sustituid<span class=\"_ _2\"></span>os <span class=\"_ _0\"></span>no <span class=\"_ _c3\"></span>haya <span class=\"_ _0\"></span>sido <span class=\"_ _0\"></span>amortiza<span class=\"_ _2\"></span>do <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>forma <span class=\"_ _0\"></span>independien<span class=\"_ _2\"></span>te <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>no <span class=\"_ _0\"></span>fuese <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>racticable <span class=\"_ _0\"></span>determin<span class=\"_ _2\"></span>ar <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>alor<span class=\"_ _1be\"> </span>contable de los mismos, s<span class=\"_ _2\"></span>e utiliza el coste de la sustituci\u00f3n como indicativ<span class=\"_ _2\"></span>o del coste de los elementos en el<span class=\"_ _1be\"> </span>momento <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>su <span class=\"_ _c3\"></span>adquisici\u00f3n <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>strucci\u00f3n.<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>Po <span class=\"_ _0\"></span>su <span class=\"_ _c3\"></span>parte, <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>beneficio <span class=\"_ _c3\"></span>o <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>\u00e9rdida <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>roduce <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>la<span class=\"_ _1be\"> </span>enajenaci\u00f3n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>ementos <span class=\"_ _4\"></span>sustituid<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>determina <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>diferencia <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>entre <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>imp<span class=\"_ _4\"></span>ort<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>percibido <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> venta y el valo<span class=\"_ _2\"></span>r en libros del activo enajenad<span class=\"_ _2\"></span>o.<span class=\"_ _2\"></span> Amortizaciones y de<span class=\"_ _2\"></span>terioros<span class=\"_ _1be\"> </span>Durante <span class=\"_ _c9\"> </span>el <span class=\"_ _c9\"> </span>ejercicio <span class=\"_ _cc\"> </span><span class=\"ls11\">2022</span> <span class=\"_ _c9\"> </span>el <span class=\"_ _c9\"> </span>Grupo <span class=\"_ _cc\"> </span>amortiza <span class=\"_ _c9\"> </span>su <span class=\"_ _c9\"> </span>inmovilizado<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>material <span class=\"_ _c9\"> </span>siguiendo <span class=\"_ _cc\"> </span>el <span class=\"_ _c9\"> </span>m\u00e9todo <span class=\"_ _c9\"> </span>lineal,<span class=\"_ _1be\"> </span>distribuyend<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>coste <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>ctivos entre <span class=\"_ _bb\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>a\u00f1os <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>vida<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>\u00fatil <span class=\"_ _bb\"></span>estimad<span class=\"_ _2\"></span>a, <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>acuerdo con <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>siguiente <span class=\"_ _1\"></span>detalle:<span class=\"_ _2\"></span> El <span class=\"_ _2\"></span>Grupo <span class=\"_ _4\"></span>revisa <span class=\"_ _4\"></span>peri\u00f3dicamente <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>valor <span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>idual, <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>vida <span class=\"_ _4\"></span>\u00fatil <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>m\u00e9todo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>amortiza<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>inmovilizado<span class=\"_ _2\"></span> material. <span class=\"_ _c0\"></span>Las <span class=\"_ _c3\"></span>modificaciones <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>criterios<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>ini<span class=\"_ _2\"></span>cialmente <span class=\"_ _0\"></span>establecidos <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>reconocen <span class=\"_ _0\"></span>como <span class=\"_ _0\"></span>un <span class=\"_ _c3\"> </span>cambio<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>estimaci\u00f3n.<span class=\"_ _1be\"> </span>El <span class=\"_ _2\"></span>Grupo <span class=\"_ _2\"></span>reestim\u00f3 <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>2021 <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>vida <span class=\"_ _2\"></span>\u00fatil <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>activos <span class=\"_ _2\"></span>productivos <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>negocio <span class=\"_ _2\"></span>Celulosa,<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>mo <span class=\"_ _2\"></span>consecuenci<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>de las inversiones realizadas y los aumentos de capacidad de producci\u00f3n realizadas, por el personal t\u00e9cnico<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>sido <span class=\"_ _c0\"></span>asistido <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>experto <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>dependiente. <span class=\"_ _4\"></span>Como <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>esultado <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>dicha <span class=\"_ _4\"></span>revis<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>vida <span class=\"_ _4\"></span>\u00fatil<span class=\"_ _1be\"> </span>estimada <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>ep\u00edgrafe <span class=\"_ _c3\"></span>\u201cInstalaciones <span class=\"_ _0\"></span>t\u00e9cnicas<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u2013<span class=\"ff4\"> <span class=\"_ _0\"></span></span>otra<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>instalacion<span class=\"_ _2\"></span>es\u201d <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>sit\u00faa <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>ran<span class=\"_ _2\"></span>go <span class=\"_ _0\"></span>12<span class=\"_ _2\"></span><span class=\"ff4\">-20 <span class=\"_ _0\"></span>a\u00f1o<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span></span>correspondiente al ep\u00edgraf<span class=\"_ _2\"></span>e \u201cMaquinaria\u201d s<span class=\"_ _2\"></span>i sit\u00faa en el rango 8<span class=\"_ _2\"></span><span class=\"ff4\">-20 a\u00f1os (v<span class=\"_ _2\"></span>\u00e9ase Nota 4). <span class=\"_ _2\"></span> </span>Asimismo, <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>Grupo <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>restim<span class=\"_ _2\"></span>ado, <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>efectos <span class=\"_ _4\"></span>desd<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>enero <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>2023,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>per\u00edodo <span class=\"_ _c0\"></span>durante <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>cual <span class=\"_ _4\"></span>se<span class=\"_ _1be\"> </span>espera <span class=\"_ _4\"></span>ra<span class=\"_ _2\"></span>zonablemente <span class=\"_ _c0\"></span>consu<span class=\"_ _2\"></span>mir <span class=\"_ _4\"></span>los <span class=\"_ _c0\"></span>beneficios <span class=\"_ _c0\"></span>econ\u00f3<span class=\"_ _2\"></span>micos <span class=\"_ _c0\"></span>inherentes <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>la<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>instalaciones <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>generaci\u00f3n<span class=\"_ _1be\"> </span>de <span class=\"_ _0\"></span>energ\u00eda <span class=\"_ _c3\"></span>con <span class=\"_ _c3\"></span>biomasa <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>Ja\u00e9n <span class=\"_ _c3\"></span>16 <span class=\"_ _0\"></span>MW, <span class=\"_ _c3\"></span>Ciudad <span class=\"_ _0\"></span>Real <span class=\"_ _c3\"></span>16 <span class=\"_ _c3\"></span>MW <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>Huelva <span class=\"_ _0\"></span>41 <span class=\"_ _0\"></span>MW<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>(v<span class=\"_ _2\"></span>\u00e9ase <span class=\"_ _0\"></span>N<span class=\"_ _2\"></span>ota <span class=\"_ _0\"></span>20)<span class=\"_ _4\"></span>. <span class=\"_ _c3\"></span>Como<span class=\"_ _1be\"> </span>resultado de dicha<span class=\"_ _2\"></span> restimaci\u00f3n, se <span class=\"_ _2\"></span>estima que s<span class=\"_ _2\"></span>u vida \u00fatil econ\u00f3mica se terminar\u00e1 en <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>23-2024.<span class=\"_ _1be\"> </span>Los <span class=\"_ _c6\"> </span>terrenos <span class=\"_ _c6\"> </span>se <span class=\"_ _c6\"> </span>registran <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>forma <span class=\"_ _c6\"> </span>independiente <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>los <span class=\"_ _c7\"> </span>edificios  o<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>instalaciones <span class=\"_ _c7\"> </span>que <span class=\"_ _c6\"> </span>pu<span class=\"_ _2\"></span>edan <span class=\"_ _c6\"> </span>estar<span class=\"_ _1be\"> </span>asentadas sob<span class=\"_ _2\"></span>re los mismos y se entiende que tienen una vida <span class=\"_ _2\"></span>\u00fatil indefinida y, por tanto, no son objeto de<span class=\"_ _1be\"> </span>amortizaci\u00f3n.<span class=\"_ _2\"></span> Con <span class=\"_ _c4\"> </span>car\u00e1cter <span class=\"_ _c9\"> </span>general, <span class=\"_ _c9\"> </span>las <span class=\"_ _c9\"> </span>inversion<span class=\"ls18\">es<span class=\"_ _2\"></span></span> <span class=\"_ _c4\"> </span>en <span class=\"_ _c9\"> </span>edificaciones <span class=\"_ _c4\"> </span>con<span class=\"_ _2\"></span>struidas <span class=\"_ _c9\"> </span>en <span class=\"_ _c4\"> </span>terrenos <span class=\"_ _c9\"> </span>cedidos <span class=\"_ _c9\"> </span>en <span class=\"_ _c4\"> </span>r\u00e9gimen<span class=\"_ _1be\"> </span>concesional <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>registra<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span><span class=\"ff6\">en <span class=\"_ _2\"></span>la cuenta <span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span>Construcciones\u201d. <span class=\"_ _2\"></span>Dicho<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>coste, <span class=\"_ _2\"></span>junto <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>resto d<span class=\"_ _2\"></span>e ins<span class=\"_ _2\"></span>talaciones<span class=\"_ _1be\"> </span></span>fijas <span class=\"_ _4\"></span>ubicadas <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>terrenos <span class=\"_ _4\"></span>concesionados<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>amortiza<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>funci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>vida <span class=\"_ _4\"></span>\u00fatil, <span class=\"_ _4\"></span>estableci\u00e9ndose <span class=\"_ _4\"></span>como<span class=\"_ _1be\"> </span>l\u00edmite el periodo restante de vigencia de la concesi\u00f3n<span class=\"_ _2\"></span>. Id\u00e9n<span class=\"_ _2\"></span>tico tratamiento se aplica a las inversiones en las<span class=\"_ _1be\"> </span>Porcentaje<span class=\"_ _30\"> </span>A<span class=\"_ _2\"></span>\u00f1os de Vida<span class=\"_ _92\"> </span>Porce<span class=\"_ _1\"></span>ntaje<span class=\"_ _19\"> </span>A\u00f1os de Vida<span class=\"_ _1be\"> </span>Amort<span class=\"_ _2\"></span>izaci\u00f3n<span class=\"_ _3d\"> </span>\u00datil Estim<span class=\"_ _2\"></span>ada<span class=\"_ _8a\"> </span>Amorti<span class=\"_ _2\"></span>zaci\u00f3n<span class=\"_ _3d\"> </span>\u00datil Estim<span class=\"_ _2\"></span>ada<span class=\"_ _1be\"> </span>Construcciones<span class=\"_ _cd\"> </span>2%-3%<span class=\"_ _28\"> </span>3<span class=\"_ _2\"></span>3-50<span class=\"_ _75\"> </span>2%-3%<span class=\"_ _ce\"> </span>33<span class=\"_ _2\"></span>-50<span class=\"_ _1be\"> </span>Instalaciones t\u00e9cnica<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span>Plantas d<span class=\"_ _2\"></span>e ge<span class=\"_ _1\"></span>nera<span class=\"_ _1\"></span>ci\u00f3n con biomas<span class=\"_ _2\"></span>a<span class=\"_ _87\"> </span><span class=\"ls1d\">4%<span class=\"_ _8f\"> </span>25<span class=\"_ _cf\"> </span>4%<span class=\"_ _8f\"> </span>25<span class=\"_ _1be\"> </span></span>Otras ins<span class=\"_ _2\"></span>talaciones<span class=\"_ _7c\"> </span>5%-8,3%<span class=\"_ _8b\"> </span> 1<span class=\"_ _2\"></span>2-20<span class=\"_ _6e\"> </span>5<span class=\"_ _2\"></span>%-8,3%<span class=\"_ _8b\"> </span> 1<span class=\"_ _2\"></span>2-2<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span>Maquinaria<span class=\"_ _d0\"> </span>5%-12,5<span class=\"_ _2\"></span>%<span class=\"_ _86\"> </span>8<span class=\"_ _2\"></span>-20<span class=\"_ _d1\"> </span>5%-12,5<span class=\"_ _2\"></span>%<span class=\"_ _86\"> </span>8<span class=\"_ _2\"></span>-20<span class=\"_ _1be\"> </span>Utillaje y m<span class=\"_ _2\"></span>obiliario<span class=\"_ _d2\"> </span>8,3%-12<span class=\"_ _2\"></span>,5%<span class=\"_ _9b\"> </span>8<span class=\"_ _2\"></span>-12<span class=\"_ _1e\"> </span>8,3%-12,5%<span class=\"_ _9e\"> </span>8-12<span class=\"_ _1be\"> </span>Equipos procesos de informaci\u00f3n<span class=\"_ _4e\"> </span><span class=\"ls1d\">20%<span class=\"_ _8f\"> </span></span>5<span class=\"_ _cf\"> </span><span class=\"ls1d\">20%<span class=\"_ _8f\"> </span></span>5<span class=\"_ _1be\"> </span>Ele<span class=\"_ _1\"></span>mentos <span class=\"_ _2\"></span>transport<span class=\"_ _2\"></span>e<span class=\"_ _d3\"> </span><span class=\"ls1d\">10%<span class=\"_ _d4\"> </span>10<span class=\"_ _d5\"> </span>10%<span class=\"_ _d4\"> </span>10<span class=\"_ _1be\"> </span></span>Otro inmov<span class=\"_ _2\"></span>iliz<span class=\"_ _2\"></span>ado material<span class=\"_ _d6\"> </span><span class=\"ls1d\">10%<span class=\"_ _d4\"> </span>10<span class=\"_ _d5\"> </span>10%<span class=\"_ _d4\"> </span>10<span class=\"_ _1be\"> </span></span>A\u00f1o 2021<span class=\"_ _1be\"> </span>A\u00f1o 2022<span class=\"_ _1be\"> </span>instalaciones <span class=\"_ _2\"></span>de generaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>energ\u00eda el\u00e9ctrica,<span class=\"_ _2\"></span> siendo <span class=\"_ _2\"></span>el l<span class=\"_ _2\"></span>\u00edmite esta<span class=\"_ _2\"></span>blecido la <span class=\"_ _2\"></span>vida <span class=\"_ _2\"></span>\u00fatil regulato<span class=\"_ _2\"></span>ria si <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>se<span class=\"_ _1be\"> </span>espera obtener beneficios eco<span class=\"_ _2\"></span>n\u00f3micos m\u00e1s<span class=\"_ _2\"></span> all\u00e1 de dicho p<span class=\"_ _2\"></span>eriodo. <span class=\"_ _2\"></span> Las s<span class=\"_ _2\"></span>ociedades del <span class=\"_ _2\"></span>Grupo e<span class=\"_ _2\"></span>val\u00faan p<span class=\"_ _2\"></span>eri\u00f3dicamente, y <span class=\"_ _2\"></span>al menos<span class=\"_ _2\"></span> al <span class=\"_ _2\"></span>cierre de cad<span class=\"_ _2\"></span>a ejercicio, <span class=\"_ _2\"></span>si existen <span class=\"_ _2\"></span>indicios<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>deterioro <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>alg\u00fan <span class=\"_ _2\"></span>activo <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>conju<span class=\"_ _2\"></span>nto <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>activos <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>inmovilizado <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>ob<span class=\"_ _2\"></span>jeto <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>proceder <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>caso, <span class=\"_ _2\"></span>tal<span class=\"_ _1be\"> </span>como <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ind<span class=\"_ _2\"></span>ica <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>aparta<span class=\"_ _2\"></span>do <span class=\"_ _4\"></span>3.5 <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>presente <span class=\"_ _4\"></span>nota<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>deterior<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>reversi\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>mismo <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>aju<span class=\"_ _2\"></span>star <span class=\"_ _2\"></span>su<span class=\"_ _1be\"> </span>valor <span class=\"_ _c3\"></span>neto <span class=\"_ _c3\"></span>contable <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _c3\"></span>valor <span class=\"_ _0\"></span>recuperable, <span class=\"_ _c3\"> </span>sin <span class=\"_ _c3\"> </span>superar <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>ning\u00fan <span class=\"_ _c3\"> </span>caso <span class=\"_ _c3\"> </span>las <span class=\"_ _c3\"> </span>reversiones <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>deterioros<span class=\"_ _1be\"> </span>previos <span class=\"_ _c2\"> </span>realizados<span class=\"_ _2\"></span>. <span class=\"_ _c2\"> </span>Los <span class=\"_ _c2\"> </span>deterioros <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>v<span class=\"_ _2\"></span>alor <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>reconocen, <span class=\"_ _c5\"> </span>con <span class=\"_ _c2\"> </span>cargo <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>ep\u00edgrafe <span class=\"_ _c2\"> </span>\u201c<span class=\"_ _2\"></span>Deterioros <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>valo<span class=\"_ _2\"></span>r <span class=\"_ _c2\"> </span>y<span class=\"_ _1be\"> </span>resultado<span class=\"ff6\">s<span class=\"_ _2\"></span> por enajenaci\u00f3n de inmovilizad<span class=\"_ _2\"></span>o\u201d.</span> 3.4<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Activos biol\u00f3<span class=\"_ _1\"></span>gicos<span class=\"_ _1be\"> </span></span>El <span class=\"_ _4\"></span>Grupo <span class=\"_ _c0\"></span>cultiva <span class=\"_ _4\"></span>div<span class=\"_ _2\"></span>ersas <span class=\"_ _4\"></span>esp<span class=\"_ _2\"></span>ecies <span class=\"_ _4\"></span>forestales, <span class=\"_ _c0\"></span>principalmente <span class=\"_ _c0\"></span>eucaliptos <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>espe<span class=\"_ _2\"></span>cies <span class=\"_ _4\"></span>Glob<span class=\"_ _2\"></span>ulus <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>Nitens,<span class=\"_ _1be\"> </span>utilizadas como <span class=\"_ _1\"></span>materia <span class=\"_ _1\"></span>prima <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>procesos productivos <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>ENCE, o <span class=\"_ _bb\"></span>b<span class=\"_ _2\"></span>ien, <span class=\"_ _1\"></span>para <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>venta <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>terceros. <span class=\"_ _1\"></span>En e<span class=\"_ _1\"></span>ste<span class=\"_ _1be\"> </span>sentido, <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>consideran <span class=\"_ _4\"></span>activos <span class=\"_ _4\"></span>biol\u00f3gicos <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>vuelos <span class=\"_ _4\"></span>forestales. <span class=\"_ _4\"></span>Los <span class=\"_ _4\"></span>suelos <span class=\"_ _4\"></span>forestales <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>valoran <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>acuerdo<span class=\"_ _1be\"> </span>con <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>N<span class=\"_ _2\"></span>IC <span class=\"_ _1\"></span>16 <span class=\"_ _bb\"></span>\u201c<span class=\"_ _2\"></span>Propiedad, <span class=\"_ _1\"></span>planta <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>equipo\u201d <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>registran <span class=\"_ _bb\"></span>en dicho <span class=\"_ _1\"></span>ep\u00edgrafe <span class=\"_ _bb\"></span>del <span class=\"_ _1\"></span>Estado de <span class=\"_ _bb\"></span>Situaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>Financiera<span class=\"_ _1be\"> </span>consolidado (v<span class=\"_ _2\"></span>\u00e9ase Nota 3.3).<span class=\"_ _2\"></span> El <span class=\"_ _c0\"></span>Grup<span class=\"_ _2\"></span>o <span class=\"_ _c0\"></span>valo<span class=\"_ _2\"></span>ra <span class=\"_ _c0\"></span>su<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>act<span class=\"_ _2\"></span>ivos <span class=\"_ _c0\"></span>biol\u00f3gicos <span class=\"_ _0\"></span>a <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _c0\"></span>cos<span class=\"_ _2\"></span>te <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>adquis<span class=\"_ _2\"></span>ici\u00f3n <span class=\"_ _c0\"></span>o <span class=\"_ _0\"></span>produ<span class=\"_ _2\"></span>cci\u00f3n, <span class=\"_ _c0\"></span>dedu<span class=\"_ _2\"></span>cidos <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>agotami<span class=\"_ _2\"></span>ento<span class=\"_ _1be\"> </span>forestal as\u00ed como, en s<span class=\"_ _2\"></span>u caso, las p\u00e9rd<span class=\"_ _2\"></span>idas por deterioro de valo<span class=\"_ _2\"></span>r. <span class=\"_ _2\"></span> La <span class=\"_ _4\"></span>inversi\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>atrimonio <span class=\"_ _4\"></span>foresta<span class=\"_ _2\"></span>l <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>valo<span class=\"_ _2\"></span>ra <span class=\"_ _4\"></span>imputa<span class=\"_ _2\"></span>ndo <span class=\"_ _4\"></span>tod<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>los <span class=\"_ _c0\"></span>cost<span class=\"_ _4\"></span>es <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>irectamente <span class=\"_ _4\"></span>incurridos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>adquisici\u00f3n y <span class=\"_ _1\"></span>desarrollo de <span class=\"_ _1\"></span>\u00e9ste; <span class=\"_ _1\"></span>alquileres, limpieza <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>preparaci\u00f3n de <span class=\"_ _1\"></span>terrenos, plantaciones, fe<span class=\"_ _1\"></span>rtilizaciones,<span class=\"_ _1be\"> </span>cuidado <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>servaci\u00f3n, <span class=\"_ _0\"></span>etc. <span class=\"_ _0\"></span>Asimismo, <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>tratars<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>activos <span class=\"_ _c3\"></span>que <span class=\"_ _c0\"></span>n<span class=\"_ _2\"></span>ecesitan <span class=\"_ _0\"></span>m\u00e1s <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>1 <span class=\"_ _0\"></span>a\u00f1o <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _0\"></span>estar <span class=\"_ _0\"></span>en<span class=\"_ _1be\"> </span>condiciones <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>uso,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>incorp<span class=\"_ _2\"></span>oran <span class=\"_ _2\"></span>como <span class=\"_ _4\"></span>mayor <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>alor <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>activ<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>gastos <span class=\"_ _4\"></span>financieros <span class=\"_ _4\"></span>devengados <span class=\"_ _4\"></span>hasta <span class=\"_ _4\"></span>el<span class=\"_ _1be\"> </span>momento <span class=\"_ _c6\"> </span>de  la <span class=\"_ _c6\"> </span>corta, <span class=\"_ _c6\"> </span>por <span class=\"_ _c6\"> </span>la <span class=\"_ _c6\"> </span>parte  d<span class=\"_ _2\"></span>e  la <span class=\"_ _c6\"> </span>inversi\u00f3n <span class=\"_ _c6\"> </span>que <span class=\"_ _c6\"> </span>se <span class=\"_ _c6\"> </span>considera <span class=\"_ _c6\"> </span>financiada <span class=\"_ _c6\"> </span>con <span class=\"_ _c6\"> </span>recursos<span class=\"_ _2\"></span>  ajenos<span class=\"_ _2\"></span> (actualmente <span class=\"_ _4\"></span>poco <span class=\"_ _c0\"></span>representativa). <span class=\"_ _c0\"></span>La <span class=\"_ _4\"></span>tasa <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>in<span class=\"_ _2\"></span>ter\u00e9s <span class=\"_ _4\"></span>utiliz<span class=\"_ _2\"></span>ada <span class=\"_ _4\"></span>es <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>tasa <span class=\"_ _4\"></span>media <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>financiaci\u00f3n <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Grupo<span class=\"_ _1be\"> </span>(v\u00e9ase Nota <span class=\"ls11\">29</span>). <span class=\"_ _2\"></span> El <span class=\"_ _c0\"></span>tiempo <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>tra<span class=\"_ _2\"></span>nscurre <span class=\"_ _c0\"></span>desde <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>lleva <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>cabo <span class=\"_ _0\"></span>la <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>lantaci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>eucalip<span class=\"_ _2\"></span>tal <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>pen\u00ednsula <span class=\"_ _0\"></span>ib\u00e9rica<span class=\"_ _1be\"> </span>hasta <span class=\"_ _1\"></span>que <span class=\"_ _bb\"></span>econ\u00f3mica<span class=\"_ _2\"></span>mente <span class=\"_ _bb\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>recomendable <span class=\"_ _bb\"></span>su <span class=\"_ _1\"></span>destoconado <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>pos<span class=\"_ _2\"></span>terior <span class=\"_ _bb\"></span>replan<span class=\"_ _2\"></span>taci\u00f3n <span class=\"_ _1\"></span>es <span class=\"_ _bb\"></span>var<span class=\"_ _2\"></span>iable <span class=\"_ _bb\"></span>en <span class=\"_ _1\"></span>funci\u00f3n<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>especie. <span class=\"_ _2\"></span>As\u00ed, <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>esp<span class=\"_ _2\"></span>ecie <span class=\"_ _2\"></span>Globulus, <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>per\u00edod<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>aproximadamente <span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>5-4<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span>a\u00f1os <span class=\"_ _2\"></span>ya <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e el <span class=\"_ _2\"></span>\u00e1rbol<span class=\"_ _2\"></span> rebrota <span class=\"_ _0\"></span>tras <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>corta <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>forma <span class=\"_ _0\"></span>eficiente <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>menos <span class=\"_ _0\"></span>2 <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>eces <span class=\"_ _0\"></span>tras <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>aprovechamiento. <span class=\"_ _0\"></span>En <span class=\"_ _c3\"></span>este <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>entido, <span class=\"_ _c0\"></span>los<span class=\"_ _1be\"> </span>costes <span class=\"_ _0\"></span>incurridos <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>desarrollo <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>los <span class=\"_ _0\"></span>activos <span class=\"_ _0\"></span>biol\u00f3gicos <span class=\"_ _0\"></span>se <span class=\"_ _c0\"></span>agru<span class=\"_ _2\"></span>pan <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>dos <span class=\"_ _0\"></span>categor\u00edas; <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>stes <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>ciclo,<span class=\"_ _1be\"> </span>categor\u00eda  que  incluy<span class=\"_ _2\"></span>e  los  co<span class=\"_ _2\"></span>stes  incurrido<span class=\"_ _2\"></span>s,  principalmente  asociado<span class=\"_ _2\"></span>s  al  proces<span class=\"_ _2\"></span>o  de  plantaci\u00f3n  y<span class=\"_ _2\"></span>  que<span class=\"_ _1be\"> </span>contribuir\u00e1n al <span class=\"_ _1\"></span>desarrollo <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>activo biol\u00f3gico <span class=\"_ _1\"></span>durante <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>ciclo <span class=\"_ _1\"></span>completo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>35<span class=\"_ _2\"></span>-40 <span class=\"_ _1\"></span>a\u00f1os, y <span class=\"_ _1\"></span>costes de <span class=\"_ _bb\"></span>tu<span class=\"_ _2\"></span>rno <span class=\"_ _1\"></span>que<span class=\"_ _1be\"> </span>son <span class=\"_ _2\"></span>aquellos que <span class=\"_ _2\"></span>contribuyen<span class=\"_ _2\"></span> al d<span class=\"_ _2\"></span>esarrollo d<span class=\"_ _2\"></span>e los activ<span class=\"_ _2\"></span>os biol\u00f3gicos en <span class=\"_ _2\"></span>el tu<span class=\"_ _2\"></span>rno en q<span class=\"_ _2\"></span>ue se encuentra<span class=\"_ _2\"></span>n has<span class=\"_ _2\"></span>ta<span class=\"_ _1be\"> </span>el <span class=\"_ _c0\"></span>mom<span class=\"_ _2\"></span>ento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>aprovechamiento<span class=\"_ _2\"></span>-corta. <span class=\"_ _0\"></span>Por <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _c0\"></span>par<span class=\"_ _2\"></span>te, <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>esp<span class=\"_ _2\"></span>ecie <span class=\"_ _c0\"></span>Nitens<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>periodos <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>turno <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>ciclo<span class=\"_ _1be\"> </span>coinciden <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>rango <span class=\"_ _c3\"> </span>de <span class=\"_ _0\"></span>11<span class=\"_ _2\"></span>-15 <span class=\"_ _c3\"></span>a\u00f1os, <span class=\"_ _c3\"></span>al <span class=\"_ _0\"></span>no <span class=\"_ _c3\"></span>producirse <span class=\"_ _0\"></span>un <span class=\"_ _c3\"></span>rebrote <span class=\"_ _0\"></span>eficient<span class=\"_ _2\"></span>e, <span class=\"_ _c3\"></span>por <span class=\"_ _0\"></span>lo <span class=\"_ _c3\"></span>que <span class=\"_ _0\"></span>todo<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>los <span class=\"_ _c3\"> </span>costes<span class=\"_ _1be\"> </span>considerados en<span class=\"_ _2\"></span> su desarrollo son con<span class=\"_ _2\"></span>siderados costes de turn<span class=\"_ _2\"></span>o. <span class=\"_ _2\"></span> En e<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>momento <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>recolecci\u00f3n del <span class=\"_ _1\"></span>vuelo <span class=\"_ _1\"></span>forestal <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>reduce <span class=\"_ _bb\"></span>el valor <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>activo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>trav\u00e9s <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>cuenta <span class=\"_ _1\"></span>\u201cActivos<span class=\"_ _1be\"> </span>biol\u00f3gicos <span class=\"_ _4\"></span><span class=\"ff6\">\u2013</span> <span class=\"_ _4\"></span><span class=\"ff6\">agotamiento <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>reserva <span class=\"_ _4\"></span>forestal\u201d<span class=\"_ _2\"></span></span> <span class=\"_ _4\"></span><span class=\"ff6\">y <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>reconoce <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>gasto <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>ep\u00edgrafe <span class=\"_ _2\"></span>\u201cAgotamiento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span></span>reserva forestal\u201d del Estado <span class=\"_ _1\"></span>de Resultado consolidado por e<span class=\"_ _1\"></span>l coste incurrido en <span class=\"_ _1\"></span>su producci\u00f3n. La cuant\u00eda de<span class=\"_ _1\"></span> dicha <span class=\"_ _1\"></span>reducci\u00f3n <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>corresp<span class=\"_ _2\"></span>onde <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>100% <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>costes <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>turno<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>incurridos, <span class=\"_ _1\"></span>as\u00ed <span class=\"_ _bb\"></span>como <span class=\"_ _1\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>proporcional<span class=\"_ _1be\"> </span>de los costes de ciclo <span class=\"_ _1\"></span>estimada considerando el n\u00famero de turnos previstos en el <span class=\"_ _1\"></span>ciclo. Asimismo, cuando el<span class=\"_ _1be\"> </span>vuelo <span class=\"_ _c2\"> </span>forestal  lle<span class=\"_ _1\"></span>ga <span class=\"_ _c2\"> </span>al  f<span class=\"_ _1\"></span>inal <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>u <span class=\"_ _c2\"> </span>ciclo <span class=\"_ _c5\"> </span>productivo <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>de <span class=\"_ _c5\"> </span>baja <span class=\"_ _c2\"> </span>\u00edn<span class=\"_ _2\"></span>tegramente <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>valor  del <span class=\"_ _c3\"> </span>activ<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>su<span class=\"_ _1be\"> </span>agotamiento forestal ac<span class=\"_ _2\"></span>umulado.<span class=\"_ _2\"></span> No existe un <span class=\"_ _2\"></span>mercado activo del Eucalip<span class=\"_ _2\"></span>to en Espa\u00f1a, y las caracter\u00edsticas d<span class=\"_ _2\"></span>e las transacciones q<span class=\"_ _2\"></span>ue se llevan<span class=\"_ _1be\"> </span>a  cabo  no <span class=\"_ _c5\"> </span>han  permitido  hasta  la<span class=\"_ _1\"></span>  fecha  identificar  ref<span class=\"_ _1\"></span>erencias  de  precio  de  mercado  v\u00e1lidas  para <span class=\"_ _c2\"> </span>su<span class=\"_ _1be\"> </span>extrapolaci\u00f3n <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>patrimonio <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>orestal <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>ENCE. <span class=\"_ _2\"></span>Por <span class=\"_ _2\"></span>otra <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>te, la <span class=\"_ _2\"></span>aplicaci\u00f3n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>m\u00e9todos <span class=\"_ _2\"></span>alternat<span class=\"_ _2\"></span>ivos <span class=\"_ _2\"></span>que<span class=\"_ _1be\"> </span>plantea <span class=\"_ _c2\"> </span>N<span class=\"_ _2\"></span>IIF <span class=\"_ _c2\"> </span>13 <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>ara <span class=\"_ _c2\"> </span>determinar  e<span class=\"_ _1\"></span>l <span class=\"_ _c2\"> </span>valor  razonable, <span class=\"_ _c3\"> </span>n<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>ha <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>ermitido <span class=\"_ _c2\"> </span>cuantificar  con <span class=\"_ _c3\"> </span>fiabilidad<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>v<span class=\"_ _2\"></span>alor<span class=\"_ _1be\"> </span>razonable <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>act<span class=\"_ _2\"></span>ivos <span class=\"_ _0\"></span>biol\u00f3gicos,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>debido <span class=\"_ _c3\"></span>entre <span class=\"_ _0\"></span>otros <span class=\"_ _c3\"></span>factores, <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span>las <span class=\"_ _0\"></span>asun<span class=\"_ _2\"></span>cione<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>estimaciones <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>deben llevar a <span class=\"_ _2\"></span>cabo y al impac<span class=\"_ _2\"></span>to que las<span class=\"_ _2\"></span> mismas tienen en<span class=\"_ _2\"></span> los resu<span class=\"_ _2\"></span>ltados de la cu<span class=\"_ _2\"></span>antificaci\u00f3n. <span class=\"_ _2\"></span>Por todo ello,<span class=\"_ _2\"></span> el Grupo no valo<span class=\"_ _2\"></span>ra sus activos biol\u00f3<span class=\"_ _2\"></span>gicos a valor razo<span class=\"_ _2\"></span>nable.<span class=\"_ _1be\"> </span>ENCE ha desarrollado un modelo de valoraci\u00f3n de su patrimonio<span class=\"_ _2\"></span> forestal a partir del <span class=\"_ _1\"></span>descuento de los flujos<span class=\"_ _1be\"> </span>futuros <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>revistos, <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>no <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>cons<span class=\"_ _2\"></span>iderado <span class=\"_ _4\"></span>lo <span class=\"_ _4\"></span>su<span class=\"_ _2\"></span>ficientemente <span class=\"_ _2\"></span>fiabl<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>para <span class=\"_ _c0\"></span>ser <span class=\"_ _4\"></span>utilizado <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>valoraci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>valor razonable <span class=\"_ _1\"></span>de los<span class=\"_ _1\"></span> activos <span class=\"_ _1\"></span>biol\u00f3gicos, <span class=\"_ _1\"></span>si bien, <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>utilizaci\u00f3n consistente <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>tiempo s\u00ed <span class=\"_ _1\"></span>permite identificar<span class=\"_ _1be\"> </span>rangos <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e v<span class=\"_ _2\"></span>alor <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>tend<span class=\"_ _2\"></span>encias <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>tienen <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>consideraci\u00f3n <span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>evaluar <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>existencia <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>posibles <span class=\"_ _4\"></span>deterioros<span class=\"_ _1be\"> </span>de valor en los a<span class=\"_ _2\"></span>ctivos biol\u00f3gicos. <span class=\"_ _2\"></span> El <span class=\"_ _c4\"> </span>valor <span class=\"_ _c4\"> </span>en <span class=\"_ _c4\"> </span>libros <span class=\"_ _c4\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c4\"> </span>los <span class=\"_ _c4\"> </span>activos <span class=\"_ _c4\"> </span>biol\u00f3gicos <span class=\"_ _c4\"> </span>recogido <span class=\"_ _c9\"> </span>en <span class=\"_ _c7\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>cuentas <span class=\"_ _c4\"> </span>anuales <span class=\"_ _c4\"> </span>consolida<span class=\"_ _2\"></span>das <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>ENCE<span class=\"_ _4\"></span> correspondientes <span class=\"_ _0\"></span>al <span class=\"_ _c0\"></span>ejercicio <span class=\"_ _0\"></span><span class=\"ls11\">2022</span> <span class=\"_ _c0\"></span>no <span class=\"_ _0\"></span>difiere <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>for<span class=\"_ _2\"></span>ma <span class=\"_ _c0\"></span>sign<span class=\"_ _2\"></span>ificativa <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>valor <span class=\"_ _0\"></span>razonable <span class=\"_ _0\"></span>que <span class=\"_ _c0\"></span>resultar\u00eda <span class=\"_ _0\"></span>del<span class=\"_ _1be\"> </span>ejercicio de valoraci\u00f3n realizado a partir del descuento de flujos futuros previstos, siguiendo la metodolog\u00eda<span class=\"_ _1be\"> </span>descrita en la Nota<span class=\"_ _2\"></span> 3.5, y co<span class=\"_ _2\"></span>nsideran<span class=\"_ _2\"></span>do precios de venta<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>la madera a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>ineados con<span class=\"_ _2\"></span> los precios actu<span class=\"_ _2\"></span>ales de<span class=\"_ _1be\"> </span>venta en <span class=\"_ _2\"></span>el cas<span class=\"_ _2\"></span>o de <span class=\"_ _2\"></span>madera q<span class=\"_ _2\"></span>ue tiene <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>destino <span class=\"_ _2\"></span>su v<span class=\"_ _2\"></span>enta a <span class=\"_ _2\"></span>terceros, <span class=\"_ _2\"></span>y con <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>precios <span class=\"_ _2\"></span>de compra <span class=\"_ _2\"></span>de las<span class=\"_ _1be\"> </span>plantas d<span class=\"_ _2\"></span>e producci\u00f3n de celulosa en el cas<span class=\"_ _2\"></span>o de madera del patrimonio <span class=\"_ _2\"></span>forestal con ese destin<span class=\"_ _2\"></span>o.<span class=\"_ _2\"></span> 3.5<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Deterioro de valor de a<span class=\"_ _1\"></span>ctivos no<span class=\"_ _1\"></span> financieros<span class=\"_ _1be\"> </span></span>El <span class=\"_ _2\"></span>Grupo <span class=\"_ _2\"></span>ENCE <span class=\"_ _2\"></span>revisa, <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>menos <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>fecha d<span class=\"_ _2\"></span>e cierre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cada <span class=\"_ _2\"></span>ejercicio, <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>sus <span class=\"_ _2\"></span>activos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>no finan<span class=\"_ _2\"></span>cieros,<span class=\"_ _1be\"> </span>entre los <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se incluyen <span class=\"_ _2\"></span>loa activos <span class=\"_ _2\"></span>materiales, los<span class=\"_ _2\"></span> activos p<span class=\"_ _2\"></span>or derecho <span class=\"_ _2\"></span>de uso, <span class=\"_ _2\"></span>el fondo de <span class=\"_ _2\"></span>comercio junto<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>otros <span class=\"_ _2\"></span>activos <span class=\"_ _2\"></span>intan<span class=\"_ _2\"></span>gibles y <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>activos <span class=\"_ _2\"></span>biol\u00f3gicos, <span class=\"_ _2\"></span>para d<span class=\"_ _2\"></span>eterminar s<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>existe alg\u00fa<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>indicio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>dichos<span class=\"_ _1be\"> </span>activos <span class=\"_ _4\"></span>h<span class=\"_ _2\"></span>ayan <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ufrido <span class=\"_ _4\"></span>una <span class=\"_ _c0\"></span>p\u00e9rdida <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>deterioro, <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>por <span class=\"_ _4\"></span>tanto <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>alor <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>es<span class=\"_ _2\"></span>pera <span class=\"_ _4\"></span>recuperar <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>so <span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>disposici\u00f3n es<span class=\"_ _2\"></span> inferior a su valor en libros. <span class=\"_ _2\"></span> ENCE <span class=\"_ _c6\"> </span>u<span class=\"_ _2\"></span>tiliza <span class=\"_ _c6\"> </span>tan<span class=\"_ _2\"></span>to <span class=\"_ _c6\"> </span>fuentes <span class=\"_ _c6\"> </span>de <span class=\"_ _c7\"> </span>informaci\u00f3n <span class=\"_ _c6\"> </span>intern<span class=\"_ _2\"></span>as <span class=\"_ _c6\"> </span>co<span class=\"_ _2\"></span>mo <span class=\"_ _c6\"> </span>externas<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>para <span class=\"_ _c7\"> </span>evaluar <span class=\"_ _c7\"> </span>posibles <span class=\"_ _c7\"> </span>indicios <span class=\"_ _c6\"> </span>de<span class=\"_ _1be\"> </span>deterioro. <span class=\"_ _c5\"> </span>Entre <span class=\"_ _c5\"> </span>las  f<span class=\"_ _1\"></span>uentes <span class=\"_ _c2\"> </span>externas<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>se <span class=\"_ _c5\"> </span>consideran  di<span class=\"_ _1\"></span>sminuciones  del <span class=\"_ _c2\"> </span>valor  de <span class=\"_ _c2\"> </span>mercado  considerando<span class=\"_ _1be\"> </span>transacciones <span class=\"_ _c3\"></span>comparables, <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>evoluci\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _c3\"></span>precios <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>futuro <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>elulosa <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>energ\u00eda <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>enovable, <span class=\"_ _0\"></span>o<span class=\"_ _1be\"> </span>posibles <span class=\"_ _0\"></span>cambios<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>futuros <span class=\"_ _0\"></span>adversos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>entorno <span class=\"_ _0\"></span>legal, <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>con\u00f3mico <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>tecnol\u00f3<span class=\"_ _2\"></span>gico <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>udieran <span class=\"_ _0\"></span>poner <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>manifiesto <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>p\u00e9rdida <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>alor <span class=\"_ _2\"></span>recuperable <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>sus <span class=\"_ _4\"></span>activos. <span class=\"_ _4\"></span>Por <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>parte, <span class=\"_ _4\"></span>internamente <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>eval\u00faa <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>ha<span class=\"_ _2\"></span> producido <span class=\"_ _0\"></span>un <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>eterioro <span class=\"_ _c0\"></span>f\u00edsico<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>u <span class=\"_ _0\"></span>obsolescencia <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>activos, <span class=\"_ _c0\"></span>o <span class=\"_ _0\"></span>si <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>rendimiento <span class=\"_ _0\"></span>del <span class=\"_ _c0\"></span>ac<span class=\"_ _2\"></span>tivo <span class=\"_ _c0\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>peor <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>lo<span class=\"_ _1be\"> </span>esperado.<span class=\"_ _1be\"> </span>En <span class=\"_ _c2\"> </span>caso <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>existir <span class=\"_ _c2\"> </span>in<span class=\"_ _2\"></span>dicios <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>deterioro<span class=\"_ _2\"></span>, <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>lleva <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>cab<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>una <span class=\"_ _c5\"> </span>estimaci\u00f3n <span class=\"_ _c2\"> </span>del <span class=\"_ _c2\"> </span>importe <span class=\"_ _c5\"> </span>recuperable, <span class=\"_ _c2\"> </span>para<span class=\"_ _1be\"> </span>determinar, en <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>caso, <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>importe del <span class=\"_ _bb\"></span>det<span class=\"_ _2\"></span>erioro. <span class=\"_ _1\"></span>El <span class=\"_ _1\"></span>importe recuperable <span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>mayor e<span class=\"_ _1\"></span>ntre<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>valor <span class=\"_ _1\"></span>razonable<span class=\"_ _1be\"> </span>minorado p<span class=\"_ _2\"></span>or el cos<span class=\"_ _2\"></span>te de su <span class=\"_ _2\"></span>venta y <span class=\"_ _2\"></span>el valor <span class=\"_ _2\"></span>\u201cen uso\u201d. E<span class=\"_ _2\"></span>n el caso <span class=\"_ _2\"></span>de los <span class=\"_ _2\"></span>fondos de <span class=\"_ _2\"></span>comercio ENCE <span class=\"_ _2\"></span>realiza de<span class=\"_ _1be\"> </span>forma sistem\u00e1tica el an<span class=\"_ _2\"></span>\u00e1lisis de recuperabilidad al m<span class=\"_ _2\"></span>enos anualmente.<span class=\"_ _4\"></span> Los <span class=\"_ _2\"></span><span class=\"ff6\">valores <span class=\"_ _2\"></span>\u201cen <span class=\"_ _2\"></span>uso\u201d<span class=\"_ _2\"></span> se <span class=\"_ _2\"></span>determinan <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>cad<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Unidad <span class=\"_ _2\"></span>Generadora <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Efectivo <span class=\"_ _2\"></span>(UGE). <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>l fon<span class=\"_ _2\"></span>do <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>comercio<span class=\"_ _1be\"> </span></span>adquirido en una <span class=\"_ _2\"></span>combinaci\u00f3n de negocios se distribuye entre cad<span class=\"_ _2\"></span>a una de las UGE que se benefician de las<span class=\"_ _1be\"> </span>sinergias de la combin<span class=\"_ _2\"></span>aci\u00f3n de negocios.<span class=\"_ _2\"></span> Para determinar el valor en u<span class=\"_ _2\"></span>so de los a<span class=\"_ _2\"></span>ctivos sometidos a test d<span class=\"_ _2\"></span>e deterioro, se estima el v<span class=\"_ _2\"></span>alor actual de los<span class=\"_ _1be\"> </span>flujos <span class=\"_ _2\"></span>netos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>caj<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>originado<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>cada <span class=\"_ _4\"></span>UGE <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>asocian<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>mismos, <span class=\"_ _2\"></span>exceptuan<span class=\"_ _2\"></span>do <span class=\"_ _4\"></span>aquellos <span class=\"_ _4\"></span>flujos<span class=\"_ _1be\"> </span>relacionados <span class=\"_ _c3\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>pagos <span class=\"_ _c3\"> </span>o <span class=\"_ _c3\"> </span>cobros <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>operaciones <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>financiaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>y <span class=\"_ _c3\"> </span>los <span class=\"_ _c3\"> </span>pagos<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>por <span class=\"_ _c3\"></span>el <span class=\"_ _c3\"></span>impuesto <span class=\"_ _c3\"> </span>sobre <span class=\"_ _c3\"> </span>los<span class=\"_ _1be\"> </span>beneficios, as\u00ed como aqu<span class=\"_ _2\"></span>\u00e9llos que se deriven d<span class=\"_ _2\"></span>e mejoras o reformas futuras<span class=\"_ _2\"></span> previstas p<span class=\"_ _2\"></span>ara los activos de las<span class=\"_ _1be\"> </span>citadas un<span class=\"_ _2\"></span>idades generadoras de efectiv<span class=\"_ _2\"></span>o.<span class=\"_ _1be\"> </span>Una <span class=\"_ _c2\"> </span>UGE <span class=\"_ _c2\"> </span>puede <span class=\"_ _c2\"> </span>contener <span class=\"_ _c2\"> </span>un <span class=\"_ _c2\"> </span>activo <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>derecho <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>uso<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>un <span class=\"_ _c2\"> </span>pasivo <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>or <span class=\"_ _c2\"> </span>arrendamiento. <span class=\"_ _c2\"> </span>En <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>test <span class=\"_ _c2\"> </span>de<span class=\"_ _1be\"> </span>deterioro, <span class=\"_ _2\"></span>el p<span class=\"_ _2\"></span>asivo <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>recoge <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>determinar <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>importe <span class=\"_ _2\"></span>recuperable <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>UGE, <span class=\"_ _2\"></span>si s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>determina <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>caso<span class=\"_ _1be\"> </span>de disponer <span class=\"_ _1\"></span>de la <span class=\"_ _1\"></span>UGE, <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>comprador deber\u00eda asumir e<span class=\"_ _1\"></span>l pasivo <span class=\"_ _1\"></span>por arrendamiento. <span class=\"_ _1\"></span>En este <span class=\"_ _1\"></span>sentido, si el <span class=\"_ _1\"></span>valor<span class=\"_ _1be\"> </span>recuperable <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>determina <span class=\"_ _2\"></span>usan<span class=\"_ _2\"></span>do <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>uso, <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>pasivo <span class=\"_ _2\"></span>por <span class=\"_ _4\"></span>arrendamiento <span class=\"_ _2\"></span>minora<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>en<span class=\"_ _1be\"> </span>uso. <span class=\"_ _0\"></span>Por <span class=\"_ _0\"></span>su <span class=\"_ _c0\"></span>parte, <span class=\"_ _0\"></span>si <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>valor <span class=\"_ _0\"></span>recuperable <span class=\"_ _c0\"></span>se <span class=\"_ _0\"></span>determina <span class=\"_ _0\"></span>utiliza<span class=\"_ _2\"></span>ndo <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>valor <span class=\"_ _0\"></span>razonab<span class=\"_ _2\"></span>le <span class=\"_ _c0\"></span>menos <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>costes <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>venta, el valor recup<span class=\"_ _2\"></span>erable se determi<span class=\"_ _2\"></span>na como el v<span class=\"_ _2\"></span>alor que <span class=\"_ _2\"></span>se obtendr<span class=\"_ _2\"></span>\u00eda por la dis<span class=\"_ _2\"></span>posici\u00f3n de los a<span class=\"_ _2\"></span>ctivos de<span class=\"_ _1be\"> </span>la <span class=\"_ _4\"></span>UGE <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>los <span class=\"_ _4\"></span>pas<span class=\"_ _2\"></span>ivos <span class=\"_ _4\"></span>vinculados<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>derechos <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>uso. <span class=\"_ _4\"></span>El <span class=\"_ _c0\"></span>pasivo <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>descuenta <span class=\"_ _4\"></span>utiliza<span class=\"_ _2\"></span>ndo <span class=\"_ _2\"></span>la <span class=\"_ _c0\"></span>tasa <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>inter<span class=\"_ _4\"></span>\u00e9<span class=\"ls14\">s<span class=\"_ _1be\"> </span></span>impl\u00edcita del contrato d<span class=\"_ _2\"></span>e arrendamiento.<span class=\"_ _2\"></span> Los <span class=\"_ _2\"></span>flujos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>caja <span class=\"_ _2\"></span>estimad<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>obti<span class=\"_ _2\"></span>enen <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>yecciones <span class=\"_ _2\"></span>realizadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Direcci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cada <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las<span class=\"_ _1be\"> </span>UGE, que en ge<span class=\"_ _1\"></span>neral utilizan periodos de 3-5 a\u00f1os, excepto cuando las caracter\u00edsticas del negocio <span class=\"_ _1\"></span>aconsejan<span class=\"_ _1be\"> </span>periodos <span class=\"_ _4\"></span>superiores. <span class=\"_ _2\"></span>Las <span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>sas <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>crecimiento <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>variaciones<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>precios<span class=\"_ _2\"></span> y<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>costes <span class=\"_ _2\"></span>directos <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>basan <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>los<span class=\"_ _1be\"> </span>compromisos contractuales <span class=\"_ _1\"></span>firmes, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>informaci\u00f3n <span class=\"_ _1\"></span>p\u00fablica <span class=\"_ _1\"></span>disponible, as\u00ed <span class=\"_ _bb\"></span>como en <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>previsiones <span class=\"_ _1\"></span>sectoriales<span class=\"_ _1be\"> </span>y <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>experiencia <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>ENCE. <span class=\"_ _1\"></span>Adicionalmente, <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>realizan an\u00e1lisis <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>sens<span class=\"_ _2\"></span>ibilidad <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>laci\u00f3n <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>cre<span class=\"_ _1\"></span>cimientos<span class=\"_ _1be\"> </span>de<span class=\"ls0_1\"> <span class=\"_ _0\"></span>ingresos<span class=\"_ _2\"></span>, <span class=\"_ _c3\"></span>m\u00e1rgenes <span class=\"_ _0\"></span>de <span class=\"_ _c3\"> </span>ex<span class=\"_ _2\"></span>plotaci\u00f3n <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"></span>tasas <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>descu<span class=\"_ _2\"></span>ento, <span class=\"_ _c3\"></span>con <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>fin <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rever <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>mpacto <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>futu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span></span>cambios en estas<span class=\"_ _2\"></span> variables<span class=\"_ _2\"></span> (v\u00e9ase Nota 14)<span class=\"ls1a\">. </span> Para <span class=\"_ _2\"></span>actualizar<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>flujos <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>efectivo <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>tiliza <span class=\"_ _2\"></span>una <span class=\"_ _4\"></span>tasa <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>descuento <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>incluy<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>evaluaciones <span class=\"_ _4\"></span>actuales<span class=\"_ _1be\"> </span>del mercado so<span class=\"_ _2\"></span>bre el valor temporal del dinero y<span class=\"_ _2\"></span> los riesgos es<span class=\"_ _2\"></span>pec\u00edficos de cada UGE. <span class=\"_ _4\"></span> En el caso de las plantas de generaci\u00f3n d<span class=\"_ _2\"></span>e energ\u00eda renovable encuadrad<span class=\"_ _2\"></span>as en el Negocio Energ\u00eda, en las que<span class=\"_ _1be\"> </span>se <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>uede <span class=\"_ _bb\"></span>prever<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>ci<span class=\"_ _2\"></span>erto <span class=\"_ _1\"></span>grado <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>fiabilidad <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _1\"></span>flujos <span class=\"_ _bb\"></span>tanto<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>la <span class=\"_ _1\"></span>fase <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _bb\"></span>cons<span class=\"_ _2\"></span>trucci\u00f3n <span class=\"_ _1\"></span>como <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>explotaci\u00f3n<span class=\"_ _1be\"> </span>(activos <span class=\"_ _c6\"> </span>con <span class=\"_ _c6\"> </span>producci\u00f3n  estable, <span class=\"_ _c6\"> </span>amplias <span class=\"_ _c6\"> </span>series  h<span class=\"_ _2\"></span>ist\u00f3ricas  en <span class=\"_ _c6\"> </span>la <span class=\"_ _c6\"> </span>informaci\u00f3n  de <span class=\"_ _c6\"> </span>mercado <span class=\"_ _c6\"> </span>y  cos<span class=\"_ _2\"></span>tes  de<span class=\"_ _1be\"> </span>explotaci\u00f3n con<span class=\"_ _2\"></span> poca <span class=\"_ _2\"></span>volatilidad<span class=\"_ _2\"></span>), se <span class=\"_ _2\"></span>realiza u<span class=\"_ _2\"></span>na pro<span class=\"_ _2\"></span>yecci\u00f3n <span class=\"_ _2\"></span>de los <span class=\"_ _2\"></span>flujos <span class=\"_ _2\"></span>de caja <span class=\"_ _2\"></span>esperado<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>hasta <span class=\"_ _2\"></span>el final <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>la vida <span class=\"_ _1\"></span>\u00fatil regulatoria <span class=\"_ _1\"></span>de cada planta, <span class=\"_ _1\"></span>y el <span class=\"_ _1\"></span>valor residual no <span class=\"_ _1\"></span>es significativo. Por su <span class=\"_ _1\"></span>parte, las <span class=\"_ _1\"></span>proyecciones de<span class=\"_ _1be\"> </span>flujos de caja esperados en ac<span class=\"_ _1\"></span>tivos biol\u00f3gicos<span class=\"_ _2\"></span> abarcan un cic<span class=\"_ _1\"></span>lo productivo que puede alcanzar hasta <span class=\"_ _1\"></span>40 a\u00f1os<span class=\"_ _1be\"> </span>e igualmente no s<span class=\"_ _2\"></span>e considera valor res<span class=\"_ _2\"></span>idual.<span class=\"_ _1be\"> </span>Si se <span class=\"_ _2\"></span>estima que <span class=\"_ _2\"></span>el importe <span class=\"_ _2\"></span>recuperable de <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>activo es inferior <span class=\"_ _2\"></span>a su valo<span class=\"_ _2\"></span>r en libros<span class=\"_ _2\"></span>, \u00e9ste \u00faltimo s<span class=\"_ _2\"></span>e reduce <span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>su <span class=\"_ _c7\"> </span>importe <span class=\"_ _c7\"> </span>recup<span class=\"_ _2\"></span>erable <span class=\"_ _c7\"> </span>rec<span class=\"_ _2\"></span>onociendo <span class=\"_ _c7\"> </span>la<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>minoraci\u00f3n <span class=\"_ _c7\"> </span>de<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>valor <span class=\"_ _c7\"> </span>corres<span class=\"_ _2\"></span>pondiente <span class=\"_ _c7\"> </span>a <span class=\"_ _c4\"> </span>trav\u00e9s <span class=\"_ _c4\"> </span>del <span class=\"_ _c7\"> </span>ep\u00edgrafe<span class=\"_ _1be\"> </span>\u201cDeterioros <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>valo<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>resu<span class=\"_ _2\"></span>ltados <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>enajenaci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>inmovilizado\u201d <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Estado <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>Resultado <span class=\"_ _c3\"> </span><span class=\"ff4\">consolidad<span class=\"_ _2\"></span>o<span class=\"ls17\">.<span class=\"_ _1be\"> </span></span></span>Las p\u00e9rdidas<span class=\"_ _2\"></span> por deterioro son revers<span class=\"_ _2\"></span>ibles, excepto las corresp<span class=\"_ _2\"></span>ondientes a los<span class=\"_ _2\"></span> fondos de come<span class=\"_ _2\"></span>rcio.<span class=\"_ _2\"></span> Cuando <span class=\"_ _0\"></span>una <span class=\"_ _c0\"></span>p\u00e9rdid<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>v<span class=\"_ _2\"></span>alor <span class=\"_ _c0\"></span>revierte <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>osteriormente, <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>importe <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>libro<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>UGE <span class=\"_ _0\"></span>se <span class=\"_ _c0\"></span>incrementa <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span>estimaci\u00f3n revisada de su importe recuperable, pero de tal modo que <span class=\"_ _1\"></span>el importe en libros incrementado no<span class=\"_ _1be\"> </span>supere <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>importe <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>libros <span class=\"_ _c3\"> </span>que <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>hab<span class=\"_ _2\"></span>r\u00eda <span class=\"_ _c3\"> </span>determinad<span class=\"_ _2\"></span>o <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"> </span>no <span class=\"_ _c3\"> </span>haberse <span class=\"_ _c3\"> </span>reconocido <span class=\"_ _c3\"> </span>nin<span class=\"_ _2\"></span>guna <span class=\"_ _c3\"> </span>p\u00e9rdida <span class=\"_ _c3\"> </span>por<span class=\"_ _1be\"> </span>deterioro de valor par<span class=\"_ _2\"></span>a la UGE en ejercicios a<span class=\"_ _2\"></span>nteriores.<span class=\"_ _2\"></span> 3.6<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Arrendamientos<span class=\"_ _1be\"> </span></span>ENCE <span class=\"_ _4\"></span>act\u00faa <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>arrendatario <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>concesionario <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>determinados<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>ivos, <span class=\"_ _2\"></span>principa<span class=\"_ _2\"></span>lmente <span class=\"_ _4\"></span>suelo <span class=\"_ _4\"></span>industrial <span class=\"_ _2\"></span>y<span class=\"_ _1be\"> </span>forestal, equipamiento <span class=\"_ _2\"></span>industrial y<span class=\"_ _2\"></span> veh\u00edculos. Los <span class=\"_ _c0\"></span>arrendamientos <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>reconocen <span class=\"_ _c0\"></span>al <span class=\"_ _c0\"></span>inicio <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>arrendamie<span class=\"_ _2\"></span>nto, <span class=\"_ _c0\"></span>como <span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>act<span class=\"_ _2\"></span>ivo <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>erecho <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>so <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>el<span class=\"_ _1be\"> </span>correspondiente pas<span class=\"_ _2\"></span>ivo por el valor presente d<span class=\"_ _2\"></span>e las cuotas<span class=\"_ _2\"></span> de arrendamiento pendientes<span class=\"_ _2\"></span> de pago. <span class=\"_ _4\"></span> En <span class=\"_ _c9\"> </span>la <span class=\"_ _c9\"> </span>determinaci\u00f3n <span class=\"_ _c9\"> </span>del <span class=\"_ _c4\"> </span>plaz<span class=\"_ _2\"></span>o <span class=\"_ _c9\"> </span>de <span class=\"_ _c9\"> </span>arrendamiento, <span class=\"_ _c9\"> </span>se <span class=\"_ _c9\"> </span>considera <span class=\"_ _c9\"> </span>la <span class=\"_ _c9\"> </span>duraci\u00f3n <span class=\"_ _c9\"> </span>inicial <span class=\"_ _c9\"> </span>del <span class=\"_ _c9\"> </span>contrato <span class=\"_ _c9\"> </span>de<span class=\"_ _1be\"> </span>arrendamiento, as\u00ed como <span class=\"_ _1\"></span>las pr\u00f3rrogas que <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>espera razonablemente que <span class=\"_ _1\"></span>se van <span class=\"_ _1\"></span>a producir <span class=\"_ _1\"></span>y cuyo <span class=\"_ _1\"></span>ejercicio<span class=\"_ _1be\"> </span>es discrecional para <span class=\"_ _2\"></span>ENCE.<span class=\"_ _1be\"> </span> En <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>determinaci\u00f3n <span class=\"_ _c2\"> </span>del <span class=\"_ _c2\"> </span>pas<span class=\"_ _2\"></span>ivo <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>or <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>derecho <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>uso <span class=\"_ _c2\"> </span>se <span class=\"_ _c5\"> </span>considera <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>valor <span class=\"_ _c2\"> </span>presente <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>las <span class=\"_ _c2\"> </span>cuotas <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>arrendamiento <span class=\"_ _1\"></span>pendientes <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>pago, <span class=\"_ _1\"></span>me<span class=\"_ _1\"></span>nos <span class=\"_ _1\"></span>cualquier <span class=\"_ _1\"></span>incentivo <span class=\"_ _1\"></span>recibido <span class=\"_ _1\"></span>por <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>arrendamien<span class=\"_ _2\"></span>to, m\u00e1s <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>pagos<span class=\"_ _1be\"> </span>variables que dependen <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>un \u00edndice o <span class=\"_ _1\"></span>tasa, los <span class=\"_ _1\"></span>importes que se <span class=\"_ _1\"></span>espera pagar <span class=\"_ _1\"></span>por garant\u00eda de <span class=\"_ _1\"></span>valor residua<span class=\"_ _2\"></span>l,<span class=\"_ _1be\"> </span>el  precio  de  la <span class=\"_ _c5\"> </span>opci\u00f3n  de  compra  si  se  prev\u00e9  que <span class=\"_ _c5\"> </span>se  ejerci<span class=\"_ _1\"></span>tar\u00e1  y  los  pagos  por  indemnizaciones  por<span class=\"_ _1be\"> </span>cancelaci\u00f3n  de <span class=\"_ _c6\"> </span>contrato,  s<span class=\"_ _2\"></span>iempre  que <span class=\"_ _c6\"> </span>el  plazo  d<span class=\"_ _2\"></span>e  arrendamiento <span class=\"_ _c6\"> </span>refleje  el  ej<span class=\"_ _2\"></span>ercicio <span class=\"_ _c6\"> </span>de  la  opci\u00f3n <span class=\"_ _c6\"> </span>de<span class=\"_ _1be\"> </span>cancelaci\u00f3n. Las <span class=\"_ _1\"></span>cuotas <span class=\"_ _1\"></span>son <span class=\"_ _1\"></span>actualizadas considerando la <span class=\"_ _1\"></span>tasa <span class=\"_ _1\"></span>incremental <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>endeudamiento estimada, <span class=\"_ _1\"></span>que<span class=\"_ _1be\"> </span>es la que tendr\u00eda que pagar <span class=\"_ _1\"></span>un arrendatario al inicio <span class=\"_ _1\"></span>del arrendamiento por un pr\u00e9stamo <span class=\"_ _1\"></span>similar en cuanto a<span class=\"_ _1be\"> </span>importe, <span class=\"_ _c2\"> </span>plazo  y <span class=\"_ _c3\"> </span>garant\u00edas<span class=\"_ _2\"></span>. <span class=\"_ _c2\"> </span>El <span class=\"_ _c2\"> </span>Grupo  utiliza <span class=\"_ _c2\"> </span>diferentes <span class=\"_ _c2\"> </span>tasas<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>de  descuento <span class=\"_ _c3\"> </span>en <span class=\"_ _c5\"> </span>funci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>plaz<span class=\"_ _4\"></span>os <span class=\"_ _c2\"> </span>de<span class=\"_ _1be\"> </span>arrendamiento, siendo la<span class=\"_ _2\"></span>s tasas ap<span class=\"_ _2\"></span>licadas entre un <span class=\"_ _2\"></span>1,8% y<span class=\"_ _2\"></span> un 7,4<span class=\"ls1e\">%.</span> Tras <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>reconocimiento <span class=\"_ _c0\"></span>inicial<span class=\"_ _2\"></span>, <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>Grupo <span class=\"_ _c0\"></span>valora <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>pasivo <span class=\"_ _4\"></span>por <span class=\"_ _c0\"></span>arrendamiento <span class=\"_ _c0\"></span>increment\u00e1ndo<span class=\"_ _2\"></span>lo <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>gasto<span class=\"_ _1be\"> </span>financiero <span class=\"_ _c3\"> </span>devengado, <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>isminuy\u00e9ndolo <span class=\"_ _c3\"> </span>po<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>los <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>agos <span class=\"_ _c3\"></span>realizados <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>reestiman<span class=\"_ _2\"></span>do <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>valor <span class=\"_ _c3\"></span>contable <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"> </span>las<span class=\"_ _1be\"> </span>modificaciones del arrend<span class=\"_ _2\"></span>amiento o par<span class=\"_ _2\"></span>a reflejar las actualizaciones<span class=\"_ _2\"></span> de los pagos<span class=\"_ _2\"></span> fijos en sustan<span class=\"_ _2\"></span>cia.<span class=\"_ _2\"></span> Por su<span class=\"_ _2\"></span> parte, <span class=\"_ _2\"></span>el activo<span class=\"_ _2\"></span> por <span class=\"_ _2\"></span>el derecho de <span class=\"_ _2\"></span>uso <span class=\"_ _2\"></span>se valo<span class=\"_ _2\"></span>ra inicialmente <span class=\"_ _2\"></span>al valor <span class=\"_ _2\"></span>resultante <span class=\"_ _2\"></span>de a<span class=\"_ _2\"></span>\u00f1adir <span class=\"_ _2\"></span>al v<span class=\"_ _2\"></span>alor del<span class=\"_ _1be\"> </span>pasivo <span class=\"_ _2\"></span>por arrendamiento, <span class=\"_ _2\"></span>los p<span class=\"_ _2\"></span>agos d<span class=\"_ _2\"></span>e incentivos<span class=\"_ _2\"></span> liquidados <span class=\"_ _2\"></span>antes <span class=\"_ _2\"></span>del inicio <span class=\"_ _2\"></span>del arrendamiento, <span class=\"_ _2\"></span>los cos<span class=\"_ _2\"></span>tes<span class=\"_ _1be\"> </span>directos <span class=\"_ _c7\"> </span>incurridos <span class=\"_ _c7\"> </span>en <span class=\"_ _c7\"> </span>el <span class=\"_ _c7\"> </span>arrendamiento, <span class=\"_ _c7\"> </span>y <span class=\"_ _c7\"> </span>en <span class=\"_ _c7\"> </span>su <span class=\"_ _c7\"> </span>caso, <span class=\"_ _c7\"> </span>la <span class=\"_ _c7\"> </span>estimaci\u00f3n <span class=\"_ _c7\"> </span>de <span class=\"_ _c6\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>costes <span class=\"_ _c7\"> </span>a <span class=\"_ _c7\"> </span>incurrir <span class=\"_ _c7\"> </span>en <span class=\"_ _c7\"> </span>el<span class=\"_ _1be\"> </span>desmantelamiento del activo (coste inicial), menos cu<span class=\"_ _2\"></span>alquier incentivo recibido. Posterior<span class=\"_ _2\"></span>mente, se registra<span class=\"_ _1be\"> </span>al valor inicial, menos la amortizaci\u00f3n a<span class=\"_ _2\"></span>cumulada y cualquier p\u00e9rdida por deterioro d<span class=\"_ _2\"></span>e valor de acuerdo con<span class=\"_ _1be\"> </span>NIC-<span class=\"ls11\">16</span>- Propiedad, p<span class=\"_ _2\"></span>lanta y equipo (v<span class=\"_ _2\"></span>\u00e9anse Notas 3.2 y 3.5). <span class=\"_ _2\"></span> En la determinaci\u00f3n del gasto por amortizaci\u00f3n, los activos por derechos de <span class=\"_ _1\"></span>uso se amortizar\u00e1n linealmente<span class=\"_ _1be\"> </span>en <span class=\"_ _4\"></span>su <span class=\"_ _c0\"></span>vida <span class=\"_ _4\"></span>\u00fatil <span class=\"_ _4\"></span>estimada,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>ien, <span class=\"_ _2\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>plazo <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>arrendamiento,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>si <span class=\"_ _4\"></span>este <span class=\"_ _c0\"></span>\u00faltimo <span class=\"_ _4\"></span>es <span class=\"_ _4\"></span>menor. <span class=\"_ _c0\"></span>Si <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>tran<span class=\"_ _2\"></span>sfiere <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>propiedad <span class=\"_ _4\"></span>al <span class=\"_ _2\"></span>arrendatario <span class=\"_ _4\"></span>o <span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>pr\u00e1cticamente <span class=\"_ _4\"></span>cierto <span class=\"_ _2\"></span>que <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>arrendatar<span class=\"_ _4\"></span>io <span class=\"_ _2\"></span>ejercitar\u00e1 <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>opci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>compra, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>amortizar\u00e1 duran<span class=\"_ _2\"></span>te la vida \u00fatil del activo.<span class=\"_ _2\"></span> Los <span class=\"_ _2\"></span>pagos <span class=\"_ _2\"></span>asociados <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>arrendamientos <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>corto <span class=\"_ _2\"></span>plazo <span class=\"_ _2\"></span>(inferiores <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>12 <span class=\"_ _2\"></span>meses) <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>arrendamientos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>activos<span class=\"_ _1be\"> </span>de  escaso  v<span class=\"_ _2\"></span>alor  se  reconocen  d<span class=\"_ _2\"></span>irectamente  como  un <span class=\"_ _c6\"> </span>gasto <span class=\"_ _c6\"> </span>en  resultados<span class=\"_ _4\"></span>  de  acuerdo  a <span class=\"_ _c6\"> </span>su  devengo.<span class=\"_ _1be\"> </span>Asimismo, las rentas<span class=\"_ _2\"></span> contingentes<span class=\"_ _2\"></span> sujetas a<span class=\"_ _2\"></span> la ocurrencia de un ev<span class=\"_ _2\"></span>ento espec\u00edfico y las<span class=\"_ _2\"></span> cuota<span class=\"_ _2\"></span>s variables q<span class=\"_ _2\"></span>ue<span class=\"_ _1be\"> </span>dependen de los ingresos o de<span class=\"_ _1\"></span>l uso del activo subyacente, residuales en los contratos sus<span class=\"_ _1\"></span>critos por ENCE, se<span class=\"_ _1be\"> </span>registran <span class=\"_ _c0\"></span>en<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span><span class=\"ff6\">el <span class=\"_ _0\"></span>momento<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>que <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>incurren, <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>ep\u00ed<span class=\"_ _2\"></span>grafe <span class=\"_ _0\"></span>\u201cServicios <span class=\"_ _0\"></span>exteriores<span class=\"_ _4\"></span></span>-Arrendamientos<span class=\"_ _2\"></span><span class=\"ff6\">\u201d <span class=\"_ _0\"></span>del<span class=\"_ _1be\"> </span></span>Estado de Resultad<span class=\"_ _2\"></span>o consolidado en lu<span class=\"_ _2\"></span>gar de formar parte del pas<span class=\"_ _2\"></span>ivo del arrendamiento.<span class=\"_ _4\"></span> El <span class=\"_ _4\"></span>pas<span class=\"_ _2\"></span>ivo <span class=\"_ _4\"></span>por <span class=\"_ _c0\"></span>arrendamiento <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>revaluar\u00e1 <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>iempre <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>ex<span class=\"_ _2\"></span>istan <span class=\"_ _0\"></span>modificaciones <span class=\"_ _c0\"></span>posteriores<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>trato <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>alteren  el <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>lazo  del <span class=\"_ _c2\"> </span>arr<span class=\"_ _2\"></span>endamiento  o  bien <span class=\"_ _c5\"> </span>el <span class=\"_ _c5\"> </span>alcance  del  contrato<span class=\"_ _2\"></span>  (cambios  en  los  pagos <span class=\"_ _c5\"> </span>futuros  por<span class=\"_ _1be\"> </span>actualizaci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>\u00edndices <span class=\"_ _c2\"> </span>indicado<span class=\"_ _2\"></span>s <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>contra<span class=\"_ _2\"></span>to, <span class=\"_ _c2\"> </span>modificaciones <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>cuotas <span class=\"_ _c2\"> </span>futuras, <span class=\"_ _c2\"> </span>cambio<span class=\"_ _2\"></span>s <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>las<span class=\"_ _1be\"> </span>expectativas <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>ejercicio <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>opci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>compra, <span class=\"_ _1\"></span>etc). <span class=\"_ _1\"></span>En <span class=\"_ _1\"></span>est<span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>situaci\u00f3n, <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>Grupo <span class=\"_ _1\"></span>registrar\u00e1 <span class=\"_ _1\"></span>las <span class=\"_ _bb\"></span>restimaciones<span class=\"_ _1be\"> </span>del p<span class=\"_ _2\"></span>asivo <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>aj<span class=\"_ _2\"></span>uste al <span class=\"_ _2\"></span>activo <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>erecho d<span class=\"_ _2\"></span>e us<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>hasta <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>\u00e9ste <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>reduce <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cero, <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>posteriormente<span class=\"_ _1be\"> </span>en resultados.<span class=\"_ _1be\"> </span>Ocasionalmente <span class=\"_ _c3\"> </span>ENCE <span class=\"_ _c2\"> </span>subarrienda<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>maquinar<span class=\"_ _2\"></span>ia <span class=\"_ _c3\"> </span>forestal <span class=\"_ _c3\"> </span>previamente<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>arrendada. <span class=\"_ _c3\"> </span>E<span class=\"_ _2\"></span>n <span class=\"_ _c3\"> </span>estas <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>ituaciones, <span class=\"_ _c3\"> </span>se<span class=\"_ _1be\"> </span>analiza  si <span class=\"_ _c2\"> </span>se  han <span class=\"_ _c2\"> </span>transferido  al <span class=\"_ _c2\"> </span>sub<span class=\"_ _2\"></span>arrendatario  los <span class=\"_ _c2\"> </span>riesgos  y <span class=\"_ _c2\"> </span>beneficios  asociados  al<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span>activ<span class=\"_ _2\"></span>o <span class=\"_ _c5\"> </span>objeto <span class=\"_ _c5\"> </span>del<span class=\"_ _1be\"> </span>subarriendo. En esa situaci\u00f3n, se da de baja <span class=\"_ _1\"></span>en cuentas el activo <span class=\"_ _1\"></span>por derecho de uso y se r<span class=\"_ _1\"></span>econo<span class=\"ls10\">ce</span> un activo<span class=\"_ _1be\"> </span>financiero correspondiente a<span class=\"_ _2\"></span> la <span class=\"_ _2\"></span>inversi\u00f3n neta en<span class=\"_ _2\"></span> el subarrendamiento.<span class=\"_ _2\"></span> ENCE clasifica los activos por <span class=\"_ _1\"></span>derecho de <span class=\"_ _1\"></span>uso atendiendo a la naturaleza <span class=\"_ _1\"></span>del activo arrendado, en e<span class=\"_ _1\"></span>l ep\u00edgrafe<span class=\"_ _1\"></span> \u201cPropiedad,  planta  y <span class=\"_ _c2\"> </span>equipo\u201d  del  E<span class=\"_ _1\"></span>stado  de <span class=\"_ _c2\"> </span>Situ<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span><span class=\"ff4\">ci\u00f3n  Fi<span class=\"_ _1\"></span>nanciera  consolidado,  y <span class=\"_ _c2\"> </span>clasifica  el <span class=\"_ _c2\"> </span>pas<span class=\"_ _2\"></span>ivo  por<span class=\"_ _1be\"> </span></span>arrendamiento en el ep\u00edgrafe \u201cDeuda financiera \u2013<span class=\"ff4\"> </span>Otros pasivos financieros\u201d del pasivo a l<span class=\"_ _1\"></span>argo y corto plazo<span class=\"_ _1be\"> </span>del Estado d<span class=\"_ _2\"></span>e Situaci\u00f3n Financiera consolida<span class=\"_ _2\"></span>do.<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> 3.7<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Activos y pasi<span class=\"_ _1\"></span>vos financiero<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span></span>ENCE valora <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>clasifica <span class=\"_ _1\"></span>sus <span class=\"_ _1\"></span>instrumentos f<span class=\"_ _1\"></span>inancieros de <span class=\"_ _1\"></span>acuerdo con <span class=\"_ _1\"></span>NIIF-9 <span class=\"_ _1\"></span>Instrumentos Financieros. En <span class=\"_ _1\"></span>este<span class=\"_ _1be\"> </span>sentido:<span class=\"_ _1be\"> </span>Activos financieros<span class=\"_ _1be\"> </span>En <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>momento <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>reconocimiento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>inicial, <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _2\"></span>valo<span class=\"_ _2\"></span>ra <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span>activo <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>ciero <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>su <span class=\"_ _2\"></span>valo<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>razonab<span class=\"_ _2\"></span>le, <span class=\"_ _2\"></span>valor <span class=\"_ _4\"></span>que<span class=\"_ _1be\"> </span>incluye <span class=\"_ _c4\"> </span>los <span class=\"_ _c4\"> </span>cos<span class=\"_ _2\"></span>tes <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>la <span class=\"_ _c4\"> </span>t<span class=\"_ _2\"></span>ransacci\u00f3n <span class=\"_ _c4\"> </span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c4\"> </span>sean <span class=\"_ _c4\"> </span>directamente <span class=\"_ _c4\"> </span>atribu<span class=\"_ _2\"></span>ibles <span class=\"_ _c4\"> </span>a <span class=\"_ _c4\"> </span>la <span class=\"_ _c4\"> </span>adq<span class=\"_ _2\"></span>uisici\u00f3n <span class=\"_ _c4\"> </span>del <span class=\"_ _c4\"> </span>activo.<span class=\"_ _1be\"> </span>Excepcionalmente, <span class=\"_ _c6\"> </span>los <span class=\"_ _c6\"> </span>costes  de <span class=\"_ _c6\"> </span>transacci\u00f3n <span class=\"_ _c6\"> </span>correspondientes  a <span class=\"_ _c6\"> </span>activos <span class=\"_ _c6\"> </span>financieros  v<span class=\"_ _2\"></span>alorados  a <span class=\"_ _c6\"> </span>valor<span class=\"_ _1be\"> </span>razonable con cambios<span class=\"_ _2\"></span> en resultado<span class=\"_ _2\"></span>s se imputan directamente a<span class=\"_ _2\"></span> resultados.<span class=\"_ _2\"></span> Con  pos<span class=\"_ _2\"></span>terioridad  a  su <span class=\"_ _c6\"> </span>reconocimiento  inicial,  ENCE <span class=\"_ _c6\"> </span>clasifica  sus <span class=\"_ _c6\"> </span>activos  finan<span class=\"_ _2\"></span>cieros  en  las  siguientes<span class=\"_ _1be\"> </span>categor\u00edas; <span class=\"_ _1\"></span>1) <span class=\"_ _bb\"></span>a coste <span class=\"_ _bb\"></span>amortizado<span class=\"_ _2\"></span>, <span class=\"_ _1\"></span>2) <span class=\"_ _bb\"></span>a <span class=\"_ _1\"></span>valor <span class=\"_ _1\"></span>razonable <span class=\"_ _1\"></span>con <span class=\"_ _bb\"></span>cambios e<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>resultados, <span class=\"_ _1\"></span>o <span class=\"_ _bb\"></span>bien, <span class=\"_ _1\"></span>3) <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>valor ra<span class=\"_ _1\"></span>zonable<span class=\"_ _1be\"> </span>con  cambios  e<span class=\"_ _1\"></span>n  otro <span class=\"_ _c2\"> </span>resu<span class=\"_ _2\"></span>ltado  global. <span class=\"_ _c2\"> </span>La  clasificaci\u00f3n  depende  del <span class=\"_ _c2\"> </span>mod<span class=\"_ _2\"></span>elo  de <span class=\"_ _c2\"> </span>nego<span class=\"_ _2\"></span>cio  de <span class=\"_ _c2\"> </span>EN<span class=\"_ _2\"></span>CE  para<span class=\"_ _1\"></span> gestionar los activ<span class=\"_ _2\"></span>os financieros y<span class=\"_ _2\"></span> los t\u00e9rminos contractu<span class=\"_ _2\"></span>ales de los flujos<span class=\"_ _2\"></span> de efectivo: <span class=\"_ _2\"></span> i.<span class=\"ff2 ls0_1\"> <span class=\"_ _d7\"> </span><span class=\"ff4\">Coste <span class=\"_ _0\"></span>amortizado <span class=\"_ _0\"></span>us<span class=\"_ _2\"></span>ando <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>m\u00e9todo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>in<span class=\"_ _2\"></span>ter\u00e9s <span class=\"_ _0\"></span>efectivo: <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>clas<span class=\"_ _2\"></span>ifican <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>esta <span class=\"_ _c3\"></span>categor\u00eda <span class=\"_ _0\"></span>los<span class=\"_ _1be\"> </span></span></span>activos <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>mantienen <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>cobro <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>flujos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>efectiv<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>previstos <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>contrato<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>esos <span class=\"_ _2\"></span>flujos <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>efectivo representan s<span class=\"_ _2\"></span>\u00f3lo cobros d<span class=\"_ _2\"></span>e principal e intereses. <span class=\"_ _2\"></span> Una <span class=\"_ _1\"></span>ganancia <span class=\"_ _1\"></span>o <span class=\"_ _bb\"></span>p\u00e9rd<span class=\"_ _2\"></span>ida <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>inversi\u00f3n <span class=\"_ _1\"></span>que <span class=\"_ _bb\"></span>se <span class=\"_ _1\"></span>valore <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>coste <span class=\"_ _1\"></span>amortizado <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>no sea <span class=\"_ _bb\"></span>parte<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _1\"></span>relaci\u00f3n<span class=\"_ _1be\"> </span>de<span class=\"ls0_1\"> cobertura se reconoce en el resultad<span class=\"_ _2\"></span>o del ejercicio cuando el activ<span class=\"_ _2\"></span>o se da de baja o se deteriora. Los<span class=\"_ _1be\"> </span></span>ingresos por intereses de estos activos financieros se reconocen como ingresos financieros en el Estado<span class=\"_ _1be\"> </span>de Resultado cons<span class=\"_ _2\"></span>olidado de acuerdo a s<span class=\"_ _2\"></span>u devengo<span class=\"_ _2\"></span>, ap<span class=\"_ _2\"></span>licando el m\u00e9todo del tipo de inter<span class=\"_ _2\"></span>\u00e9s efectivo.<span class=\"_ _2\"></span> En <span class=\"_ _c2\"> </span>esta <span class=\"_ _c2\"> </span>categor\u00eda <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>incluyen <span class=\"_ _c2\"> </span>\u201cDeudores <span class=\"_ _c2\"> </span>comerciales <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>otras<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>cuentas <span class=\"_ _c2\"> </span>a <span class=\"_ _c3\"> </span>cob<span class=\"_ _2\"></span>rar\u201d, <span class=\"_ _c3\"> </span>\u201cOt<span class=\"_ _2\"></span>ras <span class=\"_ _c2\"> </span>inversiones<span class=\"_ _1be\"> </span>financieras\u201d, <span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>\u201cEfectivo <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>otros <span class=\"_ _2\"></span>activ<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>l\u00edquidos <span class=\"_ _4\"></span>equivalentes\u201d, <span class=\"_ _2\"></span>principa<span class=\"_ _2\"></span>lmente. <span class=\"_ _2\"></span>El <span class=\"_ _2\"></span>ep\u00edgrafe <span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span>Efectivo <span class=\"_ _2\"></span>y<span class=\"_ _4\"></span><span class=\"ff4\"> </span>otros <span class=\"_ _c2\"> </span>activos <span class=\"_ _c3\"> </span>l\u00edqu<span class=\"_ _2\"></span>idos <span class=\"_ _c3\"> </span>equivalentes\u201d <span class=\"_ _c2\"> </span>recoge <span class=\"_ _c3\"> </span>sald<span class=\"_ _2\"></span>os <span class=\"_ _c3\"> </span>en <span class=\"_ _c2\"> </span>tesorer\u00eda <span class=\"_ _c3\"> </span>e <span class=\"_ _c2\"> </span>inversiones <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>corto <span class=\"_ _c3\"> </span>plazo <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>gran<span class=\"_ _1be\"> </span>liquidez que son f\u00e1cilmente convertibles en efectivo, con vencimiento<span class=\"_ _2\"></span>s originales de un m\u00e1ximo de tres<span class=\"_ _1be\"> </span>meses, y que est\u00e1n<span class=\"_ _2\"></span> sujetos a un riesgo d<span class=\"_ _2\"></span>e cambio de <span class=\"_ _2\"></span>valor poco s<span class=\"_ _2\"></span>ignificativo.<span class=\"_ _1be\"> </span>Las cuentas por <span class=\"_ _1\"></span>cobrar <span class=\"_ _1\"></span>a deudores <span class=\"_ _1\"></span>comerciales propias <span class=\"_ _1\"></span>del tr\u00e1fico <span class=\"_ _1\"></span>habitual del <span class=\"_ _1\"></span>Grupo se <span class=\"_ _1\"></span>registran por <span class=\"_ _1\"></span>su<span class=\"_ _1be\"> </span>valor nominal, dado que su vencimiento es en ge<span class=\"_ _1\"></span>neral inferior a doce meses, corregido por las p\u00e9rdidas<span class=\"_ _1be\"> </span>crediticias <span class=\"_ _1\"></span>esperadas.<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>En <span class=\"_ _1\"></span>este <span class=\"_ _1\"></span>cap\u00edtulo se <span class=\"_ _bb\"></span>h<span class=\"_ _2\"></span>a <span class=\"_ _1\"></span>seguido e<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>modelo simplificado <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>p\u00e9rdida <span class=\"_ _1\"></span>esperada basado<span class=\"_ _1be\"> </span>en la experiencia his<span class=\"_ _2\"></span>t\u00f3rica de p\u00e9rdidas<span class=\"_ _2\"></span> crediticias.<span class=\"_ _2\"></span> ii.<span class=\"ff2 ls0_1\"> <span class=\"_ _5f\"> </span><span class=\"ff4\">Valor <span class=\"_ _2\"></span>razonab<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>cambios<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>resultado<span class=\"_ _2\"></span>s: <span class=\"_ _2\"></span>dentro <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>esta <span class=\"_ _4\"></span>categor\u00eda <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>incluyen <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>deri<span class=\"_ _2\"></span>vados <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>no<span class=\"_ _1be\"> </span></span></span>cumplen <span class=\"_ _4\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>condiciones <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>considerarse <span class=\"_ _c0\"></span>como <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>cob<span class=\"_ _2\"></span>ertura<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>acuerd<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>NIIF <span class=\"_ _c0\"></span>9 <span class=\"_ _c0\"></span><span class=\"ff6\">\u2013</span> <span class=\"_ _c0\"></span>Instrumentos<span class=\"_ _1be\"> </span>Financieros, los activos <span class=\"_ _1\"></span>financieros <span class=\"_ _1\"></span>que otras <span class=\"_ _1\"></span>normas establezcan <span class=\"_ _1\"></span>que deben <span class=\"_ _1\"></span>valorarse <span class=\"_ _1\"></span>a valor <span class=\"_ _1\"></span>razonable<span class=\"_ _1be\"> </span>con <span class=\"_ _2\"></span>cargo <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>resultados, <span class=\"_ _2\"></span>tales <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>contra<span class=\"_ _2\"></span>prestaciones <span class=\"_ _2\"></span>contingen<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>combin<span class=\"_ _2\"></span>aciones <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>negocios<span class=\"_ _1be\"> </span>y aquellos activ<span class=\"_ _2\"></span>os financieros que d<span class=\"_ _2\"></span>e valorarse de otra forma <span class=\"_ _2\"></span>generar\u00edan una as<span class=\"_ _2\"></span>imetr\u00eda contable. <span class=\"_ _2\"></span> Los <span class=\"_ _4\"></span>cambios <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>produ<span class=\"_ _2\"></span>zcan <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>alor <span class=\"_ _4\"></span>razonable <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>imputa<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>cuando <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>producen <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>ep\u00edgrafes<span class=\"_ _1be\"> </span>\u201cGastos <span class=\"_ _c4\"> </span>financieros\u201d, <span class=\"_ _c4\"> </span>\u201cIngr<span class=\"_ _2\"></span>esos <span class=\"_ _c4\"> </span>financieros\u201d <span class=\"_ _c4\"> </span>o <span class=\"_ _c7\"> </span>\u201c<span class=\"_ _2\"></span>Variaci\u00f3n <span class=\"_ _c7\"> </span>en <span class=\"_ _c4\"> </span>el <span class=\"_ _c7\"> </span>valo<span class=\"_ _2\"></span>r <span class=\"_ _c7\"> </span>razo<span class=\"_ _2\"></span>nable <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>instrumentos<span class=\"_ _2\"></span> financieros\u201d, seg\u00fan<span class=\"_ _2\"></span> corresponda, d<span class=\"_ _2\"></span>el Estado de Resulta<span class=\"_ _2\"></span>do consolidado.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Los <span class=\"_ _0\"></span>costes <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>transacci\u00f3n <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>irectamente <span class=\"_ _c0\"></span>at<span class=\"_ _2\"></span>ribuibles <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>compra <span class=\"_ _0\"></span>o <span class=\"_ _0\"></span>emisi\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>este <span class=\"_ _0\"></span>tipo <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>activ<span class=\"_ _2\"></span>os <span class=\"_ _0\"></span>se<span class=\"_ _1be\"> </span>reconocen como un<span class=\"_ _2\"></span> gasto en el Estad<span class=\"_ _2\"></span>o de Resultado conso<span class=\"_ _2\"></span>lidado a medida qu<span class=\"_ _2\"></span>e se incurre en ellos.<span class=\"_ _1be\"> </span><span class=\"_ _4\"></span> iii.<span class=\"ff2 ls0_1\"> <span class=\"_ _5f\"> </span><span class=\"ff4\">Activos <span class=\"_ _c0\"></span>financieros <span class=\"_ _c0\"></span>a <span class=\"_ _4\"></span>valor <span class=\"_ _c0\"></span>razonable <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>cambios <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>otro <span class=\"_ _4\"></span>resultado <span class=\"_ _c0\"></span>global: <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>Grupo <span class=\"_ _c0\"></span>no <span class=\"_ _c0\"></span>tiene <span class=\"_ _4\"></span>act<span class=\"_ _2\"></span>ivos<span class=\"_ _1be\"> </span></span></span>clasificados en esta ca<span class=\"_ _2\"></span>tegor\u00eda.<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> En el <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>de participacio<span class=\"_ _2\"></span>nes <span class=\"_ _2\"></span>en s<span class=\"_ _2\"></span>ociedades n<span class=\"_ _2\"></span>o cotizad<span class=\"_ _2\"></span>as, poco <span class=\"_ _2\"></span>relevantes, <span class=\"_ _2\"></span>dado <span class=\"_ _2\"></span>que el <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>razonable<span class=\"_ _1be\"> </span>no <span class=\"_ _4\"></span>siempre <span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>sible <span class=\"_ _4\"></span>determinarlo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>forma <span class=\"_ _4\"></span>fiable, <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>valoran <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>coste <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>adqu<span class=\"_ _2\"></span>isici\u00f3n, <span class=\"_ _2\"></span>corregido<span class=\"_ _2\"></span> por las evidencias<span class=\"_ _2\"></span> de deterioro que pu<span class=\"_ _2\"></span>dieran existir.<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> Durante <span class=\"_ _0\"></span>los <span class=\"_ _c0\"></span>ejerci<span class=\"_ _2\"></span>cios <span class=\"_ _0\"></span><span class=\"ls11\">2022</span> <span class=\"_ _c0\"></span><span class=\"ls20\">y <span class=\"_ _c0\"></span><span class=\"ls11\">2021</span></span> <span class=\"_ _0\"></span>no <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>han <span class=\"_ _0\"></span>producido <span class=\"_ _0\"></span>reclasificaciones <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>activos <span class=\"_ _0\"></span>financieros<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>entre <span class=\"_ _0\"></span>las<span class=\"_ _1be\"> </span>categor\u00edas definidas en lo<span class=\"_ _2\"></span>s p\u00e1rrafos previos<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Las compras y<span class=\"_ _2\"></span> ventas de activos finan<span class=\"_ _2\"></span>cieros se contabiliza<span class=\"_ _2\"></span>n utilizando la fecha de n<span class=\"_ _2\"></span>egociaci\u00f3n. <span class=\"_ _4\"></span> Deterioros de valor-<span class=\"_ _2\"></span> ENCE ev<span class=\"_ _2\"></span>al\u00faa <span class=\"_ _2\"></span>sobre un<span class=\"_ _2\"></span>a base <span class=\"_ _2\"></span>prospectiva <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>p\u00e9rdidas <span class=\"_ _2\"></span>de cr\u00e9dito <span class=\"_ _2\"></span>esperadas<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>sus <span class=\"_ _2\"></span>activos valorado<span class=\"_ _2\"></span>s a <span class=\"_ _2\"></span>coste<span class=\"_ _1be\"> </span>amortizado. En es<span class=\"_ _2\"></span>te sentido, ENCE ap<span class=\"_ _2\"></span>lica el enfoque gener<span class=\"_ _2\"></span>al de c\u00e1lculo de la p\u00e9rd<span class=\"_ _2\"></span>ida esperada a s<span class=\"_ _2\"></span>us activos<span class=\"_ _1be\"> </span>financieros a <span class=\"_ _1\"></span>largo plazo, excepto <span class=\"_ _1\"></span>los saldos comerciales y <span class=\"_ _1\"></span>otras cuentas a <span class=\"_ _1\"></span>cobrar sin <span class=\"_ _1\"></span>componente financiero<span class=\"_ _1be\"> </span>significativo para <span class=\"_ _2\"></span>los que aplica un enfoqu<span class=\"_ _2\"></span>e simplificado.<span class=\"_ _2\"></span> Bajo el enfoque general, se consideran las p\u00e9rdidas<span class=\"_ _2\"></span> crediticias esperadas en los pr\u00f3ximos doce meses, salvo<span class=\"_ _1be\"> </span>que <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>riesgo <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>cr\u00e9dito <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>hay<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>incrementado <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>for<span class=\"_ _2\"></span>ma <span class=\"_ _c0\"></span>significativa <span class=\"_ _0\"></span>desde <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>re<span class=\"_ _2\"></span>conocimiento <span class=\"_ _c0\"></span>in<span class=\"_ _2\"></span>icial, <span class=\"_ _c0\"></span>en<span class=\"_ _2\"></span> cuyo cas<span class=\"_ _2\"></span>o se <span class=\"_ _2\"></span>considerar\u00e1n<span class=\"_ _2\"></span> las <span class=\"_ _2\"></span>p\u00e9rdidas <span class=\"_ _2\"></span>esperadas<span class=\"_ _2\"></span> duran<span class=\"_ _2\"></span>te la <span class=\"_ _2\"></span>vida <span class=\"_ _2\"></span>del activo. <span class=\"_ _2\"></span>En <span class=\"_ _2\"></span>la evalu<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _2\"></span>de un<span class=\"_ _2\"></span> ca<span class=\"_ _2\"></span>mbio<span class=\"_ _1be\"> </span>significativo en el riesgo de cr\u00e9dito se <span class=\"_ _1\"></span>utilizan variaciones de la calificaci\u00f3<span class=\"_ _2\"></span>n crediticia obtenida de fuentes de<span class=\"_ _1be\"> </span>mercado externas.<span class=\"_ _2\"></span> Bajo el <span class=\"_ _1\"></span>enfoque <span class=\"_ _1\"></span>simplificado, se <span class=\"_ _1\"></span>consideran las <span class=\"_ _1\"></span>p\u00e9rdidas cre<span class=\"_ _1\"></span>diticias esperadas durante <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>vida <span class=\"_ _1\"></span>del activo. <span class=\"_ _1\"></span>Este<span class=\"_ _1be\"> </span>enfoque se basa <span class=\"_ _2\"></span>en la experiencia hist\u00f3rica d<span class=\"_ _2\"></span>e p\u00e9rdidas, y exige que las p\u00e9rdidas<span class=\"_ _2\"></span> espe<span class=\"_ _2\"></span>radas d<span class=\"_ _2\"></span>e las cuentas a<span class=\"_ _1be\"> </span>cobrar <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>reconozcan <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>omento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>reconocimiento <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>derecho <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cr\u00e9dito. <span class=\"_ _2\"></span>Para <span class=\"_ _4\"></span>ello <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>ado<span class=\"_ _2\"></span>ptado<span class=\"_ _1be\"> </span>una soluci\u00f3n que permite calcular la p\u00e9rdida crediticia <span class=\"_ _1\"></span>esperada de forma colectiva utilizando una matriz de<span class=\"_ _1be\"> </span>provisiones <span class=\"_ _c3\"></span>calculada <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>bas<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>a <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>experiencia <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>p\u00e9rdidas<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>crediticias <span class=\"_ _0\"></span>hist\u00f3rica <span class=\"_ _0\"></span>aj<span class=\"_ _2\"></span>ustada <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _0\"></span>informaci\u00f3n<span class=\"_ _1be\"> </span>prospectiva <span class=\"_ _c9\"> </span>disponible. <span class=\"_ _c4\"> </span>E<span class=\"_ _2\"></span>sta <span class=\"_ _c4\"> </span>matriz <span class=\"_ _c9\"> </span>tiene <span class=\"_ _c4\"> </span>en <span class=\"_ _c9\"> </span>consideraci\u00f3n <span class=\"_ _c9\"> </span>la <span class=\"_ _c4\"> </span>calificaci\u00f3n <span class=\"_ _c9\"> </span>crediticia <span class=\"_ _c9\"> </span>otorgada <span class=\"_ _c9\"> </span>por <span class=\"_ _c4\"> </span>la<span class=\"_ _1be\"> </span>aseguradora <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cr\u00e9dito <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>EN<span class=\"_ _2\"></span>CE, <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>modelo <span class=\"_ _2\"></span>incorp<span class=\"_ _2\"></span>ora <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>umbral <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>m\u00e1s <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>180 <span class=\"_ _2\"></span>d\u00edas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>mora <span class=\"_ _2\"></span>para<span class=\"_ _1be\"> </span>la <span class=\"_ _2\"></span>consideraci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>producido<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>impago <span class=\"_ _2\"></span>definitivo<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>Estos <span class=\"_ _2\"></span>criterios <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>aplicados <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>ausencia <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>otras evidencias<span class=\"_ _2\"></span> objetivas de incumplimi<span class=\"_ _2\"></span>ento, como puedan s<span class=\"_ _2\"></span>er las situacio<span class=\"_ _2\"></span>nes concursales, etc. <span class=\"_ _4\"></span> Las <span class=\"_ _2\"></span>dotaciones<span class=\"_ _2\"></span> y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>reversiones <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>correcciones <span class=\"_ _2\"></span>valora<span class=\"_ _2\"></span>tivas <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>deterioro <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>valo<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>de s<span class=\"_ _2\"></span>aldos <span class=\"_ _2\"></span>comerciales <span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>cobrar <span class=\"_ _0\"></span>se <span class=\"_ _c0\"></span>registran <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>ep\u00edgrafe <span class=\"_ _c0\"></span>\u201c<span class=\"_ _2\"></span>Deterioro <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>valor <span class=\"_ _0\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _c0\"></span>activos <span class=\"_ _0\"></span>financieros\u201d <span class=\"_ _0\"></span>del <span class=\"_ _c0\"></span>Estado <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>Resu<span class=\"_ _2\"></span>ltado<span class=\"_ _1be\"> </span>consolidado.<span class=\"_ _1be\"> </span>Registro de bajas <span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>El <span class=\"_ _2\"></span>Grupo <span class=\"_ _2\"></span>reconoce <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>baj<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>activos <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cieros <span class=\"_ _2\"></span>cuando <span class=\"_ _2\"></span>expiran <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>han <span class=\"_ _2\"></span>cedido <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>derechos <span class=\"_ _2\"></span>sobre <span class=\"_ _2\"></span>los<span class=\"_ _1be\"> </span>flujos <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>efectivo <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>corr<span class=\"_ _2\"></span>espondiente <span class=\"_ _c0\"></span>activo <span class=\"_ _4\"></span>financiero <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>h<span class=\"_ _2\"></span>an <span class=\"_ _4\"></span>trans<span class=\"_ _2\"></span>ferido <span class=\"_ _4\"></span>sus<span class=\"_ _2\"></span>tancialmente <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>ries<span class=\"_ _2\"></span>gos <span class=\"_ _4\"></span>y<span class=\"_ _1be\"> </span>beneficios inherentes a su propiedad. La baja de un activo fi<span class=\"_ _1\"></span>nanciero implica el reconocimiento en el Estado<span class=\"_ _1be\"> </span>de<span class=\"ls0_1\"> Resultado consolidado de l<span class=\"_ _1\"></span>a diferencia e<span class=\"_ _1\"></span>xistente entre su valor contable y<span class=\"_ _1\"></span> la <span class=\"_ _1\"></span>suma de la<span class=\"_ _1\"></span> contraprestaci\u00f3n<span class=\"_ _2\"></span> </span>recibida, <span class=\"_ _1\"></span>neta <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>gastos de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>transacci\u00f3n, <span class=\"_ _1\"></span>incluy\u00e9ndose los <span class=\"_ _1\"></span>activos <span class=\"_ _1\"></span>obtenidos o <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>asivos<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>asumidos y <span class=\"_ _bb\"></span>cu<span class=\"_ _2\"></span>alquie<span class=\"ls21\">r<span class=\"_ _1be\"> </span></span>p\u00e9rdida o ganan<span class=\"_ _2\"></span>cia diferida en otro resu<span class=\"_ _2\"></span>ltado global<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>En <span class=\"_ _c2\"> </span>este <span class=\"_ _c2\"> </span>sentido,<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>Grup<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>funci\u00f3n <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>necesidades<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>coyunturales <span class=\"_ _c5\"> </span>de <span class=\"_ _c3\"> </span>tes<span class=\"_ _2\"></span>orer\u00eda <span class=\"_ _c2\"> </span>realiza <span class=\"_ _c2\"> </span>cesiones <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>cr\u00e9ditos <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>clientes<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>entidad<span class=\"_ _2\"></span>es <span class=\"_ _1\"></span>financieras <span class=\"_ _1\"></span>(factoring) <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>podr\u00e1 <span class=\"_ _1\"></span>lle<span class=\"_ _1\"></span>var <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cabo <span class=\"_ _bb\"></span>tit<span class=\"_ _2\"></span>ulizaciones <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>a<span class=\"_ _2\"></span>ctivos<span class=\"_ _2\"></span>. <span class=\"_ _1\"></span>En <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>stas<span class=\"_ _1be\"> </span>cesiones <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>derechos <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>cob<span class=\"_ _2\"></span>ro <span class=\"_ _c2\"> </span>se <span class=\"_ _c3\"> </span>tra<span class=\"_ _2\"></span>nsmiten <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>ustancialmente <span class=\"_ _c2\"> </span>los <span class=\"_ _c3\"> </span>riesgos<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>beneficios<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>inherentes <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>las<span class=\"_ _1be\"> </span>cuentas <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>cobrar, <span class=\"_ _c3\"></span>as\u00ed <span class=\"_ _0\"></span>como <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"></span>control <span class=\"_ _0\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _0\"></span>\u00e9stas, <span class=\"_ _c3\"></span>sin <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>existan <span class=\"_ _c3\"></span>pactos <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>recompra<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>uscritos <span class=\"_ _c3\"></span>con <span class=\"_ _0\"></span>las<span class=\"_ _1be\"> </span>entidades <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>cr\u00e9dito <span class=\"_ _4\"></span>(cesion<span class=\"_ _2\"></span>es <span class=\"_ _c0\"></span>si<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>recurso). <span class=\"_ _4\"></span>Consecuentem<span class=\"_ _2\"></span>ente, <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>acuerdo<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>con <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>criterios <span class=\"_ _c0\"></span>establecidos<span class=\"_ _1be\"> </span>por <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>NIIF, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>dan <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>baja <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Estado <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Situaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Financiera cons<span class=\"_ _2\"></span>olidado <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>saldos <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cobrar <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>deudores<span class=\"_ _1be\"> </span>vendidos en la<span class=\"_ _2\"></span>s condiciones indicadas.<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> Por <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>trario, <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>Grupo <span class=\"_ _0\"></span>no <span class=\"_ _c3\"></span>da <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>aja <span class=\"_ _c3\"></span>los <span class=\"_ _0\"></span>activos <span class=\"_ _c3\"></span>financieros, <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>reconoce <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>asivo <span class=\"_ _0\"></span>financiero <span class=\"_ _c3\"></span>por <span class=\"_ _0\"></span>un<span class=\"_ _1be\"> </span>importe <span class=\"_ _c0\"></span>igual <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>con<span class=\"_ _2\"></span>traprestaci\u00f3n <span class=\"_ _c0\"></span>recibid<span class=\"_ _2\"></span>a, <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>cesiones <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>activos <span class=\"_ _c0\"></span>finan<span class=\"_ _2\"></span>cieros <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>retenga<span class=\"_ _1be\"> </span>sustancialmente los<span class=\"_ _2\"></span> riesgos y beneficios inher<span class=\"_ _2\"></span>entes a su p<span class=\"_ _2\"></span>ropiedad.<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> Pasivos financieros <span class=\"_ _2\"></span> Son <span class=\"_ _2\"></span>pasivos <span class=\"_ _2\"></span>financieros <span class=\"_ _2\"></span>aquellos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d\u00e9bitos <span class=\"_ _2\"></span>y par<span class=\"_ _2\"></span>tidas <span class=\"_ _2\"></span>a pagar <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>tiene el <span class=\"_ _2\"></span>Grupo<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>han <span class=\"_ _2\"></span>originado <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>la<span class=\"_ _1be\"> </span>compra de <span class=\"_ _1\"></span>bienes y <span class=\"_ _1\"></span>servicios por operaciones de <span class=\"_ _1\"></span>tr\u00e1fico de la <span class=\"_ _1\"></span>empresa, o <span class=\"_ _1\"></span>tambi\u00e9n aquellos que, sin <span class=\"_ _1\"></span>tener <span class=\"_ _1\"></span>un<span class=\"_ _1be\"> </span>origen <span class=\"_ _c0\"></span>comercial, <span class=\"_ _0\"></span>no <span class=\"_ _c0\"></span>pueden <span class=\"_ _0\"></span>ser <span class=\"_ _0\"></span>considerad<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>como <span class=\"_ _c0\"></span>ins<span class=\"_ _2\"></span>trumentos <span class=\"_ _c0\"></span>financieros <span class=\"_ _0\"></span>derivado<span class=\"_ _2\"></span>s, <span class=\"_ _c0\"></span>principalmente,<span class=\"_ _1be\"> </span>deudas con en<span class=\"_ _2\"></span>tidades de cr\u00e9dito, bon<span class=\"_ _2\"></span>os emitidos, etc.<span class=\"_ _2\"></span> ENCE <span class=\"_ _c0\"></span>clasifica <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _c0\"></span>pasivos <span class=\"_ _c0\"></span>financieros <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>siguientes<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>categor\u00edas, <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>pos<span class=\"_ _2\"></span>terioridad <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>reconocimiento<span class=\"_ _2\"></span> inicial; 1) <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>amortizado, <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>2) <span class=\"_ _2\"></span>a v<span class=\"_ _2\"></span>alor <span class=\"_ _2\"></span>razonable <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>cambios <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>resultados. <span class=\"_ _2\"></span>En <span class=\"_ _2\"></span>esta <span class=\"_ _2\"></span>\u00faltima <span class=\"_ _2\"></span>categor\u00eda <span class=\"_ _2\"></span>se<span class=\"_ _1be\"> </span>recogen b<span class=\"_ _2\"></span>\u00e1sicamente <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>contra<span class=\"_ _2\"></span>prestaciones <span class=\"_ _2\"></span>contin<span class=\"_ _2\"></span>gentes qu<span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>e p<span class=\"_ _2\"></span>uedan <span class=\"_ _2\"></span>originar <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>las comb<span class=\"_ _2\"></span>inaciones <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>negocios, <span class=\"_ _c0\"></span>as\u00ed <span class=\"_ _0\"></span>como <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>instrumentos <span class=\"_ _c0\"></span>financieros <span class=\"_ _0\"></span>derivados <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>no <span class=\"_ _c0\"></span>son<span class=\"_ _4\"></span> <span class=\"_ _c0\"></span>designados <span class=\"_ _c0\"></span>como <span class=\"_ _c0\"></span>ins<span class=\"_ _2\"></span>trumentos <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>cobertura de acuerd<span class=\"_ _2\"></span>o con NIIF 9 <span class=\"_ _2\"></span><span class=\"ff6\">\u2013</span> Instrumentos<span class=\"_ _2\"></span> Financieros<span class=\"_ _2\"></span><span class=\"ls1a\">. </span> ENCE da <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>baja <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>pasivo <span class=\"_ _1\"></span>financiero <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>mismo <span class=\"_ _1\"></span>cuando <span class=\"_ _1\"></span>ha cumplido <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>obligaci\u00f3n <span class=\"_ _1\"></span>contenida<span class=\"_ _1be\"> </span>en el pasivo o b<span class=\"_ _2\"></span>ien est\u00e9 legalmente dispensad<span class=\"_ _2\"></span>o de la res<span class=\"_ _2\"></span>pons<span class=\"_ _2\"></span>abilidad principa<span class=\"_ _2\"></span>l contenida en el pasivo<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Obligaciones, bo<span class=\"_ _2\"></span>nos y deudas con e<span class=\"_ _2\"></span>ntidades de cr\u00e9dito<span class=\"_ _4\"></span>-<span class=\"_ _1be\"> </span>Los p<span class=\"_ _2\"></span>r\u00e9stamos, <span class=\"_ _2\"></span>obligaciones <span class=\"_ _2\"></span>y similares <span class=\"_ _2\"></span>se r<span class=\"_ _2\"></span>egistran <span class=\"_ _2\"></span>inicialmente a <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>razonab<span class=\"_ _2\"></span>le, valor <span class=\"_ _2\"></span>que n<span class=\"_ _2\"></span>ormalmente<span class=\"_ _1be\"> </span>coincide con el efectiv<span class=\"_ _2\"></span>o recibido, n<span class=\"_ _2\"></span>eto de los <span class=\"_ _2\"></span>costes in<span class=\"_ _2\"></span>curridos en la trans<span class=\"_ _2\"></span>acci\u00f3n. En periodos p<span class=\"_ _2\"></span>osteriores, la<span class=\"_ _1be\"> </span>totalidad de estas d<span class=\"_ _2\"></span>eudas se valora a su coste amortizad<span class=\"_ _2\"></span>o, utilizando el m\u00e9todo del tipo de inter\u00e9s efectivo.<span class=\"_ _1be\"> </span>Los gastos finan<span class=\"_ _2\"></span>cieros as\u00ed como los costes de estru<span class=\"_ _2\"></span>cturaci\u00f3n, se registran seg\u00fan <span class=\"_ _4\"></span>el criterio del devengo en el<span class=\"_ _1be\"> </span>Estado de Resultad<span class=\"_ _2\"></span>o consolidado utiliza<span class=\"_ _2\"></span>ndo el m\u00e9todo del inter\u00e9s efe<span class=\"_ _2\"></span>ctivo<span class=\"_ _1be\"> </span>. En <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>emisi\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>bonos <span class=\"_ _c0\"></span>convertibles, <span class=\"_ _c0\"></span>ENCE <span class=\"_ _c0\"></span>analiza <span class=\"_ _c0\"></span>si <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>trata <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>una <span class=\"_ _c0\"></span>emisi\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>instrumentos <span class=\"_ _4\"></span>finan<span class=\"_ _2\"></span>cieros<span class=\"_ _1be\"> </span>compuestos, o <span class=\"_ _bb\"></span>por <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>contra<span class=\"_ _2\"></span>rio, <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>trata <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>emisi\u00f3n <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>pasivo. <span class=\"_ _1\"></span>En <span class=\"_ _1\"></span>la<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>emisi\u00f3n <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>instru<span class=\"_ _1\"></span>mentos <span class=\"_ _1\"></span>financieros<span class=\"_ _1be\"> </span>compuestos <span class=\"_ _c0\"></span>con <span class=\"_ _4\"></span>componentes <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>pas<span class=\"_ _2\"></span>ivo <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>patrimonio, <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>componente <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>patrimonio <span class=\"_ _4\"></span>se<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>determina <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _4\"></span>el<span class=\"_ _1be\"> </span>importe residual que s<span class=\"_ _2\"></span>e obtiene, des<span class=\"_ _2\"></span>pu\u00e9s de deducir d<span class=\"_ _2\"></span>el valor razonab<span class=\"_ _2\"></span>le del instrumento<span class=\"_ _2\"></span> en <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u conjunto<span class=\"_ _2\"></span>, el<span class=\"_ _1be\"> </span>importe del componente de pasivo. Por su parte, el componente de pasivo se determina estiman<span class=\"_ _2\"></span>do el valor<span class=\"_ _1be\"> </span>razonable <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>un <span class=\"_ _c2\"> </span>instru<span class=\"_ _2\"></span>mento <span class=\"_ _c2\"> </span>similar <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>fecha <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>emisi\u00f3n, <span class=\"_ _c5\"> </span>que <span class=\"_ _c3\"> </span>no <span class=\"_ _c2\"> </span>lleve <span class=\"_ _c2\"> </span>as<span class=\"_ _2\"></span>ociado <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>compon<span class=\"_ _2\"></span>ente <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>patrimonio. <span class=\"_ _c4\"> </span>Los <span class=\"_ _c9\"> </span>costes <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>tran<span class=\"_ _2\"></span>sacci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>relacionado<span class=\"_ _2\"></span>s <span class=\"_ _c4\"> </span>con <span class=\"_ _c4\"> </span>la <span class=\"_ _c4\"> </span>e<span class=\"_ _2\"></span>misi\u00f3n <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>los <span class=\"_ _c9\"> </span>instrumentos <span class=\"_ _c9\"> </span>financieros<span class=\"_ _1be\"> </span>compuestos <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>distribuyen <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>funci\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>valor <span class=\"_ _0\"></span>contable <span class=\"_ _c0\"></span>relativo <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>cada <span class=\"_ _c0\"></span>u<span class=\"_ _2\"></span>no <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _c0\"></span>componentes <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span>momento de la clasificaci\u00f3n. <span class=\"_ _4\"></span> Las <span class=\"_ _c3\"></span>operaciones <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>refinanciaci\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>euda <span class=\"_ _c3\"></span>financiera <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>contab<span class=\"_ _4\"></span>ilizan <span class=\"_ _c3\"></span>como <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _c3\"></span>cancelaci\u00f3n <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>pas<span class=\"_ _2\"></span>ivo<span class=\"_ _1be\"> </span>financiero original y el reconocimiento de un nuevo pasivo financiero, siempre que los instrumentos tengan<span class=\"_ _1be\"> </span>condiciones <span class=\"_ _0\"></span>su<span class=\"_ _2\"></span>stancialmente <span class=\"_ _0\"></span>diferent<span class=\"_ _2\"></span>es. <span class=\"_ _0\"></span>Esto <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>roduce <span class=\"_ _0\"></span>cuan<span class=\"_ _2\"></span>do <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>valor <span class=\"_ _0\"></span>actual <span class=\"_ _c3\"></span>de <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>flujos <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>e<span class=\"_ _2\"></span>fectivo<span class=\"_ _1be\"> </span>descontados<span class=\"_ _2\"></span> bajo <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>nuevas condiciones, incluyendo cualquier <span class=\"_ _1\"></span>comisi\u00f3n pagada neta <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cualquier comisi\u00f3n<span class=\"_ _1be\"> </span>recibida, y utilizando para hacer el <span class=\"_ _1\"></span>descuento el tipo de inter\u00e9s efectivo original, difiere al menos en <span class=\"_ _1\"></span>un 10%<span class=\"_ _1be\"> </span>del valor actual descontado de los flujos de efectivo que <span class=\"_ _1\"></span>todav<span class=\"_ _2\"></span>\u00eda resten del pasivo financiero <span class=\"_ _1\"></span>original. Por su<span class=\"_ _1be\"> </span>parte, <span class=\"_ _c3\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>costes<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>estructuraci\u00f3n <span class=\"_ _c2\"> </span>pendientes <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>imputar <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>resultados<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>la <span class=\"_ _c3\"> </span>financiaci\u00f3n <span class=\"_ _c2\"> </span>cancelada <span class=\"_ _c2\"> </span>se<span class=\"_ _1be\"> </span>imputan \u00edntegramente a r<span class=\"_ _2\"></span>esultados en<span class=\"_ _2\"></span> el momento de la can<span class=\"_ _2\"></span>celaci\u00f3n.<span class=\"_ _1be\"> </span>Si la operaci\u00f3n de<span class=\"_ _1\"></span> refinanciaci\u00f3n no cumple los<span class=\"_ _1\"></span> criterios descritos para <span class=\"_ _1\"></span>registrarse como una cancelaci\u00f3n del<span class=\"_ _1\"></span> pasivo <span class=\"_ _c4\"> </span>financiero <span class=\"_ _c4\"> </span>original, <span class=\"_ _c4\"> </span>los <span class=\"_ _c4\"> </span>flujos <span class=\"_ _c4\"> </span>modificados <span class=\"_ _c4\"> </span>se <span class=\"_ _c4\"> </span>descu<span class=\"_ _2\"></span>entan <span class=\"_ _c4\"> </span>al <span class=\"_ _c7\"> </span>tipo<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>de <span class=\"_ _c4\"> </span>inter\u00e9s <span class=\"_ _c4\"> </span>efectivo <span class=\"_ _c4\"> </span>original,<span class=\"_ _2\"></span> reconociendo <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>resultados <span class=\"_ _c3\"></span>cualquier <span class=\"_ _0\"></span>diferencia <span class=\"_ _c3\"> </span>con <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>valor <span class=\"_ _c3\"> </span>conta<span class=\"_ _2\"></span>ble <span class=\"_ _0\"></span>previo. <span class=\"_ _c3\"></span>Los <span class=\"_ _0\"></span>gastos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>financieros, <span class=\"_ _c3\"></span>as\u00ed<span class=\"_ _1be\"> </span>como <span class=\"_ _0\"></span>los <span class=\"_ _c3\"></span>costes <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>estructuraci\u00f3n, <span class=\"_ _0\"></span>se <span class=\"_ _c3\"></span>registran <span class=\"_ _0\"></span>seg\u00fan <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>criterio <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>devengo <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>Es<span class=\"_ _2\"></span>tado <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>Resu<span class=\"_ _2\"></span>ltado<span class=\"_ _1be\"> </span>consolidado u<span class=\"_ _2\"></span>tilizando el m\u00e9todo d<span class=\"_ _2\"></span>el inter\u00e9s efectivo.<span class=\"_ _2\"></span> La recompras de instrumentos de deuda im<span class=\"_ _1\"></span>plica que la deuda queda extinguida, incluso en <span class=\"_ _1\"></span>el caso de <span class=\"_ _1\"></span>que el<span class=\"_ _1be\"> </span>emisor intente revenderlo en <span class=\"_ _2\"></span>un futu<span class=\"_ _2\"></span>ro inmediato.<span class=\"_ _2\"></span> Acreedores comerciale<span class=\"_ _2\"></span>s y otras cuentas a<span class=\"_ _2\"></span> pagar<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>Los <span class=\"_ _c2\"> </span>acreedores <span class=\"_ _c2\"> </span>comerciales <span class=\"_ _c2\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>otras <span class=\"_ _c2\"> </span>cuentas <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>pagar <span class=\"_ _c2\"> </span>derivados <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>operaciones<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>comer<span class=\"_ _2\"></span>ciales <span class=\"_ _c2\"> </span>son  pasivos<span class=\"_ _1be\"> </span>financieros <span class=\"_ _1\"></span>que <span class=\"_ _bb\"></span>en <span class=\"_ _1\"></span>su <span class=\"_ _bb\"></span>mayor <span class=\"_ _1\"></span>parte <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>resentan <span class=\"_ _1\"></span>vencimiento <span class=\"_ _bb\"></span>a <span class=\"_ _1\"></span>corto <span class=\"_ _1\"></span>plazo <span class=\"_ _bb\"></span>y <span class=\"_ _1\"></span>no <span class=\"_ _bb\"></span>devengan <span class=\"_ _1\"></span>intereses. <span class=\"_ _bb\"></span>E<span class=\"_ _2\"></span>stos <span class=\"_ _1\"></span>saldos<span class=\"_ _1be\"> </span>se registran inicialment<span class=\"_ _2\"></span>e a su valor razon<span class=\"_ _2\"></span>able y posteriormente a s<span class=\"_ _2\"></span>u coste amortizad<span class=\"_ _2\"></span>o.<span class=\"_ _2\"></span> El Grupo tiene contratadas con diversas entidades financieras operaciones de confirming para la gesti\u00f3n del<span class=\"_ _1\"></span> pago a los proveedores. Los pasivos comerciales cuya liquidaci\u00f3n se encuentra gestionada por las entidades<span class=\"_ _1be\"> </span>financieras se muestran en la partida de <span class=\"_ _1\"></span>\u201cacreedores comerciales y otras cuentas a pagar\u201d, y <span class=\"_ _1\"></span>s<span class=\"_ _2\"></span><span class=\"ff4\">e clasifican en<span class=\"_ _1be\"> </span></span>el Estado de Flujos de Efectivo consolidado como flujos de e<span class=\"_ _1\"></span>xplotaci\u00f3n, en la medida en que <span class=\"_ _1\"></span>ENCE s\u00f3lo haya<span class=\"_ _1be\"> </span>cedido la gesti\u00f3n de pago a<span class=\"_ _1\"></span> las e<span class=\"_ _1\"></span>ntidades financieras, manteni\u00e9ndose como obligado primario al pago de <span class=\"_ _1\"></span>las<span class=\"_ _1be\"> </span>deudas frente <span class=\"_ _1\"></span>a lo<span class=\"_ _1\"></span>s acreedores <span class=\"_ _1\"></span>comerciales (c<span class=\"_ _1\"></span>onfirming sin r<span class=\"_ _1\"></span>ecurso). En <span class=\"_ _1\"></span>caso de<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>que el <span class=\"_ _1\"></span>obligado <span class=\"_ _1\"></span>primario sea<span class=\"_ _1\"></span> una entidad fin<span class=\"_ _2\"></span>anciera, estas cesiones s<span class=\"_ _2\"></span>e tratan como deudas<span class=\"_ _2\"></span> con entidad<span class=\"_ _2\"></span>es de cr\u00e9dito.<span class=\"_ _4\"></span> Instrumento<span class=\"_ _2\"></span>s de Patrimonio<span class=\"_ _1be\"> </span>Un  instrumento  de <span class=\"_ _c2\"> </span>patri<span class=\"_ _2\"></span>monio  representa  una  participaci\u00f3n  residual  en <span class=\"_ _c2\"> </span>el<span class=\"_ _2\"></span>  patrimonio  de <span class=\"_ _c2\"> </span>la  Sociedad<span class=\"_ _2\"></span> Dominante, una v<span class=\"_ _2\"></span>ez deducidos t<span class=\"_ _2\"></span>odos sus pas<span class=\"_ _2\"></span>ivos.<span class=\"_ _1be\"> </span>Los <span class=\"_ _4\"></span>instrumentos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>capital <span class=\"_ _4\"></span>emitidos <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>registran <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>patrimon<span class=\"_ _2\"></span>io <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>eto <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>importe <span class=\"_ _4\"></span>recibido,<span class=\"_ _1be\"> </span>neto de los gas<span class=\"_ _2\"></span>tos de emisi\u00f3n.<span class=\"_ _1be\"> </span>Las acciones p<span class=\"_ _2\"></span>ropias que adquiere ENCE se registran<span class=\"_ _2\"></span> a su coste de adquisici\u00f3n, y se presentan minorando el<span class=\"_ _1be\"> </span>patrimonio neto. Los resu<span class=\"_ _2\"></span>ltados derivados de la compra, venta, emisi\u00f3n o amortizaci\u00f3n de los instru<span class=\"_ _2\"></span>mentos<span class=\"_ _1be\"> </span>del <span class=\"_ _4\"></span>pat<span class=\"_ _2\"></span>rimonio <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>ropio <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>reconocen <span class=\"_ _c0\"></span>directamente <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>pat<span class=\"_ _2\"></span>rimon<span class=\"_ _2\"></span>io <span class=\"_ _c0\"></span>neto, <span class=\"_ _c0\"></span>sin <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>ning\u00fan <span class=\"_ _4\"></span>cas<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>registre<span class=\"_ _1be\"> </span>resultado algun<span class=\"_ _2\"></span>o en el Estado de Resultado co<span class=\"_ _2\"></span>nsolidado.<span class=\"_ _2\"></span> La <span class=\"_ _c0\"></span>amortizaci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>acciones <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>ENCE, <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>lugar <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _c0\"></span>reducci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>capita<span class=\"_ _2\"></span>l <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>impo<span class=\"_ _2\"></span>rte <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>nominal <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>dichas acciones y la diferencia positiva o negativa entre el precio de <span class=\"_ _1\"></span>adquisici\u00f3n<span class=\"_ _2\"></span> y el <span class=\"_ _1\"></span>nominal de las acciones<span class=\"_ _1be\"> </span>se carga o abon<span class=\"_ _2\"></span>a a cuentas de reservas<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Los <span class=\"_ _2\"></span>div<span class=\"_ _2\"></span>idendos <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cuenta <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>resultado <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>ejercicio, <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>\u00ed <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>dividendos <span class=\"_ _4\"></span>complementarios <span class=\"_ _4\"></span>pagados <span class=\"_ _2\"></span>por<span class=\"_ _1be\"> </span>ENCE minoran el Patrimon<span class=\"_ _2\"></span>io Neto en el momento d<span class=\"_ _2\"></span>e su <span class=\"_ _2\"></span>aprob<span class=\"_ _2\"></span>aci\u00f3n.<span class=\"_ _1be\"> </span>3.8<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Instrumentos finan<span class=\"_ _1\"></span>cieros derivado<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span></span>Las actividades del Grupo lo <span class=\"_ _1\"></span>exponen principalmente a riesgos financieros y <span class=\"_ _1\"></span>de mercado de<span class=\"_ _1\"></span>rivados de; 1) las<span class=\"_ _1be\"> </span>variaciones de los tipos de ca<span class=\"_ _1\"></span>mbio d\u00f3lar/euro que afectan principalmente a <span class=\"_ _1\"></span>sus ventas de celulosa al cotizar<span class=\"_ _1be\"> </span>el <span class=\"_ _2\"></span>precio <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>pas<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>pap<span class=\"_ _2\"></span>el en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>mercado <span class=\"_ _2\"></span>intern<span class=\"_ _2\"></span>acional <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>d\u00f3lares, <span class=\"_ _4\"></span>2) <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>propias <span class=\"_ _4\"></span>variaciones <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>tipo <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>cambio por <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>ventas <span class=\"_ _2\"></span>en div<span class=\"_ _2\"></span>isa, 3) <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>variaciones <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el pr<span class=\"_ _2\"></span>ecio d<span class=\"_ _2\"></span>e la c<span class=\"_ _2\"></span>elulosa, <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>fuel<span class=\"_ _4\"></span>-oil, <span class=\"_ _2\"></span>el gas <span class=\"_ _2\"></span>y la <span class=\"_ _2\"></span>energ\u00eda<span class=\"_ _2\"></span> el\u00e9ctrica, <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>4) <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>evolu<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>tipos <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>inter\u00e9s. <span class=\"_ _0\"></span>Para <span class=\"_ _0\"></span>cubrir <span class=\"_ _0\"></span>estas <span class=\"_ _0\"></span>exposiciones <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>Gru<span class=\"_ _2\"></span>po <span class=\"_ _c3\"> </span>puede <span class=\"_ _0\"></span>utilizar<span class=\"_ _1be\"> </span>instrumentos <span class=\"_ _0\"></span>financieros <span class=\"_ _0\"></span>derivados<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>No <span class=\"_ _c0\"></span>es <span class=\"_ _0\"></span>pol\u00edtica <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>ENCE <span class=\"_ _0\"></span>contratar <span class=\"_ _0\"></span>instrumentos <span class=\"_ _0\"></span>financieros <span class=\"_ _c0\"></span>derivad<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>con fines especulativo<span class=\"_ _2\"></span>s.<span class=\"_ _1be\"> </span>Estos <span class=\"_ _c6\"> </span>instru<span class=\"_ _2\"></span>mentos <span class=\"_ _c6\"> </span>financieros<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>se <span class=\"_ _c6\"> </span>valoran <span class=\"_ _c7\"> </span>en <span class=\"_ _c6\"> </span>todo <span class=\"_ _c7\"> </span>momento <span class=\"_ _c6\"> </span>a <span class=\"_ _c6\"> </span>su <span class=\"_ _c6\"> </span>v<span class=\"_ _2\"></span>alor <span class=\"_ _c6\"> </span>razonable<span class=\"_ _2\"></span>, <span class=\"_ _c6\"> </span>registr\u00e1ndose <span class=\"_ _c6\"> </span>las<span class=\"_ _1be\"> </span>variaciones <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>ep\u00edgrafe <span class=\"_ _1\"></span>\u201cInstrumentos<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>financieros <span class=\"_ _1\"></span>derivados\u201d <span class=\"_ _1\"></span>del <span class=\"_ _bb\"></span>pas<span class=\"_ _2\"></span>ivo <span class=\"_ _1\"></span>del <span class=\"_ _bb\"></span>Esta<span class=\"_ _2\"></span>do <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>Situaci\u00f3n Financiera<span class=\"_ _1be\"> </span>consolidado s<span class=\"_ _2\"></span>i son negativas, y como \u201cActivo<span class=\"_ _2\"></span>s financieros <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> </span>Derivados<span class=\"_ _2\"></span> de cobertura\u201d s<span class=\"_ _2\"></span>i son<span class=\"ff4\"> p<span class=\"_ _2\"></span>ositivas. </span>Los <span class=\"_ _2\"></span>beneficios <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>p\u00e9rdidas<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e dichas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fluctuaciones <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>registran <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Estad<span class=\"_ _2\"></span>o de <span class=\"_ _2\"></span>Resultad<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span> cons<span class=\"_ _2\"></span>olidado <span class=\"_ _2\"></span>como<span class=\"_ _1be\"> </span>un re<span class=\"_ _1\"></span>sultado financiero, <span class=\"_ _1\"></span>salvo <span class=\"_ _bb\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>derivado <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>una parte <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _1\"></span>mismo <span class=\"_ _bb\"></span>h<span class=\"_ _2\"></span>aya sido <span class=\"_ _1\"></span>designado <span class=\"_ _1\"></span>como <span class=\"_ _1\"></span>instrumento<span class=\"_ _1be\"> </span>de cobertura y \u00e9sta<span class=\"_ _2\"></span> sea altamen<span class=\"_ _2\"></span>te efectiva, en cuyo<span class=\"_ _2\"></span> caso su registro es el s<span class=\"_ _2\"></span>iguiente: <span class=\"_ _2\"></span> 1.<span class=\"ls0_1\"> <span class=\"_ _d8\"> </span>Coberturas <span class=\"_ _2\"></span>de valor <span class=\"_ _2\"></span>razonab<span class=\"_ _2\"></span>le: el elemento <span class=\"_ _2\"></span>cubierto <span class=\"_ _2\"></span>se val<span class=\"_ _2\"></span>ora p<span class=\"_ _2\"></span>or su<span class=\"_ _2\"></span> valor <span class=\"_ _2\"></span>razonable <span class=\"_ _2\"></span>al igual qu<span class=\"_ _2\"></span>e el<span class=\"_ _1be\"> </span></span>instrumento <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cobertura, <span class=\"_ _1\"></span>registr\u00e1ndose <span class=\"_ _1\"></span>la<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>variaciones <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>valor <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>ambos <span class=\"_ _bb\"></span>en el <span class=\"_ _bb\"></span>Estado <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>Result<span class=\"_ _4\"></span>ado<span class=\"_ _1be\"> </span>consolidado<span class=\"_ _2\"></span><span class=\"ls1a\">. </span> 2.<span class=\"ls0_1\"> <span class=\"_ _d8\"> </span>Coberturas de <span class=\"_ _1\"></span>flujos de <span class=\"_ _1\"></span>efectivo: <span class=\"_ _1\"></span>la parte <span class=\"_ _1\"></span>eficaz <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los cambios <span class=\"_ _1\"></span>en e<span class=\"_ _1\"></span>l valor <span class=\"_ _1\"></span>razonable de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>derivados<span class=\"_ _1be\"> </span></span>que se <span class=\"_ _1\"></span>designan y <span class=\"_ _1\"></span>califican <span class=\"_ _1\"></span>como coberturas <span class=\"_ _1\"></span>de flujos <span class=\"_ _1\"></span>de e<span class=\"_ _1\"></span>fectivo se <span class=\"_ _1\"></span>reconoce <span class=\"_ _1\"></span>en el <span class=\"_ _1\"></span>ep\u00edgrafe <span class=\"_ _1\"></span>\u201cAjustes<span class=\"_ _1be\"> </span>en <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>atrimonio  por<span class=\"_ _1\"></span> <span class=\"_ _c5\"> </span>valoraci\u00f3n\u201d<span class=\"ff4\">  del <span class=\"_ _c2\"> </span></span>\u201cEstad<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>de  Resultado <span class=\"_ _c2\"> </span>Global  consolidado\u201d. <span class=\"_ _c2\"> </span>La  ganancia <span class=\"_ _c2\"> </span>o  la<span class=\"_ _1\"></span> p\u00e9rdida <span class=\"_ _c0\"></span>relacionad<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>arte <span class=\"_ _c0\"></span>ineficaz<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>reconoce <span class=\"_ _c0\"></span>in<span class=\"_ _2\"></span>mediatamente<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>stado <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>Resultado<span class=\"_ _1be\"> </span>consolidado,<span class=\"_ _2\"></span> <span class=\"ff6\">en el ep\u00edgrafe \u201cVariaci\u00f3n<span class=\"_ _2\"></span> en valor razon<span class=\"_ _2\"></span>able de instru<span class=\"_ _2\"></span>mentos financieros\u201d<span class=\"_ _2\"></span></span><span class=\"ls1a\">. </span> Cuando <span class=\"_ _c5\"> </span>los <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>tratos <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>opci\u00f3n <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>usan<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>para  cubrir <span class=\"_ _c3\"> </span>trans<span class=\"_ _2\"></span>acciones <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>revistas, <span class=\"_ _c5\"> </span>el <span class=\"_ _c2\"> </span>grupo <span class=\"_ _c2\"> </span>eval\u00fa<span class=\"_ _2\"></span>a <span class=\"_ _c2\"> </span>si  dichas<span class=\"_ _1be\"> </span>transacciones son altamente <span class=\"_ _1\"></span>probables, y en <span class=\"_ _1\"></span>ese <span class=\"_ _1\"></span>caso designa s\u00f3lo <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>valor intr\u00ednseco del <span class=\"_ _1\"></span>contrato de <span class=\"_ _1\"></span>opci\u00f3n<span class=\"_ _1be\"> </span>como <span class=\"_ _c0\"></span>ins<span class=\"_ _2\"></span>trumento <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>cobertura. <span class=\"_ _0\"></span>Los <span class=\"_ _0\"></span>cambios <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>valo<span class=\"_ _2\"></span>r <span class=\"_ _c0\"></span>temporal <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>los <span class=\"_ _0\"></span>contratos <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>op<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _c0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c0\"></span>est\u00e1n<span class=\"_ _1be\"> </span>relacionados con<span class=\"_ _2\"></span> la partida cubierta s<span class=\"_ _2\"></span>e reconocen dentro del Es<span class=\"_ _2\"></span>tado de Resultad<span class=\"_ _2\"></span>o Global consolidado<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> Al <span class=\"_ _2\"></span>inicio <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>cobertura, <span class=\"_ _4\"></span>ENCE <span class=\"_ _4\"></span>designa <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>docu<span class=\"_ _2\"></span>menta <span class=\"_ _2\"></span>formalmente <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>relacion<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>cobertu<span class=\"_ _2\"></span>ra, <span class=\"_ _2\"></span>as\u00ed <span class=\"_ _4\"></span>como <span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> ob<span class=\"ls0_1\">jetivo y <span class=\"_ _1\"></span>la estrategia <span class=\"_ _1\"></span>que asume<span class=\"_ _1\"></span> con <span class=\"_ _1\"></span>respecto a <span class=\"_ _1\"></span>las m<span class=\"_ _1\"></span>ismas. La documentaci\u00f3n incluye <span class=\"_ _1\"></span>la ide<span class=\"_ _1\"></span>ntificaci\u00f3n del<span class=\"_ _1be\"> </span></span>instrumento de cob<span class=\"_ _2\"></span>ertura, la partida cubierta,<span class=\"_ _2\"></span> la naturaleza del riesgo cubierto y la forma <span class=\"_ _2\"></span>en la que se mide<span class=\"_ _1be\"> </span>la eficacia de la cobertu<span class=\"_ _2\"></span>ra. Igualmente, <span class=\"_ _1\"></span>al inicio <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>la cobertura y <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>forma <span class=\"_ _1\"></span>continua <span class=\"_ _1\"></span>en cada <span class=\"_ _1\"></span>cierre <span class=\"_ _1\"></span>ENCE <span class=\"_ _1\"></span>eval\u00faa <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>cobertura es <span class=\"_ _1\"></span>eficaz.<span class=\"_ _1be\"> </span>Dicha <span class=\"_ _ca\"> </span>eficacia <span class=\"_ _c8\"> </span>se <span class=\"_ _ca\"> </span>verifica <span class=\"_ _ca\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>trav\u00e9s <span class=\"_ _ca\"> </span>de <span class=\"_ _c8\"> </span>los <span class=\"_ _ca\"> </span>\u201ctest <span class=\"_ _c8\"> </span>de <span class=\"_ _ca\"> </span>eficacia\u201d <span class=\"_ _ca\"> </span>dond<span class=\"_ _2\"></span>e <span class=\"_ _ca\"> </span>se <span class=\"_ _c8\"> </span>chequea <span class=\"_ _ca\"> </span>si <span class=\"_ _c8\"> </span>es <span class=\"_ _ca\"> </span>esperable<span class=\"_ _1be\"> </span>prospectivamente <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>cambios <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>valo<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>razo<span class=\"_ _2\"></span>nable <span class=\"_ _c0\"></span>o <span class=\"_ _4\"></span>e<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>flujos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>efectivo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>partida <span class=\"_ _c0\"></span>cubierta<span class=\"_ _1be\"> </span>(atribuibles <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>riesgo <span class=\"_ _4\"></span>cubierto) <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>compensen <span class=\"_ _4\"></span>razonab<span class=\"_ _2\"></span>lemente <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>correspondientes<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>instrumento <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>cobertura. <span class=\"_ _c2\"> </span>El <span class=\"_ _c3\"> </span>valo<span class=\"_ _2\"></span>r <span class=\"_ _c3\"> </span>razon<span class=\"_ _2\"></span>able <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>derivados <span class=\"_ _c2\"> </span>incluye <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>ajus<span class=\"_ _2\"></span>te <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>riesgo <span class=\"_ _c3\"> </span>de<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>cr\u00e9dito <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>forma <span class=\"_ _c2\"> </span>que <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>us<span class=\"_ _1be\"> </span>variaciones s<span class=\"_ _2\"></span>on consideradas en la medici\u00f3n d<span class=\"_ _2\"></span>e la eficacia.<span class=\"_ _2\"></span> El <span class=\"_ _c0\"></span>Grupo <span class=\"_ _c0\"></span>realiza <span class=\"_ _0\"></span>una <span class=\"_ _c0\"></span>evaluaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>cualitativa <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>eficacia, <span class=\"_ _c0\"></span>siempre <span class=\"_ _c0\"></span>que <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>cond<span class=\"_ _2\"></span>iciones <span class=\"_ _c0\"></span>fundamentales <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _1be\"> </span>instrumento <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>partida <span class=\"_ _2\"></span>cubierta <span class=\"_ _2\"></span>coincida<span class=\"_ _2\"></span>n. <span class=\"_ _2\"></span>Cuand<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>condiciones <span class=\"_ _4\"></span>fundamentales <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>son<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>lenamente<span class=\"_ _1be\"> </span>coincidentes, <span class=\"_ _c5\"> </span>el <span class=\"_ _c2\"> </span>Grupo  utiliza <span class=\"_ _c2\"> </span>un <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>erivado <span class=\"_ _c2\"> </span>hip<span class=\"_ _2\"></span>ot\u00e9tico <span class=\"_ _c2\"> </span>con  condiciones <span class=\"_ _c2\"> </span>fundamentales  e<span class=\"_ _1\"></span>quivalentes  a <span class=\"_ _c3\"> </span>la<span class=\"_ _1be\"> </span>partida cubierta p<span class=\"_ _2\"></span>ara evaluar y medir la inefica<span class=\"_ _2\"></span>cia.<span class=\"_ _2\"></span> ENCE <span class=\"_ _2\"></span>interrumpe <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>relaci\u00f3n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e cob<span class=\"_ _2\"></span>ertura <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>prosp<span class=\"_ _2\"></span>ectiva <span class=\"_ _2\"></span>s\u00f3lo <span class=\"_ _2\"></span>cuand<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>toda <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>relaci\u00f3n <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>cobertura <span class=\"_ _2\"></span>deja <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>mplir los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>requisito<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>cualificados. <span class=\"_ _2\"></span>Es<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>incluye las<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>situaciones <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>instrumento<span class=\"_ _2\"></span> de <span class=\"_ _1\"></span>cobertura <span class=\"_ _1\"></span>expira, <span class=\"_ _bb\"></span>es <span class=\"_ _1\"></span>vendido, <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>ejercido, <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>ob<span class=\"_ _2\"></span>jetivo <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>g<span class=\"_ _2\"></span>esti\u00f3n del <span class=\"_ _bb\"></span>riesgo <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>cambiado, <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>efecto <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>riesgo<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>cr\u00e9dito <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>omina <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>cambios <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>valo<span class=\"_ _2\"></span>r, <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>trumento <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>cobertura<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>llega <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>vencimi<span class=\"_ _2\"></span>ento <span class=\"_ _4\"></span>o <span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>liqu<span class=\"_ _2\"></span>idado, <span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>deja <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>existir <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>ubyacente <span class=\"_ _0\"></span>cubierto<span class=\"_ _2\"></span>. <span class=\"_ _c0\"></span>A <span class=\"_ _c0\"></span>estos <span class=\"_ _0\"></span>efectos, <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>ustituci\u00f3n <span class=\"_ _0\"></span>o <span class=\"_ _c0\"></span>renovaci\u00f3n <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>instrumento <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>cobertura <span class=\"_ _c3\"></span>no <span class=\"_ _c3\"></span>es <span class=\"_ _0\"></span>una <span class=\"_ _c3\"></span>expiraci\u00f3n <span class=\"_ _c3\"></span>o <span class=\"_ _c3\"></span>finalizaci\u00f3n, <span class=\"_ _0\"></span>siempre <span class=\"_ _c3\"></span>que <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>operaci\u00f3n <span class=\"_ _c3\"> </span>sea <span class=\"_ _c3\"></span>consistente <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>objetivo<span class=\"_ _1be\"> </span>documentado de gesti\u00f3n<span class=\"_ _2\"></span> de riesgo del Grupo.<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> En <span class=\"_ _c3\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>cobertu<span class=\"_ _2\"></span>ras <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>los <span class=\"_ _c2\"> </span>flujos <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>efectivo<span class=\"_ _2\"></span>, <span class=\"_ _c3\"> </span>tras<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>la <span class=\"_ _c2\"> </span>interrupci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>la <span class=\"_ _c2\"> </span>relaci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>cobertura, <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>impo<span class=\"_ _2\"></span>rte<span class=\"_ _1be\"> </span>acumulado <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>Otro <span class=\"_ _2\"></span>Resultad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>Global <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>reconoce <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>ultad<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>hasta <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>transacci\u00f3n <span class=\"_ _2\"></span>previs<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>tenga<span class=\"_ _1be\"> </span>lugar. As\u00ed <span class=\"_ _2\"></span>mismo, los<span class=\"_ _2\"></span> importes <span class=\"_ _2\"></span>acumulados<span class=\"_ _2\"></span> en <span class=\"_ _2\"></span>Otro Resu<span class=\"_ _2\"></span>ltado Global <span class=\"_ _2\"></span>se reclasifican <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>ingresos <span class=\"_ _2\"></span>o gas<span class=\"_ _2\"></span>tos<span class=\"_ _1be\"> </span>financieros cuand<span class=\"_ _2\"></span>o el Grupo no espera q<span class=\"_ _2\"></span>ue la transacci\u00f3n<span class=\"_ _2\"></span> prevista vaya a pro<span class=\"_ _2\"></span>ducirse.<span class=\"_ _2\"></span> Los <span class=\"_ _c3\"></span>derivados <span class=\"_ _c3\"></span>impl\u00edcitos <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>otros <span class=\"_ _c3\"> </span>instrumentos <span class=\"_ _c3\"> </span>financieros <span class=\"_ _c3\"></span>son <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>tabilizados <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>eparadamente <span class=\"_ _0\"></span>cuan<span class=\"_ _2\"></span>do <span class=\"_ _c3\"></span>el<span class=\"_ _1be\"> </span>Grupo <span class=\"_ _1\"></span>considera que <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _1\"></span>caracter\u00edsticas <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>riesgos <span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>est\u00e1n <span class=\"_ _bb\"></span>estrechament<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>relacionados con <span class=\"_ _1\"></span>los <span class=\"_ _bb\"></span>ins<span class=\"_ _2\"></span>trumentos<span class=\"_ _1be\"> </span>financieros <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>enc<span class=\"_ _2\"></span>uentran <span class=\"_ _c0\"></span>impl\u00edcitos, <span class=\"_ _c0\"></span>siempre <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>ins<span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>umento <span class=\"_ _c0\"></span>finan<span class=\"_ _2\"></span>ciero <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>cu<span class=\"_ _2\"></span>esti\u00f3n <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _1be\"> </span>conjunto no <span class=\"_ _1\"></span>est\u00e9 <span class=\"_ _1\"></span>siendo <span class=\"_ _1\"></span>contabilizado <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>valor razonable <span class=\"_ _bb\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>cambios <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>resultados.<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>ENCE <span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>tiene <span class=\"_ _1\"></span>derivados<span class=\"_ _1be\"> </span>impl\u00edcitos que sean o<span class=\"_ _2\"></span>bjeto de contab<span class=\"_ _2\"></span>ilidad separad<span class=\"_ _2\"></span>a.<span class=\"_ _1be\"> </span>Valor razonable de los<span class=\"_ _2\"></span> instrumento<span class=\"_ _2\"></span>s financieros derivados<span class=\"_ _2\"></span> El<span class=\"ls0_1\"> <span class=\"_ _c0\"></span>valor <span class=\"_ _c0\"></span>razonable <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>distintos <span class=\"_ _0\"></span>instrumentos <span class=\"_ _c0\"></span>financieros <span class=\"_ _0\"></span>se <span class=\"_ _c0\"></span>determina <span class=\"_ _c0\"></span>utilizand<span class=\"_ _2\"></span>o <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>siguiente <span class=\"_ _c0\"></span>jerarqu\u00eda<span class=\"_ _1be\"> </span></span>establecida en NIIF 13:<span class=\"_ _2\"></span> \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4 fc0_1\">Nivel 1: por observaci\u00f3n<span class=\"_ _2\"></span> directa de la cotizaci\u00f3n<span class=\"_ _2\"></span> en mercados a<span class=\"_ _2\"></span>ctivos, de activos<span class=\"_ _2\"></span> y pasivos id\u00e9nticos. <span class=\"_ _2\"></span> </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4 fc0_1\">Nivel 2: <span class=\"_ _2\"></span>empleando <span class=\"_ _2\"></span>inp<span class=\"_ _2\"></span>uts <span class=\"_ _2\"></span>disponibles <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>mercados <span class=\"_ _2\"></span>activos, <span class=\"_ _2\"></span>diferentes <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>recios de <span class=\"_ _2\"></span>cotizaci\u00f3n<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>que<span class=\"_ _1be\"> </span></span></span>son aplicables<span class=\"_ _2\"></span> a los activos y pasivo<span class=\"_ _2\"></span>s, tanto dir<span class=\"_ _2\"></span>ecta como indirectamente.<span class=\"_ _2\"></span> \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4 fc0_1\">Nivel <span class=\"_ _c0\"></span>3: <span class=\"_ _0\"></span>utilizando <span class=\"_ _0\"></span>t\u00e9cnicas <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>valoraci\u00f3n <span class=\"_ _0\"></span>que <span class=\"_ _c0\"></span>in<span class=\"_ _2\"></span>cluyen <span class=\"_ _c0\"></span>inputs <span class=\"_ _0\"></span>que <span class=\"_ _c0\"></span>no <span class=\"_ _0\"></span>est\u00e1n <span class=\"_ _0\"></span>disponibles <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>mercados<span class=\"_ _1be\"> </span></span></span>activos.<span class=\"_ _1be\"> </span>La <span class=\"_ _4\"></span>determinaci\u00f3n <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>valor <span class=\"_ _4\"></span>razonab<span class=\"_ _2\"></span>le <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>cada <span class=\"_ _4\"></span>un<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>principales <span class=\"_ _c0\"></span>instrumentos <span class=\"_ _4\"></span>financieros <span class=\"_ _c0\"></span>derivados<span class=\"_ _1be\"> </span>se lleva a cabo con el aseso<span class=\"_ _2\"></span>ramiento de expertos en este tipo de instrumentos finan<span class=\"_ _2\"></span>cieros, <span class=\"_ _2\"></span>a partir de datos<span class=\"_ _1be\"> </span>facilitados por agencias<span class=\"_ _2\"></span> de informaci\u00f3n o d<span class=\"_ _2\"></span>atos de organismos o<span class=\"_ _2\"></span>ficiales<span class=\"_ _2\"></span>, del siguiente <span class=\"_ _2\"></span>modo:<span class=\"_ _1be\"> </span>\u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4 fc0_1\">El <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>razonable <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ermutas <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>inter<span class=\"_ _2\"></span>\u00e9s <span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>calculad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>com<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>valo<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>actualizad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tipos <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span></span></span>inter\u00e9s de mercado del diferencial de tipos del <span class=\"_ _1\"></span>contrato de permuta. Dicha actualizaci\u00f3n se lleva a cabo<span class=\"_ _1be\"> </span>a partir de las cu<span class=\"_ _2\"></span>rvas de tipos swap a largo <span class=\"_ _2\"></span>plazo.<span class=\"_ _1be\"> </span>\u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4 fc0_1\">En <span class=\"_ _c2\"> </span>el <span class=\"_ _c5\"> </span>caso <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>los <span class=\"_ _c5\"> </span>contratos <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>tip<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>de <span class=\"_ _c5\"> </span>cambio <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>futu<span class=\"_ _2\"></span>ro, <span class=\"_ _c2\"> </span>su <span class=\"_ _c2\"> </span>valo<span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _c2\"> </span>se <span class=\"_ _c5\"> </span>determina <span class=\"_ _c2\"> </span>utilizand<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>las<span class=\"_ _1be\"> </span></span></span>cotizaciones <span class=\"_ _c2\"> </span>del <span class=\"_ _c3\"> </span>contad<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"> </span>tipo <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>cambio <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>las <span class=\"_ _c3\"> </span>curvas <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>tipos <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>inter\u00e9s <span class=\"_ _c2\"> </span>a <span class=\"_ _c3\"> </span>plazo <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>las <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>ivisas<span class=\"_ _1be\"> </span>implicadas, as\u00ed co<span class=\"_ _2\"></span>mo el empleo de la v<span class=\"_ _2\"></span>olatilidad impl\u00edcita has<span class=\"_ _2\"></span>ta el vencimiento. <span class=\"_ _4\"></span> \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4 fc0_1\">El <span class=\"_ _c2\"> </span>valor  razonable <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>tratos <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>co<span class=\"_ _2\"></span>mpraventa  de <span class=\"_ _c2\"> </span>elementos <span class=\"_ _c2\"> </span>n<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>financi<span class=\"_ _2\"></span>eros <span class=\"_ _c2\"> </span>a  los <span class=\"_ _c2\"> </span>que <span class=\"_ _c5\"> </span>es <span class=\"_ _c2\"> </span>de<span class=\"_ _1be\"> </span></span></span>aplicaci\u00f3n la <span class=\"_ _2\"></span>NIIF <span class=\"_ _2\"></span>9 (pre<span class=\"_ _2\"></span>cio de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>celulosa <span class=\"_ _2\"></span>y precio <span class=\"_ _2\"></span>de la <span class=\"_ _2\"></span>ener<span class=\"_ _2\"></span>g\u00eda principa<span class=\"_ _2\"></span>lmente) se <span class=\"_ _2\"></span>calcula <span class=\"_ _2\"></span>a p<span class=\"_ _2\"></span>artir de <span class=\"_ _2\"></span>la<span class=\"_ _1be\"> </span>mejor <span class=\"_ _2\"></span>estima<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>curvas <span class=\"_ _4\"></span>futuras <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>precios <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>dichos <span class=\"_ _4\"></span>elementos <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cieros, <span class=\"_ _4\"></span>existen<span class=\"_ _4\"></span>te <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>fecha de cierre, utilizando, en la medida de lo posible, los precios establecidos en los mercados<span class=\"_ _2\"></span> a plazo. En <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>utilizaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>modelos d<span class=\"_ _2\"></span>e v<span class=\"_ _2\"></span>aloraci\u00f3n <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>tienen <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>cuenta <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>riesgos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>activo <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pasivo <span class=\"_ _2\"></span>lleva<span class=\"_ _1be\"> </span>asociados, <span class=\"_ _0\"></span>entre <span class=\"_ _0\"></span>ellos <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>riesgo <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>cr\u00e9dito<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>tanto <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>con<span class=\"_ _2\"></span>traparte <span class=\"_ _0\"></span>(Credit <span class=\"_ _0\"></span>Value <span class=\"_ _0\"></span>Adjustment) <span class=\"_ _0\"></span>como <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span>propia <span class=\"_ _c3\"></span>entidad <span class=\"_ _0\"></span>(Debit <span class=\"_ _c3\"></span>Value <span class=\"_ _0\"></span>Adju<span class=\"_ _2\"></span>stment). <span class=\"_ _0\"></span>E<span class=\"_ _2\"></span>l <span class=\"_ _0\"></span>riesgo <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>cr\u00e9dito<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>se <span class=\"_ _c3\"></span>calcula <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>acu<span class=\"_ _2\"></span>erdo <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>on <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>par\u00e1metros<span class=\"_ _1be\"> </span>exposici\u00f3n, prob<span class=\"_ _2\"></span>abilidad de incumplimiento y<span class=\"_ _2\"></span> severidad. <span class=\"_ _2\"></span> Los <span class=\"_ _4\"></span>valo<span class=\"_ _2\"></span>res <span class=\"_ _4\"></span>obtenidos <span class=\"_ _c0\"></span>utilizando <span class=\"_ _4\"></span>estas <span class=\"_ _4\"></span>t\u00e9cnicas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>son <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>trastados <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>entid<span class=\"_ _2\"></span>ades <span class=\"_ _4\"></span>financieras <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>que<span class=\"_ _1be\"> </span>ENCE tiene contrata<span class=\"_ _2\"></span>dos estos instrumentos<span class=\"_ _2\"></span> financieros.<span class=\"_ _2\"></span> De <span class=\"_ _c7\"> </span>acuerdo <span class=\"_ _c7\"> </span>con <span class=\"_ _c4\"> </span>dicha <span class=\"_ _c7\"> </span>normativa, <span class=\"_ _c4\"> </span>las <span class=\"_ _c7\"> </span>valora<span class=\"_ _2\"></span>ciones <span class=\"_ _c7\"> </span>a <span class=\"_ _c7\"> </span>valor <span class=\"_ _c7\"> </span>razon<span class=\"_ _2\"></span>able <span class=\"_ _c7\"> </span>realizadas <span class=\"_ _c4\"> </span>sobre <span class=\"_ _c7\"> </span>los <span class=\"_ _c7\"> </span>diferentes<span class=\"_ _1be\"> </span>instrumentos <span class=\"_ _2\"></span>financieros <span class=\"_ _2\"></span>derivados<span class=\"_ _2\"></span> quedan <span class=\"_ _2\"></span>encuadradas <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>Nivel 2 <span class=\"_ _2\"></span>de la <span class=\"_ _2\"></span>jerarqu\u00eda <span class=\"_ _2\"></span>de v<span class=\"_ _2\"></span>alores razo<span class=\"_ _2\"></span>nables<span class=\"_ _1be\"> </span>establecida por la NIIF 13 en todos<span class=\"_ _2\"></span> los casos, excepto en el caso de las cobertu<span class=\"_ _2\"></span>ras del precio de la celulosa y<span class=\"_ _1be\"> </span>las contraprestaciones contingentes que <span class=\"_ _1\"></span>surgen en combinaciones de negocios <span class=\"_ _1\"></span>que quedan encuadradas en<span class=\"_ _1be\"> </span>el <span class=\"_ _1\"></span>Nivel 3 <span class=\"_ _1\"></span>de la <span class=\"_ _1\"></span>jerarqu\u00eda (v\u00e9ase Nota <span class=\"_ _1\"></span>4). <span class=\"_ _1\"></span>Adicionalment<span class=\"_ _2\"></span>e, hay <span class=\"_ _1\"></span>que tener <span class=\"_ _1\"></span>en consideraci\u00f3n que <span class=\"_ _1\"></span>los ajustes por<span class=\"_ _1be\"> </span>riesgo de cr\u00e9dito utilizan en<span class=\"_ _2\"></span>tradas de Nivel 3, si bien, tras valorar dichos ajus<span class=\"_ _2\"></span>tes se concluye <span class=\"_ _2\"></span>que su impacto<span class=\"_ _1be\"> </span>en la valoraci\u00f3n d<span class=\"_ _2\"></span>e los instrumentos financieros d<span class=\"_ _2\"></span>erivados no<span class=\"_ _2\"></span> es significativo.<span class=\"_ _2\"></span> 3.9<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Clasificaci\u00f3n<span class=\"_ _1\"></span> entre corriente y no co<span class=\"_ _1\"></span>rriente<span class=\"_ _1be\"> </span></span>En <span class=\"_ _c2\"> </span>el  Estado <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>Situaci\u00f3n  Financiera <span class=\"_ _c2\"> </span>cons<span class=\"_ _2\"></span>olidado, <span class=\"_ _c5\"> </span>los <span class=\"_ _c2\"> </span>activos  y <span class=\"_ _c3\"> </span>pasiv<span class=\"_ _2\"></span>os <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>clas<span class=\"_ _2\"></span>ifican <span class=\"_ _c2\"> </span>en <span class=\"_ _c5\"> </span>funci\u00f3n <span class=\"_ _c2\"> </span>de  sus<span class=\"_ _1be\"> </span>vencimientos, <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>decir, <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>corrient<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>aquellos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>vencimiento <span class=\"_ _4\"></span>igual <span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>inferior <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>oce meses <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>como <span class=\"_ _4\"></span>no<span class=\"_ _1be\"> </span>corrientes los de v<span class=\"_ _2\"></span>encimiento superior <span class=\"_ _2\"></span>a dicho per\u00edodo. <span class=\"_ _2\"></span> El efe<span class=\"_ _1\"></span>ctivo y otros m<span class=\"_ _1\"></span>edios l\u00edquidos equivalentes se clasifica <span class=\"_ _1\"></span>como <span class=\"_ _1\"></span>corriente,<span class=\"_ _2\"></span> e<span class=\"_ _1\"></span>xcepto en <span class=\"_ _1\"></span>aquellos casos en los<span class=\"_ _1be\"> </span>que no <span class=\"_ _1\"></span>puedan ser <span class=\"_ _1\"></span>intercambiados<span class=\"_ _2\"></span> o <span class=\"_ _1\"></span>utilizados para <span class=\"_ _1\"></span>cancelar un <span class=\"_ _1\"></span>pasivo, al <span class=\"_ _1\"></span>menos dentro <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los doces m<span class=\"_ _1\"></span>eses<span class=\"_ _1be\"> </span>siguientes a la fecha d<span class=\"_ _2\"></span>e cierre.<span class=\"_ _1be\"> </span>En <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>clasificaci\u00f3n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>pas<span class=\"_ _2\"></span>ivos <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>largo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>plazo, <span class=\"_ _4\"></span>ENCE <span class=\"_ _4\"></span>eval\u00faa <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _4\"></span>tiene <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span>derecho <span class=\"_ _4\"></span>incondicion<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>fec<span class=\"_ _2\"></span>ha <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>cierre para aplazar la liq<span class=\"_ _2\"></span>uidaci\u00f3n de los<span class=\"_ _2\"></span> pasivos durante los<span class=\"_ _2\"></span> doce meses siguientes a la fec<span class=\"_ _2\"></span>ha de cierre.<span class=\"_ _4\"></span> 3.10<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Existencias<span class=\"_ _1be\"> </span></span></span>Las existen<span class=\"_ _2\"></span>cias de materias<span class=\"_ _2\"></span> primas s<span class=\"_ _2\"></span>e valoran <span class=\"_ _2\"></span>al coste <span class=\"_ _2\"></span>de adquisici\u00f3n, qu<span class=\"_ _2\"></span>e incluye <span class=\"_ _2\"></span>el importe consigna<span class=\"_ _2\"></span>do en<span class=\"_ _1be\"> </span>factura <span class=\"_ _0\"></span>m\u00e1s <span class=\"_ _c3\"></span>todos <span class=\"_ _c3\"></span>los <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>tes <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>que <span class=\"_ _c3\"></span>se <span class=\"_ _0\"></span>incurre <span class=\"_ _c3\"></span>hasta <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>bien <span class=\"_ _0\"></span>est\u00e1 <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>las <span class=\"_ _0\"></span>insta<span class=\"_ _2\"></span>laciones <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>ENCE. <span class=\"_ _0\"></span>Las<span class=\"_ _1be\"> </span>existencias <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>produ<span class=\"_ _2\"></span>ctos <span class=\"_ _0\"></span>terminados <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>cu<span class=\"_ _2\"></span>rso <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>fab<span class=\"_ _2\"></span>ricaci\u00f3n <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>valoran <span class=\"_ _0\"></span>al <span class=\"_ _c0\"></span>cos<span class=\"_ _2\"></span>te <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>producci\u00f3n <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c0\"></span>se<span class=\"_ _1be\"> </span>determina  incorp<span class=\"_ _2\"></span>orando <span class=\"_ _c6\"> </span>el  coste <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>los  materiales, <span class=\"_ _c6\"> </span>man<span class=\"_ _2\"></span>o  de <span class=\"_ _c6\"> </span>obra, <span class=\"_ _c6\"> </span>y  gasto<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>directos  y<span class=\"_ _2\"></span>  generales <span class=\"_ _c6\"> </span>de<span class=\"_ _1be\"> </span>fabricaci\u00f3n.<span class=\"_ _1be\"> </span>En la asigna<span class=\"_ _2\"></span>ci\u00f3n de valor a sus inventa<span class=\"_ _2\"></span>rios el Grupo utiliza el m\u00e9tod<span class=\"_ _2\"></span>o del coste medio p<span class=\"_ _2\"></span>onderado. <span class=\"_ _4\"></span> El Grupo realiza deterioros de sus existencias, con cargo a <span class=\"_ _1\"></span>resultados de e<span class=\"_ _1\"></span>xplotaci\u00f3n, para ajustar su valor al<span class=\"_ _1be\"> </span>valor <span class=\"_ _c3\"> </span>es<span class=\"_ _2\"></span>timado <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>realizaci\u00f3<span class=\"_ _2\"></span>n, <span class=\"_ _c2\"> </span>cuando <span class=\"_ _c2\"> </span>\u00e9ste <span class=\"_ _c3\"> </span>es <span class=\"_ _c2\"> </span>inferior <span class=\"_ _c3\"> </span>a<span class=\"_ _2\"></span>l <span class=\"_ _c2\"> </span>valor <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>cos<span class=\"_ _2\"></span>te. <span class=\"_ _c3\"> </span>Cuand<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>las <span class=\"_ _c2\"> </span>circun<span class=\"_ _2\"></span>stancias <span class=\"_ _c2\"> </span>que<span class=\"_ _1be\"> </span>previamente causaron la<span class=\"_ _2\"></span> correcci\u00f3n de valor dejan<span class=\"_ _2\"></span> de existir se procede a r<span class=\"_ _2\"></span>evertir dichos deterioros<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> Derechos de em<span class=\"_ _2\"></span>isi\u00f3n de gases de efecto<span class=\"_ _2\"></span> invernadero para u<span class=\"_ _2\"></span>so propio<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>Los <span class=\"_ _0\"></span>derechos <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>emisi\u00f3n <span class=\"_ _0\"></span>ad<span class=\"_ _2\"></span>quiridos<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>cuyo <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>estino <span class=\"_ _0\"></span>es <span class=\"_ _0\"></span>fundamentalmente <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>utiliza<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>procesos<span class=\"_ _1be\"> </span>productivos del Grup<span class=\"_ _2\"></span>o, se registran como existencias<span class=\"_ _2\"></span> y se valoran inicialmente por su p<span class=\"_ _2\"></span>recio de adquisici\u00f3n,<span class=\"_ _1be\"> </span>calculado mediante el <span class=\"_ _2\"></span>m\u00e9todo del p<span class=\"_ _2\"></span>recio medio po<span class=\"_ _2\"></span>nderado. <span class=\"_ _2\"></span> Los <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>erechos <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>emisi\u00f3n <span class=\"_ _c2\"> </span>recibidos<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>a <span class=\"_ _c2\"> </span>t\u00edtulo <span class=\"_ _c2\"> </span>gratuito, <span class=\"_ _c2\"> </span>conforme <span class=\"_ _c3\"> </span>al <span class=\"_ _c2\"> </span>r\u00e9gi<span class=\"_ _2\"></span>men <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>comerc<span class=\"_ _2\"></span>io <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>derechos<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span>emisi\u00f3n <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span><span class=\"ls11\">2022</span>-<span class=\"_ _2\"></span>2025, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>reconocen <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>venal, <span class=\"_ _2\"></span>registr\u00e1nd<span class=\"_ _2\"></span>ose como <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>trapartida <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>por<span class=\"_ _1be\"> </span>el <span class=\"_ _c0\"></span>mismo <span class=\"_ _0\"></span>importe, <span class=\"_ _c0\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>ubvenci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>capital. <span class=\"_ _c0\"></span>Dicha <span class=\"_ _0\"></span>subvenci\u00f3n <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>imputa <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>resultados <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>medida <span class=\"_ _0\"></span>que <span class=\"_ _c0\"></span>se<span class=\"_ _1be\"> </span>consumen los d<span class=\"_ _2\"></span>erechos de emisi\u00f3n recibidos<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Por <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>sumo <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>derechos <span class=\"_ _2\"></span>realizado <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>lo <span class=\"_ _2\"></span>largo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>ejercicio <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>registra <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>gasto <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>l\u00ednea <span class=\"_ _2\"></span>\u201cOtros<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Gastos<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>explotaci\u00f3n\u201d <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span><span class=\"ff4\">Estado <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>Resulta<span class=\"_ _2\"></span>do <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>olidado, <span class=\"_ _4\"></span>reconociendo <span class=\"_ _2\"></span>una <span class=\"_ _4\"></span>provisi\u00f3n <span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>yo <span class=\"_ _2\"></span>importe <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>calcula<span class=\"_ _1be\"> </span></span>en <span class=\"_ _4\"></span>funci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>erechos <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>sumidos, <span class=\"_ _c0\"></span>valorados <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _4\"></span>coste <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>ad<span class=\"_ _2\"></span>quisici\u00f3n <span class=\"_ _c0\"></span>que <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>corres<span class=\"_ _2\"></span>ponde <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>el<span class=\"_ _1be\"> </span>valor <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>libros <span class=\"_ _bb\"></span>para <span class=\"_ _1\"></span>aquellos <span class=\"_ _bb\"></span>derechos que <span class=\"_ _bb\"></span>se <span class=\"_ _1\"></span>posean <span class=\"_ _1\"></span>al <span class=\"_ _bb\"></span>cierre <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>periodo, <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>valor <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>ompra <span class=\"_ _1\"></span>establecido<span class=\"_ _1be\"> </span>en los contratos de compra a plazo d<span class=\"_ _2\"></span>isponibles, y con el valor de mercado al cierre del periodo p<span class=\"_ _2\"></span>ara el resto<span class=\"_ _1be\"> </span>de derechos.<span class=\"_ _1be\"> </span>Cuando <span class=\"_ _c0\"></span>los <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>erechos <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>emisi\u00f3n <span class=\"_ _c0\"></span>consu<span class=\"_ _2\"></span>midos <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>entregan <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>autoridades, <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>dan <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>aja <span class=\"_ _c0\"></span>del<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>stado <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>Situaci\u00f3n Financiera con<span class=\"_ _2\"></span>solidado tan<span class=\"_ _2\"></span>to las existencias<span class=\"_ _2\"></span> de derechos como la provis<span class=\"_ _2\"></span>i\u00f3n constituida as<span class=\"_ _2\"></span>ociada a<span class=\"_ _1be\"> </span>los consu<span class=\"_ _2\"></span>mos.<span class=\"_ _1be\"> </span>3.11<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Subvenciones<span class=\"_ _1be\"> </span></span></span>Las subvencion<span class=\"_ _2\"></span>es de capital no reintegrables, asociadas a inversi<span class=\"_ _2\"></span>ones en activ<span class=\"_ _2\"></span>os productivos, se valoran po<span class=\"_ _2\"></span>r<span class=\"_ _1be\"> </span>el <span class=\"_ _2\"></span>valo<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>razo<span class=\"_ _2\"></span>nable <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>importe <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>cedido, <span class=\"_ _4\"></span>neto <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>costes <span class=\"_ _4\"></span>incurridos <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>obtenci\u00f3n, <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>reconocen<span class=\"_ _1be\"> </span>cuando se <span class=\"_ _1\"></span>han <span class=\"_ _1\"></span>cumplido <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>requisitos a<span class=\"_ _1\"></span>sociados a <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>concesi\u00f3n. <span class=\"_ _1\"></span>Estas <span class=\"_ _1\"></span>subvenciones se <span class=\"_ _1\"></span>imputan <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>resultados<span class=\"_ _1be\"> </span>en el e<span class=\"_ _1\"></span>p\u00edgrafe \u201cSubv<span class=\"_ _2\"></span>enciones de capital transferidas al resultado del ejercicio\u201d en proporci\u00f3n a la dotaci\u00f3n a<span class=\"_ _1be\"> </span>la <span class=\"_ _c2\"> </span>amortizaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>efectuada <span class=\"_ _c5\"> </span>en <span class=\"_ _c2\"> </span>el <span class=\"_ _c5\"> </span>per\u00edodo <span class=\"_ _c2\"> </span>par<span class=\"_ _2\"></span>a <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>elemento<span class=\"_ _2\"></span>s <span class=\"_ _c2\"> </span>subv<span class=\"_ _2\"></span>encionados <span class=\"_ _c2\"> </span>o, <span class=\"_ _c5\"> </span>en <span class=\"_ _c2\"> </span>su <span class=\"_ _c2\"> </span>cas<span class=\"_ _2\"></span>o, <span class=\"_ _c2\"> </span>cuando <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>produzca s<span class=\"_ _2\"></span>u enajenaci\u00f3n o correcci\u00f3n valo<span class=\"_ _2\"></span>rativa por deterioro<span class=\"_ _1be\"> </span>.<span class=\"_ _4\"></span> Por <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _c0\"></span>par<span class=\"_ _2\"></span>te, <span class=\"_ _c0\"></span>las <span class=\"_ _0\"></span>sub<span class=\"_ _2\"></span>vencion<span class=\"_ _2\"></span>es <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>explot<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>i<span class=\"_ _2\"></span>mputan <span class=\"_ _0\"></span>a <span class=\"_ _c0\"></span>resulta<span class=\"_ _2\"></span>dos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span><span class=\"ff6\">en <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>ep\u00edgrafe <span class=\"_ _0\"></span>\u201cOtros <span class=\"_ _0\"></span>ingresos <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span></span>explotaci\u00f3n\u201d<span class=\"ff4\"> <span class=\"_ _2\"></span>en e<span class=\"_ _2\"></span>l momento <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se conc<span class=\"_ _2\"></span>eden, ex<span class=\"_ _2\"></span>cepto <span class=\"_ _2\"></span>si s<span class=\"_ _2\"></span>e conceden <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>financiar <span class=\"_ _2\"></span>gasto<span class=\"_ _2\"></span>s espec\u00edficos,<span class=\"_ _1be\"> </span></span>en cuyo caso la<span class=\"_ _2\"></span> imputaci\u00f3n se realizar\u00e1 a medida q<span class=\"_ _2\"></span>ue se devenguen los<span class=\"_ _2\"></span> gast<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> subvencionados.<span class=\"_ _1be\"> </span>Los <span class=\"_ _c6\"> </span>pr\u00e9stamos <span class=\"_ _c7\"> </span>subvencionados <span class=\"_ _c6\"> </span>sin <span class=\"_ _c6\"> </span>in<span class=\"_ _2\"></span>ter\u00e9s <span class=\"_ _c6\"> </span>o <span class=\"_ _c6\"> </span>a  u<span class=\"_ _2\"></span>n <span class=\"_ _c6\"> </span>tipo  de <span class=\"_ _c6\"> </span>inter\u00e9s <span class=\"_ _c7\"> </span>inferior  al <span class=\"_ _c7\"> </span>de <span class=\"_ _c6\"> </span>mercado, <span class=\"_ _c6\"> </span>oto<span class=\"_ _2\"></span>rgados<span class=\"_ _1be\"> </span>principalmente <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>financiar <span class=\"_ _c0\"></span>proyectos <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>I+D+i <span class=\"_ _4\"></span>e <span class=\"_ _c0\"></span>inversiones <span class=\"_ _c0\"></span>produ<span class=\"_ _2\"></span>ctivas, <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>registran <span class=\"_ _c0\"></span>inicialmente <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _1be\"> </span>valor razonable en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>ep\u00edgrafe \u201cOtros pasivos <span class=\"_ _1\"></span>financieros\u201d del <span class=\"_ _1\"></span>Estado de <span class=\"_ _1\"></span>Situaci\u00f3n <span class=\"_ _1\"></span>Financiera consolidado. La<span class=\"_ _1be\"> </span>diferencia <span class=\"_ _c3\"></span>entre <span class=\"_ _c3\"></span>el <span class=\"_ _c3\"></span>importe <span class=\"_ _c3\"></span>recibido <span class=\"_ _c3\"></span>por <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>r\u00e9stamo <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _c3\"> </span>valor <span class=\"_ _c3\"> </span>razonab<span class=\"_ _2\"></span>le <span class=\"_ _0\"></span>se <span class=\"_ _c3\"> </span>registra<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>nicialmente <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>el<span class=\"_ _1be\"> </span>ep\u00edgrafe <span class=\"_ _c0\"></span>\u201cSubvencion<span class=\"_ _2\"></span>es\u201d <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>stado <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>Situaci\u00f3n <span class=\"_ _0\"></span>Financiera <span class=\"_ _0\"></span>consolidad<span class=\"_ _2\"></span>o, <span class=\"_ _c0\"></span>i<span class=\"_ _2\"></span><span class=\"ff4\">mpu<span class=\"_ _2\"></span>t\u00e1ndose <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>resultad<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span></span>ep\u00edgrafe <span class=\"_ _c7\"> </span>\u201c<span class=\"_ _2\"></span>Subvenciones <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>capital <span class=\"_ _c4\"> </span>trans<span class=\"_ _2\"></span>feridas <span class=\"_ _c7\"> </span>al <span class=\"_ _c4\"> </span>result<span class=\"_ _2\"></span>ado <span class=\"_ _c4\"> </span>del <span class=\"_ _c7\"> </span>ej<span class=\"_ _2\"></span>ercicio\u201d <span class=\"_ _c7\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>medida <span class=\"_ _c4\"> </span>que <span class=\"_ _c4\"> </span>los <span class=\"_ _c4\"> </span>activos<span class=\"_ _1be\"> </span>financiados con<span class=\"_ _2\"></span> dicho pr\u00e9stamo se amortizan<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span> 3.12<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Provisiones y contingen<span class=\"_ _1\"></span>cias<span class=\"_ _1be\"> </span></span></span>ENCE recoge provisiones para hacer <span class=\"_ _1\"></span>frente a obligaciones presentes, ya sean legales o <span class=\"_ _1\"></span>impl\u00edcitas, que tienen<span class=\"_ _1be\"> </span>su orige<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>sucesos ya <span class=\"_ _1\"></span>acaecidos, siempre <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>sea <span class=\"_ _1\"></span>probable que <span class=\"_ _bb\"></span>v<span class=\"_ _2\"></span>aya a <span class=\"_ _1\"></span>ser <span class=\"_ _1\"></span>necesaria <span class=\"_ _1\"></span>una salida <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>recursos<span class=\"_ _1be\"> </span>para liquidarlas<span class=\"_ _2\"></span>, y que su importe se pu<span class=\"_ _2\"></span>eda estimar razonab<span class=\"_ _2\"></span>lemente. <span class=\"_ _2\"></span> Su <span class=\"_ _1\"></span>dotaci\u00f3n <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>efect\u00faa al <span class=\"_ _bb\"></span>nacimiento <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>la re<span class=\"_ _1\"></span>sponsab<span class=\"_ _2\"></span>ilidad <span class=\"_ _bb\"></span>o de <span class=\"_ _bb\"></span>la <span class=\"_ _1\"></span>obligaci\u00f3n, <span class=\"_ _1\"></span>con <span class=\"_ _bb\"></span>cargo al<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ep\u00edgrafe <span class=\"_ _1\"></span>del <span class=\"_ _bb\"></span>Es<span class=\"_ _2\"></span>tado<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>Resultado <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>solidado <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>correspond<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>seg\u00fan <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>naturaleza <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e la<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>obligaci\u00f3n, <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r e<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>presente <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>la <span class=\"_ _bb\"></span>misma <span class=\"_ _1\"></span>cuando <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>efecto <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>es<span class=\"_ _2\"></span>ta <span class=\"_ _1\"></span>actualizaci\u00f3n <span class=\"_ _bb\"></span>result<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>material. <span class=\"_ _bb\"></span>La <span class=\"_ _1\"></span>variaci\u00f3n <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _bb\"></span>la <span class=\"_ _1\"></span>provisi\u00f3n <span class=\"_ _1\"></span>correspondiente<span class=\"_ _1be\"> </span>a <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>actu<span class=\"_ _2\"></span>alizaci\u00f3n <span class=\"_ _4\"></span>financiera <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>cada <span class=\"_ _4\"></span>ejercicio <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>registra <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>ep\u00edgrafe <span class=\"_ _c0\"></span>\u201cGastos <span class=\"_ _4\"></span>finan<span class=\"_ _2\"></span>cieros\u201d <span class=\"_ _0\"></span><span class=\"ff4\">del <span class=\"_ _c0\"></span>Estado <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span></span>Resultado cons<span class=\"_ _2\"></span>olidado<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Las <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rovisiones, <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>cuantifican <span class=\"_ _c3\"></span>teniendo <span class=\"_ _0\"></span>en <span class=\"_ _c3\"> </span>con<span class=\"_ _2\"></span>sideraci\u00f3n <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>mejor <span class=\"_ _0\"></span>informa<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _0\"></span>dis<span class=\"_ _2\"></span>ponible <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>obre <span class=\"_ _0\"></span>las<span class=\"_ _1be\"> </span>consecuencias <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>suceso <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>traen <span class=\"_ _0\"></span>su <span class=\"_ _c0\"></span>causa, <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>on <span class=\"_ _c0\"></span>reestimadas <span class=\"_ _c0\"></span>con <span class=\"_ _0\"></span>ocasi\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>cada <span class=\"_ _0\"></span>cierre <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>table<span class=\"_ _4\"></span> (v\u00e9ase Nota 4)<span class=\"ls1a\">. </span> Los pa<span class=\"_ _1\"></span>sivos contingentes <span class=\"_ _1\"></span>constituyen <span class=\"_ _1\"></span>obligaciones <span class=\"_ _1\"></span>posibles c<span class=\"_ _1\"></span>on <span class=\"_ _1\"></span>terceras <span class=\"_ _1\"></span>partes <span class=\"_ _1\"></span>y obligaciones <span class=\"_ _1\"></span>existentes <span class=\"_ _1\"></span>que<span class=\"_ _1be\"> </span>no son recono<span class=\"_ _2\"></span>cidas bien po<span class=\"_ _2\"></span>rque no es pro<span class=\"_ _2\"></span>bable que se<span class=\"_ _2\"></span> prod<span class=\"_ _2\"></span>uzca una s<span class=\"_ _2\"></span>alida de flujos eco<span class=\"_ _2\"></span>n\u00f3micos requerida<span class=\"_ _1be\"> </span>para <span class=\"_ _c0\"></span>cancelar <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>icha <span class=\"_ _c0\"></span>obligaci\u00f3n, <span class=\"_ _c0\"></span>o <span class=\"_ _c0\"></span>bien <span class=\"_ _c0\"></span>porq<span class=\"_ _2\"></span>ue <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>importe <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>salida <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>flujos <span class=\"_ _c0\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>uede <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>er <span class=\"_ _c0\"></span>estimado <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>forma fiable.<span class=\"_ _1be\"> </span>Los <span class=\"_ _2\"></span>pasivos <span class=\"_ _2\"></span>contingentes <span class=\"_ _2\"></span>no se recon<span class=\"_ _2\"></span>ocen <span class=\"_ _2\"></span>en las <span class=\"_ _2\"></span>cuentas <span class=\"_ _2\"></span>anu<span class=\"_ _2\"></span>ales, s<span class=\"_ _2\"></span>ino qu<span class=\"_ _2\"></span>e se in<span class=\"_ _2\"></span>forma sobre <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>mismos en<span class=\"_ _2\"></span> la memoria, en la medida en <span class=\"_ _2\"></span>que no s<span class=\"_ _2\"></span>ean considerad<span class=\"_ _2\"></span>os como remotos.<span class=\"_ _2\"></span> Indemnizac<span class=\"_ _2\"></span>iones por cese<span class=\"_ _1be\"> </span>De <span class=\"_ _c0\"></span>acu<span class=\"_ _2\"></span>erdo <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>reglamentaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>laboral <span class=\"_ _0\"></span>vigente, <span class=\"_ _0\"></span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _c0\"></span>est\u00e1<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>obl<span class=\"_ _2\"></span>igado <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>pago <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>indemnizaciones <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span>los<span class=\"_ _1be\"> </span>empleados <span class=\"_ _bd\"> </span>con <span class=\"_ _d9\"> </span>los <span class=\"_ _bd\"> </span>que, <span class=\"_ _d9\"> </span>bajo <span class=\"_ _bd\"> </span>determinadas <span class=\"_ _bd\"> </span>condiciones, <span class=\"_ _d9\"> </span>rescinda <span class=\"_ _bd\"> </span>sus <span class=\"_ _bd\"> </span>relaciones <span class=\"_ _d9\"> </span>laborales. <span class=\"_ _bd\"> </span>Las<span class=\"_ _1be\"> </span>indemnizaciones <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>cese <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>reconocen <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>fecha <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>existe <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>plan <span class=\"_ _4\"></span>formal <span class=\"_ _4\"></span>detallado <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>llevar <span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>cabo <span class=\"_ _c2\"> </span>la  restructuraci\u00f3n <span class=\"_ _c2\"> </span>y  se<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span>h<span class=\"_ _2\"></span>a <span class=\"_ _c2\"> </span>generado <span class=\"_ _c5\"> </span>una <span class=\"_ _c2\"> </span>expectativ<span class=\"_ _2\"></span>a <span class=\"_ _c2\"> </span>v\u00e1lid<span class=\"_ _2\"></span>a <span class=\"_ _c2\"> </span>entre <span class=\"_ _c5\"> </span>el <span class=\"_ _c2\"> </span>personal  afe<span class=\"_ _1\"></span>ctado <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>que <span class=\"_ _c5\"> </span>la<span class=\"_ _1be\"> </span>reestructuraci\u00f3n <span class=\"_ _c3\"></span>se <span class=\"_ _0\"></span>va <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span>llevar <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>cabo<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span> <span class=\"_ _c3\"></span>No <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>dispon<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>provis<span class=\"_ _2\"></span>iones <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>este <span class=\"_ _c3\"></span>concepto <span class=\"_ _0\"></span>al <span class=\"_ _c3\"></span>cierre <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>los<span class=\"_ _1be\"> </span>ejercicios <span class=\"ls11\">2022</span> <span class=\"ls23\">y <span class=\"ls11\">2021</span></span>.<span class=\"_ _2\"></span> Procedimientos ju<span class=\"_ _2\"></span>diciales y/o reclamacion<span class=\"_ _2\"></span>es e<span class=\"_ _2\"></span>n curso<span class=\"_ _1be\"> </span>Al  cie<span class=\"_ _1\"></span>rre  de  los <span class=\"_ _c5\"> </span>ejercicios  2022  <span class=\"ls23\">y <span class=\"_ _c2\"> </span></span>20<span class=\"_ _2\"></span>21  se  encontraban  en <span class=\"_ _c2\"> </span>curs<span class=\"_ _2\"></span>o  distintos  procedimientos  judiciales <span class=\"_ _c5\"> </span>y<span class=\"_ _1be\"> </span>reclamaciones <span class=\"_ _c7\"> </span>entab<span class=\"_ _2\"></span>lados <span class=\"_ _c7\"> </span>contra <span class=\"_ _c4\"> </span>ENCE <span class=\"_ _c7\"> </span>con <span class=\"_ _c7\"> </span>origen <span class=\"_ _c4\"> </span>en <span class=\"_ _c7\"> </span>el <span class=\"_ _c7\"> </span>desarrollo <span class=\"_ _c4\"> </span>habitual <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>sus <span class=\"_ _c7\"> </span>actividades. <span class=\"_ _c4\"> </span>Los<span class=\"_ _1be\"> </span>Administradores,  considerando  la <span class=\"_ _c2\"> </span>opini\u00f3n  de <span class=\"_ _c2\"> </span>los<span class=\"_ _4\"></span> <span class=\"_ _c5\"> </span>asesores  legales, <span class=\"_ _c2\"> </span>esti<span class=\"_ _2\"></span>man <span class=\"_ _c5\"> </span>que <span class=\"_ _c5\"> </span>la  conclusi\u00f3n  de <span class=\"_ _c2\"> </span>estos<span class=\"_ _1be\"> </span>procedimientos <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>reclamaciones <span class=\"_ _c0\"></span>no <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>ducir\u00e1 <span class=\"_ _c0\"></span>un <span class=\"_ _4\"></span>efecto <span class=\"_ _c0\"></span>significativo <span class=\"_ _c0\"></span>adicional <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>los <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>recogidos <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>esto<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>estados finan<span class=\"_ _2\"></span>cieros.<span class=\"_ _1be\"> </span>3.13<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Prestaciones Post empleo <span class=\"_ _1\"></span>y otros beneficios so<span class=\"_ _1\"></span>ciales<span class=\"_ _1be\"> </span></span></span>Determinadas  sociedades  del  Grupo  tienen <span class=\"_ _c2\"> </span>esta<span class=\"_ _2\"></span>blecido  un  compromiso  de <span class=\"_ _c5\"> </span>aportaci\u00f3n  definida  con <span class=\"_ _c5\"> </span>el<span class=\"_ _1be\"> </span>personal <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>permanece <span class=\"_ _c5\"> </span>en <span class=\"_ _c2\"> </span>activo <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>cierre <span class=\"_ _c2\"> </span>del <span class=\"_ _c2\"> </span>ejer<span class=\"_ _2\"></span>cicio, <span class=\"_ _c2\"> </span>cons<span class=\"_ _2\"></span>istente <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>aportaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>parte <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>la<span class=\"_ _1be\"> </span>Sociedad y del trab<span class=\"_ _2\"></span>ajador de <span class=\"_ _2\"></span>un porcentaje p<span class=\"_ _2\"></span>reestablecido del su<span class=\"_ _2\"></span>eldo pensionab<span class=\"_ _4\"></span><span class=\"ff6\">le al \u201cPla<span class=\"_ _2\"></span>n de pens<span class=\"_ _2\"></span>iones de<span class=\"_ _1be\"> </span></span>Promoci\u00f3n <span class=\"_ _4\"></span>Conju<span class=\"_ _2\"></span>nta\u201d <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>Grupo <span class=\"_ _4\"></span>ENCE <span class=\"_ _4\"></span>promovido <span class=\"_ _4\"></span>al <span class=\"_ _c0\"></span>amparo <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>art\u00edculo <span class=\"_ _c0\"></span>40 <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>) <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Reglamento <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>Planes <span class=\"_ _4\"></span>y<span class=\"_ _1be\"> </span>Fondos <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>Pensiones<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(ap<span class=\"_ _2\"></span>ortaci\u00f3n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>efinida). <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>ste <span class=\"_ _4\"></span>plan <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>pensiones <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>encuentra <span class=\"_ _4\"></span>integr<span class=\"_ _2\"></span>ado <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>fondo <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>Pensiones <span class=\"_ _0\"></span>SERVIREN<span class=\"_ _2\"></span>TA <span class=\"_ _0\"></span>II <span class=\"_ _0\"></span>F.P. <span class=\"_ _0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>da <span class=\"_ _0\"></span>cobertura <span class=\"_ _0\"></span>tan<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>las <span class=\"_ _0\"></span>prestaciones <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>jubilaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>como <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>riesgos <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>or<span class=\"_ _1be\"> </span>invalidez y <span class=\"_ _1\"></span>fallecimiento de <span class=\"_ _1\"></span>los part\u00edcipes. El <span class=\"_ _1\"></span>Grupo <span class=\"_ _1\"></span>no tiene <span class=\"_ _1\"></span>compromisos <span class=\"_ _1\"></span>de prestaci\u00f3n d<span class=\"_ _1\"></span>efinida re<span class=\"_ _1\"></span>levantes.<span class=\"_ _2\"></span> Con car\u00e1cter <span class=\"_ _2\"></span>general, <span class=\"_ _2\"></span>y en <span class=\"_ _2\"></span>relaci\u00f3n <span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> componente <span class=\"_ _2\"></span>de ah<span class=\"_ _2\"></span>orro, el <span class=\"_ _2\"></span>beneficiario <span class=\"_ _2\"></span>aporta <span class=\"_ _2\"></span>el 1% <span class=\"_ _2\"></span>de su<span class=\"_ _2\"></span> retribuci\u00f3n<span class=\"_ _1be\"> </span>fija y ENCE ap<span class=\"_ _2\"></span>orta el 5,25% de \u00e9sta<span class=\"_ _2\"></span>. Por su p<span class=\"_ _2\"></span>arte, el componente de riesgo, qu<span class=\"_ _2\"></span>e se materializa <span class=\"_ _2\"></span>en una p\u00f3liza<span class=\"_ _1be\"> </span>de <span class=\"_ _c0\"></span>seguro <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>vida <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>accid<span class=\"_ _2\"></span>entes, <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>financia <span class=\"_ _c0\"></span>al <span class=\"_ _c0\"></span>50% <span class=\"_ _c0\"></span>entre <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>partes. <span class=\"_ _c0\"></span>Las <span class=\"_ _c0\"></span>con<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>ingencias <span class=\"_ _c0\"></span>cubiertas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>dicha<span class=\"_ _1be\"> </span>p\u00f3liza <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>on <span class=\"_ _c3\"> </span>las <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>iguientes: <span class=\"_ _c3\"> </span>jubilaci\u00f3n, <span class=\"_ _c2\"> </span>invalidez <span class=\"_ _c2\"> </span>permanente <span class=\"_ _c2\"> </span>total, <span class=\"_ _c2\"> </span>incapacidad <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>ermanente <span class=\"_ _c3\"> </span>abs<span class=\"_ _2\"></span>oluta, <span class=\"_ _c3\"> </span>y  el<span class=\"_ _1be\"> </span>fallecimiento. <span class=\"_ _2\"></span>El capita<span class=\"_ _2\"></span>l asegu<span class=\"_ _2\"></span>rado <span class=\"_ _2\"></span>equivale a <span class=\"_ _2\"></span>35 <span class=\"_ _2\"></span>mensualid<span class=\"_ _2\"></span>ades d<span class=\"_ _2\"></span>e la <span class=\"_ _2\"></span>retribuci\u00f3n <span class=\"_ _2\"></span>fija, o <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l dob<span class=\"_ _2\"></span>le en <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>que las con<span class=\"_ _2\"></span>tingencias sean d<span class=\"_ _2\"></span>erivadas de accidente.<span class=\"_ _2\"></span> Para determinados directivos del <span class=\"_ _1\"></span>Grupo, <span class=\"_ _1\"></span>entre los que <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>incluye al Presidente y a <span class=\"_ _1\"></span>la alta <span class=\"_ _1\"></span>direcci\u00f3n, existe un<span class=\"_ _1be\"> </span>sistema <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>previs<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _c0\"></span>social, <span class=\"_ _0\"></span>complementario <span class=\"_ _0\"></span>al <span class=\"_ _c0\"></span>plan <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>pens<span class=\"_ _2\"></span>iones <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>empl<span class=\"_ _2\"></span>eo, <span class=\"_ _c0\"></span>instrumen<span class=\"_ _2\"></span>tado <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>tra<span class=\"_ _2\"></span>v\u00e9s <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>se<span class=\"ls0_1\">guros colectivos, destin<span class=\"_ _2\"></span>ado a cubrir tanto la jubilaci\u00f3n como los riesgos<span class=\"_ _2\"></span> de invalidez y fallecimiento de los<span class=\"_ _1be\"> </span></span>asegurados. Las <span class=\"_ _4\"></span>contribucion<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>planes <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>prestaci\u00f3n <span class=\"_ _4\"></span>post <span class=\"_ _4\"></span>empleo <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>ap<span class=\"_ _2\"></span>ortaci\u00f3n <span class=\"_ _4\"></span>definida <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>registra<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>gasto<span class=\"_ _1be\"> </span>en el ep\u00edgrafe \u201cGastos<span class=\"_ _2\"></span> de person<span class=\"_ _2\"></span>al\u201d del Estad<span class=\"_ _2\"></span>o de Resultado consolidad<span class=\"_ _2\"></span>o de acuerdo a su devengo. <span class=\"_ _4\"></span><span class=\"ff4\"> </span>Por <span class=\"_ _0\"></span>otra <span class=\"_ _0\"></span>parte, <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>colectivo <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>an<span class=\"_ _2\"></span>tiguos <span class=\"_ _0\"></span>trabaj<span class=\"_ _2\"></span>adores <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>filial <span class=\"_ _0\"></span>Celulos<span class=\"_ _2\"></span>as <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>Asturias<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>S.A. <span class=\"_ _0\"></span>mantiene <span class=\"_ _0\"></span>un<span class=\"_ _1be\"> </span>beneficio consis<span class=\"_ _2\"></span>tente en <span class=\"_ _2\"></span>un seguro <span class=\"_ _2\"></span>de vid<span class=\"_ _2\"></span>a e <span class=\"_ _2\"></span>incapacidad. Este <span class=\"_ _4\"></span>compromiso <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>externaliz\u00f3 en <span class=\"_ _2\"></span>2014 a <span class=\"_ _2\"></span>trav\u00e9s<span class=\"_ _1be\"> </span>de una compa\u00f1\u00eda <span class=\"_ _2\"></span>de seguros.<span class=\"_ _1be\"> </span>Planes de ince<span class=\"_ _2\"></span>ntivos a largo plazo<span class=\"_ _2\"></span> El <span class=\"_ _4\"></span>Grupo <span class=\"_ _c0\"></span>valora <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>compromiso<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>empleados <span class=\"_ _c0\"></span>relacionados <span class=\"_ _c0\"></span>con <span class=\"_ _4\"></span>pagos <span class=\"_ _4\"></span>basad<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>acciones <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>ENCE <span class=\"_ _4\"></span>al<span class=\"_ _1be\"> </span>valor estimado d<span class=\"_ _2\"></span>el compromiso en cad<span class=\"_ _2\"></span>a fecha de val<span class=\"_ _2\"></span>oraci\u00f3n.<span class=\"_ _1be\"> </span>Estos <span class=\"_ _c0\"></span>compromisos <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>registran <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>ep\u00edgraf<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>\u201cGastos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>person<span class=\"_ _2\"></span>al\u201d <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>stado <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>Resu<span class=\"_ _2\"></span>ltado <span class=\"_ _4\"></span>cons<span class=\"_ _2\"></span>olidado<span class=\"_ _1be\"> </span>linealmente <span class=\"_ _c3\"> </span>du<span class=\"_ _2\"></span>rante <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>per\u00edodo <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>devengo <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c3\"> </span>Plan <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>Incentivos,<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>su<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>contrapartid<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>ser\u00e1 <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>istinta <span class=\"_ _c3\"> </span>en<span class=\"_ _1be\"> </span>funci\u00f3n d<span class=\"_ _2\"></span>el modo <span class=\"_ _2\"></span>de liquidaci<span class=\"_ _2\"></span>\u00f3n. <span class=\"_ _2\"></span>En el <span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de compromisos<span class=\"_ _2\"></span> que <span class=\"_ _2\"></span>se liqu<span class=\"_ _2\"></span>idan <span class=\"_ _2\"></span>en acciones d<span class=\"_ _2\"></span>e ENCE, <span class=\"_ _2\"></span>el gas<span class=\"_ _2\"></span>to<span class=\"_ _1be\"> </span>devengado <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>reconocer\u00e1 <span class=\"_ _4\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _4\"></span>ep\u00edgrafe <span class=\"_ _c0\"></span>\u201cPatrimonio <span class=\"_ _c0\"></span>neto <span class=\"_ _c3\"></span>\u2013<span class=\"ff4\"> <span class=\"_ _4\"></span></span>Otros <span class=\"_ _c0\"></span>instru<span class=\"_ _2\"></span>mentos <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>atrimonio <span class=\"_ _4\"></span>neto\u201d <span class=\"_ _c0\"></span>del<span class=\"_ _1be\"> </span>Estado <span class=\"_ _cc\"> </span>de <span class=\"_ _cc\"> </span>Situaci\u00f3n <span class=\"_ _cc\"> </span>Finan<span class=\"_ _2\"></span>ciera <span class=\"_ _cc\"> </span>consolidado, <span class=\"_ _cc\"> </span>teniendo <span class=\"_ _ca\"> </span>en <span class=\"_ _cc\"> </span>consideraci\u00f3n <span class=\"_ _cc\"> </span>el <span class=\"_ _cc\"> </span>valor <span class=\"_ _cc\"> </span>r<span class=\"_ _2\"></span>azonable <span class=\"_ _cc\"> </span>de <span class=\"_ _c8\"> </span>los<span class=\"_ _1be\"> </span>instrumentos <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>atrimonio <span class=\"_ _c0\"></span>en <span class=\"_ _c3\"></span>la <span class=\"_ _c0\"></span>fecha <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>cesi\u00f3n. <span class=\"_ _0\"></span>Por <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>parte, <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>pas<span class=\"_ _2\"></span>ivo <span class=\"_ _0\"></span>devengado <span class=\"_ _0\"></span>asociado <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>los<span class=\"_ _1be\"> </span>compromisos <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>liquid<span class=\"_ _2\"></span>an en <span class=\"_ _2\"></span>efectivo <span class=\"_ _2\"></span><span class=\"ff6\">s<span class=\"_ _2\"></span>e recono<span class=\"_ _2\"></span>cer\u00e1 con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>abono<span class=\"_ _2\"></span> al <span class=\"_ _2\"></span>ep\u00edgrafe <span class=\"_ _2\"></span>\u201cProvisiones\u201d <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el pas<span class=\"_ _2\"></span>ivo <span class=\"_ _2\"></span>del<span class=\"_ _1be\"> </span></span>Estado de Situaci\u00f3n Fin<span class=\"_ _2\"></span>anciera con<span class=\"_ _2\"></span>solidado.<span class=\"_ _2\"></span> Las <span class=\"_ _0\"></span>es<span class=\"_ _2\"></span>timaciones <span class=\"_ _0\"></span>realizadas<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>para <span class=\"_ _c3\"></span>valorar <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>compromiso <span class=\"_ _0\"></span>asumido <span class=\"_ _c3\"></span>con <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ersonal <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>on <span class=\"_ _0\"></span>revisadas <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>cada<span class=\"_ _1be\"> </span>cierre contable, y el <span class=\"_ _1\"></span>impacto de las variaciones <span class=\"_ _1\"></span>se registra en <span class=\"_ _1\"></span>el ep\u00edgrafe <span class=\"_ _1\"></span>\u201cGastos de personal\u201d del Estado de<span class=\"_ _1be\"> </span>Resultado con<span class=\"_ _2\"></span>solidado<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>3.14<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Reconocimiento de in<span class=\"_ _1\"></span>gresos y gastos<span class=\"_ _1be\"> </span></span></span>Los \u201cIngresos<span class=\"_ _2\"></span> ordinarios\u201d representan los<span class=\"_ _2\"></span> importes a cobrar por los<span class=\"_ _2\"></span> bienes entregados<span class=\"_ _2\"></span> y servicios prestados<span class=\"_ _1be\"> </span>en el <span class=\"_ _1\"></span>marco <span class=\"_ _1\"></span>ordinario de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>actividad, <span class=\"_ _1\"></span>netos <span class=\"_ _1\"></span>de devoluciones <span class=\"_ _1\"></span>y descuentos, <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>cantidades recibidas <span class=\"_ _1\"></span>por cuent<span class=\"_ _1\"></span>a<span class=\"_ _1be\"> </span>de <span class=\"_ _4\"></span>terceros, <span class=\"_ _c0\"></span>tales <span class=\"_ _4\"></span>como<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>impues<span class=\"_ _2\"></span>to <span class=\"_ _4\"></span>sobre <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>valor <span class=\"_ _4\"></span>a\u00f1<span class=\"_ _2\"></span>adido. <span class=\"_ _4\"></span>Lo<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>ingresos <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>reconoc<span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>cu<span class=\"_ _2\"></span>ando <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>pueden<span class=\"_ _1be\"> </span>medir con fiabilidad y es <span class=\"_ _1\"></span>probable que ENCE recibir\u00e1 los beneficios econ\u00f3micos asociados a la transacci\u00f3n, y<span class=\"_ _1be\"> </span>se valoran p<span class=\"_ _2\"></span>or el valor razonable de la contrap<span class=\"_ _2\"></span>restaci\u00f3n recibida <span class=\"_ _2\"></span>o a<span class=\"_ _2\"></span> recibir.<span class=\"_ _1be\"> </span>En este sentido, los ingresos procedentes de la venta de bienes se reconocen cuando se trans<span class=\"_ _2\"></span>fiere al cliente<span class=\"_ _1be\"> </span>el <span class=\"_ _c3\"> </span>con<span class=\"_ _2\"></span>trol <span class=\"_ _c2\"> </span>sobre <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>mismos<span class=\"_ _2\"></span>, <span class=\"_ _c2\"> </span>momento <span class=\"_ _c5\"> </span>que <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>venta <span class=\"_ _c5\"> </span>de <span class=\"_ _c3\"> </span>celulos<span class=\"_ _2\"></span>a <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>determina  e<span class=\"_ _1\"></span>n <span class=\"_ _c2\"> </span>base <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>incot<span class=\"_ _2\"></span>erm<span class=\"_ _1be\"> </span>(t\u00e9rminos <span class=\"_ _c2\"> </span>internacionales <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>comercio) <span class=\"_ _c5\"> </span>aplicado <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>cada <span class=\"_ _c5\"> </span>transacci\u00f3n, <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>en <span class=\"_ _c5\"> </span>la <span class=\"_ _c3\"> </span>venta <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>madera <span class=\"_ _c2\"> </span>coin<span class=\"_ _2\"></span>cide<span class=\"_ _1be\"> </span>normalmente <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>entrega <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>instalaciones <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>cliente. <span class=\"_ _4\"></span>La<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>obligaciones <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>ENCE <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>sus <span class=\"_ _c0\"></span>clientes <span class=\"_ _4\"></span>se<span class=\"_ _1be\"> </span>completan <span class=\"_ _c6\"> </span>en <span class=\"_ _c6\"> </span>el <span class=\"_ _c6\"> </span>momento <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>la <span class=\"_ _c6\"> </span>entrega <span class=\"_ _c6\"> </span>del <span class=\"_ _c6\"> </span>bien, <span class=\"_ _c6\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>las <span class=\"_ _c6\"> </span>devolu<span class=\"_ _2\"></span>ciones  p<span class=\"_ _2\"></span>or <span class=\"_ _c6\"> </span>parte  d<span class=\"_ _2\"></span>e  los<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>clien<span class=\"_ _2\"></span>tes <span class=\"_ _c6\"> </span>son<span class=\"_ _1be\"> </span>excepcionales.<span class=\"_ _1be\"> </span>Por <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>parte, <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>ingresos <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>ociados <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>generaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _2\"></span>incluy<span class=\"_ _2\"></span>en la <span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>rifa <span class=\"_ _2\"></span>percibida <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>mercado, <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>\u00ed<span class=\"_ _1be\"> </span>como <span class=\"_ _0\"></span>las <span class=\"_ _0\"></span>primas <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>generaci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>energ\u00eda <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>partir <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>fuentes <span class=\"_ _0\"></span>renovab<span class=\"_ _2\"></span>les <span class=\"_ _0\"></span>legalmente <span class=\"_ _c0\"></span>reconocida<span class=\"_ _2\"></span>s, <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>se<span class=\"_ _1be\"> </span>reconocen en el momento de su generaci\u00f3n y entrega <span class=\"_ _1\"></span>al sistema el\u00e9ctrico por el importe <span class=\"_ _1\"></span>bruto<span class=\"_ _2\"></span> de venta, e<span class=\"_ _1\"></span>n<span class=\"_ _1be\"> </span>la medida en que se act\u00fa<span class=\"_ _2\"></span>a como principal.<span class=\"_ _2\"></span> Los in<span class=\"_ _2\"></span>gresos asociad<span class=\"_ _2\"></span>os a <span class=\"_ _2\"></span>la prestaci\u00f3n d<span class=\"_ _2\"></span>e servicios, <span class=\"_ _2\"></span>poco relevantes<span class=\"_ _2\"></span> en <span class=\"_ _2\"></span>ENCE, se <span class=\"_ _2\"></span>reconocen con<span class=\"_ _2\"></span>siderando el<span class=\"_ _1be\"> </span>grado <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>realizaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>prestaci\u00f3n <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>fecha <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>cierre <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>estados <span class=\"_ _c0\"></span>finan<span class=\"_ _2\"></span>cieros, <span class=\"_ _c0\"></span>siempre <span class=\"_ _4\"></span>y <span class=\"_ _0\"></span>cuando <span class=\"_ _c0\"></span>el<span class=\"_ _1be\"> </span>resultado de la t<span class=\"_ _2\"></span>ransacci\u00f3n pueda ser estimado co<span class=\"_ _2\"></span>n fiabilidad. <span class=\"_ _2\"></span> Los in<span class=\"_ _2\"></span>gresos por <span class=\"_ _2\"></span>intereses se <span class=\"_ _2\"></span>reconocen siguiendo <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>criterio financiero, <span class=\"_ _2\"></span>en fun<span class=\"_ _2\"></span>ci\u00f3n del <span class=\"_ _2\"></span>principal pendie<span class=\"_ _4\"></span>nte<span class=\"_ _1be\"> </span>de pago, el plazo h<span class=\"_ _2\"></span>asta el vencimiento, y<span class=\"_ _2\"></span> el tipo de inter\u00e9s efectivo<span class=\"_ _2\"></span> aplicable. <span class=\"_ _2\"></span> Los <span class=\"_ _4\"></span>ingresos <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>dividendos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>procedentes <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>inversiones <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>registran <span class=\"_ _4\"></span>cuan<span class=\"_ _2\"></span>do <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>reconocen <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>derecho <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>su<span class=\"_ _2\"></span> percepci\u00f3n.<span class=\"_ _1be\"> </span>Los <span class=\"_ _0\"></span>gastos<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>se <span class=\"_ _0\"></span>reconocen <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>Estado <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>Resu<span class=\"_ _2\"></span>ltado <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>olida<span class=\"_ _2\"></span>do <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>acuerdo <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _0\"></span>devengo. <span class=\"_ _0\"></span>Asimismo, <span class=\"_ _0\"></span>se<span class=\"_ _2\"></span> reconoce un gasto d<span class=\"_ _2\"></span>e forma inmediata cuan<span class=\"_ _2\"></span>do no <span class=\"_ _2\"></span>se p<span class=\"_ _2\"></span>rev\u00e9 que genere beneficios econ<span class=\"_ _2\"></span>\u00f3micos futuros.<span class=\"_ _1be\"> </span>Ingresos por ventas de<span class=\"_ _2\"></span> energ\u00eda<span class=\"_ _2\"></span> De acu<span class=\"_ _2\"></span>erdo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>estab<span class=\"_ _2\"></span>lecido <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>RD <span class=\"_ _2\"></span>413/201<span class=\"_ _2\"></span>4, <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>instalacion<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>generaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _2\"></span>renovab<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>en<span class=\"_ _1be\"> </span>Espa\u00f1a reciben determinados <span class=\"_ _1\"></span>incentivos, estableciendo que, <span class=\"_ _1\"></span>adicionalmente a <span class=\"_ _1\"></span>la retribuci\u00f3n por la <span class=\"_ _1\"></span>venta de<span class=\"_ _1\"></span> energ\u00eda generada valorada a precio de mercado, las instalaciones podr\u00e1n<span class=\"_ _2\"></span> percibir una retribuci\u00f3n espec\u00edfica<span class=\"_ _1be\"> </span>compuesta por un <span class=\"_ _1\"></span>t\u00e9rmino <span class=\"_ _1\"></span>por unidad <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>potencia (retribuci\u00f3n <span class=\"_ _1\"></span>a la <span class=\"_ _1\"></span>inversi\u00f3n) que <span class=\"_ _1\"></span>cubra c<span class=\"_ _1\"></span>uando proceda lo<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span>costes de invers<span class=\"_ _2\"></span>i\u00f3n de una in<span class=\"_ _2\"></span>stalaci\u00f3n tipo (IT) que no<span class=\"_ _2\"></span> pueden s<span class=\"_ _2\"></span>er recuperados por <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>ven<span class=\"_ _2\"></span>ta de energ\u00eda<span class=\"_ _2\"></span> y un<span class=\"_ _1be\"> </span>t\u00e9rmino <span class=\"_ _c3\"></span>a <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>operaci\u00f3n <span class=\"_ _c3\"> </span>(retribu<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"></span>operaci\u00f3n) <span class=\"_ _c3\"> </span>que <span class=\"_ _c3\"> </span>cubra <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>su <span class=\"_ _c3\"> </span>caso, <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>diferencia <span class=\"_ _c3\"> </span>entre <span class=\"_ _c3\"> </span>cos<span class=\"_ _2\"></span>tes <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span>explotaci\u00f3n y <span class=\"_ _1\"></span>los ingresos <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>participaci\u00f3n en <span class=\"_ _1\"></span>el m<span class=\"_ _1\"></span>ercado de <span class=\"_ _1\"></span>dicha in<span class=\"_ _1\"></span>stalaci\u00f3n. El <span class=\"_ _1\"></span>RD e<span class=\"_ _1\"></span>stablece, asimismo,<span class=\"_ _1be\"> </span>que mediante orden ministeri<span class=\"_ _2\"></span>al se actualizar\u00e1n determinados par\u00e1metros retributivo<span class=\"_ _2\"></span>s en cada semiper\u00edodo<span class=\"_ _1be\"> </span>regulatorio. Entre <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>aspectos <span class=\"_ _4\"></span>desarro<span class=\"_ _2\"></span>llados <span class=\"_ _c0\"></span>por <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>mencionado <span class=\"_ _c0\"></span>Real <span class=\"_ _c0\"></span>Decreto, <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>esta<span class=\"_ _2\"></span>blece <span class=\"_ _4\"></span>que <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>diferencias <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>se<span class=\"_ _1be\"> </span>producen <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"></span>cada <span class=\"_ _0\"></span>ejercicio, <span class=\"_ _c3\"></span>entre <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>ingresos <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>enta <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>energ\u00eda <span class=\"_ _c3\"> </span>al <span class=\"_ _c3\"> </span>precio <span class=\"_ _c3\"></span>estimado, <span class=\"_ _c3\"></span>estimaci\u00f3n <span class=\"_ _c3\"></span>que<span class=\"_ _1be\"> </span>determina <span class=\"_ _2\"></span>el regulado<span class=\"_ _2\"></span>r al <span class=\"_ _2\"></span>inicio<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>cada s<span class=\"_ _2\"></span>emiper\u00edodo <span class=\"_ _2\"></span>regulato<span class=\"_ _2\"></span>rio trianu<span class=\"_ _2\"></span>al, y <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>ingresos <span class=\"_ _2\"></span>por v<span class=\"_ _2\"></span>enta al <span class=\"_ _2\"></span>precio<span class=\"_ _1be\"> </span>medio real <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>ercado <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>dicho <span class=\"_ _2\"></span>ejercicio, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>regularizan <span class=\"_ _2\"></span>en<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>retribuci\u00f3n <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>obtener <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>ejercic<span class=\"_ _2\"></span>ios <span class=\"_ _2\"></span>futu<span class=\"_ _2\"></span>ros <span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>trav\u00e9s <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>aj<span class=\"_ _2\"></span>uste <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>\u201cretribuci\u00f3n <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>versi\u00f3n\u201d. <span class=\"_ _0\"></span>Dicha <span class=\"_ _0\"></span>diferencia <span class=\"_ _0\"></span>deno<span class=\"_ _2\"></span>minada <span class=\"_ _0\"></span>\u201cValor <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>aju<span class=\"_ _2\"></span>ste <span class=\"_ _0\"></span>por<span class=\"_ _1be\"> </span>desviaciones <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>precio <span class=\"_ _bb\"></span>del <span class=\"_ _1\"></span>mercado- <span class=\"_ _1\"></span>Vajdm<span class=\"ff6\">\u201d <span class=\"_ _bb\"></span>vien<span class=\"_ _2\"></span>e <span class=\"_ _bb\"></span>re<span class=\"_ _2\"></span>gulada <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>art\u00edculo <span class=\"_ _bb\"></span>22 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>dicho <span class=\"_ _bb\"></span>Real <span class=\"_ _1\"></span>Decreto <span class=\"_ _bb\"></span>(v<span class=\"_ _2\"></span>\u00e9anse<span class=\"_ _1be\"> </span></span>Nota 10 y Anexo III).<span class=\"_ _2\"></span> El  tratamiento  contable  aplicado<span class=\"_ _2\"></span>  por  ENCE  al  Vajdm  qued\u00f3  recogido  en  el  <span class=\"ff6\">docu<span class=\"_ _2\"></span>mento  \u201cCriterio  para<span class=\"_ _1be\"> </span></span>contabilizar <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>\u201cValor<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ajus<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>desviacion<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el p<span class=\"_ _2\"></span>recio <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>mercado\u201d<span class=\"_ _2\"></span> (<span class=\"_ _c0\"></span><span class=\"ff4\">Vajdm), <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>acuerdo <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>el<span class=\"_ _1be\"> </span></span>art\u00edculo 22 del real decreto 41<span class=\"_ _2\"></span>3/2014\u201d publicad<span class=\"_ _2\"></span>o por la C<span class=\"_ _2\"></span><span class=\"ff4\">NMV el 22 de octub<span class=\"_ _2\"></span>re de 2021<span class=\"_ _2\"></span>: </span>\u2022<span class=\"ff2\"> <span class=\"_ _b2\"> </span><span class=\"ff4 fc0_1\">Con <span class=\"_ _2\"></span>car\u00e1cter general <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>reconoce <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>Estado <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Situaci\u00f3n Financiera <span class=\"_ _2\"></span>cada <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>de las <span class=\"_ _2\"></span>desviaciones del<span class=\"_ _1be\"> </span></span></span>mercado, pos<span class=\"_ _2\"></span>itivas y <span class=\"_ _2\"></span>negativas <span class=\"_ _2\"></span>que surgen <span class=\"_ _2\"></span>al amparo <span class=\"_ _2\"></span>del RD 413/20<span class=\"_ _2\"></span>14 con <span class=\"_ _2\"></span>contrapartida <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>importe<span class=\"_ _1be\"> </span>neto de la cifra de negocios<span class=\"_ _2\"></span>. En este sentido, l<span class=\"_ _2\"></span>os ajustes por desviaciones del pool positivos n<span class=\"_ _2\"></span>etos que se vayan generando a lo largo<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span>mismo <span class=\"_ _2\"></span>semiperiodo <span class=\"_ _4\"></span>regulatorio <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>representar\u00e1n <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>incremento <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>retribu<span class=\"_ _2\"></span>ciones <span class=\"_ _2\"></span>futuras<span class=\"_ _1be\"> </span>recibidas de <span class=\"_ _1\"></span>CNMC se <span class=\"_ _1\"></span>registran<span class=\"_ _2\"></span> como <span class=\"_ _1\"></span>un acti<span class=\"ff6\">vo en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>ep\u00edgrafe \u201cOtras inversiones financieras\u201d y <span class=\"_ _1\"></span>como un<span class=\"_ _1be\"> </span></span>mayor ingreso <span class=\"_ _2\"></span>asociad<span class=\"_ _2\"></span>o a <span class=\"_ _2\"></span>la v<span class=\"_ _2\"></span>enta de <span class=\"_ _2\"></span>electricidad. <span class=\"_ _2\"></span>Dicho <span class=\"_ _2\"></span>activo <span class=\"_ _2\"></span>neto, <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>vez finalizad<span class=\"_ _2\"></span>o el <span class=\"_ _2\"></span>semiperiodo<span class=\"_ _1be\"> </span>regulatorio <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>revi<span class=\"_ _2\"></span>erte <span class=\"_ _c0\"></span>reduci<span class=\"_ _2\"></span>endo <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>ingreso <span class=\"_ _c0\"></span>as<span class=\"_ _2\"></span>ociado <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>venta <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>electricidad <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>lo <span class=\"_ _c0\"></span>largo<span class=\"_ _4\"></span> <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>vida<span class=\"_ _1be\"> </span>regulatoria restante de la in<span class=\"_ _2\"></span>stalaci\u00f3n.<span class=\"_ _2\"></span> Por su <span class=\"_ _1\"></span>parte, los ajustes por <span class=\"_ _1\"></span>desviaciones del <span class=\"_ _1\"></span>pool <span class=\"_ _1\"></span>negativos netos que <span class=\"_ _1\"></span>se vayan ge<span class=\"_ _1\"></span>nerando a <span class=\"_ _1\"></span>lo largo <span class=\"_ _1\"></span>de<span class=\"_ _1be\"> </span>un <span class=\"_ _c3\"> </span>mismo <span class=\"_ _c2\"> </span>semiperiod<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>regulat<span class=\"_ _2\"></span>orio <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>representar\u00e1n <span class=\"_ _c2\"> </span>una <span class=\"_ _c2\"> </span>reducci\u00f3n <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>las  retribuciones <span class=\"_ _c2\"> </span>futuras<span class=\"_ _1be\"> </span>recibidas <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>CNMC <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>registr<span class=\"_ _2\"></span>an <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>funci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>venci<span class=\"_ _2\"></span>miento <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>pas<span class=\"_ _2\"></span>ivo <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>ep\u00edgrafes <span class=\"_ _4\"></span>\u201cOtros<span class=\"_ _2\"></span> pasivos <span class=\"_ _c0\"></span>no <span class=\"_ _0\"></span>corrientes\u201d <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>\u201c<span class=\"_ _2\"></span><span class=\"ff4\">Otros<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>pasivos <span class=\"_ _c0\"></span>corrient<span class=\"_ _2\"></span>es</span>\u201d <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>como <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>menor <span class=\"_ _c0\"></span>in<span class=\"_ _2\"></span>greso <span class=\"_ _c0\"></span>asociado <span class=\"_ _0\"></span>a <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>venta <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>electricidad. Dicho <span class=\"_ _1\"></span>pasivo <span class=\"_ _1\"></span>neto, <span class=\"_ _1\"></span>una vez <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>inalizado el <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>emiperiodo <span class=\"_ _1\"></span>regulatorio <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>revierte <span class=\"_ _1\"></span>incrementando<span class=\"_ _2\"></span> el ingreso asociado a<span class=\"_ _2\"></span> la venta de electricidad a<span class=\"_ _2\"></span> lo largo de la vid<span class=\"_ _2\"></span>a regulatoria restante d<span class=\"_ _2\"></span>e la instalaci\u00f3n.<span class=\"_ _4\"></span> \u2022<span class=\"ff2\"> <span class=\"_ _b2\"> </span><span class=\"ff4 fc0_1\">El <span class=\"_ _c2\"> </span>r\u00e9gimen <span class=\"_ _c3\"> </span>retributivo<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>sup<span class=\"_ _2\"></span>one <span class=\"_ _c3\"></span>una <span class=\"_ _c3\"> </span>garant\u00eda <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>rentabilidad<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>m\u00ednima, <span class=\"_ _c2\"> </span>pero <span class=\"_ _c3\"> </span>no <span class=\"_ _c2\"> </span>imp<span class=\"_ _2\"></span>one <span class=\"_ _c3\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>techo <span class=\"_ _c2\"> </span>a <span class=\"_ _c3\"> </span>la<span class=\"_ _1be\"> </span></span></span>rentabilidad <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>btenible <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>ercado, <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _4\"></span>lo <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>aj<span class=\"_ _2\"></span>ustes <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>desv<span class=\"_ _2\"></span>iaciones <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>ool <span class=\"_ _4\"></span>negativos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>tienen<span class=\"_ _1be\"> </span>como l\u00edm<span class=\"_ _1\"></span>ite, para cada <span class=\"_ _1\"></span>instalaci\u00f3n, su Valor <span class=\"_ _1\"></span>Neto <span class=\"_ _1\"></span>del Activo <span class=\"_ _1\"></span><span class=\"ff6\">\u2013<span class=\"ff4\"> VNA <span class=\"_ _1\"></span>(concepto <span class=\"_ _1\"></span>retributivo que re<span class=\"_ _1\"></span>presenta<span class=\"_ _1be\"> </span></span></span>el valor actual de los<span class=\"_ _2\"></span> cobros fu<span class=\"_ _2\"></span>turos en concepto<span class=\"_ _2\"></span> de retribuci\u00f3n a la inv<span class=\"_ _2\"></span>ersi\u00f3n).<span class=\"_ _1be\"> </span>\u2022<span class=\"ff2\"> <span class=\"_ _b2\"> </span><span class=\"ff4 fc0_1\">A <span class=\"_ _4\"></span>ef<span class=\"_ _2\"></span>ectos <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>presentaci\u00f3n <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>stado <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>Situaci\u00f3n <span class=\"_ _c0\"></span>Financiera, <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>sald<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>que <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>han <span class=\"_ _c0\"></span>originado<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el<span class=\"_ _2\"></span> </span></span>semiper\u00edodo <span class=\"_ _c0\"></span>corri<span class=\"_ _2\"></span>ente <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>pr<span class=\"_ _2\"></span>esentar\u00e1n<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>para <span class=\"_ _0\"></span>cada <span class=\"_ _0\"></span>instalaci\u00f3n <span class=\"_ _0\"></span>como <span class=\"_ _0\"></span>un <span class=\"_ _c0\"></span>act<span class=\"_ _2\"></span>ivo <span class=\"_ _c0\"></span>n<span class=\"_ _2\"></span>eto, <span class=\"_ _c0\"></span>si <span class=\"_ _0\"></span>las <span class=\"_ _0\"></span>desviaciones<span class=\"_ _2\"></span> positivas <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>semiperiodo <span class=\"_ _c3\"> </span>sup<span class=\"_ _2\"></span>eran <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>egativas, <span class=\"_ _c3\"></span>o <span class=\"_ _0\"></span>un <span class=\"_ _c3\"></span>pasivo <span class=\"_ _c3\"></span>neto, <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _0\"></span>las <span class=\"_ _c3\"> </span>desviaciones <span class=\"_ _c3\"> </span>negativas<span class=\"_ _1be\"> </span>superan <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>positivas. <span class=\"_ _2\"></span>Po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>refiere a <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>semiper\u00edodos <span class=\"_ _2\"></span>anteriores, <span class=\"_ _4\"></span>igualmente <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>presenta<span class=\"_ _2\"></span>r\u00e1n<span class=\"_ _1be\"> </span>para  cada  instalaci\u00f3n  como <span class=\"_ _c2\"> </span>un  activo  neto <span class=\"_ _c5\"> </span>si  lo<span class=\"_ _1\"></span>s  importes  acumulados  por  desviaciones <span class=\"_ _c5\"> </span>positivas<span class=\"_ _1be\"> </span>correspondientes <span class=\"_ _d9\"> </span>a <span class=\"_ _ca\"> </span>to<span class=\"_ _2\"></span>dos <span class=\"_ _c8\"> </span>los <span class=\"_ _c8\"> </span>s<span class=\"_ _2\"></span>emiper\u00edodos <span class=\"_ _c8\"> </span>anteriores <span class=\"_ _d9\"> </span>superan <span class=\"_ _c8\"> </span>los <span class=\"_ _c8\"> </span>importes<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>acumulados <span class=\"_ _c8\"> </span>p<span class=\"_ _2\"></span>or<span class=\"_ _1be\"> </span>desviaciones  negativas <span class=\"_ _c5\"> </span>correspondientes  igualmente <span class=\"_ _c2\"> </span>a  dichos  semiper\u00edodos <span class=\"_ _c2\"> </span>anteriore<span class=\"_ _2\"></span>s,  o <span class=\"_ _c2\"> </span>como  un<span class=\"_ _1be\"> </span>pasivo n<span class=\"_ _2\"></span>eto en caso contrario. No <span class=\"_ _2\"></span>obstante <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>anterior, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i a <span class=\"_ _4\"></span>lo largo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>vida <span class=\"_ _2\"></span>regulat<span class=\"_ _2\"></span>oria <span class=\"_ _2\"></span>residual <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>activo<span class=\"_ _2\"></span>s, s<span class=\"_ _2\"></span>e consid<span class=\"_ _2\"></span>era, <span class=\"_ _2\"></span>de acu<span class=\"_ _2\"></span>erdo<span class=\"_ _1be\"> </span>con <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>mejor <span class=\"_ _2\"></span>estimaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>evoluci\u00f3n <span class=\"_ _2\"></span>futu<span class=\"_ _2\"></span>ra <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los p<span class=\"_ _2\"></span>recios <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>mercado d<span class=\"_ _2\"></span>e la <span class=\"_ _2\"></span>energ\u00eda<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>otros<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>factores<span class=\"_ _1be\"> </span>cualitativos<span class=\"_ _2\"></span>, <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>ser\u00eda <span class=\"_ _c0\"></span>alt<span class=\"_ _2\"></span>amente <span class=\"_ _c0\"></span>pr<span class=\"_ _2\"></span>obable <span class=\"_ _c0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>obtendr<span class=\"_ _2\"></span>\u00e1n <span class=\"_ _c0\"></span>rentabilidad<span class=\"_ _2\"></span>es <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>mercad<span class=\"_ _2\"></span>o <span class=\"_ _c0\"></span>sup<span class=\"_ _2\"></span>eriores <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>las<span class=\"_ _1be\"> </span>establecidas <span class=\"_ _c4\"> </span>en <span class=\"_ _c4\"> </span>el <span class=\"_ _c4\"> </span>RD <span class=\"_ _c4\"> </span>413/2014 <span class=\"_ _c4\"> </span>y <span class=\"_ _c4\"> </span>q<span class=\"_ _2\"></span>ue, <span class=\"_ _c4\"> </span>por <span class=\"_ _c4\"> </span>lo <span class=\"_ _c7\"> </span>ta<span class=\"_ _2\"></span>nto, <span class=\"_ _c7\"> </span>ab<span class=\"_ _2\"></span>andonar <span class=\"_ _c4\"> </span>el <span class=\"_ _c4\"> </span>r\u00e9gimen <span class=\"_ _c4\"> </span>retributivo<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>no <span class=\"_ _c9\"> </span>tendr\u00eda<span class=\"_ _1be\"> </span>consecuencias <span class=\"_ _c5\"> </span>econ\u00f3micas <span class=\"_ _c2\"> </span>significativ<span class=\"_ _2\"></span>amente <span class=\"_ _c2\"> </span>m\u00e1s<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>advers<span class=\"_ _2\"></span>as <span class=\"_ _c2\"> </span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c2\"> </span>permanecer <span class=\"_ _c2\"> </span>en  dicho <span class=\"_ _c2\"> </span>r\u00e9gimen, <span class=\"_ _c5\"> </span>en<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>es<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>situaci\u00f3n s<span class=\"_ _2\"></span>e reconoce s\u00f3lo el activo asociado a las d<span class=\"_ _2\"></span>esviaciones del pool positivas.<span class=\"_ _4\"></span> Esta situaci\u00f3n se produce<span class=\"_ _1be\"> </span>en <span class=\"_ _c2\"> </span>aq<span class=\"_ _2\"></span>uellas  instalaciones <span class=\"_ _c5\"> </span>tipo <span class=\"_ _c2\"> </span>(IT)  e<span class=\"_ _1\"></span>n  las <span class=\"_ _c2\"> </span>que,  considerando <span class=\"_ _c2\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>prevision<span class=\"_ _2\"></span>es <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>recios <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>mercado,  la<span class=\"_ _1be\"> </span>direcci\u00f3n <span class=\"_ _c2\"> </span>del <span class=\"_ _c2\"> </span>Grupo <span class=\"_ _c2\"> </span>estim<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>la  revisi\u00f3n <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>ar\u00e1metros <span class=\"_ _c2\"> </span>retribu<span class=\"_ _2\"></span>tivos <span class=\"_ _c2\"> </span>correspon<span class=\"_ _2\"></span>diente <span class=\"_ _c3\"> </span>al <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>iguiente<span class=\"_ _1be\"> </span>semiperiodo <span class=\"_ _4\"></span>regulatorio <span class=\"_ _4\"></span>es <span class=\"_ _4\"></span>probable <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>no <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>obtenga <span class=\"_ _4\"></span>retribuci\u00f3n <span class=\"_ _4\"></span>futura <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>regulador, <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>bien, <span class=\"_ _4\"></span>esta <span class=\"_ _4\"></span>ser\u00e1<span class=\"_ _1be\"> </span>poco significativa.<span class=\"_ _2\"></span> 3.15<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Impuesto sobre ben<span class=\"_ _1\"></span>eficios<span class=\"_ _1be\"> </span></span></span>El <span class=\"_ _2\"></span>Grupo <span class=\"_ _2\"></span>tributa <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Impuesto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>sob<span class=\"_ _2\"></span>re Sociedad<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>trav\u00e9s <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>dos <span class=\"_ _2\"></span>Grupos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>consolidaci\u00f3n <span class=\"_ _2\"></span>fiscal <span class=\"_ _2\"></span>regulados<span class=\"_ _2\"></span> en <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>Cap\u00edtulo <span class=\"_ _c0\"></span>VII <span class=\"_ _0\"></span>del <span class=\"_ _c0\"></span>T\u00edtulo <span class=\"_ _c0\"></span>V<span class=\"_ _2\"></span>III <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Texto <span class=\"_ _0\"></span>Refundido <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>Ley <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Impues<span class=\"_ _2\"></span>to <span class=\"_ _c0\"></span>sobre <span class=\"_ _c0\"></span>Soci<span class=\"_ _2\"></span>edades,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>siendo <span class=\"_ _c0\"></span>las<span class=\"_ _1be\"> </span>cabeceras de <span class=\"_ _1\"></span>dichos Grupos Ence <span class=\"_ _1\"></span>Energ\u00eda y <span class=\"_ _1\"></span>Celulosa, S.A. y Magnon Green <span class=\"_ _1\"></span>Energy, S.L. Se <span class=\"_ _1\"></span>integran en <span class=\"_ _1\"></span>dichos<span class=\"_ _1be\"> </span>Grupos <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>filiales <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>est\u00e1n <span class=\"_ _4\"></span>domiciliadas <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>Esp<span class=\"_ _2\"></span>a\u00f1a <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>sobre <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>cabecera <span class=\"_ _2\"></span>tiene <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>participaci\u00f3n <span class=\"_ _4\"></span>en<span class=\"_ _1be\"> </span>su capital s<span class=\"_ _2\"></span>ocial igual o superior al 75%. <span class=\"_ _2\"></span> El <span class=\"_ _c2\"> </span>gasto<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>o <span class=\"_ _c5\"> </span>ingreso <span class=\"_ _c2\"> </span>por  el <span class=\"_ _c3\"> </span>Imp<span class=\"_ _2\"></span>uesto <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>obre <span class=\"_ _c2\"> </span>Sociedades  comprende <span class=\"_ _c3\"> </span>ta<span class=\"_ _2\"></span>nto <span class=\"_ _c2\"> </span>el <span class=\"_ _c5\"> </span>i<span class=\"_ _2\"></span>mpu<span class=\"_ _2\"></span>esto <span class=\"_ _c2\"> </span>corriente<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>co<span class=\"_ _2\"></span>mo <span class=\"_ _c2\"> </span>el<span class=\"_ _2\"></span> impuesto  diferido.  El <span class=\"_ _c6\"> </span>impuesto  sobre  las  ganan<span class=\"_ _2\"></span>cias  corriente  o  diferido  se  reconoce<span class=\"_ _4\"></span>  en  el  Estado <span class=\"_ _c6\"> </span>de<span class=\"_ _1be\"> </span>Resultado <span class=\"_ _2\"></span>consolida<span class=\"_ _2\"></span>do, salvo que <span class=\"_ _2\"></span>surja de <span class=\"_ _2\"></span>una transacci\u00f3n<span class=\"_ _2\"></span> o su<span class=\"_ _2\"></span>ceso<span class=\"_ _2\"></span> econ\u00f3mico <span class=\"_ _2\"></span>que se <span class=\"_ _2\"></span>ha reconocido, <span class=\"_ _2\"></span>en el<span class=\"_ _1be\"> </span>mismo ejercicio o en otro<span class=\"_ _2\"></span> diferente, <span class=\"_ _2\"></span>contra patrimonio<span class=\"_ _2\"></span> neto o d<span class=\"_ _2\"></span>e una combinaci\u00f3n<span class=\"_ _2\"></span> de negocios.<span class=\"_ _2\"></span> Los <span class=\"_ _1\"></span>activos <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>pasivos <span class=\"_ _1\"></span>por <span class=\"_ _bb\"></span>impuesto<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>sobre <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ganancias <span class=\"_ _1\"></span>corriente<span class=\"_ _2\"></span>s <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>valoran <span class=\"_ _1\"></span>por <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>cantidades <span class=\"_ _1\"></span>que <span class=\"_ _bb\"></span>se e<span class=\"_ _1\"></span>spera<span class=\"_ _1be\"> </span>pagar <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>recuperar <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>autoridades <span class=\"_ _2\"></span>fiscales<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>tilizando <span class=\"_ _4\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>normativ<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>tipos <span class=\"_ _4\"></span>impositivos <span class=\"_ _4\"></span>aprobados<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>los<span class=\"_ _1be\"> </span>pa\u00edses que op<span class=\"_ _2\"></span>eran las sociedades d<span class=\"_ _2\"></span>el Grupo<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>La <span class=\"_ _2\"></span>contabilizaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>activos <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>pasivos <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>impuesto<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>iferido se <span class=\"_ _2\"></span>determina <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>funci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>diferencias<span class=\"_ _1be\"> </span>entre <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>valor <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>libros <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>activos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>pasivos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>base <span class=\"_ _c0\"></span>fiscal, <span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>til<span class=\"_ _2\"></span>izand<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>tasas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>fiscales <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>espera<span class=\"_ _1be\"> </span>objetivamente  que <span class=\"_ _c5\"> </span>est\u00e9n  en <span class=\"_ _c2\"> </span>v<span class=\"_ _2\"></span>igor  cuando <span class=\"_ _c2\"> </span>los  activos <span class=\"_ _c5\"> </span>y <span class=\"_ _c5\"> </span>pasivos  se<span class=\"_ _2\"></span>  realice<span class=\"_ _1\"></span>n,  valor <span class=\"_ _c5\"> </span>que <span class=\"_ _c2\"> </span>coin<span class=\"_ _2\"></span>cide  con <span class=\"_ _c2\"> </span>el<span class=\"_ _1be\"> </span>gravamen  vigente <span class=\"_ _c2\"> </span>en  cada  momento<span class=\"_ _2\"></span>.  Estos  activos  y <span class=\"_ _c2\"> </span>pasivos  se  re<span class=\"_ _1\"></span>conocen  en <span class=\"_ _c5\"> </span>el <span class=\"_ _c5\"> </span>Estad<span class=\"_ _2\"></span>o  de <span class=\"_ _c2\"> </span>Situ<span class=\"_ _2\"></span>aci\u00f3n<span class=\"_ _1be\"> </span>Financiera consolidado como <span class=\"ff6\">\u201c</span>no corrientes<span class=\"ff6\">\u201d</span>, <span class=\"_ _1\"></span>independient<span class=\"_ _2\"></span>emente de <span class=\"_ _1\"></span>la fecha <span class=\"_ _1\"></span>de esperada de <span class=\"_ _1\"></span>realizaci\u00f3n <span class=\"_ _1\"></span>o<span class=\"_ _1be\"> </span>liquidaci\u00f3n.<span class=\"_ _1be\"> </span>El <span class=\"_ _2\"></span>Grupo <span class=\"_ _4\"></span>reconoce <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>car\u00e1cter <span class=\"_ _2\"></span>general <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>pasiv<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>impuesto <span class=\"_ _4\"></span>diferido <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>todos <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span><span class=\"ls1a\">. <span class=\"_ _4\"></span></span>Por <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>parte,<span class=\"_ _1be\"> </span>los <span class=\"_ _c3\"> </span>activos <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"> </span>impuestos <span class=\"_ _c3\"> </span>diferidos <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>\u00f3lo <span class=\"_ _c3\"></span>se <span class=\"_ _c3\"></span>reconocen <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"></span>el <span class=\"_ _c3\"></span>caso <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>que <span class=\"_ _c3\"></span>se <span class=\"_ _c3\"></span>considere <span class=\"_ _c3\"></span>probable <span class=\"_ _c3\"> </span>que <span class=\"_ _c3\"> </span>las<span class=\"_ _1be\"> </span>entidades cons<span class=\"_ _2\"></span>olidadas van a<span class=\"_ _2\"></span> tener en el futuro su<span class=\"_ _2\"></span>ficientes ganancias<span class=\"_ _2\"></span> fiscales contra la<span class=\"_ _2\"></span>s que poder hacerlos<span class=\"_ _1be\"> </span>efectivos. <span class=\"_ _2\"></span>Con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ocasi\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>cada <span class=\"_ _2\"></span>cierre <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>table, <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>reestima <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>capacid<span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>recuperaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>impuestos<span class=\"_ _1be\"> </span>diferidos <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>activo <span class=\"_ _2\"></span>reconocidos,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>efectu\u00e1ndose <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>oportunas <span class=\"_ _2\"></span>correccion<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>mismos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>acu<span class=\"_ _2\"></span>erdo <span class=\"_ _2\"></span>con <span class=\"_ _4\"></span>los<span class=\"_ _1be\"> </span>resultados d<span class=\"_ _2\"></span>e los an\u00e1lisis realizados. <span class=\"_ _2\"></span> No <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>reconocen <span class=\"_ _0\"></span>activos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>pasivos <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>impuesto<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>dif<span class=\"_ _2\"></span>eridos <span class=\"_ _0\"></span>cuan<span class=\"_ _2\"></span>do <span class=\"_ _0\"></span>surgen <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>recon<span class=\"_ _2\"></span>ocimiento <span class=\"_ _0\"></span>inicial <span class=\"_ _0\"></span>del<span class=\"_ _1be\"> </span>fondo de comercio o<span class=\"_ _2\"></span> de un a<span class=\"_ _2\"></span>ctivo o p<span class=\"_ _2\"></span>asivo en u<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span> transacci\u00f3n qu<span class=\"_ _2\"></span>e no es una <span class=\"_ _2\"></span>combinaci\u00f3n d<span class=\"_ _2\"></span>e negocios y en<span class=\"_ _2\"></span> la <span class=\"_ _c0\"></span>fecha <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>transacci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>afecta <span class=\"_ _c0\"></span>ni <span class=\"_ _0\"></span>al <span class=\"_ _c0\"></span>resulta<span class=\"_ _2\"></span>do <span class=\"_ _c0\"></span>contable <span class=\"_ _c0\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>bas<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>imponible <span class=\"_ _0\"></span>fiscal<span class=\"_ _4\"></span>, <span class=\"_ _c0\"></span>o <span class=\"_ _c0\"></span>bien,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>cuando<span class=\"_ _1be\"> </span>correspondan <span class=\"_ _ca\"> </span>a <span class=\"_ _cc\"> </span>diferencias <span class=\"_ _cc\"> </span>tempora<span class=\"_ _2\"></span>rias <span class=\"_ _cc\"> </span>relacionadas<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>con <span class=\"_ _cc\"> </span>invers<span class=\"_ _2\"></span>iones <span class=\"_ _cc\"> </span>en <span class=\"_ _cc\"> </span>sociedades<span class=\"_ _4\"></span> <span class=\"_ _ca\"> </span>dependientes,<span class=\"_ _1be\"> </span>asociadas <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>negocios <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>juntos <span class=\"_ _4\"></span>sobre <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>que <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>Grupo <span class=\"_ _4\"></span>tenga <span class=\"_ _4\"></span>la<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>capacidad<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>controlar <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>mom<span class=\"_ _2\"></span>ento <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _1be\"> </span>reversi\u00f3n y no fu<span class=\"_ _2\"></span>ese probable qu<span class=\"_ _2\"></span>e se pro<span class=\"_ _2\"></span>duzca su reversi\u00f3n<span class=\"_ _2\"></span> en un futuro previs<span class=\"_ _2\"></span>ible.<span class=\"_ _1be\"> </span>Si <span class=\"_ _0\"></span>el <span class=\"_ _c3\"> </span>Grupo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>etermina <span class=\"_ _c3\"></span>que <span class=\"_ _c3\"></span>no <span class=\"_ _c3\"></span>es <span class=\"_ _c3\"></span>probable <span class=\"_ _c3\"></span>que <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>auto<span class=\"_ _2\"></span>ridad <span class=\"_ _c3\"></span>fiscal <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>aya <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"></span>aceptar <span class=\"_ _c3\"></span>un <span class=\"_ _0\"></span>tra<span class=\"_ _2\"></span>tamiento <span class=\"_ _c3\"></span>fiscal<span class=\"_ _1be\"> </span>incierto <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>grupo <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>trata<span class=\"_ _2\"></span>mientos <span class=\"_ _2\"></span>fiscales <span class=\"_ _4\"></span>inciertos, <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>sidera <span class=\"_ _2\"></span>dicha<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>incertid<span class=\"_ _2\"></span>umbre <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>determinaci\u00f3n<span class=\"_ _1be\"> </span>de <span class=\"_ _c7\"> </span>la <span class=\"_ _c7\"> </span>base <span class=\"_ _c7\"> </span>impo<span class=\"_ _2\"></span>nible, <span class=\"_ _c7\"> </span>bases <span class=\"_ _c7\"> </span>fiscales, <span class=\"_ _c7\"> </span>cr\u00e9ditos<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>por <span class=\"_ _c7\"> </span>bases <span class=\"_ _c7\"> </span>imponibles <span class=\"_ _c4\"> </span>negativas, <span class=\"_ _c7\"> </span>deducciones <span class=\"_ _c7\"> </span>o <span class=\"_ _c4\"> </span>tipos<span class=\"_ _1be\"> </span>impositivos. 3.16<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Activos no corrientes<span class=\"_ _1\"></span> mantenido<span class=\"_ _1\"></span>s para la venta<span class=\"_ _1\"></span> y Operaciones<span class=\"_ _1be\"> </span></span></span>discontinua<span class=\"_ _1\"></span>das<span class=\"_ _1be\"> </span>Un <span class=\"_ _1\"></span>activo <span class=\"_ _1\"></span>no corriente <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>grupo <span class=\"_ _1\"></span>enajenable de <span class=\"_ _bb\"></span>e<span class=\"_ _2\"></span>lementos se <span class=\"_ _1\"></span>clasifica <span class=\"_ _bb\"></span>co<span class=\"_ _2\"></span>mo <span class=\"_ _1\"></span>act<span class=\"_ _2\"></span>ivo mantenido para <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>venta<span class=\"_ _1be\"> </span>cuando su <span class=\"_ _1\"></span>valor se <span class=\"_ _1\"></span>prev\u00e9 recuperar <span class=\"_ _1\"></span>principalmente <span class=\"_ _1\"></span>a trav\u00e9s de <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>venta, y <span class=\"_ _1\"></span>siempre <span class=\"_ _1\"></span>que la <span class=\"_ _1\"></span>venta se <span class=\"_ _1\"></span>considere<span class=\"_ _1be\"> </span>altamente probable, y el a<span class=\"_ _2\"></span>ctivo est\u00e9 disp<span class=\"_ _2\"></span>onible para su venta inmediata <span class=\"_ _2\"></span>en su estado a<span class=\"_ _2\"></span>ctual.<span class=\"_ _2\"></span> Estos <span class=\"_ _2\"></span>activos <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>grupos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>enajenaci\u00f3n <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>valora<span class=\"_ _2\"></span>n por <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>menor <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>importe <span class=\"_ _2\"></span>en libr<span class=\"_ _2\"></span>os o <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>estimado <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>venta deducidos los costes nece<span class=\"_ _1\"></span>sarios para llevarla a cabo <span class=\"_ _1\"></span>y dejan <span class=\"_ _1\"></span>de amortizarse desde el <span class=\"_ _1\"></span>momento en que<span class=\"_ _1\"></span> son <span class=\"_ _4\"></span>clas<span class=\"_ _2\"></span>ificados <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>act<span class=\"_ _2\"></span>ivos <span class=\"_ _4\"></span>no <span class=\"_ _4\"></span>corrient<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>mantenidos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>enta. <span class=\"_ _0\"></span>Anualmente <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>analiza <span class=\"_ _c0\"></span>que <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>valo<span class=\"_ _2\"></span>r<span class=\"_ _1be\"> </span>contable <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>exceda <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>valo<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>razonab<span class=\"_ _2\"></span>le menos<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>costes <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e v<span class=\"_ _2\"></span>enta. <span class=\"_ _2\"></span>En <span class=\"_ _2\"></span>caso <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>ducirse <span class=\"_ _2\"></span>esta <span class=\"_ _2\"></span>situaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>se<span class=\"_ _1be\"> </span>realizan las<span class=\"_ _2\"></span> correspon<span class=\"_ _2\"></span>dientes <span class=\"_ _2\"></span>correcciones <span class=\"_ _2\"></span>valorativas<span class=\"_ _2\"></span> qu<span class=\"_ _2\"></span>e se incluy<span class=\"_ _2\"></span>en en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ep\u00edgrafe \u201c<span class=\"_ _2\"></span>Deterioros<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>valor y<span class=\"_ _2\"></span> result<span class=\"ff6\">ados p<span class=\"_ _2\"></span>or enajenaci\u00f3n de inmovilizad<span class=\"_ _2\"></span>o\u201d del Estad<span class=\"_ _2\"></span>o de Resultado conso<span class=\"_ _2\"></span>lidado.<span class=\"_ _2\"></span></span> Los <span class=\"_ _c2\"> </span>act<span class=\"_ _2\"></span>ivos <span class=\"_ _c2\"> </span>no <span class=\"_ _c5\"> </span>corrientes <span class=\"_ _c2\"> </span>mantenid<span class=\"_ _2\"></span>os <span class=\"_ _c2\"> </span>par<span class=\"_ _2\"></span>a <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>venta<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>se <span class=\"_ _c5\"> </span>presentan <span class=\"_ _c2\"> </span>en <span class=\"_ _c5\"> </span>el <span class=\"_ _c2\"> </span>Estado  de <span class=\"_ _c3\"> </span>Situaci\u00f3n  Financiera<span class=\"_ _1be\"> </span>consolidado  de  la  siguiente  forma:  los  activos  en  una  \u00fa<span class=\"_ _1\"></span>nica  l\u00ednea  denominada  \u201cAc<span class=\"_ _2\"></span><span class=\"ff4\">tivos  no  corrientes<span class=\"_ _1be\"> </span></span>mantenidos para <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>v<span class=\"_ _2\"></span>enta\u201d <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>pasivos <span class=\"_ _1\"></span>tambi\u00e9n <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>una <span class=\"_ _bb\"></span>\u00fa<span class=\"_ _2\"></span>nica <span class=\"_ _1\"></span>l\u00ednea <span class=\"_ _1\"></span>denominada <span class=\"_ _1\"></span>\u201cPasivos <span class=\"_ _1\"></span>asociados a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>activos<span class=\"_ _1be\"> </span>no corrientes mantenido<span class=\"_ _2\"></span>s para la v<span class=\"_ _2\"></span>enta\u201d.<span class=\"ff4\"> </span>Adicionalmente, <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>Grupo <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>sidera <span class=\"_ _c2\"> </span>actividades <span class=\"_ _c2\"> </span>interrumpid<span class=\"_ _2\"></span>as <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>componentes <span class=\"_ _c2\"> </span>(unidades<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>o<span class=\"_ _4\"></span> <span class=\"_ _c2\"> </span>grup<span class=\"_ _2\"></span>os <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span>unidades <span class=\"_ _c0\"></span>generadoras <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>efectivo) <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>representa<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _c0\"></span>l\u00ednea <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>negocio <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>\u00e1rea <span class=\"_ _c0\"></span>geogr\u00e1fica <span class=\"_ _c0\"></span>significativa <span class=\"_ _c0\"></span>y<span class=\"_ _1be\"> </span>que <span class=\"_ _0\"></span>pueda <span class=\"_ _c3\"> </span>considerarse <span class=\"_ _c3\"></span>separada <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>resto, <span class=\"_ _c3\"></span>que <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>h<span class=\"_ _2\"></span>ayan <span class=\"_ _c3\"></span>vendido <span class=\"_ _0\"></span>o <span class=\"_ _c3\"></span>dispuesto <span class=\"_ _c3\"></span>por <span class=\"_ _0\"></span>otra <span class=\"_ _c3\"></span>v\u00eda, <span class=\"_ _0\"></span>o <span class=\"_ _c3\"></span>bien <span class=\"_ _0\"></span>que<span class=\"_ _1be\"> </span>re\u00fanen las cond<span class=\"_ _2\"></span>iciones descritas p<span class=\"_ _2\"></span>ara ser clas<span class=\"_ _2\"></span>ificadas como mantenidas<span class=\"_ _2\"></span> para la venta<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Los resultados despu\u00e9s de impuestos de las <span class=\"_ _1\"></span>operaciones discontinuadas se presentan en una \u00fanica l\u00ednea del<span class=\"_ _1be\"> </span>Estado <span class=\"_ _cc\"> </span>de <span class=\"_ _c9\"> </span>Resu<span class=\"_ _2\"></span>ltado <span class=\"_ _cc\"> </span>consolidado <span class=\"_ _c9\"> </span>d<span class=\"_ _2\"></span>enominada <span class=\"_ _cc\"> </span>\u201cResultado <span class=\"_ _cc\"> </span>del <span class=\"_ _c9\"> </span>ejercicio <span class=\"_ _cc\"> </span>procedente<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>de <span class=\"_ _cc\"> </span>operaciones<span class=\"_ _1be\"> </span>interrump<span class=\"ff6\">idas n<span class=\"_ _2\"></span>eto de impuesto<span class=\"_ _2\"></span>s\u201d<span class=\"_ _1be\"> </span></span><span class=\"ff6\">.</span> 3.17<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Beneficio por acci\u00f3n<span class=\"_ _1be\"> </span></span></span>El <span class=\"_ _c0\"></span>beneficio <span class=\"_ _0\"></span>b\u00e1sico <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>acci\u00f3n <span class=\"_ _0\"></span>se <span class=\"_ _c0\"></span>calcula <span class=\"_ _0\"></span>como <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>cociente <span class=\"_ _0\"></span>entre <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>\u201cBeneficio <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>ejercicio <span class=\"_ _c0\"></span>at<span class=\"_ _2\"></span>ribuible <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span>Sociedad <span class=\"_ _c0\"></span>Dominante\u201d <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>n\u00famero <span class=\"_ _c0\"></span>medio <span class=\"_ _0\"></span>ponderado <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>acciones <span class=\"_ _c0\"></span>ordinar<span class=\"_ _2\"></span>ias <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>circulaci\u00f3n <span class=\"_ _0\"></span>durante <span class=\"_ _c3\"> </span><span class=\"ff4\">dicho<span class=\"_ _1be\"> </span></span>per\u00edodo, <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>in <span class=\"_ _c2\"> </span>incluir <span class=\"_ _c5\"> </span>el <span class=\"_ _c2\"> </span>n\u00famero <span class=\"_ _c2\"> </span>medio <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>acciones  propias<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span>de <span class=\"_ _c5\"> </span>la <span class=\"_ _c2\"> </span>Sociedad <span class=\"_ _c2\"> </span>Domina<span class=\"_ _2\"></span>nte <span class=\"_ _c2\"> </span>en <span class=\"_ _c5\"> </span>cartera <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>las<span class=\"_ _1be\"> </span>sociedades del Grupo<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Por <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>parte, <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>beneficio <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>iluido <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>acci\u00f3n <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>calcula <span class=\"_ _0\"></span>como <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>cociente <span class=\"_ _0\"></span>entre <span class=\"_ _0\"></span>el <span class=\"_ _c3\"> </span><span class=\"ff6\">\u201cBeneficio <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>ejercicio<span class=\"_ _1be\"> </span></span>atribuible <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>Soci<span class=\"ff6\">edad <span class=\"_ _c0\"></span>Do<span class=\"_ _2\"></span>minante\u201d <span class=\"_ _0\"></span></span>y <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>n<span class=\"_ _2\"></span>\u00famero <span class=\"_ _c0\"></span>medio <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>onderado <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>acciones <span class=\"_ _c0\"></span>ordinar<span class=\"_ _2\"></span>ias <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>circulaci\u00f3n<span class=\"_ _1be\"> </span>durante el periodo, ajustado por <span class=\"_ _1\"></span>el promedio ponderado de <span class=\"_ _1\"></span>las acciones ordinarias que <span class=\"_ _1\"></span>ser\u00edan emitidas si <span class=\"_ _1\"></span>se<span class=\"_ _1be\"> </span>convirtieran <span class=\"_ _c2\"> </span>todas<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>las <span class=\"_ _c2\"> </span>acciones <span class=\"_ _c2\"> </span>potenciales <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>acciones <span class=\"_ _c2\"> </span>ord<span class=\"_ _2\"></span>inarias<span class=\"_ _2\"></span>. <span class=\"_ _c2\"> </span>A <span class=\"_ _c2\"> </span>estos <span class=\"_ _c2\"> </span>efectos <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>sidera <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>la<span class=\"_ _1be\"> </span>conversi\u00f3n tiene lugar al comienzo del <span class=\"_ _1\"></span>periodo o en el <span class=\"_ _1\"></span>momento de la <span class=\"_ _1\"></span>emisi\u00f3n de las <span class=\"_ _1\"></span>acciones potenciales si<span class=\"_ _1be\"> </span>estas se hu<span class=\"_ _2\"></span>biesen puesto en circulaci\u00f3n<span class=\"_ _2\"></span> durante el prop<span class=\"_ _2\"></span>io periodo.<span class=\"_ _2\"></span> 3.18<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Transacciones con partes<span class=\"_ _1\"></span> vinculadas<span class=\"_ _1be\"> </span></span></span>El Grupo realiza tod<span class=\"_ _2\"></span>as sus op<span class=\"_ _2\"></span>eraciones con partes vincu<span class=\"_ _2\"></span>ladas a valores d<span class=\"_ _2\"></span>e mercado. <span class=\"_ _2\"></span> 3.19<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\"> Saldos y transaccione<span class=\"_ _1\"></span>s en moned<span class=\"_ _1\"></span>a diferente al euro<span class=\"_ _1be\"> </span></span></span>Las <span class=\"_ _2\"></span>cuentas <span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>uales <span class=\"_ _2\"></span>consolidadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>presentan <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>euros, <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e es <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>mon<span class=\"_ _2\"></span>eda <span class=\"_ _2\"></span>funcional <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>presentaci\u00f3n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>la Sociedad Dominante.<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> La <span class=\"_ _1\"></span>conversi\u00f3n <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>euros <span class=\"_ _bb\"></span>de los <span class=\"_ _bb\"></span>cr<span class=\"_ _2\"></span>\u00e9ditos <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>d\u00e9bitos <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xpresados<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>moneda diferente <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _1\"></span>euro <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>realiza aplicando<span class=\"_ _1be\"> </span>el <span class=\"_ _1\"></span>tipo de <span class=\"_ _1\"></span>cambio vigente <span class=\"_ _1\"></span>en el m<span class=\"_ _1\"></span>omento de <span class=\"_ _1\"></span>efectuar la <span class=\"_ _1\"></span>correspon<span class=\"_ _2\"></span>diente operaci\u00f3n, <span class=\"_ _1\"></span>ajust\u00e1ndose dicho valor<span class=\"_ _1be\"> </span>en  cada <span class=\"_ _c5\"> </span>cierre  y <span class=\"_ _c2\"> </span>has<span class=\"_ _2\"></span>ta  su  cancelaci\u00f3n  en  funci\u00f3n  de <span class=\"_ _c2\"> </span>la<span class=\"_ _2\"></span>  evoluci\u00f3n  del <span class=\"_ _c2\"> </span>tipo  de  cambio.  Los  activos  no<span class=\"_ _1be\"> </span>monetarios <span class=\"_ _1\"></span>denominados <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>moneda <span class=\"_ _1\"></span>extranjera, <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>oco <span class=\"_ _1\"></span>significativos <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>ENCE, <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>con<span class=\"_ _2\"></span>vierten <span class=\"_ _1\"></span>aplicando <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>tipo<span class=\"_ _1\"></span> de cambio aplicable en la f<span class=\"_ _2\"></span>echa en la q<span class=\"_ _2\"></span>ue el activo se incorp<span class=\"_ _2\"></span>or\u00f3 al Grupo.<span class=\"_ _2\"></span> Las diferencias <span class=\"_ _1\"></span>de cambio que resultan <span class=\"_ _1\"></span>del cobro <span class=\"_ _1\"></span>o pago de <span class=\"_ _1\"></span>cr\u00e9ditos o <span class=\"_ _1\"></span>deudas en <span class=\"_ _1\"></span>moneda diferente del euro<span class=\"_ _1be\"> </span>y <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>resulta<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>valorar <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>cuenta<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>cobrar <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>pagar <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>moneda <span class=\"_ _c0\"></span>diferente <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>euro <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>cad<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>fecha <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>cierre, d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>acuerdo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>tipo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de cambio<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>vigente <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>ese <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>men<span class=\"_ _2\"></span>to, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>imputan <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>resulta<span class=\"_ _2\"></span>dos <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>gasto<span class=\"_ _2\"></span> financiero en el period<span class=\"_ _2\"></span>o en que se pro<span class=\"_ _2\"></span>ducen.<span class=\"_ _1be\"> </span>3.20<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Informaci\u00f3n financiera<span class=\"_ _1\"></span> por segmento<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span></span></span>Un segmento de explotaci\u00f3n <span class=\"_ _2\"></span>es un co<span class=\"_ _2\"></span>mponente del Grupo qu<span class=\"_ _2\"></span>e desarrolla actividad<span class=\"_ _2\"></span>es de negocio de las que<span class=\"_ _1be\"> </span>puede <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>btener <span class=\"_ _c0\"></span>ingresos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>ord<span class=\"_ _2\"></span>inarios <span class=\"_ _c0\"></span>e <span class=\"_ _4\"></span>incu<span class=\"_ _2\"></span>rrir <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>gas<span class=\"_ _2\"></span>tos, <span class=\"_ _c0\"></span>cuyos <span class=\"_ _c0\"></span>resulta<span class=\"_ _2\"></span>dos <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>explot<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _c0\"></span>son <span class=\"_ _c0\"></span>revisados<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>forma <span class=\"_ _1\"></span>regular <span class=\"_ _1\"></span>por e<span class=\"_ _1\"></span>l Consejo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Administraci\u00f3n y <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>alta <span class=\"_ _1\"></span>Direcci\u00f3n, <span class=\"_ _1\"></span>para <span class=\"_ _1\"></span>decidir <span class=\"_ _1\"></span>sobre los <span class=\"_ _1\"></span>recursos <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>deben<span class=\"_ _1be\"> </span>asignarse al <span class=\"_ _1\"></span>segme<span class=\"_ _1\"></span>nto, evaluar <span class=\"_ _1\"></span>su re<span class=\"_ _1\"></span>ndimiento <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>rela<span class=\"_ _2\"></span>ci\u00f3n con <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>cual <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>dispone <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>informaci\u00f3n <span class=\"_ _1\"></span>financiera<span class=\"_ _1be\"> </span>diferenciada.<span class=\"_ _1be\"> </span>3.21<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Estado de flujos de efe<span class=\"_ _1\"></span>ctivo </span></span>En los estados de flujos de ef<span class=\"_ _1\"></span>ectivo consolidados, preparados de acuerdo al m\u00e9todo indirecto, se utilizan las<span class=\"_ _1be\"> </span>siguientes expresiones<span class=\"_ _2\"></span> en los siguientes<span class=\"_ _2\"></span> sentido<span class=\"_ _2\"></span><span class=\"ls14\">s:</span> 1.<span class=\"ls0_1\"> <span class=\"_ _5f\"> </span>Flujos <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>efectivo: <span class=\"_ _c2\"> </span>entradas <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>salidas <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>efectivo <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>su<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>equ<span class=\"_ _2\"></span>ivalentes, <span class=\"_ _c2\"> </span>entendiendo <span class=\"_ _c2\"> </span>por <span class=\"_ _c3\"> </span>\u00e9sto<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>las<span class=\"_ _1be\"> </span></span>inversiones a co<span class=\"_ _2\"></span>rto plazo (inferior a 3 meses) d<span class=\"_ _2\"></span>e gran liquidez y b<span class=\"_ _2\"></span>ajo riesgo de alteracion<span class=\"_ _2\"></span>es en su valo<span class=\"_ _2\"></span>r. <span class=\"_ _2\"></span> 2.<span class=\"ls0_1\"> <span class=\"_ _5f\"> </span>Actividades <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>explot<span class=\"_ _2\"></span>aci\u00f3n: <span class=\"_ _c0\"></span>actividades<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>t\u00edpicas <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>entidades <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>forman<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>Grupo, <span class=\"_ _c0\"></span>as\u00ed <span class=\"_ _c0\"></span>como <span class=\"_ _c0\"></span>otra<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span></span>actividades q<span class=\"_ _2\"></span>ue no pueden ser calificadas co<span class=\"_ _2\"></span>mo de inversi\u00f3<span class=\"_ _2\"></span>n o de financiaci\u00f3n<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> 3.<span class=\"ls0_1\"> <span class=\"_ _5f\"> </span>Actividades <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>in<span class=\"_ _2\"></span>versi\u00f3n: <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>adquis<span class=\"_ _2\"></span>ici\u00f3n, <span class=\"_ _c0\"></span>enajenaci\u00f3n <span class=\"_ _c0\"></span>o <span class=\"_ _c0\"></span>dis<span class=\"_ _2\"></span>posici\u00f3n <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>otros <span class=\"_ _0\"></span>medios <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>activos <span class=\"_ _c0\"></span>a<span class=\"_ _1be\"> </span></span>largo plazo y<span class=\"_ _2\"></span> otras inversiones no in<span class=\"_ _2\"></span>cluidas en el efectivo y s<span class=\"_ _2\"></span>us equivalent<span class=\"_ _2\"></span>es.<span class=\"_ _1be\"> </span>4.<span class=\"ls0_1\"> <span class=\"_ _5f\"> </span>Actividades <span class=\"_ _c7\"> </span>de <span class=\"_ _c6\"> </span>financiaci\u00f3n: <span class=\"_ _c7\"> </span>actividades <span class=\"_ _c6\"> </span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c6\"> </span>produ<span class=\"_ _2\"></span>cen <span class=\"_ _c6\"> </span>cambios <span class=\"_ _c6\"> </span>en <span class=\"_ _c7\"> </span>el <span class=\"_ _c6\"> </span>tama\u00f1o <span class=\"_ _c7\"> </span>y <span class=\"_ _c6\"> </span>composici\u00f3n <span class=\"_ _c7\"> </span>del<span class=\"_ _1be\"> </span></span>patrimonio neto y d<span class=\"_ _2\"></span>e los pasivos qu<span class=\"_ _2\"></span>e no forman parte de las activ<span class=\"_ _2\"></span>idades de explotaci\u00f3<span class=\"_ _2\"></span>n.<span class=\"_ _2\"></span> 3.22<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3 ls24\">Ac<span class=\"ls0_1\">tividades con impa<span class=\"_ _1\"></span>cto en el Medio<span class=\"_ _1\"></span> Ambiente<span class=\"_ _1be\"> </span></span></span></span>Se <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>ideran <span class=\"_ _4\"></span>actividades <span class=\"_ _c0\"></span>medioambientales <span class=\"_ _4\"></span>aqu<span class=\"_ _2\"></span>ellas <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>peraciones <span class=\"_ _4\"></span>desarro<span class=\"_ _2\"></span>lladas <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>ENCE <span class=\"_ _4\"></span>cuy<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>rop\u00f3sito<span class=\"_ _1be\"> </span>principal <span class=\"_ _0\"></span>es <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>roteger, <span class=\"_ _0\"></span>reducir <span class=\"_ _0\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>reparar <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>a\u00f1o, <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>mo <span class=\"_ _0\"></span>resultado <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _0\"></span>activ<span class=\"_ _2\"></span>idades <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>pueda<span class=\"_ _1be\"> </span>producir s<span class=\"_ _2\"></span>obre el medio ambiente.<span class=\"_ _2\"></span> Los gastos <span class=\"_ _1\"></span>derivados <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>actividades <span class=\"_ _1\"></span>medioambientales <span class=\"_ _1\"></span>se reconocen <span class=\"_ _1\"></span>como <span class=\"_ _1\"></span>\u201cOtros <span class=\"_ _1\"></span>gastos de <span class=\"_ _bb\"></span>exp<span class=\"_ _2\"></span>lotaci\u00f3n\u201d<span class=\"_ _1be\"> </span>en el ejercicio en el qu<span class=\"_ _2\"></span>e se incurren.<span class=\"_ _1be\"> </span>Los elementos d<span class=\"_ _2\"></span>el inmovilizado mat<span class=\"_ _2\"></span>erial adquiridos co<span class=\"_ _2\"></span>n el objeto d<span class=\"_ _2\"></span>e ser utilizados<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>ma duradera en s<span class=\"_ _2\"></span>u<span class=\"_ _1be\"> </span>actividad y cu<span class=\"_ _2\"></span>ya finalidad principal es la minimizac<span class=\"_ _2\"></span>i\u00f3n del i<span class=\"_ _2\"></span>mpacto medioambiental y<span class=\"_ _2\"></span> la protecci\u00f3n y mejora<span class=\"_ _2\"></span> del <span class=\"_ _2\"></span>medio <span class=\"_ _4\"></span>ambient<span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>cluyendo <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>reducci\u00f3n <span class=\"_ _4\"></span>o <span class=\"_ _4\"></span>eliminaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>contaminaci\u00f3n <span class=\"_ _4\"></span>futura <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>operaciones<span class=\"_ _1be\"> </span>del <span class=\"_ _0\"></span>Grup<span class=\"_ _2\"></span>o, <span class=\"_ _c3\"></span>se <span class=\"_ _0\"></span>reconocen<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>como <span class=\"_ _c3\"> </span>activos<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>mediante <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>aplicaci\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>criterios<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>valoraci\u00f3n, <span class=\"_ _c3\"> </span>presentaci\u00f3n <span class=\"_ _c3\"></span>y<span class=\"_ _1be\"> </span>desglose consis<span class=\"_ _2\"></span>tentes con los que s<span class=\"_ _2\"></span>e mencionan <span class=\"_ _2\"></span>en los aparta<span class=\"_ _2\"></span>dos 3.2 y 3.3 d<span class=\"_ _2\"></span>e esta misma Nota<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Las <span class=\"_ _c2\"> </span>provis<span class=\"_ _2\"></span>iones <span class=\"_ _c2\"> </span>relativas <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>respon<span class=\"_ _2\"></span>sabilidades <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>robables <span class=\"_ _c3\"> </span>o <span class=\"_ _c2\"> </span>ciertas<span class=\"_ _2\"></span>, <span class=\"_ _c2\"> </span>litigios <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>cur<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>e <span class=\"_ _c2\"> </span>indemnizaciones<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>u<span class=\"_ _1be\"> </span>obligaciones <span class=\"_ _c2\"> </span>pendientes <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>cuan<span class=\"_ _2\"></span>t\u00eda <span class=\"_ _c2\"> </span>indeterminada <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>n<span class=\"_ _2\"></span>aturaleza <span class=\"_ _c2\"> </span>medioa<span class=\"_ _2\"></span>mbiental, <span class=\"_ _c2\"> </span>no <span class=\"_ _c5\"> </span>cubiertas <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>las<span class=\"_ _1be\"> </span>p\u00f3lizas <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>eguros <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>uscritas, <span class=\"_ _c0\"></span>se <span class=\"_ _0\"></span>constitu<span class=\"_ _2\"></span>yen <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>moment<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>del <span class=\"_ _c0\"></span>nacimi<span class=\"_ _2\"></span>ento <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>responsab<span class=\"_ _2\"></span>ilidad <span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span>obligaci\u00f3n <span class=\"_ _c3\"></span>que <span class=\"_ _c3\"></span>determina <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>i<span class=\"_ _2\"></span>ndemnizaci\u00f3n <span class=\"_ _c3\"></span>o <span class=\"_ _c3\"></span>pago. <span class=\"_ _c3\"> </span>No <span class=\"_ _c3\"></span>hay <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rovisiones <span class=\"_ _c3\"> </span>relevantes <span class=\"_ _c3\"> </span>cons<span class=\"_ _2\"></span>tituidas <span class=\"_ _c3\"></span>por <span class=\"_ _c3\"></span>este<span class=\"_ _1be\"> </span>concepto al cierre de <span class=\"_ _2\"></span><span class=\"ls11\">2022</span> <span class=\"ls23\">y </span>2021.<span class=\"_ _2\"></span> 4.<span class=\"ff5 ls0_1\"> <span class=\"_ _bd\"> </span><span class=\"ff3\">Estimaciones y juicios contables<span class=\"_ _1be\"> </span></span></span>La <span class=\"_ _c0\"></span>preparaci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>estas <span class=\"_ _c0\"></span>cuentas <span class=\"_ _c0\"></span>anuales <span class=\"_ _c0\"></span>conso<span class=\"_ _2\"></span>lidadas <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>acuerdo <span class=\"_ _c0\"></span>con <span class=\"_ _0\"></span>principios <span class=\"_ _c0\"></span>contables <span class=\"_ _c0\"></span>generalmente<span class=\"_ _1be\"> </span>aceptados <span class=\"_ _c3\"></span>requiere <span class=\"_ _0\"></span>llevar <span class=\"_ _0\"></span>a <span class=\"_ _c3\"> </span>cabo <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>unciones <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>estimaciones <span class=\"_ _0\"></span>que <span class=\"_ _c3\"></span>afectan <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span>la <span class=\"_ _c0\"></span>v<span class=\"_ _2\"></span>aloraci\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>activos <span class=\"_ _0\"></span>y<span class=\"_ _1be\"> </span>pasivos <span class=\"_ _0\"></span>registrados, <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>presentaci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>activos<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>pas<span class=\"_ _2\"></span>ivos <span class=\"_ _c0\"></span>contingentes, <span class=\"_ _0\"></span>as\u00ed <span class=\"_ _c0\"></span>como <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>ingresos <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>gastos<span class=\"_ _1be\"> </span>reconocidos <span class=\"_ _c4\"> </span>a <span class=\"_ _c4\"> </span>lo <span class=\"_ _c7\"> </span>largo <span class=\"_ _c4\"> </span>del <span class=\"_ _c4\"> </span>ejercicio. <span class=\"_ _c4\"> </span>Los <span class=\"_ _c4\"> </span>resultad<span class=\"_ _2\"></span>os <span class=\"_ _c4\"> </span>a<span class=\"_ _2\"></span>ctuales <span class=\"_ _c4\"> </span>podr\u00edan <span class=\"_ _c4\"> </span>diferir <span class=\"_ _c7\"> </span>de <span class=\"_ _c4\"> </span>ma<span class=\"_ _2\"></span>nera <span class=\"_ _c4\"> </span>significativa<span class=\"_ _1be\"> </span>dependiendo de las<span class=\"_ _2\"></span> estimaciones realizad<span class=\"_ _2\"></span>as. Las <span class=\"_ _2\"></span>asunciones <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>estimaciones <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e han <span class=\"_ _2\"></span>adoptad<span class=\"_ _2\"></span>o cons<span class=\"_ _2\"></span>iderando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>experiencia h<span class=\"_ _2\"></span>ist\u00f3rica, <span class=\"_ _2\"></span>el as<span class=\"_ _2\"></span>esoramiento <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>expertos <span class=\"_ _2\"></span>independientes, <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>revisiones <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>tras <span class=\"_ _2\"></span>circunstancia<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>expectativas <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>cierre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>l<span class=\"ls22\">os<span class=\"_ _2\"></span></span> <span class=\"_ _2\"></span>ejercicios <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y<span class=\"_ _1be\"> </span>2021 sobre los hechos analizados. No obstante, es posible q<span class=\"_ _1\"></span>ue acontecimientos que puedan tener lugar con<span class=\"_ _1be\"> </span>posterioridad <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>formula<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e esta<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>informaci\u00f3n <span class=\"_ _4\"></span>financiera <span class=\"_ _2\"></span>obliguen <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>modificarla <span class=\"_ _2\"></span>(al <span class=\"_ _4\"></span>alza <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>baj<span class=\"_ _2\"></span>a), <span class=\"_ _2\"></span>lo<span class=\"_ _1be\"> </span>que se har\u00eda, <span class=\"_ _2\"></span>en su caso, d<span class=\"_ _2\"></span>e forma prospectiva.<span class=\"ff3\"> </span>Las pol\u00edticas <span class=\"_ _1\"></span>contables y <span class=\"_ _1\"></span>operaciones <span class=\"_ _1\"></span>que incorporan <span class=\"_ _1\"></span>asunciones y <span class=\"_ _1\"></span>estimaciones con <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>impacto significativo<span class=\"_ _1be\"> </span>en estas cuentas<span class=\"_ _2\"></span> anuales consolidadas<span class=\"_ _2\"></span> son las siguientes:<span class=\"_ _2\"></span> Control sobr<span class=\"_ _2\"></span>e el Negocio Energ<span class=\"ls25\">\u00eda<span class=\"_ _2\"></span></span> Con fecha <span class=\"_ _2\"></span>20 de <span class=\"_ _2\"></span>diciembre de<span class=\"_ _2\"></span> 2020, <span class=\"_ _2\"></span>Ence En<span class=\"_ _2\"></span>erg\u00eda y <span class=\"_ _2\"></span>Celulosa, <span class=\"_ _2\"></span>S.A. <span class=\"_ _2\"></span>llev\u00f3 <span class=\"_ _2\"></span>a cab<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>la venta <span class=\"_ _2\"></span>de una <span class=\"_ _2\"></span>participaci\u00f3n<span class=\"_ _2\"></span> minoritaria del 49% de la filial<span class=\"_ _2\"></span> Magno<span class=\"_ _2\"></span>n Green Energy, S.L.<span class=\"_ _2\"></span>, holding del Negocio E<span class=\"_ _2\"></span>nerg\u00eda de EN<span class=\"_ _2\"></span>CE.<span class=\"_ _1be\"> </span>ENCE <span class=\"_ _2\"></span>ejerce <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>trol <span class=\"_ _2\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>Ma<span class=\"_ _2\"></span>gnon <span class=\"_ _2\"></span>Green <span class=\"_ _4\"></span>Energy, <span class=\"_ _2\"></span>S.L.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ff6\">y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>sus<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>filiales <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>acuerdo <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>lo <span class=\"_ _2\"></span>esta<span class=\"_ _2\"></span>blecido <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>\u201cNIIF <span class=\"_ _4\"></span>10<span class=\"_ _1be\"> </span></span>Estados <span class=\"_ _4\"></span>Fina<span class=\"_ _2\"></span>ncieros <span class=\"_ _4\"></span>Cons<span class=\"_ _2\"></span>olidados\u201d <span class=\"_ _c0\"></span>al <span class=\"_ _4\"></span>tener <span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>der <span class=\"_ _4\"></span>para <span class=\"_ _c0\"></span>dirigir <span class=\"_ _4\"></span>sus <span class=\"_ _c0\"></span>actividades <span class=\"_ _c0\"></span>relevantes, <span class=\"_ _4\"></span>esta<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>expuesto <span class=\"_ _c0\"></span>a<span class=\"_ _1be\"> </span>rendimientos <span class=\"_ _0\"></span>variables <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>mo <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>secuencia <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>su <span class=\"_ _c3\"></span>participaci\u00f3n <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>participad<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>tener <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>cap<span class=\"_ _2\"></span>acidad <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span> ejercer dicho poder p<span class=\"_ _2\"></span>ara influir en sus<span class=\"_ _2\"></span> propios rendimientos.<span class=\"_ _4\"></span> En la evaluaci\u00f3<span class=\"_ _2\"></span>n de la existencia de control, s<span class=\"_ _2\"></span>e han cons<span class=\"_ _2\"></span>iderado los siguientes factores: <span class=\"_ _4\"></span> Mayor\u00eda accion<span class=\"_ _2\"></span>arial, q<span class=\"_ _2\"></span>ue otorga, con<span class=\"_ _2\"></span> car\u00e1c<span class=\"_ _2\"></span>ter <span class=\"_ _2\"></span>general, mayor\u00eda <span class=\"_ _2\"></span>en las<span class=\"_ _2\"></span> decisiones<span class=\"_ _2\"></span> sustantivas <span class=\"_ _2\"></span>del Cons<span class=\"_ _2\"></span>ejo de<span class=\"_ _1be\"> </span>Administraci\u00f3n  y<span class=\"_ _2\"></span>  la  Junta  General  de  Accionistas<span class=\"_ _2\"></span>,  entre  ellas,  el  n<span class=\"_ _2\"></span>ombramiento  de  la  mayor\u00eda <span class=\"_ _c6\"> </span>de  los<span class=\"_ _1be\"> </span>miembros del Cons<span class=\"_ _2\"></span>ejo de Administraci\u00f3n. <span class=\"_ _2\"></span> Se ha suscrito un <span class=\"_ _1\"></span>pacto de accionistas entre <span class=\"_ _1\"></span>ENCE<span class=\"_ _2\"></span> y <span class=\"_ _1\"></span>el minoritario que tiene <span class=\"_ _1\"></span>por objeto otorgar <span class=\"_ _1\"></span>a \u00e9ste \u00faltimo<span class=\"_ _1be\"> </span>una s<span class=\"_ _2\"></span>erie de d<span class=\"_ _2\"></span>erechos <span class=\"_ _2\"></span>protectivos<span class=\"_ _2\"></span>, m\u00ednimos <span class=\"_ _2\"></span>y h<span class=\"_ _2\"></span>abituales <span class=\"_ _2\"></span>en este <span class=\"_ _2\"></span>tipo d<span class=\"_ _2\"></span>e trans<span class=\"_ _2\"></span>acciones, d<span class=\"_ _2\"></span>irigidos <span class=\"_ _2\"></span>a p<span class=\"_ _2\"></span>roteger<span class=\"_ _1be\"> </span>su <span class=\"_ _c3\"></span>participaci\u00f3n <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"></span>49% <span class=\"_ _0\"></span>(el <span class=\"_ _c3\"> </span>minoritario <span class=\"_ _c3\"> </span>no <span class=\"_ _c3\"> </span>mantien<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>erechos <span class=\"_ _c3\"></span>sustan<span class=\"_ _2\"></span>tivos)<span class=\"_ _2\"></span>. <span class=\"_ _c3\"> </span>En <span class=\"_ _c3\"> </span>este <span class=\"_ _c3\"></span>sentido, <span class=\"_ _c3\"></span>1) <span class=\"_ _c3\"></span>Plan <span class=\"_ _c3\"></span>de<span class=\"_ _1be\"> </span>negocio  y <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>resupuesto  anual:  el  minoritario <span class=\"_ _c5\"> </span>ha  aceptado  el <span class=\"_ _c2\"> </span>plan  de  negocio <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e  ENCE  que  contempla<span class=\"_ _1be\"> </span>presupuestos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>anuales <span class=\"_ _c0\"></span>hasta <span class=\"_ _c0\"></span>2080, <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>tend<span class=\"_ _2\"></span>r\u00e1 <span class=\"_ _4\"></span>derecho <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>veto <span class=\"_ _c0\"></span>si <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>lantean <span class=\"_ _c0\"></span>modificaciones <span class=\"_ _c0\"></span>al <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>resupuesto<span class=\"_ _1be\"> </span>anual en al menos un 15% <span class=\"_ _1\"></span>en los elem<span class=\"_ _1\"></span>entos<span class=\"_ _2\"></span> considerados esenciales del presupuesto<span class=\"_ _2\"></span>, 2) Nombramiento del<span class=\"_ _1be\"> </span>equipo <span class=\"_ _0\"></span>directivo: <span class=\"_ _0\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _0\"></span>nombra <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>primer <span class=\"_ _0\"></span>ejecutivo, <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>minoritario <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>ombra <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>director <span class=\"_ _0\"></span>financiero, <span class=\"_ _0\"></span>cuyas<span class=\"_ _1be\"> </span>responsabilid<span class=\"_ _2\"></span>ades <span class=\"_ _c0\"></span>est\u00e1<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>inculadas <span class=\"_ _0\"></span>al <span class=\"_ _c0\"></span>desarrollo <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>Plan<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>Negocio <span class=\"_ _0\"></span>indicado <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>ap<span class=\"_ _2\"></span>artado <span class=\"_ _0\"></span>anterior, <span class=\"_ _c0\"></span>3)<span class=\"_ _1be\"> </span>Contratos <span class=\"_ _1\"></span>relevantes <span class=\"_ _1\"></span>(vinculados <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>inversi\u00f3n<span class=\"_ _2\"></span>, <span class=\"_ _1\"></span>suministro <span class=\"_ _1\"></span>y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>op<span class=\"_ _2\"></span>eraci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>plantas): <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>minoritario <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>odr\u00e1<span class=\"_ _1be\"> </span>oponerse <span class=\"_ _c2\"> </span>s\u00f3lo <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>eterminadas <span class=\"_ _c2\"> </span>situaciones <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>las <span class=\"_ _c2\"> </span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>dicha <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>trataci\u00f3n <span class=\"_ _c2\"> </span>pueda <span class=\"_ _c2\"> </span>provo<span class=\"_ _2\"></span>car <span class=\"_ _c2\"> </span>un <span class=\"_ _c2\"> </span>perjuicio<span class=\"_ _1be\"> </span>material <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>los <span class=\"_ _0\"></span>intereses<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>negocio <span class=\"_ _0\"></span>(derecho <span class=\"_ _c0\"></span>protectiv<span class=\"_ _2\"></span>o)<span class=\"_ _2\"></span>, <span class=\"_ _c0\"></span>4) <span class=\"_ _c0\"></span>Decision<span class=\"_ _2\"></span>es <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>inversi\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>financiaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>no<span class=\"_ _1be\"> </span>contempladas <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>Plan<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>egocio <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _c3\"></span>aceptado <span class=\"_ _c3\"></span>por <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>minoritario<span class=\"_ _2\"></span>: <span class=\"_ _c3\"> </span>requieren <span class=\"_ _c3\"> </span>mayor\u00eda <span class=\"_ _c3\"> </span>reforzada<span class=\"_ _1be\"> </span>decisiones por encima de <span class=\"_ _2\"></span>20 millones \u20ac<span class=\"_ _2\"></span><span class=\"ff4\">, 5) En<span class=\"_ _2\"></span> todo aqu<span class=\"_ _2\"></span>ello no recogido en<span class=\"_ _2\"></span> el pacto,<span class=\"_ _2\"></span> se seguir\u00e1n<span class=\"_ _2\"></span> las pol\u00edticas<span class=\"_ _1be\"> </span></span>de ENCE, y 6) <span class=\"_ _1\"></span>la gesti\u00f3n del <span class=\"_ _1\"></span>Negocio Energ\u00eda es dependiente de <span class=\"_ _1\"></span>ENCE por su e<span class=\"_ _1\"></span>xperiencia t\u00e9cnica y de gesti\u00f3n<span class=\"_ _1be\"> </span>del negocio (ya que <span class=\"_ _2\"></span>el minoritario no t<span class=\"_ _2\"></span>iene dicha experiencia).<span class=\"_ _2\"></span> Contrapre<span class=\"_ _2\"></span>staciones contingentes<span class=\"_ _2\"></span> Las <span class=\"_ _4\"></span>contra<span class=\"_ _2\"></span>prestaciones <span class=\"_ _c0\"></span>contingentes <span class=\"_ _4\"></span>consid<span class=\"_ _2\"></span>eradas <span class=\"_ _4\"></span>entre <span class=\"_ _c0\"></span>las <span class=\"_ _4\"></span>partes <span class=\"_ _4\"></span>derivad<span class=\"_ _2\"></span>as <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>venta<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>participaciones<span class=\"_ _1be\"> </span>en sociedades depend<span class=\"_ _2\"></span>ientes sin p\u00e9rdid<span class=\"_ _2\"></span>a de control s<span class=\"_ _2\"></span>e valoran en todo momento a s<span class=\"_ _2\"></span>u valor razonab<span class=\"_ _2\"></span>le. <span class=\"_ _2\"></span> El Grupo <span class=\"_ _1\"></span>ha estimado <span class=\"_ _1\"></span>el valor razonable <span class=\"_ _1\"></span>considerand<span class=\"_ _2\"></span>o los flujos <span class=\"_ _1\"></span>de caja <span class=\"_ _1\"></span>previstos en <span class=\"_ _1\"></span>los distintos e<span class=\"_ _1\"></span>scenarios,<span class=\"_ _1be\"> </span>que <span class=\"_ _c3\"></span>ha <span class=\"_ _c3\"></span>ponderado <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _0\"></span>las <span class=\"_ _c3\"></span>probabilidades <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"></span>ocurrencia <span class=\"_ _c3\"></span>estimada <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>cad<span class=\"_ _2\"></span>a <span class=\"_ _c3\"></span>uno. <span class=\"_ _0\"></span>Dichos <span class=\"_ _c3\"> </span>flujos <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>caja <span class=\"_ _0\"></span>se<span class=\"_ _1be\"> </span>estiman <span class=\"_ _c9\"> </span>con<span class=\"_ _2\"></span>siderando <span class=\"_ _cc\"> </span>como <span class=\"_ _cc\"> </span>principales <span class=\"_ _cc\"> </span>asunciones; <span class=\"_ _cc\"> </span>la <span class=\"_ _c9\"> </span>pro<span class=\"_ _2\"></span>babilidad <span class=\"_ _cc\"> </span>de <span class=\"_ _c9\"> </span>lograr <span class=\"_ _cc\"> </span>cada <span class=\"_ _cc\"> </span>objetivo <span class=\"_ _cc\"> </span>de <span class=\"_ _c9\"> </span>la<span class=\"_ _4\"></span> contraprestaci\u00f3n<span class=\"_ _2\"></span>  contingente, <span class=\"_ _c6\"> </span>la  rentabilidad<span class=\"_ _2\"></span>  prevista  por  los <span class=\"_ _c6\"> </span>proyectos  de  generaci\u00f3n<span class=\"_ _2\"></span>  en  las  futu<span class=\"_ _2\"></span>ras<span class=\"_ _1be\"> </span>subastas y que se <span class=\"_ _1\"></span>sit\u00faan en el <span class=\"_ _1\"></span>entorno del 10%, los plazos de<span class=\"_ _1\"></span> consecuci\u00f3n que se estima en el <span class=\"_ _1\"></span>periodo 2024-<span class=\"_ _1be\"> </span>2026 <span class=\"_ _4\"></span><span class=\"ls0_1\">y <span class=\"_ _4\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>tas<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>descu<span class=\"_ _2\"></span>ento <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>coincide <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>rentabilidad<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>razonab<span class=\"_ _2\"></span>le <span class=\"_ _4\"></span>prevista <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>egulaci\u00f3n <span class=\"_ _4\"></span>el\u00e9ctri<span class=\"_ _2\"></span>ca<span class=\"_ _1be\"> </span></span>vigente, <span class=\"_ _c2\"> </span>teniendo <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>sideraci\u00f3n <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>mejor <span class=\"_ _c2\"> </span>informaci\u00f3n <span class=\"_ _c2\"> </span>dispon<span class=\"_ _2\"></span>ible <span class=\"_ _c3\"> </span>en <span class=\"_ _c2\"> </span>cad<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>momento <span class=\"_ _c2\"> </span>por <span class=\"_ _c5\"> </span>parte <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>la<span class=\"_ _1be\"> </span>Direcci\u00f3n<span class=\"ls1a\">. <span class=\"_ _c3\"> </span></span>Ca<span class=\"_ _2\"></span>mbios <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>asu<span class=\"_ _2\"></span>nciones <span class=\"_ _c2\"> </span>podr\u00e1n <span class=\"_ _c2\"> </span>tener <span class=\"_ _c3\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>impact<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>en <span class=\"_ _c2\"> </span>las <span class=\"_ _c2\"> </span>contraprestaci<span class=\"_ _2\"></span>ones <span class=\"_ _c2\"> </span>contingen<span class=\"_ _4\"></span>tes<span class=\"_ _1be\"> </span>reconocidas <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>estados <span class=\"_ _c3\"> </span>fi<span class=\"_ _2\"></span>nancieros, <span class=\"_ _c2\"> </span>que <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>reconocer\u00e1n<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>como <span class=\"_ _c3\"> </span>un <span class=\"_ _c2\"> </span>ingreso <span class=\"_ _c2\"> </span>o <span class=\"_ _c3\"> </span>gasto <span class=\"_ _c3\"> </span>financiero, <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>eg\u00fan<span class=\"_ _1be\"> </span>corresponda, d<span class=\"_ _2\"></span>el Estado de Resultado con<span class=\"_ _2\"></span>solidado (v\u00e9ase Nota<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ls11\">28</span>). Vidas \u00fatiles de activos m<span class=\"_ _2\"></span>ateriales e intangibles<span class=\"_ _2\"></span> y costes d<span class=\"_ _2\"></span>e desmantelamiento<span class=\"_ _2\"></span> Los  activos  tangibles  e  intangibles  propiedad  de  ENCE,  por  lo  general,  operan  durante  periodos  muy<span class=\"_ _1be\"> </span>prolongados<span class=\"_ _2\"></span> de tiempo. <span class=\"_ _2\"></span>El Grup<span class=\"_ _2\"></span>o estima <span class=\"_ _2\"></span>su vida <span class=\"_ _2\"></span>\u00fatil teniendo <span class=\"_ _2\"></span>en cuenta <span class=\"_ _2\"></span>las caracter\u00eds<span class=\"_ _2\"></span>ticas t\u00e9cnicas<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>cada<span class=\"_ _1be\"> </span>activo y <span class=\"_ _bb\"></span>el periodo <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>espera que <span class=\"_ _1\"></span>genere <span class=\"_ _1\"></span>beneficios, y <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>legislaci\u00f3n <span class=\"_ _1\"></span>aplicable (v\u00e9anse <span class=\"_ _1\"></span>Notas 3.2 <span class=\"_ _bb\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>3.3).<span class=\"_ _1be\"> </span>Durante <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>ejercicio <span class=\"_ _4\"></span>2021 <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span><span class=\"ls26\">e <span class=\"_ _2\"></span></span>ll<span class=\"_ _2\"></span>ev\u00f3 <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>cabo <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>restimaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>vidas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00fa<span class=\"_ _2\"></span>tiles <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>activ<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>productiv<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>del<span class=\"_ _1be\"> </span>negocio  C<span class=\"_ _2\"></span>elulosa <span class=\"_ _c6\"> </span>como  cons<span class=\"_ _2\"></span>ecuencia  de <span class=\"_ _c6\"> </span>las <span class=\"_ _c6\"> </span>inversiones <span class=\"_ _c6\"> </span>y <span class=\"_ _c6\"> </span>los <span class=\"_ _c6\"> </span>aumentos <span class=\"_ _c6\"> </span>de  cap<span class=\"_ _2\"></span>acidad  de <span class=\"_ _c6\"> </span>prod<span class=\"_ _4\"></span>ucci\u00f3n<span class=\"_ _1be\"> </span>realizados. <span class=\"_ _4\"></span>Esta<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>revisi\u00f3n <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>realiz\u00f3 <span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>expertos <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>operaci\u00f3n <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>mantenimiento <span class=\"_ _c0\"></span>de <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>fue <span class=\"_ _4\"></span>supervisada<span class=\"_ _1be\"> </span>por <span class=\"_ _c6\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>experto <span class=\"_ _c7\"> </span>independiente, <span class=\"_ _c6\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>tuvo <span class=\"_ _c6\"> </span>en <span class=\"_ _c7\"> </span>consideraci\u00f3n <span class=\"_ _c6\"> </span>la <span class=\"_ _c7\"> </span>duraci\u00f3n <span class=\"_ _c7\"> </span>de <span class=\"_ _c6\"> </span>los <span class=\"_ _c7\"> </span>principales <span class=\"_ _c6\"> </span>componentes<span class=\"_ _1be\"> </span>estructurales  de <span class=\"_ _c2\"> </span>las  in<span class=\"_ _1\"></span>stalaciones  sobre <span class=\"_ _c2\"> </span>la  base <span class=\"_ _c2\"> </span>del  grado <span class=\"_ _c2\"> </span>de  u<span class=\"_ _1\"></span>so, <span class=\"_ _c2\"> </span>la  posibilidad <span class=\"_ _c2\"> </span>de  utilizaci\u00f3n <span class=\"_ _c2\"> </span>en  otro<span class=\"_ _1\"></span> emplazamiento, y la o<span class=\"_ _2\"></span>bsolescencia de los equipo<span class=\"_ _2\"></span>s.<span class=\"_ _2\"></span> Como <span class=\"_ _c6\"> </span>resu<span class=\"_ _2\"></span>ltado <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>dicha <span class=\"_ _c7\"> </span>revisi\u00f3n, <span class=\"_ _c7\"> </span>la <span class=\"_ _c7\"> </span>vida <span class=\"_ _c7\"> </span>\u00fatil <span class=\"_ _c7\"> </span>estimada <span class=\"_ _c7\"> </span>del <span class=\"_ _c6\"> </span>ep\u00edgrafe <span class=\"_ _c7\"> </span>\u201cInsta<span class=\"_ _2\"></span>laciones <span class=\"_ _c7\"> </span>t\u00e9cnicas <span class=\"_ _c9\"> </span>\u2013<span class=\"ff4\"> <span class=\"_ _c7\"> </span>otras<span class=\"_ _1be\"> </span></span>instalaciones\u201d <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>sit<span class=\"ff4 ls13\">u\u00f3<span class=\"ls0_1\"> <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>rango <span class=\"_ _4\"></span>12-20 <span class=\"_ _4\"></span>a\u00f1os<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>corres<span class=\"_ _2\"></span>pondiente <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>ep\u00edgrafe <span class=\"_ _c0\"></span></span></span>\u201cMaquin<span class=\"_ _2\"></span>aria\u201d <span class=\"_ _4\"></span>si <span class=\"_ _4\"></span>sit<span class=\"_ _2\"></span><span class=\"ff4 ls13\">u\u00f3<span class=\"ls0_1\"> <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el<span class=\"_ _1be\"> </span></span></span>rango 8-<span class=\"_ _1\"></span>20 <span class=\"_ _1\"></span>a\u00f1os. El <span class=\"_ _1\"></span>impacto <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>esta <span class=\"_ _1\"></span>modificaci\u00f3n, <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>se implem<span class=\"_ _1\"></span>ent\u00f3 el <span class=\"_ _bb\"></span>1 de <span class=\"_ _1\"></span>abril <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2021, <span class=\"_ _1\"></span>supuso <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>menor<span class=\"_ _1be\"> </span>gasto por amort<span class=\"_ _2\"></span>izaci\u00f3n en d<span class=\"_ _2\"></span>icho ejercicio <span class=\"ff6\">por import<span class=\"_ _2\"></span>e de 4.706 miles \u20ac <span class=\"_ _2\"></span>en 2021. <span class=\"_ _2\"></span></span> Adicionalmente <span class=\"_ _ca\"> </span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _ca\"> </span>revisa<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>p<span class=\"_ _2\"></span>eri\u00f3dicamente <span class=\"_ _c8\"> </span>si <span class=\"_ _ca\"> </span>tendr\u00e1 <span class=\"_ _c8\"> </span>que <span class=\"_ _c8\"> </span>llevar <span class=\"_ _ca\"> </span>a <span class=\"_ _c8\"> </span>cabo <span class=\"_ _ca\"> </span>el <span class=\"_ _c8\"> </span>desmantelamiento <span class=\"_ _c8\"> </span>y<span class=\"_ _1be\"> </span>rehabilitaci\u00f3n de <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>instalaciones e<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>las que <span class=\"_ _1\"></span>desarrolla <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _1\"></span>actividad <span class=\"_ _1\"></span>as\u00ed como, <span class=\"_ _bb\"></span>en su <span class=\"_ _1\"></span>caso, <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>costes <span class=\"_ _1\"></span>previstos<span class=\"_ _1be\"> </span>en los que s<span class=\"_ _2\"></span>e tendr\u00e1 que incurrir. <span class=\"_ _2\"></span> Derechos de u<span class=\"_ _2\"></span>so sobre activos En <span class=\"_ _c7\"> </span>la <span class=\"_ _c6\"> </span>determinaci\u00f3n <span class=\"_ _c7\"> </span>del <span class=\"_ _c7\"> </span>plazo <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>arrendamiento, <span class=\"_ _c7\"> </span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _c6\"> </span>cons<span class=\"_ _2\"></span>idera <span class=\"_ _c7\"> </span>todos <span class=\"_ _c7\"> </span>los <span class=\"_ _c6\"> </span>hechos <span class=\"_ _c7\"> </span>y <span class=\"_ _c7\"> </span>circunstancias<span class=\"_ _1be\"> </span>relevantes <span class=\"_ _c6\"> </span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c6\"> </span>crean <span class=\"_ _c6\"> </span>u<span class=\"_ _2\"></span>n <span class=\"_ _c6\"> </span>incentiv<span class=\"_ _2\"></span>o <span class=\"_ _c6\"> </span>econ\u00f3mico <span class=\"_ _c7\"> </span>significativ<span class=\"_ _2\"></span>o <span class=\"_ _c6\"> </span>al <span class=\"_ _c7\"> </span>arrendatario <span class=\"_ _c7\"> </span>para <span class=\"_ _c6\"> </span>ejercer <span class=\"_ _c6\"> </span>la <span class=\"_ _c7\"> </span>opci\u00f3n <span class=\"_ _c7\"> </span>de<span class=\"_ _1be\"> </span>renovaci\u00f3n o <span class=\"_ _1\"></span>no<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>ejercer <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>opci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cancelaci\u00f3n <span class=\"_ _1\"></span>(v\u00e9ase <span class=\"_ _1\"></span>Nota <span class=\"_ _1\"></span>3.6). <span class=\"_ _1\"></span>Las o<span class=\"_ _1\"></span>pciones de <span class=\"_ _bb\"></span>renov<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>terminaci\u00f3n<span class=\"_ _1be\"> </span>solo se <span class=\"_ _bb\"></span>in<span class=\"_ _2\"></span>cluyen <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>determinaci\u00f3n del <span class=\"_ _1\"></span>plazo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>arrendamiento <span class=\"_ _1\"></span>si <span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>razonablemente <span class=\"_ _1\"></span>cierto que <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>contrato<span class=\"_ _1be\"> </span>va <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>extenderse <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>va <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>celarse. <span class=\"_ _4\"></span>As\u00ed <span class=\"_ _2\"></span>mismo <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>estima <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>tas<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>incremental <span class=\"_ _2\"></span>utilizada <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>valoraci\u00f3n<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>los contratos<span class=\"_ _2\"></span> de arrendamiento.<span class=\"_ _2\"></span> Valor recuper<span class=\"_ _2\"></span>able de activos no financieros<span class=\"_ _2\"></span> ENCE <span class=\"_ _c6\"> </span>realiza  anu<span class=\"_ _2\"></span>almente  t<span class=\"_ _2\"></span>est <span class=\"_ _c6\"> </span>de  d<span class=\"_ _2\"></span>eterioro  de <span class=\"_ _c6\"> </span>aquellas<span class=\"_ _2\"></span>  unid<span class=\"_ _2\"></span>ades <span class=\"_ _c6\"> </span>generadoras <span class=\"_ _c6\"> </span>de  efectivo <span class=\"_ _c6\"> </span>que <span class=\"_ _c6\"> </span>as\u00ed <span class=\"_ _c6\"> </span>lo<span class=\"_ _1be\"> </span>requieren, <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>acu<span class=\"_ _2\"></span>erdo <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>lo <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span>scrito <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Nota <span class=\"_ _4\"></span>3.5<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _4\"></span>consid<span class=\"_ _2\"></span>era <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _4\"></span>estimaciones <span class=\"_ _4\"></span>son <span class=\"_ _4\"></span>ad<span class=\"_ _2\"></span>ecuadas <span class=\"_ _2\"></span>y<span class=\"_ _1be\"> </span>coherentes <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>actual <span class=\"_ _2\"></span>coyuntura <span class=\"_ _2\"></span>econ\u00f3mica <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>reflejan <span class=\"_ _2\"></span>sus <span class=\"_ _2\"></span>planes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>inversi\u00f3n <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>la mejor <span class=\"_ _2\"></span>estimaci\u00f3n<span class=\"_ _2\"></span> disponible de s<span class=\"_ _2\"></span>us gastos e ingres<span class=\"_ _2\"></span>os futuros,<span class=\"_ _2\"></span> y que las tasas d<span class=\"_ _2\"></span>e descu<span class=\"_ _2\"></span>ento a<span class=\"_ _2\"></span>plicadas reflejan a<span class=\"_ _2\"></span>decuadamente<span class=\"_ _1be\"> </span>los riesgos corres<span class=\"_ _2\"></span>pondientes a cada u<span class=\"_ _2\"></span>nidad<span class=\"_ _2\"></span> generadora de efectivo (v\u00e9as<span class=\"_ _2\"></span>e Nota <span class=\"_ _2\"></span><span class=\"ls11\">20<span class=\"ls1b\">).</span></span> Ingresos energ\u00eda. Liquidaci\u00f3n<span class=\"_ _2\"></span> de actividades re<span class=\"_ _2\"></span>guladas<span class=\"_ _2\"></span> Al <span class=\"_ _c6\"> </span>cierre <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>cada <span class=\"_ _c7\"> </span>ejercicio, <span class=\"_ _c7\"> </span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _c7\"> </span>realiza <span class=\"_ _c7\"> </span>una <span class=\"_ _c7\"> </span>estimaci\u00f3n <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>la <span class=\"_ _c7\"> </span>liquidaci\u00f3n <span class=\"_ _c7\"> </span>defin<span class=\"_ _2\"></span>itiva <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>los <span class=\"_ _c7\"> </span>ingresos<span class=\"_ _1be\"> </span>devengados corres<span class=\"_ _2\"></span>pondientes a la a<span class=\"_ _2\"></span>ctividad de generaci\u00f3n<span class=\"_ _2\"></span> de energ\u00eda, de acu<span class=\"_ _2\"></span>erdo con el <span class=\"_ _2\"></span>marco regulatorio<span class=\"_ _1be\"> </span>vigente. <span class=\"_ _c2\"> </span>En <span class=\"_ _c2\"> </span>las <span class=\"_ _c2\"> </span>estima<span class=\"_ _2\"></span>ciones <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>cons<span class=\"_ _2\"></span>ideran <span class=\"_ _c2\"> </span>las <span class=\"_ _c2\"> </span>liquid<span class=\"_ _2\"></span>aciones <span class=\"_ _c2\"> </span>pro<span class=\"_ _2\"></span>visionales <span class=\"_ _c2\"> </span>pu<span class=\"_ _2\"></span>blicadas, <span class=\"_ _c3\"> </span>as<span class=\"_ _2\"></span>\u00ed <span class=\"_ _c2\"> </span>como <span class=\"_ _c2\"> </span>toda <span class=\"_ _c2\"> </span>la<span class=\"_ _2\"></span> informaci\u00f3n sectorial dis<span class=\"_ _2\"></span>ponible (v\u00e9ans<span class=\"_ _2\"></span>e Nota 10, 27, 30<span class=\"_ _2\"></span> y Anexo III).<span class=\"_ _2\"></span> Provisiones para riesgos <span class=\"_ _2\"></span>y gastos <span class=\"_ _2\"></span> ENCE <span class=\"_ _c3\"></span>contabiliza <span class=\"_ _c3\"> </span>provision<span class=\"_ _2\"></span>es <span class=\"_ _0\"></span>en <span class=\"_ _c3\"> </span>cobertura <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>las <span class=\"_ _c3\"></span>obligaciones <span class=\"_ _c3\"> </span>presentes <span class=\"_ _c3\"> </span>que <span class=\"_ _c3\"></span>surgen <span class=\"_ _c3\"></span>como <span class=\"_ _c3\"></span>resultado <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span>sucesos <span class=\"_ _c2\"> </span>pasad<span class=\"_ _2\"></span>os, <span class=\"_ _c3\"> </span>principa<span class=\"_ _2\"></span>lmente, <span class=\"_ _c3\"> </span>litigios <span class=\"_ _c2\"> </span>y <span class=\"_ _c3\"> </span>r<span class=\"_ _2\"></span>eclamaciones<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>as<span class=\"_ _2\"></span>\u00ed <span class=\"_ _c3\"> </span>como <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>compro<span class=\"_ _2\"></span>misos <span class=\"_ _c2\"> </span>asu<span class=\"_ _2\"></span>midos <span class=\"_ _c3\"> </span>que<span class=\"_ _1be\"> </span>cumplen la definici\u00f3n d<span class=\"_ _2\"></span>e pasivo. Pa<span class=\"_ _2\"></span>ra ello, tiene que evalu<span class=\"_ _2\"></span>ar el resulta<span class=\"_ _2\"></span>do de ciertos<span class=\"_ _2\"></span> procedimientos legal<span class=\"_ _2\"></span>es,<span class=\"_ _1be\"> </span>fiscales o de otro t<span class=\"_ _2\"></span>ipo que no est\u00e1n cerrados a<span class=\"_ _2\"></span> la fecha de formulaci\u00f3n de las<span class=\"_ _2\"></span> cuentas anuales co<span class=\"_ _2\"></span>nsolidadas,<span class=\"_ _1be\"> </span>la <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>robabilidad <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>atender <span class=\"_ _1\"></span>determinados <span class=\"_ _1\"></span>compromisos <span class=\"_ _1\"></span>contractuales <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>su <span class=\"_ _1\"></span>impacto, <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>tod<span class=\"_ _2\"></span>o <span class=\"_ _bb\"></span>ello, <span class=\"_ _1\"></span>considerando<span class=\"_ _1be\"> </span>la mejor informaci\u00f3n disponible al cierre de cada ejercicio (v\u00e9an<span class=\"_ _2\"></span>se Notas 3.12 y 32<span class=\"ls1b\">).</span> Para llevar a cabo dicha<span class=\"_ _1be\"> </span>evaluaci\u00f3n, EN<span class=\"_ _2\"></span>CE se basa en el as<span class=\"_ _2\"></span>esoramiento legal <span class=\"_ _2\"></span>interno y d<span class=\"_ _2\"></span>e expertos independientes<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>C\u00e1lculo del impuesto so<span class=\"_ _2\"></span>bre beneficios y recon<span class=\"_ _2\"></span>ocimiento de activos por<span class=\"_ _2\"></span> impuesto diferido<span class=\"_ _4\"></span> La <span class=\"_ _0\"></span>correcta <span class=\"_ _c3\"></span>valoraci\u00f3n <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>ga<span class=\"_ _2\"></span>sto <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>concepto <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>impuesto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _0\"></span>beneficios <span class=\"_ _c3\"></span>depende <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>varios <span class=\"_ _c3\"></span>factores,<span class=\"_ _1be\"> </span>incluyendo  estimaciones  sobre  e<span class=\"_ _1\"></span>l  ritmo <span class=\"_ _c2\"> </span>y<span class=\"_ _2\"></span>  la<span class=\"_ _1\"></span>  realizaci\u00f3n <span class=\"_ _c2\"> </span>de  los  cr\u00e9<span class=\"_ _1\"></span>ditos  fiscales <span class=\"_ _c5\"> </span>y <span class=\"_ _c5\"> </span>resto <span class=\"_ _c5\"> </span>de  activos <span class=\"_ _c2\"> </span>por<span class=\"_ _1be\"> </span>impuestos <span class=\"_ _4\"></span>diferidos, <span class=\"_ _2\"></span>tas<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>impositiva <span class=\"_ _4\"></span>futura, <span class=\"_ _2\"></span>etc. <span class=\"_ _4\"></span>Los <span class=\"_ _4\"></span>cobros <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>pago<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>pueden <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>iferir <span class=\"_ _2\"></span>materialmente <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>esta<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>estimaciones <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>res<span class=\"_ _2\"></span>ultado <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>cambios<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>evoluci\u00f3n <span class=\"_ _4\"></span>previs<span class=\"_ _2\"></span>ta <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>egocios<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>ca<span class=\"_ _2\"></span>mbios<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ormas<span class=\"_ _1be\"> </span>impositivas o en su interpretaci\u00f3n, as\u00ed como consecuencia de <span class=\"_ _1\"></span>transacciones<span class=\"_ _2\"></span> futuras imprevistas <span class=\"_ _2\"></span>(v\u00e9ase Nota<span class=\"_ _1be\"> </span>33<span class=\"ls1b\">).<span class=\"ls0_1\"> </span></span>ENCE <span class=\"_ _ca\"> </span>s\u00f3lo <span class=\"_ _ca\"> </span>reconoce <span class=\"_ _cc\"> </span>act<span class=\"_ _2\"></span>ivos <span class=\"_ _cc\"> </span>po<span class=\"_ _2\"></span>r <span class=\"_ _cc\"> </span>impues<span class=\"_ _2\"></span>to <span class=\"_ _cc\"> </span>diferido <span class=\"_ _ca\"> </span>cuando <span class=\"_ _ca\"> </span>considera <span class=\"_ _ca\"> </span>probable <span class=\"_ _ca\"> </span>que <span class=\"_ _cc\"> </span>las <span class=\"_ _ca\"> </span>entidad<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>(individualmente  o  de  forma  consolidada)  que  los  han  ge<span class=\"_ _1\"></span>nerado  van  a  tener  en  e<span class=\"_ _1\"></span>l  futuro  suficientes<span class=\"_ _1be\"> </span>ganancias fiscales<span class=\"_ _2\"></span> con las qu<span class=\"_ _2\"></span>e hacerlos efectivos (v\u00e9ans<span class=\"_ _2\"></span>e Notas 3.15 y 33).<span class=\"_ _2\"></span> Cambio clim\u00e1tico<span class=\"_ _2\"></span> La estrategia <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ENCE <span class=\"_ _2\"></span>tiene en cons<span class=\"_ _2\"></span>ideraci\u00f3n los <span class=\"_ _2\"></span>objetivos del <span class=\"_ _2\"></span>Acuerdo d<span class=\"_ _2\"></span>e Par\u00eds <span class=\"_ _2\"></span>de limitar <span class=\"_ _2\"></span>el incremento d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>la <span class=\"_ _2\"></span>temperatura <span class=\"_ _4\"></span>global <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>debajo <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>2\u00baC <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>neutralidad <span class=\"_ _2\"></span>clim\u00e1tica <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>2050 <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>lo <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>han <span class=\"_ _2\"></span>sido <span class=\"_ _4\"></span>tenidos<span class=\"_ _1be\"> </span>en cuenta en la elabora<span class=\"_ _2\"></span>ci\u00f3n de es<span class=\"_ _2\"></span>tas cuentas a<span class=\"_ _2\"></span>nuales.<span class=\"_ _1be\"> </span>En este <span class=\"_ _1\"></span>sentido, las estimaciones <span class=\"_ _1\"></span>de la <span class=\"_ _1\"></span>vida \u00fatil <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los activos, de <span class=\"_ _1\"></span>los costes <span class=\"_ _1\"></span>de cie<span class=\"_ _1\"></span>rre y <span class=\"_ _1\"></span>desmantelamiento de<span class=\"_ _1be\"> </span>instalaciones  y <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>test <span class=\"_ _c2\"> </span>del  deterioro <span class=\"_ _c2\"> </span>de  los <span class=\"_ _c2\"> </span>activos  no <span class=\"_ _c2\"> </span>finan<span class=\"_ _2\"></span>cieros<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>in<span class=\"_ _2\"></span>corporan  los <span class=\"_ _c2\"> </span>efectos  de <span class=\"_ _c2\"> </span>dicha<span class=\"_ _1be\"> </span>estrategia (v\u00e9ase Nota<span class=\"_ _2\"></span> 8)<span class=\"ls1a\">. </span> 5.<span class=\"ff5 ls0_1\"> <span class=\"_ _bd\"> </span><span class=\"ff3\">Pol\u00edtica de gesti\u00f3n de riesgos financieros<span class=\"_ _1be\"> </span></span></span>Las act<span class=\"_ _2\"></span>ividades <span class=\"_ _2\"></span>desarrolladas<span class=\"_ _2\"></span> por E<span class=\"_ _2\"></span>NCE con<span class=\"_ _2\"></span>llevan s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>exposici\u00f3n a <span class=\"_ _2\"></span>determinados<span class=\"_ _2\"></span> riesgos<span class=\"_ _2\"></span> con<span class=\"_ _2\"></span> impacto <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>los<span class=\"_ _1be\"> </span>estados financieros; (i) <span class=\"_ _1\"></span>riesgos de <span class=\"_ _1\"></span>mercado, (ii) <span class=\"_ _1\"></span>riesgos de <span class=\"_ _1\"></span>cr\u00e9dito y <span class=\"_ _1\"></span>(iii) <span class=\"_ _1\"></span>riesgos de liquidez. En el <span class=\"_ _1\"></span>apartado 4\u00ba<span class=\"_ _1be\"> </span>del informe de gesti\u00f3n co<span class=\"_ _2\"></span>nsolidado s<span class=\"_ _2\"></span>e detalla informaci\u00f3n ad<span class=\"_ _2\"></span>icional sobre los r<span class=\"_ _2\"></span>iesgos del Grupo.<span class=\"_ _2\"></span> ENCE <span class=\"_ _c2\"> </span>dispone <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>una <span class=\"_ _c3\"> </span>organ<span class=\"_ _2\"></span>izaci\u00f3n <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>unos <span class=\"_ _c2\"> </span>sistemas <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>gesti\u00f3n <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>le <span class=\"_ _c3\"> </span>permiten <span class=\"_ _c3\"> </span>id<span class=\"_ _2\"></span>entificar, <span class=\"_ _c3\"> </span>medir <span class=\"_ _c3\"> </span>y<span class=\"_ _2\"></span> controlar <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>riesgos <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>est\u00e1 <span class=\"_ _4\"></span>expuesto <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>Grupo, <span class=\"_ _4\"></span>desarrollados <span class=\"_ _4\"></span>ba<span class=\"_ _4\"></span>jo <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>siguient<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>principios <span class=\"_ _4\"></span>b\u00e1sicos<span class=\"_ _1be\"> </span>de actuaci\u00f3n:<span class=\"_ _1be\"> </span>\u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Garantizar qu<span class=\"_ _2\"></span>e los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>riesgos <span class=\"_ _2\"></span>m\u00e1s <span class=\"_ _2\"></span>relevantes <span class=\"_ _2\"></span>sean <span class=\"_ _2\"></span>correctamen<span class=\"_ _2\"></span>te identificad<span class=\"_ _2\"></span>os, <span class=\"_ _2\"></span>evaluados, <span class=\"_ _2\"></span>gestionados,<span class=\"_ _1be\"> </span></span></span>y <span class=\"_ _4\"></span>sup<span class=\"_ _2\"></span>ervisados. <span class=\"_ _4\"></span>En <span class=\"_ _4\"></span>este <span class=\"_ _c0\"></span>sentido, <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>gesti\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>riesgos <span class=\"_ _c0\"></span>financieros <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>realiza <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>forma <span class=\"_ _4\"></span>coo<span class=\"_ _2\"></span>rdinada<span class=\"_ _1be\"> </span>entre e<span class=\"_ _1\"></span>l Comit\u00e9 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Direcci\u00f3n y <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>distintos negocios <span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>iliales <span class=\"_ _1\"></span>que conforman <span class=\"_ _1\"></span>ENCE, bajo la<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>supervisi\u00f3n<span class=\"_ _1be\"> </span>y control de la Comis<span class=\"_ _2\"></span>i\u00f3n de Auditor\u00eda y<span class=\"_ _2\"></span> de la Direcci\u00f3n de Audito<span class=\"_ _2\"></span>r\u00eda Interna.<span class=\"_ _2\"></span> \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Establecimiento <span class=\"_ _c6\"> </span>de <span class=\"_ _c7\"> </span>unos <span class=\"_ _c6\"> </span>s<span class=\"_ _2\"></span>istemas <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>tra<span class=\"_ _2\"></span>tamiento <span class=\"_ _c6\"> </span>y <span class=\"_ _c7\"> </span>control <span class=\"_ _c6\"> </span>interno <span class=\"_ _c6\"> </span>que <span class=\"_ _c4\"> </span>permitan <span class=\"_ _c6\"> </span>mantener <span class=\"_ _c7\"> </span>la<span class=\"_ _1be\"> </span></span></span>probabilidad<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>e <span class=\"_ _c4\"> </span>impacto <span class=\"_ _c4\"> </span>de <span class=\"_ _c9\"> </span>ocurrencia <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>d<span class=\"_ _2\"></span>ichos <span class=\"_ _c4\"> </span>event<span class=\"_ _2\"></span>os <span class=\"_ _c4\"> </span>dentro <span class=\"_ _c4\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c4\"> </span>los <span class=\"_ _c4\"> </span>niveles <span class=\"_ _c4\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c4\"> </span>tolerancia<span class=\"_ _1be\"> </span>establecidos, <span class=\"_ _cc\"> </span>y <span class=\"_ _cc\"> </span>propo<span class=\"_ _2\"></span>rcionar <span class=\"_ _cc\"> </span>una <span class=\"_ _cc\"> </span>seguridad <span class=\"_ _cc\"> </span>razonable <span class=\"_ _cc\"> </span>sobre <span class=\"_ _cc\"> </span>la <span class=\"_ _cc\"> </span>consecuci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>de <span class=\"_ _c9\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>objetivos<span class=\"_ _1be\"> </span>estrat\u00e9gicos empresariales<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>5.1<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Riesgos de mercado<span class=\"_ _1\"></span> </span>El <span class=\"_ _c0\"></span>riesgo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>mercado <span class=\"_ _0\"></span>es <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>p\u00e9rdida <span class=\"_ _0\"></span>potencial <span class=\"_ _c0\"></span>ante <span class=\"_ _c0\"></span>mov<span class=\"_ _2\"></span>imientos <span class=\"_ _c0\"></span>adv<span class=\"_ _2\"></span>ersos <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>v<span class=\"_ _2\"></span>ariables <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>mercado. <span class=\"_ _c0\"></span>El<span class=\"_ _2\"></span> Grupo est\u00e1<span class=\"_ _2\"></span> expuesto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>diversos<span class=\"_ _2\"></span> tipos<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>riesgos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>mercado: d<span class=\"_ _2\"></span>e precio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>venta <span class=\"_ _2\"></span>de la<span class=\"_ _2\"></span> cel<span class=\"_ _2\"></span>ulosa <span class=\"_ _2\"></span>y la <span class=\"_ _2\"></span>energ\u00eda<span class=\"_ _1be\"> </span>renovable, de <span class=\"_ _1\"></span>tipo de <span class=\"_ _1\"></span>cambio, <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>tipo de inter\u00e9s, <span class=\"_ _1\"></span>de regulaci\u00f3n, <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>de precio <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>las materias<span class=\"_ _1\"></span> primas <span class=\"_ _1\"></span>utilizadas<span class=\"_ _1be\"> </span>en los procesos<span class=\"_ _2\"></span> productivos.<span class=\"_ _1be\"> </span>ENCE <span class=\"_ _2\"></span>realiza <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>seguimiento <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>exposici\u00f3n <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>ries<span class=\"_ _2\"></span>go <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>mercado <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>t\u00e9rm<span class=\"_ _2\"></span>inos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>sensibilidad<span class=\"_ _2\"></span>es. <span class=\"_ _2\"></span>Estas<span class=\"_ _2\"></span> se<span class=\"_ _1be\"> </span>complementan <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>otras <span class=\"_ _4\"></span>med<span class=\"_ _2\"></span>idas <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>gesti\u00f3n <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>ri<span class=\"_ _2\"></span>esgo <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>aquellas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ocas<span class=\"_ _2\"></span>iones <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>aturaleza <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>las <span class=\"_ _1\"></span>posiciones de <span class=\"_ _1\"></span>riesgo <span class=\"_ _1\"></span>as\u00ed <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>requiere, <span class=\"_ _1\"></span>entre <span class=\"_ _1\"></span>ellas, el <span class=\"_ _bb\"></span>estab<span class=\"_ _2\"></span>lecimiento de <span class=\"_ _1\"></span>l\u00edmites <span class=\"_ _1\"></span>m\u00e1ximos <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>riesgo, <span class=\"_ _1\"></span>que son<span class=\"_ _1be\"> </span>definidos <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>Comit\u00e9 <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>Direcci\u00f3n <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>que <span class=\"_ _0\"></span>se <span class=\"_ _c3\"></span>supervisan <span class=\"_ _0\"></span>por <span class=\"_ _c3\"></span>un <span class=\"_ _0\"></span>\u00e1rea <span class=\"_ _0\"></span>ind<span class=\"_ _2\"></span>ependiente <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>q<span class=\"_ _4\"></span>ue <span class=\"_ _c3\"></span>realiza <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span>gesti\u00f3n.<span class=\"_ _1be\"> </span>Precio de la celulosa<span class=\"_ _1be\"> </span> <span class=\"_ _2\"></span> El <span class=\"_ _c5\"> </span>precio <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>la  celulosa <span class=\"_ _c5\"> </span>BEKP <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>esta<span class=\"_ _2\"></span>blece <span class=\"_ _c2\"> </span>en  un <span class=\"_ _c2\"> </span>merca<span class=\"_ _2\"></span>do  activo <span class=\"_ _c2\"> </span>y <span class=\"_ _c5\"> </span>su <span class=\"_ _c5\"> </span>evoluci\u00f3n <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>etermina <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>for<span class=\"_ _2\"></span>ma<span class=\"_ _1be\"> </span>significativa <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>olumen <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>ingresos <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>rentabilidad <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Grupo. <span class=\"_ _c0\"></span>Las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>ariaciones <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>recio <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>pasta <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>celulosa modifican los flu<span class=\"_ _2\"></span>jos de efectivo ob<span class=\"_ _2\"></span>tenidos por <span class=\"_ _2\"></span>su venta. <span class=\"_ _2\"></span> Adicionalmente, <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>precio <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>celulos<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>tiene <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>marcado <span class=\"_ _0\"></span>car\u00e1cter <span class=\"_ _0\"></span>c\u00edclico <span class=\"_ _0\"></span>habiendo <span class=\"_ _0\"></span>experimentado<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>una<span class=\"_ _1be\"> </span>considerable <span class=\"_ _c2\"> </span>volatilidad <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>precios <span class=\"_ _c3\"> </span>en <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>\u00faltimos <span class=\"_ _c3\"> </span>a\u00f1o<span class=\"_ _2\"></span>s. <span class=\"_ _c3\"> </span>Este <span class=\"_ _c3\"> </span>comporta<span class=\"_ _2\"></span>miento <span class=\"_ _c3\"> </span>del <span class=\"_ _c2\"> </span>precio <span class=\"_ _c3\"> </span>est<span class=\"_ _4\"></span>\u00e1 <span class=\"_ _c2\"> </span>asociado<span class=\"_ _1be\"> </span>principalmente a ca<span class=\"_ _2\"></span>mbios en l<span class=\"_ _2\"></span>os vol\u00fa<span class=\"_ _2\"></span>menes o condiciones <span class=\"_ _2\"></span>en los<span class=\"_ _2\"></span> que se establec<span class=\"_ _2\"></span>en la ofe<span class=\"_ _2\"></span>rta y la demanda,<span class=\"_ _2\"></span> y a la situ<span class=\"_ _2\"></span>aci\u00f3n financiera de los dis<span class=\"_ _2\"></span>tintos operadores del mercado.<span class=\"_ _4\"></span> Para <span class=\"_ _4\"></span>mitigar <span class=\"_ _4\"></span>este <span class=\"_ _c0\"></span>riesgo <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>Grupo <span class=\"_ _c0\"></span>ha <span class=\"_ _4\"></span>acometido <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>los <span class=\"_ _4\"></span>\u00fa<span class=\"_ _2\"></span>ltimos <span class=\"_ _4\"></span>a\u00f1os <span class=\"_ _4\"></span>impo<span class=\"_ _4\"></span>rtantes <span class=\"_ _c0\"></span>inversiones <span class=\"_ _4\"></span>orientad<span class=\"_ _2\"></span>as <span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>reducir <span class=\"_ _0\"></span>sus <span class=\"_ _c3\"></span>costes <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>roducci\u00f3n <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>crementar <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>roductividad <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>calidad <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>roducto <span class=\"_ _0\"></span>comercializado.<span class=\"_ _2\"></span> Asimismo, se <span class=\"_ _1\"></span>eval\u00faa de <span class=\"_ _1\"></span>forma <span class=\"_ _1\"></span>continua la <span class=\"_ _1\"></span>posibilidad <span class=\"_ _1\"></span>de utili<span class=\"_ _1\"></span>zaci\u00f3n de <span class=\"_ _1\"></span>coberturas sobre <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>precio <span class=\"_ _1\"></span>de la <span class=\"_ _1\"></span>pasta<span class=\"_ _1be\"> </span>para las v<span class=\"_ _2\"></span>entas futuras, si b<span class=\"_ _2\"></span>ien, la oferta de estos instru<span class=\"_ _2\"></span>mentos de cobertura es<span class=\"_ _2\"></span> limitada. <span class=\"_ _2\"></span> La sensibilidad<span class=\"_ _2\"></span> en el resultado de explotaci\u00f3n<span class=\"_ _2\"></span> y el patrimoni<span class=\"_ _2\"></span>o neto (antes d<span class=\"_ _2\"></span>e impuestos) a var<span class=\"_ _2\"></span>iaciones en el<span class=\"_ _1be\"> </span>precio de venta de la celulos<span class=\"_ _2\"></span>a se detalla a con<span class=\"_ _2\"></span>tinuaci\u00f3n:<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> Precio de la energ\u00eda renovab<span class=\"_ _2\"></span>le<span class=\"_ _1be\"> </span>En <span class=\"_ _4\"></span>lo <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>refiere <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>riesgo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>precio <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _4\"></span>renov<span class=\"_ _2\"></span>able <span class=\"_ _4\"></span>vendida <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>ENCE <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>mercado <span class=\"_ _4\"></span>el\u00e9ctrico<span class=\"_ _2\"></span> espa\u00f1ol, <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>Real <span class=\"_ _c0\"></span>Decreto <span class=\"_ _c0\"></span>413/<span class=\"_ _2\"></span>2014 <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>regula <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>activ<span class=\"_ _2\"></span>idad <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>producci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>energ\u00eda <span class=\"_ _c0\"></span>el\u00e9ctrica <span class=\"_ _0\"></span>a<span class=\"_ _1be\"> </span>partir <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>fuentes<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>energ\u00eda <span class=\"_ _c3\"> </span>renovab<span class=\"_ _2\"></span>le, <span class=\"_ _0\"></span>cogeneraci\u00f3n <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>residuos <span class=\"_ _c3\"> </span>asegura <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"></span>las <span class=\"_ _0\"></span>instalacion<span class=\"_ _2\"></span>es <span class=\"_ _c3\"></span>acogidas <span class=\"_ _c3\"></span>al<span class=\"_ _1be\"> </span>R\u00e9gimen <span class=\"_ _2\"></span>Retribu<span class=\"_ _2\"></span>tivo <span class=\"_ _2\"></span>Es<span class=\"_ _2\"></span>pecial <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>renta<span class=\"_ _2\"></span>bilidad <span class=\"_ _2\"></span>m\u00ednima <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>7,398% <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>lo <span class=\"_ _2\"></span>largo <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>vida <span class=\"_ _4\"></span>regulatoria <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>asta<span class=\"_ _1be\"> </span>2031 (v\u00e9ase Nota 10 y An<span class=\"_ _2\"></span>exo III).<span class=\"_ _2\"></span> El <span class=\"_ _2\"></span>Grupo <span class=\"_ _2\"></span>comercializa <span class=\"_ _2\"></span>toda <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _2\"></span>generada <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>destino <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>terceros <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>trav\u00e9s <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>OMEL. <span class=\"_ _2\"></span>Adicionalmente,<span class=\"_ _1be\"> </span>toda <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>capacid<span class=\"_ _2\"></span>ad <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>producci\u00f3n de <span class=\"_ _bb\"></span>ENCE <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>mercado <span class=\"_ _bb\"></span>el\u00e9ctrico<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>encuentra<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>su<span class=\"_ _2\"></span>jeta <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>retribuci\u00f3n re<span class=\"_ _1\"></span>gulada<span class=\"_ _2\"></span><span class=\"ls17\">.<span class=\"_ _1be\"> </span></span>E<span class=\"ls1f\">l <span class=\"_ _4\"></span><span class=\"ls11\">2\u00ba <span class=\"_ _c0\"></span></span></span>semestre <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>2021 <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>\u00f1o <span class=\"_ _4\"></span>2022 <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>han<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>caracterizado <span class=\"_ _c0\"></span>por <span class=\"_ _4\"></span>un<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>elevados<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>precios <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>toda<span class=\"_ _1be\"> </span>Europa<span class=\"ls1c\">, </span>situaci\u00f3n que <span class=\"_ _1\"></span>provocar\u00e1 una menor <span class=\"_ _1\"></span>retribuci\u00f3n a <span class=\"_ _1\"></span>la inversi\u00f3n, al m<span class=\"_ _1\"></span>enos, en <span class=\"_ _1\"></span>el pr\u00f3ximo <span class=\"_ _1\"></span>semiperiodo<span class=\"_ _2\"></span> regulatorio <span class=\"_ _2\"></span>2023-2025 <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>nas <span class=\"_ _2\"></span>retribuciones <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>operaci\u00f3n <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ulas <span class=\"_ _2\"></span>(excepto <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>nuestra <span class=\"_ _2\"></span>plan<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>generaci\u00f3n<span class=\"_ _2\"></span> con gas) en los<span class=\"_ _2\"></span> ejercicios 2023 y 2024 <span class=\"_ _2\"></span>(v\u00e9ase Anexo III).<span class=\"_ _2\"></span> Suministro de madera<span class=\"_ _2\"></span> La madera <span class=\"_ _2\"></span>de eucalipto<span class=\"_ _2\"></span> es el principa<span class=\"_ _2\"></span>l insu<span class=\"_ _2\"></span>mo en la pro<span class=\"_ _2\"></span>ducci\u00f3n de <span class=\"_ _2\"></span>pasta de celulos<span class=\"_ _2\"></span>a y su p<span class=\"_ _2\"></span>recio est\u00e1 <span class=\"_ _2\"></span>sujeto<span class=\"_ _1be\"> </span>a <span class=\"_ _4\"></span>fluctuaciones <span class=\"_ _c0\"></span>derivadas <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>cambios <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>equilibrio <span class=\"_ _c0\"></span>entr<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>of<span class=\"_ _2\"></span>erta <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>demanda <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>zonas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>donde <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>ubican las b<span class=\"_ _2\"></span>iof\u00e1bricas de producci\u00f3n de celulos<span class=\"_ _2\"></span>a.<span class=\"_ _1be\"> </span>El riesgo <span class=\"_ _2\"></span>derivado <span class=\"_ _2\"></span>de una <span class=\"_ _2\"></span>oferta ins<span class=\"_ _2\"></span>uficiente es <span class=\"_ _2\"></span>mitigado prin<span class=\"_ _2\"></span>cipalmente a <span class=\"_ _2\"></span>trav\u00e9s <span class=\"_ _2\"></span>de la <span class=\"_ _2\"></span>gesti\u00f3n d<span class=\"_ _2\"></span>e stocks, la<span class=\"_ _1be\"> </span>diversificaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>fuentes <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>suministro,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>as\u00ed <span class=\"_ _4\"></span>como,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>forma <span class=\"_ _4\"></span>exc<span class=\"_ _2\"></span>epcional, <span class=\"_ _c0\"></span>a <span class=\"_ _4\"></span>trav\u00e9s <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>acceso <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>mercados<span class=\"_ _1be\"> </span>internacionales alterna<span class=\"_ _2\"></span>tivos, que incorpo<span class=\"_ _2\"></span>ran u<span class=\"_ _2\"></span>n mayor coste log\u00edstico.<span class=\"_ _2\"></span> La sensibilidad<span class=\"_ _2\"></span> en el resultado de explotaci\u00f3n<span class=\"_ _2\"></span> y el patrimoni<span class=\"_ _2\"></span>o neto (antes d<span class=\"_ _2\"></span>e impuestos) a var<span class=\"_ _2\"></span>iaciones en el<span class=\"_ _1be\"> </span>precio de la madera de <span class=\"_ _2\"></span>eucalipto con<span class=\"_ _2\"></span> destino celulosa se d<span class=\"_ _2\"></span>etalla a continuaci\u00f3n<span class=\"_ _2\"></span>:<span class=\"_ _2\"></span> Tipo de cambio<span class=\"_ _1be\"> </span>Las <span class=\"_ _c0\"></span>ventas <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>celulosa <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>Grup<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>realizan <span class=\"_ _c0\"></span>principa<span class=\"_ _2\"></span>lmente <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>mercad<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>euro<span class=\"_ _2\"></span>peo, <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _4\"></span>bien,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>ingreso<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>provenientes <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>esta<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>activid<span class=\"_ _2\"></span>ad <span class=\"_ _c0\"></span>se <span class=\"_ _0\"></span>ven <span class=\"_ _c0\"></span>afectado<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>por <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>tipo <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>cambio <span class=\"_ _0\"></span>USD/EUR <span class=\"_ _0\"></span>al <span class=\"_ _c0\"></span>est<span class=\"_ _2\"></span>ar <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>enominado <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span>precio <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>venta <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>referencia <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>celulos<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>mercado <span class=\"_ _c0\"></span>internacional <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>USD. <span class=\"_ _4\"></span>En<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>medida <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>la<span class=\"_ _1be\"> </span>Mi<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s \u20ac<span class=\"_ _1be\"> </span>Variaci<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _1be\"> </span>Precio Cel<span class=\"_ _1\"></span>ulosa<span class=\"_ _1be\"> </span>Efecto en resultad<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>expl<span class=\"_ _1\"></span>otaci\u00f3n<span class=\"_ _1be\"> </span>(-)/+<span class=\"_ _1be\"> </span>Efecto en pat<span class=\"_ _2\"></span>rimonio<span class=\"_ _1be\"> </span>neto<span class=\"_ _1be\"> </span>(-)/+<span class=\"_ _1be\"> </span>2022<span class=\"_ _62\"> </span><span class=\"ls0_1\">Incremen<span class=\"_ _2\"></span>to 5%<span class=\"_ _da\"> </span>31.274<span class=\"_ _db\"> </span>31.274<span class=\"_ _1be\"> </span></span>Redu<span class=\"_ _2\"></span>cc<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _2\"></span> 5%<span class=\"_ _dc\"> </span>(31.274)<span class=\"_ _dd\"> </span>(31.274)<span class=\"_ _1be\"> </span>2021<span class=\"_ _62\"> </span><span class=\"ls0_1\">Incremen<span class=\"_ _2\"></span>to 5%<span class=\"_ _da\"> </span>27.228<span class=\"_ _db\"> </span>27.228<span class=\"_ _1be\"> </span></span>Redu<span class=\"_ _2\"></span>cc<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _2\"></span> 5%<span class=\"_ _dc\"> </span>(27.228)<span class=\"_ _dd\"> </span>(27.228)<span class=\"_ _1be\"> </span>Mi<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s \u20ac<span class=\"_ _1be\"> </span>Variaci<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _1be\"> </span>Precio M<span class=\"_ _1\"></span>adera<span class=\"_ _1be\"> </span>Efecto en resultado<span class=\"_ _2\"></span> expl<span class=\"_ _1\"></span>otaci\u00f3n<span class=\"_ _1be\"> </span>(-)/+<span class=\"_ _1be\"> </span>Efecto en pat<span class=\"_ _2\"></span>rimonio<span class=\"_ _1be\"> </span>neto<span class=\"_ _1be\"> </span>(-)/+<span class=\"_ _1be\"> </span>2022<span class=\"_ _72\"> </span><span class=\"ls0_1\">Increm<span class=\"_ _2\"></span>ento 5%<span class=\"_ _db\"> </span>(10.863<span class=\"_ _1\"></span>)<span class=\"_ _de\"> </span>(10.863)<span class=\"_ _1be\"> </span></span>Redu<span class=\"_ _2\"></span>cc<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _2\"></span> 5%<span class=\"_ _df\"> </span>10.863<span class=\"_ _44\"> </span>1<span class=\"_ _1\"></span>0.863<span class=\"_ _1be\"> </span>2021<span class=\"_ _72\"> </span><span class=\"ls0_1\">Increm<span class=\"_ _2\"></span>ento 5%<span class=\"_ _db\"> </span>(11.355<span class=\"_ _1\"></span>)<span class=\"_ _de\"> </span>(11.355)<span class=\"_ _1be\"> </span></span>Redu<span class=\"_ _2\"></span>cc<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _2\"></span> 5%<span class=\"_ _df\"> </span>11.355<span class=\"_ _44\"> </span>1<span class=\"_ _1\"></span>1.355<span class=\"_ _1be\"> </span>moneada  funcional,  la  estructu<span class=\"_ _2\"></span>ra  de  costes,  y  la  estructura  financiera  del  Grupo  est\u00e1n<span class=\"_ _2\"></span>  denominadas<span class=\"_ _1be\"> </span>principalmente <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>euros<span class=\"_ _2\"></span>, <span class=\"_ _4\"></span>las <span class=\"_ _c0\"></span>fluctuaciones <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>tipo <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>cambio <span class=\"_ _4\"></span>entre <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>d\u00f3lar <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>euro <span class=\"_ _c0\"></span>afectan <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>for<span class=\"_ _c0\"></span>ma<span class=\"_ _1be\"> </span>significativa a los<span class=\"_ _2\"></span> resultados del Grupo.<span class=\"_ _2\"></span> Para  gestionar  y  minimizar  este  riesgo,  ENCE  realiza  un<span class=\"_ _1\"></span>  seguimiento  permanente  de  su  exposici\u00f3n  a<span class=\"_ _1be\"> </span>fluctuaciones <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>tipo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>cambio <span class=\"_ _4\"></span>as\u00ed <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>previs<span class=\"_ _2\"></span>iones <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>evoluci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>tipo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>cambio <span class=\"_ _4\"></span>USD/E<span class=\"_ _2\"></span>UR, <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> en ocasiones, u<span class=\"_ _2\"></span>tiliza estrategias d<span class=\"_ _2\"></span>e cobertura.<span class=\"_ _2\"></span> Los <span class=\"_ _c3\"> </span>activos<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>y <span class=\"_ _c3\"> </span>pasivos <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"> </span>grupo <span class=\"_ _c3\"> </span>expres<span class=\"_ _2\"></span>ados <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>mo<span class=\"_ _2\"></span>neda <span class=\"_ _c2\"> </span>extranjera <span class=\"_ _c3\"> </span>al <span class=\"_ _c2\"> </span>31 <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"> </span>diciembre<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>2022 <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>2021,<span class=\"_ _1be\"> </span>mayoritariamente en USD, s<span class=\"_ _2\"></span>on los<span class=\"_ _2\"></span> siguientes: La sensibilidad del resultado de explotaci\u00f3n y del <span class=\"_ _1\"></span>patrimonio neto (an<span class=\"_ _2\"></span>tes de impuestos), a las apreciaciones<span class=\"_ _1be\"> </span>o depreciaciones del d\u00f3lar <span class=\"_ _2\"></span>frente al euro se d<span class=\"_ _2\"></span>etalla a continuaci\u00f3n<span class=\"_ _2\"></span>:<span class=\"_ _2\"></span> Tipo de inter\u00e9s<span class=\"_ _2\"></span> Las variaciones <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>tipos <span class=\"_ _1\"></span>de inter\u00e9s <span class=\"_ _1\"></span>pueden <span class=\"_ _1\"></span>afectar <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>ingreso o <span class=\"_ _1\"></span>gasto <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>intereses <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los activos <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>pasivos<span class=\"_ _1be\"> </span>financieros referenciados <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>un tipo <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>in<span class=\"_ _2\"></span>ter\u00e9s variable, <span class=\"_ _1\"></span>pudiendo modificar <span class=\"_ _bb\"></span>ta<span class=\"_ _2\"></span>mbi\u00e9n el <span class=\"_ _1\"></span>valor <span class=\"_ _1\"></span>razonable de <span class=\"_ _bb\"></span>los<span class=\"_ _2\"></span> activos <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>pas<span class=\"_ _2\"></span>ivos <span class=\"_ _c0\"></span>financieros <span class=\"_ _c0\"></span>contratad<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>tipo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>inter\u00e9s <span class=\"_ _c0\"></span>fijo. <span class=\"_ _0\"></span>Adicionalmente, <span class=\"_ _c0\"></span>estas <span class=\"_ _0\"></span>variaciones <span class=\"_ _c0\"></span>pueden<span class=\"_ _1be\"> </span>afectar <span class=\"_ _c3\"></span>al <span class=\"_ _c3\"> </span>valor <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>libros <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>activos <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>pasivos <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"> </span>vari<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>las <span class=\"_ _c3\"> </span>tasas <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>descuento <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>flujos <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>caja<span class=\"_ _1be\"> </span>aplicables, a la renta<span class=\"_ _2\"></span>bilidad de las inv<span class=\"_ _2\"></span>ersiones y al coste futu<span class=\"_ _2\"></span>ro de captaci\u00f3n d<span class=\"_ _2\"></span>e recursos financieros.<span class=\"_ _4\"></span> El  endeudamiento  d<span class=\"_ _2\"></span>e  ENCE  proviene  de  aquellos  ins<span class=\"_ _2\"></span>trumentos  financieros  m\u00e1s<span class=\"_ _2\"></span>  competitivos  en  cada<span class=\"_ _1be\"> </span>momento, tan<span class=\"_ _2\"></span>to de mercados<span class=\"_ _2\"></span> de capitales como ban<span class=\"_ _2\"></span>carios, <span class=\"_ _2\"></span>y de acuerdo a la<span class=\"_ _2\"></span>s condiciones d<span class=\"_ _2\"></span>e mercado que<span class=\"_ _1be\"> </span>sean <span class=\"_ _c3\"> </span>\u00f3ptimas <span class=\"_ _c3\"> </span>en <span class=\"_ _c2\"> </span>cada <span class=\"_ _c3\"> </span>uno <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>ellos. <span class=\"_ _c3\"> </span>As<span class=\"_ _2\"></span>\u00ed <span class=\"_ _c3\"></span>mismo, <span class=\"_ _c3\"> </span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _c3\"></span>mitiga <span class=\"_ _c3\"> </span>este <span class=\"_ _c3\"> </span>r<span class=\"_ _2\"></span>iesgo <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>trav\u00e9s <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>con<span class=\"_ _2\"></span>trataci\u00f3n <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span>derivados d<span class=\"_ _2\"></span>e tipo de inter\u00e9s que intercambian flujo<span class=\"_ _2\"></span>s varia<span class=\"_ _2\"></span>bles p<span class=\"_ _2\"></span>or fijos.<span class=\"_ _1be\"> </span>La estructura d<span class=\"_ _2\"></span>e la deuda financiera a 31 de dicie<span class=\"_ _2\"></span>mbre de 2022 y 2021, un<span class=\"_ _2\"></span>a vez consid<span class=\"_ _2\"></span>eradas las coberturas<span class=\"_ _1be\"> </span>contratada<span class=\"_ _2\"></span>s, es la siguiente:<span class=\"_ _1be\"> </span>Mi<span class=\"_ _1\"></span>les \u20ac2022<span class=\"_ _d2\"> </span>2021Efectivo<span class=\"_ _e0\"> </span>9.625<span class=\"_ _e1\"> </span>17.769Cuen<span class=\"_ _2\"></span>tas p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r cobr<span class=\"_ _2\"></span>ar<span class=\"_ _dc\"> </span>2<span class=\"_ _1\"></span>0.870<span class=\"_ _e1\"> </span>26.656Cuen<span class=\"_ _2\"></span>tas p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r pa<span class=\"_ _2\"></span>gar<span class=\"_ _e2\"> </span>(10.524)<span class=\"_ _e3\"> </span>(8.062)19.97<span class=\"_ _1\"></span>1<span class=\"_ _e1\"> </span>36.363Mi<span class=\"_ _1\"></span>les \u20acVariaci<span class=\"_ _1\"></span>\u00f3nTipo Cambio US<span class=\"_ _1\"></span>$/<span class=\"_ _1\"></span>\u20acEfecto en resultadoexplotaci<span class=\"_ _1\"></span>\u00f3n(-)/+Efecto en pat<span class=\"_ _2\"></span>rimonioneto(-)/+2022<span class=\"_ _e4\"> </span><span class=\"ls0_1\">Apr<span class=\"_ _2\"></span>eciaci\u00f3n 5%<span class=\"_ _44\"> </span>31.274<span class=\"_ _77\"> </span>31.274</span>Dep<span class=\"_ _2\"></span>reciaci\u00f3n 5%<span class=\"_ _e5\"> </span>(31.274)<span class=\"_ _7f\"> </span>(31.274)2021<span class=\"_ _e4\"> </span><span class=\"ls0_1\">Apr<span class=\"_ _2\"></span>eciaci\u00f3n 5%<span class=\"_ _44\"> </span>27.228<span class=\"_ _77\"> </span>27.228</span>Dep<span class=\"_ _2\"></span>reciaci\u00f3n 5%<span class=\"_ _e5\"> </span>(27.228)<span class=\"_ _7f\"> </span>(27.228)La <span class=\"_ _2\"></span>sensibilidad<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el resu<span class=\"_ _2\"></span>ltado <span class=\"_ _2\"></span>antes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>impuesto<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>variaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>50 p<span class=\"_ _2\"></span>untos <span class=\"_ _2\"></span>b\u00e1s<span class=\"_ _2\"></span>icos <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>nter<span class=\"_ _2\"></span>\u00e9s<span class=\"_ _1be\"> </span>es <span class=\"_ _2\"></span>residual. <span class=\"_ _2\"></span>Por <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>la sens<span class=\"_ _2\"></span>ibilidad <span class=\"_ _2\"></span>del p<span class=\"_ _2\"></span>atrimonio <span class=\"_ _2\"></span>neto <span class=\"_ _4\"></span>(antes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>impuestos) <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>la variaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> tipos<span class=\"_ _1be\"> </span>de inter\u00e9s, <span class=\"_ _2\"></span>supon<span class=\"_ _2\"></span>e en 20<span class=\"_ _2\"></span>22 <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>2021 i<span class=\"_ _2\"></span>mpactos <span class=\"_ _2\"></span>en la <span class=\"_ _2\"></span>cuenta<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>resultados <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>importe d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"ls2b\">0,</span>4 y<span class=\"_ _2\"></span> 1,8 <span class=\"_ _2\"></span><span class=\"ff6\">millones <span class=\"_ _2\"></span>\u20ac<span class=\"_ _1be\"> </span></span>aproximada y res<span class=\"_ _2\"></span>pectivamente.<span class=\"_ _2\"></span> Regulaci\u00f3n La <span class=\"_ _4\"></span>actividad <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>generaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>energ\u00eda <span class=\"_ _4\"></span>renovable <span class=\"_ _4\"></span>es <span class=\"_ _c0\"></span>una <span class=\"_ _4\"></span>actividad <span class=\"_ _c0\"></span>regulada <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>lo <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>ingres<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>se<span class=\"_ _1be\"> </span>derivan de <span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>est\u00e1n condicionados <span class=\"_ _1\"></span>por la<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>primas establecidas por <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Gobierno de <span class=\"_ _bb\"></span>Es<span class=\"_ _2\"></span>pa\u00f1a <span class=\"_ _1\"></span>(v\u00e9ase Anexo III).<span class=\"_ _1be\"> </span>ENCE h<span class=\"_ _2\"></span>ace un <span class=\"_ _2\"></span>seguimiento <span class=\"_ _2\"></span>pormenorizado <span class=\"_ _2\"></span>de los <span class=\"_ _2\"></span>cambios <span class=\"_ _2\"></span>regulatorios <span class=\"_ _2\"></span>a fin <span class=\"_ _2\"></span>de recoger <span class=\"_ _2\"></span>adecuadamente <span class=\"_ _2\"></span>su<span class=\"_ _1be\"> </span>impacto en los estad<span class=\"_ _2\"></span>os financieros.<span class=\"_ _2\"></span> 5.2<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Riesgo de Cr\u00e9d<span class=\"_ _1\"></span>ito<span class=\"_ _1be\"> </span></span>El <span class=\"_ _1\"></span>riesgo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cr\u00e9dito <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>define como <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>posibilidad <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>un terce<span class=\"_ _1\"></span>ro <span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>cumpla con <span class=\"_ _1\"></span>sus obligaciones de <span class=\"_ _1\"></span>pago,<span class=\"_ _1be\"> </span>originando <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>ello <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>\u00e9rdidas <span class=\"_ _c0\"></span>crediticias. <span class=\"_ _c0\"></span>Es<span class=\"_ _2\"></span>te <span class=\"_ _4\"></span>riesgo,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _c0\"></span>mayor <span class=\"_ _c0\"></span>parte, <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>eval\u00fa<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>trola <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>ENCE <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>forma individualizad<span class=\"_ _2\"></span>a para cada cliente.<span class=\"_ _2\"></span> El <span class=\"_ _2\"></span>Grupo <span class=\"_ _2\"></span>eval\u00faa <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>peri\u00f3dica <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>existencia <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>evidencias <span class=\"_ _2\"></span>objetiv<span class=\"_ _2\"></span>as d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>deterioro <span class=\"_ _2\"></span>de v<span class=\"_ _2\"></span>alor <span class=\"_ _2\"></span>despu\u00e9s <span class=\"_ _2\"></span>del<span class=\"_ _1be\"> </span>reconocimiento <span class=\"_ _1\"></span>inicial <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>a<span class=\"_ _2\"></span>ctivo <span class=\"_ _1\"></span>financiero. <span class=\"_ _bb\"></span>Entre <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>factores <span class=\"_ _bb\"></span>cons<span class=\"_ _2\"></span>iderados <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>dicha <span class=\"_ _1\"></span>evaluaci\u00f3n <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>estacan;<span class=\"_ _1be\"> </span>las <span class=\"_ _0\"></span>cob<span class=\"_ _2\"></span>erturas <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>seguro <span class=\"_ _c3\"></span>de <span class=\"_ _c0\"></span>cr\u00e9dito <span class=\"_ _c3\"></span>disponibles<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>antig\u00fcedad <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>deuda, <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>existencia <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>situaciones<span class=\"_ _1be\"> </span>concursales,  y  los <span class=\"_ _c2\"> </span>an<span class=\"_ _2\"></span>\u00e1lisis  d<span class=\"_ _1\"></span>e  solvencia <span class=\"_ _c5\"> </span>para  evaluar  la <span class=\"_ _c2\"> </span>capacidad  del  cliente <span class=\"_ _c2\"> </span>para  devolver  el <span class=\"_ _c5\"> </span>cr\u00e9dito<span class=\"_ _1be\"> </span>concedido.<span class=\"_ _1be\"> </span>Deudores comerciales y <span class=\"_ _2\"></span>otras cuen<span class=\"_ _2\"></span>tas a cobrar<span class=\"_ _2\"></span> Los s<span class=\"_ _2\"></span>aldos comerciales <span class=\"_ _2\"></span>se reflejan <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>Estad<span class=\"_ _2\"></span>o de <span class=\"_ _4\"></span>Situaci\u00f3n Financiera <span class=\"_ _2\"></span>consolida<span class=\"_ _2\"></span>do netos <span class=\"_ _2\"></span>de deterioro. <span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>deterioros <span class=\"_ _c2\"> </span>registrados<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>31 <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>diciembre <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>2022 <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>202<span class=\"_ _2\"></span>1 <span class=\"_ _c2\"> </span>ascienden <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>4.302 <span class=\"_ _c5\"> </span>miles <span class=\"_ _c3\"> </span>\u20ac<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>4.485 <span class=\"_ _c2\"> </span>miles <span class=\"_ _c2\"> </span>\u20ac,<span class=\"_ _2\"></span> respectivamente. <span class=\"_ _0\"></span>En <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>siguie<span class=\"_ _2\"></span>nte <span class=\"_ _0\"></span>cuadro <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>etalla <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>antig\u00fcedad <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>deuda <span class=\"_ _c3\"></span>comercial <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>deterioro<span class=\"ls14\">s<span class=\"_ _1be\"> </span></span>registrados (inclu<span class=\"_ _2\"></span>ye p\u00e9rdida esperada):<span class=\"_ _2\"></span> ENCE <span class=\"_ _0\"></span>cuenta <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sistemas <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>pios <span class=\"_ _0\"></span>para <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>evaluaci\u00f3n <span class=\"_ _0\"></span>crediticia <span class=\"_ _0\"></span>permanente <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>todos <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _0\"></span>deudores <span class=\"_ _0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span>determinaci\u00f3n de l\u00edmites de riesgo por contraparte, que se basan<span class=\"_ _2\"></span> en informaci\u00f3n de solv<span class=\"_ _2\"></span>encia disponible, y<span class=\"_ _1be\"> </span>en <span class=\"_ _bb\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>an<span class=\"_ _2\"></span>\u00e1lisis <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>evaluaci\u00f3n <span class=\"_ _1\"></span>crediticia <span class=\"_ _bb\"></span>real<span class=\"_ _2\"></span>izados <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>entidades <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _bb\"></span>seguro <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cr\u00e9dito <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>reconocido <span class=\"_ _1\"></span>prestigio.<span class=\"_ _1be\"> </span>Ne<span class=\"_ _1\"></span>goci<span class=\"_ _1\"></span>o Celul<span class=\"_ _1\"></span>osa<span class=\"_ _80\"> </span>Ne<span class=\"_ _1\"></span>goci<span class=\"_ _1\"></span>o Energ\u00ed<span class=\"_ _1\"></span>aMiles \u20ac<span class=\"_ _e6\"> </span><span class=\"ff3 ls2c\">2022<span class=\"_ _43\"> </span>2021<span class=\"_ _e7\"> </span>2022<span class=\"_ _43\"> </span>2021</span>Tipo<span class=\"_ _2\"></span> inter\u00e9s<span class=\"_ _2\"></span> fijo<span class=\"_ _e8\"> </span>100.300<span class=\"_ _9e\"> </span>196.066<span class=\"_ _33\"> </span>13<span class=\"_ _1\"></span>4.038<span class=\"_ _8\"> </span>1<span class=\"_ _1\"></span>58.687Tipo<span class=\"_ _2\"></span> inter\u00e9s<span class=\"_ _2\"></span> Variab<span class=\"_ _2\"></span>le<span class=\"_ _4f\"> </span>58.000<span class=\"_ _28\"> </span>35.000<span class=\"_ _aa\"> </span>16.012<span class=\"_ _28\"> </span>34.763Com<span class=\"_ _2\"></span>isio<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span> e intereses<span class=\"_ _35\"> </span><span class=\"ls2c\">647<span class=\"_ _7a\"> </span>15<span class=\"_ _8f\"> </span></span>(1.<span class=\"_ _2\"></span>071)<span class=\"_ _e9\"> </span>(1.891)Total d<span class=\"_ _2\"></span>eud<span class=\"_ _2\"></span>a f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nciera<span class=\"_ _2\"></span> (Nota 29)<span class=\"_ _8e\"> </span><span class=\"ff3\">158.9<span class=\"_ _1\"></span>47<span class=\"_ _8\"> </span>23<span class=\"_ _1\"></span>1.081<span class=\"_ _ea\"> </span>148.9<span class=\"_ _1\"></span>79<span class=\"_ _8\"> </span>19<span class=\"_ _1\"></span>1.559</span>31/<span class=\"_ _1\"></span>12/<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>22<span class=\"_ _44\"> </span>3<span class=\"_ _1\"></span>1/<span class=\"_ _1\"></span>12/<span class=\"_ _1\"></span>202<span class=\"_ _1\"></span>1Miles \u20ac<span class=\"_ _eb\"> </span><span class=\"ff3\">Saldo a <span class=\"_ _2\"></span>cobrar<span class=\"_ _ec\"> </span>Deterioro<span class=\"_ _ed\"> </span>Saldo a <span class=\"_ _2\"></span>cobrar<span class=\"_ _ec\"> </span>Deterioro</span>No vencido40.10<span class=\"_ _1\"></span>6<span class=\"_ _cf\"> </span>-72.169<span class=\"_ _ee\"> </span>-Vencido 0- 30 d\u00edas7.732<span class=\"_ _cf\"> </span>-4.058<span class=\"_ _ee\"> </span>-Vencido 30-180<span class=\"_ _1\"></span> d\u00eda<span class=\"_ _2\"></span>s1.813<span class=\"_ _ef\"> </span><span class=\"ls2d\">27</span>2.980<span class=\"_ _f0\"> </span><span class=\"ls2e\">247</span>Vencido &gt; 180 d\u00edas4.275<span class=\"_ _2e\"> </span>4.275<span class=\"_ _2e\"> </span>4.238<span class=\"_ _2e\"> </span>4.23853.92<span class=\"_ _1\"></span>6<span class=\"_ _f1\"> </span>4.302<span class=\"_ _28\"> </span>83.445<span class=\"_ _b9\"> </span>4.485Negocio Celulosa<span class=\"_ _2\"></span> El <span class=\"_ _c0\"></span>riesgo <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>cr\u00e9dito <span class=\"_ _0\"></span>se <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>istribu<span class=\"_ _2\"></span>ye <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>200<span class=\"_ _2\"></span>-300 <span class=\"_ _0\"></span>clientes <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>tras <span class=\"_ _0\"></span>contrap<span class=\"_ _2\"></span>artes. <span class=\"_ _c0\"></span>La<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>concentra<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _c0\"></span>m\u00e1xi<span class=\"_ _2\"></span>ma <span class=\"_ _c0\"></span>de<span class=\"_ _2\"></span> riesgo con un t<span class=\"_ _2\"></span>ercero en 2022 y 2021 es<span class=\"_ _2\"></span> del 10% de las vent<span class=\"_ _2\"></span>as de celulosa.<span class=\"_ _4\"></span> Para <span class=\"_ _0\"></span>mitigar <span class=\"_ _0\"></span>este <span class=\"_ _0\"></span>riesgo,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>opera <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>clientes <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>his<span class=\"_ _2\"></span>torial <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>cr\u00e9dito <span class=\"_ _0\"></span>sin <span class=\"_ _0\"></span>ins<span class=\"_ _2\"></span>olvencias <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>alta <span class=\"_ _c3\"></span>calidad<span class=\"_ _1be\"> </span>crediticia, <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>sigue <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>pol\u00edtica <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>vender <span class=\"_ _4\"></span>mayoritariamente <span class=\"_ _c0\"></span>a <span class=\"_ _4\"></span>clientes <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>disponen <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>cobertura <span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>los<span class=\"_ _1be\"> </span>programas <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>seguro <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cr\u00e9di<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>contratados<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _2\"></span>(que prop<span class=\"_ _2\"></span>orciona <span class=\"_ _2\"></span>aproximadamente <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cobertura<span class=\"_ _1be\"> </span>del <span class=\"_ _c3\"></span>90% <span class=\"_ _c3\"></span>del <span class=\"_ _c3\"></span>importe <span class=\"_ _c3\"></span>facturado). <span class=\"_ _c3\"> </span>E<span class=\"_ _2\"></span>stas <span class=\"_ _c3\"> </span>medidas <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>complementan <span class=\"_ _c3\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"></span>ejecuci\u00f3n, <span class=\"_ _c3\"></span>peri\u00f3dicamente, <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span>an\u00e1lisis <span class=\"_ _c4\"> </span>espec\u00edficos <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>s<span class=\"_ _2\"></span>olvencia <span class=\"_ _c4\"> </span>financiera <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>los <span class=\"_ _c7\"> </span>p<span class=\"_ _2\"></span>rincipales <span class=\"_ _c4\"> </span>clientes <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c7\"> </span>Grupo, <span class=\"_ _c4\"> </span>y <span class=\"_ _c4\"> </span>la <span class=\"_ _c4\"> </span>inclusi\u00f3n<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span><span class=\"ls18\">en</span> determinadas situ<span class=\"_ _2\"></span>aciones, d<span class=\"_ _2\"></span>e cl\u00e1usulas espec\u00edficas en los<span class=\"_ _2\"></span> contratos de venta dirigidas<span class=\"_ _2\"></span> a garantizar el cobro.<span class=\"_ _1be\"> </span><span class=\"_ _4\"></span> La <span class=\"_ _2\"></span>calificaci\u00f3n <span class=\"_ _2\"></span>crediticia <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e n<span class=\"_ _2\"></span>uestros <span class=\"_ _2\"></span>clientes <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>aldos <span class=\"_ _2\"></span>pendientes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cobro <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ciembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> 2021, considerando la<span class=\"_ _2\"></span> evaluaci\u00f3n real<span class=\"_ _2\"></span>izada por <span class=\"_ _2\"></span>nuestras aseguradoras es<span class=\"_ _2\"></span> la siguiente:<span class=\"_ _2\"></span> Negocio Energ\u00eda<span class=\"_ _2\"></span> Durante <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>a\u00f1os <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>2021 la <span class=\"_ _4\"></span>energ\u00eda generada,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>acuerdo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>marco <span class=\"_ _2\"></span>regulatorio el\u00e9ctrico <span class=\"_ _4\"></span>en v<span class=\"_ _2\"></span>igor,<span class=\"_ _1be\"> </span>se ha vendid<span class=\"_ _2\"></span>o a trav\u00e9s del Mercado<span class=\"_ _2\"></span> Ib\u00e9rico de Electricidad<span class=\"_ _2\"></span> (MIBEL), <span class=\"_ _2\"></span>cobran<span class=\"_ _2\"></span>do los ingreso<span class=\"_ _2\"></span>s del operador del<span class=\"_ _1be\"> </span>mercado OMIE que cuenta con un <span class=\"_ _1\"></span>sistema de garant\u00eda de <span class=\"_ _1\"></span>pagos, y de <span class=\"_ _1\"></span>la Comisi\u00f3n Nacional de <span class=\"_ _1\"></span>los Mercados<span class=\"_ _1be\"> </span>y  la <span class=\"_ _c6\"> </span>Competencia <span class=\"_ _c6\"> </span>(CNMC), <span class=\"_ _c6\"> </span>ente <span class=\"_ _c6\"> </span>regulador <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>los <span class=\"_ _c6\"> </span>mercados<span class=\"_ _2\"></span>  energ\u00e9ticos <span class=\"_ _c6\"> </span>de  E<span class=\"_ _2\"></span>spa\u00f1a, <span class=\"_ _c6\"> </span>dependiente <span class=\"_ _c6\"> </span>del<span class=\"_ _2\"></span> Ministerio <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>In<span class=\"_ _2\"></span>dustria. <span class=\"_ _1\"></span>Al <span class=\"_ _1\"></span>tratarse <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>saldos <span class=\"_ _1\"></span>soportados <span class=\"_ _bb\"></span>en \u00fa<span class=\"_ _1\"></span>ltima <span class=\"_ _1\"></span>instancia <span class=\"_ _1\"></span>por <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>estado <span class=\"_ _bb\"></span>esp<span class=\"_ _2\"></span>a\u00f1ol, <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>p\u00e9rdida<span class=\"_ _1be\"> </span>esperada consid<span class=\"_ _2\"></span>erada es nula.<span class=\"_ _2\"></span> Tesorer\u00eda<span class=\"_ _1be\"> </span>En relaci\u00f3n <span class=\"_ _1\"></span>al ep\u00edgrafe<span class=\"_ _1\"></span> \u201cEfectivo y <span class=\"_ _1\"></span>oros me<span class=\"_ _1\"></span>dios equivalente\u201d del <span class=\"_ _1\"></span>Estado de <span class=\"_ _1\"></span>Situaci\u00f3n Financiera <span class=\"_ _1\"></span>consolidado,<span class=\"_ _1be\"> </span>el rating <span class=\"_ _2\"></span>promedio <span class=\"_ _2\"></span>de las con<span class=\"_ _2\"></span>trapartes es <span class=\"_ _2\"></span>el siguiente s<span class=\"_ _2\"></span>eg\u00fan la <span class=\"_ _2\"></span>escala de <span class=\"_ _2\"></span>la agencia <span class=\"_ _2\"></span>de calificaci\u00f3n Sta<span class=\"_ _2\"></span>ndard<span class=\"_ _1be\"> </span>&amp; Poor\u00b4s:<span class=\"_ _1be\"> </span>2021<span class=\"_ _b9\"> </span>2022Nivel d<span class=\"_ _1\"></span>e Riesg<span class=\"_ _1\"></span>o-Ba<span class=\"_ _2\"></span>jo<span class=\"_ _23\"> </span><span class=\"ls2f\">30%<span class=\"_ _2e\"> </span>34%</span>Med<span class=\"_ _1\"></span>io<span class=\"_ _f2\"> </span><span class=\"ls2f\">50%<span class=\"_ _f3\"> </span>33%</span>Med<span class=\"_ _1\"></span>io-<span class=\"_ _2\"></span>alto<span class=\"_ _ef\"> </span><span class=\"ls2f\">18%<span class=\"_ _f3\"> </span>26%</span>Al<span class=\"_ _1\"></span>to<span class=\"_ _e2\"> </span><span class=\"ls2f\">2%<span class=\"_ _42\"> </span>7%</span>2022<span class=\"_ _33\"> </span>2021Rating-A<span class=\"_ _f4\"> </span><span class=\"ls30\">60%<span class=\"_ _f5\"> </span>37%</span>BBB<span class=\"_ _69\"> </span><span class=\"ls30\">24%<span class=\"_ _f5\"> </span>45%</span>BB<span class=\"_ _f6\"> </span><span class=\"ls30\">16%<span class=\"_ _f5\"> </span>18%</span>B<span class=\"_ _77\"> </span><span class=\"ls30\">0%<span class=\"_ _75\"> </span>0%</span>5.3<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Riesgos de liquid<span class=\"_ _1\"></span>ez y capita<span class=\"_ _1\"></span>l<span class=\"_ _1be\"> </span></span>La <span class=\"_ _2\"></span>exposici\u00f3n <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>situ<span class=\"_ _2\"></span>aciones <span class=\"_ _2\"></span>adversas <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>mercados<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>deuda <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>capitales <span class=\"_ _2\"></span>puede <span class=\"_ _2\"></span>dific<span class=\"_ _2\"></span>ultar <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>impedir <span class=\"_ _2\"></span>la<span class=\"_ _1be\"> </span>cobertura de <span class=\"_ _1\"></span>las necesidades f<span class=\"_ _1\"></span>inancieras que <span class=\"_ _1\"></span>se re<span class=\"_ _1\"></span>quieren para <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>desarrollo adecuado de <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> actividades <span class=\"_ _1\"></span>del<span class=\"_ _1be\"> </span>Grupo y su<span class=\"_ _2\"></span> Plan de Negocio futuro. <span class=\"_ _2\"></span> La <span class=\"_ _4\"></span>pol\u00edtica <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>liquidez <span class=\"_ _4\"></span>seguida <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>ENCE <span class=\"_ _4\"></span>est\u00e1 <span class=\"_ _4\"></span>orientada <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>garantizar <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>dispon<span class=\"_ _2\"></span>ibilidad <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>fondo<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>necesarios<span class=\"_ _1be\"> </span>para <span class=\"_ _c3\"> </span>as<span class=\"_ _2\"></span>egurar <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>cu<span class=\"_ _2\"></span>mplimiento <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>las <span class=\"_ _c3\"> </span>ob<span class=\"_ _2\"></span>ligaciones <span class=\"_ _c3\"> </span>adquiridas <span class=\"_ _c2\"> </span>y <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>desarrollo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>us <span class=\"_ _c3\"> </span>planes <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>negocio,<span class=\"_ _1be\"> </span>manteniendo en <span class=\"_ _2\"></span>todo <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>el nivel <span class=\"_ _2\"></span>\u00f3ptimo d<span class=\"_ _2\"></span>e recursos <span class=\"_ _2\"></span>l\u00edquidos<span class=\"_ _2\"></span> y p<span class=\"_ _2\"></span>rocurando la <span class=\"_ _2\"></span>mayor eficiencia <span class=\"_ _2\"></span>en la<span class=\"_ _1be\"> </span>gesti\u00f3n de los recurs<span class=\"_ _2\"></span>os financieros.<span class=\"_ _2\"></span> Cada uno de los dos negocios de ENCE se <span class=\"_ _1\"></span>financia y gestiona de manera individualizada, teniendo en cuenta<span class=\"_ _1be\"> </span>sus caracter\u00edsticas<span class=\"_ _2\"></span>, sin existir recursos o gara<span class=\"_ _2\"></span>nt\u00edas significativas en<span class=\"_ _2\"></span>tre <span class=\"_ _2\"></span>ambos.<span class=\"_ _1be\"> </span>Este <span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>uno <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>riesgos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>siguen <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>mayor <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>enci\u00f3n <span class=\"_ _2\"></span>por <span class=\"_ _4\"></span>parte <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ENCE, <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>para <span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>que <span class=\"_ _2\"></span>lleva <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>cab<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>un <span class=\"_ _c3\"></span>control <span class=\"_ _0\"></span>y <span class=\"_ _c3\"> </span>seguimiento <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>ecesidades <span class=\"_ _c3\"></span>financieras <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>desde <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"></span>elaboraci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _c3\"> </span>previsiones <span class=\"_ _c3\"></span>de<span class=\"_ _1be\"> </span>tesorer\u00eda <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>planificaci\u00f3n <span class=\"_ _c3\"> </span>finan<span class=\"_ _2\"></span>ciera <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c3\"></span>acompa\u00f1a <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>presupuestos <span class=\"_ _c3\"></span>anuales <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>al <span class=\"_ _c3\"> </span>plan <span class=\"_ _c3\"></span>estrat\u00e9gico, <span class=\"_ _c3\"></span>y<span class=\"_ _1be\"> </span>mantiene <span class=\"_ _2\"></span>fuentes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>financiaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>diversificadas <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>estables q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>permiten el <span class=\"_ _2\"></span>acceso <span class=\"_ _2\"></span>eficie<span class=\"_ _2\"></span>nte <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>los mercados<span class=\"_ _2\"></span> financieros, <span class=\"_ _c2\"> </span>todo <span class=\"_ _c2\"> </span>ello <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>marco <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>un<span class=\"_ _2\"></span>a <span class=\"_ _c2\"> </span>estructura <span class=\"_ _c2\"> </span>financiera <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>resulta <span class=\"_ _c2\"> </span>compatible <span class=\"_ _c2\"> </span>con <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>nivel <span class=\"_ _c2\"> </span>de<span class=\"_ _1be\"> </span>calificaci\u00f3n crediticia actual.<span class=\"_ _2\"></span> En coherencia con esta pol\u00edtica de prudencia financiera ENCE mantiene al 31 <span class=\"_ _1\"></span>de diciembre de 2022 <span class=\"_ _1\"></span>recursos<span class=\"_ _1be\"> </span>en ef<span class=\"_ _1\"></span>ectivo y <span class=\"_ _1\"></span>otros instrumentos <span class=\"_ _1\"></span>financieros l\u00edquidos <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>l\u00edneas <span class=\"_ _1\"></span>de cr\u00e9dito <span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>dispuestas sufic<span class=\"_ _1\"></span>ientes para <span class=\"_ _1\"></span>cubrir<span class=\"_ _1be\"> </span>ampliamente todas<span class=\"_ _2\"></span> sus obligaciones a corto<span class=\"_ _2\"></span> plazo.<span class=\"_ _1be\"> </span>Asimismo, <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>ha <span class=\"_ _c5\"> </span>establecido <span class=\"_ _c2\"> </span>un <span class=\"_ _c2\"> </span>niv<span class=\"_ _2\"></span>el <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>end<span class=\"_ _2\"></span>eudamiento<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>neto <span class=\"_ _c2\"> </span>objetivo <span class=\"_ _c2\"> </span>ad<span class=\"_ _2\"></span>aptado <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>perfil <span class=\"_ _c2\"> </span>de<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>potencial<span class=\"_ _1be\"> </span>volatilidad <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>ingresos <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>distintos <span class=\"_ _4\"></span>negocios <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Grupo. <span class=\"_ _4\"></span>En <span class=\"_ _4\"></span>este <span class=\"_ _2\"></span>sentid<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>dicho <span class=\"_ _2\"></span>nivel <span class=\"_ _4\"></span>objetivo <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>el<span class=\"_ _1be\"> </span>Negocio <span class=\"_ _c3\"> </span>Celulosa <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>ha <span class=\"_ _c3\"> </span>establecido <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>2,5 <span class=\"_ _c2\"> </span>vece<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>resulta<span class=\"_ _2\"></span>do <span class=\"_ _c3\"> </span>bruto <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>explotaci\u00f3n <span class=\"_ _c3\"> </span>(EBITDA) <span class=\"_ _c3\"> </span>recurr<span class=\"_ _2\"></span>ente<span class=\"_ _1be\"> </span>considerando <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>precio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>celulosa <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el d\u00f3<span class=\"_ _2\"></span>lar <span class=\"_ _2\"></span>medios <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el cic<span class=\"_ _2\"></span>lo, <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-5 <span class=\"_ _2\"></span>veces <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>Negocio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Energ\u00eda<span class=\"_ _1be\"> </span>Renovable. La  deuda  finan<span class=\"_ _2\"></span>ciera  neta  y <span class=\"_ _c6\"> </span>el  EBITDA  s<span class=\"_ _2\"></span>on  magnitudes <span class=\"_ _c6\"> </span>no  d<span class=\"_ _2\"></span>esglosadas <span class=\"_ _c6\"> </span>en  los  esta<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s  finan<span class=\"_ _2\"></span>cieros.  Su<span class=\"_ _1be\"> </span>cuantificaci\u00f3n <span class=\"_ _2\"></span>as\u00ed como <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>reconciliaci\u00f3n con<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span> estados <span class=\"_ _2\"></span>financieros se <span class=\"_ _4\"></span>detallan <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>Anexo I <span class=\"_ _2\"></span>al In<span class=\"_ _2\"></span>forme de<span class=\"_ _1be\"> </span>Gesti\u00f3n <span class=\"_ _2\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>Actividad <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Grupo <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>2022. <span class=\"_ _4\"></span>El <span class=\"_ _2\"></span>endeud<span class=\"_ _2\"></span>amiento <span class=\"_ _4\"></span>neto <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>negocios <span class=\"_ _4\"></span>al <span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>dici<span class=\"_ _2\"></span>embre<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>2022 y 2021 calculado<span class=\"_ _2\"></span> com<span class=\"ff6\">o \u201c<span class=\"_ _2\"></span>deuda financiera neta / E<span class=\"_ _2\"></span>BITDA\u201d es el siguiente:<span class=\"_ _2\"></span></span> (*)  <span class=\"_ _c2\"> </span><span class=\"fs20\">En <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>determinaci\u00f3n <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>EBITDA <span class=\"_ _0\"></span>del <span class=\"_ _c0\"></span>ejercicio <span class=\"_ _c0\"></span>2021 <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>Negocio <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>nerg\u00eda <span class=\"_ _c0\"></span>hay <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>tener <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>cuenta <span class=\"_ _c0\"></span>dos <span class=\"_ _c0\"></span>eventos <span class=\"_ _c0\"></span>considerados<span class=\"_ _1be\"> </span></span>\u201cextraordi<span class=\"_ _1\"></span>narios\u201d <span class=\"_ _1\"></span>que<span class=\"_ _1\"></span> <span class=\"ff4\">t<span class=\"_ _1\"></span>uvieron <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>impacto <span class=\"_ _1\"></span>relevante<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>las <span class=\"_ _bb\"></span>operaciones <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>resultad<span class=\"_ _1\"></span>os <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>gocio; <span class=\"_ _1\"></span>1) <span class=\"_ _bb\"></span>aver\u00eda <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>instal<span class=\"_ _1\"></span>aci\u00f3n <span class=\"_ _1\"></span>Huelva<span class=\"_ _1be\"> </span></span>50 M<span class=\"_ _1\"></span>W y <span class=\"_ _1\"></span>2) <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as c<span class=\"_ _1\"></span>obertur<span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>venta <span class=\"_ _1\"></span>de el<span class=\"_ _1\"></span>ectricidad <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>ratadas <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>forma <span class=\"_ _1\"></span>excepciona<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>2020, e<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>contexto <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>precio<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>m\u00ednimo<span class=\"ls32\">s<span class=\"_ _1be\"> </span></span>y de <span class=\"_ _2\"></span>elevada <span class=\"_ _2\"></span>incertidumbre<span class=\"_ _1\"></span> pr<span class=\"_ _2\"></span>ovocada por <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>propagaci\u00f3n del <span class=\"_ _2\"></span>COVID-19. <span class=\"_ _2\"></span>El <span class=\"_ _2\"></span><span class=\"ff6\">ratio \u201cDeuda <span class=\"_ _2\"></span>neta <span class=\"_ _2\"></span>/ E<span class=\"_ _2\"></span>BITDA\u201d del <span class=\"_ _2\"></span>Negocio Energ\u00eda <span class=\"_ _2\"></span>en<span class=\"_ _1be\"> </span></span>2021 <span class=\"ls34\">in<span class=\"ls0_1\">cluyendo<span class=\"_ _1\"></span> ambos efectos se<span class=\"_ _1\"></span> situar\u00eda en 6,8.<span class=\"_ _1be\"> </span></span></span>Por <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>parte, <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>operaciones <span class=\"_ _2\"></span>corp<span class=\"_ _2\"></span>orativas <span class=\"_ _2\"></span>ejecutadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>2020 y<span class=\"_ _2\"></span> la <span class=\"_ _4\"></span>marcha <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>negocio <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>han<span class=\"_ _1be\"> </span>permitido reducir los niv<span class=\"_ _2\"></span>eles de endeudamiento<span class=\"_ _2\"></span> en el Nego<span class=\"_ _2\"></span>cio Celulosa de forma dr\u00e1s<span class=\"_ _2\"></span>tica. <span class=\"_ _4\"></span> Mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ones \u20ac<span class=\"_ _1be\"> </span>2022<span class=\"_ _84\"> </span>2021<span class=\"_ _84\"> </span>2022<span class=\"_ _f7\"> </span>2021<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>uda<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> net<span class=\"_ _1\"></span>a<span class=\"_ _1be\"> </span>(36<span class=\"_ _2\"></span>,1)<span class=\"_ _e\"> </span>(1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,5)<span class=\"_ _1be\"> </span>6,1<span class=\"_ _51\"> </span>12<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,2<span class=\"_ _1be\"> </span>EB<span class=\"_ _1\"></span>I<span class=\"_ _2\"></span>TDA<span class=\"_ _f8\"> </span>13<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,7<span class=\"_ _9b\"> </span>89<span class=\"_ _2\"></span>,0<span class=\"_ _72\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,8<span class=\"_ _9b\"> </span>17<span class=\"_ _2\"></span>,8<span class=\"_ _1be\"> </span>Ra<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>o Deuda<span class=\"_ _2\"></span> net<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> /EBITDA<span class=\"_ _1\"></span> (*<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>(0,3<span class=\"_ _2\"></span>)<span class=\"_ _8a\"> </span>(0<span class=\"_ _2\"></span>,2)<span class=\"_ _1be\"> </span>0,1<span class=\"_ _e9\"> </span>1<span class=\"_ _2\"></span>,5<span class=\"_ _1be\"> </span>Ne<span class=\"_ _2\"></span>goci<span class=\"_ _1\"></span>o Celulos<span class=\"_ _1\"></span>a<span class=\"_ _1be\"> </span>Ne<span class=\"_ _2\"></span>goci<span class=\"_ _1\"></span>o E<span class=\"_ _1\"></span>ner<span class=\"_ _2\"></span>g\u00eda<span class=\"_ _1be\"> </span>La informaci\u00f3n <span class=\"_ _1\"></span>relativa al <span class=\"_ _1\"></span>an\u00e1lisis de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>vencimie<span class=\"_ _1\"></span>ntos de <span class=\"_ _1\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>pasivos financieros a<span class=\"_ _1\"></span> que <span class=\"_ _1\"></span>hace <span class=\"_ _1\"></span>refere<span class=\"_ _1\"></span>ncia la NIIF<span class=\"_ _1\"></span> 7 se encuentra recogida en la<span class=\"_ _2\"></span> Nota 29 <span class=\"_ _2\"></span>de esta memoria.<span class=\"_ _2\"></span> 6.<span class=\"ff5 ls0_1\"> <span class=\"_ _bd\"> </span><span class=\"ff3\">Principales adquisicione<span class=\"_ _1\"></span>s, <span class=\"_ _2\"></span>desinversiones y otros cambios en el per\u00edmetro de<span class=\"_ _1be\"> </span></span></span>consolidaci\u00f3n<span class=\"_ _1be\"> </span>A\u00f1o 2022<span class=\"_ _1be\"> </span>Cambios en el per\u00edmetro de <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>solidaci\u00f3n<span class=\"_ _1be\"> </span>Durante el <span class=\"_ _2\"></span>ejercicio <span class=\"_ _2\"></span>2022 se<span class=\"_ _2\"></span> ha <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>stituido<span class=\"_ _2\"></span> la <span class=\"_ _2\"></span>Sociedad E<span class=\"_ _2\"></span>nce Biog\u00e1s, <span class=\"_ _2\"></span>S.L., 100<span class=\"_ _2\"></span>% participa<span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Sociedad<span class=\"_ _1be\"> </span>Dominante <span class=\"_ _c2\"> </span>con <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>objeto <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>producir <span class=\"_ _c2\"> </span>gas<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>renovable <span class=\"_ _c2\"> </span>(Biometano) <span class=\"_ _c5\"> </span>a <span class=\"_ _c2\"> </span>partir <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>su<span class=\"_ _2\"></span>bproductos <span class=\"_ _c2\"> </span>agr\u00edcola<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>y<span class=\"_ _1be\"> </span>ganaderos p<span class=\"_ _2\"></span>ara su inyecci\u00f3n a la r<span class=\"_ _2\"></span>ed de gas natu<span class=\"_ _2\"></span>ral.<span class=\"_ _1be\"> </span>As\u00ed <span class=\"_ _4\"></span>mismo, <span class=\"_ _4\"></span>durante <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>constitu<span class=\"_ _2\"></span>ido <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>Sociedad<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>BioCH4 <span class=\"_ _4\"></span>Developments<span class=\"_ _2\"></span>, <span class=\"_ _4\"></span>S.L. <span class=\"_ _4\"></span>participada <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>60%<span class=\"_ _1be\"> </span>por <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>nce <span class=\"_ _c0\"></span>Biog\u00e1s,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>S.L. <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>bjeto <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>prestar <span class=\"_ _0\"></span>servicios <span class=\"_ _0\"></span>relacionados<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>desarrollo <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>constru<span class=\"_ _2\"></span>cci\u00f3n <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>plantas d<span class=\"_ _2\"></span>e biometano y <span class=\"_ _2\"></span>biog\u00e1s.<span class=\"ff3 fs0_1 fc3\"> </span>A\u00f1o 2021<span class=\"_ _1be\"> </span>Acuerdo de venta de <span class=\"_ _2\"></span>5 activos fotovo<span class=\"_ _2\"></span>ltaicos<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Con fecha <span class=\"_ _2\"></span>10 <span class=\"_ _2\"></span>de d<span class=\"_ _2\"></span>iciembre d<span class=\"_ _2\"></span>e 2021 <span class=\"_ _4\"></span>Magnon <span class=\"_ _2\"></span>Green <span class=\"_ _2\"></span>Energy, <span class=\"_ _2\"></span>S.L.<span class=\"_ _2\"></span>, hold<span class=\"_ _2\"></span>ing del <span class=\"_ _2\"></span>negocio <span class=\"_ _2\"></span>Energ\u00eda <span class=\"_ _2\"></span>Renovable <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>ENCE,  alcan<span class=\"_ _2\"></span>z\u00f3  un  acuerdo <span class=\"_ _c6\"> </span>con  Naturgy  Renovables,  S.L.U.  por <span class=\"_ _c6\"> </span>el  que  se  comprometi\u00f3 <span class=\"_ _c6\"> </span>a  vender  sus<span class=\"_ _1be\"> </span>participaciones <span class=\"_ _1\"></span>sociales <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>cinco <span class=\"_ _1\"></span>sociedades <span class=\"_ _1\"></span>tenedoras <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>activos <span class=\"_ _1\"></span>fotovoltaicos, ubicados <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>Huelva, <span class=\"_ _1\"></span>Sevilla,<span class=\"_ _1be\"> </span>Ja\u00e9n  y<span class=\"_ _2\"></span>  Granad<span class=\"_ _2\"></span>a,  con <span class=\"_ _c6\"> </span>una  capacidad<span class=\"_ _2\"></span>  conju<span class=\"_ _2\"></span>nta  apro<span class=\"_ _2\"></span>ximada  de <span class=\"_ _c6\"> </span>373  MW, <span class=\"_ _c6\"> </span>una  v<span class=\"_ _2\"></span>ez  se  h<span class=\"_ _2\"></span>aya <span class=\"_ _c6\"> </span>iniciado  su<span class=\"_ _1be\"> </span>construcci\u00f3n.<span class=\"_ _2\"></span> El <span class=\"_ _c0\"></span>precio <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>compraven<span class=\"ff6\">ta <span class=\"_ _0\"></span>es <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>62 <span class=\"_ _0\"></span>millones <span class=\"_ _c0\"></span>\u20ac, <span class=\"_ _c0\"></span>cu<span class=\"_ _2\"></span>ant\u00eda <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>odr\u00e1 <span class=\"_ _c0\"></span>verse <span class=\"_ _c0\"></span>modificada <span class=\"_ _0\"></span>por <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>eterminados<span class=\"_ _1be\"> </span></span>ajustes, principalmente por <span class=\"_ _1\"></span>la tesorer\u00eda <span class=\"_ _1\"></span>disponible en <span class=\"_ _1\"></span>la sociedad <span class=\"_ _1\"></span>vendida en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>cierre de <span class=\"_ _1\"></span>la transacci\u00f3n, por<span class=\"_ _1\"></span> determinados <span class=\"_ _c3\"> </span>costes<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>que <span class=\"_ _c3\"> </span>ser\u00e1 <span class=\"_ _c3\"> </span>necesario <span class=\"_ _c3\"> </span>incurrir <span class=\"_ _c5\"> </span>hasta <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>momento <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>la <span class=\"_ _c3\"> </span>venta<span class=\"_ _2\"></span>, <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>formalizaci\u00f3n<span class=\"_ _1be\"> </span>definitiva del acuerdo d<span class=\"_ _2\"></span>e venta de cada u<span class=\"_ _2\"></span>no de los activos.<span class=\"_ _2\"></span> El <span class=\"_ _4\"></span>cobro <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>transacci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _4\"></span><span class=\"ff6\">se <span class=\"_ _4\"></span>realiza <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>acuerd<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>siguiente <span class=\"_ _4\"></span>esq<span class=\"_ _2\"></span>uema; <span class=\"_ _4\"></span>6,2 <span class=\"_ _4\"></span>millones <span class=\"_ _4\"></span>\u20ac, <span class=\"_ _c0\"></span>equivalente <span class=\"_ _4\"></span>al <span class=\"_ _c0\"></span>10%<span class=\"_ _1be\"> </span></span>del p<span class=\"_ _2\"></span>recio <span class=\"_ _2\"></span>inicial, <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>cobraron<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>mo<span class=\"_ _2\"></span>mento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>firma,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>reconoci\u00e9ndos<span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>icha <span class=\"_ _2\"></span>cuan<span class=\"_ _2\"></span>t\u00eda <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>anticipo<span class=\"_ _1be\"> </span>recibido <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>estado <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>situaci\u00f3n <span class=\"_ _1\"></span>financiera <span class=\"_ _1\"></span>consolidado del <span class=\"_ _bb\"></span>ejercicio 2021, <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>importe restante <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>cobrar\u00e1<span class=\"_ _1be\"> </span>en <span class=\"_ _2\"></span>el mo<span class=\"_ _2\"></span>mento <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>perfeccione <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>comprav<span class=\"_ _2\"></span>enta <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cada <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ociedad. <span class=\"_ _2\"></span>Se <span class=\"_ _2\"></span>estima <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>comprav<span class=\"_ _2\"></span>en<span class=\"_ _4\"></span>ta<span class=\"_ _1be\"> </span>de <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>ociedades <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>producir\u00e1<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>2023 <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>1\u00ba <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>emestre <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>2024. <span class=\"_ _bb\"></span>El <span class=\"_ _1\"></span>valor <span class=\"_ _bb\"></span>con<span class=\"_ _2\"></span>table <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>los <span class=\"_ _bb\"></span>cos<span class=\"_ _2\"></span>tes <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>desarrollo<span class=\"_ _1be\"> </span>incurridos <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>estos <span class=\"_ _c0\"></span>activos <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>en<span class=\"ff6\">cuentra<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>reco<span class=\"_ _2\"></span>gido <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>ep\u00ed<span class=\"_ _2\"></span>grafe <span class=\"_ _4\"></span>\u201cE<span class=\"_ _2\"></span>xistencias <span class=\"_ _0\"></span>\u2013</span> <span class=\"_ _c0\"></span><span class=\"ff6\">Proyectos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>promoci\u00f3n\u201d<span class=\"_ _1be\"> </span></span>(v\u00e9ase Nota 21).   <span class=\"_ _2\"></span> Otras operac<span class=\"_ _2\"></span>iones<span class=\"_ _1be\"> </span>Durante el <span class=\"_ _1\"></span>ejercicio 2021 <span class=\"_ _1\"></span>se complet\u00f3 la liquidaci\u00f3n de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>sociedad<span class=\"_ _2\"></span> Maderas <span class=\"_ _1\"></span>Aserradas del <span class=\"_ _1\"></span>Litoral, S.A., filial<span class=\"_ _1be\"> </span>domiciliada en Uruguay e in<span class=\"_ _2\"></span>activa en lo<span class=\"_ _2\"></span>s \u00faltimos a\u00f1<span class=\"_ _2\"></span>os.<span class=\"_ _1be\"> </span>7.<span class=\"ff5 ls0_1\"> <span class=\"_ _bd\"> </span><span class=\"ff3\">Concesi\u00f3n de dominio p\u00fablico <span class=\"ff7\">\u2013</span> Biof\u00e1brica de ENCE en Pontevedra<span class=\"_ _1be\"> </span></span></span>La biof\u00e1brica de E<span class=\"_ _2\"></span>NCE en Pontevedra est\u00e1 asentad<span class=\"_ _2\"></span>a sobre terrenos<span class=\"_ _2\"></span> de dominio p\u00fa<span class=\"_ _2\"></span>blico mar\u00edtimo-terrestre,<span class=\"_ _2\"></span> estando dicha concesi\u00f3n sometida al r\u00e9gimen jur\u00eddico previs<span class=\"_ _2\"></span>to en la Ley <span class=\"_ _1\"></span>22/1988, de 28 de julio, de Costas,<span class=\"_ _1be\"> </span>en la Ley 2/2013, de 29 <span class=\"_ _1\"></span>de mayo, de protecci\u00f3n y uso sostenible del litoral y de <span class=\"_ _1\"></span>modificaci\u00f3n<span class=\"_ _2\"></span> de la <span class=\"_ _1\"></span>anteri<span class=\"_ _2\"></span>or,<span class=\"_ _2\"></span> y en el Reglamento General d<span class=\"_ _2\"></span>e Costas<span class=\"_ _2\"></span> aprobado por el Real Decreto 8<span class=\"_ _2\"></span>76/2014, de 10 de <span class=\"_ _2\"></span>octubre.<span class=\"_ _2\"></span> La <span class=\"_ _2\"></span>concesi\u00f3n <span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>fue <span class=\"_ _2\"></span>otorgada a <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NCE po<span class=\"_ _2\"></span>r Ord<span class=\"_ _2\"></span>en Minis<span class=\"_ _2\"></span>terial de <span class=\"_ _2\"></span>13 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>junio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>1958. <span class=\"_ _2\"></span>Con <span class=\"_ _2\"></span>fecha 20 <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e enero<span class=\"_ _1be\"> </span>de <span class=\"_ _c0\"></span>2016 <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>Ministerio<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>Agri<span class=\"_ _2\"></span>cultura, <span class=\"_ _c0\"></span>Alimentaci\u00f3n <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>M<span class=\"_ _2\"></span>edio <span class=\"_ _c0\"></span>Ambiente <span class=\"_ _0\"></span>(hoy <span class=\"_ _c0\"></span>Min<span class=\"_ _2\"></span>isterio <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>Transici\u00f3n<span class=\"_ _1be\"> </span>Ecol\u00f3gica <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Reto <span class=\"_ _2\"></span>Demogr\u00e1fico), <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>torg\u00f3 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>pr\u00f3rroga <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>dicha <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>cesi\u00f3n <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>60 <span class=\"_ _2\"></span>a\u00f1os <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>esde<span class=\"_ _1be\"> </span>la fecha de solicitud, es<span class=\"_ _2\"></span>to es, hasta el 8 de n<span class=\"_ _2\"></span>oviembre de 2073. <span class=\"_ _2\"></span> Del <span class=\"_ _2\"></span>total <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>60 <span class=\"_ _4\"></span>a\u00f1os <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>nueva <span class=\"_ _4\"></span>concesi<span class=\"_ _2\"></span>\u00f3n, <span class=\"_ _4\"></span>10 <span class=\"_ _4\"></span>a\u00f1os <span class=\"_ _4\"></span>est\u00e1n <span class=\"_ _2\"></span>condicion<span class=\"_ _2\"></span>ados <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>realizaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por <span class=\"_ _4\"></span>parte <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>ENCE<span class=\"_ _1be\"> </span>de ciertas inversiones en la bi<span class=\"_ _1\"></span>of\u00e1brica, asociadas al aumento de capacidad, eficiencia e<span class=\"_ _1\"></span>nerg\u00e9tica, ahorro de<span class=\"_ _1be\"> </span>agua <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>mejora <span class=\"_ _4\"></span>medioambient<span class=\"_ _2\"></span>al, <span class=\"_ _4\"></span>as\u00ed <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>integraci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>isaj\u00eds<span class=\"_ _2\"></span>tica, <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>valor<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>previsto <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>61 <span class=\"_ _c0\"></span>millones<span class=\"_ _1be\"> </span>de euros. Es<span class=\"_ _2\"></span>te compromiso de inversi\u00f3n<span class=\"_ _2\"></span> se complet\u00f3 en 2020, <span class=\"_ _2\"></span>dentro del plazo fijad<span class=\"_ _2\"></span>o al efecto.<span class=\"_ _4\"></span> Recursos con<span class=\"_ _2\"></span>tra la resoluci\u00f3n por la qu<span class=\"_ _2\"></span>e se anula la pr\u00f3rroga de la <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>cesi\u00f3n<span class=\"_ _1be\"> </span>Como <span class=\"_ _cc\"> </span>se <span class=\"_ _ca\"> </span>ha <span class=\"_ _ca\"> </span>dicho <span class=\"_ _ca\"> </span>anteriormente, <span class=\"_ _cc\"> </span>el <span class=\"_ _ca\"> </span>Ministerio <span class=\"_ _ca\"> </span>de <span class=\"_ _ca\"> </span>Agricultu<span class=\"_ _2\"></span>ra, <span class=\"_ _ca\"> </span>Alimentaci\u00f3n <span class=\"_ _cc\"> </span>y <span class=\"_ _ca\"> </span>Medio <span class=\"_ _cc\"> </span>Ambiente<span class=\"_ _2\"></span> (MAGRAMA), <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>trav\u00e9s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>Direcci\u00f3n <span class=\"_ _2\"></span>General <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>Sos<span class=\"_ _2\"></span>tenibilidad <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>Costa <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>Mar, <span class=\"_ _4\"></span>dict\u00f3 <span class=\"_ _2\"></span>Resoluci\u00f3n <span class=\"_ _4\"></span>el<span class=\"_ _1be\"> </span>20 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>enero <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>2016 <span class=\"_ _2\"></span>oto<span class=\"_ _2\"></span>rgando <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>pr\u00f3rroga <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>concesi\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>dominio <span class=\"_ _4\"></span>p\u00fablico <span class=\"_ _2\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>que <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>asienta <span class=\"_ _2\"></span>la<span class=\"_ _1be\"> </span>planta <span class=\"_ _2\"></span>de ENC<span class=\"_ _2\"></span>E en <span class=\"_ _2\"></span>Pontevedr<span class=\"_ _2\"></span>a por <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>plazo <span class=\"_ _2\"></span>total d<span class=\"_ _2\"></span>e 60 <span class=\"_ _2\"></span>a\u00f1os<span class=\"_ _2\"></span>. Dicha <span class=\"_ _2\"></span>Resoluci\u00f3n <span class=\"_ _2\"></span>fue <span class=\"_ _2\"></span>impug<span class=\"_ _2\"></span>nada <span class=\"_ _2\"></span>primero en<span class=\"_ _1be\"> </span>v\u00eda <span class=\"_ _c7\"> </span>administrativa <span class=\"_ _c7\"> </span>y <span class=\"_ _c7\"> </span>posteriormente <span class=\"_ _c7\"> </span>en <span class=\"_ _c6\"> </span>v<span class=\"_ _2\"></span>\u00eda <span class=\"_ _c7\"> </span>contenciosa, <span class=\"_ _c7\"> </span>por <span class=\"_ _c7\"> </span>el <span class=\"_ _c7\"> </span>Ayuntamiento <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>Pontevedra <span class=\"_ _c7\"> </span>y <span class=\"_ _c7\"> </span>dos<span class=\"_ _1be\"> </span>Asociaciones: <span class=\"_ _c3\"></span>Greenpeace <span class=\"_ _c3\"> </span>Espa\u00f1<span class=\"_ _2\"></span>a <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>Asociaci\u00f3n <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"></span>Defensa <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>R\u00ed<span class=\"_ _4\"></span>a <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>Pon<span class=\"_ _2\"></span>tevedra <span class=\"_ _c3\"> </span>(en <span class=\"_ _c3\"></span>adelante<span class=\"_ _1be\"> </span>APDR).<span class=\"_ _1be\"> </span>Dichas im<span class=\"_ _1\"></span>pugnaciones dieron <span class=\"_ _1\"></span>lugar <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>tres <span class=\"_ _1\"></span>procedimientos <span class=\"_ _1\"></span>judiciales <span class=\"_ _1\"></span>seguidos ante <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Sala <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>Contencioso<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>Administrativo <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>Audiencia <span class=\"_ _2\"></span>Nacio<span class=\"_ _2\"></span>nal,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ento<span class=\"_ _2\"></span>nces <span class=\"_ _2\"></span>MAGRAMA, <span class=\"_ _4\"></span>junto <span class=\"_ _4\"></span>con <span class=\"_ _2\"></span>Ence <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>calidad <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>codemandado, d<span class=\"_ _2\"></span>efendi\u00f3 la legalidad<span class=\"_ _2\"></span> de la pr\u00f3rroga. <span class=\"_ _2\"></span> Con <span class=\"_ _c7\"> </span>fecha <span class=\"_ _c4\"> </span>6 <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>marzo <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>2019<span class=\"_ _2\"></span>, <span class=\"_ _c4\"> </span>el <span class=\"_ _c7\"> </span>Ministerio <span class=\"_ _c4\"> </span>para <span class=\"_ _c4\"> </span>la <span class=\"_ _c7\"> </span>Tran<span class=\"_ _2\"></span>sici\u00f3n <span class=\"_ _c4\"> </span>Ecol\u00f3gica <span class=\"_ _c4\"> </span>y <span class=\"_ _c4\"> </span>el <span class=\"_ _c7\"> </span>Reto <span class=\"_ _c7\"> </span>Demogr\u00e1fico<span class=\"_ _1be\"> </span>(anteriormente MAGRAMA), <span class=\"_ _2\"></span>present\u00f3 escrito d<span class=\"_ _2\"></span>e allanamiento en los tres procedimiento<span class=\"_ _2\"></span>s antes citados. Es<span class=\"_ _1be\"> </span>decir, solicit\u00f3 que se estimasen las demandas, a pesar de haber mantenido a lo largo de todos los procesos<span class=\"_ _1be\"> </span>que  la  Resoluci\u00f3n  de  20  de <span class=\"_ _c5\"> </span>enero  de  2016  e<span class=\"ls21\">ra</span> <span class=\"_ _c5\"> </span>ajustada  a  Derecho.  ENCE  se  opuso  frontalmente <span class=\"_ _c5\"> </span>al<span class=\"_ _1be\"> </span>allanamiento.<span class=\"_ _2\"></span> Como <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>secuencia <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>allan<span class=\"_ _2\"></span>amiento <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>Es<span class=\"_ _2\"></span>tado, <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>Comit\u00e9 <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>E<span class=\"_ _2\"></span>mpresa <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>Centro <span class=\"_ _c3\"> </span>de <span class=\"_ _0\"></span>Trabaj<span class=\"_ _2\"></span>o <span class=\"_ _c3\"></span>Oficinas<span class=\"_ _1be\"> </span>Centrales <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ENCE <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Comit\u00e9 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Empresa <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Centro <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Trab<span class=\"_ _2\"></span>ajo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>biof\u00e1brica <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ENCE <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>Pontevedra,<span class=\"_ _1be\"> </span>se personaron en<span class=\"_ _2\"></span> los tres procedimientos.<span class=\"_ _2\"></span> La <span class=\"_ _c0\"></span>Sala <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>lo <span class=\"_ _0\"></span>Contencioso <span class=\"_ _c0\"></span>Administrativo <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>Audiencia <span class=\"_ _c0\"></span>Nacional <span class=\"_ _0\"></span>dict\u00f3 <span class=\"_ _c0\"></span>tres <span class=\"_ _c0\"></span>sentencias<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>fechadas <span class=\"_ _c0\"></span>dos <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>ellas <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>1<span class=\"_ _2\"></span>5 <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>Julio <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>2021 <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>una <span class=\"_ _c3\"></span>tercera <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>21 <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>septi<span class=\"_ _2\"></span>emb<span class=\"_ _4\"></span>re <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>2021 <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>las <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>estim\u00f3<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>los <span class=\"_ _0\"></span>recursos<span class=\"_ _1be\"> </span>interpuestos por Greenpeace Espa\u00f1a, por el <span class=\"_ _1\"></span>Ayuntamiento de Pontevedra y <span class=\"_ _1\"></span>por la APDR, <span class=\"ls23\">y </span>en <span class=\"_ _1\"></span>las que <span class=\"_ _1\"></span>anula<span class=\"_ _1be\"> </span>la <span class=\"_ _2\"></span>Resoluci\u00f3n <span class=\"_ _2\"></span>Ministerial <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>20 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>enero <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2016 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>pr\u00f3rroga <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e la <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>cesi\u00f3n, <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>entender <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>misma<span class=\"_ _1be\"> </span>no <span class=\"_ _2\"></span>justifica <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>necesidad <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e que <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span> <span class=\"_ _2\"></span>biof\u00e1brica <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e celulos<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ENCE <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>Pontevedra, <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>su natura<span class=\"_ _2\"></span>leza, <span class=\"_ _2\"></span>deba<span class=\"_ _1be\"> </span>tener <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _c3\"></span>ubicaci\u00f3n <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ominio <span class=\"_ _0\"></span>p\u00fa<span class=\"_ _2\"></span>blico <span class=\"_ _c3\"></span>mar\u00edtimo <span class=\"_ _0\"></span>ter<span class=\"_ _2\"></span>restre <span class=\"_ _c3\"> </span>ni <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"></span>alegan <span class=\"_ _c3\"></span>razones <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>inter\u00e9s <span class=\"_ _c3\"></span>p\u00fablico <span class=\"_ _c3\"></span>para<span class=\"_ _1be\"> </span>defender la ubicaci\u00f3n actual <span class=\"_ _2\"></span>de la biof\u00e1brica.<span class=\"_ _2\"></span> ENCE <span class=\"_ _2\"></span>formul\u00f3<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>con <span class=\"_ _4\"></span>fecha <span class=\"_ _2\"></span>28 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>eptiembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>29 <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>noviembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2021 <span class=\"_ _4\"></span>recursos <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>casaci\u00f3n <span class=\"_ _4\"></span>ante<span class=\"_ _1be\"> </span>el <span class=\"_ _4\"></span>Tribunal <span class=\"_ _4\"></span>Sup<span class=\"_ _2\"></span>remo <span class=\"_ _4\"></span>contra <span class=\"_ _4\"></span>las <span class=\"_ _c0\"></span>sentencias <span class=\"_ _c0\"></span>dictadas. <span class=\"_ _4\"></span>Dos <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>recursos <span class=\"_ _4\"></span>presenta<span class=\"_ _2\"></span>dos, <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>recurso <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>tra <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>sentencia <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ictada <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>procedimi<span class=\"_ _2\"></span>ento <span class=\"_ _0\"></span>ins<span class=\"_ _2\"></span>tado <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _0\"></span>Greenpeace <span class=\"_ _0\"></span>E<span class=\"_ _4\"></span>spa\u00f1<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>recurso <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>tra <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>sentencia<span class=\"_ _1be\"> </span>dictada <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>procedimi<span class=\"_ _2\"></span>ento <span class=\"_ _2\"></span>insta<span class=\"_ _2\"></span>do <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Ayuntamiento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Pontevedra<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>fu<span class=\"_ _2\"></span>eron <span class=\"_ _2\"></span>admitid<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Tribunal<span class=\"_ _1be\"> </span>Supremo <span class=\"_ _0\"></span>mediante <span class=\"_ _c0\"></span>au<span class=\"_ _2\"></span>tos <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>23 <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>febrero <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>23 <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>marzo<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>2022<span class=\"_ _4\"></span><span class=\"ls1a\">. <span class=\"_ _c0\"></span></span>La<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>resoluci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>so<span class=\"_ _2\"></span>bre <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>admis<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _c0\"></span>del<span class=\"_ _1be\"> </span>recurso <span class=\"_ _c0\"></span>presentado <span class=\"_ _c0\"></span>contra<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>sentencia <span class=\"_ _c0\"></span>dictad<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>proce<span class=\"_ _2\"></span>dimiento <span class=\"_ _4\"></span>in<span class=\"_ _2\"></span>stado <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>APDR <span class=\"_ _c0\"></span>ha <span class=\"_ _c0\"></span>quedado <span class=\"_ _c0\"></span>en<span class=\"_ _1be\"> </span>suspens<span class=\"_ _2\"></span>o hasta q<span class=\"_ _1\"></span>ue se dicte <span class=\"_ _1\"></span>sentencia en los dos <span class=\"_ _1\"></span>anteriores por <span class=\"_ _2\"></span>providencia del Tribunal <span class=\"_ _1\"></span>Supremo de 29 <span class=\"_ _1\"></span>de<span class=\"_ _1be\"> </span>marzo de 2022.<span class=\"_ _1be\"> </span>Con <span class=\"_ _2\"></span>fecha <span class=\"_ _2\"></span>10 y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>11 d<span class=\"_ _2\"></span>e enero <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Tribunal <span class=\"_ _2\"></span>Supremo <span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>tific\u00f3 <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>providencia <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>fecha <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>7 <span class=\"_ _2\"></span>de febrero <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2023<span class=\"_ _1be\"> </span>para <span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span>taci\u00f3n <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>fallo <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>recursos. <span class=\"_ _4\"></span>En <span class=\"_ _2\"></span>esa <span class=\"_ _4\"></span>misma <span class=\"_ _2\"></span>fecha, <span class=\"_ _c0\"></span> <span class=\"_ _2\"></span>7 <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>febrero <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>2023, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>pu<span class=\"_ _2\"></span>blic\u00f3 <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>web <span class=\"_ _4\"></span>del<span class=\"_ _1be\"> </span>Consejo General <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Poder Judicial <span class=\"_ _1\"></span>una nota <span class=\"_ _1\"></span>informando que <span class=\"_ _1\"></span><span class=\"ls1f\">la<span class=\"ls0_1\"> Secci\u00f3n <span class=\"_ _1\"></span>Quinta <span class=\"_ _1\"></span>de la <span class=\"_ _1\"></span>Sala <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>Contencioso<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span></span></span>Administrativo <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>Tribunal <span class=\"_ _c3\"></span>Supremo <span class=\"_ _c0\"></span>h<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>estimado<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>recurs<span class=\"_ _2\"></span>os <span class=\"_ _0\"></span>presentados <span class=\"_ _c3\"></span>por <span class=\"_ _0\"></span>ENCE <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>otra<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>entidades<span class=\"_ _1be\"> </span>contra <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>entencias <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>Audiencia <span class=\"_ _4\"></span>Nacional <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>anularon <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Resoluci\u00f3n, <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>20 <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>enero <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>2016, <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>Directora <span class=\"_ _2\"></span>General <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>Sostenib<span class=\"_ _2\"></span>ilidad <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Costa <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>del <span class=\"_ _4\"></span>Mar, <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>otorg\u00f3 <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>ENCE <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>pr\u00f3<span class=\"_ _2\"></span>rroga <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>60 <span class=\"_ _2\"></span>a\u00f1os <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>la <span class=\"_ _1\"></span>concesi\u00f3n de <span class=\"_ _bb\"></span>ocu<span class=\"_ _2\"></span>paci\u00f3n de <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>franja <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>dominio <span class=\"_ _1\"></span>p\u00fablico mar\u00edtimo <span class=\"_ _1\"></span>terrestre <span class=\"_ _1\"></span>destinada a <span class=\"_ _1\"></span>f\u00e1brica <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>pasta<span class=\"_ _1be\"> </span>de <span class=\"_ _bb\"></span>celulos<span class=\"_ _2\"></span>a <span class=\"_ _bb\"></span>en <span class=\"_ _1\"></span>Pontevedra, <span class=\"_ _1\"></span>avalando <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>este <span class=\"_ _1\"></span>modo <span class=\"_ _bb\"></span>la <span class=\"_ _1\"></span>pr\u00f3rroga<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>conc<span class=\"_ _2\"></span>esi\u00f3n <span class=\"_ _1\"></span>por <span class=\"_ _bb\"></span>60 <span class=\"_ _1\"></span>a\u00f1os <span class=\"_ _bb\"></span>para <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>biof\u00e1b<span class=\"_ _2\"></span>rica<span class=\"_ _1be\"> </span>de Pontevedra. <span class=\"_ _2\"></span> Finalmente, <span class=\"_ _2\"></span>el d\u00eda <span class=\"_ _2\"></span>8 de <span class=\"_ _2\"></span>marzo<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>2023 <span class=\"_ _2\"></span><span class=\"ls13\">ha</span>n s<span class=\"_ _2\"></span>ido notificad<span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>a EN<span class=\"_ _2\"></span>CE <span class=\"ls1f\">la<span class=\"_ _2\"></span></span>s s<span class=\"_ _2\"></span>entencias <span class=\"_ _2\"></span>del Tribunal <span class=\"_ _2\"></span>Supremo d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>fecha <span class=\"_ _4\"></span>6 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>marzo<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>2023, <span class=\"_ _4\"></span>que <span class=\"_ _c0\"></span>estiman <span class=\"_ _c0\"></span>los <span class=\"_ _4\"></span> <span class=\"_ _4\"></span>recurso<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>casaci\u00f3n <span class=\"_ _4\"></span>in<span class=\"_ _2\"></span>terpuestos <span class=\"_ _c0\"></span>por <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Sociedad <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>tra <span class=\"_ _4\"></span>la<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>sentencias <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>la <span class=\"_ _c3\"></span>Audiencia <span class=\"_ _0\"></span>N<span class=\"_ _2\"></span>acional <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>15 <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>julio <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>2021, <span class=\"_ _c3\"></span>dictada<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"></span>los <span class=\"_ _c3\"> </span> <span class=\"_ _c3\"></span>procedimientos <span class=\"_ _c3\"> </span>iniciados<span class=\"_ _2\"></span>,<span class=\"_ _1be\"> </span>respectivamente, por <span class=\"_ _2\"></span>Greenpeace Esp<span class=\"_ _2\"></span>a\u00f1a y <span class=\"_ _2\"></span>el Ayuntamiento de Pontevedra en r<span class=\"_ _2\"></span>elaci\u00f3n con la pr\u00f3rro<span class=\"_ _2\"></span>ga de<span class=\"_ _1be\"> </span>la <span class=\"_ _2\"></span>concesi\u00f3n <span class=\"_ _2\"></span>sobre <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>terrenos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>dominio <span class=\"_ _2\"></span>p\u00fablico <span class=\"_ _2\"></span>mar\u00edtimo<span class=\"_ _2\"></span>-terrestre <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>ubica <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>biof\u00e1brica <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>Pontevedra.<span class=\"_ _1be\"> </span>Ambas <span class=\"_ _c0\"></span>sentencias <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Tribunal <span class=\"_ _c0\"></span>Su<span class=\"_ _2\"></span>premo <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>eclaran <span class=\"_ _c0\"></span>nulas <span class=\"_ _0\"></span><span class=\"ls1f\">la</span>s <span class=\"_ _c0\"></span>citadas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>entencias <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>Aud<span class=\"_ _2\"></span>iencia <span class=\"_ _4\"></span>Nacio<span class=\"_ _2\"></span>nal <span class=\"_ _c0\"></span>y<span class=\"_ _1be\"> </span>confirman <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>legalidad<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>pr\u00f3rroga <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>concesi\u00f3n <span class=\"_ _c0\"></span>y, <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>tanto, <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>plazo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>duraci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>60 <span class=\"_ _c0\"></span>a\u00f1os <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la<span class=\"_ _1be\"> </span>misma, <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>cual <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>computa <span class=\"_ _1\"></span>desde <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>d\u00eda <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>olicitud <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>pr\u00f3rroga. <span class=\"_ _1\"></span>Contra <span class=\"_ _1\"></span>dichas <span class=\"_ _1\"></span>sentencias <span class=\"_ _1\"></span>del <span class=\"_ _bb\"></span>Tribun<span class=\"_ _2\"></span>al<span class=\"_ _1be\"> </span>Supremo no cabe recurso<span class=\"_ _2\"></span> ordinario<span class=\"_ _2\"></span><span class=\"ls1a\">. </span> Se <span class=\"_ _c2\"> </span>espera <span class=\"_ _c2\"> </span>recibir  en <span class=\"_ _c3\"> </span>breve  notificaci\u00f3n <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>entencia <span class=\"_ _c2\"> </span>del <span class=\"_ _c5\"> </span>Tribu<span class=\"_ _2\"></span>nal <span class=\"_ _c2\"> </span>Sup<span class=\"_ _2\"></span>remo <span class=\"_ _c2\"> </span>estiman<span class=\"_ _2\"></span>do,  e<span class=\"_ _1\"></span>n <span class=\"_ _c2\"> </span>id\u00e9nticos<span class=\"_ _1be\"> </span>t\u00e9rminos, <span class=\"ls18\">el</span> <span class=\"_ _1\"></span>recurso interpuesto por <span class=\"_ _1\"></span>ENCE contra <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>sentencia de <span class=\"_ _1\"></span>la Audiencia <span class=\"_ _1\"></span>Nacional e<span class=\"_ _1\"></span>n e<span class=\"_ _1\"></span>l procedimiento<span class=\"_ _1be\"> </span>interpuesto p<span class=\"_ _2\"></span>or la APDR, tambi\u00e9n relacionad<span class=\"_ _2\"></span>o con<span class=\"_ _2\"></span> la pr\u00f3rroga de la co<span class=\"_ _2\"></span>ncesi\u00f3n.<span class=\"_ _2\"></span> Impactos rec<span class=\"_ _2\"></span>ogidos en las c<span class=\"_ _2\"></span>uentas anuales consolidadas de<span class=\"_ _2\"></span> ENCE<span class=\"_ _1be\"> </span>ENCE<span class=\"ls1c\">, <span class=\"_ _c0\"></span></span>considerand<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>las <span class=\"_ _c0\"></span>senten<span class=\"_ _2\"></span>cias <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Tribunal <span class=\"_ _c0\"></span>Supremo <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c0\"></span>confirman<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>legalidad<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>r\u00f3rroga <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>concesi\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>biof\u00e1brica <span class=\"_ _c0\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>Pontevedra <span class=\"_ _c0\"></span>h<span class=\"_ _2\"></span>asta <span class=\"_ _c0\"></span>2073<span class=\"_ _2\"></span><span class=\"ls1c\">, <span class=\"_ _c0\"></span></span>ha <span class=\"_ _0\"></span>revertido <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>ejerc<span class=\"_ _2\"></span>icio <span class=\"_ _c0\"></span>2022 <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>provis<span class=\"_ _2\"></span>iones <span class=\"_ _4\"></span>y<span class=\"_ _1be\"> </span>deterioros registrados<span class=\"_ _2\"></span> en el ejercicio 2021 tra<span class=\"_ _2\"></span>s considerar los<span class=\"_ _2\"></span> potenciales impactos<span class=\"_ _2\"></span> de la sentencia emitida<span class=\"_ _1be\"> </span>por la Audiencia N<span class=\"_ _2\"></span>acional.<span class=\"_ _1be\"> </span>El <span class=\"_ _4\"></span>detalle <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>impactos <span class=\"_ _4\"></span>reco<span class=\"_ _2\"></span>gidos <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>Estado <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>Result<span class=\"_ _2\"></span>ado <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>solidado <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>ejerci<span class=\"_ _2\"></span>cios <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>2021<span class=\"_ _1be\"> </span>han sido:<span class=\"_ _1be\"> </span>Deterioro de \u201cPropieda<span class=\"_ _2\"></span>d, planta y equipo<span class=\"_ _2\"></span>\u201d y \u201cOtros activo<span class=\"_ _2\"></span>s intangibles\u201d<span class=\"_ _2\"></span><span class=\"ff9\">-<span class=\"_ _1be\"> </span></span>Las <span class=\"_ _c0\"></span>sentencia<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Tribunal <span class=\"_ _c0\"></span>Supremo, <span class=\"_ _0\"></span>que <span class=\"_ _c0\"></span>confirma<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>legalidad <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>pr\u00f3rroga <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>concesi\u00f3n <span class=\"_ _0\"></span>sobre <span class=\"_ _c0\"></span>la<span class=\"_ _1be\"> </span>biof\u00e1brica <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>Pon<span class=\"_ _2\"></span>tevedra <span class=\"_ _c0\"></span>hasta <span class=\"_ _c0\"></span>2073,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span><span class=\"ls13\">ha</span>n <span class=\"_ _c0\"></span>permitido <span class=\"_ _c0\"></span>reevaluar <span class=\"_ _0\"></span>su <span class=\"_ _c0\"></span>valor <span class=\"_ _c0\"></span>recuperable, <span class=\"_ _0\"></span>teniendo <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>cuenta<span class=\"_ _1be\"> </span>que la biof\u00e1brica <span class=\"_ _2\"></span>conforma, en<span class=\"_ _2\"></span> s\u00ed misma, un<span class=\"_ _2\"></span>a unidad generadora d<span class=\"_ _2\"></span>e efectivo (UGE). <span class=\"_ _2\"></span> Dicho <span class=\"_ _c3\"> </span>valo<span class=\"_ _2\"></span>r <span class=\"_ _c3\"> </span>recuperabl<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>se <span class=\"_ _c2\"> </span>ha <span class=\"_ _c2\"> </span>estimado <span class=\"_ _c2\"> </span>consideran<span class=\"_ _2\"></span>do <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>valo<span class=\"_ _2\"></span>r <span class=\"_ _c3\"> </span>presente <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>flujos<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>cobro <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>pago<span class=\"_ _1be\"> </span>previstos<span class=\"ls1c\">, <span class=\"_ _c6\"> </span></span>determinados <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>acuerdo <span class=\"_ _c6\"> </span>a <span class=\"_ _c6\"> </span>las <span class=\"_ _c6\"> </span>siguientes <span class=\"_ _c6\"> </span>hip\u00f3tesis; <span class=\"_ _c6\"> </span>1)  p<span class=\"_ _2\"></span>recios  de <span class=\"_ _c6\"> </span>venta <span class=\"_ _c6\"> </span>en <span class=\"_ _c6\"> </span>l\u00ednea  con<span class=\"_ _2\"></span>  las<span class=\"_ _2\"></span> previsiones <span class=\"_ _2\"></span>de los<span class=\"_ _2\"></span> analistas <span class=\"_ _2\"></span>especializados en <span class=\"_ _2\"></span>el sector <span class=\"_ _2\"></span>celulosa <span class=\"_ _2\"></span>y un <span class=\"_ _2\"></span>tipo de <span class=\"_ _2\"></span>cambio en <span class=\"_ _2\"></span>el entorno<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>1,<span class=\"_ _4\"></span>10-<span class=\"_ _1be\"> </span>1,15 <span class=\"_ _0\"></span><span class=\"ff6\">US$/\u20ac, <span class=\"_ _c3\"></span>2) <span class=\"_ _0\"></span>niveles<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>producci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>celulosa <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>generaci\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>energ\u00eda <span class=\"_ _0\"></span>acord<span class=\"_ _2\"></span>es <span class=\"_ _0\"></span>a <span class=\"_ _c2\"> </span></span>la <span class=\"_ _c3\"> </span>capacidad <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span>instalaci\u00f3n, <span class=\"_ _2\"></span>3) <span class=\"_ _2\"></span>costes<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de p<span class=\"_ _2\"></span>roducci\u00f3n <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>l\u00ednea <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>costes <span class=\"_ _2\"></span>incurrid<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>dos <span class=\"_ _2\"></span>\u00fa<span class=\"_ _2\"></span>ltimos <span class=\"_ _2\"></span>ejercicios, <span class=\"_ _2\"></span>4) <span class=\"_ _2\"></span>una<span class=\"_ _2\"></span> tasa <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>descu<span class=\"_ _2\"></span>ento <span class=\"_ _c3\"> </span>antes <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>impuesto<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>rango <span class=\"_ _c3\"> </span>8,5<span class=\"_ _2\"></span>%<span class=\"_ _2\"></span>-10%, <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>5) <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>alidas <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>tesorer<span class=\"_ _2\"></span>\u00eda <span class=\"_ _c3\"> </span>extraordin<span class=\"_ _2\"></span>arias<span class=\"_ _1be\"> </span>asociadas a<span class=\"_ _2\"></span> la parada de a<span class=\"_ _2\"></span>ctividad de la ins<span class=\"_ _2\"></span>talaci\u00f3n.   El <span class=\"_ _1\"></span>valor re<span class=\"_ _1\"></span>cuperable <span class=\"_ _1\"></span>as\u00ed estimado perm<span class=\"_ _1\"></span>ite re<span class=\"_ _1\"></span>cuperar \u00edntegramente <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>valor contable <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>activos de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>UGE<span class=\"_ _1be\"> </span>por <span class=\"_ _0\"></span>lo <span class=\"_ _c3\"></span>que <span class=\"_ _0\"></span>se <span class=\"_ _c3\"></span>ha <span class=\"_ _0\"></span>procedid<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span>revertir <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>impo<span class=\"_ _2\"></span>rte <span class=\"_ _0\"></span>pendi<span class=\"_ _2\"></span>ente <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>provisi\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>dotad<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>ejercicio <span class=\"_ _0\"></span>2021<span class=\"_ _2\"></span> asociada <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>valor <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _bb\"></span>los activ<span class=\"_ _1\"></span>os <span class=\"_ _1\"></span>intangibles, <span class=\"_ _1\"></span>por <span class=\"_ _bb\"></span>importe de <span class=\"_ _bb\"></span>2.<span class=\"ls11\">386</span> <span class=\"_ _1\"></span><span class=\"ff6\">miles <span class=\"_ _1\"></span>\u20ac<span class=\"ff4\">, <span class=\"_ _bb\"></span>y <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>activos <span class=\"_ _bb\"></span>productivos <span class=\"_ _1\"></span>vinculados<span class=\"_ _1be\"> </span></span></span>a la biof\u00e1brica de Pontevedra, que incluyen los costes previstos por desmantelami<span class=\"_ _2\"></span>ento y remediaci\u00f3n de la<span class=\"_ _1be\"> </span>instalaci\u00f3n <span class=\"_ _1\"></span>as\u00ed <span class=\"_ _bb\"></span>como <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>activos <span class=\"_ _bb\"></span>por <span class=\"_ _1\"></span>derechos <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>uso <span class=\"_ _1\"></span>asociados <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>la <span class=\"_ _1\"></span>UGE, <span class=\"_ _bb\"></span>por <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>importe<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>co<span class=\"_ _2\"></span>njunto <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>181.548<span class=\"_ _1be\"> </span>miles \u20ac.<span class=\"ff4\"> </span>La <span class=\"_ _4\"></span>diferencia <span class=\"_ _2\"></span>entre <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>importes <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>visionados <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>cierre <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>2021 <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>importes <span class=\"_ _4\"></span>revertidos <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>corresponde<span class=\"_ _1be\"> </span>con <span class=\"_ _c4\"> </span>la <span class=\"_ _c9\"> </span>amortizaci\u00f3n <span class=\"_ _c9\"> </span>adicional <span class=\"_ _c4\"> </span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c4\"> </span>hub<span class=\"_ _2\"></span>ieran <span class=\"_ _c4\"> </span>tenido <span class=\"_ _c9\"> </span>estos <span class=\"_ _c4\"> </span>activ<span class=\"_ _2\"></span>os <span class=\"_ _c4\"> </span>en <span class=\"_ _c9\"> </span>2021 <span class=\"_ _c4\"> </span>y <span class=\"_ _c9\"> </span>que <span class=\"_ _c4\"> </span>no <span class=\"_ _c9\"> </span>se <span class=\"_ _c4\"> </span>r<span class=\"_ _4\"></span>econoci\u00f3<span class=\"_ _1be\"> </span>contablemente al esta<span class=\"_ _2\"></span>r \u00edntegramente deteriorados<span class=\"_ _2\"></span> en dicho ejercicio.<span class=\"_ _2\"></span> Deterioros de otros activo<span class=\"_ _2\"></span>s y provisiones<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>Las <span class=\"_ _c0\"></span>sentencia<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Tribunal <span class=\"_ _c0\"></span>Supremo, <span class=\"_ _0\"></span>que <span class=\"_ _c0\"></span>confirma<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>legalidad <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>pr\u00f3rroga <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>concesi\u00f3n <span class=\"_ _0\"></span>sobre <span class=\"_ _c0\"></span>la<span class=\"_ _1be\"> </span>biof\u00e1brica <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Pontevedra <span class=\"_ _2\"></span>has<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>2073, <span class=\"_ _2\"></span>ha<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ermitido <span class=\"_ _2\"></span>revert<span class=\"_ _2\"></span>ir <span class=\"_ _2\"></span>otros <span class=\"_ _2\"></span>deterioros<span class=\"_ _2\"></span> y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>provisiones <span class=\"_ _2\"></span>registra<span class=\"_ _2\"></span>dos <span class=\"_ _2\"></span>en<span class=\"_ _1be\"> </span>el <span class=\"_ _2\"></span>ejercicio <span class=\"_ _4\"></span>2021; <span class=\"_ _4\"></span>deterioro <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>activos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>iol\u00f3gicos <span class=\"_ _2\"></span>por <span class=\"_ _4\"></span>importe <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>2.479 <span class=\"_ _2\"></span>mil<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>\u20ac <span class=\"_ _c0\"></span><span class=\"ff4\">asociado <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>sobrecos<span class=\"_ _2\"></span>tes<span class=\"_ _1be\"> </span></span>en <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>habr\u00eda <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>haber <span class=\"_ _c0\"></span>in<span class=\"_ _2\"></span>currido <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>no <span class=\"_ _0\"></span>poder <span class=\"_ _0\"></span>destinar <span class=\"_ _0\"></span>dichos <span class=\"_ _0\"></span>vuelos <span class=\"_ _0\"></span>forestales <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>biof\u00e1brica <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>Pontevedra, deterioro de repu<span class=\"_ _2\"></span>estos por importe de 2.929 miles asociad<span class=\"_ _2\"></span>o a la potencial p\u00e9rdida de valor de<span class=\"_ _1be\"> </span>los repuestos <span class=\"_ _1\"></span>que no <span class=\"_ _1\"></span>pod\u00edan ser <span class=\"_ _1\"></span>utilizados en <span class=\"_ _1\"></span>otras <span class=\"_ _1\"></span>instalaciones, <span class=\"ls36\">y </span><span class=\"ff6\">provisiones <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>6.025 mile<span class=\"_ _1\"></span>s \u20ac <span class=\"_ _1\"></span>para hacer<span class=\"_ _1\"></span> </span>Mil<span class=\"_ _1\"></span>es \u20ac<span class=\"_ _1be\"> </span>Nota<span class=\"_ _86\"> </span><span class=\"ls37\">2021<span class=\"_ _17\"> </span>2022<span class=\"_ _1be\"> </span></span>Deterioros-<span class=\"_ _1be\"> </span>Activos in<span class=\"_ _1\"></span>tang<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>les<span class=\"_ _f9\"> </span>16 y <span class=\"_ _1\"></span>20<span class=\"_ _b\"> </span>2.<span class=\"_ _2\"></span>470<span class=\"_ _b\"> </span>(2.386)<span class=\"_ _1be\"> </span>Pr<span class=\"_ _1\"></span>opiedad<span class=\"_ _1\"></span>, p<span class=\"_ _1\"></span>lanta y eq<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ip<span class=\"_ _1\"></span>o<span class=\"_ _fa\"> </span>17 y <span class=\"_ _1\"></span>20<span class=\"_ _74\"> </span>186.565<span class=\"_ _30\"> </span>(181.548)<span class=\"_ _1be\"> </span>Activos bi<span class=\"_ _1\"></span>ol\u00f3<span class=\"_ _2\"></span>gicos<span class=\"_ _fb\"> </span>19 y <span class=\"_ _1\"></span>20<span class=\"_ _b\"> </span>2.<span class=\"_ _2\"></span>479<span class=\"_ _b\"> </span>(2.479)<span class=\"_ _1be\"> </span>Existencias<span class=\"_ _49\"> </span><span class=\"ls37\">21<span class=\"_ _22\"> </span></span>2.<span class=\"_ _2\"></span>929<span class=\"_ _b\"> </span>(2.929)<span class=\"_ _1be\"> </span>Am<span class=\"_ _1\"></span>ortizaci\u00f3<span class=\"_ _2\"></span>n activos biof\u00e1<span class=\"_ _2\"></span>bri<span class=\"_ _1\"></span>ca<span class=\"_ _2\"></span> Ponteved<span class=\"_ _1\"></span>ra 202<span class=\"_ _1\"></span>2<span class=\"_ _fc\"> </span>16 y <span class=\"_ _1\"></span>17<span class=\"_ _ce\"> </span>-<span class=\"_ _12\"> </span>9.941<span class=\"_ _1be\"> </span>Activos por d<span class=\"_ _1\"></span>erech<span class=\"_ _1\"></span>o de us<span class=\"_ _1\"></span>o<span class=\"_ _fd\"> </span>18 y <span class=\"_ _1\"></span>20<span class=\"_ _51\"> </span>(1.134)<span class=\"_ _8\"> </span><span class=\"ls37\">470<span class=\"_ _1be\"> </span></span>Activos por i<span class=\"_ _1\"></span>mp<span class=\"_ _1\"></span>uest<span class=\"_ _1\"></span>o diferid<span class=\"_ _1\"></span>o<span class=\"_ _fd\"> </span><span class=\"ls37\">33<span class=\"_ _92\"> </span></span>13.426<span class=\"_ _74\"> </span>(<span class=\"_ _1\"></span>12.043)<span class=\"_ _1be\"> </span>Obli<span class=\"_ _1\"></span>gaciones co<span class=\"_ _2\"></span>ntr<span class=\"_ _1\"></span>ac<span class=\"_ _2\"></span>tuales<span class=\"_ _fe\"> </span><span class=\"ls37\">32<span class=\"_ _ce\"> </span></span>6.<span class=\"_ _2\"></span>025<span class=\"_ _b\"> </span>(6.025)<span class=\"_ _1be\"> </span>Pacto<span class=\"_ _2\"></span> ambi<span class=\"_ _1\"></span>ental ENCE<span class=\"_ _2\"></span> Ponteved<span class=\"_ _1\"></span>ra<span class=\"_ _53\"> </span><span class=\"ls37\">32<span class=\"_ _8\"> </span></span>(14.446)<span class=\"_ _ff\"> </span>21.000<span class=\"_ _1be\"> </span>Ef<span class=\"_ _2\"></span>ecto<span class=\"_ _2\"></span> pr<span class=\"_ _1\"></span>ovisiones y d<span class=\"_ _1\"></span>eterioros en el<span class=\"_ _1\"></span> Impu<span class=\"_ _1\"></span>esto Sociedades<span class=\"_ _100\"> </span>-<span class=\"_ _12\"> </span>7<span class=\"_ _1\"></span>.088<span class=\"_ _1be\"> </span>198.314<span class=\"_ _ed\"> </span>(168.910<span class=\"_ _1be\"> </span>)<span class=\"_ _1be\"> </span>Gas<span class=\"_ _1\"></span>to / (I<span class=\"_ _2\"></span>ng<span class=\"_ _2\"></span>reso) en<span class=\"_ _1be\"> </span>Estado de Resultado<span class=\"_ _1be\"> </span>frente <span class=\"_ _c2\"> </span>a<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>los  costes <span class=\"_ _c2\"> </span>derivado<span class=\"_ _2\"></span>s <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>o<span class=\"_ _2\"></span>bligaciones  contractuales  y <span class=\"_ _c2\"> </span>contratos<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>onerosos  que <span class=\"_ _c2\"> </span>surgir\u00edan  como<span class=\"_ _1be\"> </span>consecuencia del cese d<span class=\"_ _2\"></span>e actividad<span class=\"_ _2\"></span> de producci\u00f3n<span class=\"_ _2\"></span> de celulosa en la biof\u00e1b<span class=\"_ _2\"></span>rica de <span class=\"_ _2\"></span>Pontev<span class=\"_ _2\"></span>edra.<span class=\"_ _1be\"> </span>Activos por impuesto<span class=\"_ _2\"></span> diferido-<span class=\"_ _2\"></span> Como <span class=\"_ _4\"></span>cons<span class=\"_ _2\"></span>ecuencia <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>mencion<span class=\"_ _2\"></span>adas <span class=\"_ _c0\"></span>sentencia<span class=\"_ _2\"></span>s, <span class=\"_ _c0\"></span>ENCE <span class=\"_ _4\"></span>tambi\u00e9n <span class=\"_ _c0\"></span>ha <span class=\"_ _c0\"></span>llevado <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>cabo <span class=\"_ _c0\"></span>una <span class=\"_ _c0\"></span>revisi\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>los<span class=\"_ _1be\"> </span>impuestos <span class=\"_ _c3\"></span>diferidos <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>act<span class=\"_ _2\"></span>ivo, <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>rincipalmente <span class=\"_ _0\"></span>bas<span class=\"_ _2\"></span>es <span class=\"_ _0\"></span>imponibles <span class=\"_ _c3\"></span>negativas <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>deducciones <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>endientes <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>aprovechamiento, <span class=\"_ _0\"></span>con <span class=\"_ _c3\"></span>el <span class=\"_ _c0\"></span>fin <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>verificar <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>podr\u00e1n <span class=\"_ _0\"></span>recuperarse <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>plazos <span class=\"_ _0\"></span>exigidos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>n<span class=\"_ _2\"></span>ormativa<span class=\"_ _2\"></span> contable para s<span class=\"_ _2\"></span>u reconocimiento. <span class=\"_ _2\"></span> Las <span class=\"_ _c9\"> </span>proyecciones <span class=\"_ _c9\"> </span>elaborad<span class=\"_ _2\"></span>as <span class=\"_ _c9\"> </span>para <span class=\"_ _c9\"> </span>analizar <span class=\"_ _c9\"> </span>la <span class=\"_ _c9\"> </span>recuperabilidad<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c4\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>bases <span class=\"_ _c9\"> </span>imponibles <span class=\"_ _c9\"> </span>n<span class=\"_ _2\"></span>egativas <span class=\"_ _c9\"> </span>y<span class=\"_ _1be\"> </span>deducciones <span class=\"_ _2\"></span>acreditadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por el <span class=\"_ _4\"></span>grupo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>olidaci\u00f3n <span class=\"_ _2\"></span>fiscal <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>conforman <span class=\"_ _2\"></span>tod<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>activos <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>negocio<span class=\"_ _1be\"> </span>celulosa, <span class=\"_ _0\"></span>elaboradas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>cons<span class=\"_ _2\"></span>iderando,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>para <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>biof\u00e1brica <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>Pon<span class=\"_ _2\"></span>tevedra <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>actividad <span class=\"_ _0\"></span>se <span class=\"_ _c0\"></span>desarrollar\u00e1,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>al<span class=\"_ _1be\"> </span>menos, <span class=\"_ _c0\"></span>hasta <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>a\u00f1<span class=\"_ _2\"></span>o <span class=\"_ _c0\"></span>2073, <span class=\"_ _4\"></span>as<span class=\"_ _2\"></span>\u00ed <span class=\"_ _c0\"></span>como <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>esto <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>hip\u00f3tesis <span class=\"_ _c0\"></span>detalladas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>Nota <span class=\"_ _c0\"></span>2<span class=\"_ _2\"></span>0<span class=\"ls1c\">, <span class=\"_ _4\"></span></span>mu<span class=\"_ _2\"></span>estran <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>dichas<span class=\"_ _1be\"> </span>bases <span class=\"_ _4\"></span>imponibles <span class=\"_ _c0\"></span>negativas <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>deducciones <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>on <span class=\"_ _4\"></span>recuperables <span class=\"_ _4\"></span>\u00edntegrame<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>plazo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>10 <span class=\"_ _4\"></span>a\u00f1<span class=\"_ _2\"></span>os, <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>lo<span class=\"_ _1be\"> </span>que <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>han <span class=\"_ _4\"></span>reconocido <span class=\"_ _2\"></span>como <span class=\"_ _4\"></span>un <span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>ivo, <span class=\"_ _2\"></span>lo <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>ha <span class=\"_ _4\"></span>supuesto <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>registro <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span>ingreso <span class=\"_ _c0\"></span>al <span class=\"_ _4\"></span>cierre <span class=\"_ _2\"></span>del <span class=\"_ _4\"></span>ejerc<span class=\"_ _2\"></span>icio<span class=\"_ _1be\"> </span>2022 <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ep\u00edgrafe <span class=\"_ _2\"></span><span class=\"ff6\">\u201c</span>I<span class=\"_ _2\"></span><span class=\"ff6\">mpuesto <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>obre <span class=\"_ _2\"></span>sociedades\u201d <span class=\"_ _4\"></span></span>del <span class=\"_ _2\"></span>Estad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Resultado <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>solidado <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>iciembre<span class=\"_ _1be\"> </span>de 2022 por importe de <span class=\"_ _2\"></span><span class=\"ff6\">12.043 miles \u20ac. <span class=\"_ _2\"></span></span> Este <span class=\"_ _4\"></span>mismo <span class=\"_ _4\"></span>an<span class=\"_ _2\"></span>\u00e1lisis, <span class=\"_ _4\"></span>realizado <span class=\"_ _4\"></span>al <span class=\"_ _c0\"></span>cierre <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>ejercicio <span class=\"_ _4\"></span>2021 <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>rovoc\u00f3 <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>cancelaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>activos <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>impuesto<span class=\"_ _1be\"> </span>diferido <span class=\"_ _c0\"></span>as<span class=\"_ _2\"></span>ociados <span class=\"_ _0\"></span>a <span class=\"_ _c0\"></span>bases <span class=\"_ _0\"></span>imponibles <span class=\"_ _0\"></span>negativas <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>deducciones <span class=\"_ _0\"></span>previamente <span class=\"_ _c0\"></span>recon<span class=\"_ _2\"></span>ocidos <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c3\"> </span>grupo <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>consolidaci\u00f3n fis<span class=\"_ _2\"></span>cal que conforman t<span class=\"_ _2\"></span>odos los a<span class=\"_ _2\"></span>ctivos del negocio celulosa<span class=\"_ _2\"></span> por importe de<span class=\"_ _2\"></span> <span class=\"ff6\">13.426 miles \u20ac. <span class=\"_ _2\"></span></span> Activos por derecho<span class=\"_ _2\"></span> de uso<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>Se <span class=\"_ _1\"></span>ha llevado a <span class=\"_ _1\"></span>cabo una <span class=\"_ _1\"></span>reestimaci\u00f3n del <span class=\"_ _1\"></span>plazo <span class=\"_ _1\"></span>de concesi\u00f3n del <span class=\"_ _1\"></span>activo por <span class=\"_ _1\"></span>derecho <span class=\"_ _1\"></span>de uso <span class=\"_ _1\"></span>asignado a esta<span class=\"_ _1\"></span> UGE, <span class=\"_ _0\"></span>ajus<span class=\"_ _2\"></span>tando <span class=\"_ _c3\"></span>hasta <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>a\u00f1<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>2073 <span class=\"_ _0\"></span>el <span class=\"_ _c3\"> </span>period<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>se<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>espera <span class=\"_ _c3\"></span>que <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>biof\u00e1brica <span class=\"_ _c3\"> </span>de <span class=\"_ _0\"></span>Po<span class=\"_ _2\"></span>ntevedra <span class=\"_ _c3\"></span>siga<span class=\"_ _1be\"> </span>operando. E<span class=\"_ _2\"></span>sto ha s<span class=\"_ _2\"></span>upuesto el registro de<span class=\"_ _2\"></span> un act<span class=\"_ _2\"></span>ivo y u<span class=\"_ _2\"></span>n pasiv<span class=\"_ _2\"></span>o en el ejercicio 20<span class=\"_ _2\"></span>22 por impo<span class=\"_ _2\"></span>rte de 16.911<span class=\"_ _1be\"> </span>miles \u20ac. <span class=\"ff4\"> </span>Por su <span class=\"_ _1\"></span>parte, en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>ejercicio <span class=\"_ _1\"></span>2021, y <span class=\"_ _1\"></span>en un <span class=\"_ _1\"></span>escenario en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>se preve\u00eda <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>inicio del <span class=\"_ _1\"></span>desmantelamiento<span class=\"_ _1be\"> </span>de <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>insta<span class=\"_ _2\"></span>laci\u00f3n <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>roducir\u00eda <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>2023<span class=\"_ _2\"></span>-2024, <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>reconoc<span class=\"_ _2\"></span>i\u00f3 <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>baja <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>act<span class=\"_ _2\"></span>ivo <span class=\"_ _c0\"></span>previamen<span class=\"_ _2\"></span>te <span class=\"_ _c0\"></span>reconocido <span class=\"_ _c0\"></span>as\u00ed<span class=\"_ _1be\"> </span>como la cancelaci\u00f3n<span class=\"_ _2\"></span> de un pasivo p<span class=\"_ _2\"></span>or arrendamiento por <span class=\"_ _2\"></span>importe de 27.701 miles \u20ac y 28.835 m<span class=\"_ _2\"></span>iles \u20ac.<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _2\"></span> </span>Provisiones Pactos Ambien<span class=\"_ _2\"></span>tal y Social<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>La <span class=\"_ _c0\"></span>Sociedad<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>su<span class=\"_ _2\"></span>scribi\u00f3 <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>2016 <span class=\"_ _c0\"></span>un <span class=\"_ _0\"></span>Pacto <span class=\"_ _0\"></span>Ambiental <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>Con<span class=\"_ _2\"></span>venio <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>Colaboraci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>con <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>Con<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>eller\u00eda <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>Medio <span class=\"_ _4\"></span>Ambiente <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>Xunta <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>Galicia, <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>compromet\u00eda, <span class=\"_ _4\"></span>entre <span class=\"_ _c0\"></span>otros,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>mejorar <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>calidad <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>vida <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>gallegos <span class=\"_ _2\"></span>y en <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>pecial de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>habitan <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>entorno <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la R\u00eda <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Pontevedra, <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>seguridad <span class=\"_ _2\"></span>y<span class=\"_ _1be\"> </span>desarrollo, <span class=\"_ _2\"></span>el medio <span class=\"_ _2\"></span>ambiente<span class=\"_ _2\"></span>, el<span class=\"_ _2\"></span> entorn<span class=\"_ _2\"></span>o natu<span class=\"_ _2\"></span>ral, so<span class=\"_ _2\"></span>cial y <span class=\"_ _2\"></span>econ\u00f3mico <span class=\"_ _2\"></span>y su<span class=\"_ _2\"></span> sos<span class=\"_ _2\"></span>tenibilidad<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>Formando <span class=\"_ _2\"></span>parte<span class=\"_ _1be\"> </span>de <span class=\"_ _c3\"></span>dichos <span class=\"_ _c3\"> </span>compromiso<span class=\"_ _2\"></span>s <span class=\"_ _c3\"></span>se <span class=\"_ _c3\"></span>incluyen <span class=\"_ _c3\"> </span>contrib<span class=\"_ _2\"></span>uciones <span class=\"_ _c3\"> </span>orientadas <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>mejora <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>calidad <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>vida <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>los<span class=\"_ _1be\"> </span>gallegos por 21 millon<span class=\"_ _2\"></span>es \u20ac<span class=\"ff4\">.<span class=\"_ _1be\"> </span></span>La <span class=\"_ _2\"></span>eficacia <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>dichos <span class=\"_ _4\"></span>compromisos <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>todo <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>ha <span class=\"_ _4\"></span>estad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>condicionada <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>vigencia, <span class=\"_ _4\"></span>subsistencia <span class=\"_ _2\"></span>y<span class=\"_ _1be\"> </span>disfrute <span class=\"_ _0\"></span>pacifico <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>t\u00edtulo <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>ncesional <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>Pontevedra, <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>la <span class=\"_ _c2\"> </span>sentencias <span class=\"_ _0\"></span>dictad<span class=\"_ _2\"></span>as <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span>Audiencia <span class=\"_ _1\"></span>Nacional deja<span class=\"ls21\">ro</span>n <span class=\"_ _1\"></span>en suspenso <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>compromisos recogidos <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Pacto <span class=\"_ _1\"></span>Ambiental y <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Convenio<span class=\"_ _1be\"> </span>de <span class=\"_ _1\"></span>Colaboraci\u00f3n. Con <span class=\"_ _1\"></span>la e<span class=\"_ _1\"></span>stimaci\u00f3n<span class=\"_ _2\"></span>, <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>del T<span class=\"_ _1\"></span>ribunal Supremo, <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>recursos interpuestos por <span class=\"_ _1\"></span>ENCE,<span class=\"_ _1be\"> </span>confirmando el plazo concesional de la <span class=\"_ _1\"></span>biof\u00e1brica de Pontevedra hasta 2073, <span class=\"_ _1\"></span>dichos compromiso<span class=\"_ _2\"></span>s dejan de<span class=\"_ _1be\"> </span>estar en sus<span class=\"_ _2\"></span>penso.<span class=\"_ _1be\"> </span>En <span class=\"_ _2\"></span>este <span class=\"_ _2\"></span>sentido, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>constit<span class=\"_ _2\"></span>uido <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ejercicio <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>provis<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>totalida<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>contribucion<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>previstas <span class=\"_ _c3\"> </span>(v\u00e9as<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>Nota <span class=\"_ _c3\"> </span>32) <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"> </span>cargo <span class=\"_ _c3\"> </span>al <span class=\"_ _c3\"> </span>ep\u00edgraf<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>\u201cOtros <span class=\"_ _c3\"> </span>gas<span class=\"_ _2\"></span>tos <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>explotaci\u00f3n\u201d<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>Estado <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>Resultad<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>consolidado.<span class=\"_ _2\"></span> En el ejercicio 2021 y<span class=\"_ _2\"></span> en el marco de las senten<span class=\"_ _2\"></span>cias previas recibidas<span class=\"_ _2\"></span> de la Audiencia Nacional<span class=\"_ _1be\"> </span>se revirtieron las p<span class=\"_ _2\"></span>rovisiones disponibles para <span class=\"_ _2\"></span>atender dichos compromisos<span class=\"_ _2\"></span> por importe de <span class=\"_ _2\"></span>16.750 <span class=\"ff6\">miles \u20ac<span class=\"_ _2\"></span></span>.<span class=\"_ _1be\"> </span>Dicha reversi\u00f3n se present\u00f3 en el Estado de Resultado con<span class=\"ff6\">solidado minorand<span class=\"_ _2\"></span>o el e<span class=\"_ _1\"></span>p\u00edgrafe \u201cOtros<span class=\"_ _2\"></span> gastos de<span class=\"_ _1be\"> </span></span>explotaci\u00f3n\u201d.<span class=\"ff4\"> </span>8.<span class=\"ff5 ls0_1\"> <span class=\"_ _bd\"> </span><span class=\"ff3 fs0_1\">Cambio clim\u00e1ti<span class=\"_ _1\"></span>co y Acuerd<span class=\"_ _1\"></span>o de Par\u00eds<span class=\"fs3\"> </span></span></span>Como <span class=\"_ _4\"></span>Grupo <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>bas<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>modelo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>negocio <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>capital <span class=\"_ _c0\"></span>natural, <span class=\"_ _c0\"></span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _4\"></span>es <span class=\"_ _4\"></span>consciente <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>exposici\u00f3n <span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>riesgos <span class=\"_ _c6\"> </span>d<span class=\"_ _2\"></span>erivados <span class=\"_ _c6\"> </span>del <span class=\"_ _c7\"> </span>cambio <span class=\"_ _c6\"> </span>clim\u00e1tico, <span class=\"_ _c6\"> </span>especialment<span class=\"_ _2\"></span>e <span class=\"_ _c6\"> </span>a <span class=\"_ _c6\"> </span>los <span class=\"_ _c7\"> </span>riesgos <span class=\"_ _c7\"> </span>f\u00edsicos <span class=\"_ _c6\"> </span>que <span class=\"_ _c6\"> </span>pueden <span class=\"_ _c6\"> </span>afectar <span class=\"_ _c7\"> </span>a <span class=\"_ _c6\"> </span>la<span class=\"_ _1be\"> </span>disponibilidad<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>sus <span class=\"_ _0\"></span>principales <span class=\"_ _0\"></span>materias <span class=\"_ _0\"></span>primas<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>(madera <span class=\"_ _0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>biomasa). <span class=\"_ _0\"></span>Sin <span class=\"_ _0\"></span>embargo, <span class=\"_ _c2\"> </span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _0\"></span>tambi\u00e9n <span class=\"_ _0\"></span>est\u00e1<span class=\"_ _2\"></span> convencida de <span class=\"_ _1\"></span>las oportunidades <span class=\"_ _1\"></span>que trae <span class=\"_ _1\"></span>consigo e<span class=\"_ _1\"></span>l re<span class=\"_ _1\"></span>to d<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>la descarbonizaci\u00f3n y <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>transici\u00f3n <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>un modelo<span class=\"_ _1be\"> </span>econ\u00f3mico libre de f\u00f3siles y<span class=\"_ _2\"></span> basa en ellas<span class=\"_ _2\"></span> su estra<span class=\"_ _2\"></span>tegia de crecimiento. <span class=\"_ _2\"></span> Por  ello, <span class=\"_ _c2\"> </span>par<span class=\"_ _2\"></span>a  ENCE  resulta <span class=\"_ _c5\"> </span>fundamental  el <span class=\"_ _c2\"> </span>an<span class=\"_ _2\"></span>\u00e1lisis  de  riesgos  y <span class=\"_ _c2\"> </span>opo<span class=\"_ _2\"></span>rtunidades  derivados  del <span class=\"_ _c2\"> </span>cam<span class=\"_ _4\"></span>bio<span class=\"_ _1be\"> </span>clim\u00e1tico que pu<span class=\"_ _2\"></span>eden afectar ta<span class=\"_ _2\"></span>nto a la compa\u00f1<span class=\"_ _2\"></span>\u00eda como a s<span class=\"_ _2\"></span>u cadena de v<span class=\"_ _2\"></span>alor. Para abord<span class=\"_ _2\"></span>ar este an\u00e1lisis<span class=\"_ _2\"></span> de<span class=\"_ _1be\"> </span>forma <span class=\"_ _c3\"></span>sistem\u00e1tica, <span class=\"_ _c3\"> </span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _c3\"> </span>ha <span class=\"_ _c3\"> </span>adoptad<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>las <span class=\"_ _c3\"></span>recomendaciones <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"> </span>Task <span class=\"_ _c3\"> </span>Force <span class=\"_ _c3\"> </span>on <span class=\"_ _c2\"> </span>Climate<span class=\"_ _2\"></span>-related <span class=\"_ _c3\"> </span>Financial<span class=\"_ _2\"></span> Disclosures (TCFD) del Con<span class=\"_ _2\"></span>sejo de E<span class=\"_ _2\"></span>stabilidad <span class=\"_ _2\"></span>Financiera (FSB). <span class=\"_ _2\"></span> El <span class=\"_ _2\"></span>\u00f3rgano <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>gob<span class=\"_ _2\"></span>ierno <span class=\"_ _2\"></span>encargad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>gesti\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>riesgos <span class=\"_ _4\"></span>derivados<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>cambio<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>clim\u00e1tico<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>Consejo <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>Administraci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>ENCE <span class=\"_ _1\"></span>quien, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>trav\u00e9s <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>su Comisi\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>A<span class=\"_ _2\"></span>uditor\u00eda, supervisa <span class=\"_ _1\"></span>los <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>istemas <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>identifica<span class=\"_ _2\"></span>ci\u00f3n<span class=\"_ _1be\"> </span>y <span class=\"_ _2\"></span>gesti\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>estos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ries<span class=\"_ _2\"></span>gos <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>sus <span class=\"_ _4\"></span>estrategias <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>mitigaci\u00f3n, <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>forma <span class=\"_ _2\"></span>integrada <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>Sistema <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>Gesti\u00f3n <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>Riesgos <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>compa\u00f1<span class=\"_ _2\"></span>\u00eda. <span class=\"_ _4\"></span>Esto<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>\u00f3rganos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>encargan<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>asimismo <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>supervis<span class=\"_ _2\"></span>ar <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>an\u00e1lisis<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>escenarios<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> horizontes temporales utilizados en la e<span class=\"_ _1\"></span>valuaci\u00f3n, as\u00ed como la <span class=\"_ _1\"></span>info<span class=\"_ _2\"></span>rmaci\u00f3n que ENCE reporta <span class=\"_ _1\"></span>al mercado en<span class=\"_ _1be\"> </span>esta materia. <span class=\"_ _2\"></span> A <span class=\"_ _1\"></span>nivel <span class=\"_ _bb\"></span>ej<span class=\"_ _2\"></span>ecutivo, <span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>Co<span class=\"_ _2\"></span>misi\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Sostenibilidad <span class=\"_ _1\"></span>quien <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>en<span class=\"_ _2\"></span>carga <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>esta<span class=\"_ _2\"></span>blecer <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>metodolog\u00edas <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>acordar<span class=\"_ _1be\"> </span>las <span class=\"_ _c3\"></span>pautas <span class=\"_ _c3\"></span>para <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>an\u00e1lis<span class=\"_ _2\"></span>is. <span class=\"_ _c3\"></span>Por <span class=\"_ _0\"></span>su <span class=\"_ _c3\"> </span>parte, <span class=\"_ _c3\"> </span>las <span class=\"_ _c3\"> </span>\u00e1reas <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>negocio, <span class=\"_ _0\"></span>coo<span class=\"_ _2\"></span>rdinadas <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"></span>Direcci\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Gen<span class=\"_ _2\"></span>eral <span class=\"_ _c3\"></span>de<span class=\"_ _1be\"> </span>Sostenibilidad, <span class=\"_ _0\"></span>tra<span class=\"_ _2\"></span>bajan <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>identificaci\u00f3n <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>priorizaci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>riesgos <span class=\"_ _0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>oportunidades <span class=\"_ _0\"></span>espec\u00edficos <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span>definici\u00f3n de planes d<span class=\"_ _2\"></span>e mitigaci\u00f3n, as<span class=\"_ _2\"></span>\u00ed como en la evaluaci\u00f3n de los<span class=\"_ _2\"></span> impactos de los riesgos en las variab<span class=\"_ _2\"></span>les<span class=\"_ _1be\"> </span>operativas como b<span class=\"_ _2\"></span>ase para<span class=\"_ _2\"></span> el c\u00e1lculo del impacto financiero<span class=\"_ _2\"></span> de estos r<span class=\"_ _2\"></span>iesgos. ENCE <span class=\"_ _c7\"> </span>h<span class=\"_ _2\"></span>a <span class=\"_ _c7\"> </span>seleccionado <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>istintos <span class=\"_ _c4\"> </span>escenarios <span class=\"_ _c7\"> </span>tanto<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>f\u00edsicos <span class=\"_ _c7\"> </span>como <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>tra<span class=\"_ _2\"></span>nsici\u00f3n <span class=\"_ _c7\"> </span>y <span class=\"_ _c4\"> </span>diferentes <span class=\"_ _c7\"> </span>horizo<span class=\"_ _2\"></span>ntes<span class=\"_ _1be\"> </span>temporales para analiz<span class=\"_ _2\"></span>ar el impacto de los<span class=\"_ _2\"></span> riesgos y la<span class=\"_ _2\"></span>s oportunidades<span class=\"_ _2\"></span> clim\u00e1ticas en su modelo de nego<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>io.<span class=\"_ _1be\"> </span>As\u00ed, <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>compa\u00f1\u00eda <span class=\"_ _4\"></span>trabaja<span class=\"_ _2\"></span>, <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>escenario <span class=\"_ _4\"></span>in<span class=\"_ _2\"></span>termedio, <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>un <span class=\"_ _c0\"></span>incremento <span class=\"_ _4\"></span>medio <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>temperatura <span class=\"_ _4\"></span>global<span class=\"_ _2\"></span> de en torno a 2\u00b0C a finales del S. XXI y como escenario pesimista <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un incremento medio en torno a 4\u00b0C a<span class=\"_ _1be\"> </span>finales de <span class=\"_ _2\"></span>siglo. E<span class=\"_ _2\"></span>stos escenarios<span class=\"_ _2\"></span> se <span class=\"_ _2\"></span>aplic<span class=\"_ _2\"></span>an a <span class=\"_ _2\"></span>tres ho<span class=\"_ _2\"></span>rizontes temporales: <span class=\"_ _2\"></span>el futuro <span class=\"_ _2\"></span>cercano <span class=\"_ _2\"></span>(hasta <span class=\"_ _2\"></span>2040), el<span class=\"_ _1be\"> </span>futuro <span class=\"_ _0\"></span>a <span class=\"_ _c3\"> </span>medio <span class=\"_ _0\"></span>plazo <span class=\"_ _c3\"></span>(hasta <span class=\"_ _0\"></span>2070) <span class=\"_ _0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>futuro <span class=\"_ _0\"></span>lejano<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>(hasta <span class=\"_ _c3\"></span>2100). <span class=\"_ _c3\"> </span>Los <span class=\"_ _c3\"></span>riesgos, <span class=\"_ _0\"></span>hip<span class=\"_ _2\"></span>\u00f3tesis <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>estimaciones<span class=\"_ _1be\"> </span>relevantes empleadas<span class=\"_ _2\"></span> por el Grupo s<span class=\"_ _2\"></span>e describen a continuaci\u00f3n: <span class=\"_ _2\"></span> El <span class=\"_ _c6\"> </span>principa<span class=\"_ _2\"></span>l <span class=\"_ _c6\"> </span>riesgo <span class=\"_ _c7\"> </span>f\u00edsico <span class=\"_ _c6\"> </span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c6\"> </span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _c6\"> </span>ha <span class=\"_ _c7\"> </span>identificado <span class=\"_ _c7\"> </span>es <span class=\"_ _c6\"> </span>el <span class=\"_ _c6\"> </span>cambio<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>en <span class=\"_ _c7\"> </span>los <span class=\"_ _c7\"> </span>patrones <span class=\"_ _c6\"> </span>de <span class=\"_ _c7\"> </span>precipitaci\u00f3n <span class=\"_ _c6\"> </span>y<span class=\"_ _2\"></span> temperatura <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>puede <span class=\"_ _2\"></span>afect<span class=\"_ _2\"></span>ar <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>cultivos <span class=\"_ _2\"></span>agr\u00edcola<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>forestales <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>nto, <span class=\"_ _2\"></span>al s<span class=\"_ _2\"></span>uministro <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>madera <span class=\"_ _2\"></span>y<span class=\"_ _1be\"> </span>biomasa.  Para  analizar <span class=\"_ _c5\"> </span>este  riesgo  e<span class=\"_ _1\"></span>n  profundidad,<span class=\"_ _2\"></span>  ENCE  est\u00e1  analizando  los  im<span class=\"_ _1\"></span>pactos<span class=\"_ _2\"></span>  de <span class=\"_ _c2\"> </span>las<span class=\"_ _2\"></span>  nuevas<span class=\"_ _1be\"> </span>condiciones <span class=\"_ _c3\"> </span>clim\u00e1ticas <span class=\"_ _c3\"> </span>previstas<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>sobre <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>viab<span class=\"_ _2\"></span>ilidad <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>principales <span class=\"_ _c3\"></span>especies <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>eucalipto <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"></span>las <span class=\"_ _c3\"></span>que<span class=\"_ _1be\"> </span>trabaja, <span class=\"_ _2\"></span>as\u00ed <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>impacto <span class=\"_ _2\"></span>sobre <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>prevalencia <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>enfermedades <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>pueden <span class=\"_ _2\"></span>afectar <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>productivid<span class=\"_ _2\"></span>ad<span class=\"_ _1be\"> </span>de las explotacion<span class=\"_ _2\"></span>es, en partic<span class=\"_ _2\"></span>ular aquellas ca<span class=\"_ _2\"></span>usadas<span class=\"_ _2\"></span> por hongos. As\u00ed s<span class=\"_ _2\"></span>e ha determinad<span class=\"_ _2\"></span>o si el cambio<span class=\"_ _2\"></span> de las<span class=\"_ _2\"></span> condiciones <span class=\"_ _c0\"></span>abi\u00f3ticas <span class=\"_ _c0\"></span>jun<span class=\"_ _2\"></span>to <span class=\"_ _4\"></span>con <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>cambio<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>prevalenci<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>las <span class=\"_ _c0\"></span>enfermedades <span class=\"_ _c0\"></span>f\u00fangic<span class=\"_ _2\"></span>as <span class=\"_ _c0\"></span>provocar\u00e1 <span class=\"_ _c0\"></span>una<span class=\"_ _1be\"> </span>evoluci\u00f3n potencialmente <span class=\"_ _1\"></span>favorable <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>desfavorable <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>cada <span class=\"_ _1\"></span>u<span class=\"_ _2\"></span>na de <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>regiones <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>suministro de <span class=\"_ _1\"></span>ENCE. <span class=\"_ _1\"></span>Esta<span class=\"_ _1be\"> </span>informaci\u00f3n <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>ha <span class=\"_ _2\"></span>utiliza<span class=\"_ _2\"></span>do <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>efinir <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>estrategia <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>mitigaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>este <span class=\"_ _4\"></span>riesgo, <span class=\"_ _c0\"></span>ad<span class=\"_ _2\"></span>aptando<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>rograma<span class=\"_ _1be\"> </span>de <span class=\"_ _0\"></span>I+D <span class=\"_ _0\"></span>forestal <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>mejora <span class=\"_ _c0\"></span>g<span class=\"_ _2\"></span>en\u00e9tica <span class=\"_ _0\"></span>para <span class=\"_ _c3\"></span>dar <span class=\"_ _0\"></span>respuesta <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>la<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>nuevas<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>condiciones <span class=\"_ _0\"></span>clim\u00e1tic<span class=\"_ _2\"></span>as, <span class=\"_ _c2\"> </span>para <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>ducir<span class=\"_ _1be\"> </span>planta m\u00e1s res<span class=\"_ _2\"></span>istente al cambio clim\u00e1tico y p<span class=\"_ _2\"></span>romoviendo t\u00e9cnicas<span class=\"_ _2\"></span> de gesti\u00f3n forestal a<span class=\"_ _2\"></span>daptadas<span class=\"_ _4\"></span>.<span class=\"_ _1be\"> </span>Otro de los prin<span class=\"_ _2\"></span>cipales riesgos f\u00edsicos identificado<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span><span class=\"ls10\">co</span>nsiste en la reducci\u00f3n d<span class=\"_ _2\"></span>e la disponibilidad d<span class=\"_ _2\"></span>e recursos<span class=\"_ _1be\"> </span>h\u00eddricos <span class=\"_ _c7\"> </span>en <span class=\"_ _c4\"> </span>las <span class=\"_ _c7\"> </span>\u00e1reas <span class=\"_ _c7\"> </span>don<span class=\"_ _2\"></span>de <span class=\"_ _c6\"> </span>o<span class=\"_ _2\"></span>pera <span class=\"_ _c4\"> </span>ENCE. <span class=\"_ _c7\"> </span>A <span class=\"_ _c4\"> </span>pesar <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>las <span class=\"_ _c4\"> </span>medidas <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>mitigaci\u00f3n <span class=\"_ _c4\"> </span>que <span class=\"_ _c4\"> </span>ENCE<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>llevaba<span class=\"_ _1be\"> </span>desarrollando en <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>\u00faltimos <span class=\"_ _1\"></span>a\u00f1os, e<span class=\"_ _1\"></span>nfocadas a <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>reducci\u00f3n <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>consumo de <span class=\"_ _bb\"></span>agu<span class=\"_ _2\"></span>a en <span class=\"_ _1\"></span>sus <span class=\"_ _1\"></span>plantas, este <span class=\"_ _bb\"></span>ries<span class=\"_ _2\"></span>g<span class=\"_ _2\"></span><span class=\"ls38\">o<span class=\"_ _1be\"> </span></span>se <span class=\"_ _c0\"></span>ha <span class=\"_ _0\"></span>materializado <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>2022 <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>biof\u00e1brica <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>Pontevedra: <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>falta <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>prec<span class=\"_ _2\"></span>ipitaciones <span class=\"_ _0\"></span>unida <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>alt<span class=\"_ _2\"></span>as<span class=\"_ _1be\"> </span>temperaturas <span class=\"_ _4\"></span>registradas <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>meses <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>erano <span class=\"_ _4\"></span>redujeron<span class=\"_ _4\"></span> dr\u00e1sticamente <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>caudal <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>r\u00edo <span class=\"_ _4\"></span>L\u00e9rez, <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>que<span class=\"_ _2\"></span> se <span class=\"_ _4\"></span>abas<span class=\"_ _2\"></span>tece <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>biof\u00e1bri<span class=\"_ _2\"></span>ca. <span class=\"_ _4\"></span>Par<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>asegurar <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>caudal <span class=\"_ _c0\"></span>ecol\u00f3gico <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>priorizar<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>abas<span class=\"_ _2\"></span>tecimiento <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>pob<span class=\"_ _2\"></span>laci\u00f3n,<span class=\"_ _1be\"> </span>ENCE se <span class=\"_ _1\"></span>vio obligada a <span class=\"_ _1\"></span>detener temporalmente la <span class=\"_ _1\"></span>actividad de la <span class=\"_ _1\"></span>planta, hasta que <span class=\"_ _1\"></span>se normaliz\u00f3 la <span class=\"_ _1\"></span>situaci\u00f3n<span class=\"_ _1be\"> </span>del <span class=\"_ _2\"></span>cau<span class=\"_ _2\"></span>dal <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>r\u00edo. <span class=\"_ _4\"></span>Como <span class=\"_ _c0\"></span>estrategia <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>mitigaci\u00f3n, <span class=\"_ _c0\"></span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>revisado <span class=\"_ _4\"></span>su<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>planes <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>ha <span class=\"_ _c0\"></span>establecido <span class=\"_ _4\"></span>objetivos<span class=\"_ _2\"></span> a\u00fan <span class=\"_ _c3\"></span>m\u00e1s <span class=\"_ _c3\"></span>ambiciosos <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>reducci\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _c3\"></span>consumo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>agua <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>su<span class=\"_ _2\"></span>s <span class=\"_ _c3\"></span>instalaciones. <span class=\"_ _c3\"></span>Adicionalmente, <span class=\"_ _c2\"> </span>ENCE <span class=\"_ _c3\"> </span>ha<span class=\"_ _1be\"> </span>dise\u00f1ado <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>soluci\u00f3n <span class=\"_ _0\"></span>innovadora <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>encuentra <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>actualidad <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>fas<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>ruebas,<span class=\"_ _4\"></span> <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>permitir\u00e1<span class=\"_ _1be\"> </span>operar en situaciones de e<span class=\"_ _1\"></span>mergencia por sequ\u00eda, basadas en la reutilizaci\u00f3n de <span class=\"_ _1\"></span>agua procedente <span class=\"_ _1\"></span>de la EDAR<span class=\"_ _1be\"> </span>vecina, que tras<span class=\"_ _2\"></span> un proceso de acondicionamiento <span class=\"_ _2\"></span><span class=\"ls18\">es<span class=\"_ _2\"></span></span> empl<span class=\"_ _2\"></span>eada en el proceso de p<span class=\"_ _2\"></span>roducci\u00f3n de celulosa.<span class=\"_ _2\"></span> ENCE <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>identificado <span class=\"_ _2\"></span>varios<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>riesgos, <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>iderados <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>\u00edndole regulatoria,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>son<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>incremento de <span class=\"_ _2\"></span>precio<span class=\"_ _1be\"> </span>de los derechos d<span class=\"_ _2\"></span>e emisi\u00f3n en el marco del sistema EU E<span class=\"_ _2\"></span>TS o la inclus<span class=\"_ _2\"></span>i\u00f3n del sector mar\u00edtimo en el r\u00e9gim<span class=\"_ _2\"></span>en<span class=\"_ _1be\"> </span>de <span class=\"_ _4\"></span>comercio <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>emisiones <span class=\"_ _c0\"></span>(lo <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>podr\u00eda <span class=\"_ _4\"></span>supon<span class=\"_ _2\"></span>er <span class=\"_ _4\"></span>mayores <span class=\"_ _c0\"></span>costes <span class=\"_ _c0\"></span>log\u00edsticos <span class=\"_ _c0\"></span>si <span class=\"_ _4\"></span>los <span class=\"_ _c0\"></span>operadores <span class=\"_ _c0\"></span>repercuten<span class=\"_ _1be\"> </span>este <span class=\"_ _2\"></span>nuevo <span class=\"_ _2\"></span>coste <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>clientes). <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>estra<span class=\"_ _2\"></span>tegia d<span class=\"_ _2\"></span>e mitiga<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>estos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>riesgos <span class=\"_ _2\"></span>pasa <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>establecer <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>plan<span class=\"_ _1be\"> </span>de <span class=\"_ _1\"></span>descarbonizaci\u00f3n para <span class=\"_ _1\"></span>reducir <span class=\"_ _1\"></span>as\u00ed <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>emisiones <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>tanto, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>necesidad <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>comprar <span class=\"_ _1\"></span>dere<span class=\"_ _1\"></span>chos ETS. <span class=\"_ _bb\"></span>Ot<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>riesgos <span class=\"_ _4\"></span>regulatorios<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>relevante<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>on <span class=\"_ _4\"></span>los <span class=\"_ _c0\"></span>relacionados <span class=\"_ _c0\"></span>con <span class=\"_ _4\"></span>poten<span class=\"_ _4\"></span>ciales <span class=\"_ _4\"></span>ca<span class=\"_ _2\"></span>mbios <span class=\"_ _4\"></span>normativ<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>afectasen <span class=\"_ _c0\"></span>a<span class=\"_ _1be\"> </span>las operaciones, p<span class=\"_ _2\"></span>or ejemplo en t\u00e9rminos de restricciones al u<span class=\"_ _2\"></span>so de ciertos combu<span class=\"_ _2\"></span>stibles o endurecimiento<span class=\"_ _1be\"> </span>de los criterios de <span class=\"_ _1\"></span>sostenibilidad para la biomasa, tal<span class=\"_ _1\"></span> como propuso la Com<span class=\"_ _1\"></span>isi\u00f3n Europea en la <span class=\"_ _1\"></span>revisi\u00f3n de l<span class=\"ls39\">a<span class=\"_ _1be\"> </span></span>directiva <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>ene<span class=\"_ _2\"></span>rg\u00edas <span class=\"_ _1\"></span>renovables <span class=\"_ _1\"></span>(RED <span class=\"_ _1\"></span>III). <span class=\"_ _bb\"></span>Para <span class=\"_ _1\"></span>hacer <span class=\"_ _1\"></span>frente <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>estos <span class=\"_ _1\"></span>riesgos, ENCE <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>antiene <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>di\u00e1logo <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>luido<span class=\"_ _1be\"> </span>con <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>asociaciones<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>sectoriales <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>nivel <span class=\"_ _4\"></span>nacional <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>europeo <span class=\"_ _4\"></span>como <span class=\"_ _2\"></span>APPA <span class=\"_ _4\"></span>o <span class=\"_ _2\"></span>Bioen<span class=\"_ _2\"></span>ergy <span class=\"_ _2\"></span>EUrop<span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>para <span class=\"_ _4\"></span>detectar<span class=\"_ _1be\"> </span>posibles iniciativas legislativas que puedan impactar al negocio y adaptarse con <span class=\"_ _1\"></span>antelaci\u00f3n. En este sentido,<span class=\"_ _1be\"> </span>cabe <span class=\"_ _4\"></span>destacar <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>esfuerzo <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>ha <span class=\"_ _c0\"></span>hecho <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>compa\u00f1\u00eda <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>2022 <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>certificar <span class=\"_ _c0\"></span>su <span class=\"_ _4\"></span>cad<span class=\"_ _2\"></span>ena <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>uministro <span class=\"_ _4\"></span>con<span class=\"_ _1be\"> </span>arreglo a los requerimientos<span class=\"_ _2\"></span> de la directiva.<span class=\"_ _2\"></span> En el <span class=\"_ _1\"></span>cap\u00edtulo de <span class=\"_ _1\"></span>riesgos <span class=\"_ _1\"></span>de me<span class=\"_ _1\"></span>rcado se e<span class=\"_ _1\"></span>ngloban los riesgos <span class=\"_ _1\"></span>relacionados con <span class=\"_ _1\"></span>un po<span class=\"_ _1\"></span>sible encarecimiento <span class=\"_ _1\"></span>de<span class=\"_ _1be\"> </span>las <span class=\"_ _2\"></span>materias <span class=\"_ _2\"></span>primas <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _4\"></span>(incluidos <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>combu<span class=\"_ _2\"></span>stibles) <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>riesgos <span class=\"_ _2\"></span>relacion<span class=\"_ _2\"></span>ados <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>necesidad<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>avanzar <span class=\"_ _0\"></span>hacia <span class=\"_ _0\"></span>tecnolog\u00edas <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>b<span class=\"_ _2\"></span>aja <span class=\"_ _c0\"></span>emisi\u00f3n<span class=\"_ _2\"></span>, <span class=\"_ _c0\"></span>lo <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>puede <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>uponer <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>aumento <span class=\"_ _c0\"></span>d<span class=\"_ _4\"></span>e <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>competencia <span class=\"_ _c0\"></span>por <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span>suministro <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>biomasa <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>otro<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>actores <span class=\"_ _4\"></span>tales <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>cementeras<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>roductores <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>bio<span class=\"_ _2\"></span>combustibles, <span class=\"_ _4\"></span>etc.<span class=\"_ _2\"></span> La <span class=\"_ _0\"></span>estrategia <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>mitigaci\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>estos <span class=\"_ _c3\"></span>riesgos <span class=\"_ _0\"></span>pasa <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _0\"></span>una <span class=\"_ _c3\"></span>diversificaci\u00f3n <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>cadena <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>suministro <span class=\"_ _c3\"></span>de<span class=\"_ _1be\"> </span>materias <span class=\"_ _c0\"></span>primas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>e <span class=\"_ _0\"></span>incluso<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>cambios <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>combus<span class=\"_ _2\"></span>tibles <span class=\"_ _c0\"></span>utilizados <span class=\"_ _0\"></span>(tal <span class=\"_ _0\"></span>como <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>ha <span class=\"_ _c0\"></span>h<span class=\"_ _2\"></span>echo <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>Navia <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _c0\"></span>el<span class=\"_ _1be\"> </span>elevado <span class=\"_ _2\"></span>precio <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>gas <span class=\"_ _2\"></span>natural <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>si <span class=\"_ _2\"></span>bien <span class=\"_ _2\"></span>esta<span class=\"_ _2\"></span> circun<span class=\"_ _2\"></span>stancia <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ebido <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>conflicto <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>Ucrania <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>no<span class=\"_ _1be\"> </span>al <span class=\"_ _c0\"></span>cambio <span class=\"_ _c0\"></span>clim\u00e1tico)<span class=\"_ _2\"></span>. <span class=\"_ _c0\"></span>En <span class=\"_ _0\"></span>cuanto <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>riesgos <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>competencia <span class=\"_ _0\"></span>por <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>b<span class=\"_ _4\"></span>iomasa, <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>estrategia <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>mitigaci\u00f3n<span class=\"_ _2\"></span> consiste en un refuerzo <span class=\"_ _1\"></span>de la red de <span class=\"_ _1\"></span>suministro para aumentar la capacidad de m<span class=\"_ _1\"></span>ovilizaci\u00f3n de biomasa y la<span class=\"_ _1be\"> </span>definici\u00f3n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>estrategia <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>diversificaci\u00f3n <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>poder <span class=\"_ _4\"></span>utilizar <span class=\"_ _4\"></span>distinto<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>tipos <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>biomasa <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>est\u00e9n<span class=\"_ _1be\"> </span>sometidos a tan<span class=\"_ _2\"></span>ta tensi\u00f3n en el mercado.<span class=\"_ _2\"></span>  ENCE <span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tenido <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>cuenta <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>riesgos <span class=\"_ _4\"></span>descritos <span class=\"_ _4\"></span>as\u00ed <span class=\"_ _2\"></span>como <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>distinto<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>escenarios<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>temporales <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>se<span class=\"_ _2\"></span> desarrollan, <span class=\"_ _c3\"></span>en <span class=\"_ _c0\"></span>los <span class=\"_ _0\"></span>test <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>eterioro <span class=\"_ _c0\"></span>realizado<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>sobre <span class=\"_ _0\"></span>sus <span class=\"_ _0\"></span>activos <span class=\"_ _0\"></span>no <span class=\"_ _0\"></span>financieros<span class=\"_ _2\"></span>. <span class=\"_ _0\"></span>Su <span class=\"_ _0\"></span>consid<span class=\"_ _2\"></span>eraci\u00f3n <span class=\"_ _0\"></span>no <span class=\"_ _0\"></span>ha<span class=\"_ _1be\"> </span>tenido un impact<span class=\"_ _2\"></span>o significativo en la v<span class=\"_ _2\"></span>aloraci\u00f3n de <span class=\"_ _2\"></span>dichos<span class=\"_ _2\"></span> activos.<span class=\"_ _1be\"> </span>Aun <span class=\"_ _2\"></span>siend<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>consciente <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>riesgos, <span class=\"_ _4\"></span>ENCE <span class=\"_ _4\"></span>entiende <span class=\"_ _2\"></span>que <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>adaptaci\u00f3n <span class=\"_ _4\"></span>al <span class=\"_ _2\"></span>cambio <span class=\"_ _4\"></span>clim\u00e1tico, <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>concreto<span class=\"_ _1be\"> </span>la <span class=\"_ _4\"></span>tra<span class=\"_ _2\"></span>nsici\u00f3n <span class=\"_ _c0\"></span>hacia <span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _4\"></span>econom\u00eda <span class=\"_ _c0\"></span>baja <span class=\"_ _c0\"></span>en<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>emisiones <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>carb<span class=\"_ _2\"></span>ono <span class=\"_ _c0\"></span>presenta <span class=\"_ _c0\"></span>m\u00e1s <span class=\"_ _4\"></span>op<span class=\"_ _2\"></span>ortunidades <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>riesgos<span class=\"_ _1be\"> </span>para  la  compa\u00f1<span class=\"_ _2\"></span>\u00eda.  Las  principales  op<span class=\"_ _2\"></span>ortunidades  que <span class=\"_ _c6\"> </span>ENCE  h<span class=\"_ _2\"></span>a  identificado  y  en  las  cuales  centra<span class=\"_ _2\"></span>  su<span class=\"_ _1be\"> </span>estrategia de crecimiento a<span class=\"_ _2\"></span> futuro so<span class=\"_ _2\"></span>n:<span class=\"_ _1be\"> </span>\u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Crecimiento en en<span class=\"_ _2\"></span>erg\u00edas <span class=\"_ _2\"></span>renovables<span class=\"_ _2\"></span>: el impuls<span class=\"_ _2\"></span>o que <span class=\"_ _2\"></span>la Uni\u00f3n<span class=\"_ _2\"></span> Euro<span class=\"_ _2\"></span>pea est\u00e1 <span class=\"_ _2\"></span>ofreciendo al <span class=\"_ _2\"></span>despliegue <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span></span></span>las <span class=\"_ _c0\"></span>energ\u00edas <span class=\"_ _4\"></span>limpias<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>traduce <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>objetivos <span class=\"_ _c0\"></span>cada <span class=\"_ _c0\"></span>vez <span class=\"_ _c0\"></span>m\u00e1s <span class=\"_ _c0\"></span>ambiciosos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>generaci\u00f3n <span class=\"_ _c0\"></span>renovab<span class=\"_ _2\"></span>le<span class=\"_ _1be\"> </span>supone <span class=\"_ _4\"></span>una <span class=\"_ _2\"></span>oportunidad <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>ENCE, <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>compa\u00f1\u00eda <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>enfocado <span class=\"_ _2\"></span>su <span class=\"_ _4\"></span>estrategia <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>crecimiento<span class=\"_ _1be\"> </span>en <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>generaci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _c3\"> </span>energ\u00eda <span class=\"_ _c3\"></span>renovable <span class=\"_ _0\"></span>con <span class=\"_ _c3\"></span>biomasa <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iversificaci\u00f3n <span class=\"_ _0\"></span>hacia<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>otras<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>tecnolog\u00edas<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> especial <span class=\"_ _c3\"> </span>fo<span class=\"_ _2\"></span>co <span class=\"_ _c3\"> </span>en <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>fotovoltaica. <span class=\"_ _c5\"> </span>Asimismo, <span class=\"_ _c3\"> </span>du<span class=\"_ _2\"></span>rante <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>eje<span class=\"_ _2\"></span>rcicio <span class=\"_ _c3\"> </span>20<span class=\"_ _2\"></span>22 <span class=\"_ _c3\"> </span>se <span class=\"_ _c2\"> </span>ha <span class=\"_ _c2\"> </span>iniciado <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>actividad<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span>producci\u00f3n <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>gas<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>renovab<span class=\"_ _2\"></span>le <span class=\"_ _c2\"> </span>(Biometano) <span class=\"_ _c5\"> </span>a <span class=\"_ _c2\"> </span>partir  de <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>ubproductos<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>agr\u00edcolas<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>y <span class=\"_ _c5\"> </span>ganaderos <span class=\"_ _c2\"> </span>para  su<span class=\"_ _1\"></span> inyecci\u00f3n a la red de gas<span class=\"_ _2\"></span> natural, mediante la tramitaci\u00f3n<span class=\"_ _2\"></span> administra<span class=\"_ _2\"></span>tiva de distin<span class=\"_ _2\"></span>tos proyectos<span class=\"_ _4\"></span>.<span class=\"_ _1be\"> </span>\u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Demanda <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>calor <span class=\"_ _4\"></span>indus<span class=\"_ _2\"></span>trial <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>aja <span class=\"_ _2\"></span>emisi\u00f3n: <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>descarb<span class=\"_ _2\"></span>onizaci\u00f3n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>aquellos<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ectores <span class=\"_ _2\"></span>indus<span class=\"_ _2\"></span>triales <span class=\"_ _2\"></span>no<span class=\"_ _1be\"> </span></span></span>electrificables es <span class=\"_ _1\"></span>un reto <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>supone una <span class=\"_ _1\"></span>gran oportunidad <span class=\"_ _1\"></span>para ENCE, ya <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>su e<span class=\"_ _1\"></span>xperiencia en <span class=\"_ _1\"></span>gesti\u00f3n<span class=\"_ _1be\"> </span>de <span class=\"_ _c2\"> </span>insta<span class=\"_ _2\"></span>laciones <span class=\"_ _c2\"> </span>de  biomasa <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>sit\u00fa<span class=\"_ _2\"></span>a <span class=\"_ _c2\"> </span>en  una <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>osici\u00f3n <span class=\"_ _c2\"> </span>privilegiada <span class=\"_ _c5\"> </span>para <span class=\"_ _c2\"> </span>conv<span class=\"_ _2\"></span>ertirse <span class=\"_ _c2\"> </span>en <span class=\"_ _c5\"> </span>un <span class=\"_ _c2\"> </span>actor  de<span class=\"_ _1be\"> </span>referencia <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>prod<span class=\"_ _2\"></span>ucci\u00f3n <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>calor <span class=\"_ _0\"></span>indu<span class=\"_ _2\"></span>strial <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>baja <span class=\"_ _0\"></span>e<span class=\"_ _2\"></span>misi\u00f3n. <span class=\"_ _0\"></span>Esta<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>l\u00ednea <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>negocio<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>que <span class=\"_ _c3\"> </span>ENCE<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ha<span class=\"_ _1be\"> </span>abierto en 2022 consis<span class=\"_ _2\"></span>te en la operaci\u00f3n de calderas d<span class=\"_ _2\"></span>e biomasa para reemplazar equipos alimentados<span class=\"_ _1be\"> </span>con  combustibles <span class=\"_ _c2\"> </span>f\u00f3siles  en <span class=\"_ _c3\"> </span>ins<span class=\"_ _2\"></span>talaciones  industriales <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>esta <span class=\"_ _c2\"> </span>medida  reducen <span class=\"_ _c2\"> </span>su<span class=\"_ _4\"></span> <span class=\"_ _c5\"> </span>factura <span class=\"_ _c2\"> </span>de<span class=\"_ _1be\"> </span>derechos de emisi\u00f3n. <span class=\"_ _2\"></span> \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Compensaci\u00f3n <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>e<span class=\"_ _2\"></span>misiones: <span class=\"_ _c4\"> </span>en <span class=\"_ _c7\"> </span>l\u00ednea <span class=\"_ _c7\"> </span>con <span class=\"_ _c4\"> </span>la <span class=\"_ _c7\"> </span>hoja <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>ruta <span class=\"_ _c4\"> </span>marcada <span class=\"_ _c7\"> </span>por <span class=\"_ _c4\"> </span>Europa, <span class=\"_ _c4\"> </span>cada <span class=\"_ _c7\"> </span>vez <span class=\"_ _c7\"> </span>m\u00e1s<span class=\"_ _1be\"> </span></span></span>organizaciones <span class=\"_ _bd\"> </span>asumen <span class=\"_ _bd\"> </span>compromisos <span class=\"_ _bd\"> </span>de <span class=\"_ _d9\"> </span>neutra<span class=\"_ _2\"></span>lidad <span class=\"_ _bd\"> </span>e<span class=\"_ _1\"></span>n <span class=\"_ _bd\"> </span>carbono <span class=\"_ _bd\"> </span>que <span class=\"_ _d9\"> </span>s\u00f3lo <span class=\"_ _bd\"> </span>podr\u00e1n <span class=\"_ _d9\"> </span>alca<span class=\"_ _2\"></span>nzar<span class=\"_ _1be\"> </span>compensando aquellas emisiones que no han sido capaces<span class=\"_ _2\"></span> de <span class=\"_ _1\"></span>reducir. En este contexto, como principal<span class=\"_ _1be\"> </span>gestor <span class=\"_ _c3\"> </span>forestal <span class=\"_ _c3\"> </span>privad<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>Espa\u00f1a <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"> </span>un <span class=\"_ _c3\"> </span>patrimonio <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"></span>m\u00e1s <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>65.000 <span class=\"_ _c3\"></span>ha<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>brutas<span class=\"ls1c\">, <span class=\"_ _c3\"> </span></span>ENCE <span class=\"_ _c3\"> </span>tiene <span class=\"_ _c3\"> </span>un<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>magn\u00edfica <span class=\"_ _c7\"> </span>oportunid<span class=\"_ _2\"></span>ad <span class=\"_ _c7\"> </span>para <span class=\"_ _c7\"> </span>desar<span class=\"_ _2\"></span>rollar <span class=\"_ _c7\"> </span>sumideros <span class=\"_ _c7\"> </span>de <span class=\"_ _c4\"> </span>carbono <span class=\"_ _c7\"> </span>y <span class=\"_ _c7\"> </span>comercializar <span class=\"_ _c7\"> </span>estos <span class=\"_ _c4\"> </span>cr\u00e9ditos <span class=\"_ _c7\"> </span>de<span class=\"_ _1be\"> </span>compensaci\u00f3n. De hecho, en 2022 ENCE ya ha registrado <span class=\"_ _1\"></span>su primer sumidero e<span class=\"_ _1\"></span>n el registro nacional del<span class=\"_ _1be\"> </span>MITERD y ha cerrado u<span class=\"_ _2\"></span>n acuerdo con u<span class=\"_ _2\"></span>n cliente privado<span class=\"_ _2\"></span> para la venta de estos<span class=\"_ _2\"></span> derechos. <span class=\"_ _2\"></span> \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">CO2 <span class=\"_ _2\"></span>biog\u00e9nico: <span class=\"_ _2\"></span>En<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>context<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>descarb<span class=\"_ _2\"></span>onizaci\u00f3n, <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>CO2 <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>origen <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>iog\u00e9nico <span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>e <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>conv<span class=\"_ _2\"></span>ertido <span class=\"_ _2\"></span>en<span class=\"_ _1be\"> </span></span></span>una materia <span class=\"_ _1\"></span>prima de <span class=\"_ _1\"></span>alto <span class=\"_ _1\"></span>inter\u00e9s para, en <span class=\"_ _1\"></span>combinaci\u00f3n con <span class=\"_ _1\"></span>H2 verde, <span class=\"_ _1\"></span>producir biocombustibles y <span class=\"_ _1\"></span>otros<span class=\"_ _1be\"> </span>productos  que <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>ustituyen <span class=\"_ _c5\"> </span>materiales <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>orig<span class=\"_ _2\"></span>en <span class=\"_ _c2\"> </span>f\u00f3sil.  En <span class=\"_ _c2\"> </span>este <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>entido,  ENCE  tambi\u00e9n <span class=\"_ _c2\"> </span>parte <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>un<span class=\"_ _1be\"> </span>a<span class=\"_ _1be\"> </span>posici\u00f3n <span class=\"_ _c3\"> </span>privilegiada <span class=\"_ _c3\"> </span>para <span class=\"_ _c3\"> </span>aprovechar <span class=\"_ _0\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>oportun<span class=\"_ _2\"></span>idad, <span class=\"_ _0\"></span>y<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>que <span class=\"_ _c3\"></span>tanto <span class=\"_ _c3\"></span>las <span class=\"_ _0\"></span>biof\u00e1b<span class=\"_ _2\"></span>ricas <span class=\"_ _c3\"></span>como <span class=\"_ _0\"></span>las <span class=\"_ _c3\"> </span>plantas<span class=\"_ _1be\"> </span>independientes de ener<span class=\"_ _2\"></span>g\u00eda de la compa\u00f1<span class=\"_ _2\"></span>\u00eda producen gran<span class=\"_ _2\"></span>des cantidad<span class=\"_ _2\"></span>es de este CO2 bio<span class=\"_ _2\"></span>g\u00e9nico al a\u00f1o.<span class=\"_ _2\"></span> As\u00ed, <span class=\"_ _1\"></span>ENCE <span class=\"_ _1\"></span>ya<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>est\u00e1 <span class=\"_ _1\"></span>tra<span class=\"_ _1\"></span>bajando <span class=\"_ _1\"></span>con <span class=\"_ _bb\"></span>div<span class=\"_ _2\"></span>ersos <span class=\"_ _1\"></span>partners <span class=\"_ _bb\"></span>poten<span class=\"_ _2\"></span>ciales <span class=\"_ _bb\"></span>en e<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>desarrollo <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>proyectos <span class=\"_ _1\"></span>par<span class=\"_ _2\"></span>a <span class=\"_ _bb\"></span>u<span class=\"_ _2\"></span>tilizar<span class=\"_ _1be\"> </span>el CO2 procedente de la b<span class=\"_ _2\"></span>iomasa en d<span class=\"_ _2\"></span>istintas aplicaciones<span class=\"_ _2\"></span>. \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Productos <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>celulos<span class=\"_ _2\"></span>a <span class=\"_ _1\"></span>bajos <span class=\"_ _bb\"></span>en <span class=\"_ _1\"></span>carbono: <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>\u00e1rea <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>negocio <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>celulosa, <span class=\"_ _1\"></span>ENCE <span class=\"_ _1\"></span>tambi\u00e9n <span class=\"_ _bb\"></span>ha <span class=\"_ _1\"></span>identificado<span class=\"_ _1be\"> </span></span></span>interesantes <span class=\"_ _0\"></span>oportunid<span class=\"_ _2\"></span>ades <span class=\"_ _c0\"></span>relacionadas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>descarbonizaci\u00f3n <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>mercado <span class=\"_ _0\"></span>pap<span class=\"_ _4\"></span>elero. <span class=\"_ _0\"></span>As\u00ed, <span class=\"_ _0\"></span>ENCE<span class=\"_ _1be\"> </span>trabaja <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>desarro<span class=\"_ _2\"></span>llo <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"> </span>prod<span class=\"_ _2\"></span>uctos <span class=\"_ _c3\"> </span>celul\u00f3sicos<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>bajos <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>carbono <span class=\"_ _c3\"> </span>e <span class=\"_ _c3\"> </span>inclus<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>carbonon<span class=\"_ _2\"></span>eutrales <span class=\"_ _c3\"> </span>que<span class=\"_ _1be\"> </span>pueden <span class=\"_ _c3\"> </span>ay<span class=\"_ _2\"></span>udar <span class=\"_ _c3\"> </span>a <span class=\"_ _c2\"> </span>sus <span class=\"_ _c3\"> </span>clientes<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>a <span class=\"_ _c2\"> </span>reducir <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>h<span class=\"_ _2\"></span>uella <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>carbono <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>sus <span class=\"_ _c2\"> </span>productos <span class=\"_ _c2\"> </span>finales. <span class=\"_ _c3\"> </span>La <span class=\"_ _c2\"> </span>pasta <span class=\"_ _c3\"> </span>n<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>blanqueada <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>h<span class=\"_ _2\"></span>uella <span class=\"_ _c2\"> </span>reducida <span class=\"_ _c2\"> </span>Naturcell <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>u <span class=\"_ _c2\"> </span>versi\u00f3n <span class=\"_ _c2\"> </span>carbono <span class=\"_ _c2\"> </span>n<span class=\"_ _2\"></span>eutral <span class=\"_ _c2\"> </span>Naturcell <span class=\"_ _c3\"> </span>Zero <span class=\"_ _c5\"> </span>son <span class=\"_ _c2\"> </span>un <span class=\"_ _c2\"> </span>claro<span class=\"_ _1be\"> </span>ejemplo de c\u00f3mo E<span class=\"_ _2\"></span>NCE ha ap<span class=\"_ _2\"></span>rovechado esta<span class=\"_ _2\"></span> oportunidad. <span class=\"_ _2\"></span> \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Bioproductos sustitutivos del <span class=\"_ _1\"></span>pl\u00e1stico: tambi\u00e9n <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>\u00e1rea d<span class=\"_ _1\"></span>e negocio <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>celulosa, EN<span class=\"_ _2\"></span>CE e<span class=\"_ _1\"></span>st\u00e1 explorando<span class=\"_ _1be\"> </span></span></span>distintas <span class=\"_ _c3\"> </span>oportunidades <span class=\"_ _c3\"></span>para <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>para <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ucci\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>materiales <span class=\"_ _c3\"></span>sustitutiv<span class=\"_ _2\"></span>os <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>pl\u00e1stico <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>de <span class=\"_ _c3\"> </span>otros<span class=\"_ _1be\"> </span>derivados petroqu\u00edmicos,<span class=\"_ _2\"></span> por ejemplo <span class=\"_ _1\"></span>basado<span class=\"_ _2\"></span>s en lignina. As\u00ed, a lo largo <span class=\"_ _1\"></span>de 2022<span class=\"_ _2\"></span>, ENCE ha trabajado<span class=\"_ _2\"></span> en<span class=\"_ _1be\"> </span>la ingenier\u00eda <span class=\"_ _2\"></span>del proy<span class=\"_ _2\"></span>ecto de <span class=\"_ _2\"></span>extracci\u00f3n <span class=\"_ _2\"></span>y purificaci\u00f3n<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>lignina <span class=\"_ _2\"></span>de la <span class=\"_ _2\"></span>biof\u00e1brica <span class=\"_ _2\"></span>de Nav<span class=\"_ _2\"></span>ia y <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>paralelo<span class=\"_ _1be\"> </span>ha  establecido <span class=\"_ _c6\"> </span>contactos  con  d<span class=\"_ _2\"></span>istintos  partners<span class=\"_ _2\"></span>  para  analizar  potenciales <span class=\"_ _c6\"> </span>aplicaciones  qu\u00edmicas<span class=\"_ _2\"></span>  e<span class=\"_ _1be\"> </span>industriales d<span class=\"_ _2\"></span>e este material. \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Impulso <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>bioeconomia <span class=\"_ _4\"></span>circular <span class=\"_ _4\"></span>mediante <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>lignina <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>cedente <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>recurs<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>reno<span class=\"_ _2\"></span>vable<span class=\"_ _1be\"> </span></span></span>como <span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>madera, <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ustituir <span class=\"_ _2\"></span>el gas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>natural <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>comb<span class=\"_ _2\"></span>ustible <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>horn<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cal <span class=\"_ _2\"></span>que s<span class=\"_ _2\"></span>e u<span class=\"_ _2\"></span>tilizan<span class=\"_ _1be\"> </span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>ceso <span class=\"_ _c3\"></span>productivo <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>celulosa. <span class=\"_ _0\"></span>La <span class=\"_ _c3\"></span>sustituci<span class=\"_ _4\"></span>\u00f3n <span class=\"_ _0\"></span>pau<span class=\"_ _2\"></span>latina <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>gas <span class=\"_ _c3\"></span>natural <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>combustible<span class=\"_ _1be\"> </span>\u201cproducido\u201d<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>proceso <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>separaci\u00f3n de <span class=\"_ _bb\"></span>lign<span class=\"_ _2\"></span>inas, repercute <span class=\"ff4\">de <span class=\"_ _1\"></span>f<span class=\"_ _1\"></span>orma directa <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>descenso del <span class=\"_ _1\"></span>uso<span class=\"_ _1be\"> </span></span>de energ\u00eda por unidad<span class=\"_ _2\"></span> de producci\u00f3n.<span class=\"_ _1be\"> </span> <span class=\"_ _2\"></span> En <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>elabora<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>estas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>cuentas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>an<span class=\"_ _2\"></span>uales <span class=\"_ _c0\"></span>con<span class=\"_ _2\"></span>solidadas <span class=\"_ _c3\"></span>se <span class=\"_ _c0\"></span>han <span class=\"_ _0\"></span>considerad<span class=\"_ _2\"></span>o <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>riesgos <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>oportun<span class=\"_ _2\"></span>idades<span class=\"_ _1be\"> </span>descritos <span class=\"_ _c9\"> </span>anteriormente, <span class=\"_ _c4\"> </span>principa<span class=\"_ _2\"></span>lmente, <span class=\"_ _c9\"> </span>en <span class=\"_ _c4\"> </span>las <span class=\"_ _c9\"> </span>estimaciones <span class=\"_ _c9\"> </span>de <span class=\"_ _c4\"> </span>la <span class=\"_ _c9\"> </span>vida <span class=\"_ _c4\"> </span>\u00fatil <span class=\"_ _c9\"> </span>de <span class=\"_ _c4\"> </span>los <span class=\"_ _c4\"> </span>activ<span class=\"_ _2\"></span>os, <span class=\"_ _c9\"> </span>en <span class=\"_ _c9\"> </span>los<span class=\"_ _1be\"> </span>compromisos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>inversi\u00f3n<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>en la <span class=\"_ _2\"></span>evalu<span class=\"_ _2\"></span>aci\u00f3n d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>potenciales cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cierre d<span class=\"_ _2\"></span>e ins<span class=\"_ _2\"></span>talaciones <span class=\"_ _2\"></span>y en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>an\u00e1lisis<span class=\"_ _1be\"> </span>del deterioro de los a<span class=\"_ _2\"></span>ctivos no financieros<span class=\"_ _2\"></span>, sin es<span class=\"_ _2\"></span>timarse un impacto relevante<span class=\"ls1a\">.</span><span class=\"ls1a\"> <span class=\"_ _2\"></span></span> 9.<span class=\"ff5 ls0_1\"> <span class=\"_ _bd\"> </span><span class=\"ff3\">Segmentos de operaci\u00f3n<span class=\"_ _1be\"> </span></span></span>El Grupo <span class=\"_ _2\"></span>ha definido <span class=\"_ _2\"></span>los s<span class=\"_ _2\"></span>iguientes segmentos <span class=\"_ _2\"></span>de reporte, <span class=\"_ _2\"></span>sobre <span class=\"_ _2\"></span>los que <span class=\"_ _2\"></span>dispone de <span class=\"_ _2\"></span>informaci\u00f3n financiera<span class=\"_ _2\"></span> completa <span class=\"_ _c3\"></span>e <span class=\"_ _0\"></span>independiente <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _0\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>revisada <span class=\"_ _c3\"> </span>peri\u00f3dicamente<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>por <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>alta <span class=\"_ _0\"></span>Direcci\u00f3n<span class=\"_ _2\"></span>, <span class=\"_ _c3\"></span>junto <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>informaci\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _1be\"> </span>operativa, <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>pro<span class=\"_ _2\"></span>ceso <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>toma <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>decisiones<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>sobre <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>asignaci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>recursos <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>la <span class=\"_ _c3\"> </span>ev<span class=\"_ _2\"></span>aluaci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>su<span class=\"_ _1be\"> </span>rendimiento, y que s<span class=\"_ _2\"></span>e agrupan entorn<span class=\"_ _2\"></span>o a dos l\u00edneas d<span class=\"_ _2\"></span>e negocio de acuerdo al s<span class=\"_ _2\"></span>iguiente detalle:<span class=\"_ _2\"></span> Negocio Celulo<span class=\"ls14\">sa</span>-<span class=\"_ _1be\"> </span>Esta l\u00ednea de n<span class=\"_ _2\"></span>egocio agrupa los s<span class=\"_ _2\"></span>iguientes segmentos d<span class=\"_ _2\"></span>e reporte:<span class=\"_ _1be\"> </span>\u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Celulosa. <span class=\"_ _c2\"> </span>Segmento <span class=\"_ _c2\"> </span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c2\"> </span>inclu<span class=\"_ _2\"></span>ye <span class=\"_ _c2\"> </span>la <span class=\"_ _c5\"> </span>actividad <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>fabricaci\u00f3n  y <span class=\"_ _c2\"> </span>v<span class=\"_ _2\"></span>enta <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>celulosa  producida <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>las<span class=\"_ _2\"></span> </span></span>biof\u00e1bricas d<span class=\"_ _2\"></span>e Pontevedra y Navia (Prin<span class=\"_ _2\"></span>cipado de Asturias)<span class=\"_ _2\"></span> junto con la cogeneraci\u00f3n y generaci\u00f3n<span class=\"_ _2\"></span> de<span class=\"_ _1be\"> </span>electricidad <span class=\"_ _0\"></span>ligada <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>roceso <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>producci\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _c0\"></span>celulosa <span class=\"_ _c3\"></span>e <span class=\"_ _c0\"></span>integrad<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>mismo, <span class=\"_ _0\"></span>utilizan<span class=\"_ _2\"></span>do <span class=\"_ _0\"></span>como<span class=\"_ _1be\"> </span>insumo <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>parte <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>mader<span class=\"_ _2\"></span>a <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>no <span class=\"_ _c2\"> </span>pu<span class=\"_ _2\"></span>ede <span class=\"_ _c3\"> </span>tra<span class=\"_ _2\"></span>nsformarse <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>celulosa, <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>rincipalmente <span class=\"_ _c2\"> </span>lignina <span class=\"_ _c2\"> </span>y<span class=\"_ _1be\"> </span>biomasa. \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Patrimonio Fores<span class=\"_ _2\"></span>tal y <span class=\"_ _2\"></span>otros. <span class=\"_ _2\"></span>Segmento <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>incorpora <span class=\"_ _2\"></span>principalmente <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>cultivos <span class=\"_ _2\"></span>de mas<span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>forestales<span class=\"_ _1be\"> </span></span></span>que <span class=\"_ _c7\"> </span>posteriormente <span class=\"_ _c7\"> </span>se <span class=\"_ _c7\"> </span>utilizan <span class=\"_ _c7\"> </span>como <span class=\"_ _c7\"> </span>materia <span class=\"_ _c7\"> </span>prima <span class=\"_ _c7\"> </span>en<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>la <span class=\"_ _c7\"> </span>pro<span class=\"_ _2\"></span>ducci\u00f3n <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>celulosa <span class=\"_ _c7\"> </span>(patrimonio<span class=\"_ _1be\"> </span>disponible <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>norte <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>Esp<span class=\"_ _2\"></span>a\u00f1a), <span class=\"_ _c0\"></span>o <span class=\"_ _c0\"></span>b<span class=\"_ _2\"></span>ien <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>venden <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>terceros <span class=\"_ _c0\"></span>(pat<span class=\"_ _2\"></span>rimonio <span class=\"_ _c0\"></span>d<span class=\"_ _4\"></span>isponib<span class=\"_ _2\"></span>le <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>su<span class=\"_ _2\"></span>r <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>Espa\u00f1a) as\u00ed como o<span class=\"_ _2\"></span>tras actividades fores<span class=\"_ _2\"></span>tales residuales.<span class=\"_ _2\"></span> Hasta <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>diciembre d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2020 <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>reportaban<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>forma i<span class=\"_ _2\"></span>ndependiente <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>egmentos <span class=\"_ _2\"></span>\u201cPatrimonio<span class=\"_ _1be\"> </span>forestal\u201d <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>\u201cServicios <span class=\"_ _2\"></span>foresta<span class=\"_ _2\"></span>les <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>otros\u201d<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>Dada <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>escas<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span><span class=\"ff4\">significatividad <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>este <span class=\"_ _2\"></span>\u00fa<span class=\"_ _2\"></span>ltimo, <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>partir <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span></span>de enero <span class=\"_ _2\"></span>de 2021 <span class=\"_ _2\"></span>ambos <span class=\"_ _2\"></span>segmentos <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>han in<span class=\"_ _2\"></span>tegrado pas<span class=\"_ _2\"></span>ando a <span class=\"_ _2\"></span>denominarse <span class=\"_ _2\"></span>\u201cPatrimonio <span class=\"_ _2\"></span>forestal y<span class=\"_ _1be\"> </span>otros\u201d.<span class=\"_ _1be\"> </span><span class=\"ff4\"> </span>Negocio Energ\u00eda Renovab<span class=\"_ _2\"></span>le-<span class=\"_ _1be\"> </span>Esta <span class=\"_ _2\"></span>l\u00ednea <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>negocio/segmento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>incluye <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>plantas <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>generaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>venta<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _2\"></span>el\u00e9ctrica reno<span class=\"_ _2\"></span>vable<span class=\"_ _2\"></span> a partir de biomas<span class=\"_ _2\"></span>a agr\u00edcola y<span class=\"_ _2\"></span> forestal<span class=\"ls1c\">, </span>desarrolladas y<span class=\"_ _2\"></span> operadas de forma ind<span class=\"_ _2\"></span>ependiente. <span class=\"_ _2\"></span> Al o<span class=\"_ _2\"></span>bjeto <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ampliar <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>formaci\u00f3n <span class=\"_ _2\"></span>contenid<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>este <span class=\"_ _2\"></span>ap<span class=\"_ _2\"></span>artado, <span class=\"_ _c0\"></span>se <span class=\"_ _2\"></span>adjunta <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>Anex<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>II <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>esta<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>cuentas<span class=\"_ _1be\"> </span>anuales el <span class=\"_ _1\"></span>Estado de Situaci\u00f3n <span class=\"_ _1\"></span>Financiera consolidado al 31 <span class=\"_ _1\"></span>de diciembre <span class=\"_ _1\"></span>de 2022 y <span class=\"_ _1\"></span>2021 as\u00ed como <span class=\"_ _1\"></span>el Estado<span class=\"_ _1be\"> </span>de <span class=\"_ _4\"></span>Resultad<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>consolida<span class=\"_ _2\"></span>do <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>Estado <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>F<span class=\"_ _2\"></span>lujos <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>Efectivo <span class=\"_ _c0\"></span>conso<span class=\"_ _2\"></span>lidado <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _c0\"></span>ejercicios <span class=\"_ _4\"></span>2022 <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>20<span class=\"_ _2\"></span>21 <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>los<span class=\"_ _1be\"> </span>negocios \u201cCelulosa\u201d y<span class=\"_ _2\"></span> \u201cEnerg\u00eda<span class=\"_ _2\"></span><span class=\"ff4\"> Renovable</span><span class=\"ls3a\">\u201d.</span><span class=\"ff4\"> </span>9.1<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Informaci\u00f3n po<span class=\"_ _1\"></span>r segmento de<span class=\"_ _1\"></span> operaci\u00f3n<span class=\"_ _1be\"> </span></span>A <span class=\"ls0_1\">continuaci\u00f3n, se <span class=\"_ _1\"></span>detalla la <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>formaci\u00f3n por <span class=\"_ _1\"></span>segmentos de <span class=\"_ _1\"></span>actividad<span class=\"_ _2\"></span> para <span class=\"_ _1\"></span>los e<span class=\"_ _1\"></span>jercicios 2022 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2021, basada<span class=\"_ _1be\"> </span></span>en la informaci\u00f3n de g<span class=\"_ _2\"></span>esti\u00f3n disp<span class=\"_ _2\"></span>onible utilizada p<span class=\"_ _2\"></span>eri\u00f3dicamente:<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> 31<span class=\"_ _2\"></span> de<span class=\"_ _2\"></span> dici<span class=\"_ _1\"></span>em<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> de<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _95\"> </span><span class=\"ff4 fc0_1\"> Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span> </span> Pa<span class=\"_ _4\"></span>tri<span class=\"_ _4\"></span>moni<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>For<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>tal<span class=\"_ _c0\"></span> y<span class=\"_ _1be\"> </span>otros<span class=\"_ _4\"></span>  A<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span>e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>  Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> CEL<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OSA Ne<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o y<span class=\"_ _1be\"> </span>s<span class=\"_ _2\"></span>egm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nto de<span class=\"_ _1be\"> </span>EN<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>RG<span class=\"_ _1\"></span>\u00cd<span class=\"_ _2\"></span>A A<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span>e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>  Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>  I<span class=\"_ _1\"></span>ngre<span class=\"_ _2\"></span>sos ordina<span class=\"_ _1\"></span>rios: De<span class=\"_ _1\"></span> te<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>eros<span class=\"_ _4\"></span> <span class=\"_ _101\"> </span>70<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.92<span class=\"_ _2\"></span>6<span class=\"_ _9e\"> </span>1.25<span class=\"_ _2\"></span>1<span class=\"_ _102\"> </span>-<span class=\"_ _103\"> </span>70<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.17<span class=\"_ _2\"></span>7<span class=\"_ _7\"> </span>29<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>7<span class=\"_ _102\"> </span>-<span class=\"_ _d8\"> </span>1.00<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.37<span class=\"_ _2\"></span>4 De<span class=\"_ _1\"></span> otros<span class=\"_ _4\"></span> s<span class=\"_ _4\"></span>egm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ntos<span class=\"_ _2\"></span> <span class=\"_ _104\"> </span>2.6<span class=\"_ _2\"></span>97<span class=\"_ _9e\"> </span>9.8<span class=\"_ _2\"></span>39<span class=\"_ _17\"> </span>(8<span class=\"_ _2\"></span>.83<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _9b\"> </span>3<span class=\"_ _2\"></span>.69<span class=\"_ _2\"></span>8<span class=\"_ _87\"> </span><span class=\"ls3c\">111<span class=\"_ _17\"> </span></span>(3.8<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>)<span class=\"_ _6a\"> </span>- Total<span class=\"_ _1\"></span> ing<span class=\"_ _1\"></span>re<span class=\"_ _2\"></span>sos: <span class=\"_ _105\"> </span>71<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.62<span class=\"_ _2\"></span>3<span class=\"_ _51\"> </span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.090<span class=\"_ _17\"> </span>(8<span class=\"_ _2\"></span>.83<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _103\"> </span>71<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.87<span class=\"_ _2\"></span>5<span class=\"_ _7\"> </span>294<span class=\"_ _2\"></span>.30<span class=\"_ _2\"></span>8<span class=\"_ _17\"> </span>(3<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>80<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _d8\"> </span>1<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>37<span class=\"_ _2\"></span>4 Resultados<span class=\"_ _1\"></span>:<span class=\"_ _2\"></span>  EB<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>DA (*<span class=\"_ _1\"></span>) <span class=\"_ _6d\"> </span>13<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.94<span class=\"_ _2\"></span>8<span class=\"_ _9e\"> </span>6.<span class=\"_ _1\"></span>7<span class=\"_ _2\"></span>84<span class=\"_ _102\"> </span>-<span class=\"_ _103\"> </span>1<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>.73<span class=\"_ _2\"></span>2<span class=\"_ _7\"> </span>10<span class=\"_ _2\"></span>9.84<span class=\"_ _2\"></span>7<span class=\"_ _106\"> </span>(2)<span class=\"_ _103\"> </span>2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>57<span class=\"_ _2\"></span>7 Bene<span class=\"_ _2\"></span>fic<span class=\"_ _1\"></span>io/ (p\u00e9r<span class=\"_ _2\"></span>dida) de e<span class=\"_ _2\"></span>xplotac<span class=\"_ _1\"></span>i\u00f3n  <span class=\"_ _107\"> </span>      2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>  <span class=\"_ _cc\"> </span><span class=\"ls3d\">              32<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>  <span class=\"_ _c7\"> </span>                        -  <span class=\"_ _cc\"> </span></span>      2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>8.32<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>  <span class=\"_ _c8\"> </span><span class=\"ls3d\">        28<span class=\"_ _2\"></span>.262<span class=\"_ _2\"></span>  <span class=\"_ _c7\"> </span>               1<span class=\"_ _2\"></span>.649<span class=\"_ _2\"></span>  <span class=\"_ _cc\"> </span></span>      2<span class=\"_ _2\"></span>78<span class=\"_ _2\"></span>.23<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>  I<span class=\"_ _2\"></span>ngr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> <span class=\"_ _cd\"> </span>2<span class=\"_ _2\"></span>.38<span class=\"_ _2\"></span>0<span class=\"_ _90\"> </span><span class=\"ls3c\">30<span class=\"_ _2b\"> </span></span>(4<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _9b\"> </span>1<span class=\"_ _2\"></span>.91<span class=\"_ _2\"></span>8<span class=\"_ _87\"> </span><span class=\"ls3c\">192<span class=\"_ _86\"> </span></span>(1<span class=\"_ _2\"></span>.02<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _9b\"> </span>1<span class=\"_ _2\"></span>.08<span class=\"_ _2\"></span>8 Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> <span class=\"_ _108\"> </span>(11<span class=\"_ _2\"></span>.84<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _46\"> </span>(4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _1e\"> </span><span class=\"ls3c\">492<span class=\"_ _109\"> </span></span>(11<span class=\"_ _2\"></span>.82<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _10a\"> </span>(16<span class=\"_ _2\"></span>.54<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _10b\"> </span>1.0<span class=\"_ _2\"></span>22<span class=\"_ _103\"> </span>(27<span class=\"_ _2\"></span>.34<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>va<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> de co<span class=\"_ _2\"></span>bertura<span class=\"_ _1be\"> </span>-<span class=\"_ _d1\"> </span>-<span class=\"_ _102\"> </span>-<span class=\"_ _d1\"> </span>-<span class=\"_ _22\"> </span><span class=\"ls3c\">301<span class=\"_ _102\"> </span></span>-<span class=\"_ _22\"> </span><span class=\"ls3c\">301</span> Di<span class=\"_ _4\"></span>ferenci<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> de ca<span class=\"_ _4\"></span>mbi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _10c\"> </span>1.3<span class=\"_ _2\"></span>67<span class=\"_ _f1\"> </span>(7<span class=\"_ _2\"></span>)<span class=\"_ _102\"> </span>-<span class=\"_ _24\"> </span>1<span class=\"_ _2\"></span>.36<span class=\"_ _2\"></span>0<span class=\"_ _22\"> </span>(4<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _10d\"> </span>-<span class=\"_ _9b\"> </span>1.31<span class=\"_ _2\"></span>5 De<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de i<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>tru<span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>os<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> <span class=\"_ _8\"> </span>(1<span class=\"_ _2\"></span>.85<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _6a\"> </span>-<span class=\"_ _d\"> </span>1<span class=\"_ _2\"></span>.85<span class=\"_ _2\"></span>0<span class=\"_ _6a\"> </span>-<span class=\"_ _6a\"> </span>-<span class=\"_ _10d\"> </span>-<span class=\"_ _d1\"> </span>- Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do m\u00e9<span class=\"_ _1\"></span>todo de l<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> pa<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>pa<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _102\"> </span>-<span class=\"_ _b9\"> </span>(5<span class=\"_ _2\"></span>)<span class=\"_ _10d\"> </span>-<span class=\"_ _f1\"> </span>(5)<span class=\"_ _6a\"> </span>-<span class=\"_ _10d\"> </span>-<span class=\"_ _b9\"> </span>(5<span class=\"_ _2\"></span>) I<span class=\"_ _2\"></span>mpues<span class=\"_ _2\"></span>to s<span class=\"_ _2\"></span>ob<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> bene<span class=\"_ _1\"></span>fi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>  <span class=\"_ _80\"> </span>2<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>8<span class=\"_ _9b\"> </span>1<span class=\"_ _2\"></span>.52<span class=\"_ _2\"></span>5<span class=\"_ _102\"> </span>-<span class=\"_ _9b\"> </span>3.7<span class=\"_ _2\"></span>23<span class=\"_ _72\"> </span>(8<span class=\"_ _2\"></span>.24<span class=\"_ _2\"></span>3)<span class=\"_ _12\"> </span>(14<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _107\"> </span>(4<span class=\"_ _2\"></span>.66<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>) Bene<span class=\"_ _2\"></span>fic<span class=\"_ _1\"></span>io/  (p\u00e9<span class=\"_ _2\"></span>rdida) del eje<span class=\"_ _2\"></span>rcic<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o <span class=\"_ _a8\"> </span>2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>25<span class=\"_ _2\"></span>1<span class=\"_ _9e\"> </span>1.39<span class=\"_ _2\"></span>5<span class=\"_ _10b\"> </span>1<span class=\"_ _2\"></span>.850<span class=\"_ _7\"> </span>24<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.496<span class=\"_ _9e\"> </span>3<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>92<span class=\"_ _2\"></span>4<span class=\"_ _10b\"> </span>1<span class=\"_ _2\"></span>.50<span class=\"_ _2\"></span>6<span class=\"_ _10e\"> </span>24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.92<span class=\"_ _2\"></span>6 Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do a<span class=\"_ _4\"></span>tri<span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>ui<span class=\"_ _4\"></span>do<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> mi<span class=\"_ _2\"></span>nor<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>-<span class=\"_ _d1\"> </span>-<span class=\"_ _10d\"> </span>-<span class=\"_ _6a\"> </span>-<span class=\"_ _87\"> </span><span class=\"ls3c\">618<span class=\"_ _86\"> </span></span>(2.32<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _107\"> </span>(1<span class=\"_ _2\"></span>.70<span class=\"_ _2\"></span>6) Bene<span class=\"_ _2\"></span>fic<span class=\"_ _1\"></span>io/ (p\u00e9r<span class=\"_ _2\"></span>dida) a<span class=\"_ _1\"></span>tr<span class=\"_ _2\"></span>ibuibl<span class=\"_ _1\"></span>e a la<span class=\"_ _1\"></span> soc<span class=\"_ _1\"></span>iedad domina<span class=\"_ _1\"></span>nte<span class=\"_ _1be\"> </span>24<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.25<span class=\"_ _2\"></span>1<span class=\"_ _9e\"> </span>1.<span class=\"_ _1\"></span>3<span class=\"_ _2\"></span>95<span class=\"_ _10b\"> </span>1<span class=\"_ _2\"></span>.85<span class=\"_ _2\"></span>0<span class=\"_ _10e\"> </span>24<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.49<span class=\"_ _2\"></span>6<span class=\"_ _9e\"> </span>4.542<span class=\"_ _12\"> </span>(8<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>8)<span class=\"_ _103\"> </span>2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.220 I<span class=\"_ _2\"></span>nv<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u00f3n (**<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>44<span class=\"_ _2\"></span>.09<span class=\"_ _2\"></span>6<span class=\"_ _9e\"> </span>7.94<span class=\"_ _2\"></span>5<span class=\"_ _102\"> </span>-<span class=\"_ _72\"> </span>5<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.04<span class=\"_ _2\"></span>1<span class=\"_ _51\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.40<span class=\"_ _2\"></span>6<span class=\"_ _102\"> </span>-<span class=\"_ _72\"> </span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.44<span class=\"_ _2\"></span>7 A<span class=\"_ _1\"></span>morti<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>umul<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> y<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>gota<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>o<span class=\"_ _1be\"> </span>for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>tal<span class=\"_ _c0\"></span> (**<span class=\"_ _bb\"></span>)<span class=\"_ _1be\"> </span>(89<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.44<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _10a\"> </span>(68<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _10d\"> </span>-<span class=\"_ _10f\"> </span>(96<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.63<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _10f\"> </span>(3<span class=\"_ _2\"></span>10<span class=\"_ _2\"></span>.73<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _78\"> </span>(1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.11<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _34\"> </span>(1.2<span class=\"_ _2\"></span>89<span class=\"_ _2\"></span>.48<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>) De<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>(*<span class=\"_ _1\"></span>*<span class=\"_ _1\"></span>)<span class=\"_ _110\"> </span>(7.1<span class=\"_ _2\"></span>86<span class=\"_ _2\"></span>)<span class=\"_ _107\"> </span>(3<span class=\"_ _2\"></span>.39<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _10d\"> </span>-<span class=\"_ _109\"> </span>(1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.58<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _10a\"> </span>(38<span class=\"_ _2\"></span>.64<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _d4\"> </span>(86<span class=\"_ _2\"></span>)<span class=\"_ _10a\"> </span>(49<span class=\"_ _2\"></span>.31<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Ne<span class=\"_ _bb\"></span>goc<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>o CEL<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OSA<span class=\"_ _1be\"> </span>(*<span class=\"_ _1\"></span>) Ma<span class=\"_ _2\"></span>gni<span class=\"_ _4\"></span>tud n<span class=\"_ _2\"></span>o des<span class=\"_ _2\"></span>gl<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>n el<span class=\"_ _2\"></span> Es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> de Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> Cons<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span>do y<span class=\"_ _2\"></span> no d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>fi<span class=\"_ _4\"></span>ni<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> en l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> NI<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>F. V\u00e9<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span> defi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n d<span class=\"_ _2\"></span>e di<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> ma<span class=\"_ _2\"></span>gni<span class=\"_ _4\"></span>tud a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>\u00ed c<span class=\"_ _2\"></span>omo<span class=\"_ _1be\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>onc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3<span class=\"_ _2\"></span>n c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> es<span class=\"_ _2\"></span>tad<span class=\"_ _2\"></span>o de res<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>tad<span class=\"_ _2\"></span>o c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span>do<span class=\"_ _2\"></span> en e<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span> Ane<span class=\"_ _1\"></span>xo <span class=\"_ _2\"></span>\u201c<span class=\"_ _1\"></span>I<span class=\"_ _2\"></span>nfo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>me<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span> Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _c0\"></span>tad<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _2\"></span>\" a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>nfo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>me<span class=\"_ _bb\"></span> <span class=\"_ _2\"></span>de G<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>ti<span class=\"_ _4\"></span>\u00f3n C<span class=\"_ _2\"></span>ons<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>da<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o del<span class=\"_ _2\"></span> e<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>erc<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ci<span class=\"_ _c0\"></span>o 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>(*<span class=\"_ _1\"></span>*<span class=\"_ _1\"></span>)A<span class=\"_ _1\"></span>dqu<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>n el<span class=\"_ _2\"></span> ej<span class=\"_ _2\"></span>erc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o, a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>umul<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> y a<span class=\"_ _4\"></span>gota<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>o for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>, y det<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o de va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>de ac<span class=\"_ _2\"></span>ti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ui<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> en l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>p\u00edgr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>fes<span class=\"_ _2\"></span> \"Pr<span class=\"_ _2\"></span>opi<span class=\"_ _4\"></span>eda<span class=\"_ _2\"></span>d, pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>nta<span class=\"_ _2\"></span> y equi<span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>\", \"<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>cti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>tan<span class=\"_ _2\"></span>gi<span class=\"_ _4\"></span>bl<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span>\" y \"A<span class=\"_ _1\"></span>cti<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> bi<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>\u00f3gi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span>\". N<span class=\"_ _1\"></span>o i<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>ye<span class=\"_ _1\"></span> l<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> s<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>dos<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>pond<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> a <span class=\"ff9\"> A<span class=\"_ _2\"></span>ctivos po<span class=\"_ _2\"></span>r der<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ho d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span></span>uso <span class=\"ff4\"> (ve<span class=\"_ _1\"></span>r Nota 1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>) n<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span> <span class=\"ff9\">Fo<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e c<span class=\"_ _1\"></span>omer<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>io <span class=\"_ _c3\"> </span><span class=\"ff4\">(ver Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span></span></span></span><span class=\"ff4\"><span class=\"ff9\"><span class=\"ff4\"><span class=\"_ _2\"></span>).<span class=\"_ _1be\"> </span></span></span></span>31<span class=\"_ _2\"></span> de<span class=\"_ _2\"></span> dici<span class=\"_ _1\"></span>em<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> de<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _a\"> </span><span class=\"ff4 fc0_1\">Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span></span>Pa<span class=\"_ _4\"></span>tri<span class=\"_ _4\"></span>moni<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>For<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>tal<span class=\"_ _c0\"></span> y<span class=\"_ _1be\"> </span>otros<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span>e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>Ne<span class=\"_ _bb\"></span>goc<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>o y<span class=\"_ _1be\"> </span>s<span class=\"_ _2\"></span>egm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nto de<span class=\"_ _1be\"> </span>EN<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>RG<span class=\"_ _1\"></span>\u00cd<span class=\"_ _2\"></span>A<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span>e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>Activos<span class=\"_ _1be\"> </span>No cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s<span class=\"_ _111\"> </span>77<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.28<span class=\"_ _2\"></span>9<span class=\"_ _10e\"> </span>1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>7.5<span class=\"_ _2\"></span>60<span class=\"_ _74\"> </span>(1<span class=\"_ _2\"></span>14<span class=\"_ _2\"></span>.59<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _103\"> </span>8<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.25<span class=\"_ _2\"></span>9<span class=\"_ _10e\"> </span>4<span class=\"_ _2\"></span>39<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>1<span class=\"_ _74\"> </span>(15<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.33<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _d8\"> </span>1<span class=\"_ _2\"></span>.11<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.50<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span>Cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _41\"> </span>434<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>7<span class=\"_ _9e\"> </span>6.85<span class=\"_ _2\"></span>9<span class=\"_ _17\"> </span>(3<span class=\"_ _2\"></span>.83<span class=\"_ _2\"></span>8)<span class=\"_ _10e\"> </span>43<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.12<span class=\"_ _2\"></span>8<span class=\"_ _10e\"> </span>2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>1.1<span class=\"_ _2\"></span>99<span class=\"_ _48\"> </span>(2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.61<span class=\"_ _2\"></span>2)<span class=\"_ _10e\"> </span>60<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.71<span class=\"_ _2\"></span>5<span class=\"_ _1be\"> </span>T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>al<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>ivos<span class=\"_ _1\"></span> (a<span class=\"_ _1\"></span>)<span class=\"_ _112\"> </span>1.21<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.396<span class=\"_ _10e\"> </span>1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.419<span class=\"_ _74\"> </span>(11<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.42<span class=\"_ _2\"></span>8)<span class=\"_ _d7\"> </span>1.26<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.387<span class=\"_ _10e\"> </span>6<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.770<span class=\"_ _74\"> </span>(18<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.94<span class=\"_ _2\"></span>2)<span class=\"_ _d7\"> </span>1.72<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.215<span class=\"_ _1be\"> </span>Pas<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>os<span class=\"_ _1be\"> </span>No cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s<span class=\"_ _111\"> </span>22<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.82<span class=\"_ _2\"></span>3<span class=\"_ _51\"> </span>1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.46<span class=\"_ _2\"></span>5<span class=\"_ _78\"> </span>(<span class=\"_ _2\"></span>15<span class=\"_ _2\"></span>.04<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _103\"> </span>2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.24<span class=\"_ _2\"></span>8<span class=\"_ _10e\"> </span>23<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.25<span class=\"_ _2\"></span>1<span class=\"_ _48\"> </span>(18<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _103\"> </span>4<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.92<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span>Cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _41\"> </span>347<span class=\"_ _2\"></span>.56<span class=\"_ _2\"></span>1<span class=\"_ _9e\"> </span>6.01<span class=\"_ _2\"></span>8<span class=\"_ _17\"> </span>(3<span class=\"_ _2\"></span>.70<span class=\"_ _2\"></span>7)<span class=\"_ _10e\"> </span>34<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.87<span class=\"_ _2\"></span>2<span class=\"_ _10e\"> </span>1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>5.9<span class=\"_ _2\"></span>79<span class=\"_ _48\"> </span>(2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.60<span class=\"_ _2\"></span>7)<span class=\"_ _10e\"> </span>51<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.24<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span>T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>al<span class=\"_ _1\"></span> pa<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>os (a<span class=\"_ _1\"></span>)<span class=\"_ _113\"> </span>57<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.38<span class=\"_ _2\"></span>4<span class=\"_ _51\"> </span>2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>48<span class=\"_ _2\"></span>3<span class=\"_ _48\"> </span>(18<span class=\"_ _2\"></span>.74<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _103\"> </span>57<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.12<span class=\"_ _2\"></span>0<span class=\"_ _10e\"> </span>43<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.230<span class=\"_ _48\"> </span>(4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>18<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _103\"> </span>9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2.16<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span>(a<span class=\"_ _2\"></span>) No s<span class=\"_ _4\"></span>e i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>yen ni<span class=\"_ _4\"></span> fond<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> pr<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>, ni<span class=\"_ _4\"></span> l<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> y pa<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vo<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>mpues<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>feri<span class=\"_ _4\"></span>dos<span class=\"_ _4\"></span>.<span class=\"_ _1be\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Ne<span class=\"_ _bb\"></span>goc<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>o CEL<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OSA<span class=\"_ _1be\"> </span>Los ajustes y eliminaciones entre los distintos segmentos y negocios se corresponden con la e<span class=\"_ _1\"></span>liminaci\u00f3n de<span class=\"_ _1be\"> </span>saldos man<span class=\"_ _2\"></span>tenidos y transacciones efectuadas<span class=\"_ _2\"></span> entre ellos.<span class=\"_ _2\"></span> 31<span class=\"_ _2\"></span> de<span class=\"_ _2\"></span> dici<span class=\"_ _1\"></span>em<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> de<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21<span class=\"_ _95\"> </span><span class=\"ff4 fc0_1\"> Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span> </span> Pa<span class=\"_ _4\"></span>tri<span class=\"_ _4\"></span>moni<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>For<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>tal<span class=\"_ _c0\"></span> y<span class=\"_ _1be\"> </span>otros<span class=\"_ _4\"></span>  A<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span>e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>  Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> CEL<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OSA Ne<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o y<span class=\"_ _1be\"> </span>s<span class=\"_ _2\"></span>egm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nto de<span class=\"_ _1be\"> </span>EN<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>RG<span class=\"_ _1\"></span>\u00cd<span class=\"_ _2\"></span>A A<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span>e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>  Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>  I<span class=\"_ _1\"></span>ngre<span class=\"_ _2\"></span>sos ordina<span class=\"_ _1\"></span>rios: De<span class=\"_ _1\"></span> te<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>eros<span class=\"_ _4\"></span> <span class=\"_ _101\"> </span>66<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.78<span class=\"_ _2\"></span>8<span class=\"_ _9e\"> </span>3.10<span class=\"_ _2\"></span>2<span class=\"_ _102\"> </span>-<span class=\"_ _103\"> </span>66<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.89<span class=\"_ _2\"></span>0<span class=\"_ _10e\"> </span>1<span class=\"_ _2\"></span>54<span class=\"_ _2\"></span>.78<span class=\"_ _2\"></span>5<span class=\"_ _102\"> </span>-<span class=\"_ _103\"> </span>8<span class=\"_ _2\"></span>19<span class=\"_ _2\"></span>.67<span class=\"_ _2\"></span>5 De<span class=\"_ _1\"></span> otros<span class=\"_ _4\"></span> s<span class=\"_ _4\"></span>egm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ntos<span class=\"_ _2\"></span> <span class=\"_ _104\"> </span>2.44<span class=\"_ _2\"></span>5<span class=\"_ _114\"> </span>12<span class=\"_ _2\"></span>.59<span class=\"_ _2\"></span>2<span class=\"_ _48\"> </span>(1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.31<span class=\"_ _2\"></span>6)<span class=\"_ _9e\"> </span>2.72<span class=\"_ _2\"></span>1<span class=\"_ _a\"> </span><span class=\"ls3e\">99<span class=\"_ _86\"> </span></span>(<span class=\"_ _2\"></span>2.8<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>)<span class=\"_ _6a\"> </span>- Total<span class=\"_ _1\"></span> ing<span class=\"_ _1\"></span>re<span class=\"_ _2\"></span>sos: <span class=\"_ _105\"> </span>66<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.233<span class=\"_ _114\"> </span>1<span class=\"_ _2\"></span>5.69<span class=\"_ _2\"></span>4<span class=\"_ _48\"> </span>(12<span class=\"_ _2\"></span>.31<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _103\"> </span>66<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.61<span class=\"_ _2\"></span>1<span class=\"_ _10e\"> </span>1<span class=\"_ _2\"></span>54<span class=\"_ _2\"></span>.88<span class=\"_ _2\"></span>4<span class=\"_ _17\"> </span>(2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>82<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _103\"> </span>8<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9.67<span class=\"_ _2\"></span>5 Resultados<span class=\"_ _1\"></span>:<span class=\"_ _2\"></span>  EB<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>T<span class=\"_ _1\"></span>DA (*<span class=\"_ _1\"></span>) <span class=\"_ _115\"> </span>77<span class=\"_ _2\"></span>.81<span class=\"_ _2\"></span>0<span class=\"_ _51\"> </span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.23<span class=\"_ _2\"></span>0<span class=\"_ _10d\"> </span>-<span class=\"_ _51\"> </span>8<span class=\"_ _2\"></span>9.04<span class=\"_ _2\"></span>0<span class=\"_ _114\"> </span>17<span class=\"_ _2\"></span>.79<span class=\"_ _2\"></span>3<span class=\"_ _10d\"> </span>-<span class=\"_ _103\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.833 Bene<span class=\"_ _2\"></span>fic<span class=\"_ _1\"></span>io/ (p\u00e9r<span class=\"_ _2\"></span>dida) de e<span class=\"_ _2\"></span>xplotac<span class=\"_ _1\"></span>i\u00f3n  <span class=\"_ _51\"> </span>   (1<span class=\"_ _2\"></span>53<span class=\"_ _2\"></span>.03<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)  <span class=\"_ _c9\"> </span><span class=\"ls3f\">        (5<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>39<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)  <span class=\"_ _c7\"> </span>                        -  <span class=\"_ _ca\"> </span><span class=\"ls0_1\">   (1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>4<span class=\"_ _2\"></span>26<span class=\"_ _2\"></span>)  <span class=\"_ _c4\"> </span>      (2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.13<span class=\"_ _2\"></span>3)  <span class=\"_ _c4\"> </span><span class=\"ls3f\">               2<span class=\"_ _2\"></span>.673<span class=\"_ _2\"></span>  <span class=\"_ _ca\"> </span></span>   (1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.886<span class=\"_ _2\"></span>) </span></span> I<span class=\"_ _2\"></span>ngr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> <span class=\"_ _cd\"> </span>7<span class=\"_ _2\"></span>.34<span class=\"_ _2\"></span>9<span class=\"_ _a\"> </span><span class=\"ls3e\">32<span class=\"_ _86\"> </span></span>(<span class=\"_ _2\"></span>1.2<span class=\"_ _2\"></span>60<span class=\"_ _2\"></span>)<span class=\"_ _9b\"> </span>6<span class=\"_ _2\"></span>.12<span class=\"_ _2\"></span>1<span class=\"_ _9e\"> </span>1.75<span class=\"_ _2\"></span>8<span class=\"_ _17\"> </span>(1<span class=\"_ _2\"></span>.24<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _9b\"> </span>6<span class=\"_ _2\"></span>.63<span class=\"_ _2\"></span>3 Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> <span class=\"_ _108\"> </span>(15<span class=\"_ _2\"></span>.70<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _107\"> </span>(1<span class=\"_ _2\"></span>.23<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _d\"> </span>1<span class=\"_ _2\"></span>.26<span class=\"_ _2\"></span>0<span class=\"_ _10a\"> </span>(1<span class=\"_ _2\"></span>5.6<span class=\"_ _2\"></span>78<span class=\"_ _2\"></span>)<span class=\"_ _10a\"> </span>(1<span class=\"_ _2\"></span>3.6<span class=\"_ _2\"></span>72<span class=\"_ _2\"></span>)<span class=\"_ _10b\"> </span>1.2<span class=\"_ _2\"></span>46<span class=\"_ _103\"> </span>(28<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>va<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> de co<span class=\"_ _2\"></span>bertura<span class=\"_ _1be\"> </span>-<span class=\"_ _d1\"> </span>-<span class=\"_ _10d\"> </span>-<span class=\"_ _6a\"> </span>-<span class=\"_ _9b\"> </span>1.15<span class=\"_ _2\"></span>8<span class=\"_ _102\"> </span>-<span class=\"_ _9b\"> </span>1.15<span class=\"_ _2\"></span>8 Di<span class=\"_ _4\"></span>ferenci<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> de ca<span class=\"_ _4\"></span>mbi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _10c\"> </span>3.69<span class=\"_ _2\"></span>7<span class=\"_ _f0\"> </span>-<span class=\"_ _99\"> </span>-<span class=\"_ _9b\"> </span>3<span class=\"_ _2\"></span>.69<span class=\"_ _2\"></span>7<span class=\"_ _ce\"> </span>(<span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>)<span class=\"_ _10d\"> </span>-<span class=\"_ _9b\"> </span>3<span class=\"_ _2\"></span>.66<span class=\"_ _2\"></span>7 De<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de i<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>tru<span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>os<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> <span class=\"_ _8\"> </span>(3<span class=\"_ _2\"></span>.78<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _6a\"> </span>-<span class=\"_ _d\"> </span>3<span class=\"_ _2\"></span>.78<span class=\"_ _2\"></span>7<span class=\"_ _6a\"> </span>-<span class=\"_ _6a\"> </span>-<span class=\"_ _99\"> </span>-<span class=\"_ _6a\"> </span>- Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do m\u00e9<span class=\"_ _1\"></span>todo de l<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> pa<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>pa<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _102\"> </span>-<span class=\"_ _b9\"> </span>(7<span class=\"_ _2\"></span>)<span class=\"_ _10d\"> </span>-<span class=\"_ _b9\"> </span>(<span class=\"_ _2\"></span>7)<span class=\"_ _6a\"> </span>-<span class=\"_ _10d\"> </span>-<span class=\"_ _b9\"> </span>(7<span class=\"_ _2\"></span>) I<span class=\"_ _2\"></span>mpues<span class=\"_ _2\"></span>to s<span class=\"_ _2\"></span>ob<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> bene<span class=\"_ _1\"></span>fi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>  <span class=\"_ _116\"> </span>(18<span class=\"_ _2\"></span>.98<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _46\"> </span>(1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>8)<span class=\"_ _102\"> </span>-<span class=\"_ _109\"> </span>(1<span class=\"_ _2\"></span>9.0<span class=\"_ _2\"></span>94<span class=\"_ _2\"></span>)<span class=\"_ _9b\"> </span>6<span class=\"_ _2\"></span>.34<span class=\"_ _2\"></span>1<span class=\"_ _10b\"> </span>3<span class=\"_ _2\"></span>.33<span class=\"_ _2\"></span>3<span class=\"_ _107\"> </span>(9<span class=\"_ _2\"></span>.42<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>) Bene<span class=\"_ _2\"></span>fic<span class=\"_ _1\"></span>io/  (p\u00e9<span class=\"_ _2\"></span>rdida) del eje<span class=\"_ _2\"></span>rcic<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o <span class=\"_ _a\"> </span>(1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.465<span class=\"_ _2\"></span>)<span class=\"_ _107\"> </span>(6.70<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _d\"> </span>3<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>7<span class=\"_ _2\"></span>87<span class=\"_ _117\"> </span>(18<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.387<span class=\"_ _2\"></span>)<span class=\"_ _10a\"> </span>(24<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>8)<span class=\"_ _d\"> </span>6<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>6<span class=\"_ _10f\"> </span>(2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>1.95<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>) Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do a<span class=\"_ _4\"></span>tri<span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>ui<span class=\"_ _4\"></span>do<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>res<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> mi<span class=\"_ _2\"></span>nor<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>-<span class=\"_ _d1\"> </span>-<span class=\"_ _10d\"> </span>-<span class=\"_ _6a\"> </span>-<span class=\"_ _8\"> </span>(9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _97\"> </span>1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.51<span class=\"_ _2\"></span>8<span class=\"_ _51\"> </span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.55<span class=\"_ _2\"></span>0 Bene<span class=\"_ _2\"></span>fic<span class=\"_ _1\"></span>io/ (p\u00e9r<span class=\"_ _2\"></span>dida) a<span class=\"_ _1\"></span>tr<span class=\"_ _2\"></span>ibuibl<span class=\"_ _1\"></span>e a la<span class=\"_ _1\"></span> soc<span class=\"_ _1\"></span>iedad domina<span class=\"_ _1\"></span>nte<span class=\"_ _1be\"> </span>(18<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.465<span class=\"_ _2\"></span>)<span class=\"_ _107\"> </span>(6.70<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _d\"> </span>3<span class=\"_ _2\"></span>.787<span class=\"_ _117\"> </span>(18<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.387<span class=\"_ _2\"></span>)<span class=\"_ _10a\"> </span>(25<span class=\"_ _2\"></span>.54<span class=\"_ _2\"></span>6)<span class=\"_ _92\"> </span>18.52<span class=\"_ _2\"></span>4<span class=\"_ _10f\"> </span>(1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>40<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>) I<span class=\"_ _2\"></span>nv<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u00f3n (**<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>67<span class=\"_ _2\"></span>.56<span class=\"_ _2\"></span>6<span class=\"_ _9e\"> </span>5.28<span class=\"_ _2\"></span>4<span class=\"_ _102\"> </span>-<span class=\"_ _72\"> </span>7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.85<span class=\"_ _2\"></span>0<span class=\"_ _51\"> </span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.48<span class=\"_ _2\"></span>8<span class=\"_ _102\"> </span>-<span class=\"_ _72\"> </span>8<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.33<span class=\"_ _2\"></span>8 A<span class=\"_ _1\"></span>morti<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>umul<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>gota<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>o<span class=\"_ _1be\"> </span>for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>tal<span class=\"_ _c0\"></span> (**<span class=\"_ _bb\"></span>)<span class=\"_ _1be\"> </span>(85<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.28<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _10a\"> </span>(65<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _10d\"> </span>-<span class=\"_ _3d\"> </span>(<span class=\"_ _2\"></span>91<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.85<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _10f\"> </span>(27<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.17<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _78\"> </span>(6<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.44<span class=\"_ _2\"></span>8)<span class=\"_ _34\"> </span>(1<span class=\"_ _2\"></span>.25<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.47<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>) De<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>(*<span class=\"_ _1\"></span>*<span class=\"_ _1\"></span>)<span class=\"_ _118\"> </span>(19<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.59<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _107\"> </span>(5<span class=\"_ _2\"></span>.33<span class=\"_ _2\"></span>3)<span class=\"_ _102\"> </span>-<span class=\"_ _3d\"> </span>(1<span class=\"_ _2\"></span>97<span class=\"_ _2\"></span>.92<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _107\"> </span>(2<span class=\"_ _2\"></span>.22<span class=\"_ _2\"></span>2)<span class=\"_ _78\"> </span>(<span class=\"_ _2\"></span>10<span class=\"_ _2\"></span>.39<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _10f\"> </span>(2<span class=\"_ _2\"></span>10<span class=\"_ _2\"></span>.53<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Ne<span class=\"_ _bb\"></span>goc<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>o CEL<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OSA<span class=\"_ _1be\"> </span>(*<span class=\"_ _1\"></span>) Ma<span class=\"_ _2\"></span>gni<span class=\"_ _4\"></span>tud n<span class=\"_ _2\"></span>o des<span class=\"_ _2\"></span>gl<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>n el<span class=\"_ _2\"></span> Es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> de Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> Cons<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span>do y<span class=\"_ _2\"></span> no d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>fi<span class=\"_ _4\"></span>ni<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> en l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> NI<span class=\"_ _2\"></span>I<span class=\"_ _2\"></span>F. V\u00e9<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span> defi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n d<span class=\"_ _2\"></span>e di<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> ma<span class=\"_ _2\"></span>gni<span class=\"_ _4\"></span>tud a<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>\u00ed <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>omo<span class=\"_ _1be\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>onc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3<span class=\"_ _2\"></span>n c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> es<span class=\"_ _2\"></span>tad<span class=\"_ _2\"></span>o de res<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>tad<span class=\"_ _2\"></span>o c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span>do<span class=\"_ _2\"></span> en e<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span> Ane<span class=\"_ _1\"></span>xo \u201cI<span class=\"_ _2\"></span>nfo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>me<span class=\"_ _bb\"></span> <span class=\"_ _2\"></span>de Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>dos<span class=\"_ _4\"></span> 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>\" a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> I<span class=\"_ _4\"></span>nfor<span class=\"_ _2\"></span>me<span class=\"_ _1\"></span> de G<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>ti<span class=\"_ _4\"></span>\u00f3n Co<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o del<span class=\"_ _2\"></span> e<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>erc<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ci<span class=\"_ _c0\"></span>o 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>(*<span class=\"_ _1\"></span>*<span class=\"_ _1\"></span>)A<span class=\"_ _1\"></span>dqu<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>n el<span class=\"_ _2\"></span> ej<span class=\"_ _2\"></span>erc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o, a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>umul<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> y a<span class=\"_ _4\"></span>gota<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>o for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>, y det<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>o de va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>de ac<span class=\"_ _2\"></span>ti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ui<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> en l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>p\u00edgr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>fes<span class=\"_ _2\"></span> \"Pr<span class=\"_ _2\"></span>opi<span class=\"_ _4\"></span>eda<span class=\"_ _2\"></span>d, pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>nta<span class=\"_ _2\"></span> y equi<span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>\", \"<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>cti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>tan<span class=\"_ _2\"></span>gi<span class=\"_ _4\"></span>bl<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span>\" y \"A<span class=\"_ _1\"></span>cti<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> bi<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>\u00f3gi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span>\". N<span class=\"_ _1\"></span>o i<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>ye<span class=\"_ _1\"></span> l<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> s<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>dos<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>pond<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> a <span class=\"ff9\"> A<span class=\"_ _2\"></span>ctivos po<span class=\"_ _2\"></span>r der<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>ho d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span></span>uso <span class=\"ff4\"> (ve<span class=\"_ _1\"></span>r Nota 1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>) n<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span> <span class=\"ff9\">Fo<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e c<span class=\"_ _1\"></span>omer<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>io <span class=\"_ _c3\"> </span><span class=\"ff4\">(ver Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>).<span class=\"_ _1be\"> </span></span></span></span>31<span class=\"_ _2\"></span> de<span class=\"_ _2\"></span> dici<span class=\"_ _1\"></span>em<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> de<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21<span class=\"_ _a\"> </span><span class=\"ff4 fc0_1\">Cel<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span></span>Pa<span class=\"_ _4\"></span>tri<span class=\"_ _4\"></span>moni<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>For<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>tal<span class=\"_ _c0\"></span> y<span class=\"_ _1be\"> </span>otros<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span>e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>Ne<span class=\"_ _bb\"></span>goc<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>o y<span class=\"_ _1be\"> </span>s<span class=\"_ _2\"></span>egm<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nto de<span class=\"_ _1be\"> </span>EN<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span>RG<span class=\"_ _1\"></span>\u00cd<span class=\"_ _2\"></span>A<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span>e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>Activos<span class=\"_ _1be\"> </span>No cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s<span class=\"_ _111\"> </span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>5<span class=\"_ _10e\"> </span>1<span class=\"_ _2\"></span>67<span class=\"_ _2\"></span>.77<span class=\"_ _2\"></span>5<span class=\"_ _74\"> </span>(1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>3.8<span class=\"_ _2\"></span>26<span class=\"_ _2\"></span>)<span class=\"_ _10e\"> </span>67<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.05<span class=\"_ _2\"></span>4<span class=\"_ _10e\"> </span>4<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>6.4<span class=\"_ _2\"></span>22<span class=\"_ _74\"> </span>(1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.74<span class=\"_ _2\"></span>9)<span class=\"_ _10e\"> </span>9<span class=\"_ _2\"></span>97<span class=\"_ _2\"></span>.72<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span>Cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _41\"> </span>45<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.65<span class=\"_ _2\"></span>7<span class=\"_ _9e\"> </span>5.40<span class=\"_ _2\"></span>2<span class=\"_ _17\"> </span>(2<span class=\"_ _2\"></span>.97<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _103\"> </span>4<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.08<span class=\"_ _2\"></span>0<span class=\"_ _10e\"> </span>12<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.08<span class=\"_ _2\"></span>3<span class=\"_ _48\"> </span>(1<span class=\"_ _2\"></span>7.4<span class=\"_ _2\"></span>83<span class=\"_ _2\"></span>)<span class=\"_ _10e\"> </span>56<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.68<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span>T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>al<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>t<span class=\"_ _2\"></span>ivos<span class=\"_ _1\"></span> (a<span class=\"_ _1\"></span>)<span class=\"_ _112\"> </span>1<span class=\"_ _2\"></span>.07<span class=\"_ _2\"></span>9.76<span class=\"_ _2\"></span>2<span class=\"_ _10e\"> </span>1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>17<span class=\"_ _2\"></span>7<span class=\"_ _74\"> </span>(1<span class=\"_ _2\"></span>16<span class=\"_ _2\"></span>.80<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _d8\"> </span>1<span class=\"_ _2\"></span>.136<span class=\"_ _2\"></span>.13<span class=\"_ _2\"></span>4<span class=\"_ _10e\"> </span>6<span class=\"_ _2\"></span>22<span class=\"_ _2\"></span>.50<span class=\"_ _2\"></span>5<span class=\"_ _74\"> </span>(19<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.232<span class=\"_ _2\"></span>)<span class=\"_ _d7\"> </span>1.56<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>40<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span>Pas<span class=\"_ _1\"></span>iv<span class=\"_ _1\"></span>os<span class=\"_ _1be\"> </span>No cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s<span class=\"_ _111\"> </span>3<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.90<span class=\"_ _2\"></span>2<span class=\"_ _51\"> </span>4<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.98<span class=\"_ _2\"></span>4<span class=\"_ _48\"> </span>(3<span class=\"_ _2\"></span>4.6<span class=\"_ _2\"></span>52<span class=\"_ _2\"></span>)<span class=\"_ _10e\"> </span>36<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.23<span class=\"_ _2\"></span>4<span class=\"_ _10e\"> </span>3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>7.2<span class=\"_ _2\"></span>47<span class=\"_ _48\"> </span>(3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.34<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _103\"> </span>6<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>3.1<span class=\"_ _2\"></span>39<span class=\"_ _1be\"> </span>Cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _41\"> </span>24<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.93<span class=\"_ _2\"></span>7<span class=\"_ _9e\"> </span>6.07<span class=\"_ _2\"></span>4<span class=\"_ _17\"> </span>(3<span class=\"_ _2\"></span>.03<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _103\"> </span>2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.98<span class=\"_ _2\"></span>0<span class=\"_ _10e\"> </span>11<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.81<span class=\"_ _2\"></span>6<span class=\"_ _48\"> </span>(1<span class=\"_ _2\"></span>7.4<span class=\"_ _2\"></span>83<span class=\"_ _2\"></span>)<span class=\"_ _10e\"> </span>35<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.31<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>al<span class=\"_ _1\"></span> pa<span class=\"_ _1\"></span>siv<span class=\"_ _1\"></span>os (a<span class=\"_ _1\"></span>)<span class=\"_ _113\"> </span>6<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.839<span class=\"_ _114\"> </span>4<span class=\"_ _2\"></span>8.05<span class=\"_ _2\"></span>8<span class=\"_ _48\"> </span>(37<span class=\"_ _2\"></span>.68<span class=\"_ _2\"></span>3)<span class=\"_ _10e\"> </span>61<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.214<span class=\"_ _7\"> </span>42<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.06<span class=\"_ _2\"></span>3<span class=\"_ _78\"> </span>(5<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.825<span class=\"_ _2\"></span>)<span class=\"_ _103\"> </span>9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.452<span class=\"_ _1be\"> </span>(a<span class=\"_ _2\"></span>) No s<span class=\"_ _4\"></span>e i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>yen ni<span class=\"_ _4\"></span> fond<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> pr<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>, ni<span class=\"_ _4\"></span> l<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> y pa<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vo<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>mpues<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>feri<span class=\"_ _4\"></span>dos<span class=\"_ _4\"></span>.<span class=\"_ _1be\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Ne<span class=\"_ _bb\"></span>goc<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>o CEL<span class=\"_ _1\"></span>U<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OSA<span class=\"_ _1be\"> </span>9.2<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\"> Informaci\u00f3n po<span class=\"_ _1\"></span>r Planta pro<span class=\"_ _1\"></span>ductiva<span class=\"_ _1be\"> </span></span>De forma compl<span class=\"_ _2\"></span>ementaria <span class=\"_ _2\"></span>a la <span class=\"_ _2\"></span>informaci\u00f3n <span class=\"_ _2\"></span>por segmentos<span class=\"_ _2\"></span> de activid<span class=\"_ _2\"></span>ad, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>detalla <span class=\"_ _2\"></span>a continuaci\u00f3n <span class=\"_ _2\"></span>el E<span class=\"_ _2\"></span>stado<span class=\"_ _1be\"> </span>de Resultado <span class=\"_ _2\"></span>de las biof\u00e1bricas<span class=\"_ _2\"></span> de producci\u00f3n<span class=\"_ _2\"></span> de celulosa de Pontevedra y N<span class=\"_ _2\"></span>avia reconciliada <span class=\"_ _2\"></span>con el estado<span class=\"_ _1be\"> </span>de resultado cons<span class=\"_ _2\"></span>olidado del Grupo:<span class=\"_ _2\"></span> (a)<span class=\"ff2\"> <span class=\"_ _c5\"> </span></span>Incluye actividad forestal, Negocio Energ\u00eda, y sociedad<span class=\"_ _1\"></span>es inactivas<span class=\"_ _1be\"> </span>(*)  <span class=\"_ _c9\"> </span>Magnitud no <span class=\"_ _1\"></span>desglosada en el <span class=\"_ _1\"></span>Estado de <span class=\"_ _1\"></span>Resultado Consolidado y no <span class=\"_ _1\"></span>definida en <span class=\"_ _1\"></span>las NIIF. V\u00e9ase de<span class=\"_ _1\"></span>finici\u00f3n de dicha<span class=\"_ _1be\"> </span>magnitud <span class=\"_ _1\"></span>as\u00ed <span class=\"_ _bb\"></span>c<span class=\"_ _2\"></span>omo <span class=\"_ _1\"></span>reconciliaci\u00f3n <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>estado d<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>resultado <span class=\"_ _1\"></span>consolida<span class=\"ff6\">do <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>Anexo <span class=\"_ _1\"></span>\u201cInforme <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>Resultados 202<span class=\"ff4\">2<span class=\"ls40\">\"<span class=\"_ _1be\"> </span></span></span></span>al Informe de Gesti\u00f3n Consolidado del ejercicio 2022.<span class=\"_ _1be\"> </span>31 de d<span class=\"_ _1\"></span>iciembr<span class=\"_ _1\"></span>e de 2022<span class=\"_ _1be\"> </span>Bi<span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>\u00e1<span class=\"_ _4\"></span>b<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>ca<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> Pon<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ve<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ra<span class=\"_ _1be\"> </span>Bi<span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>\u00e1<span class=\"_ _4\"></span>b<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>ca<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> Na<span class=\"_ _4\"></span>vi<span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>Corp<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ra<span class=\"_ _4\"></span>ti<span class=\"_ _c0\"></span>vo<span class=\"_ _117\"> </span>Otros<span class=\"_ _c0\"></span> <span class=\"_ _2\"></span>(a<span class=\"_ _c0\"></span>)<span class=\"_ _7\"> </span>S<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>ta<span class=\"_ _c0\"></span>l<span class=\"_ _d8\"> </span>El<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>m<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _c0\"></span>ci<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>s<span class=\"_ _19\"> </span>T<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ta<span class=\"_ _4\"></span>l<span class=\"_ _1be\"> </span>M<span class=\"_ _1\"></span>agnitu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>es op<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>ivas<span class=\"_ _2\"></span>:<span class=\"_ _1be\"> </span>Prod<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>cci<span class=\"_ _4\"></span>\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>ce<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _c0\"></span>a<span class=\"_ _c0\"></span> (<span class=\"_ _2\"></span>Ta<span class=\"_ _4\"></span>d<span class=\"_ _4\"></span>)<span class=\"_ _119\"> </span>239.31<span class=\"_ _1\"></span>5<span class=\"_ _51\"> </span>576.996<span class=\"_ _a8\"> </span>-<span class=\"_ _aa\"> </span>-<span class=\"_ _114\"> </span>816.311<span class=\"_ _11a\"> </span>-<span class=\"_ _51\"> </span>816.311<span class=\"_ _1be\"> </span>Ve<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>ta<span class=\"_ _c0\"></span> d<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span> ce<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>a<span class=\"_ _c0\"></span> (<span class=\"_ _2\"></span>Ta<span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>)<span class=\"_ _118\"> </span>24<span class=\"_ _1\"></span>4.818<span class=\"_ _72\"> </span>581.799<span class=\"_ _20\"> </span>-<span class=\"_ _aa\"> </span>-<span class=\"_ _114\"> </span>826.61<span class=\"_ _1\"></span>7<span class=\"_ _11a\"> </span>-<span class=\"_ _114\"> </span>826.617<span class=\"_ _1be\"> </span>Ve<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>ta<span class=\"_ _c0\"></span> d<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span> e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>rg\u00eda<span class=\"_ _c0\"></span> (<span class=\"_ _2\"></span>MWh<span class=\"_ _2\"></span>)<span class=\"_ _3c\"> </span>136.580<span class=\"_ _72\"> </span>561.872<span class=\"_ _20\"> </span>-<span class=\"_ _109\"> </span>1.481.446<span class=\"_ _19\"> </span>2.179.898<span class=\"_ _11a\"> </span>-<span class=\"_ _10a\"> </span>2.17<span class=\"_ _1\"></span>9.898<span class=\"_ _1be\"> </span>Op<span class=\"_ _1\"></span>eracio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>es con<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>as:<span class=\"_ _1be\"> </span>I<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>rte<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>to<span class=\"_ _4\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _c0\"></span> ci<span class=\"_ _c0\"></span>fra<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>g<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>s<span class=\"_ _11b\"> </span>198.69<span class=\"_ _1\"></span>7<span class=\"_ _51\"> </span>520.748<span class=\"_ _a8\"> </span>-<span class=\"_ _114\"> </span>267.396<span class=\"_ _72\"> </span>986.840<span class=\"_ _46\"> </span>(3.809)<span class=\"_ _114\"> </span>983.0<span class=\"_ _1\"></span>31<span class=\"_ _1be\"> </span>Ap<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>s<span class=\"_ _c0\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _c0\"></span>mi<span class=\"_ _c0\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>s<span class=\"_ _c0\"></span> <span class=\"_ _2\"></span>y<span class=\"_ _1\"></span> o<span class=\"_ _4\"></span>tros<span class=\"_ _cd\"> </span>(87.995)<span class=\"_ _103\"> </span>(<span class=\"_ _2\"></span>222.14<span class=\"_ _1\"></span>7)<span class=\"_ _aa\"> </span>-<span class=\"_ _e\"> </span>(86.546)<span class=\"_ _103\"> </span>(396.688)<span class=\"_ _4e\"> </span>-<span class=\"_ _103\"> </span>(396.688)<span class=\"_ _1be\"> </span>M<span class=\"_ _1\"></span>ARGEN <span class=\"_ _2\"></span>B<span class=\"_ _2\"></span>RUTO<span class=\"_ _db\"> </span>110.<span class=\"_ _1\"></span>702<span class=\"_ _72\"> </span>298.600<span class=\"_ _a8\"> </span>-<span class=\"_ _114\"> </span>180.850<span class=\"_ _72\"> </span>590.15<span class=\"_ _1\"></span>2<span class=\"_ _46\"> </span>(<span class=\"_ _2\"></span>3.809<span class=\"_ _1\"></span>)<span class=\"_ _114\"> </span>586.<span class=\"_ _1\"></span>343<span class=\"_ _1be\"> </span>Ga<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>to<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _11c\"> </span>(18.644)<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>28.357)<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>36.030)<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>10.159)<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>93.191<span class=\"_ _1\"></span>)<span class=\"_ _4e\"> </span>-<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>93.191)<span class=\"_ _1be\"> </span>Otros<span class=\"_ _c0\"></span> <span class=\"_ _2\"></span>ga<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>to<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>xp<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>ta<span class=\"_ _c0\"></span>ci<span class=\"_ _4\"></span>\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _11d\"> </span>(71.012)<span class=\"_ _103\"> </span>(118.234)<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>14.200)<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>48.293)<span class=\"_ _103\"> </span>(251.738)<span class=\"_ _87\"> </span>6.163<span class=\"_ _10a\"> </span>(245.575)<span class=\"_ _1be\"> </span>Re<span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>rcu<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>tru<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>ra<span class=\"_ _21\"> </span>(<span class=\"_ _2\"></span>14.944<span class=\"_ _1\"></span>)<span class=\"_ _e\"> </span>(19.470)<span class=\"_ _24\"> </span>50.22<span class=\"_ _1\"></span>9<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>15.815<span class=\"_ _1\"></span>)<span class=\"_ _aa\"> </span>-<span class=\"_ _4e\"> </span>-<span class=\"_ _aa\"> </span>-<span class=\"_ _1be\"> </span>EBITD<span class=\"_ _2\"></span>A (*)<span class=\"_ _cd\"> </span>6<span class=\"_ _1\"></span>.102<span class=\"_ _72\"> </span>132.53<span class=\"_ _1\"></span>9<span class=\"_ _20\"> </span>-<span class=\"_ _114\"> </span>106.58<span class=\"_ _1\"></span>2<span class=\"_ _51\"> </span>245.2<span class=\"_ _1\"></span>23<span class=\"_ _22\"> </span>2.354<span class=\"_ _51\"> </span>247.<span class=\"_ _1\"></span>577<span class=\"_ _1be\"> </span>Amo<span class=\"_ _4\"></span>rti<span class=\"_ _4\"></span>za<span class=\"_ _c0\"></span>ci<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>y d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>s<span class=\"_ _c0\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _c0\"></span>cti<span class=\"_ _4\"></span>vos<span class=\"_ _7f\"> </span>180.115<span class=\"_ _7b\"> </span>(36.614)<span class=\"_ _20\"> </span>-<span class=\"_ _e\"> </span>(<span class=\"_ _2\"></span>97.965)<span class=\"_ _8a\"> </span>45.536<span class=\"_ _11a\"> </span>-<span class=\"_ _24\"> </span>45.536<span class=\"_ _1be\"> </span>Otros<span class=\"_ _c0\"></span> <span class=\"_ _2\"></span>ga<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>to<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>rd<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>p<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>ra<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>s<span class=\"_ _ce\"> </span>(<span class=\"_ _2\"></span>14.920<span class=\"_ _1\"></span>)<span class=\"_ _aa\"> </span>-<span class=\"_ _aa\"> </span>-<span class=\"_ _33\"> </span><span class=\"ls41\">42<span class=\"_ _e\"> </span></span>(14.878)<span class=\"_ _4e\"> </span>-<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>14.878<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>BENE<span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>IC<span class=\"_ _1\"></span>IO/<span class=\"_ _1\"></span> (<span class=\"_ _2\"></span>P\u00c9RDID<span class=\"_ _2\"></span>A) D<span class=\"_ _2\"></span>E <span class=\"_ _2\"></span>EX<span class=\"_ _2\"></span>PL<span class=\"_ _1\"></span>OTAC<span class=\"_ _1\"></span>I\u00d3<span class=\"_ _1\"></span>N<span class=\"_ _6e\"> </span>171.2<span class=\"_ _1\"></span>97<span class=\"_ _8a\"> </span>95.926<span class=\"_ _a8\"> </span>-<span class=\"_ _97\"> </span>8.659<span class=\"_ _72\"> </span>275.881<span class=\"_ _22\"> </span>2.354<span class=\"_ _72\"> </span>278.235<span class=\"_ _1be\"> </span>Re<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>ta<span class=\"_ _4\"></span>d<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fi<span class=\"_ _c0\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>ro<span class=\"_ _11e\"> </span>(2.506)<span class=\"_ _78\"> </span>(<span class=\"_ _2\"></span>4.737)<span class=\"_ _20\"> </span>-<span class=\"_ _e\"> </span>(<span class=\"_ _2\"></span>17.397)<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>24.640)<span class=\"_ _11a\"> </span>-<span class=\"_ _e\"> </span>(<span class=\"_ _2\"></span>24.640)<span class=\"_ _1be\"> </span>Re<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>ta<span class=\"_ _4\"></span>d<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Pue<span class=\"_ _4\"></span>s<span class=\"_ _c0\"></span>ta<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>va<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>a<span class=\"_ _11f\"> </span>-<span class=\"_ _aa\"> </span>-<span class=\"_ _aa\"> </span>-<span class=\"_ _a\"> </span>(5)<span class=\"_ _a\"> </span>(<span class=\"_ _2\"></span>5)<span class=\"_ _4e\"> </span>-<span class=\"_ _f1\"> </span>(<span class=\"_ _2\"></span>5)<span class=\"_ _1be\"> </span>BENE<span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>IC<span class=\"_ _1\"></span>IO/<span class=\"_ _1\"></span> (<span class=\"_ _2\"></span>P\u00c9RDID<span class=\"_ _2\"></span>A) ANTES<span class=\"_ _2\"></span> D<span class=\"_ _2\"></span>E <span class=\"_ _2\"></span>IM<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>UES<span class=\"_ _2\"></span>TOS<span class=\"_ _2b\"> </span>168.<span class=\"_ _1\"></span>791<span class=\"_ _8a\"> </span>91.18<span class=\"_ _1\"></span>9<span class=\"_ _20\"> </span>-<span class=\"_ _48\"> </span>(8.743)<span class=\"_ _51\"> </span>251.2<span class=\"_ _1\"></span>36<span class=\"_ _22\"> </span>2.354<span class=\"_ _51\"> </span>253.<span class=\"_ _1\"></span>590<span class=\"_ _1be\"> </span>I<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>s<span class=\"_ _c0\"></span>to<span class=\"_ _2\"></span> s<span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>b<span class=\"_ _4\"></span>re<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ci<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _120\"> </span>(42.090)<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>21.917)<span class=\"_ _aa\"> </span>-<span class=\"_ _24\"> </span>59.3<span class=\"_ _1\"></span>44<span class=\"_ _b\"> </span>(<span class=\"_ _2\"></span>4.663)<span class=\"_ _11a\"> </span>-<span class=\"_ _48\"> </span>(<span class=\"_ _2\"></span>4.663)<span class=\"_ _1be\"> </span>BENE<span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>IC<span class=\"_ _1\"></span>IO/<span class=\"_ _1\"></span> (<span class=\"_ _2\"></span>P\u00c9RDID<span class=\"_ _2\"></span>A) D<span class=\"_ _2\"></span>EL E<span class=\"_ _2\"></span>JERCIC<span class=\"_ _1\"></span>IO<span class=\"_ _11a\"> </span>126.701<span class=\"_ _8a\"> </span>69.2<span class=\"_ _1\"></span>71<span class=\"_ _20\"> </span>-<span class=\"_ _24\"> </span>50.60<span class=\"_ _1\"></span>1<span class=\"_ _51\"> </span>246.5<span class=\"_ _1\"></span>73<span class=\"_ _22\"> </span>2.354<span class=\"_ _51\"> </span>248.<span class=\"_ _1\"></span>927<span class=\"_ _1be\"> </span>Re<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>ta<span class=\"_ _4\"></span>d<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>tri<span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> a<span class=\"_ _c0\"></span> i<span class=\"_ _c0\"></span>n<span class=\"_ _2\"></span>te<span class=\"_ _4\"></span>re<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>s<span class=\"_ _c0\"></span> m<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>ta<span class=\"_ _c0\"></span>ri<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _121\"> </span>-<span class=\"_ _aa\"> </span>-<span class=\"_ _aa\"> </span>-<span class=\"_ _78\"> </span>(<span class=\"_ _2\"></span>1.706)<span class=\"_ _78\"> </span>(1.706)<span class=\"_ _4e\"> </span>-<span class=\"_ _78\"> </span>(1.706) B<span class=\"_ _2\"></span>en<span class=\"_ _1\"></span>eficio/ (p\u00e9r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>a) <span class=\"_ _2\"></span>atrib<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a <span class=\"_ _2\"></span>la s<span class=\"_ _2\"></span>ocie<span class=\"_ _1\"></span>dad<span class=\"_ _1\"></span> do<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1be\"> </span>126.<span class=\"_ _1\"></span>701<span class=\"_ _8a\"> </span>69.27<span class=\"_ _1\"></span>1<span class=\"_ _20\"> </span>-<span class=\"_ _24\"> </span>48.894<span class=\"_ _72\"> </span>244.866<span class=\"_ _22\"> </span>2.35<span class=\"_ _1\"></span>4<span class=\"_ _51\"> </span>247.2<span class=\"_ _1\"></span>20<span class=\"_ _1be\"> </span>M<span class=\"_ _1\"></span>iles <span class=\"_ _2\"></span>d<span class=\"_ _1\"></span>e Euro<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span>(a)<span class=\"ff2\"> <span class=\"_ _122\"> </span></span>Incluye actividad forestal, Negocio Energ\u00eda, y socied<span class=\"_ _1\"></span>ades inactivas<span class=\"_ _1be\"> </span>(*)  <span class=\"_ _c9\"> </span>Magnitud no <span class=\"_ _1\"></span>desglosada en el <span class=\"_ _1\"></span>Estado de <span class=\"_ _1\"></span>Resultado Consolidado y no <span class=\"_ _1\"></span>definida en las NIIF. V\u00e9as<span class=\"_ _1\"></span>e definici\u00f3n de <span class=\"_ _1\"></span>dicha<span class=\"_ _1be\"> </span>magnitud <span class=\"_ _1\"></span>as\u00ed <span class=\"_ _bb\"></span>c<span class=\"_ _2\"></span>omo <span class=\"_ _1\"></span>reconciliaci\u00f3n <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>estado d<span class=\"_ _1\"></span>e <span class=\"_ _1\"></span>resultado <span class=\"_ _1\"></span>consolidado <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Anexo <span class=\"_ _1\"></span>\u201cIn<span class=\"_ _1\"></span>forme <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Resultados <span class=\"_ _bb\"></span>202<span class=\"_ _2\"></span><span class=\"ff4\">2<span class=\"ls40\">\"<span class=\"_ _1be\"> </span></span></span>al Informe de Gesti\u00f3n Consolidado del ejercicio 2022.<span class=\"_ _1be\"> </span>10.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Ingresos ordinarios y otros ingresos de explotaci\u00f3n<span class=\"_ _1be\"> </span></span></span>Los <span class=\"_ _1\"></span>ingresos <span class=\"_ _1\"></span>ordinarios <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>corr<span class=\"_ _1\"></span>esponden <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>ingresos <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>con<span class=\"_ _2\"></span>tratos <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>clientes. <span class=\"_ _bb\"></span>La distribuci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>ingresos<span class=\"_ _1be\"> </span>ordinarios corres<span class=\"_ _2\"></span>pondiente a las activid<span class=\"_ _2\"></span>ades del Grupo en los ejercicios<span class=\"_ _2\"></span> 2022 <span class=\"_ _2\"></span>y 2021 es co<span class=\"_ _2\"></span>mo sigue: <span class=\"_ _2\"></span> 31 de d<span class=\"_ _1\"></span>iciembr<span class=\"_ _1\"></span>e de 2021<span class=\"_ _1be\"> </span>Bi<span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>\u00e1<span class=\"_ _4\"></span>b<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>ca<span class=\"_ _4\"></span> d<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span> Pon<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ve<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ra<span class=\"_ _1be\"> </span>Bi<span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>\u00e1<span class=\"_ _4\"></span>b<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>ca<span class=\"_ _4\"></span> d<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span> Na<span class=\"_ _4\"></span>vi<span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>Corp<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ra<span class=\"_ _4\"></span>ti<span class=\"_ _c0\"></span>vo<span class=\"_ _10f\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _c0\"></span> (<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>)<span class=\"_ _e4\"> </span>Su<span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>ta<span class=\"_ _c0\"></span>l<span class=\"_ _d8\"> </span>El<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>mi<span class=\"_ _c0\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _c0\"></span>ci<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>s<span class=\"_ _19\"> </span>T<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ta<span class=\"_ _4\"></span>l<span class=\"_ _1be\"> </span>M<span class=\"_ _1\"></span>agnitu<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>es op<span class=\"_ _1\"></span>erat<span class=\"_ _1\"></span>ivas<span class=\"_ _2\"></span>:<span class=\"_ _1be\"> </span>Prod<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>cci<span class=\"_ _4\"></span>\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>ce<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _c0\"></span>a<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>(T<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>)<span class=\"_ _123\"> </span>431.25<span class=\"_ _1\"></span>7<span class=\"_ _72\"> </span>577.435<span class=\"_ _a8\"> </span>-<span class=\"_ _20\"> </span>-<span class=\"_ _109\"> </span>1.008.692<span class=\"_ _75\"> </span>-<span class=\"_ _109\"> </span>1.008.6<span class=\"_ _1be\"> </span>Ve<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>ta<span class=\"_ _c0\"></span> d<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span> ce<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>u<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _c0\"></span>a<span class=\"_ _c0\"></span> (<span class=\"_ _2\"></span>Ta<span class=\"_ _4\"></span>d<span class=\"_ _4\"></span>)<span class=\"_ _93\"> </span>424.3<span class=\"_ _1\"></span>86<span class=\"_ _72\"> </span>571.671<span class=\"_ _a8\"> </span>-<span class=\"_ _20\"> </span>-<span class=\"_ _51\"> </span>996.057<span class=\"_ _75\"> </span>-<span class=\"_ _51\"> </span>996.0<span class=\"_ _1be\"> </span>Ve<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>ta<span class=\"_ _c0\"></span> d<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span> e<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>rg<span class=\"_ _2\"></span>\u00eda<span class=\"_ _c0\"></span> (<span class=\"_ _2\"></span>MWh<span class=\"_ _2\"></span>)<span class=\"_ _31\"> </span>266.608<span class=\"_ _72\"> </span>565.576<span class=\"_ _a8\"> </span>-<span class=\"_ _109\"> </span>1.430.19<span class=\"_ _1\"></span>9<span class=\"_ _109\"> </span>2.262<span class=\"_ _1\"></span>.383<span class=\"_ _75\"> </span>-<span class=\"_ _109\"> </span>2.262.3<span class=\"_ _1be\"> </span>Op<span class=\"_ _1\"></span>eracio<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>es con<span class=\"_ _1\"></span>tin<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ad<span class=\"_ _1\"></span>as:<span class=\"_ _1be\"> </span>I<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>rte<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _c0\"></span> ci<span class=\"_ _c0\"></span>fra<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>g<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _e5\"> </span>229.254<span class=\"_ _72\"> </span>333.892<span class=\"_ _a8\"> </span>-<span class=\"_ _51\"> </span>171.18<span class=\"_ _1\"></span>3<span class=\"_ _72\"> </span>734.328<span class=\"_ _8\"> </span>(<span class=\"_ _2\"></span>2.819)<span class=\"_ _51\"> </span>731.5<span class=\"_ _1be\"> </span>Ap<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>s<span class=\"_ _c0\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _c0\"></span>mi<span class=\"_ _c0\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>s<span class=\"_ _c0\"></span> y o<span class=\"_ _2\"></span>tro<span class=\"_ _2\"></span>s<span class=\"_ _119\"> </span>(118.420)<span class=\"_ _10a\"> </span>(<span class=\"_ _2\"></span>165.666)<span class=\"_ _a8\"> </span>-<span class=\"_ _e\"> </span>(75.573)<span class=\"_ _103\"> </span>(359.659)<span class=\"_ _22\"> </span>2.806<span class=\"_ _10a\"> </span>(356.85<span class=\"_ _1be\"> </span>M<span class=\"_ _1\"></span>ARGEN <span class=\"_ _2\"></span>BR<span class=\"_ _2\"></span>UTO<span class=\"_ _8d\"> </span>110.<span class=\"_ _1\"></span>834<span class=\"_ _72\"> </span>168.22<span class=\"_ _1\"></span>6<span class=\"_ _a8\"> </span>-<span class=\"_ _24\"> </span>95.<span class=\"_ _1\"></span>609<span class=\"_ _72\"> </span>374.6<span class=\"_ _1\"></span>70<span class=\"_ _b9\"> </span>(<span class=\"_ _2\"></span>13)<span class=\"_ _51\"> </span>374.<span class=\"_ _1\"></span>6<span class=\"_ _1be\"> </span>Ga<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>to<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>rs<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _124\"> </span>(19.196)<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>25.480<span class=\"_ _1\"></span>)<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>30.840)<span class=\"_ _b\"> </span>(<span class=\"_ _2\"></span>8.656)<span class=\"_ _7b\"> </span>(84.171)<span class=\"_ _11a\"> </span>-<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>84.17<span class=\"_ _1be\"> </span>Otros<span class=\"_ _c0\"></span> <span class=\"_ _2\"></span>ga<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>to<span class=\"_ _2\"></span>s<span class=\"_ _c0\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> e<span class=\"_ _4\"></span>xp<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>ta<span class=\"_ _4\"></span>ci<span class=\"_ _c0\"></span>\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _125\"> </span>(49.149)<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>67.238<span class=\"_ _1\"></span>)<span class=\"_ _78\"> </span>(9.467)<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>57.834)<span class=\"_ _10a\"> </span>(<span class=\"_ _2\"></span>183.68<span class=\"_ _1\"></span>8)<span class=\"_ _8f\"> </span><span class=\"ls42\">36<span class=\"_ _10a\"> </span></span>(<span class=\"_ _2\"></span>183.65<span class=\"_ _1be\"> </span>Re<span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>rcu<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>tru<span class=\"_ _2\"></span>ctu<span class=\"_ _2\"></span>ra<span class=\"_ _105\"> </span>(13.199)<span class=\"_ _7b\"> </span>(17.197)<span class=\"_ _8a\"> </span>40.307<span class=\"_ _f7\"> </span>(<span class=\"_ _2\"></span>9.911)<span class=\"_ _20\"> </span>-<span class=\"_ _11a\"> </span>-<span class=\"_ _20\"> </span>EBITD<span class=\"_ _2\"></span>A (*)<span class=\"_ _123\"> </span>29.290<span class=\"_ _8a\"> </span>58.<span class=\"_ _1\"></span>311<span class=\"_ _a8\"> </span>-<span class=\"_ _8a\"> </span>19.209<span class=\"_ _72\"> </span>106.8<span class=\"_ _1\"></span>10<span class=\"_ _f5\"> </span><span class=\"ls42\">22<span class=\"_ _51\"> </span></span>106.8<span class=\"_ _1be\"> </span>Amo<span class=\"_ _4\"></span>rti<span class=\"_ _4\"></span>za<span class=\"_ _c0\"></span>ci<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>y d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>te<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>cti<span class=\"_ _c0\"></span>v<span class=\"_ _1\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _d5\"> </span>(<span class=\"_ _2\"></span>194.137<span class=\"_ _1\"></span>)<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>37.030)<span class=\"_ _a8\"> </span>-<span class=\"_ _e\"> </span>(55.789)<span class=\"_ _103\"> </span>(286.956)<span class=\"_ _11a\"> </span>-<span class=\"_ _10a\"> </span>(<span class=\"_ _2\"></span>286.95<span class=\"_ _1be\"> </span>Otros<span class=\"_ _c0\"></span> <span class=\"_ _2\"></span>ga<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>to<span class=\"_ _2\"></span>s<span class=\"_ _c0\"></span> <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>rd<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _c0\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>ra<span class=\"_ _4\"></span>ci<span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>s<span class=\"_ _f1\"> </span>13.212<span class=\"_ _a8\"> </span>-<span class=\"_ _a8\"> </span>-<span class=\"_ _8c\"> </span>(<span class=\"_ _2\"></span>21)<span class=\"_ _8a\"> </span>13.191<span class=\"_ _75\"> </span>-<span class=\"_ _24\"> </span>13.1<span class=\"_ _1be\"> </span>BENE<span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>IC<span class=\"_ _1\"></span>IO/<span class=\"_ _1\"></span> (<span class=\"_ _2\"></span>P\u00c9RDID<span class=\"_ _2\"></span>A) D<span class=\"_ _2\"></span>E <span class=\"_ _2\"></span>EX<span class=\"_ _2\"></span>PL<span class=\"_ _1\"></span>OTAC<span class=\"_ _1\"></span>I\u00d3<span class=\"_ _1\"></span>N<span class=\"_ _f1\"> </span>(<span class=\"_ _2\"></span>151.<span class=\"_ _1\"></span>635)<span class=\"_ _8a\"> </span>21.28<span class=\"_ _1\"></span>1<span class=\"_ _a8\"> </span>-<span class=\"_ _e\"> </span>(36.601<span class=\"_ _1\"></span>)<span class=\"_ _103\"> </span>(166.95<span class=\"_ _1\"></span>4)<span class=\"_ _8f\"> </span><span class=\"ls42\">22<span class=\"_ _10a\"> </span></span>(166.93<span class=\"_ _1be\"> </span>Re<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>ta<span class=\"_ _4\"></span>d<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> f<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>e<span class=\"_ _4\"></span>ro<span class=\"_ _126\"> </span>(4.192)<span class=\"_ _b\"> </span>(<span class=\"_ _2\"></span>3.986)<span class=\"_ _20\"> </span>-<span class=\"_ _78\"> </span>(8.468)<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>16.646<span class=\"_ _1\"></span>)<span class=\"_ _11a\"> </span>-<span class=\"_ _e\"> </span>(16.64<span class=\"_ _1be\"> </span>Re<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>ta<span class=\"_ _4\"></span>d<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> Pu<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>s<span class=\"_ _c0\"></span>ta<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>a<span class=\"_ _127\"> </span>-<span class=\"_ _20\"> </span>-<span class=\"_ _20\"> </span>-<span class=\"_ _f1\"> </span>(<span class=\"_ _2\"></span>7)<span class=\"_ _f1\"> </span>(<span class=\"_ _2\"></span>7)<span class=\"_ _11a\"> </span>-<span class=\"_ _f1\"> </span>(<span class=\"_ _1be\"> </span>BENE<span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>IC<span class=\"_ _1\"></span>IO/<span class=\"_ _1\"></span> (<span class=\"_ _2\"></span>P\u00c9RDID<span class=\"_ _2\"></span>A) ANTES <span class=\"_ _2\"></span>D<span class=\"_ _2\"></span>E <span class=\"_ _2\"></span>IM<span class=\"_ _1\"></span>P<span class=\"_ _1\"></span>UES<span class=\"_ _2\"></span>TOS<span class=\"_ _92\"> </span>(155.82<span class=\"_ _1\"></span>7)<span class=\"_ _8a\"> </span>17.295<span class=\"_ _a8\"> </span>-<span class=\"_ _7b\"> </span>(45.075)<span class=\"_ _10a\"> </span>(<span class=\"_ _2\"></span>183.<span class=\"_ _1\"></span>608)<span class=\"_ _8f\"> </span><span class=\"ls42\">22<span class=\"_ _10a\"> </span></span>(183.58<span class=\"_ _1be\"> </span>I<span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>p<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>s<span class=\"_ _c0\"></span>to<span class=\"_ _2\"></span> s<span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>re<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>f<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ci<span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _fc\"> </span>1.417<span class=\"_ _b\"> </span>(2.568)<span class=\"_ _20\"> </span>-<span class=\"_ _78\"> </span>(<span class=\"_ _2\"></span>8.269)<span class=\"_ _b\"> </span>(9.420)<span class=\"_ _11a\"> </span>-<span class=\"_ _78\"> </span>(9.42<span class=\"_ _1be\"> </span>BENE<span class=\"_ _2\"></span>F<span class=\"_ _2\"></span>IC<span class=\"_ _1\"></span>IO/<span class=\"_ _1\"></span> (<span class=\"_ _2\"></span>P\u00c9RDID<span class=\"_ _2\"></span>A) D<span class=\"_ _2\"></span>EL E<span class=\"_ _2\"></span>JERCIC<span class=\"_ _1\"></span>IO<span class=\"_ _8f\"> </span>(154.<span class=\"_ _1\"></span>410)<span class=\"_ _8a\"> </span>14.7<span class=\"_ _1\"></span>27<span class=\"_ _a8\"> </span>-<span class=\"_ _7b\"> </span>(<span class=\"_ _2\"></span>53.345<span class=\"_ _1\"></span>)<span class=\"_ _103\"> </span>(193.02<span class=\"_ _1\"></span>8)<span class=\"_ _8f\"> </span><span class=\"ls42\">22<span class=\"_ _10a\"> </span></span>(193.00<span class=\"_ _1be\"> </span>Re<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>ta<span class=\"_ _4\"></span>d<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> a<span class=\"_ _c0\"></span>tri<span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _4\"></span> a<span class=\"_ _c0\"></span> i<span class=\"_ _c0\"></span>n<span class=\"_ _2\"></span>te<span class=\"_ _4\"></span>re<span class=\"_ _2\"></span>s<span class=\"_ _c0\"></span>e<span class=\"_ _4\"></span>s<span class=\"_ _c0\"></span> m<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>ta<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>o<span class=\"_ _4\"></span>s<span class=\"_ _8e\"> </span>-<span class=\"_ _a8\"> </span>-<span class=\"_ _20\"> </span>-<span class=\"_ _24\"> </span>11.550<span class=\"_ _8a\"> </span>1<span class=\"_ _1\"></span>1.550<span class=\"_ _75\"> </span>-<span class=\"_ _24\"> </span>11.5 B<span class=\"_ _2\"></span>en<span class=\"_ _1\"></span>eficio/ (p\u00e9r<span class=\"_ _1\"></span>d<span class=\"_ _1\"></span>id<span class=\"_ _1\"></span>a) <span class=\"_ _2\"></span>atrib<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>ib<span class=\"_ _1\"></span>le a <span class=\"_ _2\"></span>la s<span class=\"_ _2\"></span>ocie<span class=\"_ _1\"></span>dad<span class=\"_ _1\"></span> do<span class=\"_ _1\"></span>min<span class=\"_ _1\"></span>an<span class=\"_ _1\"></span>te<span class=\"_ _1be\"> </span>(154.41<span class=\"_ _1\"></span>0)<span class=\"_ _8a\"> </span>14.727<span class=\"_ _a8\"> </span>-<span class=\"_ _7b\"> </span>(41.795)<span class=\"_ _10a\"> </span>(<span class=\"_ _2\"></span>181.<span class=\"_ _1\"></span>478)<span class=\"_ _8f\"> </span><span class=\"ls42\">22<span class=\"_ _10a\"> </span></span>(181.45<span class=\"_ _1be\"> </span>M<span class=\"_ _1\"></span>iles <span class=\"_ _2\"></span>d<span class=\"_ _1\"></span>e Euro<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span>(*)  <span class=\"ff6\">La diferencia <span class=\"_ _1\"></span>entre la <span class=\"_ _1\"></span>informaci\u00f3n <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>\u201cGrupo Consolidad<span class=\"_ _1\"></span>o\u201d al <span class=\"_ _1\"></span>31 de <span class=\"_ _1\"></span>diciembre <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2022 y <span class=\"_ _1\"></span>2021 y <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>agregaci\u00f3n<span class=\"_ _1be\"> </span></span>de <span class=\"_ _c6\"> </span>los <span class=\"_ _c7\"> </span>negocios <span class=\"_ _c7\"> </span>\u201cCelulosa\u201d <span class=\"_ _c6\"> </span>y <span class=\"_ _c7\"> </span>\u201c<span class=\"_ _2\"></span>Energ\u00eda <span class=\"_ _c6\"> </span>Renovable\u201d <span class=\"_ _c7\"> </span>se <span class=\"_ _c6\"> </span>co<span class=\"_ _2\"></span>rresponde <span class=\"_ _c6\"> </span>co<span class=\"_ _2\"></span>n <span class=\"_ _c6\"> </span>eliminaciones <span class=\"_ _c7\"> </span>de <span class=\"_ _c6\"> </span>o<span class=\"_ _2\"></span>peraciones<span class=\"_ _1be\"> </span>efectuadas entre dichos negocio<span class=\"_ _2\"></span>s en los ejercicios<span class=\"_ _2\"></span> <span class=\"ff6\">2022 y <span class=\"_ _2\"></span>2021 por <span class=\"_ _2\"></span>importe de 3.809 miles \u20ac <span class=\"_ _2\"></span>y 2.820 miles \u20ac,<span class=\"_ _1be\"> </span></span>respectivamente.<span class=\"_ _1be\"> </span>El <span class=\"_ _4\"></span>reconocimiento <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>Vaj<span class=\"_ _2\"></span>dm <span class=\"_ _c0\"></span>(v\u00e9ase <span class=\"_ _4\"></span>N<span class=\"_ _2\"></span>ota <span class=\"_ _4\"></span>3.14 <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>Anexo <span class=\"_ _4\"></span>III<span class=\"_ _2\"></span>) <span class=\"_ _4\"></span>correspo<span class=\"_ _2\"></span>ndiente <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>ejer<span class=\"_ _2\"></span>cicio <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"></span>h<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>supu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span>una mino<span class=\"_ _2\"></span>raci\u00f3n de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>ingresos procedentes<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>la venta <span class=\"_ _2\"></span>de energ\u00eda <span class=\"_ _2\"></span>renovable <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>importe <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>34.115 mil<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>\u20ac <span class=\"_ _c0\"></span>(menor <span class=\"_ _c0\"></span>ingreso <span class=\"_ _0\"></span>por <span class=\"_ _c0\"></span>importe <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>89.118 <span class=\"_ _0\"></span>miles <span class=\"_ _c0\"></span>\u20ac <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>2021) <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>encu<span class=\"_ _2\"></span>entra <span class=\"_ _c0\"></span>recogido <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>ep\u00edgraf<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>\u201cOtros<span class=\"_ _1be\"> </span>activos y <span class=\"_ _1\"></span>pasivos <span class=\"_ _1\"></span>corrientes <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span><span class=\"ff6\">no <span class=\"_ _1\"></span>corrientes\u201d <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Estado de <span class=\"_ _1\"></span>Situaci\u00f3n <span class=\"_ _1\"></span>Financiera <span class=\"_ _1\"></span>consolidado (v\u00e9ase <span class=\"_ _1\"></span>Nota <span class=\"_ _1\"></span>30).<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span>Determinadas instalaciones<span class=\"_ _2\"></span> del <span class=\"_ _1\"></span>Grupo <span class=\"_ _1\"></span>ya tienen reconocido un <span class=\"_ _1\"></span>pasivo en <span class=\"_ _1\"></span>concepto de <span class=\"_ _1\"></span>Vajdm que <span class=\"_ _1\"></span>alcanza el<span class=\"_ _1be\"> </span>importe <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>VNA <span class=\"_ _c0\"></span>(valor <span class=\"_ _c0\"></span>presente <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>cobros <span class=\"_ _c0\"></span>futuros <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>concepto <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>retribuci\u00f3n <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>inv<span class=\"_ _2\"></span>ersi\u00f3n). <span class=\"_ _c3\"></span>Esta<span class=\"_ _1be\"> </span>situaci\u00f3n s<span class=\"_ _2\"></span>e produce principalmente en la<span class=\"_ _2\"></span>s instalacion<span class=\"_ _2\"></span>es del Negocio Energ\u00eda; Hu<span class=\"_ _2\"></span>elva 41 MW, Ja\u00e9n 16 MW,<span class=\"_ _2\"></span> Ciudad <span class=\"_ _c0\"></span>Real <span class=\"_ _4\"></span>16 <span class=\"_ _c0\"></span>MW <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>C\u00f3rdoba <span class=\"_ _c0\"></span>14 <span class=\"_ _4\"></span>MW.<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>De <span class=\"_ _4\"></span>acu<span class=\"_ _2\"></span>erdo <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>lo <span class=\"_ _4\"></span>estab<span class=\"_ _2\"></span>lecido <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>normativa<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>contable <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>igor<span class=\"_ _1be\"> </span>vigente, <span class=\"_ _c0\"></span>dicho <span class=\"_ _c0\"></span>VNA <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>pera <span class=\"_ _4\"></span>como <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>l\u00edmite <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>determinaci\u00f3n <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>pas<span class=\"_ _2\"></span>ivo <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>concepto <span class=\"_ _4\"></span>de <span class=\"_ _c3\"></span>Vajdm. <span class=\"_ _4\"></span>Si <span class=\"_ _c0\"></span>dicha<span class=\"_ _1be\"> </span>limitaci\u00f3n <span class=\"_ _1\"></span>no <span class=\"_ _bb\"></span>exis<span class=\"_ _2\"></span>tiera, <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>asivo <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>Vajdm <span class=\"_ _bb\"></span>h<span class=\"_ _2\"></span>abr\u00eda <span class=\"_ _1\"></span>sido <span class=\"_ _1\"></span>superior <span class=\"_ _bb\"></span>al re<span class=\"_ _1\"></span>conocido <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>porte <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>33.140 miles<span class=\"_ _1be\"> </span>\u20ac <span class=\"_ _0\"></span>(0 <span class=\"_ _c3\"> </span><span class=\"ls11\">\u20ac <span class=\"_ _c3\"> </span></span><span class=\"ff4\">en <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"></span>ejercicio <span class=\"_ _c3\"> </span>2021)<span class=\"ls1a\">. <span class=\"_ _c3\"> </span></span>Adicionalmente, <span class=\"_ _c3\"> </span>no <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"></span>ha <span class=\"_ _c3\"></span>reconocido<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>pasivo <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"></span>concepto <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>Vajdm <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>las<span class=\"_ _2\"></span> </span>instalaciones <span class=\"_ _c3\"></span>que <span class=\"_ _0\"></span>estando <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>\u201cR\u00e9gimen <span class=\"_ _c3\"></span>Especial <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>Cogeneraci\u00f3n <span class=\"_ _0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Residuos<span class=\"_ _2\"></span>\u201d <span class=\"_ _0\"></span>(RECORE) <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>su <span class=\"_ _0\"></span>origen<span class=\"_ _1be\"> </span>ten\u00edan <span class=\"_ _c0\"></span>un <span class=\"_ _4\"></span>VNA <span class=\"_ _c0\"></span>cero. <span class=\"_ _c0\"></span>Se <span class=\"_ _4\"></span>corresp<span class=\"_ _2\"></span>onde <span class=\"_ _c0\"></span>con <span class=\"_ _4\"></span>las <span class=\"_ _c0\"></span>instalaciones <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>Negocio <span class=\"_ _c0\"></span>Celulosa <span class=\"_ _c0\"></span>cuyo <span class=\"_ _c0\"></span>combustible <span class=\"_ _c0\"></span>es <span class=\"_ _c0\"></span>licor<span class=\"_ _1be\"> </span>negro, <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>talaciones <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>nerg\u00eda <span class=\"_ _2\"></span>C\u00f3rd<span class=\"_ _2\"></span>oba <span class=\"_ _2\"></span>13 <span class=\"_ _4\"></span>MW, <span class=\"_ _4\"></span>cuyo <span class=\"_ _2\"></span>comb<span class=\"_ _2\"></span>ustible <span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>gas, <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>Pu<span class=\"_ _4\"></span>ertollano<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>50<span class=\"_ _1be\"> </span>MW y Huelva 46 MW.<span class=\"_ _2\"></span> De <span class=\"_ _4\"></span>acuerdo <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>normat<span class=\"_ _2\"></span>iva <span class=\"_ _c0\"></span>contable <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>igor, <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>Vajdm <span class=\"_ _c0\"></span>no <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>reconocer\u00e1 <span class=\"_ _4\"></span>sie<span class=\"_ _2\"></span>mpre <span class=\"_ _4\"></span>que <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>consid<span class=\"_ _2\"></span>ere<span class=\"_ _2\"></span><span class=\"ls1c\">, <span class=\"_ _c0\"></span></span>de<span class=\"_ _1be\"> </span>acuerdo con<span class=\"_ _2\"></span> su<span class=\"_ _2\"></span> mejor <span class=\"_ _2\"></span>estimaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la evoluci\u00f3n<span class=\"_ _2\"></span> futura <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>precios <span class=\"_ _2\"></span>de mercado<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>energ\u00eda, q<span class=\"_ _2\"></span>ue ser\u00eda<span class=\"_ _2\"></span> altamente <span class=\"_ _c0\"></span>probab<span class=\"_ _2\"></span>le <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>btendr\u00e1n <span class=\"_ _c0\"></span>renta<span class=\"_ _2\"></span>bilidades <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>mercado <span class=\"_ _0\"></span>superiores <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>est<span class=\"_ _2\"></span>ablecidas <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>RD<span class=\"_ _2\"></span> 413/2014 <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>que, <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>lo <span class=\"_ _c2\"> </span>tant<span class=\"_ _2\"></span>o, <span class=\"_ _c2\"> </span>abandonar <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>r\u00e9gimen <span class=\"_ _c3\"> </span>ret<span class=\"_ _2\"></span>ributivo <span class=\"_ _c2\"> </span>no <span class=\"_ _c2\"> </span>tendr\u00eda <span class=\"_ _c2\"> </span>consecuencias <span class=\"_ _c5\"> </span>econ\u00f3micas<span class=\"_ _1be\"> </span>significativamente <span class=\"_ _c2\"> </span>m\u00e1s <span class=\"_ _c5\"> </span>adversas <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>permanecer <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>mismo. <span class=\"_ _c2\"> </span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _c5\"> </span>ha <span class=\"_ _c3\"> </span>ap<span class=\"_ _2\"></span>licado <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>criterio <span class=\"_ _c3\"> </span>general <span class=\"_ _c5\"> </span>al<span class=\"_ _1be\"> </span>considerar  que  seguir  en  el <span class=\"_ _c2\"> </span>r\u00e9gim<span class=\"_ _2\"></span>en  retributivo  tiene  importantes  ventajas  econ\u00f3micas  en<span class=\"_ _4\"></span>  todas  sus<span class=\"_ _1be\"> </span>instalaciones <span class=\"_ _2\"></span>de generaci\u00f3n de energ\u00eda <span class=\"_ _2\"></span>el\u00e9ctrica renovable.<span class=\"_ _2\"></span> Durante <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>ejercicios <span class=\"_ _4\"></span>2022 <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>2021 <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>sociedades <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Grupo <span class=\"_ _4\"></span>han <span class=\"_ _4\"></span>efec<span class=\"_ _2\"></span>tuad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>entas <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>moneda <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>tinta <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _1be\"> </span>euro, <span class=\"_ _d9\"> </span>principalmente <span class=\"_ _d9\"> </span>d\u00f3lar <span class=\"_ _d9\"> </span>estadounidense, <span class=\"_ _d9\"> </span>por <span class=\"_ _d9\"> </span>importe <span class=\"_ _d9\"> </span>de <span class=\"_ _d9\"> </span>207 <span class=\"_ _d9\"> </span>m<span class=\"_ _1\"></span>illones <span class=\"_ _d9\"> </span>\u20ac <span class=\"_ _d9\"> </span>y <span class=\"_ _d9\"> </span>218 <span class=\"_ _c8\"> </span>millones<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span>\u20ac,<span class=\"_ _1be\"> </span>respectivamente.<span class=\"_ _1be\"> </span>Grup<span class=\"_ _2\"></span>o<span class=\"_ _5\"> </span>Gr<span class=\"_ _2\"></span>up<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Cons<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>da<span class=\"_ _4\"></span>do<span class=\"_ _128\"> </span>Cons<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>da<span class=\"_ _4\"></span>do<span class=\"_ _1be\"> </span>M<span class=\"_ _1\"></span>ag<span class=\"_ _1\"></span>nitude<span class=\"_ _2\"></span>s ope<span class=\"_ _2\"></span>rat<span class=\"_ _2\"></span>iv<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>s-<span class=\"_ _1be\"> </span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nta<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> Cel<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>os<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span> (<span class=\"_ _2\"></span>Tone<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _c0\"></span>)<span class=\"_ _6a\"> </span>82<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.61<span class=\"_ _2\"></span>7<span class=\"_ _b2\"> </span><span class=\"ls43\">                     -   <span class=\"_ _e4\"> </span></span>82<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.61<span class=\"_ _2\"></span>7<span class=\"_ _b9\"> </span>9<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.05<span class=\"_ _2\"></span>7<span class=\"_ _b2\"> </span><span class=\"ls43\">                     -   <span class=\"_ _e4\"> </span></span>99<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.05<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nta<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> de e<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>g\u00eda<span class=\"_ _2\"></span> (Mwh) (*<span class=\"_ _1\"></span>*<span class=\"_ _1\"></span>)<span class=\"_ _20\"> </span>6<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.45<span class=\"_ _2\"></span>2<span class=\"_ _10e\"> </span>1<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>1.4<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>6<span class=\"_ _10e\"> </span>2<span class=\"_ _2\"></span>.17<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.89<span class=\"_ _2\"></span>8<span class=\"_ _b9\"> </span>8<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.18<span class=\"_ _2\"></span>4<span class=\"_ _7\"> </span>1<span class=\"_ _2\"></span>.43<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>9<span class=\"_ _7\"> </span>2<span class=\"_ _2\"></span>.26<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.38<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>I<span class=\"_ _1\"></span>ngre<span class=\"_ _2\"></span>sos-<span class=\"_ _1be\"> </span>Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _c0\"></span>os<span class=\"_ _4\"></span>a<span class=\"_ _126\"> </span> <span class=\"_ _2\"></span> 6<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>76<span class=\"_ _2\"></span>  <span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span><span class=\"ls43\">                     -   <span class=\"_ _129\"> </span></span>  6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>5.4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>6 <span class=\"_ _2\"></span>  <span class=\"_ _8a\"> </span>  5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.56<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>   <span class=\"_ _ca\"> </span><span class=\"ls43\">                     -   <span class=\"_ _e4\"> </span></span>5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.56<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>\u00e9<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>tri<span class=\"_ _4\"></span>c<span class=\"_ _4\"></span>a<span class=\"_ _125\"> </span>  73<span class=\"_ _2\"></span>.61<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>   <span class=\"_ _129\"> </span>  <span class=\"_ _2\"></span>29<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span>26<span class=\"_ _2\"></span>  <span class=\"_ _2\"></span> <span class=\"_ _129\"> </span>  3<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.33<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _92\"> </span>10<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.70<span class=\"_ _2\"></span>0<span class=\"_ _8a\"> </span>15<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.05<span class=\"_ _2\"></span>1<span class=\"_ _48\"> </span>2<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.75<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Ma<span class=\"_ _2\"></span>dera<span class=\"_ _4\"></span> y s<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>os<span class=\"_ _4\"></span> fo<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _d4\"> </span>  10<span class=\"_ _2\"></span>.08<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>   <span class=\"_ _1c\"> </span>  47<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _12a\"> </span>  1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.55<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _14\"> </span>1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.62<span class=\"_ _2\"></span>2<span class=\"_ _6e\"> </span><span class=\"ls44\">734<span class=\"_ _92\"> </span></span>14<span class=\"_ _2\"></span>.35<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span>Fa<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>tura<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3<span class=\"_ _2\"></span>n i<span class=\"_ _c0\"></span>ntra<span class=\"_ _4\"></span>-negoci<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _12b\"> </span>  3<span class=\"_ _2\"></span>.69<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>   <span class=\"_ _1c\"> </span>  11<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _ca\"> </span><span class=\"ls43\">                     -   <span class=\"_ _d4\"> </span></span>2.72<span class=\"_ _2\"></span>1<span class=\"_ _12c\"> </span><span class=\"ls44\">99<span class=\"_ _c1\"> </span><span class=\"ls43\">                     - </span></span>71<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.87<span class=\"_ _2\"></span>5<span class=\"_ _12d\"> </span>29<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.30<span class=\"_ _2\"></span>8<span class=\"_ _7\"> </span>1<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.37<span class=\"_ _2\"></span>4<span class=\"_ _b9\"> </span>6<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>6<span class=\"_ _2\"></span>11<span class=\"_ _12d\"> </span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>8<span class=\"_ _2\"></span>84<span class=\"_ _12d\"> </span>8<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>6<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>5<span class=\"_ _1be\"> </span>31/12/2022<span class=\"_ _1be\"> </span>31/12/2021<span class=\"_ _1be\"> </span>Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _c0\"></span>os<span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _c0\"></span>os<span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _1be\"> </span>10.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Otros ingresos de explota<span class=\"_ _1\"></span>ci\u00f3n<span class=\"_ _1be\"> </span></span></span>Este  e<span class=\"_ _1\"></span>p\u00edgrafe <span class=\"_ _c5\"> </span>del  Estado <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>Resulta<span class=\"_ _2\"></span>do <span class=\"_ _c5\"> </span>consolidado<span class=\"_ _2\"></span>  recoge, <span class=\"_ _c2\"> </span>principa<span class=\"_ _2\"></span>lmente,  ingre<span class=\"_ _1\"></span>sos<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>por  los <span class=\"_ _c2\"> </span>siguientes<span class=\"_ _1be\"> </span>conceptos; <span class=\"_ _0\"></span>subvenciones<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>explotaci\u00f3<span class=\"_ _2\"></span>n, <span class=\"_ _c0\"></span>ar<span class=\"_ _2\"></span>rendamientos <span class=\"_ _0\"></span>e <span class=\"_ _c0\"></span>indemnizaciones <span class=\"_ _0\"></span>percibidas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>compa\u00f1\u00edas <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>seguros. <span class=\"_ _c7\"> </span>En <span class=\"_ _c6\"> </span>este <span class=\"_ _c7\"> </span>sentido, <span class=\"_ _c7\"> </span>en <span class=\"_ _c7\"> </span>e<span class=\"ls1f\">l <span class=\"_ _c6\"> </span></span>ejercicio <span class=\"_ _c7\"> </span>2021 <span class=\"_ _c6\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _c6\"> </span>in<span class=\"_ _2\"></span>cluyen <span class=\"_ _c7\"> </span>ingresos <span class=\"_ _c7\"> </span>por <span class=\"_ _c6\"> </span>importe <span class=\"_ _c7\"> </span>de<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>14.2<span class=\"_ _2\"></span>33 <span class=\"_ _c7\"> </span><span class=\"ff6\">miles <span class=\"_ _c6\"> </span>\u20ac,<span class=\"_ _1be\"> </span></span>correspondientes a<span class=\"_ _2\"></span> indemnizaciones<span class=\"_ _2\"></span> pactadas<span class=\"_ _2\"></span> con<span class=\"_ _2\"></span> las comp<span class=\"_ _2\"></span>a\u00f1\u00edas de s<span class=\"_ _2\"></span>eguro que dan cob<span class=\"_ _2\"></span>ertura a lo<span class=\"_ _2\"></span>s activos<span class=\"_ _1be\"> </span>del grupo, como con<span class=\"_ _2\"></span>secuencia d<span class=\"_ _2\"></span>e las aver\u00edas d<span class=\"_ _2\"></span>e maquinaria de la instalaci<span class=\"_ _2\"></span><span class=\"ls22\">\u00f3n</span> H<span class=\"_ _2\"></span>uelva 50 MW.<span class=\"_ _1be\"> </span>10.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Distribuci\u00f3n geogr\u00e1fi<span class=\"_ _1\"></span>ca de los in<span class=\"_ _1\"></span>gresos<span class=\"_ _1be\"> </span></span></span>La <span class=\"_ _4\"></span>to<span class=\"_ _2\"></span>talidad <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>ventas <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>energ\u00eda <span class=\"_ _c0\"></span>el\u00e9ctrica <span class=\"_ _c0\"></span>se<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>h<span class=\"_ _2\"></span>an <span class=\"_ _c0\"></span>efectuado <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>Espa\u00f1<span class=\"_ _2\"></span>a. <span class=\"_ _c0\"></span>La <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>istribuci\u00f3n <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>mercados<span class=\"_ _1be\"> </span>geogr\u00e1ficos de los in<span class=\"_ _2\"></span>gresos ordinarios co<span class=\"_ _2\"></span>rrespondientes a las v<span class=\"_ _2\"></span>entas de <span class=\"_ _2\"></span>celulosa <span class=\"_ _2\"></span>es como sigue:<span class=\"_ _2\"></span> (*)  Distribuci\u00f3n realizada considerando el lugar de entrega<span class=\"_ _1be\"> </span>11.<span class=\"ff5 ls0_1\"> <span class=\"_ _c0\"></span><span class=\"ff3\">Apr<span class=\"_ _2\"></span>ovisionamientos<span class=\"_ _1be\"> </span></span></span>El ep\u00edgrafe Aprovisionamiento<span class=\"_ _2\"></span>s en 202<span class=\"_ _2\"></span>2 y 2021 se des<span class=\"_ _2\"></span>glosa en:<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> (*) <span class=\"_ _c1\"> </span>L<span class=\"_ _2\"></span>a <span class=\"ff6\">diferencia entre la i<span class=\"_ _2\"></span>nformaci\u00f3n del <span class=\"_ _2\"></span>\u201cGrupo Consolidado\u201d al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de diciembre de 202<span class=\"_ _2\"></span></span>2 y <span class=\"_ _2\"></span>2021 y la<span class=\"_ _2\"></span> agregaci\u00f3n de<span class=\"_ _1be\"> </span>los <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>gocios <span class=\"_ _1\"></span>\u201cCelulosa\u201d <span class=\"_ _bb\"></span>y <span class=\"_ _1\"></span>\u201cEnerg\u00eda <span class=\"_ _1\"></span>Renovable<span class=\"_ _1\"></span>\u201d <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>corresponde <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>eliminacione<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>operaciones e<span class=\"_ _1\"></span>fectuad<span class=\"_ _2\"></span><span class=\"ff4\">as <span class=\"_ _1\"></span>entre <span class=\"_ _bb\"></span>dichos<span class=\"_ _1be\"> </span></span>negocios en 2022 <span class=\"ls45\">y 20</span>21 por 3.809 <span class=\"ff6\">miles \u20ac</span> <span class=\"ls45\">y <span class=\"ls46\">2.820</span></span> <span class=\"ff6\">miles \u20ac</span>, respectivamente.<span class=\"_ _1be\"> </span>En  este  ep\u00edgrafe  se  incluyen  principalment<span class=\"ls18\">e  </span>cos<span class=\"_ _2\"></span>tes  de  adquisici\u00f3n  de  madera,  de  productos  qu\u00edmicos,<span class=\"_ _1be\"> </span>combustibles y o<span class=\"_ _2\"></span>tros costes variables<span class=\"_ _2\"></span>, as\u00ed co<span class=\"_ _2\"></span>mo servicios de apro<span class=\"_ _2\"></span>vechamiento y trans<span class=\"_ _2\"></span>porte de madera.<span class=\"_ _2\"></span> Po<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>j<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>/V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nta<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> c<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _c0\"></span>os<span class=\"_ _c0\"></span>a<span class=\"_ _1be\"> </span>2022<span class=\"_ _1e\"> </span>2021<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>ni<span class=\"_ _c0\"></span>a<span class=\"_ _12e\"> </span>2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,0<span class=\"_ _f0\"> </span>24<span class=\"_ _2\"></span>,3<span class=\"_ _1be\"> </span>Es<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>\u00f1a<span class=\"_ _f8\"> </span>1<span class=\"_ _2\"></span>6<span class=\"_ _4\"></span>,5<span class=\"_ _f0\"> </span>14<span class=\"_ _2\"></span>,3<span class=\"_ _1be\"> </span>Po<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>ni<span class=\"_ _c0\"></span>a<span class=\"_ _79\"> </span>12<span class=\"_ _2\"></span>,1<span class=\"_ _f0\"> </span>1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,6<span class=\"_ _1be\"> </span>I<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>i<span class=\"_ _c0\"></span>a<span class=\"_ _12f\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,2<span class=\"_ _12c\"> </span>9,7<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>no<span class=\"_ _2\"></span> Uni<span class=\"_ _4\"></span>do<span class=\"_ _cd\"> </span>6,9<span class=\"_ _ef\"> </span>6<span class=\"_ _2\"></span>,4<span class=\"_ _1be\"> </span>Fr<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>nc<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _111\"> </span>4<span class=\"_ _2\"></span>,4<span class=\"_ _ef\"> </span>6<span class=\"_ _2\"></span>,9<span class=\"_ _1be\"> </span>Greci<span class=\"_ _c0\"></span>a<span class=\"_ _130\"> </span>4<span class=\"_ _2\"></span>,9<span class=\"_ _ef\"> </span>1<span class=\"_ _2\"></span>,2<span class=\"_ _1be\"> </span>Sueci<span class=\"_ _c0\"></span>a<span class=\"_ _130\"> </span>4,1<span class=\"_ _ef\"> </span>3<span class=\"_ _2\"></span>,6<span class=\"_ _1be\"> </span>O<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>os<span class=\"_ _131\"> </span>1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,9<span class=\"_ _f0\"> </span>20<span class=\"_ _2\"></span>,0<span class=\"_ _1be\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,0<span class=\"_ _33\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,0<span class=\"_ _1be\"> </span>Compra<span class=\"_ _4\"></span>s<span class=\"_ _af\"> </span>  2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.64<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>   <span class=\"_ _e4\"> </span>  7<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.54<span class=\"_ _2\"></span>1  <span class=\"_ _2\"></span> <span class=\"_ _132\"> </span>  3<span class=\"_ _2\"></span>65<span class=\"_ _2\"></span>.90<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _78\"> </span>  2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.95<span class=\"_ _2\"></span>5  <span class=\"_ _2\"></span> <span class=\"_ _7\"> </span>  <span class=\"_ _2\"></span>57<span class=\"_ _2\"></span>.69<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>   <span class=\"_ _132\"> </span>  3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.68<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> V<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>xi<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>te<span class=\"_ _bb\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> de  m<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> pr<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ma<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> y a<span class=\"_ _4\"></span>ux<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>es       (13<span class=\"_ _2\"></span>.21<span class=\"_ _2\"></span>3)   <span class=\"_ _d9\"> </span>         (8.217<span class=\"_ _2\"></span>)   <span class=\"_ _cc\"> </span>       (2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.430<span class=\"_ _2\"></span>)   <span class=\"_ _129\"> </span>         (2<span class=\"_ _2\"></span>.02<span class=\"_ _2\"></span>2)   <span class=\"_ _d9\"> </span>         (2.366<span class=\"_ _2\"></span>)   <span class=\"_ _c8\"> </span>         (4<span class=\"_ _2\"></span>.388<span class=\"_ _2\"></span>) Otro<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>xte<span class=\"_ _1\"></span>rn<span class=\"_ _2\"></span>os<span class=\"_ _133\"> </span>  3<span class=\"_ _2\"></span>1.8<span class=\"_ _2\"></span>88<span class=\"_ _2\"></span>   <span class=\"_ _e4\"> </span>  2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.42<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _e4\"> </span>  5<span class=\"_ _2\"></span>5.7<span class=\"_ _2\"></span>77<span class=\"_ _2\"></span>   <span class=\"_ _17\"> </span>  <span class=\"_ _2\"></span>38<span class=\"_ _2\"></span>.31<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _e4\"> </span>  1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.14<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>   <span class=\"_ _e4\"> </span>  54<span class=\"_ _2\"></span>.60<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> 31<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.32<span class=\"_ _2\"></span>0 <span class=\"_ _9e\"> </span>92<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>74<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> <span class=\"_ _72\"> </span>4<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>.25<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> <span class=\"_ _22\"> </span>2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>24<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> <span class=\"_ _9b\"> </span>7<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>4<span class=\"_ _2\"></span>72<span class=\"_ _2\"></span> <span class=\"_ _72\"> </span>3<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>5.90<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> 31/12/2022<span class=\"_ _1be\"> </span>31/12/2021<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> de e<span class=\"_ _1\"></span>uros<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goci<span class=\"_ _c0\"></span>o<span class=\"_ _1be\"> </span>Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goci<span class=\"_ _c0\"></span>o<span class=\"_ _1be\"> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _1be\"> </span>Grup<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Cons<span class=\"_ _4\"></span>ol<span class=\"_ _c0\"></span>i<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span>do<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goci<span class=\"_ _c0\"></span>o<span class=\"_ _1be\"> </span>Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goci<span class=\"_ _c0\"></span>o<span class=\"_ _1be\"> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _1be\"> </span>Grup<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Cons<span class=\"_ _4\"></span>ol<span class=\"_ _c0\"></span>i<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span>do<span class=\"_ _1be\"> </span>12.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Personal<span class=\"_ _1be\"> </span></span></span>Los <span class=\"_ _2\"></span>gas<span class=\"_ _2\"></span>tos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>pers<span class=\"_ _2\"></span>onal <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ncurridos <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>ejercicios <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>2021 <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>distintos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>negocios <span class=\"_ _2\"></span>des<span class=\"_ _2\"></span>arrollados <span class=\"_ _4\"></span>por<span class=\"_ _1be\"> </span>ENCE son<span class=\"_ _2\"></span> los siguientes:<span class=\"_ _1be\"> </span>12.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Datos de plantilla<span class=\"_ _1be\"> </span></span></span>La <span class=\"_ _2\"></span>plantilla <span class=\"_ _2\"></span>media <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Grupo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>ejercicios <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>etallada <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>categor\u00eda <span class=\"_ _2\"></span>profesional <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> sexo, <span class=\"_ _4\"></span>es <span class=\"_ _2\"></span>la<span class=\"_ _1be\"> </span>siguiente:<span class=\"_ _1be\"> </span>As\u00ed <span class=\"_ _1\"></span>mismo <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>distribuci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>plantilla del <span class=\"_ _bb\"></span>Grupo al <span class=\"_ _1\"></span>31 <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>diciem<span class=\"_ _1\"></span>bre de <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2021<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>detallada por <span class=\"_ _1\"></span>categor\u00eda<span class=\"_ _1be\"> </span>profesional y s<span class=\"_ _2\"></span>exo, es la siguiente:<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> euros<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _1be\"> </span>Grup<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Cons<span class=\"_ _4\"></span>ol<span class=\"_ _c0\"></span>i<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span>do<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _1be\"> </span>Grup<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Cons<span class=\"_ _4\"></span>ol<span class=\"_ _c0\"></span>i<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span>do<span class=\"_ _1be\"> </span>Suel<span class=\"_ _2\"></span>dos<span class=\"_ _4\"></span> y<span class=\"_ _2\"></span> s<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _11c\"> </span>  5<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.74<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _103\"> </span>  13<span class=\"_ _2\"></span>.34<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _103\"> </span>  7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.08<span class=\"_ _2\"></span>3  <span class=\"_ _2\"></span> <span class=\"_ _1c\"> </span>5<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.64<span class=\"_ _2\"></span>5<span class=\"_ _8\"> </span>10<span class=\"_ _2\"></span>.05<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.70<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span>Se<span class=\"_ _1\"></span>guri<span class=\"_ _c0\"></span>da<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> Soc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _41\"> </span>  14<span class=\"_ _2\"></span>.05<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _72\"> </span>  <span class=\"_ _2\"></span>3.26<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>   <span class=\"_ _103\"> </span>  1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.31<span class=\"_ _2\"></span>6 <span class=\"_ _2\"></span>  <span class=\"_ _1c\"> </span>1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.14<span class=\"_ _2\"></span>4<span class=\"_ _28\"> </span>2<span class=\"_ _2\"></span>.95<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>por<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n p<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> pens<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>.13<span class=\"_ _2\"></span>)<span class=\"_ _aa\"> </span>  2<span class=\"_ _2\"></span>.02<span class=\"_ _2\"></span>9  <span class=\"_ _2\"></span> <span class=\"_ _3a\"> </span>  3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>   <span class=\"_ _24\"> </span>2.34<span class=\"_ _2\"></span>6<span class=\"_ _a8\"> </span>2.0<span class=\"_ _2\"></span>38<span class=\"_ _33\"> </span><span class=\"ls4a\">262 <span class=\"_ _97\"> </span></span>2<span class=\"_ _2\"></span>.30<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> s<span class=\"_ _4\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _134\"> </span>1.4<span class=\"_ _2\"></span>10<span class=\"_ _33\"> </span><span class=\"ls4a\">190<span class=\"_ _28\"> </span></span>1.60<span class=\"_ _2\"></span>0<span class=\"_ _a8\"> </span>1.2<span class=\"_ _2\"></span>85<span class=\"_ _33\"> </span><span class=\"ls4a\">178<span class=\"_ _28\"> </span></span>1.46<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>74<span class=\"_ _2\"></span>.23<span class=\"_ _2\"></span>1<span class=\"_ _8\"> </span>17<span class=\"_ _2\"></span>.11<span class=\"_ _2\"></span>4<span class=\"_ _8\"> </span>91<span class=\"_ _2\"></span>.34<span class=\"_ _2\"></span>5<span class=\"_ _90\"> </span>7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.11<span class=\"_ _2\"></span>2<span class=\"_ _8\"> </span>13<span class=\"_ _2\"></span>.45<span class=\"_ _2\"></span>6<span class=\"_ _8\"> </span>83<span class=\"_ _2\"></span>.56<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span>Pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>nes<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>et<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>go pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>zo (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>.14<span class=\"_ _2\"></span>)<span class=\"_ _12c\"> </span><span class=\"ls4a\">57<span class=\"_ _33\"> </span></span>  3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _87\"> </span>  <span class=\"_ _2\"></span>88<span class=\"_ _2\"></span>   <span class=\"_ _12c\"> </span><span class=\"ls4a\">21<span class=\"_ _1be\"> </span></span>                 <span class=\"ls0_1\"> <span class=\"_ _ef\"> </span>(7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></span>I<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ni<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _136\"> </span>  1<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>0   <span class=\"_ _22\"> </span><span class=\"ls4a\">658<span class=\"_ _1c\"> </span></span>1<span class=\"_ _2\"></span>.75<span class=\"_ _2\"></span>8<span class=\"_ _7a\"> </span><span class=\"ls4a\">452<span class=\"_ _ea\"> </span>228<span class=\"_ _ea\"> </span>680<span class=\"_ _1be\"> </span></span>75<span class=\"_ _2\"></span>.38<span class=\"_ _2\"></span>8<span class=\"_ _8\"> </span>17<span class=\"_ _2\"></span>.803<span class=\"_ _8\"> </span>93<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>1<span class=\"_ _90\"> </span>7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.585<span class=\"_ _8\"> </span>1<span class=\"_ _2\"></span>3.58<span class=\"_ _2\"></span>6<span class=\"_ _8\"> </span>84<span class=\"_ _2\"></span>.171<span class=\"_ _1be\"> </span>31/12/2022<span class=\"_ _1be\"> </span>31/12/2021<span class=\"_ _1be\"> </span>Ca<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>gor\u00eda<span class=\"_ _4\"></span> P<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ofes<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _ff\"> </span>Hom<span class=\"_ _1\"></span>br<span class=\"_ _2\"></span>es<span class=\"_ _b2\"> </span>M<span class=\"_ _1\"></span>uj<span class=\"_ _4\"></span>eres<span class=\"_ _19\"> </span>Tota<span class=\"_ _2\"></span>l<span class=\"_ _8a\"> </span>Hombres<span class=\"_ _b2\"> </span>Muj<span class=\"_ _2\"></span>eres<span class=\"_ _109\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> Di<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ecti<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span>s<span class=\"_ _10c\"> </span><span class=\"ls4c\">51<span class=\"_ _4a\"> </span>14<span class=\"_ _e9\"> </span>65<span class=\"_ _8f\"> </span>48<span class=\"_ _4a\"> </span>13<span class=\"_ _e9\"> </span>61<span class=\"_ _1be\"> </span></span>Ge<span class=\"_ _1\"></span>rent<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _127\"> </span><span class=\"ls4c\">60<span class=\"_ _e9\"> </span>23<span class=\"_ _4a\"> </span>83<span class=\"_ _8f\"> </span>60<span class=\"_ _4a\"> </span>19<span class=\"_ _e9\"> </span>79<span class=\"_ _1be\"> </span></span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ons<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>bl<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> equi<span class=\"_ _4\"></span>po<span class=\"_ _b9\"> </span><span class=\"ls4c\">68<span class=\"_ _12\"> </span></span>5<span class=\"_ _e9\"> </span><span class=\"ls4c\">73<span class=\"_ _f5\"> </span>69<span class=\"_ _12\"> </span></span>4<span class=\"_ _e9\"> </span><span class=\"ls4c\">73<span class=\"_ _1be\"> </span></span>T\u00e9<span class=\"_ _1\"></span>cni<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _137\"> </span><span class=\"ls4c\">195<span class=\"_ _24\"> </span>122<span class=\"_ _9b\"> </span>317<span class=\"_ _b9\"> </span>196<span class=\"_ _9b\"> </span>123<span class=\"_ _24\"> </span>319<span class=\"_ _1be\"> </span></span>A<span class=\"_ _1\"></span>dmi<span class=\"_ _2\"></span>ni<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>tra<span class=\"_ _2\"></span>ti<span class=\"_ _4\"></span>vos<span class=\"_ _138\"> </span><span class=\"ls4c\">16<span class=\"_ _4a\"> </span>38<span class=\"_ _e9\"> </span>54<span class=\"_ _8f\"> </span>14<span class=\"_ _4a\"> </span>43<span class=\"_ _e9\"> </span>57<span class=\"_ _1be\"> </span></span>Op<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>es<span class=\"_ _8d\"> </span><span class=\"ls4c\">288<span class=\"_ _4a\"> </span>34<span class=\"_ _9b\"> </span>322<span class=\"_ _b9\"> </span>306<span class=\"_ _e9\"> </span>30<span class=\"_ _24\"> </span>336<span class=\"_ _1be\"> </span></span>A<span class=\"_ _1\"></span>poyo <span class=\"_ _2\"></span>y me<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>a<span class=\"_ _7d\"> </span><span class=\"ls4c\">47<span class=\"_ _e9\"> </span>48<span class=\"_ _4a\"> </span>95<span class=\"_ _8f\"> </span>49<span class=\"_ _4a\"> </span>50<span class=\"_ _e9\"> </span>99<span class=\"_ _1be\"> </span></span>Ma<span class=\"_ _2\"></span>nte<span class=\"_ _1\"></span>ni<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>ento<span class=\"_ _85\"> </span><span class=\"ls4c\">131<span class=\"_ _12\"> </span></span>2<span class=\"_ _9b\"> </span><span class=\"ls4c\">133<span class=\"_ _f1\"> </span>135<span class=\"_ _2b\"> </span></span>2<span class=\"_ _9b\"> </span><span class=\"ls4c\">137<span class=\"_ _1be\"> </span></span>856<span class=\"_ _24\"> </span>286<span class=\"_ _139\"> </span><span class=\"ls0_1\">1.14<span class=\"_ _2\"></span>2<span class=\"_ _f1\"> </span></span>877<span class=\"_ _9b\"> </span>284<span class=\"_ _12a\"> </span><span class=\"ls0_1\">1<span class=\"_ _2\"></span>.16<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span></span>2021<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>\u00fame<span class=\"_ _1\"></span>ro <span class=\"_ _2\"></span>Me<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>o de Em<span class=\"_ _1\"></span>pl<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> del<span class=\"_ _2\"></span> Ej<span class=\"_ _2\"></span>erc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>o<span class=\"_ _1be\"> </span>2022<span class=\"_ _1be\"> </span>Al 31 de diciembre de <span class=\"ls11\">202</span>2 <span class=\"ls23\">y <span class=\"ls11\">20</span></span>21 el n<span class=\"_ _2\"></span>\u00famero de empleado<span class=\"_ _2\"></span>s con una dis<span class=\"_ _2\"></span>capacidad superior al 33% es de <span class=\"_ _2\"></span>10<span class=\"_ _2\"></span> y 12 personas<span class=\"_ _2\"></span>, respectivamente.<span class=\"_ _2\"></span> Por <span class=\"_ _c3\"> </span>otra <span class=\"_ _c3\"> </span>parte, <span class=\"_ _c3\"> </span>a<span class=\"_ _2\"></span>l <span class=\"_ _c3\"> </span>31 <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>iciembre <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>202<span class=\"_ _2\"></span>2 <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>2<span class=\"_ _2\"></span>021 <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>Consejo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>Administra<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _c3\"> </span>est\u00e1 <span class=\"_ _c3\"> </span>formad<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"> </span>13<span class=\"_ _2\"></span> consejeros; de ellos, 8 <span class=\"_ _2\"></span>son varones y 5 <span class=\"_ _2\"></span>mujeres. <span class=\"_ _2\"></span> 12.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Plan de retribuci\u00f3n a lar<span class=\"_ _1\"></span>go plazo<span class=\"_ _1be\"> </span></span></span>Plan de ince<span class=\"_ _2\"></span>ntivo a largo plazo para e<span class=\"_ _2\"></span>l periodo 2019<span class=\"_ _2\"></span>-<span class=\"ls11\">2023</span> El 28 <span class=\"_ _2\"></span>de marzo <span class=\"_ _2\"></span>de 2019 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Junta General <span class=\"_ _2\"></span>de Accionista<span class=\"_ _2\"></span>s de <span class=\"_ _2\"></span>ENCE <span class=\"_ _4\"></span>aprob\u00f3 <span class=\"_ _2\"></span><span class=\"ff6\">el \u201cPlan<span class=\"_ _2\"></span> de In<span class=\"_ _2\"></span>centivo a <span class=\"_ _2\"></span>largo <span class=\"_ _2\"></span>plazo<span class=\"_ _1be\"> </span></span>para <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>periodo <span class=\"_ _c0\"></span>2019-<span class=\"ff6\">2023\u201d</span>, <span class=\"_ _c0\"></span>como <span class=\"_ _c0\"></span>plan <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>retribuci\u00f3n <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>ineraria <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>entrega <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>accion<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>Sociedad <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>car\u00e1cter plurianual.<span class=\"_ _2\"></span> El  objetivo  del <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>lan  es <span class=\"_ _c2\"> </span>el  de <span class=\"_ _c5\"> </span>incentivar  el <span class=\"_ _c2\"> </span>rendimiento  profesional  del  e<span class=\"_ _1\"></span>quipo  directivo  y  ref<span class=\"_ _1\"></span>orzar  su<span class=\"_ _1be\"> </span>orientaci\u00f3n <span class=\"_ _c3\"> </span>a <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>consecuci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>los <span class=\"_ _c3\"> </span>ob<span class=\"_ _2\"></span>jetivos <span class=\"_ _c3\"> </span>definidos <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>Plan <span class=\"_ _c2\"> </span>estrat\u00e9gico <span class=\"_ _c2\"> </span>2019<span class=\"_ _2\"></span>-2023, <span class=\"_ _c2\"> </span>promover <span class=\"_ _c2\"> </span>la<span class=\"_ _1be\"> </span>sostenibilidad<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>Grup<span class=\"_ _2\"></span>o <span class=\"_ _c3\"></span>para <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>creaci\u00f3n <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>valor <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"></span>largo <span class=\"_ _c3\"> </span>plazo, <span class=\"_ _c2\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>comprometer <span class=\"_ _0\"></span>a <span class=\"_ _c3\"> </span>la<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>direcci\u00f3n <span class=\"_ _0\"></span>con <span class=\"_ _c3\"> </span>los<span class=\"_ _2\"></span> intereses de los accion<span class=\"_ _2\"></span>istas y la mejora del cli<span class=\"_ _2\"></span>ma organizacion<span class=\"_ _2\"></span>al.<span class=\"_ _2\"></span> Se <span class=\"_ _c0\"></span>trata <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>Plan <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>cinco <span class=\"_ _c0\"></span>a\u00f1os, <span class=\"_ _0\"></span>alineado <span class=\"_ _c0\"></span>al <span class=\"_ _c0\"></span>plazo <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>duraci\u00f3n <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Plan <span class=\"_ _c0\"></span>Estra<span class=\"_ _2\"></span>t\u00e9gico, <span class=\"_ _c0\"></span>compuesto <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>ciclos. <span class=\"_ _2\"></span>El <span class=\"_ _4\"></span>Ciclo <span class=\"_ _2\"></span>I <span class=\"_ _4\"></span>tiene <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>du<span class=\"_ _2\"></span>raci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>tres <span class=\"_ _4\"></span>a\u00f1<span class=\"ls22\">os</span>, <span class=\"_ _4\"></span>desde <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>enero <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2019 <span class=\"_ _4\"></span>hasta <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>diciembre <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>2021 y el Ciclo II de cin<span class=\"_ _2\"></span>co a\u00f1os<span class=\"_ _2\"></span>, desde el 1 de enero de 201<span class=\"_ _2\"></span>9 hasta el 31 d<span class=\"_ _2\"></span>e diciembre de 2023. <span class=\"_ _2\"></span> El <span class=\"_ _c0\"></span>Ciclo <span class=\"_ _c0\"></span>I <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>incentivo <span class=\"_ _0\"></span>representa <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>40% <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>incentivo <span class=\"_ _c0\"></span>total <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>ha <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>ido <span class=\"_ _4\"></span>ab<span class=\"_ _2\"></span>onado <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>julio <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>2022<span class=\"_ _2\"></span><span class=\"ls1a\">. <span class=\"_ _c0\"></span></span>Por <span class=\"_ _c0\"></span>su<span class=\"_ _1be\"> </span>parte, el <span class=\"_ _2\"></span>Ciclo II <span class=\"_ _2\"></span>del Incentiv<span class=\"_ _2\"></span>o representa <span class=\"_ _2\"></span>un 60% <span class=\"_ _2\"></span>del incentivo <span class=\"_ _2\"></span>total y <span class=\"_ _2\"></span>ser\u00e1 abonad<span class=\"_ _2\"></span>o, en su cas<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>julio de<span class=\"_ _1be\"> </span>2024.<span class=\"ls0_1\"> </span>Son requisitos imprescindibles para su devengo el alcanzar el <span class=\"_ _1\"></span>grado m\u00ednimo de consecuci\u00f3n conforme a los<span class=\"_ _1be\"> </span>criterios a los que vienen referenciados los distintos<span class=\"_ _2\"></span> objetivos, y que e<span class=\"_ _1\"></span>l beneficiario se halle en <span class=\"_ _1\"></span>situaci\u00f3n de<span class=\"_ _1be\"> </span>prestaci\u00f3n <span class=\"_ _0\"></span>efectiva <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>servicios<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>para <span class=\"_ _0\"></span>ENCE <span class=\"_ _0\"></span>(en <span class=\"_ _0\"></span>alta <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>Seguridad<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>Social) <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>corres<span class=\"_ _2\"></span>pondiente <span class=\"_ _0\"></span>fecha <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>consolidaci\u00f3n d<span class=\"_ _2\"></span>el derecho, con las<span class=\"_ _2\"></span> salvedades hab<span class=\"_ _2\"></span>ituales para este <span class=\"_ _2\"></span>tipo de incentivo<span class=\"_ _2\"></span>s.<span class=\"_ _1be\"> </span>El <span class=\"_ _2\"></span>incentivo <span class=\"_ _2\"></span>considerado <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>este <span class=\"_ _2\"></span>Plan <span class=\"_ _2\"></span>consiste <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>% <span class=\"_ _2\"></span>de la <span class=\"_ _2\"></span>retribuci\u00f3n<span class=\"_ _2\"></span> fija <span class=\"_ _2\"></span>media <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>abarca<span class=\"_ _1be\"> </span>cada <span class=\"_ _4\"></span>ciclo, <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>oscila <span class=\"_ _4\"></span>entre <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>85% <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>500%, <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>funci\u00f3n <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>categor\u00eda <span class=\"_ _4\"></span>prof<span class=\"_ _2\"></span>esional<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>eneficiario<span class=\"ls1c\">, <span class=\"_ _4\"></span></span>y <span class=\"_ _4\"></span>su<span class=\"_ _1be\"> </span>consecuci\u00f3n est\u00e1 v<span class=\"_ _2\"></span>inculada <span class=\"ls15\">a </span>cuatro <span class=\"_ _2\"></span>objetivos relacion<span class=\"_ _2\"></span>ados con los resultad<span class=\"_ _2\"></span>os econ\u00f3micos alcanzados, co<span class=\"_ _2\"></span>n<span class=\"_ _1be\"> </span>la sostenibilidad<span class=\"_ _2\"></span>, el clima organizacional y<span class=\"_ _2\"></span> la cotizaci\u00f3n d<span class=\"_ _2\"></span>e la acci\u00f3n de ENCE.<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> Ca<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>gor\u00eda<span class=\"_ _4\"></span> P<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ofes<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ona<span class=\"_ _4\"></span>l<span class=\"_ _51\"> </span>Hom<span class=\"_ _1\"></span>br<span class=\"_ _2\"></span>es<span class=\"_ _a3\"> </span>Muj<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _e4\"> </span>Tota<span class=\"_ _2\"></span>l<span class=\"_ _3a\"> </span>Hom<span class=\"_ _1\"></span>br<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _a3\"> </span>Muj<span class=\"_ _4\"></span>eres<span class=\"_ _e4\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span> Di<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ecti<span class=\"_ _4\"></span>vos<span class=\"_ _13a\"> </span><span class=\"ls4d\">54<span class=\"_ _d\"> </span>15<span class=\"_ _8c\"> </span>69<span class=\"_ _10\"> </span>48<span class=\"_ _8c\"> </span>14<span class=\"_ _d\"> </span>62<span class=\"_ _1be\"> </span></span>Ge<span class=\"_ _1\"></span>rent<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _60\"> </span><span class=\"ls4d\">63<span class=\"_ _8c\"> </span>24<span class=\"_ _d\"> </span>87<span class=\"_ _10\"> </span>60<span class=\"_ _8c\"> </span>21<span class=\"_ _d\"> </span>81<span class=\"_ _1be\"> </span></span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ons<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>qui<span class=\"_ _c0\"></span>po<span class=\"_ _d4\"> </span><span class=\"ls4d\">69<span class=\"_ _f3\"> </span></span>5<span class=\"_ _d\"> </span><span class=\"ls4d\">74<span class=\"_ _10\"> </span>68<span class=\"_ _2e\"> </span></span>4<span class=\"_ _d\"> </span><span class=\"ls4d\">72<span class=\"_ _1be\"> </span></span>T\u00e9<span class=\"_ _bb\"></span>c<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _13b\"> </span><span class=\"ls4d\">201<span class=\"_ _86\"> </span>134<span class=\"_ _8b\"> </span>335<span class=\"_ _1e\"> </span>197<span class=\"_ _8b\"> </span>119<span class=\"_ _86\"> </span>316<span class=\"_ _1be\"> </span></span>A<span class=\"_ _1\"></span>dmi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>ti<span class=\"_ _4\"></span>vos<span class=\"_ _44\"> </span><span class=\"ls4d\">15<span class=\"_ _8c\"> </span>40<span class=\"_ _d\"> </span>55<span class=\"_ _42\"> </span>16<span class=\"_ _d\"> </span>45<span class=\"_ _d\"> </span>61<span class=\"_ _1be\"> </span></span>Op<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>dor<span class=\"_ _2\"></span>es<span class=\"_ _13c\"> </span><span class=\"ls4d\">277<span class=\"_ _d\"> </span>36<span class=\"_ _8b\"> </span>313<span class=\"_ _1e\"> </span>284<span class=\"_ _8c\"> </span>27<span class=\"_ _86\"> </span>311<span class=\"_ _1be\"> </span></span>A<span class=\"_ _1\"></span>poyo <span class=\"_ _2\"></span>y me<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>a<span class=\"_ _1b\"> </span><span class=\"ls4d\">47<span class=\"_ _8c\"> </span>42<span class=\"_ _d\"> </span>89<span class=\"_ _10\"> </span>45<span class=\"_ _8c\"> </span>47<span class=\"_ _d\"> </span>92<span class=\"_ _1be\"> </span></span>Ma<span class=\"_ _2\"></span>nte<span class=\"_ _1\"></span>ni<span class=\"_ _4\"></span>mi<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>nto<span class=\"_ _f2\"> </span><span class=\"ls4d\">123<span class=\"_ _f3\"> </span></span>3<span class=\"_ _86\"> </span><span class=\"ls4d\">126<span class=\"_ _1e\"> </span>135<span class=\"_ _2e\"> </span></span>3<span class=\"_ _17\"> </span><span class=\"ls4d\">138<span class=\"_ _1be\"> </span></span>849<span class=\"_ _86\"> </span>299<span class=\"_ _107\"> </span><span class=\"ls0_1\">1.14<span class=\"_ _2\"></span>8<span class=\"_ _13d\"> </span></span>853<span class=\"_ _86\"> </span>280<span class=\"_ _107\"> </span><span class=\"ls0_1\">1<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>13<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span></span>2022<span class=\"_ _1be\"> </span>2021<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>\u00fame<span class=\"_ _1\"></span>ro d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> Em<span class=\"_ _1\"></span>pl<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> a<span class=\"_ _4\"></span>l<span class=\"_ _c0\"></span> c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>err<span class=\"_ _2\"></span>e de<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> Ej<span class=\"_ _2\"></span>erc<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>El colectivo del plan al <span class=\"_ _2\"></span>31 de diciembre de 2022 lo forman 74 personas <span class=\"_ _2\"></span>integradas en el negocio Celulosa, <span class=\"ls36\">y<span class=\"_ _1be\"> </span></span>el <span class=\"_ _1\"></span>coste <span class=\"_ _1\"></span>m\u00e1ximo <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>revisto <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Ciclo <span class=\"_ _1\"></span>II <span class=\"_ _1\"></span>considerando <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>grado <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>cons<span class=\"_ _2\"></span>ecuci\u00f3n <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>100% <span class=\"_ _bb\"></span>as<span class=\"_ _2\"></span>ciende <span class=\"_ _1\"></span>a <span class=\"ls11\">9.436 <span class=\"_ _1\"></span><span class=\"ls0_1\">miles<span class=\"_ _1be\"> </span></span></span>\u20ac<span class=\"ff4\">. </span>El importe <span class=\"_ _2\"></span>del incentiv<span class=\"_ _2\"></span>o se <span class=\"_ _2\"></span>liquida <span class=\"_ _2\"></span>en un <span class=\"_ _2\"></span>30% en <span class=\"_ _2\"></span>met\u00e1lico y <span class=\"_ _2\"></span>en un<span class=\"_ _2\"></span> 70% mediante <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>entrega d<span class=\"_ _2\"></span>e acciones <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>ENCE. <span class=\"_ _c3\"></span>El <span class=\"_ _0\"></span>n\u00famero <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>acciones <span class=\"_ _0\"></span>a <span class=\"_ _c3\"> </span>entregar <span class=\"_ _0\"></span>se <span class=\"_ _c3\"></span>determinar\u00e1 <span class=\"_ _0\"></span>co<span class=\"_ _2\"></span>nsiderando <span class=\"_ _c3\"></span>como <span class=\"_ _0\"></span>precio <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>referencia <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>la<span class=\"_ _1be\"> </span>acci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ENCE <span class=\"_ _2\"></span>5,8031 <span class=\"_ _2\"></span>\u20ac/acci\u00f3n <span class=\"_ _2\"></span>(cotiz<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _2\"></span>media <span class=\"_ _2\"></span>teniendo <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>cuenta <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>20 <span class=\"_ _2\"></span>d\u00edas <span class=\"_ _2\"></span>anteriores <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>posteriores<span class=\"_ _1be\"> </span>al <span class=\"_ _2\"></span>31 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>diciembre <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>2018). <span class=\"_ _4\"></span>El <span class=\"_ _4\"></span>Presid<span class=\"_ _2\"></span>ente <span class=\"_ _2\"></span>y <span class=\"_ _c0\"></span>Consejero <span class=\"_ _4\"></span>Delegado <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>miembros <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Comit\u00e9 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>Direcci\u00f3n<span class=\"_ _1be\"> </span>beneficiarios <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"> </span>Plan <span class=\"_ _c2\"> </span>asumen <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>co<span class=\"_ _2\"></span>mpromiso <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>mantener <span class=\"_ _c3\"> </span>dura<span class=\"_ _2\"></span>nte <span class=\"_ _c3\"> </span>al <span class=\"_ _c3\"> </span>menos <span class=\"_ _c3\"> </span>3 <span class=\"_ _c2\"> </span>a\u00f1os <span class=\"_ _c3\"> </span>un<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>parte <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>las<span class=\"_ _1be\"> </span>acciones <span class=\"_ _2\"></span>recibidas; <span class=\"_ _2\"></span>dos<span class=\"_ _2\"></span> v<span class=\"_ _2\"></span>eces s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>retribuci\u00f3n <span class=\"_ _2\"></span>fija <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>caso <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Presidente <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>Cons<span class=\"_ _2\"></span>ejero <span class=\"_ _2\"></span>Delegado<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>vez<span class=\"_ _1be\"> </span>su retribuci\u00f3n fija <span class=\"_ _2\"></span>los miembros d<span class=\"_ _2\"></span>el Comit\u00e9 de Direcci\u00f3n.<span class=\"_ _2\"></span> El <span class=\"_ _2\"></span>gasto <span class=\"_ _2\"></span>/ <span class=\"_ _2\"></span>(ingreso) <span class=\"_ _2\"></span>devengado <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>este <span class=\"_ _2\"></span>concepto <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>los ejercicios <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span><span class=\"ls23\">y <span class=\"_ _2\"></span><span class=\"ls11\">20</span></span>21, <span class=\"_ _2\"></span>detallado <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>iderando <span class=\"_ _2\"></span>su<span class=\"_ _1be\"> </span>contrapartida <span class=\"_ _2\"></span>es el siguiente:<span class=\"_ _1be\"> </span>De acuerdo <span class=\"_ _2\"></span>con lo <span class=\"_ _2\"></span>previsto <span class=\"_ _2\"></span>en el Plan, <span class=\"_ _4\"></span>en julio <span class=\"_ _2\"></span>de 2022 <span class=\"_ _2\"></span>se ha <span class=\"_ _2\"></span>procedido <span class=\"_ _2\"></span>a la liqu<span class=\"_ _2\"></span>idaci\u00f3n del Ciclo <span class=\"_ _2\"></span>I del <span class=\"_ _2\"></span><span class=\"ff6\">\u201c<span class=\"_ _2\"></span>Plan<span class=\"_ _1be\"> </span></span>de <span class=\"_ _2\"></span>Incentivos <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>largo <span class=\"_ _2\"></span>plazo <span class=\"_ _2\"></span>ENCE En<span class=\"_ _2\"></span>erg\u00eda y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Celulosa, S.A. <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ara el <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>2019<span class=\"_ _2\"></span>-202<span class=\"_ _2\"></span>3, <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>que h<span class=\"_ _2\"></span>a sup<span class=\"_ _2\"></span>uesto <span class=\"_ _2\"></span>la<span class=\"_ _1be\"> </span>liquidaci\u00f3n de 279 mil<span class=\"_ _2\"></span>es \u20ac y 111.983 accion<span class=\"_ _2\"></span>es de ENCE<span class=\"_ _2\"></span><span class=\"ff4\">.<span class=\"_ _1be\"> </span></span>Por <span class=\"_ _c3\"> </span>otra <span class=\"_ _c2\"> </span>parte, <span class=\"_ _c3\"> </span>e<span class=\"_ _2\"></span>l <span class=\"_ _c3\"> </span>Consejo <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>Administra<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>Sociedad<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>Dominan<span class=\"_ _2\"></span>te <span class=\"_ _c3\"> </span>acord\u00f3 <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>diciembre <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>2020<span class=\"_ _1be\"> </span>liquidar <span class=\"_ _4\"></span>an<span class=\"_ _2\"></span>ticipadamente <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>con <span class=\"_ _4\"></span>efectos <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>iciembre <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>2020 <span class=\"_ _4\"></span>este <span class=\"_ _c0\"></span>plan <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>un <span class=\"_ _4\"></span>colectivo <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>27<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>personas<span class=\"_ _1be\"> </span>integradas <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>negocio <span class=\"_ _c0\"></span>Energ\u00eda. <span class=\"_ _c0\"></span>Con <span class=\"_ _c0\"></span>fecha <span class=\"_ _c0\"></span>15 <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>julio <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>2021 <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>ha <span class=\"_ _c0\"></span>ejecuta<span class=\"_ _2\"></span>do <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>liquidaci\u00f3n <span class=\"_ _c0\"></span>lo <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>ha<span class=\"_ _1be\"> </span>supuesto el d<span class=\"_ _2\"></span>esembolso de 41 miles \u20ac en efe<span class=\"_ _2\"></span>ctivo y 53 miles \u20ac <span class=\"_ _2\"></span>en acciones de ENCE<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Plan de ince<span class=\"_ _2\"></span>ntivo a largo plazo para e<span class=\"_ _2\"></span>l periodo 2021<span class=\"_ _2\"></span>-<span class=\"ls11\">2025 </span> El <span class=\"_ _c3\"> </span>Consejo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>Adminis<span class=\"_ _2\"></span>traci\u00f3n <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>Magnon<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>Green <span class=\"_ _c3\"> </span>Energy, <span class=\"_ _c3\"> </span>S<span class=\"_ _2\"></span>.L.,<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>Sociedad <span class=\"_ _c3\"> </span>holdin<span class=\"_ _2\"></span>g <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"> </span>grupo<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"> </span>empresas<span class=\"_ _1be\"> </span>destinadas <span class=\"_ _d9\"> </span>al <span class=\"_ _d9\"> </span>desarrollo <span class=\"_ _d9\"> </span>del <span class=\"_ _d9\"> </span>negocio <span class=\"_ _d9\"> </span>de <span class=\"_ _d9\"> </span>generaci\u00f3n <span class=\"_ _d9\"> </span>de <span class=\"_ _d9\"> </span>energ\u00eda <span class=\"_ _d9\"> </span>e<span class=\"_ _1\"></span>l\u00e9ctrica <span class=\"_ _bd\"> </span>renovable <span class=\"_ _d9\"> </span>en <span class=\"_ _d9\"> </span>plantas<span class=\"_ _1be\"> </span>independientes (el \u201cNegocio <span class=\"_ _1\"></span>Energ\u00eda\u201d), <span class=\"ff4\">ha aprobado en <span class=\"_ _1\"></span>su sesi\u00f3n cele<span class=\"_ _1\"></span>brada el 17 <span class=\"_ _1\"></span>de marzo de <span class=\"_ _1\"></span>2021 un <span class=\"_ _1\"></span>Plan<span class=\"_ _1be\"> </span></span>de <span class=\"_ _2\"></span>In<span class=\"_ _2\"></span>centivo <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>largo <span class=\"_ _2\"></span>plazo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>para <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>ejercicios <span class=\"_ _2\"></span>2021 <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>2025, <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>plan <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>retribuci\u00f3n <span class=\"_ _4\"></span>dineraria <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>car\u00e1cter<span class=\"_ _1be\"> </span>plurianual, <span class=\"_ _0\"></span>con <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>objetivos <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>incentivar <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>rendimiento <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>desempe\u00f1o <span class=\"_ _c0\"></span>profesion<span class=\"_ _2\"></span>al <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>equipo <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>irectivo,<span class=\"_ _1be\"> </span>promover la <span class=\"_ _2\"></span>sostenib<span class=\"_ _2\"></span>ilidad d<span class=\"_ _2\"></span>el Grupo, <span class=\"_ _2\"></span>reforzar la <span class=\"_ _2\"></span>orientaci\u00f3<span class=\"_ _2\"></span>n d<span class=\"_ _2\"></span>el equipo <span class=\"_ _2\"></span>dir<span class=\"_ _4\"></span>ectivo en <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>cons<span class=\"_ _2\"></span>ecuci\u00f3n de <span class=\"_ _2\"></span>los<span class=\"_ _1be\"> </span>objetivos de n<span class=\"_ _2\"></span>egocio comprometidos en el plan<span class=\"_ _2\"></span> 2021<span class=\"_ _2\"></span>-2025, y retener el talento<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Son <span class=\"_ _4\"></span>requisito<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>imprescindible<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>para <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>devengo <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>alcanza<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>grado <span class=\"_ _c0\"></span>m\u00ednimo <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>consecuci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>objetiv<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>(nivel m\u00ednimo) conforme a los criterios a los que <span class=\"_ _1\"></span>vienen referenciados los objetivos, y <span class=\"_ _1\"></span>que el <span class=\"_ _1\"></span>beneficiario se<span class=\"_ _1be\"> </span>halle <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>situaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>prestaci<span class=\"_ _2\"></span>\u00f3n <span class=\"_ _2\"></span>efectiva <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>servicios<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>Energ\u00eda <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span>en alt<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>Seguridad <span class=\"_ _2\"></span>Social)<span class=\"_ _1be\"> </span>en la fecha de devengo, con<span class=\"_ _2\"></span> las s<span class=\"_ _2\"></span>alvedades habitu<span class=\"_ _2\"></span>ales para este tipo de Incent<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>os.<span class=\"_ _1be\"> </span>Su <span class=\"_ _2\"></span>consecuci\u00f3n <span class=\"_ _2\"></span>est\u00e1 <span class=\"_ _2\"></span>vinculada <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>cuatro <span class=\"_ _2\"></span>objetivos <span class=\"_ _2\"></span>relacionados <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>resultad<span class=\"_ _2\"></span>os econ\u00f3micos <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>negocio,<span class=\"_ _1be\"> </span>con la sos<span class=\"_ _2\"></span>tenibilidad, y con el desarrollo d<span class=\"_ _2\"></span>e nuevas plan<span class=\"_ _2\"></span>tas de generaci\u00f3n de energ\u00eda.<span class=\"_ _4\"></span> El <span class=\"_ _c0\"></span>colectivo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>plan <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>forma <span class=\"_ _0\"></span>personal <span class=\"_ _0\"></span>del <span class=\"_ _c0\"></span>negocio <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>Ene<span class=\"_ _4\"></span>rg\u00eda, <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>to<span class=\"_ _2\"></span>tal <span class=\"_ _c0\"></span>30 <span class=\"_ _0\"></span>personas<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>coste <span class=\"_ _0\"></span>m\u00e1ximo<span class=\"_ _1be\"> </span>previsto <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>siderando <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>plan <span class=\"_ _4\"></span>un <span class=\"_ _c0\"></span>grado <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>consecuci\u00f3n <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>100<span class=\"_ _2\"></span>% <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>escala <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>pago <span class=\"_ _c0\"></span>asciende <span class=\"_ _c0\"></span>a <span class=\"_ _4\"></span>3.191<span class=\"_ _1be\"> </span>miles \u20ac. <span class=\"ff4\"> </span>El gasto devengado por este concepto en 2022 ha sido de 32 <span class=\"ff6\">miles \u20ac <span class=\"_ _1\"></span>y se encuentra recogido en el e<span class=\"ff4\">p\u00edgrafe<span class=\"_ _1be\"> </span></span></span>\u201cProvisiones a<span class=\"_ _2\"></span> largo plazo\u201d del estad<span class=\"_ _2\"></span>o de situaci\u00f3n fin<span class=\"_ _2\"></span>anciera consolidad<span class=\"_ _2\"></span>o (v\u00e9ase nota <span class=\"_ _4\"></span><span class=\"ff4\">32<span class=\"ls1b\">).</span> </span>M<span class=\"_ _1\"></span>iles <span class=\"_ _1\"></span>\u20ac<span class=\"_ _1be\"> </span>2022<span class=\"_ _f1\"> </span>2021<span class=\"_ _1be\"> </span>Otros in<span class=\"_ _bb\"></span>stru<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>en<span class=\"_ _1\"></span>tos de <span class=\"_ _1\"></span>p<span class=\"_ _1\"></span>atrim<span class=\"_ _1\"></span>oni<span class=\"_ _1\"></span>o neto (<span class=\"_ _1\"></span>No<span class=\"_ _2\"></span>ta 22.7)<span class=\"_ _d\"> </span><span class=\"ls4e\">38<span class=\"_ _12c\"> </span>15<span class=\"_ _1be\"> </span></span>Pr<span class=\"_ _1\"></span>ovision<span class=\"_ _1\"></span>es a larg<span class=\"_ _1\"></span>o y corto pl<span class=\"_ _1\"></span>azo (Nota<span class=\"_ _2\"></span> 32)<span class=\"_ _13e\"> </span><span class=\"ls4e\">16<span class=\"_ _ef\"> </span></span>6<span class=\"_ _1be\"> </span>54<span class=\"_ _12c\"> </span>21<span class=\"_ _1be\"> </span>En <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>determinaci\u00f3n <span class=\"_ _c2\"> </span>del <span class=\"_ _c2\"> </span>imp<span class=\"_ _2\"></span>orte <span class=\"_ _c2\"> </span>devengado <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>es<span class=\"_ _2\"></span>tos <span class=\"_ _c2\"> </span>compromisos <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>realizan <span class=\"_ _c2\"> </span>estim<span class=\"_ _2\"></span>aciones <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>so<span class=\"_ _2\"></span>n<span class=\"_ _1be\"> </span>revisadas <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>cada <span class=\"_ _0\"></span>cierre <span class=\"_ _0\"></span>contab<span class=\"_ _2\"></span>le, <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>impacto <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>var<span class=\"_ _2\"></span>iaciones <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>registra <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>Estado <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>Resultado<span class=\"_ _1be\"> </span>consolidado d<span class=\"_ _2\"></span>e forma prospectiva.<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> 13.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Otros gastos de explotaci\u00f3n<span class=\"_ _1be\"> </span></span></span>El detalle <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>este e<span class=\"_ _1\"></span>p\u00edgrafe del Estado de <span class=\"_ _1\"></span>Resultado consolidado de <span class=\"_ _1\"></span>los ejercicios <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>y 2021 <span class=\"_ _1\"></span>en los <span class=\"_ _1\"></span>distintos<span class=\"_ _1be\"> </span>negocios desarrollad<span class=\"_ _2\"></span>os por ENCE es el s<span class=\"_ _2\"></span>iguiente:<span class=\"_ _2\"></span> (*) <span class=\"_ _a1\"> </span><span class=\"ff6\">La diferencia entre la informaci\u00f3n del \u201cGrup<span class=\"_ _1\"></span>o Consolidado\u201d al 31 de <span class=\"ff4\">diciembre de 2022 <span class=\"ls45\">y 20</span>21 y la agregaci\u00f3n de<span class=\"_ _1be\"> </span></span></span>los <span class=\"_ _1\"></span>negocios <span class=\"_ _1\"></span>\u201cCe<span class=\"_ _1\"></span>lulosa\u201d <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>\u201cEnerg\u00eda Renovable\u201d<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>corresp<span class=\"_ _1\"></span>onde <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>eliminaciones<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>operaciones <span class=\"_ _bb\"></span>efec<span class=\"_ _2\"></span>tuad<span class=\"ff4\">as <span class=\"_ _1\"></span>entre<span class=\"_ _1be\"> </span></span>dichos negocios en 2022 <span class=\"ls45\">y 20</span>21 por <span class=\"ls46\">1.211</span> <span class=\"ff6\">miles \u20ac</span> <span class=\"ls45\">y </span>1.444 <span class=\"ff6\">miles \u20ac</span>, respectivamente.<span class=\"_ _1be\"> </span>13.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Servicios exterior<span class=\"ls4f\">es</span> </span></span>El desglose por <span class=\"_ _2\"></span>conceptos <span class=\"_ _2\"></span>del gasto de servicios exteriores <span class=\"_ _2\"></span>de los <span class=\"_ _2\"></span>ejercicios 2022 y 2021 es<span class=\"_ _2\"></span> el siguiente:<span class=\"_ _2\"></span>  <span class=\"ff4\"> (*) <span class=\"_ _bb\"></span><span class=\"ff6\">La <span class=\"_ _2\"></span>diferencia entre <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>informaci\u00f3n <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>\u201cGrupo <span class=\"_ _2\"></span>Co<span class=\"_ _2\"></span>nsolidado\u201d <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>diciembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span><span class=\"ff4\">2 <span class=\"_ _2\"></span><span class=\"ls45\">y <span class=\"_ _2\"></span><span class=\"ls46\">20</span></span>21 <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>agregaci\u00f3n <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span></span></span></span>los negocios \u201cCelulosa\u201d y <span class=\"_ _2\"></span>\u201cEnerg\u00ed<span class=\"_ _2\"></span>a Renovable\u201d se c<span class=\"_ _2\"></span>orresponde con <span class=\"_ _2\"></span>eliminaciones de operaciones ef<span class=\"_ _2\"></span>ectuad<span class=\"_ _2\"></span><span class=\"ff4\">as entre<span class=\"_ _1be\"> </span></span>dichos negocios en 2022 <span class=\"ls45\">y 20</span>21 por <span class=\"ls46\">1.211</span> <span class=\"ff6\">miles \u20ac</span> <span class=\"ls45\">y </span>1.444 <span class=\"ff6\">miles \u20ac</span>, respectivamente.<span class=\"_ _1be\"> </span>ENCE <span class=\"_ _1\"></span>tiene <span class=\"_ _1\"></span>contratado <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>seguro de <span class=\"_ _bb\"></span>respons<span class=\"_ _2\"></span>abilidad <span class=\"_ _1\"></span>civil <span class=\"_ _bb\"></span>que <span class=\"_ _1\"></span>cubre <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>todos <span class=\"_ _1\"></span>sus <span class=\"_ _1\"></span>administradores <span class=\"_ _bb\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>directivos<span class=\"_ _1be\"> </span>por <span class=\"_ _2\"></span>da\u00f1<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>ocasionados <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>actos <span class=\"_ _4\"></span>u <span class=\"_ _2\"></span>omisiones <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ejercicio <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>cargo<span class=\"_ _2\"></span>. <span class=\"_ _c0\"></span>Su <span class=\"_ _2\"></span>coste <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>2021 <span class=\"_ _2\"></span>ha <span class=\"_ _4\"></span>sido<span class=\"_ _1be\"> </span>de <span class=\"ls11\">94 </span><span class=\"ff6\">miles \u20ac</span> <span class=\"ls23\">y <span class=\"ls11\">80</span></span> <span class=\"ff6\">miles \u20ac</span>, res<span class=\"_ _2\"></span>pectivamente. <span class=\"_ _2\"></span> Se<span class=\"_ _1\"></span>rv<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> exte<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>es 18<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.59<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> <span class=\"_ _51\"> </span> 7<span class=\"_ _2\"></span>2.46<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span> 2<span class=\"_ _2\"></span>53<span class=\"_ _2\"></span>.84<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _9e\"> </span> 1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.82<span class=\"_ _2\"></span>8 <span class=\"_ _51\"> </span> 5<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.20<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span> 20<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.58<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> Cons<span class=\"_ _4\"></span>umo derechos<span class=\"_ _4\"></span> de e<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>) 7.8<span class=\"_ _2\"></span>38<span class=\"_ _2\"></span> <span class=\"_ _9b\"> </span> 2<span class=\"_ _2\"></span>.81<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> <span class=\"_ _51\"> </span> 10<span class=\"_ _2\"></span>.65<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _12\"> </span> 4<span class=\"_ _2\"></span>.86<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _9b\"> </span> 2<span class=\"_ _2\"></span>.717<span class=\"_ _2\"></span> <span class=\"_ _9b\"> </span> 7<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> Tri<span class=\"_ _4\"></span>butos<span class=\"_ _4\"></span>  2.1<span class=\"_ _2\"></span>62<span class=\"_ _2\"></span> <span class=\"_ _9b\"> </span> 2<span class=\"_ _2\"></span>.84<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _9b\"> </span> 5.00<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> <span class=\"_ _12\"> </span> 3<span class=\"_ _2\"></span>.02<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> <span class=\"_ _9b\"> </span> 1<span class=\"_ _2\"></span>.75<span class=\"_ _2\"></span>6 <span class=\"_ _9b\"> </span> 4<span class=\"_ _2\"></span>.78<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>mpue<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>to<span class=\"_ _bd\"> </span>a<span class=\"_ _bd\"> </span><span class=\"ls50\">la<span class=\"_ _d9\"> </span></span>gene<span class=\"_ _1\"></span>ra<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _bd\"> </span><span class=\"ls51\">de<span class=\"_ _d9\"> </span></span>e<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _d9\"> </span>el<span class=\"_ _2\"></span>\u00e9ctri<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>(A<span class=\"_ _1\"></span>nexo I<span class=\"_ _2\"></span>I<span class=\"_ _4\"></span>I<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>                  <span class=\"ls0_1\"> <span class=\"_ _83\"> </span><span class=\"ls52\">- <span class=\"_ _140\"></span><span class=\"ls53\">                  <span class=\"ls0_1\"> <span class=\"_ _12c\"> </span><span class=\"ls52\">- <span class=\"_ _140\"></span><span class=\"ls53\">                  <span class=\"ls0_1\"> <span class=\"_ _ea\"> </span> 3<span class=\"_ _2\"></span>.09<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _9b\"> </span> 6.2<span class=\"_ _2\"></span>90<span class=\"_ _2\"></span> <span class=\"_ _9b\"> </span> 9<span class=\"_ _2\"></span>.38<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> </span></span></span></span></span></span></span>Var<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> p<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> tr\u00e1<span class=\"_ _2\"></span>fi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> y otros<span class=\"_ _1be\"> </span>           <span class=\"ls0_1\"> <span class=\"_ _ee\"> </span> 8<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> <span class=\"_ _97\"> </span>(1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>1) <span class=\"_ _142\"></span><span class=\"ls53\">           <span class=\"ls0_1\"> <span class=\"_ _d5\"> </span> 2.4<span class=\"_ _2\"></span>67<span class=\"_ _2\"></span> <span class=\"_ _87\"> </span> 10<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> <span class=\"_ _9b\"> </span> 2.5<span class=\"_ _2\"></span>70<span class=\"_ _2\"></span> </span></span></span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> no o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>di<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> de l<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> opera<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> 7 <span class=\"_ _2\"></span>y 3<span class=\"_ _2\"></span>2) 21<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _42\"> </span><span class=\"ls52\">- <span class=\"_ _140\"></span><span class=\"ls53\">                  <span class=\"ls0_1\"> <span class=\"_ _b\"> </span> 2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.000<span class=\"_ _2\"></span> <span class=\"_ _8b\"> </span>(13<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>) <span class=\"_ _76\"></span><span class=\"ls53\">     <span class=\"ls0_1\"> <span class=\"_ _44\"> </span><span class=\"ls52\">- <span class=\"_ _140\"></span><span class=\"ls53\">                  <span class=\"ls0_1\"> <span class=\"_ _e\"> </span>(1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>1)</span></span></span></span></span></span></span></span> 21<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.366<span class=\"_ _2\"></span> <span class=\"_ _51\"> </span> 7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.208<span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span> 2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>0.36<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> <span class=\"_ _9e\"> </span> 1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4.09<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _51\"> </span> 6<span class=\"_ _2\"></span>9.07<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span> 21<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.717<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> 31/12/2022<span class=\"_ _1be\"> </span>31/12/2021<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _1be\"> </span>Grup<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Cons<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>eg<span class=\"_ _1\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _1be\"> </span>Grup<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Cons<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span>Tra<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>, fl<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> y c<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _d1\"> </span><span class=\"ls55\">            6<span class=\"_ _2\"></span>2.51<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>              2.39<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            6<span class=\"_ _2\"></span>4.90<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>            45<span class=\"_ _2\"></span>.955<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>              1<span class=\"_ _2\"></span>.099<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            4<span class=\"_ _2\"></span>7.05<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> </span>Sumi<span class=\"_ _2\"></span>ni<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>tro<span class=\"_ _2\"></span>s<span class=\"_ _3f\"> </span><span class=\"ls55\">            5<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.390<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>              6<span class=\"_ _2\"></span>.822<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.970<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>            42<span class=\"_ _2\"></span>.58<span class=\"_ _2\"></span>4 <span class=\"_ _c9\"> </span>              4<span class=\"_ _2\"></span>.60<span class=\"_ _2\"></span>5 <span class=\"_ _c7\"> </span>            4<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.112<span class=\"_ _2\"></span> </span>Re<span class=\"_ _1\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> y c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>erva<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n<span class=\"_ _d3\"> </span><span class=\"ls55\">            16<span class=\"_ _2\"></span>.224<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.914<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            4<span class=\"_ _2\"></span>1.13<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>            14<span class=\"_ _2\"></span>.824<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.521<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            3<span class=\"_ _2\"></span>7.34<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> </span>Se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> de pr<span class=\"_ _2\"></span>ofes<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ona<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>nd<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>pendi<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span>s<span class=\"_ _95\"> </span><span class=\"ls55\">              4.98<span class=\"_ _2\"></span>8 <span class=\"_ _c9\"> </span>              2<span class=\"_ _2\"></span>.90<span class=\"_ _2\"></span>8 <span class=\"_ _c9\"> </span>              7<span class=\"_ _2\"></span>.89<span class=\"_ _2\"></span>6 <span class=\"_ _10a\"> </span>              7.59<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>              1.15<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>              8.74<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> </span>Pr<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ma<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> de s<span class=\"_ _2\"></span>eg<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _126\"> </span><span class=\"ls55\">              4<span class=\"_ _2\"></span>.388<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>              3<span class=\"_ _2\"></span>.578<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>              7<span class=\"_ _2\"></span>.966<span class=\"_ _2\"></span> <span class=\"_ _10a\"> </span>              3.83<span class=\"_ _2\"></span>5 <span class=\"_ _c9\"> </span>              2<span class=\"_ _2\"></span>.32<span class=\"_ _2\"></span>1 <span class=\"_ _c9\"> </span>              6<span class=\"_ _2\"></span>.15<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span></span>Se<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> ba<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> y s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>es<span class=\"_ _80\"> </span><span class=\"ls55\">              1<span class=\"_ _2\"></span>.067<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                 8<span class=\"_ _2\"></span>11<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>              1.87<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _109\"> </span>              1<span class=\"_ _2\"></span>.34<span class=\"_ _2\"></span>8 <span class=\"_ _c9\"> </span>                 7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>7 <span class=\"_ _ca\"> </span>              2<span class=\"_ _2\"></span>.135<span class=\"_ _2\"></span> </span>A<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>enda<span class=\"_ _2\"></span>mi<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>ntos<span class=\"_ _2\"></span> y<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>\u00e1<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span> (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.3)<span class=\"_ _7a\"> </span><span class=\"ls55\">                 5<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>2 <span class=\"_ _ca\"> </span>                 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2 <span class=\"_ _ca\"> </span>                 7<span class=\"_ _2\"></span>74<span class=\"_ _2\"></span> <span class=\"_ _103\"> </span>                 4<span class=\"_ _2\"></span>58<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                 27<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                 73<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span></span>Pub<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span>d, pr<span class=\"_ _2\"></span>opa<span class=\"_ _4\"></span>ga<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>rel<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> p\u00fab<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _74\"> </span><span class=\"ls55\">              1<span class=\"_ _2\"></span>.029<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                 1<span class=\"_ _2\"></span>19<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>              1.14<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _109\"> </span>                 7<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>5 <span class=\"_ _ca\"> </span>                 1<span class=\"_ _2\"></span>23<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                 91<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> </span>Ga<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tos<span class=\"_ _4\"></span> de i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ves<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> y des<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ol<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _143\"> </span><span class=\"ls55\">                    72<span class=\"_ _2\"></span> <span class=\"_ _bd\"> </span>                     -   <span class=\"_ _c0\"></span>                    7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _109\"> </span>                 1<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span> <span class=\"_ _122\"> </span>                     -                     1<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> s<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _115\"> </span><span class=\"ls55\">            3<span class=\"_ _2\"></span>5.35<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            3<span class=\"_ _2\"></span>0.72<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            65<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>4 <span class=\"_ _19\"> </span>            2<span class=\"_ _2\"></span>6.33<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            2<span class=\"_ _2\"></span>5.32<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            50<span class=\"_ _2\"></span>.29<span class=\"_ _2\"></span>3</span>  1<span class=\"_ _2\"></span>82<span class=\"_ _2\"></span>.59<span class=\"_ _2\"></span>3  <span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>  72<span class=\"_ _2\"></span>.46<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _3d\"> </span>  25<span class=\"_ _2\"></span>3.84<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>   <span class=\"_ _9e\"> </span>  14<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.828<span class=\"_ _2\"></span>   <span class=\"_ _19\"> </span>  5<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.20<span class=\"_ _2\"></span>5   <span class=\"_ _3d\"> </span>  2<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>.58<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> Grup<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>c<span class=\"_ _2\"></span>ons<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span>31/12/2021<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> euros<span class=\"_ _1be\"> </span>Ne<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>Ne<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _1be\"> </span>Grup<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>c<span class=\"_ _2\"></span>ons<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span>Ne<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ce<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>ul<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>Ne<span class=\"_ _1\"></span>g<span class=\"_ _1\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _1be\"> </span>31/12/2022<span class=\"_ _1be\"> </span>13.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Honorarios de auditor\u00eda<span class=\"_ _1\"></span> </span></span>La <span class=\"_ _1\"></span>firma <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>auditado la<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>cuentas <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>sociedades <span class=\"_ _1\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>conforman <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Grupo <span class=\"_ _1\"></span>ENCE <span class=\"_ _1\"></span>(v\u00e9ase <span class=\"_ _1\"></span>Anexo <span class=\"_ _1\"></span>I) <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>202<span class=\"_ _1be\"> </span>2<span class=\"_ _1be\"> </span>y 2021 ha sido<span class=\"_ _2\"></span> KPMG Auditores, S.L.<span class=\"_ _2\"></span> Durante <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ejercicios <span class=\"_ _4\"></span>2022 <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>2021, <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>honorarios <span class=\"_ _4\"></span>relativos <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>servicios<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>au<span class=\"_ _2\"></span>ditor\u00eda <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>entas <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>otro<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>servicios prestad<span class=\"_ _2\"></span>os por el auditor o por empresas<span class=\"_ _2\"></span> vinculadas a<span class=\"_ _2\"></span>l auditor han sido los<span class=\"_ _2\"></span> siguientes:<span class=\"_ _2\"></span> Los <span class=\"_ _4\"></span>\u00fanicos <span class=\"_ _4\"></span>servicios<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>restados <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>auditor <span class=\"_ _4\"></span>distinto<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ervicios <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>auditor\u00eda <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>202<span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>corr<span class=\"_ _2\"></span>esponde<span class=\"_ _1be\"> </span>n<span class=\"_ _1be\"> </span>con <span class=\"_ _4\"></span>servicios <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>revis<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>bre <span class=\"_ _2\"></span>ratios <span class=\"_ _4\"></span>financieros<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _2\"></span>atender <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>ob<span class=\"_ _2\"></span>ligaciones <span class=\"_ _4\"></span>recogidas <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>trat<span class=\"_ _1be\"> </span>os<span class=\"_ _1be\"> </span>de financiaci\u00f3n<span class=\"_ _2\"></span>, s<span class=\"_ _2\"></span>ervicios de <span class=\"_ _2\"></span>revisi\u00f3n de determinadas<span class=\"_ _2\"></span> magnitud<span class=\"_ _2\"></span>es financieras p<span class=\"_ _2\"></span>ara acreditar <span class=\"_ _2\"></span>la cond<span class=\"_ _2\"></span>ici\u00f3n d<span class=\"_ _1be\"> </span>e<span class=\"_ _1be\"> </span>consumidor <span class=\"_ _4\"></span>electrointensivo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>var<span class=\"_ _2\"></span>ias <span class=\"_ _4\"></span>instalacion<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>Gru<span class=\"_ _2\"></span>po, <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>serv<span class=\"_ _2\"></span>icios <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>verificaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>informaci\u00f3<span class=\"_ _1be\"> </span>n<span class=\"_ _1be\"> </span>no financiera y del s<span class=\"_ _2\"></span>istema de control intern<span class=\"_ _2\"></span>o de la informaci\u00f3n finan<span class=\"_ _2\"></span>ciera. <span class=\"_ _2\"></span> 14.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Gastos e ingresos financieros<span class=\"_ _1be\"> </span></span></span>El <span class=\"_ _c0\"></span>detalle <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>est<span class=\"_ _2\"></span><span class=\"ls22\">os</span> <span class=\"_ _c0\"></span>ep\u00edgrafes <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Esta<span class=\"_ _2\"></span>do <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>Resultado <span class=\"_ _0\"></span>Consolidado <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>ejercicios <span class=\"_ _c0\"></span>2022 <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>2021 <span class=\"_ _c0\"></span>es <span class=\"_ _c0\"></span>com<span class=\"_ _1be\"> </span>o<span class=\"_ _1be\"> </span>sigue:<span class=\"_ _1be\"> </span>15.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Beneficio por acci\u00f3n<span class=\"_ _1be\"> </span></span></span>El c\u00e1lculo del resu<span class=\"_ _2\"></span>ltado cons<span class=\"_ _2\"></span>olidado por acci\u00f3n b<span class=\"_ _2\"></span>\u00e1sico y diluido de los ejercicios 20<span class=\"_ _2\"></span>22 y 20<span class=\"_ _2\"></span>21 es el siguient<span class=\"_ _2\"></span>e:<span class=\"_ _1be\"> </span>M<span class=\"_ _1\"></span>il<span class=\"_ _1\"></span>es \u20ac<span class=\"_ _27\"> </span><span class=\"ff3 ls57\">2022<span class=\"_ _4a\"> </span>2021<span class=\"_ _1be\"> </span></span>Se<span class=\"_ _1\"></span>rvi<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>os<span class=\"_ _c0\"></span> de<span class=\"_ _1\"></span> a<span class=\"_ _4\"></span>udi<span class=\"_ _c0\"></span>tor\u00eda<span class=\"_ _fc\"> </span><span class=\"ls57\">235<span class=\"_ _b9\"> </span>208<span class=\"_ _1be\"> </span></span>Se<span class=\"_ _1\"></span>rvi<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>os<span class=\"_ _c0\"></span> r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>on<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>dos<span class=\"_ _c0\"></span> c<span class=\"_ _2\"></span>on l<span class=\"_ _c0\"></span>a<span class=\"_ _4\"></span> a<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>di<span class=\"_ _c0\"></span>t<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>\u00eda<span class=\"_ _24\"> </span><span class=\"ls57\">43<span class=\"_ _a8\"> </span>50<span class=\"_ _1be\"> </span></span>Otr<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> s<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>rvi<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>os<span class=\"_ _145\"> </span><span class=\"ls57\">13<span class=\"_ _6e\"> </span>18<span class=\"_ _1be\"> </span></span>Tot<span class=\"_ _2\"></span>al<span class=\"_ _146\"> </span>Tot<span class=\"_ _2\"></span>al<span class=\"_ _1be\"> </span>Bon<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>Co<span class=\"_ _2\"></span>nvert<span class=\"_ _2\"></span>ib<span class=\"_ _2\"></span>le<span class=\"_ _147\"> </span><span class=\"ls58\">             (2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>28<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)<span class=\"_ _d9\"> </span>                    -                (2<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>85<span class=\"_ _1\"></span>)<span class=\"_ _ab\"> </span>             (<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.9<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>5)<span class=\"_ _d9\"> </span>                    -                (<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.9<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span></span>Obli<span class=\"_ _2\"></span>gacion<span class=\"_ _2\"></span>es /<span class=\"_ _2\"></span> No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>s<span class=\"_ _31\"> </span><span class=\"ls58\">                    -                (<span class=\"_ _1\"></span>3.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>1)<span class=\"_ _c5\"> </span>             (3<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>)<span class=\"_ _d8\"> </span>                    -                (3<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>25<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _c5\"> </span>             (3.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>53<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span></span>Pr\u00e9stamo<span class=\"_ _2\"></span>s, l<span class=\"_ _2\"></span>\u00edn<span class=\"_ _2\"></span>eas<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e cr\u00e9di<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>ros<span class=\"_ _4d\"> </span><span class=\"ls58\">             (3.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>3)<span class=\"_ _c5\"> </span>             (2<span class=\"_ _1\"></span>.2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>)<span class=\"_ _c6\"> </span>             (<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _ab\"> </span>             (4<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>51<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>)<span class=\"_ _c5\"> </span>             (3.<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>40<span class=\"_ _1\"></span>)<span class=\"_ _c5\"> </span>             (7<span class=\"_ _1\"></span>.6<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span></span>Co<span class=\"_ _2\"></span>misi<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es y <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>ros<span class=\"_ _2\"></span> gast<span class=\"_ _2\"></span>os<span class=\"_ _148\"> </span><span class=\"ls58\">             (4<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>40<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>)<span class=\"_ _c5\"> </span>             (7.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>55<span class=\"_ _1\"></span>)<span class=\"_ _c5\"> </span>           (1<span class=\"_ _1\"></span>2.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>9)<span class=\"_ _ab\"> </span>             (<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>)<span class=\"_ _c6\"> </span>             (<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>)<span class=\"_ _c6\"> </span>             (<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span></span>Cap<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>tal<span class=\"_ _2\"></span>iza<span class=\"_ _2\"></span>ci\u00f3n<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>gasto<span class=\"_ _2\"></span>s fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nciero<span class=\"_ _2\"></span>s (No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> 19)<span class=\"_ _114\"> </span><span class=\"ls58\">                 24<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                   25<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                 27<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>                 244<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>                   11 <span class=\"_ _c7\"> </span>                 25<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span> </span>Resu<span class=\"_ _2\"></span>lta<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nciero<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>tra-n<span class=\"_ _2\"></span>egocio <span class=\"_ _2\"></span>(Not<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>35)<span class=\"_ _8a\"> </span><span class=\"ls58\">              1.0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _c5\"> </span>             (2<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1)<span class=\"_ _c5\"> </span>             (1<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _149\"> </span>              1.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>6               (2.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>7)<span class=\"_ _c5\"> </span>             (1<span class=\"_ _1\"></span>.2<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span></span>Derec<span class=\"_ _1\"></span>ho<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>activo<span class=\"_ _2\"></span>s (No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> 18)<span class=\"_ _33\"> </span><span class=\"ls58\">             (1<span class=\"_ _1\"></span>.9<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _c6\"> </span>                  (<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>)<span class=\"_ _c6\"> </span>             (<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.9<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>)<span class=\"_ _ab\"> </span>                (9<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _c6\"> </span>                  (<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>4)<span class=\"_ _c5\"> </span>             (1<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span></span>Co<span class=\"_ _2\"></span>ntra<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>resta<span class=\"_ _2\"></span>ci\u00f3n<span class=\"_ _2\"></span> con<span class=\"_ _2\"></span>tin<span class=\"_ _2\"></span>gente <span class=\"_ _2\"></span>(Not<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>28)<span class=\"_ _1e\"> </span><span class=\"ls58\">                 86<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                 14<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>              1.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>05<span class=\"_ _1\"></span> <span class=\"_ _14a\"> </span>                (6<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span>                 6<span class=\"_ _1\"></span>42<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>                   20<span class=\"_ _1be\"> </span></span>Otros <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>gresos <span class=\"_ _2\"></span>fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cieros<span class=\"_ _dc\"> </span><span class=\"ls58\">                   34 <span class=\"_ _c7\"> </span>                   33<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                   67<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>              3.3<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>              1.<span class=\"_ _1\"></span>11<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>              4.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>1</span>             (9<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>90<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)<span class=\"_ _c5\"> </span>           (14<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>88<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>)<span class=\"_ _c5\"> </span>           (24<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>78<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _14a\"> </span>             (9.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>4)<span class=\"_ _c5\"> </span>             (9<span class=\"_ _1\"></span>.8<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>)<span class=\"_ _c6\"> </span>           (<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>0)<span class=\"_ _1be\"> </span>Derivad<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e cob<span class=\"_ _2\"></span>ertu<span class=\"_ _2\"></span>ra-  <span class=\"_ _2\"></span>Liqu<span class=\"_ _2\"></span>id<span class=\"_ _2\"></span>aci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>IRSwap <span class=\"_ _2\"></span>(Not<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>31)<span class=\"_ _14b\"> </span><span class=\"ls58\">                    -                (<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _c6\"> </span>             (<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _ab\"> </span>                (2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _c6\"> </span>             (<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>)<span class=\"_ _c6\"> </span>             (<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>)</span>                    -                (<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _c6\"> </span>             (<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _ab\"> </span>                (2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _c6\"> </span>             (<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>)<span class=\"_ _c6\"> </span>             (<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>)             (<span class=\"_ _1\"></span>9.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)<span class=\"_ _14c\"> </span>           (<span class=\"_ _1\"></span>16<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>1)<span class=\"_ _c5\"> </span>           (2<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>56<span class=\"_ _1\"></span>)<span class=\"_ _14a\"> </span>             (9<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>57<span class=\"_ _1\"></span>)<span class=\"_ _c5\"> </span>           (1<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>14<span class=\"_ _1\"></span>)<span class=\"_ _c5\"> </span>           (2<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>47<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>31/12/2022<span class=\"_ _1be\"> </span>31/12/2021<span class=\"_ _1be\"> </span>Miles<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>Negocio<span class=\"_ _1be\"> </span>Celu<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>osa<span class=\"_ _1be\"> </span>Negocio<span class=\"_ _1be\"> </span>Energ\u00eda<span class=\"_ _1be\"> </span>Negocio<span class=\"_ _1be\"> </span>Celu<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>osa<span class=\"_ _1be\"> </span>Negocio<span class=\"_ _1be\"> </span>Energ\u00eda<span class=\"_ _1be\"> </span>(*)  <span class=\"_ _122\"> </span>N\u00famero de acciones emitidas deducidas las acciones en autocartera<span class=\"_ _1be\"> </span>En el <span class=\"_ _2\"></span>ejercicio 202<span class=\"_ _2\"></span>2 s<span class=\"_ _2\"></span>e ha <span class=\"_ _2\"></span>considerado <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el c\u00e1lculo <span class=\"_ _2\"></span>del ben<span class=\"_ _2\"></span>eficio por <span class=\"_ _2\"></span>acci\u00f3n <span class=\"_ _2\"></span>diluido <span class=\"_ _2\"></span>las accion<span class=\"_ _2\"></span>es ordin<span class=\"_ _2\"></span>arias<span class=\"_ _1be\"> </span>con po<span class=\"_ _2\"></span>tencial diluyente <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>origen en los<span class=\"_ _2\"></span> instru<span class=\"_ _2\"></span>mentos financieros <span class=\"_ _2\"></span>convertibles, <span class=\"_ _2\"></span>18,7 millones <span class=\"_ _2\"></span>de accion<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> as\u00ed <span class=\"_ _c9\"> </span>como <span class=\"_ _c9\"> </span>se <span class=\"_ _c4\"> </span>h<span class=\"_ _2\"></span>a <span class=\"_ _c9\"> </span>excluido <span class=\"_ _c9\"> </span>del <span class=\"_ _c9\"> </span>beneficio<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>neto <span class=\"_ _c4\"> </span>con<span class=\"_ _2\"></span>solida<span class=\"_ _2\"></span>do <span class=\"_ _c9\"> </span>los <span class=\"_ _c9\"> </span>gastos <span class=\"_ _c9\"> </span>financieros <span class=\"_ _c9\"> </span>relativos <span class=\"_ _c9\"> </span>a <span class=\"_ _ca\"> </span>dichos<span class=\"_ _1be\"> </span>instrumentos<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>importe  de <span class=\"_ _c3\"> </span>2.665 <span class=\"_ _c5\"> </span>miles <span class=\"_ _c2\"> </span>de <span class=\"_ _c5\"> </span>euros<span class=\"_ _2\"></span>. <span class=\"_ _c2\"> </span>En <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>ejercicio<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span><span class=\"ls11\">20</span>21 <span class=\"_ _c5\"> </span>no <span class=\"_ _c2\"> </span>se  consider\u00f3 <span class=\"_ _c2\"> </span>este <span class=\"_ _c5\"> </span>efecto,<span class=\"_ _1be\"> </span>estimado en 19,8 mil<span class=\"_ _2\"></span>lones de acciones<span class=\"_ _2\"></span>, ya que s<span class=\"_ _2\"></span>u consideraci\u00f3n prod<span class=\"_ _2\"></span>uc<span class=\"ls1f\">\u00eda</span> un efecto an<span class=\"_ _2\"></span>ti-dilutivo. <span class=\"_ _2\"></span> Por <span class=\"_ _c2\"> </span>su <span class=\"_ _c2\"> </span>parte<span class=\"_ _2\"></span>, <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>2022 <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>ha<span class=\"_ _2\"></span>n <span class=\"_ _c2\"> </span>considerad<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>las <span class=\"_ _c2\"> </span>acciones <span class=\"_ _c2\"> </span>poten<span class=\"_ _2\"></span>ciales <span class=\"_ _c2\"> </span>vinculadas<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>cumplimiento <span class=\"_ _c2\"> </span>de<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>los<span class=\"_ _1be\"> </span>objetivos <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>Plan <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>retribuci\u00f3n <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ariable <span class=\"_ _2\"></span>2019<span class=\"_ _2\"></span>-2023 <span class=\"_ _2\"></span>(v\u00e9as<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Nota<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>12.2) <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>estiman <span class=\"_ _4\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>diciembre<span class=\"_ _1be\"> </span>de <span class=\"_ _c2\"> </span>2022 <span class=\"_ _c2\"> </span>as<span class=\"_ _2\"></span>umiendo  un <span class=\"_ _c2\"> </span>grado <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>cu<span class=\"_ _2\"></span>mplimiento <span class=\"_ _c2\"> </span>del  100% <span class=\"_ _c3\"> </span>en  1.138 <span class=\"_ _c3\"> </span>mil<span class=\"_ _2\"></span>es <span class=\"_ _c2\"> </span>de <span class=\"_ _c5\"> </span>acciones.  En <span class=\"_ _c2\"> </span>2021  no <span class=\"_ _c2\"> </span>se<span class=\"_ _1be\"> </span>consider\u00f3 este efecto<span class=\"_ _2\"></span>, estimado<span class=\"_ _2\"></span> en 1.980 miles d<span class=\"_ _2\"></span>e acciones,<span class=\"_ _2\"></span> <span class=\"ls15\">al</span> produc<span class=\"ls1f\">ir</span> u<span class=\"_ _2\"></span>n efecto anti-dilutivo<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>16.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Fondo de comercio y otr<span class=\"_ _1\"></span>os activos intangibles<span class=\"_ _1be\"> </span></span></span>El <span class=\"_ _2\"></span>movimiento <span class=\"_ _4\"></span>habido <span class=\"_ _4\"></span>durante <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>ejercicios <span class=\"_ _2\"></span>2022 <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>2021 <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>fondo <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>comercio <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>diferentes <span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>entas<span class=\"_ _1be\"> </span>de activos inta<span class=\"_ _2\"></span>ngibles y de sus correspo<span class=\"_ _2\"></span>ndientes amortizaciones<span class=\"_ _2\"></span> y deterioros ha <span class=\"_ _2\"></span>sido el siguiente:<span class=\"_ _2\"></span> P\u00e9rdi<span class=\"_ _c0\"></span>da<span class=\"_ _4\"></span> Ne<span class=\"_ _bb\"></span>ta<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> A<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _ac\"> </span>Uni<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _14\"> </span><span class=\"ls59\">2022<span class=\"_ _8c\"> </span>2021<span class=\"_ _1be\"> </span></span>Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>/ (P\u00e9rdi<span class=\"_ _c0\"></span>da<span class=\"_ _4\"></span>) net<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>da<span class=\"_ _4\"></span>do <span class=\"_ _2\"></span>de<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>j<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>rc<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>bu<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>bl<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span> a<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> or<span class=\"_ _2\"></span>di<span class=\"_ _c0\"></span>na<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> \u20ac<span class=\"_ _14d\"> </span><span class=\"ff4\">24<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.22<span class=\"_ _2\"></span>0<span class=\"_ _14e\"> </span>(1<span class=\"_ _2\"></span>90<span class=\"_ _2\"></span>.40<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></span>N<span class=\"_ _1\"></span>\u00ba<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>o <span class=\"_ _2\"></span>pond<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o de a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _2\"></span> or<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> di<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>oni<span class=\"_ _c0\"></span>bl<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> (*)<span class=\"_ _1be\"> </span>Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>.<span class=\"_ _7a\"> </span>2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>2,4<span class=\"_ _8\"> </span>24<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,3<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>\u00ba<span class=\"_ _1\"></span> m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>o <span class=\"_ _2\"></span>pond<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o de a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _2\"></span> di<span class=\"_ _c0\"></span>l<span class=\"_ _4\"></span>ui<span class=\"_ _c0\"></span>da<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _14e\"> </span>Mi<span class=\"_ _4\"></span>l<span class=\"_ _c0\"></span>l<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>.<span class=\"_ _7a\"> </span>26<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,1<span class=\"_ _9e\"> </span>2<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>,4<span class=\"_ _1be\"> </span>Bene<span class=\"_ _2\"></span>fic<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o/ (P\u00e9<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>dida<span class=\"_ _1\"></span>) b\u00e1<span class=\"_ _1\"></span>si<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> por ac<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _d6\"> </span><span class=\"ff7\">\u20ac<span class=\"_ _dd\"> </span></span>1<span class=\"_ _2\"></span>,02<span class=\"_ _9b\"> </span>(0<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Bene<span class=\"_ _2\"></span>fic<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o/ (P\u00e9<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>dida<span class=\"_ _1\"></span>) dil<span class=\"_ _1\"></span>uida<span class=\"_ _1\"></span> por ac<span class=\"_ _bb\"></span>ci\u00f3n<span class=\"_ _14f\"> </span><span class=\"ff7\">\u20ac<span class=\"_ _dd\"> </span></span>0<span class=\"_ _2\"></span>,95<span class=\"_ _9e\"> </span>(0,78)<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span> de di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>em<span class=\"_ _1\"></span>bre de<span class=\"_ _1\"></span> 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>do<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> 01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> o<span class=\"_ _1be\"> </span>dota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>ti<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> o<span class=\"_ _1be\"> </span>reduc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _1be\"> </span>Tra<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>pa<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>do<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>Fondo<span class=\"_ _2\"></span> de come<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _f2\"> </span><span class=\"ls5a\">              2<span class=\"_ _2\"></span>.737<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span>                     -   <span class=\"_ _c9\"> </span>                     -   <span class=\"_ _c4\"> </span>                     -                  2<span class=\"_ _2\"></span>.737<span class=\"_ _2\"></span> </span>A<span class=\"_ _1\"></span>pl<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>m\u00e1<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _83\"> </span><span class=\"ls5a\">            31.30<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>                    47<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>                  (29<span class=\"_ _2\"></span>)<span class=\"_ _c8\"> </span>              3.44<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            34<span class=\"_ _2\"></span>.767<span class=\"_ _2\"></span> </span>Ga<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tos<span class=\"_ _4\"></span> de de<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ol<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _77\"> </span><span class=\"ls5a\">            1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.452<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span>                     -   <span class=\"_ _c9\"> </span>                     -   <span class=\"_ _c4\"> </span>                     -   <span class=\"_ _0\"> </span>            1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.452<span class=\"_ _2\"></span> </span>A<span class=\"_ _1\"></span>nti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>s<span class=\"_ _fc\"> </span><span class=\"ls5a\">              2<span class=\"_ _2\"></span>.24<span class=\"_ _2\"></span>8 <span class=\"_ _c9\"> </span>              2.97<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span>                     -   <span class=\"_ _0\"> </span>            (3<span class=\"_ _2\"></span>.460<span class=\"_ _2\"></span>)<span class=\"_ _c8\"> </span>              1<span class=\"_ _2\"></span>.758<span class=\"_ _2\"></span> </span>De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>hos<span class=\"_ _4\"></span> de ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n d<span class=\"_ _2\"></span>e e<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span> e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>\u00e9ctri<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a            21<span class=\"_ _2\"></span>.002<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span>                     -   <span class=\"_ _c9\"> </span>                     -   <span class=\"_ _c4\"> </span>                     -   <span class=\"_ _0\"> </span>            2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.002<span class=\"_ _2\"></span> Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>tan<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es <span class=\"_ _7a\"> </span><span class=\"ls5a\">            10<span class=\"_ _2\"></span>.71<span class=\"_ _2\"></span>9 <span class=\"_ _c7\"> </span>                    2<span class=\"_ _2\"></span>2 <span class=\"_ _bd\"> </span>                     -   <span class=\"_ _c0\"></span>                    2<span class=\"_ _2\"></span>2 <span class=\"_ _c7\"> </span>            1<span class=\"_ _2\"></span>0.76<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> </span>Total<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>oste<span class=\"_ _150\"> </span><span class=\"ls5a\">            86<span class=\"_ _2\"></span>.467<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>              3.039<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>                  (29<span class=\"_ _2\"></span>)<span class=\"_ _c8\"> </span>                      2 <span class=\"_ _c7\"> </span>            8<span class=\"_ _2\"></span>9.479<span class=\"_ _2\"></span> </span>A<span class=\"_ _1\"></span>pl<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>for<span class=\"_ _2\"></span>m\u00e1<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _12c\"> </span><span class=\"ls5a\">          (24.74<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _cc\"> </span>            (2.19<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _cc\"> </span>                    2<span class=\"_ _2\"></span>9 <span class=\"_ _14c\"> </span>                  (7<span class=\"_ _2\"></span>5)<span class=\"_ _c9\"> </span>          (2<span class=\"_ _2\"></span>6.98<span class=\"_ _2\"></span>6)<span class=\"_ _1be\"> </span></span>Ga<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tos<span class=\"_ _4\"></span> de de<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ol<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _d6\"> </span><span class=\"ls5a\">          (13<span class=\"_ _2\"></span>.38<span class=\"_ _2\"></span>3)<span class=\"_ _c9\"> </span>                (48<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _bd\"> </span>                     -   <span class=\"_ _c9\"> </span>                     -   <span class=\"_ _2\"></span>          (1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.867<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></span>De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>hos<span class=\"_ _4\"></span> de ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n d<span class=\"_ _2\"></span>e e<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span> e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>\u00e9ctri<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a            (1.48<span class=\"_ _2\"></span>4)<span class=\"_ _ca\"> </span>            (1.13<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _15\"> </span>                     -   <span class=\"_ _c7\"> </span>                     -                (2.615<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>tan<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _e7\"> </span><span class=\"ls5a\">            (1<span class=\"_ _2\"></span>.602<span class=\"_ _2\"></span>)<span class=\"_ _c9\"> </span>                (15<span class=\"_ _2\"></span>6)<span class=\"_ _122\"> </span>                     -   <span class=\"_ _0\"> </span>                    (9)<span class=\"_ _ca\"> </span>            (1.76<span class=\"_ _2\"></span>7)<span class=\"_ _1be\"> </span></span>Total<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>m<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>iza<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ones <span class=\"_ _ce\"> </span><span class=\"ls5a\">          (41<span class=\"_ _2\"></span>.215<span class=\"_ _2\"></span>)<span class=\"_ _cc\"> </span>            (3.965<span class=\"_ _2\"></span>)<span class=\"_ _cc\"> </span>                    2<span class=\"_ _2\"></span>9 <span class=\"_ _14c\"> </span>                  (8<span class=\"_ _2\"></span>4)<span class=\"_ _c9\"> </span>          (45<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>23<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></span>Det<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ioros de valor (Not<span class=\"_ _2\"></span>a 7 y 2<span class=\"_ _2\"></span>0)<span class=\"_ _ec\"> </span><span class=\"ls5a\">            (7.<span class=\"_ _1\"></span>31<span class=\"_ _2\"></span>4)<span class=\"_ _cc\"> </span>            (1<span class=\"_ _2\"></span>.493<span class=\"_ _2\"></span>)<span class=\"_ _c8\"> </span>              2.386<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>                    8<span class=\"_ _2\"></span>4 <span class=\"_ _c7\"> </span>            (6.33<span class=\"_ _2\"></span>7)<span class=\"_ _1be\"> </span></span>Total<span class=\"_ _121\"> </span><span class=\"ls5a\">            3<span class=\"_ _2\"></span>7.93<span class=\"_ _2\"></span>8 <span class=\"_ _151\"> </span>            37<span class=\"_ _2\"></span>.906<span class=\"_ _1be\"> </span></span><span class=\"ls5a\"><span class=\"_ _2\"></span> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>16.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Adiciones y otros<span class=\"_ _1be\"> </span></span></span>El <span class=\"_ _4\"></span>Grupo <span class=\"_ _4\"></span>ha <span class=\"_ _2\"></span>llevad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>cabo <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>los <span class=\"_ _c0\"></span>ejercicios <span class=\"_ _2\"></span>2022 <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>2021 <span class=\"_ _4\"></span>importantes<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>inv<span class=\"_ _2\"></span>ersiones <span class=\"_ _4\"></span>orientadas <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>digitalizar <span class=\"_ _4\"></span>y<span class=\"_ _1be\"> </span>estandarizar los<span class=\"_ _2\"></span> principales procesos d<span class=\"_ _2\"></span>e negocio de ENCE<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Durante 2022 y 2021 no<span class=\"_ _2\"></span> se han realizado<span class=\"_ _2\"></span> trabajos efectuado<span class=\"_ _2\"></span>s por el Grupo p<span class=\"_ _2\"></span>ara su inmovilizado intan<span class=\"_ _2\"></span>gible. <span class=\"_ _2\"></span> A 31 de diciembre de 2022 y 2021 el valo<span class=\"_ _2\"></span>r razonable de los derechos de generaci\u00f3n d<span class=\"_ _2\"></span>e energ\u00eda el\u00e9ctrica, as\u00ed<span class=\"_ _1be\"> </span>como el v<span class=\"_ _2\"></span>alor razo<span class=\"_ _2\"></span>nable de los <span class=\"_ _2\"></span>derechos de <span class=\"_ _2\"></span>riego (recogidos <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span><span class=\"ff6\">ajo el <span class=\"_ _2\"></span>ep\u00edgrafe de \u201c<span class=\"_ _2\"></span>Otros activos <span class=\"_ _2\"></span>intangibles\u201d)<span class=\"_ _1be\"> </span></span>no difiere significativamente <span class=\"_ _2\"></span>de su v<span class=\"_ _2\"></span>alor neto contable.<span class=\"_ _2\"></span> Los <span class=\"_ _c2\"> </span>elementos <span class=\"_ _c2\"> </span>del <span class=\"_ _c2\"> </span>inmoviliza<span class=\"_ _2\"></span>do <span class=\"_ _c2\"> </span>intangible <span class=\"_ _c2\"> </span>tota<span class=\"_ _2\"></span>lmente <span class=\"_ _c3\"> </span>am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>izados <span class=\"_ _c2\"> </span>a <span class=\"_ _c5\"> </span>31 <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>iciembre <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>2022 <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>2021<span class=\"ls1c\">,<span class=\"_ _1be\"> </span></span>principalmente gastos de <span class=\"_ _1\"></span>desarrollo y <span class=\"_ _1\"></span>aplicaciones inform\u00e1ticas<span class=\"_ _2\"></span> ascend\u00edan a <span class=\"_ _1\"></span>35.623 <span class=\"_ _1\"></span><span class=\"ff6\">miles \u20ac<span class=\"ff4\"> <span class=\"_ _1\"></span><span class=\"ls23\">y <span class=\"_ _1\"></span><span class=\"ls0_1\">26.124 <span class=\"ff6\">mile<span class=\"_ _1\"></span>s \u20ac<span class=\"ff4 ls5b\">,<span class=\"_ _1be\"> </span></span></span></span></span></span></span>respectivamente.<span class=\"_ _1be\"> </span>16.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Fondo de comercio<span class=\"_ _1be\"> </span></span></span>El <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>comercio <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>eto al <span class=\"_ _4\"></span>31 d<span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>iciembre d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>desglosad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>unidades <span class=\"_ _2\"></span>generadoras <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span> efectivo a las q<span class=\"_ _2\"></span>ue se ha asignado, es el s<span class=\"_ _2\"></span>iguiente:<span class=\"_ _2\"></span> 31<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>em<span class=\"_ _1\"></span>br<span class=\"_ _2\"></span>e de<span class=\"_ _1\"></span> 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>o a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> 01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> o<span class=\"_ _1be\"> </span>dota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span>Tra<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>o a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Fondo<span class=\"_ _2\"></span> de come<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o <span class=\"_ _1f\"> </span><span class=\"ls5c\">              2.737<span class=\"_ _2\"></span> <span class=\"_ _bd\"> </span>                     -   <span class=\"_ _c9\"> </span>                     -                  2<span class=\"_ _2\"></span>.73<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span></span>A<span class=\"_ _1\"></span>pl<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> i<span class=\"_ _c0\"></span>nfor<span class=\"_ _2\"></span>m\u00e1<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _102\"> </span><span class=\"ls5c\">            30<span class=\"_ _2\"></span>.66<span class=\"_ _2\"></span>9 <span class=\"_ _cc\"> </span>                 3<span class=\"_ _2\"></span>23<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                 3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>7 <span class=\"_ _cc\"> </span>            31<span class=\"_ _2\"></span>.28<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> </span>Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> de de<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ol<span class=\"_ _c0\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _13e\"> </span><span class=\"ls5c\">            18<span class=\"_ _2\"></span>.45<span class=\"_ _2\"></span>2 <span class=\"_ _bd\"> </span>                     -   <span class=\"_ _cc\"> </span>                     -   <span class=\"_ _0\"> </span>            1<span class=\"_ _2\"></span>8.45<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> </span>A<span class=\"_ _1\"></span>nti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>os<span class=\"_ _152\"> </span><span class=\"ls5c\">              4.77<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>              2<span class=\"_ _2\"></span>.38<span class=\"_ _2\"></span>8 <span class=\"_ _c4\"> </span>            (4<span class=\"_ _2\"></span>.911<span class=\"_ _2\"></span>)<span class=\"_ _d9\"> </span>              2.24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> </span>De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>hos<span class=\"_ _4\"></span> de ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>\u00e9ctri<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a            21<span class=\"_ _2\"></span>.04<span class=\"_ _2\"></span>5 <span class=\"_ _bd\"> </span>                     -   <span class=\"_ _c0\"></span>                  (43<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>            2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>Otr<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>tan<span class=\"_ _2\"></span>gi<span class=\"_ _4\"></span>bl<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> <span class=\"_ _d5\"> </span><span class=\"ls5c\">              6.11<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _bd\"> </span>                     -                  4<span class=\"_ _2\"></span>.602<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>            10<span class=\"_ _2\"></span>.71<span class=\"_ _2\"></span>9<span class=\"_ _1be\"> </span></span>T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>al<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>oste<span class=\"_ _143\"> </span><span class=\"ls5c\">            8<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>79<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>              2<span class=\"_ _2\"></span>.711<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>                  (35<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>            8<span class=\"_ _2\"></span>6.438<span class=\"_ _2\"></span> </span>A<span class=\"_ _1\"></span>pl<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> i<span class=\"_ _c0\"></span>nfor<span class=\"_ _2\"></span>m\u00e1<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _99\"> </span><span class=\"ls5c\">          (2<span class=\"_ _2\"></span>2.33<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>            (2<span class=\"_ _2\"></span>.444<span class=\"_ _2\"></span>)<span class=\"_ _c8\"> </span>                    35<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>          (2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.717<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></span>Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> de de<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ol<span class=\"_ _c0\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _88\"> </span><span class=\"ls5c\">          (1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.90<span class=\"_ _2\"></span>0)<span class=\"_ _cc\"> </span>                (48<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _122\"> </span>                     -   <span class=\"_ _c0\"></span>          (1<span class=\"_ _2\"></span>3.38<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></span>De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>hos<span class=\"_ _4\"></span> de ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ra<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>\u00e9ctri<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a                (64<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _c7\"> </span>                (8<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>1)<span class=\"_ _15\"> </span>                     -   <span class=\"_ _0\"> </span>            (1<span class=\"_ _2\"></span>.484<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Otr<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>tan<span class=\"_ _2\"></span>gi<span class=\"_ _4\"></span>bl<span class=\"_ _4\"></span>es<span class=\"_ _ee\"> </span><span class=\"ls5c\">            (1.41<span class=\"_ _2\"></span>3)<span class=\"_ _cc\"> </span>                (18<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _15\"> </span>                     -   <span class=\"_ _c0\"></span>            (1<span class=\"_ _2\"></span>.60<span class=\"_ _2\"></span>2)<span class=\"_ _1be\"> </span></span>T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>al<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>mor<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>iza<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iones <span class=\"_ _14\"> </span><span class=\"ls5c\">          (3<span class=\"_ _2\"></span>7.29<span class=\"_ _2\"></span>3)<span class=\"_ _c8\"> </span>            (3.957<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>                    3<span class=\"_ _2\"></span>5 <span class=\"_ _c6\"> </span>          (41<span class=\"_ _2\"></span>.186<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></span>Det<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ioros de<span class=\"_ _2\"></span> va<span class=\"_ _1\"></span>lor (N<span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span> 2<span class=\"_ _2\"></span>0)<span class=\"_ _72\"> </span><span class=\"ls5c\">            (4.59<span class=\"_ _2\"></span>5)<span class=\"_ _ca\"> </span>            (2<span class=\"_ _2\"></span>.719<span class=\"_ _2\"></span>)<span class=\"_ _cb\"> </span>                     -   <span class=\"_ _0\"> </span>            (7<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>31<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></span>T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>al<span class=\"_ _85\"> </span><span class=\"ls5c\">            4<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>90<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> <span class=\"_ _153\"> </span>            37<span class=\"_ _2\"></span>.938<span class=\"_ _1be\"> </span></span><span class=\"ls5c\"><span class=\"_ _2\"></span> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> de e<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span> de di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>br<span class=\"_ _2\"></span>e de<span class=\"_ _1\"></span> 202<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>UG<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>gna<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _125\"> </span>Te<span class=\"_ _1\"></span>cnol<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>g\u00eda<span class=\"_ _1be\"> </span>Fondo d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> Come<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>(Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 20<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Val<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> Ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1be\"> </span>Conta<span class=\"_ _2\"></span>bl<span class=\"_ _4\"></span>e<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goci<span class=\"_ _c0\"></span>o Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>Ja<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>n 1<span class=\"_ _2\"></span>6 MW<span class=\"_ _2\"></span> - Ci<span class=\"_ _4\"></span>ud<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d Real<span class=\"_ _c0\"></span> 16<span class=\"_ _2\"></span> MW<span class=\"_ _30\"> </span>Bi<span class=\"_ _4\"></span>oma<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>a<span class=\"_ _17\"> </span><span class=\"ls5d\">             2.73<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            (2<span class=\"_ _2\"></span>.73<span class=\"_ _2\"></span>7)<span class=\"_ _15\"> </span>                    -  </span>             2.737<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>            (2.737<span class=\"_ _2\"></span>)<span class=\"_ _122\"> </span>                    -  Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>El <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>comercio <span class=\"_ _2\"></span>tiene <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>origen <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>adquis<span class=\"_ _2\"></span>ici\u00f3n de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>participaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>ENCE <span class=\"_ _2\"></span>ostenta <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>Energ\u00eda <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>la <span class=\"_ _1\"></span>Loma, <span class=\"_ _1\"></span>S.A. <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>Energ\u00edas de <span class=\"_ _bb\"></span>la Mancha ENEMAN, <span class=\"_ _1\"></span>S.A., sociedades <span class=\"_ _1\"></span>titulares <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>instalaciones de <span class=\"_ _bb\"></span>generaci\u00f3n<span class=\"_ _1be\"> </span>de <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _4\"></span>con <span class=\"_ _c0\"></span>biomasa <span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>bicadas <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>Ja\u00e9n <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>Ciud<span class=\"_ _2\"></span>ad <span class=\"_ _4\"></span>Real <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>potencia <span class=\"_ _c0\"></span>instalada <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>16 <span class=\"_ _c0\"></span>MW <span class=\"_ _4\"></span>cada <span class=\"_ _c0\"></span>una <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>ellas<span class=\"ls1a\">. <span class=\"_ _2\"></span></span>Al <span class=\"_ _2\"></span>31 d<span class=\"_ _2\"></span>e diciembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2022 <span class=\"_ _4\"></span>dicho <span class=\"_ _2\"></span>fondo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>comercio <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>encuentra <span class=\"_ _2\"></span>\u00edntegramente <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>eteriorado <span class=\"_ _2\"></span>(v\u00e9ase<span class=\"_ _1be\"> </span>Nota 20).<span class=\"_ _1be\"> </span>17.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Propiedad, planta y equi<span class=\"_ _1\"></span>po<span class=\"_ _1be\"> </span></span></span>El  movimiento <span class=\"_ _14c\"> </span>h<span class=\"_ _2\"></span>abido  en  la<span class=\"_ _2\"></span>s  diferente<span class=\"_ _2\"></span>s  cu<span class=\"_ _2\"></span>entas  d<span class=\"_ _2\"></span>e  este  ep\u00edgra<span class=\"_ _2\"></span>fe  del  Esta<span class=\"_ _2\"></span>do  de  Sit<span class=\"_ _2\"></span>uaci\u00f3n  F<span class=\"_ _2\"></span>inan<span class=\"_ _2\"></span>ciera<span class=\"_ _1be\"> </span>consolidado <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>de sus<span class=\"_ _2\"></span> corresp<span class=\"_ _2\"></span>ondientes amortizacion<span class=\"_ _2\"></span>es a<span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>muladas <span class=\"_ _2\"></span>en los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ejercicios 202<span class=\"_ _2\"></span>2 y<span class=\"_ _2\"></span> 2021<span class=\"_ _2\"></span> ha <span class=\"_ _2\"></span>sido <span class=\"_ _2\"></span>el<span class=\"_ _1be\"> </span>siguiente:<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span> de di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>br<span class=\"_ _2\"></span>e de<span class=\"_ _1\"></span> 202<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>UG<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>gna<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _125\"> </span>Te<span class=\"_ _1\"></span>cnol<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>g\u00eda<span class=\"_ _1be\"> </span>Fondo d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> Come<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>(Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 20<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Val<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> Ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1be\"> </span>Conta<span class=\"_ _2\"></span>bl<span class=\"_ _4\"></span>e<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goci<span class=\"_ _c0\"></span>o Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>Ja<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>n 1<span class=\"_ _2\"></span>6 MW<span class=\"_ _2\"></span> - Ci<span class=\"_ _4\"></span>ud<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d Real<span class=\"_ _c0\"></span> 16<span class=\"_ _2\"></span> MW<span class=\"_ _30\"> </span>Bi<span class=\"_ _4\"></span>oma<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>a<span class=\"_ _17\"> </span><span class=\"ls5d\">             2.73<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            (1<span class=\"_ _2\"></span>.24<span class=\"_ _2\"></span>4)<span class=\"_ _ca\"> </span>             1<span class=\"_ _2\"></span>.49<span class=\"_ _2\"></span>3</span>             2.737<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>            (1.244<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>             1.49<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span> de di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>mbre de<span class=\"_ _1\"></span> 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>do <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> 01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> o<span class=\"_ _1be\"> </span>Dota<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>nes<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>ti<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> o<span class=\"_ _1be\"> </span>reduc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>onesTra<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> Di<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> de<span class=\"_ _1be\"> </span>co<span class=\"_ _2\"></span>nvers<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>do <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>Te<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>enos<span class=\"_ _2\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>s  83<span class=\"_ _2\"></span>.79<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>   <span class=\"_ _14a\"> </span><span class=\"ls5e\">                    -   <span class=\"_ _55\"> </span>                    -   <span class=\"_ _14a\"> </span>                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _154\"> </span></span>  83<span class=\"_ _2\"></span>.79<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>  Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> terrenos  14<span class=\"_ _2\"></span>.32<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>   <span class=\"_ _86\"> </span>  9<span class=\"_ _2\"></span>36<span class=\"_ _2\"></span>   <span class=\"_ _14a\"> </span><span class=\"ls5e\">                    -   <span class=\"_ _34\"> </span>                 (7<span class=\"_ _2\"></span>)   <span class=\"_ _f1\"> </span></span>  8   <span class=\"_ _154\"> </span>  <span class=\"_ _2\"></span>15<span class=\"_ _2\"></span>.26<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>  Cons<span class=\"_ _4\"></span>truc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s  16<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.39<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"ls5e\">                    -   <span class=\"_ _5f\"> </span>         (2.484<span class=\"_ _2\"></span>)   <span class=\"_ _62\"> </span></span>  1<span class=\"_ _2\"></span>.916<span class=\"_ _2\"></span>   <span class=\"_ _14a\"> </span><span class=\"ls5e\">                    -   <span class=\"_ _ec\"> </span></span>  16<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.82<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>  I<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> t\u00e9<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ni<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> y ma<span class=\"_ _2\"></span>qui<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a  1.8<span class=\"_ _2\"></span>78<span class=\"_ _2\"></span>.95<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>   <span class=\"_ _62\"> </span>  8<span class=\"_ _2\"></span>.21<span class=\"_ _2\"></span>5   <span class=\"_ _14a\"> </span><span class=\"ls5e\">      (81<span class=\"_ _2\"></span>.546<span class=\"_ _2\"></span>)   <span class=\"_ _154\"> </span></span>  3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.12<span class=\"_ _2\"></span>6 <span class=\"_ _2\"></span>  <span class=\"_ _f1\"> </span>  6   <span class=\"_ _149\"> </span> <span class=\"_ _2\"></span> 1.83<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.75<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>  Otro<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>nmovi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o  64<span class=\"_ _2\"></span>.33<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _86\"> </span>  1<span class=\"_ _2\"></span>72<span class=\"_ _2\"></span>   <span class=\"_ _5f\"> </span><span class=\"ls5e\">         (8.98<span class=\"_ _2\"></span>8)   <span class=\"_ _62\"> </span></span>  1<span class=\"_ _2\"></span>.17<span class=\"_ _2\"></span>6   <span class=\"_ _f1\"> </span>  1<span class=\"_ _2\"></span>   <span class=\"_ _154\"> </span>  5<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.70<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span> A<span class=\"_ _1\"></span>nti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span> e i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>movi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> en cur<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>o  27<span class=\"_ _2\"></span>.29<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>   <span class=\"_ _154\"> </span>  <span class=\"_ _2\"></span>35<span class=\"_ _2\"></span>.71<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>   <span class=\"_ _5f\"> </span><span class=\"ls5e\">         (4.626<span class=\"_ _2\"></span>)   <span class=\"_ _5c\"> </span>      (3<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.211<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span>                 (1)   <span class=\"_ _154\"> </span></span>  25<span class=\"_ _2\"></span>.16<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>  De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ho de us<span class=\"_ _4\"></span>o - Te<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>enos<span class=\"_ _2\"></span> (<span class=\"_ _2\"></span>Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>8)  13<span class=\"_ _2\"></span>.40<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>   <span class=\"_ _62\"> </span>  3<span class=\"_ _2\"></span>.826<span class=\"_ _2\"></span>   <span class=\"_ _5f\"> </span><span class=\"ls5e\">         (4.49<span class=\"_ _2\"></span>6)   <span class=\"_ _14a\"> </span>                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _154\"> </span></span>  1<span class=\"_ _2\"></span>2.7<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>  De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ho de us<span class=\"_ _4\"></span>o - O<span class=\"_ _2\"></span>tros<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>8)  11<span class=\"_ _2\"></span>.60<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _62\"> </span>  7<span class=\"_ _2\"></span>.229<span class=\"_ _2\"></span>   <span class=\"_ _12a\"> </span>  15<span class=\"_ _2\"></span>.77<span class=\"_ _2\"></span>7 <span class=\"_ _2\"></span>  <span class=\"_ _5c\"> </span><span class=\"ls5e\">                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _154\"> </span></span>  <span class=\"_ _2\"></span>34<span class=\"_ _2\"></span>.60<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>  Total<span class=\"_ _1\"></span> c<span class=\"_ _1\"></span>oste  2.25<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.108<span class=\"_ _2\"></span>   <span class=\"_ _12a\"> </span>  56<span class=\"_ _2\"></span>.092<span class=\"_ _2\"></span>   <span class=\"_ _14a\"> </span>      (8<span class=\"_ _2\"></span>6.36<span class=\"_ _2\"></span>3)  <span class=\"_ _2\"></span> <span class=\"_ _5c\"> </span><span class=\"ls5e\">                    -   <span class=\"_ _87\"> </span></span>  14<span class=\"_ _2\"></span>   <span class=\"_ _149\"> </span> <span class=\"_ _2\"></span> 2.22<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>85<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>  Cons<span class=\"_ _4\"></span>truc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s      (70<span class=\"_ _2\"></span>.116<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span>         (5.225<span class=\"_ _2\"></span>)   <span class=\"_ _62\"> </span><span class=\"ls0_1\">  2.2<span class=\"_ _2\"></span>03<span class=\"_ _2\"></span>   <span class=\"_ _55\"> </span></span>            (23<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _5c\"> </span>      (7<span class=\"_ _2\"></span>3.37<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)  I<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> t\u00e9<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ni<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> y ma<span class=\"_ _2\"></span>qui<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a (1.0<span class=\"_ _2\"></span>52<span class=\"_ _2\"></span>.04<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)   <span class=\"_ _14a\"> </span><span class=\"ls5e\">      (76<span class=\"_ _2\"></span>.094<span class=\"_ _2\"></span>)   <span class=\"_ _154\"> </span></span>  5<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.26<span class=\"_ _2\"></span>4   <span class=\"_ _5f\"> </span><span class=\"ls5e\">         (4.18<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span>                 (5)   <span class=\"_ _34\"> </span></span> (1<span class=\"_ _2\"></span>.08<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.06<span class=\"_ _2\"></span>4)  Otro<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>nmovi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o      (39<span class=\"_ _2\"></span>.175<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span>         (2.670<span class=\"_ _2\"></span>)   <span class=\"_ _62\"> </span><span class=\"ls0_1\">  8.0<span class=\"_ _2\"></span>29<span class=\"_ _2\"></span>   <span class=\"_ _55\"> </span></span>            (43<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span>                 (1)   <span class=\"_ _5c\"> </span>      (34<span class=\"_ _2\"></span>.248<span class=\"_ _2\"></span>)  De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ho de us<span class=\"_ _4\"></span>o - Te<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>enos<span class=\"_ _2\"></span> (<span class=\"_ _2\"></span>Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>8)         (2.14<span class=\"_ _2\"></span>5)   <span class=\"_ _5f\"> </span>         (1.06<span class=\"_ _2\"></span>4)   <span class=\"_ _86\"> </span><span class=\"ls0_1\">  4<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>   <span class=\"_ _14a\"> </span></span>                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _5f\"> </span>         (2.778<span class=\"_ _2\"></span>)  De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ho de us<span class=\"_ _4\"></span>o - O<span class=\"_ _2\"></span>tros<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>8)         (4.34<span class=\"_ _2\"></span>4)   <span class=\"_ _5f\"> </span>         (3.08<span class=\"_ _2\"></span>0)   <span class=\"_ _62\"> </span><span class=\"ls0_1\">  1<span class=\"_ _2\"></span>.02<span class=\"_ _2\"></span>5  <span class=\"_ _2\"></span> <span class=\"_ _5c\"> </span></span>                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _5f\"> </span>         (6.399<span class=\"_ _2\"></span>)  Total<span class=\"_ _1\"></span> a<span class=\"_ _1\"></span>mor<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>iza<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>ones (1.16<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>82<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)   <span class=\"_ _14a\"> </span>      (88<span class=\"_ _2\"></span>.13<span class=\"_ _2\"></span>3)   <span class=\"_ _12a\"> </span>  62<span class=\"_ _2\"></span>.95<span class=\"_ _2\"></span>2   <span class=\"_ _5f\"> </span><span class=\"ls5e\">         (4.844<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span>                 (<span class=\"_ _1\"></span>6)   <span class=\"_ _5f\"> </span><span class=\"ls0_1\"> (1.197<span class=\"_ _2\"></span>.85<span class=\"_ _2\"></span>9)  </span></span>Det<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>rior<span class=\"_ _2\"></span>os de valor (Not<span class=\"_ _2\"></span>as 7 y 20<span class=\"_ _2\"></span>)    (20<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.719<span class=\"_ _2\"></span>)   <span class=\"_ _14a\"> </span>      (3<span class=\"_ _2\"></span>8.29<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)   <span class=\"_ _ec\"> </span>  <span class=\"_ _2\"></span>19<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.051<span class=\"_ _2\"></span>   <span class=\"_ _62\"> </span>  4<span class=\"_ _2\"></span>.844<span class=\"_ _2\"></span>   <span class=\"_ _14a\"> </span><span class=\"ls5e\">                    -   <span class=\"_ _5c\"> </span></span>      (4<span class=\"_ _2\"></span>3.11<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)  Total<span class=\"_ _1\"></span> Ne<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  88<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.561<span class=\"_ _2\"></span>   <span class=\"_ _155\"> </span>  98<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.876<span class=\"_ _2\"></span>  Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>Los activos<span class=\"_ _2\"></span> productivos del Grupo s<span class=\"_ _2\"></span>e ubican <span class=\"_ _2\"></span>\u00edntegramente en E<span class=\"_ _2\"></span>spa\u00f1a.<span class=\"_ _1be\"> </span>17.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Adiciones<span class=\"_ _1be\"> </span></span></span>El Grupo ha acometido inversiones en sus plantas productivas de los Negocios Ce<span class=\"_ _1\"></span>lulosa y Energ\u00eda Renovable<span class=\"_ _1be\"> </span>orientadas <span class=\"_ _2\"></span>a mejorar <span class=\"_ _2\"></span>la eficiencia <span class=\"_ _2\"></span>del proceso <span class=\"_ _2\"></span>productivo, <span class=\"_ _2\"></span>a optimizar <span class=\"_ _2\"></span>la generaci\u00f3n <span class=\"_ _2\"></span>de energ\u00eda <span class=\"_ _2\"></span>el\u00e9ctrica <span class=\"_ _2\"></span>y a<span class=\"_ _1be\"> </span>mejorar en el cuidad<span class=\"_ _2\"></span>o al medio a<span class=\"_ _2\"></span>mbiente. Su des<span class=\"_ _2\"></span>glose es el siguient<span class=\"_ _2\"></span>e:<span class=\"_ _1be\"> </span>(*)  <span class=\"_ _cc\"> </span>Incluye <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>ejercicio <span class=\"_ _c0\"></span>2021 <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>activo <span class=\"_ _4\"></span>reconocido <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>reestimaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>provisi\u00f3n <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>desmantelamiento<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>biof\u00e1brica de Pontevedra <span class=\"ff6\">por importe de 42.267 miles \u20ac (v\u00e9ase</span> Notas 7 y 32<span class=\"ls5f\">).</span> Comprom<span class=\"_ _2\"></span>isos de inversi\u00f3n<span class=\"_ _1be\"> </span>Se <span class=\"_ _1\"></span>han comprometido inversiones <span class=\"_ _1\"></span>en ENCE al <span class=\"_ _1\"></span>31 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>diciembre de <span class=\"_ _1\"></span>2022, <span class=\"_ _1\"></span>por im<span class=\"_ _1\"></span>porte de <span class=\"_ _1\"></span>23,8 mill<span class=\"_ _1\"></span>ones <span class=\"ff6 ls11\">\u20ac,</span> que<span class=\"_ _1\"></span> ser\u00e1n ejecutadas<span class=\"_ _2\"></span> en 2023.<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span> de di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>embre de<span class=\"_ _1\"></span> 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> 01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> o<span class=\"_ _1be\"> </span>Dotac<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>ti<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>reduc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _1be\"> </span>Tra<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> manteni<span class=\"_ _2\"></span>dos<span class=\"_ _4\"></span> pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> venta<span class=\"_ _1be\"> </span>(Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>0)Tra<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> Di<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> de<span class=\"_ _1be\"> </span>co<span class=\"_ _2\"></span>nvers<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span>Te<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>enos<span class=\"_ _2\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>es  83<span class=\"_ _2\"></span>.79<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"ls60\">                    -   <span class=\"_ _55\"> </span>                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _55\"> </span>                    -   <span class=\"_ _154\"> </span></span>  83<span class=\"_ _2\"></span>.794<span class=\"_ _2\"></span>  Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> terrenos  17<span class=\"_ _2\"></span>.83<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>   <span class=\"_ _95\"> </span>  4<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"ls60\">                    -   <span class=\"_ _55\"> </span>                    -   <span class=\"_ _34\"> </span>         (3<span class=\"_ _2\"></span>.52<span class=\"_ _2\"></span>6)   <span class=\"_ _ce\"> </span></span>  1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _154\"> </span>  14.32<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>  Cons<span class=\"_ _4\"></span>truc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones  15<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.15<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span>  <span class=\"_ _3a\"> </span>  5<span class=\"_ _2\"></span>45<span class=\"_ _2\"></span>   <span class=\"_ _5f\"> </span><span class=\"ls60\">         (2.460<span class=\"_ _2\"></span>)   <span class=\"_ _55\"> </span>                    -   <span class=\"_ _156\"> </span></span>  6.1<span class=\"_ _2\"></span>60<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"ls60\">                    -   <span class=\"_ _ec\"> </span></span>  16<span class=\"_ _2\"></span>1.3<span class=\"_ _2\"></span>95<span class=\"_ _2\"></span>  I<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> t\u00e9<span class=\"_ _1\"></span>cn<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y maq<span class=\"_ _2\"></span>ui<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a  1.8<span class=\"_ _2\"></span>38<span class=\"_ _2\"></span>.12<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _154\"> </span>  46<span class=\"_ _2\"></span>.881<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"ls60\">      (2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.523<span class=\"_ _2\"></span>)   <span class=\"_ _55\"> </span>                    -   <span class=\"_ _154\"> </span></span>  22<span class=\"_ _2\"></span>.46<span class=\"_ _2\"></span>7   <span class=\"_ _95\"> </span>  8<span class=\"_ _2\"></span>   <span class=\"_ _149\"> </span>  1<span class=\"_ _2\"></span>.878<span class=\"_ _2\"></span>.95<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>  Otro<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>nmovi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o  61<span class=\"_ _2\"></span>.91<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _3a\"> </span>  1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>5   <span class=\"_ _55\"> </span><span class=\"ls60\">            (11<span class=\"_ _2\"></span>3)   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _114\"> </span></span>  2<span class=\"_ _2\"></span>.42<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>   <span class=\"_ _95\"> </span>  1<span class=\"_ _2\"></span>   <span class=\"_ _157\"> </span>  64<span class=\"_ _2\"></span>.33<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>  A<span class=\"_ _1\"></span>nti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>pos<span class=\"_ _4\"></span> e i<span class=\"_ _2\"></span>nmovi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>do en c<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o  23<span class=\"_ _2\"></span>.32<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _157\"> </span>  3<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.142<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"ls60\">              (1<span class=\"_ _2\"></span>7)   <span class=\"_ _5f\"> </span>         (1.626<span class=\"_ _2\"></span>)   <span class=\"_ _5c\"> </span>      (27<span class=\"_ _2\"></span>.526<span class=\"_ _2\"></span>)   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _e4\"> </span></span> <span class=\"_ _2\"></span> 27<span class=\"_ _2\"></span>.29<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>  De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ho de us<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> - Te<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>enos<span class=\"_ _2\"></span> (Nota<span class=\"_ _2\"></span> 18<span class=\"_ _2\"></span>)  42<span class=\"_ _2\"></span>.30<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>   <span class=\"_ _156\"> </span>  1.50<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"ls60\">      (3<span class=\"_ _2\"></span>0.40<span class=\"_ _2\"></span>2)   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _55\"> </span>                    -   <span class=\"_ _157\"> </span></span>  1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.40<span class=\"_ _2\"></span>7  De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ho de us<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> - O<span class=\"_ _2\"></span>tros<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> (Nota<span class=\"_ _2\"></span> 18<span class=\"_ _2\"></span>)  9.8<span class=\"_ _2\"></span>87<span class=\"_ _2\"></span>   <span class=\"_ _156\"> </span>  3<span class=\"_ _2\"></span>.713<span class=\"_ _2\"></span>   <span class=\"_ _5f\"> </span><span class=\"ls60\">         (1.998<span class=\"_ _2\"></span>)   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _55\"> </span>                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _157\"> </span></span>  11<span class=\"_ _2\"></span>.60<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>  Total<span class=\"_ _1\"></span> cos<span class=\"_ _1\"></span>te  2.23<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.324<span class=\"_ _2\"></span>   <span class=\"_ _157\"> </span>  8<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.904<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span>     <span class=\"_ _2\"></span> (63<span class=\"_ _2\"></span>.513<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span><span class=\"ls60\">         (1.<span class=\"_ _1\"></span>62<span class=\"_ _2\"></span>6)   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _ce\"> </span><span class=\"ls0_1\">  19<span class=\"_ _2\"></span>   <span class=\"_ _149\"> </span>  2<span class=\"_ _2\"></span>.255<span class=\"_ _2\"></span>.108<span class=\"_ _2\"></span>  </span></span>Cons<span class=\"_ _4\"></span>truc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones      (67<span class=\"_ _2\"></span>.972<span class=\"_ _2\"></span>)   <span class=\"_ _34\"> </span>         (4<span class=\"_ _2\"></span>.32<span class=\"_ _2\"></span>6)   <span class=\"_ _156\"> </span><span class=\"ls0_1\">  2.1<span class=\"_ _2\"></span>82<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span></span>                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _55\"> </span>                    -   <span class=\"_ _5c\"> </span>      (7<span class=\"_ _2\"></span>0.11<span class=\"_ _2\"></span>6)  I<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> t\u00e9<span class=\"_ _1\"></span>cn<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y maq<span class=\"_ _2\"></span>ui<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a (1.0<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>.99<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)   <span class=\"_ _5c\"> </span><span class=\"ls60\">      (6<span class=\"_ _2\"></span>8.19<span class=\"_ _2\"></span>7)   <span class=\"_ _157\"> </span></span>  2<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.14<span class=\"_ _2\"></span>8  <span class=\"_ _2\"></span> <span class=\"_ _5c\"> </span><span class=\"ls60\">                    -   <span class=\"_ _55\"> </span>                    -   <span class=\"_ _34\"> </span>                 (9<span class=\"_ _2\"></span>)   <span class=\"_ _34\"> </span></span> (1<span class=\"_ _2\"></span>.05<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.04<span class=\"_ _2\"></span>8) <span class=\"_ _2\"></span> Otro<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>nmovi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o      (37<span class=\"_ _2\"></span>.067<span class=\"_ _2\"></span>)   <span class=\"_ _34\"> </span>         (2<span class=\"_ _2\"></span>.58<span class=\"_ _2\"></span>6)   <span class=\"_ _3a\"> </span><span class=\"ls0_1\">  4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>0   <span class=\"_ _5c\"> </span></span>                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _34\"> </span>                 (2<span class=\"_ _2\"></span>)   <span class=\"_ _5c\"> </span>      (39<span class=\"_ _2\"></span>.175<span class=\"_ _2\"></span>)  De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ho de us<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> - Te<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>enos<span class=\"_ _2\"></span> (Nota<span class=\"_ _2\"></span> 18<span class=\"_ _2\"></span>)         (3.24<span class=\"_ _2\"></span>6)   <span class=\"_ _5f\"> </span>         (1.175<span class=\"_ _2\"></span>)   <span class=\"_ _114\"> </span><span class=\"ls0_1\">  2<span class=\"_ _2\"></span>.27<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span></span>                    -   <span class=\"_ _55\"> </span>                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _34\"> </span>         (2<span class=\"_ _2\"></span>.145<span class=\"_ _2\"></span>)  De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ho de us<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> - O<span class=\"_ _2\"></span>tros<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> (Nota<span class=\"_ _2\"></span> 18<span class=\"_ _2\"></span>)         (3.52<span class=\"_ _2\"></span>7)   <span class=\"_ _5f\"> </span>         (2.459<span class=\"_ _2\"></span>)   <span class=\"_ _114\"> </span><span class=\"ls0_1\">  1<span class=\"_ _2\"></span>.64<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span></span>                    -   <span class=\"_ _55\"> </span>                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _34\"> </span>         (4<span class=\"_ _2\"></span>.344<span class=\"_ _2\"></span>)  Total<span class=\"_ _1\"></span> amort<span class=\"_ _2\"></span>iza<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>iones (1.12<span class=\"_ _2\"></span>1.80<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)   <span class=\"_ _5c\"> </span>      (7<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>74<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)   <span class=\"_ _157\"> </span>  3<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.728<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"ls60\">                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _55\"> </span>              (1<span class=\"_ _2\"></span>1)   <span class=\"_ _34\"> </span></span> (1<span class=\"_ _2\"></span>.16<span class=\"_ _2\"></span>7.82<span class=\"_ _2\"></span>8)  <span class=\"_ _2\"></span> Det<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>rior<span class=\"_ _2\"></span>os de valor (Not<span class=\"_ _2\"></span>as 7 y 20<span class=\"_ _2\"></span>)      (1<span class=\"_ _2\"></span>9.64<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span>  <span class=\"_ _2\"></span>  (18<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.565<span class=\"_ _2\"></span>)   <span class=\"_ _156\"> </span>  2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>49<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"ls60\">                    -   <span class=\"_ _5c\"> </span>                    -   <span class=\"_ _55\"> </span>                    -   <span class=\"_ _5f\"> </span></span> <span class=\"_ _2\"></span>   (20<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.719<span class=\"_ _2\"></span>)  Total<span class=\"_ _1\"></span> Ne<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  1.09<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.876<span class=\"_ _2\"></span>   <span class=\"_ _158\"> </span>  88<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.561<span class=\"_ _2\"></span>  Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>2<span class=\"_ _14e\"> </span>31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Negoc<span class=\"_ _1\"></span>io Celulosa:    P<span class=\"_ _2\"></span>ontevedra y corporativo <span class=\"_ _2\"></span>(*<span class=\"_ _1\"></span>)<span class=\"_ _ac\"> </span>16.45<span class=\"_ _2\"></span>0<span class=\"_ _17\"> </span>49<span class=\"_ _2\"></span>.047    Nav<span class=\"_ _2\"></span>ia<span class=\"_ _159\"> </span>17<span class=\"_ _2\"></span>.655<span class=\"_ _17\"> </span>16<span class=\"_ _2\"></span>.201    Otr<span class=\"_ _2\"></span>os<span class=\"_ _3f\"> </span>1.351<span class=\"_ _f3\"> </span><span class=\"ls61\">128<span class=\"_ _1be\"> </span></span>Negoc<span class=\"_ _1\"></span>io Energ\u00eda<span class=\"_ _1\"></span> Renovable<span class=\"_ _1\"></span>:    H<span class=\"_ _2\"></span>uelva - 46<span class=\"_ _2\"></span> M<span class=\"_ _2\"></span>W <span class=\"_ _d0\"> </span>2.09<span class=\"_ _2\"></span>8<span class=\"_ _15a\"> </span>3.17<span class=\"_ _2\"></span>1    H<span class=\"_ _2\"></span>uelva - 50<span class=\"_ _2\"></span> M<span class=\"_ _2\"></span>W<span class=\"_ _60\"> </span>1.54<span class=\"_ _2\"></span>8<span class=\"_ _15a\"> </span>3.94<span class=\"_ _2\"></span>1    P<span class=\"_ _2\"></span>uertollano \u2013 50 M<span class=\"_ _2\"></span>W<span class=\"_ _15b\"> </span><span class=\"ff4\">2.39<span class=\"_ _2\"></span>0<span class=\"_ _15a\"> </span>2.14<span class=\"_ _2\"></span>4</span>    Otr<span class=\"_ _2\"></span>os<span class=\"_ _3f\"> </span>3.545<span class=\"_ _15a\"> </span>6.05<span class=\"_ _2\"></span>5<span class=\"_ _1be\"> </span>Subtot<span class=\"_ _2\"></span>al <span class=\"_ _136\"> </span><span class=\"ff3\">45.<span class=\"_ _2\"></span>03<span class=\"_ _2\"></span>7<span class=\"_ _8b\"> </span>80<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>68<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span></span>De<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>chos de uso (ver Nota 1<span class=\"_ _2\"></span>8)<span class=\"_ _15c\"> </span>11<span class=\"_ _2\"></span>.055<span class=\"_ _15a\"> </span>5<span class=\"_ _2\"></span>.217<span class=\"_ _1be\"> </span>56<span class=\"_ _2\"></span>.0<span class=\"_ _2\"></span>92<span class=\"_ _86\"> </span>85.<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>04<span class=\"_ _1be\"> </span>Mil<span class=\"_ _2\"></span>es de E<span class=\"_ _1\"></span>uros<span class=\"_ _1be\"> </span>17.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Bienes totalmente amor<span class=\"_ _1\"></span>tizado<span class=\"_ _1\"></span>s </span></span>Al <span class=\"_ _c3\"> </span>cierr<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>ejercicios <span class=\"_ _c2\"> </span>20<span class=\"_ _2\"></span>22 <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>2021 <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>Gru<span class=\"_ _2\"></span>po <span class=\"_ _c2\"> </span>ten\u00eda <span class=\"_ _c2\"> </span>elementos<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>del <span class=\"_ _c2\"> </span>inmovilizado <span class=\"_ _c2\"> </span>material <span class=\"_ _c2\"> </span>totalmente<span class=\"_ _2\"></span> amortizados q<span class=\"_ _2\"></span>ue segu\u00edan en uso con<span class=\"_ _2\"></span>forme al siguiente detalle:<span class=\"_ _2\"></span> 17.3<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Revalorizaciones<span class=\"_ _1be\"> </span></span></span>Al <span class=\"_ _0\"></span>1 <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>enero <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>2004, <span class=\"_ _0\"></span>fe<span class=\"_ _2\"></span>cha <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>transici\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>las <span class=\"_ _0\"></span>NIIF<span class=\"_ _2\"></span>-UE, <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>act<span class=\"_ _2\"></span>ualizaron <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>uelos <span class=\"_ _0\"></span>forestales <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>valo<span class=\"_ _2\"></span>r<span class=\"_ _1be\"> </span>razonable. Dicho valor <span class=\"_ _1\"></span>fue <span class=\"_ _1\"></span>determinado por <span class=\"_ _1\"></span>tasadores expertos e <span class=\"_ _1\"></span>independientes y <span class=\"_ _1\"></span>se con<span class=\"_ _1\"></span>sidera como <span class=\"_ _1\"></span>coste<span class=\"_ _1be\"> </span>hist\u00f3rico <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>referencia <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>acu<span class=\"_ _2\"></span>erdo <span class=\"_ _c3\"> </span>a <span class=\"_ _c5\"> </span>lo <span class=\"_ _c3\"> </span>establecido <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>las <span class=\"_ _c3\"> </span>No<span class=\"_ _2\"></span>rmas <span class=\"_ _c3\"> </span>Intern<span class=\"_ _2\"></span>acionales <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>Contab<span class=\"_ _2\"></span>ilidad. <span class=\"_ _c2\"> </span>La<span class=\"_ _2\"></span> plusval\u00eda <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r rev<span class=\"_ _2\"></span>alorizaci\u00f3n <span class=\"_ _4\"></span>asciende <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>54.10<span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span><span class=\"ff6\">miles <span class=\"_ _2\"></span>\u20ac</span> <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>dicie<span class=\"_ _2\"></span>mbre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>2021 <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>incluye <span class=\"_ _2\"></span>en<span class=\"_ _2\"></span> el<span class=\"_ _1be\"> </span>ep\u00edgrafe \u201cAjustes<span class=\"ff4\"> </span>en p<span class=\"_ _2\"></span>atrimonio p<span class=\"_ _2\"></span>or valoraci\u00f3n\u201d d<span class=\"_ _2\"></span>el patrimonio neto<span class=\"_ _2\"></span><span class=\"ff4\"> (v<span class=\"_ _2\"></span>\u00e9ase Nota 22<span class=\"ls1a\">.6</span>).<span class=\"_ _1be\"> </span></span>17.4<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Pol\u00edtica de seguros<span class=\"_ _1be\"> </span></span></span>La <span class=\"_ _2\"></span>pol\u00edtica <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Grupo <span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>formalizar <span class=\"_ _2\"></span>p\u00f3lizas <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>seguro <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>cubrir los<span class=\"_ _2\"></span> po<span class=\"_ _2\"></span>sibles <span class=\"_ _2\"></span>riesgos <span class=\"_ _2\"></span>a qu<span class=\"_ _2\"></span>e est\u00e1n <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ujetos <span class=\"_ _2\"></span>los<span class=\"_ _1be\"> </span>diversos <span class=\"_ _4\"></span>elementos <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>inmovilizado <span class=\"_ _4\"></span>material. <span class=\"_ _4\"></span>Los <span class=\"_ _4\"></span>Adm<span class=\"_ _2\"></span>inistra<span class=\"_ _2\"></span>dores <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>Sociedad<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Dominante, <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>\u00ed <span class=\"_ _2\"></span>como<span class=\"_ _1be\"> </span>sus <span class=\"_ _c3\"></span>asesores <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>esta <span class=\"_ _0\"></span>materia, <span class=\"_ _c3\"></span>estiman <span class=\"_ _0\"></span>que <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>cobertura <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>es<span class=\"_ _2\"></span>tos <span class=\"_ _0\"></span>riesgos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>al <span class=\"_ _c3\"></span>31<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>diciembre <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>202<span class=\"_ _2\"></span>2 <span class=\"_ _c3\"></span>es<span class=\"_ _1be\"> </span>adecuada.<span class=\"_ _1be\"> </span>18.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Activos por derecho de uso<span class=\"_ _1be\"> </span></span></span>18.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Activos por derecho<span class=\"_ _1\"></span>s de uso<span class=\"_ _1be\"> </span></span></span>El <span class=\"_ _4\"></span>movimiento <span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>abido <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span><span class=\"ff6\">diferent<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>entas <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>recogen <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>\u201cDerechos <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>uso <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>obre <span class=\"_ _2\"></span>activos<span class=\"_ _2\"></span>\u201d <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>sus<span class=\"_ _1be\"> </span></span>correspondientes a<span class=\"_ _2\"></span>mortizaciones a<span class=\"_ _2\"></span>cumuladas en 20<span class=\"_ _2\"></span>22 y 2021 h<span class=\"_ _2\"></span>a sido el siguient<span class=\"_ _2\"></span>e:<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> de E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _ef\"> </span><span class=\"ls62\">2022<span class=\"_ _15a\"> </span>2021<span class=\"_ _1be\"> </span></span>Cons<span class=\"_ _4\"></span>tr<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _1be\"> </span>24<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>08<span class=\"_ _8\"> </span>24<span class=\"_ _2\"></span>.23<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span>I<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tal<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> t\u00e9<span class=\"_ _1\"></span>cni<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>12<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.28<span class=\"_ _2\"></span>9<span class=\"_ _8\"> </span>93<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span>Ma<span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _8e\"> </span>30<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.80<span class=\"_ _2\"></span>3<span class=\"_ _114\"> </span>3<span class=\"_ _2\"></span>40<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>39<span class=\"_ _1be\"> </span>Ut<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>l<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>j<span class=\"_ _4\"></span>e<span class=\"_ _108\"> </span><span class=\"ls62\">712<span class=\"_ _33\"> </span>739<span class=\"_ _1be\"> </span></span>Mobi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>o<span class=\"_ _7c\"> </span>2<span class=\"_ _2\"></span>.3<span class=\"_ _2\"></span>48<span class=\"_ _ce\"> </span>2.20<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span>Otr<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> <span class=\"_ _2f\"> </span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.70<span class=\"_ _2\"></span>6<span class=\"_ _9e\"> </span>1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.20<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span>47<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.26<span class=\"_ _2\"></span>6<span class=\"_ _114\"> </span>4<span class=\"_ _2\"></span>77<span class=\"_ _2\"></span>.82<span class=\"_ _2\"></span>5<span class=\"_ _1be\"> </span>18.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Pasivos por arrenda<span class=\"_ _1\"></span>miento<span class=\"_ _1be\"> </span></span></span>El <span class=\"_ _4\"></span>movimiento <span class=\"_ _4\"></span>h<span class=\"_ _2\"></span>abido <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>est<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>ep\u00edgrafe <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>Estado <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>Situaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>Financie<span class=\"_ _2\"></span>ra <span class=\"_ _c0\"></span>consolidado <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span><span class=\"ls11\">20</span>22 <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>2<span class=\"_ _2\"></span>021 <span class=\"_ _4\"></span>ha<span class=\"_ _1be\"> </span>sido el siguiente:<span class=\"_ _2\"></span> 31<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>mbre de<span class=\"_ _1\"></span> 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _10d\"> </span>Nota<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> 01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>/<span class=\"_ _1be\"> </span>Dota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>sRe<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>Cos<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span> -<span class=\"_ _1be\"> </span>Te<span class=\"_ _bb\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>enos<span class=\"_ _4\"></span> bi<span class=\"_ _c0\"></span>of\u00e1<span class=\"_ _4\"></span>br<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> P<span class=\"_ _2\"></span>onte<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>dr<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>7 <span class=\"_ _2\"></span>y 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _6e\"> </span>3.7<span class=\"_ _2\"></span>91<span class=\"_ _8c\"> </span>2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.97<span class=\"_ _2\"></span>0<span class=\"_ _87\"> </span>(6.86<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _8b\"> </span>1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.89<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>ndo<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _1be\"> </span>17<span class=\"_ _150\"> </span><span class=\"ls0_1\">9.61<span class=\"_ _2\"></span>6<span class=\"_ _42\"> </span></span>753<span class=\"_ _f3\"> </span><span class=\"ls0_1\">(7<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _15a\"> </span>9<span class=\"_ _2\"></span>.63<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span></span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>to (*)<span class=\"_ _1be\"> </span>17<span class=\"_ _10\"> </span><span class=\"ls0_1\">11.6<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _ea\"> </span>7<span class=\"_ _2\"></span>.23<span class=\"_ _2\"></span>0<span class=\"_ _87\"> </span>(1.4<span class=\"_ _2\"></span>49<span class=\"_ _2\"></span>)<span class=\"_ _8b\"> </span>1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.38<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span></span>Coste<span class=\"_ _15d\"> </span>25<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>9<span class=\"_ _8c\"> </span>30<span class=\"_ _2\"></span>.95<span class=\"_ _2\"></span>3<span class=\"_ _87\"> </span>(9.04<span class=\"_ _2\"></span>8)<span class=\"_ _8b\"> </span>4<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>91<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>za<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> -<span class=\"_ _1be\"> </span>Te<span class=\"_ _bb\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>enos<span class=\"_ _4\"></span> bi<span class=\"_ _c0\"></span>of\u00e1<span class=\"_ _4\"></span>br<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> P<span class=\"_ _2\"></span>onte<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>dr<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>7 <span class=\"_ _2\"></span>y 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _15c\"> </span>-<span class=\"_ _106\"> </span><span class=\"ls63\">384<span class=\"_ _15e\"> </span></span>-<span class=\"_ _d4\"> </span><span class=\"ls63\">384<span class=\"_ _1be\"> </span></span>A<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>ndo<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _1be\"> </span>17<span class=\"_ _150\"> </span><span class=\"ls0_1\">2.14<span class=\"_ _2\"></span>5<span class=\"_ _42\"> </span></span>680<span class=\"_ _f3\"> </span><span class=\"ls0_1\">(4<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _15a\"> </span>2<span class=\"_ _2\"></span>.39<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span></span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>to (*)<span class=\"_ _1be\"> </span>17<span class=\"_ _150\"> </span><span class=\"ls0_1\">4.34<span class=\"_ _2\"></span>4<span class=\"_ _33\"> </span>2.9<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>3<span class=\"_ _43\"> </span>(9<span class=\"_ _2\"></span>18<span class=\"_ _2\"></span>)<span class=\"_ _15a\"> </span>6<span class=\"_ _2\"></span>.39<span class=\"_ _2\"></span>9<span class=\"_ _1be\"> </span></span>Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>iza<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _6d\"> </span>6.<span class=\"_ _1\"></span>48<span class=\"_ _2\"></span>9<span class=\"_ _33\"> </span>4<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>03<span class=\"_ _2\"></span>7<span class=\"_ _87\"> </span>(1.34<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _87\"> </span>9<span class=\"_ _2\"></span>.17<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span>Det<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ioros de<span class=\"_ _2\"></span> va<span class=\"_ _1\"></span>lor <span class=\"_ _d4\"> </span><span class=\"ff4\">7<span class=\"_ _2\"></span> y<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>0<span class=\"_ _f0\"> </span></span>3<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>7<span class=\"_ _2\"></span>91<span class=\"_ _15f\"> </span>-<span class=\"_ _ce\"> </span>(3<span class=\"_ _2\"></span>.79<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _10d\"> </span>-<span class=\"_ _1be\"> </span>T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l Ne<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  1<span class=\"_ _2\"></span>4.72<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _a6\"> </span>  3<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>73<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>  Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>(*<span class=\"_ _1\"></span>) I<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>uy<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> pr<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>pa<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>me<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>nda<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>os<span class=\"_ _4\"></span> de ofi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>y veh\u00edcu<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>os<span class=\"_ _1be\"> </span><span class=\"_ _4\"></span>.<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> di<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>em<span class=\"_ _1\"></span>br<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span> 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _14\"> </span>Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span> 01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _2\"></span>/<span class=\"_ _1be\"> </span>Dota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>nes<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Cos<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span> -<span class=\"_ _1be\"> </span>Te<span class=\"_ _bb\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>nos<span class=\"_ _4\"></span> b<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>of\u00e1<span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> P<span class=\"_ _2\"></span>onte<span class=\"_ _1be\"> </span>7 <span class=\"_ _2\"></span>y 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _43\"> </span>33<span class=\"_ _2\"></span>.35<span class=\"_ _2\"></span>1<span class=\"_ _15c\"> </span>-<span class=\"_ _86\"> </span>(2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.56<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _2b\"> </span>3<span class=\"_ _2\"></span>.79<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>endos<span class=\"_ _4\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span>17<span class=\"_ _81\"> </span><span class=\"ls0_1\">8.95<span class=\"_ _2\"></span>4<span class=\"_ _1e\"> </span>1.50<span class=\"_ _2\"></span>4<span class=\"_ _8f\"> </span>(<span class=\"_ _2\"></span>84<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _2b\"> </span>9<span class=\"_ _2\"></span>.61<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span></span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>to (*)<span class=\"_ _1be\"> </span>17<span class=\"_ _81\"> </span><span class=\"ls0_1\">9.88<span class=\"_ _2\"></span>7<span class=\"_ _1e\"> </span>3.71<span class=\"_ _2\"></span>3<span class=\"_ _14\"> </span>(1.9<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>8)<span class=\"_ _92\"> </span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>02<span class=\"_ _1be\"> </span></span>Coste<span class=\"_ _160\"> </span>52<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>2<span class=\"_ _1e\"> </span>5.21<span class=\"_ _2\"></span>7<span class=\"_ _97\"> </span>(3<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>4<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>)<span class=\"_ _92\"> </span>2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>9<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>za<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3<span class=\"_ _2\"></span>n -<span class=\"_ _1be\"> </span>Te<span class=\"_ _bb\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>nos<span class=\"_ _4\"></span> b<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>of\u00e1<span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> P<span class=\"_ _2\"></span>onte<span class=\"_ _1be\"> </span>7 <span class=\"_ _2\"></span>y 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _f0\"> </span>1<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>8<span class=\"_ _12c\"> </span><span class=\"ls64\">372<span class=\"_ _10b\"> </span></span>(1<span class=\"_ _2\"></span>.86<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _161\"> </span>-<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>endos<span class=\"_ _4\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span>17<span class=\"_ _81\"> </span><span class=\"ls0_1\">1.75<span class=\"_ _2\"></span>8<span class=\"_ _162\"> </span></span>803<span class=\"_ _f5\"> </span><span class=\"ls0_1\">(4<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _2b\"> </span>2<span class=\"_ _2\"></span>.14<span class=\"_ _2\"></span>5<span class=\"_ _1be\"> </span></span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>to (*)<span class=\"_ _1be\"> </span>17<span class=\"_ _81\"> </span><span class=\"ls0_1\">3.52<span class=\"_ _2\"></span>7<span class=\"_ _1e\"> </span>2.45<span class=\"_ _2\"></span>9<span class=\"_ _14\"> </span>(1.6<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>2)<span class=\"_ _163\"> </span>4.3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span></span>Am<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>iza<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _124\"> </span>6<span class=\"_ _2\"></span>.77<span class=\"_ _2\"></span>3<span class=\"_ _1e\"> </span>3.<span class=\"_ _1\"></span>63<span class=\"_ _2\"></span>4<span class=\"_ _14\"> </span>(3.91<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _2b\"> </span>6<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>48<span class=\"_ _2\"></span>9<span class=\"_ _1be\"> </span>Det<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ioros de<span class=\"_ _2\"></span> val<span class=\"_ _1\"></span>or <span class=\"_ _22\"> </span><span class=\"ff4\">7<span class=\"_ _2\"></span> y 2<span class=\"_ _2\"></span>0<span class=\"_ _11b\"> </span></span>-<span class=\"_ _d4\"> </span>3<span class=\"_ _2\"></span>.79<span class=\"_ _2\"></span>0<span class=\"_ _e3\"> </span>-<span class=\"_ _14\"> </span>3<span class=\"_ _2\"></span>.79<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span>T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l Ne<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o  4<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>41<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _164\"> </span>  1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>73<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>  Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>(*<span class=\"_ _1\"></span>) I<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>ye pri<span class=\"_ _c0\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>me<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>enda<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>os<span class=\"_ _4\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> ofi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>na<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> y <span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>h\u00edc<span class=\"_ _2\"></span>ul<span class=\"_ _c0\"></span>os<span class=\"_ _4\"></span>.<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span> de di<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>em<span class=\"_ _1\"></span>bre de<span class=\"_ _1\"></span> 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> 01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1/2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nes<span class=\"_ _1be\"> </span>Cuota<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>da<span class=\"_ _4\"></span>s<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>ro<span class=\"_ _2\"></span>s<span class=\"_ _154\"> </span>Tr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>pa<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>os<span class=\"_ _30\"> </span>I<span class=\"_ _2\"></span>nte<span class=\"_ _1\"></span>res<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>uda<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>to pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>29<span class=\"_ _2\"></span>.2<span class=\"_ _13d\"> </span>3.99<span class=\"_ _2\"></span>5<span class=\"_ _ef\"> </span>-<span class=\"_ _46\"> </span>(5<span class=\"_ _2\"></span>.89<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _f7\"> </span>(4<span class=\"_ _2\"></span>.56<span class=\"_ _2\"></span>7)<span class=\"_ _86\"> </span>8<span class=\"_ _2\"></span>.16<span class=\"_ _2\"></span>1<span class=\"_ _86\"> </span>1<span class=\"_ _2\"></span>.97<span class=\"_ _2\"></span>8<span class=\"_ _86\"> </span>3<span class=\"_ _2\"></span>.67<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>uda<span class=\"_ _2\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>go pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>7 y 2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.2<span class=\"_ _1c\"> </span>13<span class=\"_ _2\"></span>.576<span class=\"_ _17\"> </span>32<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>4<span class=\"_ _ef\"> </span>-<span class=\"_ _84\"> </span>(2<span class=\"_ _2\"></span>.36<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _f7\"> </span>(8<span class=\"_ _2\"></span>.16<span class=\"_ _2\"></span>1)<span class=\"_ _42\"> </span>-<span class=\"_ _78\"> </span>3<span class=\"_ _2\"></span>5.6<span class=\"_ _2\"></span>24<span class=\"_ _1be\"> </span>17<span class=\"_ _2\"></span>.571<span class=\"_ _17\"> </span>32<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>4<span class=\"_ _3a\"> </span>(5<span class=\"_ _2\"></span>.891<span class=\"_ _2\"></span>)<span class=\"_ _f7\"> </span>(6<span class=\"_ _2\"></span>.932<span class=\"_ _2\"></span>)<span class=\"_ _42\"> </span>-<span class=\"_ _8b\"> </span>1<span class=\"_ _2\"></span>.978<span class=\"_ _48\"> </span>3<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>30<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>uro<span class=\"_ _1be\"> </span>s<span class=\"_ _1be\"> </span>En <span class=\"_ _c6\"> </span>la <span class=\"_ _c6\"> </span>determinaci\u00f3n <span class=\"_ _c6\"> </span>del <span class=\"_ _c6\"> </span>pas<span class=\"_ _2\"></span>ivo <span class=\"_ _c6\"> </span>por <span class=\"_ _c6\"> </span>derecho <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>u<span class=\"_ _2\"></span>so <span class=\"_ _c6\"> </span>se <span class=\"_ _c6\"> </span>consid<span class=\"_ _2\"></span>era  el <span class=\"_ _c6\"> </span>v<span class=\"_ _2\"></span>alor <span class=\"_ _c6\"> </span>presente <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>cuotas <span class=\"_ _c6\"> </span>de<span class=\"_ _1be\"> </span>arrendamiento pendientes <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>pago, me<span class=\"_ _1\"></span>nos cualquier incentivo <span class=\"_ _1\"></span>recibido <span class=\"_ _1\"></span>por e<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>arrendamiento<span class=\"_ _2\"></span>. <span class=\"_ _1\"></span>Las cuotas <span class=\"_ _1\"></span>son<span class=\"_ _1be\"> </span>actualizadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>considerando <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>tasa <span class=\"_ _2\"></span>incremental <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>endeudamiento. <span class=\"_ _4\"></span>Dicha<span class=\"_ _2\"></span> ta<span class=\"_ _2\"></span>sa <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>estimado, <span class=\"_ _2\"></span>consid<span class=\"_ _2\"></span>erando<span class=\"_ _1be\"> </span>informaci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>mercado <span class=\"_ _1\"></span>disponible, <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>rango <span class=\"_ _1\"></span>5,8%-6,0% <span class=\"_ _1\"></span>para <span class=\"_ _bb\"></span>contratos<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _1\"></span>vigencia <span class=\"_ _bb\"></span>de <span class=\"_ _bb\"></span>1<span class=\"_ _2\"></span>-5 <span class=\"_ _1\"></span>a\u00f1os, <span class=\"_ _1\"></span>6,0%-<span class=\"_ _1be\"> </span>6,2% <span class=\"_ _1\"></span>para <span class=\"_ _1\"></span>contratos con <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>vigencia de <span class=\"_ _1\"></span>5-10 <span class=\"_ _1\"></span>a\u00f1os, 6,3%-6,7% <span class=\"_ _1\"></span>para contratos <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>vigencia de <span class=\"_ _1\"></span>10-20 a\u00f1os<span class=\"_ _1be\"> </span>y <span class=\"ls0_1\">6,7%-<span class=\"ls11\">7,</span>7% para contra<span class=\"_ _2\"></span>tos con un<span class=\"_ _2\"></span>a vigencia entre <span class=\"_ _2\"></span><span class=\"ls11\">20</span>-40 a\u00f1os<span class=\"_ _2\"></span>. <span class=\"fc9\"> </span></span>ENCE n<span class=\"_ _2\"></span>o tiene <span class=\"_ _2\"></span>previstas s<span class=\"_ _2\"></span>alidas de <span class=\"_ _2\"></span>efectivo futuras<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>relevantes<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>que est\u00e9 <span class=\"_ _2\"></span>potencialmente <span class=\"_ _2\"></span>expuesto <span class=\"_ _2\"></span>y q<span class=\"_ _2\"></span>ue<span class=\"_ _1be\"> </span>no est\u00e9n reflejadas en la v<span class=\"_ _2\"></span>aloraci\u00f3n de los<span class=\"_ _2\"></span> pasivos p<span class=\"_ _2\"></span>or arrendamiento.<span class=\"_ _2\"></span> 18.3<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Importes reconocidos en e<span class=\"_ _1\"></span>l Estado de<span class=\"_ _1\"></span> Resultado Consolidad<span class=\"_ _1\"></span>o<span class=\"_ _1be\"> </span></span></span>Se <span class=\"_ _c0\"></span>detalla <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>continuaci\u00f3n <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>impacto <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>las <span class=\"_ _0\"></span>cuentas<span class=\"_ _2\"></span> <span class=\"_ _0\"></span><span class=\"ff6\">\u201cAmortizaci\u00f3n\u201d <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>\u201cGastos <span class=\"_ _0\"></span>Financieros\u201d <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span></span>Estado <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>Resultado Cons<span class=\"_ _2\"></span>olidado <span class=\"_ _2\"></span>del ejercicio <span class=\"ls11\">202</span>2 <span class=\"ls23\">y <span class=\"ls11\">20</span></span>21 por arrend<span class=\"_ _2\"></span>amientos:<span class=\"_ _2\"></span> Se <span class=\"_ _2\"></span>han<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>cap<span class=\"_ _2\"></span>italizado <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>ejercicio <span class=\"_ _4\"></span>202<span class=\"_ _2\"></span>2, <span class=\"_ _4\"></span>como <span class=\"_ _2\"></span>may<span class=\"_ _2\"></span>or <span class=\"_ _4\"></span>valor <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>uelos <span class=\"_ _4\"></span>forestales, <span class=\"_ _4\"></span>gastos <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cieros <span class=\"_ _4\"></span>por<span class=\"_ _1be\"> </span>importe de <span class=\"ls11\">25</span>6 <span class=\"ff6\">mil<span class=\"_ _2\"></span>es \u20ac (</span><span class=\"ls11\">225</span> <span class=\"ff6\">miles \u20ac d<span class=\"_ _2\"></span>urante el ejercicio 2<span class=\"_ _2\"></span>02</span>1<span class=\"ls1b\">).<span class=\"_ _2\"></span></span> El <span class=\"_ _c0\"></span>importe <span class=\"_ _0\"></span>reconocido <span class=\"_ _0\"></span>como <span class=\"_ _0\"></span>gasto <span class=\"_ _0\"></span>correspond<span class=\"_ _2\"></span>iente <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>arrendamientos <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>corto <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>laz<span class=\"_ _2\"></span><span class=\"ls22\">o <span class=\"_ _0\"></span></span>y <span class=\"_ _c0\"></span>pagos <span class=\"_ _0\"></span>variables <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>incluidos <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>valoraci<span class=\"_ _2\"></span>\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>pasivo <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>ejercicios <span class=\"_ _0\"></span>2022 <span class=\"_ _0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>2021 <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>sido <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span><span class=\"ls11\">774 <span class=\"_ _0\"></span></span><span class=\"ff6\">miles <span class=\"_ _0\"></span>\u20ac</span> <span class=\"_ _0\"></span><span class=\"ls36\">y <span class=\"_ _0\"></span><span class=\"ls11\">733</span></span> <span class=\"_ _c3\"></span><span class=\"ff6\">miles <span class=\"_ _c0\"></span>\u20ac</span><span class=\"ls65\">,<span class=\"_ _1be\"> </span></span>respectivamente (v<span class=\"_ _2\"></span>\u00e9ase Nota 13.1).<span class=\"_ _2\"></span> 31<span class=\"_ _2\"></span> de dicie<span class=\"_ _1\"></span>mbre de<span class=\"_ _1\"></span> 202<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Notas<span class=\"_ _1be\"> </span>Saldo al<span class=\"_ _1be\"> </span>01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1/<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span>Adicione<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span>Cuotas<span class=\"_ _1be\"> </span>pagada<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>tiros<span class=\"_ _139\"> </span>Traspasos<span class=\"_ _19\"> </span>Intere<span class=\"_ _1\"></span>ses<span class=\"_ _1be\"> </span>Saldo al<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>uda c<span class=\"_ _1\"></span>orto plazo<span class=\"_ _1be\"> </span>29<span class=\"_ _2\"></span>.2<span class=\"_ _d4\"> </span>2.477<span class=\"_ _7a\"> </span>-<span class=\"_ _46\"> </span>(5.114<span class=\"_ _2\"></span>)<span class=\"_ _97\"> </span>(43<span class=\"_ _2\"></span>4)<span class=\"_ _8b\"> </span>6.043<span class=\"_ _86\"> </span>1.023<span class=\"_ _8b\"> </span>3<span class=\"_ _2\"></span>.995<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>uda largo<span class=\"_ _1\"></span> plazo<span class=\"_ _1be\"> </span>7 y<span class=\"_ _2\"></span> 29<span class=\"_ _2\"></span>.2<span class=\"_ _92\"> </span>4<span class=\"_ _2\"></span>3.48<span class=\"_ _2\"></span>9<span class=\"_ _22\"> </span>8<span class=\"_ _2\"></span>.932<span class=\"_ _7a\"> </span>-<span class=\"_ _12a\"> </span>(32<span class=\"_ _2\"></span>.802)<span class=\"_ _f7\"> </span>(6.043<span class=\"_ _2\"></span>)<span class=\"_ _106\"> </span>-<span class=\"_ _f7\"> </span>13<span class=\"_ _2\"></span>.576<span class=\"_ _1be\"> </span>45<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>66<span class=\"_ _ce\"> </span>8<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>32<span class=\"_ _46\"> </span>(5.1<span class=\"_ _2\"></span>14<span class=\"_ _2\"></span>)<span class=\"_ _154\"> </span>(33.<span class=\"_ _2\"></span>23<span class=\"_ _2\"></span>6)<span class=\"_ _106\"> </span>-<span class=\"_ _46\"> </span>1.<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>3<span class=\"_ _f7\"> </span>17<span class=\"_ _2\"></span>.5<span class=\"_ _2\"></span>71<span class=\"_ _1be\"> </span>Miles de e<span class=\"_ _1\"></span>uros<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>br<span class=\"_ _2\"></span>e de<span class=\"_ _1\"></span> 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _69\"> </span>N<span class=\"_ _1\"></span>ot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1be\"> </span>Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>to<span class=\"_ _1be\"> </span>Fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>ro<span class=\"_ _1be\"> </span>Cuota<span class=\"_ _2\"></span> A<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>enda<span class=\"_ _2\"></span>mi<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>nto<span class=\"_ _1be\"> </span>Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>to por<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span>m<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>za<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> de a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _c0\"></span> por<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>rech<span class=\"_ _2\"></span>o de us<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> s<span class=\"_ _4\"></span>obr<span class=\"_ _2\"></span>e a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> -<span class=\"_ _1be\"> </span>Te<span class=\"_ _bb\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>enos<span class=\"_ _4\"></span> bi<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>f\u00e1<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> Po<span class=\"_ _2\"></span>nte<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>dra<span class=\"_ _1be\"> </span>14<span class=\"_ _2\"></span> y<span class=\"_ _2\"></span> 17<span class=\"_ _ee\"> </span><span class=\"ls66\">384<span class=\"_ _33\"> </span></span>1.5<span class=\"_ _2\"></span>40<span class=\"_ _2e\"> </span>1<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> te<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>enos<span class=\"_ _1be\"> </span>14<span class=\"_ _2\"></span> y<span class=\"_ _2\"></span> 17<span class=\"_ _ee\"> </span><span class=\"ls66\">680<span class=\"_ _42\"> </span>256<span class=\"_ _10\"> </span>913<span class=\"_ _1be\"> </span></span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _1be\"> </span>14<span class=\"_ _2\"></span> y<span class=\"_ _2\"></span> 17<span class=\"_ _11\"> </span>2.9<span class=\"_ _2\"></span>73<span class=\"_ _10\"> </span><span class=\"ls66\">182<span class=\"_ _33\"> </span></span>3<span class=\"_ _2\"></span>.40<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span>4.03<span class=\"_ _2\"></span>7<span class=\"_ _2e\"> </span>1.97<span class=\"_ _2\"></span>8<span class=\"_ _2e\"> </span>5.89<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>em<span class=\"_ _1\"></span>br<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> de 20<span class=\"_ _2\"></span>21<span class=\"_ _eb\"> </span>N<span class=\"_ _1\"></span>ota<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>or<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n<span class=\"_ _1be\"> </span>Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>to<span class=\"_ _1be\"> </span>Fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ero<span class=\"_ _1be\"> </span>Cuota<span class=\"_ _2\"></span> A<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>enda<span class=\"_ _2\"></span>mi<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>nto<span class=\"_ _1be\"> </span>Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>to por<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n de a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> dere<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ho d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> us<span class=\"_ _4\"></span>o s<span class=\"_ _4\"></span>ob<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> -<span class=\"_ _1be\"> </span>Te<span class=\"_ _bb\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>enos<span class=\"_ _4\"></span> bi<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>f\u00e1<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Pon<span class=\"_ _2\"></span>te<span class=\"_ _bb\"></span>v<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>dr<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>14<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>17<span class=\"_ _d5\"> </span><span class=\"ls67\">372<span class=\"_ _f0\"> </span>681<span class=\"_ _a\"> </span></span>1<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> te<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>enos<span class=\"_ _1be\"> </span>14<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>17<span class=\"_ _d5\"> </span><span class=\"ls67\">803<span class=\"_ _f0\"> </span>255<span class=\"_ _f0\"> </span>951<span class=\"_ _1be\"> </span></span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _4\"></span>vos<span class=\"_ _1be\"> </span>14<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>17<span class=\"_ _12c\"> </span>2.45<span class=\"_ _2\"></span>9<span class=\"_ _7a\"> </span><span class=\"ls67\">87<span class=\"_ _a\"> </span></span>2<span class=\"_ _2\"></span>.59<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>3.63<span class=\"_ _2\"></span>4<span class=\"_ _90\"> </span>1<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>23<span class=\"_ _90\"> </span>5<span class=\"_ _2\"></span>.11<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> de E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Considerando  los <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>tratos <span class=\"_ _c5\"> </span>vigentes  al <span class=\"_ _c2\"> </span>31 <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>dic<span class=\"_ _2\"></span>iembre  de <span class=\"_ _c2\"> </span>20<span class=\"_ _2\"></span>22,  el <span class=\"_ _c2\"> </span>gasto<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>por <span class=\"_ _c5\"> </span>amortizaci\u00f3n  y <span class=\"_ _c2\"> </span>el  gasto<span class=\"_ _1be\"> </span>financiero medio en los<span class=\"_ _2\"></span> pr\u00f3ximos 5 <span class=\"_ _2\"></span>a\u00f1os, v<span class=\"_ _2\"></span>inculados a los activos<span class=\"_ _2\"></span> por derechos d<span class=\"_ _2\"></span>e uso ser\u00e1 de <span class=\"_ _4\"></span>2,2 millones <span class=\"_ _2\"></span><span class=\"ff6 ls11\">\u20ac<span class=\"_ _1be\"> </span></span>y <span class=\"ls0_1\">0,4 millones <span class=\"ff6\">\u20ac</span>, respectivamen<span class=\"_ _2\"></span>te (2<span class=\"ls1c\">,2</span> millones <span class=\"_ _2\"></span><span class=\"ff6 ls11\">\u20ac </span></span>y <span class=\"ls0_1\">0,3 <span class=\"ff6\">millones \u20ac<span class=\"_ _2\"></span></span> al 31 de diciembre de 2<span class=\"_ _2\"></span>021)<span class=\"ls1a\">. </span><span class=\"fc9\"> </span></span>19.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Activos biol\u00f3gicos </span></span>En <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>ep\u00edgraf<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>\u201cActivo<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>biol\u00f3gicos\u201d<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>incluy<span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>exclusivam<span class=\"_ _2\"></span>ente <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>vuelos <span class=\"_ _c0\"></span>forestales <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>Grupo, <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> terrenos <span class=\"_ _1\"></span>propiedad <span class=\"_ _1\"></span>del <span class=\"_ _bb\"></span>Gru<span class=\"_ _2\"></span>po, <span class=\"_ _1\"></span><span class=\"ff6\">en <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>que <span class=\"_ _bb\"></span>se <span class=\"_ _1\"></span>ubican <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>vuelos <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>presentan<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>ep\u00edgrafe <span class=\"_ _bb\"></span>\u201c<span class=\"_ _2\"></span>Propiedad,<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>planta<span class=\"_ _1be\"> </span></span>y equipo <span class=\"ff6\">\u2013</span> terrenos<span class=\"_ _2\"></span> <span class=\"ff6\">forestales\u201d. Su <span class=\"_ _2\"></span></span>variaci\u00f3n <span class=\"_ _2\"></span>durante los ejercicios 2022 y<span class=\"_ _2\"></span> 2021 ha sido l<span class=\"_ _2\"></span>a siguiente:<span class=\"_ _2\"></span> ENCE <span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>realizado <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>ejercicios <span class=\"_ _2\"></span><span class=\"ls11\">202</span>2 <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>2021 <span class=\"_ _4\"></span>labores <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>lantaci\u00f3n <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>1.529 <span class=\"_ _4\"></span>hect\u00e1reas <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span><span class=\"ls11\">558</span> <span class=\"_ _4\"></span>hect\u00e1reas,<span class=\"_ _1be\"> </span>respectivamente, <span class=\"_ _c3\"></span>y <span class=\"_ _c3\"></span>ha <span class=\"_ _0\"></span>ej<span class=\"_ _2\"></span>ecutado<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>lab<span class=\"_ _2\"></span>ores <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>conservaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>elvicultura <span class=\"_ _c3\"></span>sobre <span class=\"_ _c3\"> </span>13.843 <span class=\"_ _c3\"> </span>hect\u00e1reas<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>7<span class=\"_ _2\"></span>.217<span class=\"_ _1be\"> </span>hect\u00e1reas, respectivamente,<span class=\"_ _2\"></span> lo que ha supuesto una inversi\u00f3n por importe de 6.620<span class=\"_ _2\"></span> <span class=\"ff6\">miles \u20ac y </span>4.940 <span class=\"ff6\">miles \u20ac</span><span class=\"ls1c\">,<span class=\"_ _1be\"> </span></span>respectivamente. <span class=\"_ _4\"></span>Una <span class=\"_ _4\"></span>parte <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>estas <span class=\"_ _c0\"></span>inversiones <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>importe <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>5.707 <span class=\"_ _4\"></span><span class=\"ff6\">miles <span class=\"_ _4\"></span>\u20ac <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>202</span>2 <span class=\"_ _4\"></span><span class=\"ls36\">y <span class=\"_ _4\"></span></span>3.957 <span class=\"_ _4\"></span><span class=\"ff6\">miles <span class=\"_ _4\"></span>\u20ac <span class=\"_ _4\"></span>en<span class=\"_ _1be\"> </span></span>202<span class=\"ls0_1\">1 <span class=\"_ _0\"></span><span class=\"ff6\">se <span class=\"_ _c3\"></span>recogen <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>ep\u00edgra<span class=\"_ _2\"></span>fe <span class=\"_ _0\"></span>\u201c<span class=\"_ _2\"></span></span>T<span class=\"ff6\">rabajos <span class=\"_ _c3\"></span>realizados <span class=\"_ _0\"></span>por <span class=\"_ _c3\"></span>la <span class=\"_ _c0\"></span>empresa <span class=\"_ _c3\"> </span>para <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>inmovilizado\u201d <span class=\"_ _0\"></span>del <span class=\"_ _c3\"></span>Estado <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span></span></span>Resultado cons<span class=\"_ _2\"></span>olidado. 31<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> di<span class=\"_ _4\"></span>c<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>em<span class=\"_ _1\"></span>bre de<span class=\"_ _1\"></span> 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> 01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span> o<span class=\"_ _1be\"> </span>dota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>nes<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> o<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>duc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>N<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>goc<span class=\"_ _1\"></span>io c<span class=\"_ _1\"></span>elulos<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>:<span class=\"_ _1be\"> </span>Vue<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _165\"> </span>  1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>5.8<span class=\"_ _2\"></span>04<span class=\"_ _2\"></span>  <span class=\"_ _2\"></span> <span class=\"_ _72\"> </span>  6<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>   <span class=\"_ _c9\"> </span><span class=\"ls68\">         (5<span class=\"_ _2\"></span>.678<span class=\"_ _2\"></span>)   <span class=\"_ _3d\"> </span></span>  1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.70<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> A<span class=\"_ _1\"></span>got<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>mi<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>nto de l<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>erva<span class=\"_ _4\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l      (51<span class=\"_ _2\"></span>.79<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>         (6<span class=\"_ _2\"></span>.96<span class=\"_ _2\"></span>0)   <span class=\"_ _51\"> </span><span class=\"ls0_1\">  4<span class=\"_ _2\"></span>.93<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _c8\"> </span></span>      (5<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.81<span class=\"_ _2\"></span>5)<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> de va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> 7<span class=\"_ _2\"></span> y 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _157\"> </span><span class=\"ls68\">         (4<span class=\"_ _2\"></span>.43<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>         (1<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>0)   <span class=\"_ _51\"> </span></span>  2<span class=\"_ _2\"></span>.92<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _c9\"> </span><span class=\"ls68\">         (2.50<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>) </span>  5<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>58<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>   <span class=\"_ _c9\"> </span><span class=\"ls68\">         (1.38<span class=\"_ _2\"></span>6)   <span class=\"_ _72\"> </span></span>  <span class=\"_ _2\"></span>2.18<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _10a\"> </span>  6<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.37<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span>N<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>goc<span class=\"_ _1\"></span>io ene<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>g\u00eda<span class=\"_ _bb\"></span> <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>novabl<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>:<span class=\"_ _1be\"> </span>Vue<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _13b\"> </span>  2.38<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _8c\"> </span>  4<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _ca\"> </span><span class=\"ls68\">            (42<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)   <span class=\"_ _72\"> </span></span>  2<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> A<span class=\"_ _1\"></span>got<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>mi<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>nto de l<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>erva<span class=\"_ _4\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l         (2.13<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)   <span class=\"_ _c8\"> </span>              (3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)   <span class=\"_ _8b\"> </span><span class=\"ls0_1\"> <span class=\"_ _2\"></span> 41<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _c9\"> </span></span>         (1<span class=\"_ _2\"></span>.752<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> de va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> 7<span class=\"_ _2\"></span> y 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _12a\"> </span><span class=\"ls68\">            (1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)   <span class=\"_ _c8\"> </span>                    -   <span class=\"_ _8c\"> </span></span>  1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>   <span class=\"_ _c8\"> </span><span class=\"ls68\">              (9<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>) </span>  1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>9  <span class=\"_ _2\"></span> <span class=\"_ _8c\"> </span>  1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _c4\"> </span><span class=\"ls68\">                 (1<span class=\"_ _2\"></span>)   <span class=\"_ _8b\"> </span></span>  1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>   5<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>72<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _26\"> </span>  6<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.53<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> di<span class=\"_ _4\"></span>c<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>em<span class=\"_ _1\"></span>bre de<span class=\"_ _1\"></span> 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _c0\"></span> 01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _2\"></span> o<span class=\"_ _1be\"> </span>dota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> o<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>duc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _c0\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>N<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>goc<span class=\"_ _1\"></span>io c<span class=\"_ _1\"></span>elulos<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>:<span class=\"_ _1be\"> </span>Vue<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _137\"> </span>  1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.51<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _114\"> </span>  4<span class=\"_ _2\"></span>.90<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>   <span class=\"_ _c9\"> </span><span class=\"ls69\">         (9<span class=\"_ _2\"></span>.619<span class=\"_ _2\"></span>)   <span class=\"_ _10f\"> </span></span>  1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.80<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> A<span class=\"_ _1\"></span>got<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>mi<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>nto de l<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>erva<span class=\"_ _4\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l      (46<span class=\"_ _2\"></span>.83<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)   <span class=\"_ _c8\"> </span>      (1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.43<span class=\"_ _2\"></span>0)   <span class=\"_ _114\"> </span><span class=\"ls0_1\">  6<span class=\"_ _2\"></span>.47<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _d9\"> </span></span>      (51<span class=\"_ _2\"></span>.791<span class=\"_ _2\"></span>) De<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> de va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> 7<span class=\"_ _2\"></span> y 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _12a\"> </span><span class=\"ls69\">         (2.65<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>         (3<span class=\"_ _2\"></span>.47<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)   <span class=\"_ _51\"> </span></span>  1<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>   <span class=\"_ _c9\"> </span><span class=\"ls69\">         (4<span class=\"_ _2\"></span>.43<span class=\"_ _2\"></span>0) </span>  7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>03<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>   <span class=\"_ _d9\"> </span>      (1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>)   <span class=\"_ _c9\"> </span><span class=\"ls69\">         (1<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>44<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)   <span class=\"_ _10a\"> </span><span class=\"ls0_1\"> <span class=\"_ _2\"></span> 5<span class=\"_ _2\"></span>9.58<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> </span></span>N<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>goc<span class=\"_ _1\"></span>io ene<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>g\u00eda<span class=\"_ _bb\"></span> <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>novabl<span class=\"_ _1\"></span>e<span class=\"_ _2\"></span>:<span class=\"_ _1be\"> </span>Vue<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _166\"> </span>  2<span class=\"_ _2\"></span>.61<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _d\"> </span>  <span class=\"_ _2\"></span>33<span class=\"_ _2\"></span>   <span class=\"_ _ca\"> </span><span class=\"ls69\">            (2<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>1)   <span class=\"_ _114\"> </span></span>  2<span class=\"_ _2\"></span>.38<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> A<span class=\"_ _1\"></span>got<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>mi<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>nto de l<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>erva<span class=\"_ _4\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l         (2.25<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)   <span class=\"_ _ca\"> </span>            (13<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)   <span class=\"_ _17\"> </span><span class=\"ls0_1\">  2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _c9\"> </span></span>         (2.13<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>) De<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> de va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _a\"> </span><span class=\"ls69\">            (12<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)   <span class=\"_ _d9\"> </span>                    -   <span class=\"_ _d\"> </span></span>  20<span class=\"_ _2\"></span>   <span class=\"_ _ca\"> </span><span class=\"ls69\">            (1<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>) </span>  2<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>6 <span class=\"_ _2\"></span>  <span class=\"_ _c8\"> </span><span class=\"ls69\">              (9<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)   <span class=\"_ _c8\"> </span>                    -   <span class=\"_ _17\"> </span></span>  1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>27<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _9\"> </span>  5<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.72<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span><div class=\"c_1 w2_1 h57 gs1df\"><div class=\"t_1 m0_1 x21 h8_1 y20f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Por su parte, <span class=\"_ _2\"></span>el Grupo ha <span class=\"_ _2\"></span>capitalizad<span class=\"_ _2\"></span>o en<span class=\"_ _2\"></span> ejercicio <span class=\"ls11\">202</span>2<span class=\"_ _2\"></span> <span class=\"ls13\">un </span>importe de<span class=\"_ _2\"></span> <span class=\"ls11\">936<span class=\"_ _2\"></span></span> miles de <span class=\"_ _2\"></span>euros (<span class=\"ls11\">1.</span>05<span class=\"_ _2\"></span>8 <span class=\"ff6\">miles \u20ac en<span class=\"_ _2\"></span> </span></div><div class=\"t_1 m0_1 x21 h8_1 y238 ff4 fs4 fc0_1 sc0_1 ls11 ws0_1\">20<span class=\"ls0_1\">21<span class=\"ls1b\">) </span>correspondiente <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cuotas por <span class=\"_ _1\"></span>derecho <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>uso <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>costes <span class=\"_ _1\"></span>financieros <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>terrenos destinados al <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>esarrollo </span></div><div class=\"t_1 m0_1 x21 h8_1 y239 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de activos b<span class=\"_ _2\"></span>iol\u00f3gicos. </div><div class=\"t_1 m0_1 x21 h8_1 y23a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">ENCE <span class=\"_ _4\"></span>suscribi\u00f3 <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>2018 <span class=\"_ _4\"></span>diversos <span class=\"_ _4\"></span>acuerdos <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>largo <span class=\"_ _4\"></span>plazo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>venta <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>madera <span class=\"_ _4\"></span>procedente <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>patrimonio </div><div class=\"t_1 m0_1 x21 h8_1 y25d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">forestal ubicado en el <span class=\"_ _2\"></span>Sur de<span class=\"_ _2\"></span> Es<span class=\"_ _2\"></span>pa\u00f1a. Los a<span class=\"_ _2\"></span>cuerdos est\u00e1n v<span class=\"_ _2\"></span>igentes hasta diciembre d<span class=\"_ _2\"></span>e 2030 y los v<span class=\"_ _2\"></span>ol\u00famenes </div><div class=\"t_1 m0_1 x21 h8_1 y25e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">acordados s<span class=\"_ _2\"></span>e sit\u00faan entre 170.000 toneladas<span class=\"_ _2\"></span> y 240.000 toneladas<span class=\"_ _2\"></span> anuales.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h64 ya88 ff3 fs0_1 fc6 sc0_1 ls0_1 ws0_1\">19.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Detalle de vuelos fore<span class=\"_ _1\"></span>stales  </span></span></div><div class=\"t_1 m0_1 x21 h8_1 ya89 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El detalle de los v<span class=\"_ _2\"></span>uelos foresta<span class=\"_ _2\"></span>les al 31 de diciembre de 20<span class=\"_ _2\"></span>22 y 2021 es el s<span class=\"_ _2\"></span>iguiente:<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 xab h8_1 ya8a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x21 h8_1 ya8b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Adicionalmente, <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>patrimoni<span class=\"_ _2\"></span>o <span class=\"_ _c0\"></span>gestionado <span class=\"_ _c0\"></span>incluye <span class=\"_ _4\"></span>2.594 <span class=\"_ _c0\"></span>hect\u00e1reas <span class=\"_ _c0\"></span>ubicadas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>Portugal <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>ENCE <span class=\"_ _c0\"></span>vendi\u00f3 </div><div class=\"t_1 m0_1 x21 h8_1 y9af ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">en 2013, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>suscribirse un acue<span class=\"_ _1\"></span>rdo con <span class=\"_ _1\"></span>el comprador <span class=\"_ _1\"></span>para la <span class=\"_ _1\"></span>adquisici\u00f3n, a <span class=\"_ _1\"></span>precios de <span class=\"_ _1\"></span>mercado, <span class=\"_ _1\"></span>de la <span class=\"_ _1\"></span>madera </div><div class=\"t_1 m0_1 x21 h8_1 y9b0 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">producida <span class=\"_ _2\"></span>en la superficie vendida <span class=\"_ _2\"></span>durante <span class=\"_ _2\"></span>un periodo de 20 a<span class=\"_ _2\"></span>\u00f1os.<span class=\"fc9\">  </span></div><div class=\"t_1 m0_1 x68 h5d y9b1 ff3 fs3 fc3 sc0_1 ls1 ws0_1\">20.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Deterioro de activos no financieros<span class=\"_ _1be\"> </span></span></span><span class=\"ff5 ls0_1\"><span class=\"ff3\"> </span></span></div><div class=\"t_1 m0_1 x78 h8_1 ya8c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Se detallan a continu<span class=\"_ _2\"></span>aci\u00f3n los deterioros s<span class=\"_ _2\"></span>obre activos n<span class=\"_ _2\"></span>o financieros al 31 de diciembre <span class=\"_ _2\"></span>de 202<span class=\"_ _2\"></span>2 y 2021<span class=\"_ _2\"></span>:<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x119 h8_1 ya8d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div></div><div class=\"c_1 wc5 h19b gs1e0\"><div class=\"t_1 m34 x8c h19c ya8f ff4 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">Eda<span class=\"_ _2\"></span>d en A<span class=\"_ _1\"></span>\u00f1os<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wc5 h19d gs1e1\"><div class=\"t_1 m34 xb7 h19c ya8f ff4 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">&gt;<span class=\"_ _1\"></span> 1<span class=\"_ _2\"></span>7<span class=\"_ _83\"> </span><span class=\"ls6a\">              9<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>7 <span class=\"_ _ab\"> </span>          1<span class=\"_ _2\"></span>.49<span class=\"_ _2\"></span>0 <span class=\"_ _109\"> </span>          1.07<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> <span class=\"_ _ab\"> </span>          1.88<span class=\"_ _2\"></span>4 </span></div></div><div class=\"c_1 wc5 h19d gs1e2\"><div class=\"t_1 m34 x102 h19c ya8f ff6 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">14<span class=\"_ _2\"></span> \u2013 16<span class=\"_ _f0\"> </span><span class=\"ff4 ls6a\">          2.35<span class=\"_ _2\"></span>7 <span class=\"_ _ab\"> </span>          5<span class=\"_ _2\"></span>.893<span class=\"_ _2\"></span> <span class=\"_ _109\"> </span>          3.52<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> <span class=\"_ _ab\"> </span>          9.59<span class=\"_ _2\"></span>8 </span></div></div><div class=\"c_1 wc5 h19e gs1e3\"><div class=\"t_1 m34 x102 h19c ya8f ff6 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">11<span class=\"_ _2\"></span> \u2013 13<span class=\"_ _f0\"> </span><span class=\"ff4 ls6a\">          7.47<span class=\"_ _2\"></span>1 <span class=\"_ _5c\"> </span>        1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.937<span class=\"_ _2\"></span> <span class=\"_ _109\"> </span>          8.83<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> <span class=\"_ _5c\"> </span>        20<span class=\"_ _2\"></span>.83<span class=\"_ _2\"></span>9 </span></div></div><div class=\"c_1 wc5 h19e gs1e4\"><div class=\"t_1 m34 x85 h19c ya8f ff6 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">8 \u2013 10<span class=\"_ _11a\"> </span><span class=\"ff4 ls6a\">          7<span class=\"_ _2\"></span>.31<span class=\"_ _2\"></span>0 <span class=\"_ _14a\"> </span>        12<span class=\"_ _2\"></span>.357<span class=\"_ _2\"></span> <span class=\"_ _109\"> </span>          8.09<span class=\"_ _2\"></span>6 <span class=\"_ _14a\"> </span>        12<span class=\"_ _2\"></span>.709<span class=\"_ _2\"></span> </span></div></div><div class=\"c_1 wc5 h19e gs1e5\"><div class=\"t_1 m34 x81 h19c ya8f ff6 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">4 \u2013 7<span class=\"_ _83\"> </span><span class=\"ff4 ls6a\">          8<span class=\"_ _2\"></span>.01<span class=\"_ _2\"></span>8 <span class=\"_ _ab\"> </span>          7<span class=\"_ _2\"></span>.30<span class=\"_ _2\"></span>0 <span class=\"_ _109\"> </span>          8.52<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> <span class=\"_ _ab\"> </span>          7.03<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> </span></div></div><div class=\"c_1 wc5 h19e gs1e6\"><div class=\"t_1 m34 x81 h19c ya8f ff6 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">0 \u2013 3<span class=\"_ _12c\"> </span><span class=\"ff4 ls6a\">        2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.336<span class=\"_ _2\"></span> <span class=\"_ _5c\"> </span>        1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.158<span class=\"_ _2\"></span> <span class=\"_ _30\"> </span>        1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.831<span class=\"_ _2\"></span> <span class=\"_ _5c\"> </span>        1<span class=\"_ _2\"></span>2.19<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> </span></div></div><div class=\"c_1 wc5 h19f gs1e7\"><div class=\"t_1 m34 xa h19c ya97 ff4 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">De<span class=\"_ _1\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> b<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>\u00f3gi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>os</div></div><div class=\"c_1 wc5 h19b gs1e8\"><div class=\"t_1 m34 x10e h19c ya8f ff4 fs44 fc0_1 sc0_1 ls6a ws0_1\">                 -   <span class=\"_ _c7\"> </span>         (2.60<span class=\"_ _2\"></span>4)<span class=\"_ _51\"> </span>                 -   <span class=\"_ _c7\"> </span>         (4<span class=\"_ _2\"></span>.539<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wc5 h19b gs1e9\"><div class=\"t_1 m34 x63 h1a0 ya8f ff3 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">47<span class=\"_ _2\"></span>.44<span class=\"_ _2\"></span>9<span class=\"_ _f7\"> </span>6<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.531<span class=\"_ _22\"> </span>4<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.888<span class=\"_ _b\"> </span>59<span class=\"_ _2\"></span>.72<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wc5 h19f gs1e7\"><div class=\"t_1 m34 x9 h19c ya9a ff4 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">(*<span class=\"_ _1\"></span>) Sup<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>rfi<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span> pa<span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>moni<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>nta<span class=\"_ _2\"></span>da<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wc6 h19b gs1ea\"><div class=\"t_1 m34 x11b h19c ya9c ff4 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">Pen\u00edns<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span> I<span class=\"_ _4\"></span>b\u00e9ri<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wc7 h19d gs1eb\"><div class=\"t_1 m34 x2a h19c ya8f ff4 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _1\"></span>\u00f1o 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wc8 h19d gs1ec\"><div class=\"t_1 m34 x2a h19c ya8f ff4 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _1\"></span>\u00f1o 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wc9 h1a1 gs1ed\"><div class=\"t_1 m34 x40 h19c ya9e ff4 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">Val<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>Ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o </div><div class=\"t_1 m34 x3d h19c ya9f ff4 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">Conta<span class=\"_ _2\"></span>bl<span class=\"_ _4\"></span>e e<span class=\"_ _1\"></span>n </div><div class=\"t_1 m34 x23 h19c yaa0 ff6 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> \u20ac<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wca h1a1 gs1ee\"><div class=\"t_1 m34 x40 h19c ya9e ff4 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">Val<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>Ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o </div><div class=\"t_1 m34 x3d h19c ya9f ff4 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">Conta<span class=\"_ _2\"></span>bl<span class=\"_ _4\"></span>e e<span class=\"_ _1\"></span>n </div><div class=\"t_1 m34 x23 h19c yaa0 ff6 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> \u20ac<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wca h1a2 gs1ef\"><div class=\"t_1 m34 x43 h19c yaa1 ff4 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">He<span class=\"_ _1\"></span>ct\u00e1<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> (*)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wc9 h1a2 gs1f0\"><div class=\"t_1 m34 x43 h19c yaa1 ff4 fs44 fc0_1 sc0_1 ls0_1 ws0_1\">He<span class=\"_ _1\"></span>ct\u00e1<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> (*<span class=\"_ _1be\"> </span>)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wcb h1a3 gs1f1\"><div class=\"t_1 m35 x10b h1a4 yaa3 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">Not<span class=\"_ _2\"></span>as<span class=\"_ _132\"> </span>01/01<span class=\"_ _1\"></span>/2022<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wcc h1a3 gs1f2\"><div class=\"t_1 m35 x23 h1a4 yaa4 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">Co<span class=\"_ _2\"></span>ncesi\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m35 x3d h1a4 yaa5 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">ad<span class=\"_ _2\"></span>min<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>trat<span class=\"_ _2\"></span>iva<span class=\"_ _2\"></span> </div><div class=\"t_1 m35 x27 h1a4 yaa6 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">Pont<span class=\"_ _2\"></span>evedra<span class=\"_ _2\"></span> </div><div class=\"t_1 m35 x12 h1a4 yaa3 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">(Nota<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>7)</div></div><div class=\"c_1 wcb h1a3 gs1f1\"><div class=\"t_1 m35 xee h1a4 yaa3 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">Dota<span class=\"_ _2\"></span>cion<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wcd h1a3 gs1f3\"><div class=\"t_1 m35 x3d h1a4 yaa6 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">Ap<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>caci\u00f3n<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>u<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m35 x12 h1a4 yaa3 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">fin<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>id<span class=\"_ _2\"></span>ad<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wce h1a3 gs1f4\"><div class=\"t_1 m35 x43 h1a4 yaa6 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">Reversio<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>es y<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m35 x3a h1a4 yaa3 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">ot<span class=\"_ _2\"></span>ros</div></div><div class=\"c_1 wcb h1a3 gs1f1\"><div class=\"t_1 m35 x121 h1a4 yaa3 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">Tras<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>s</div><div class=\"t_1 m35 x122 h1a4 yaa7 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">31/12/202<span class=\"_ _1be\"> </span>2<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wcb h1a5 gs1f5\"><div class=\"t_1 m35 x9 h1a4 yaa9 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">Fon<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>comercio<span class=\"_ _7a\"> </span><span class=\"ls6b\">16<span class=\"_ _f3\"> </span></span>1.244<span class=\"_ _119\"> </span>1.493<span class=\"_ _ee\"> </span>-<span class=\"_ _7a\"> </span>-<span class=\"_ _11\"> </span>-<span class=\"_ _28\"> </span>2.73<span class=\"_ _1be\"> </span>7<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wcb h1a6 gs1f6\"><div class=\"t_1 m35 x9 h1a4 yaa3 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">Otros <span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>vos <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>gibl<span class=\"_ _2\"></span>es<span class=\"_ _62\"> </span> 7 <span class=\"_ _2\"></span>y 16<span class=\"_ _22\"> </span>6.070<span class=\"_ _ce\"> </span>(2.38<span class=\"_ _1\"></span>6)<span class=\"_ _11\"> </span>-<span class=\"_ _cf\"> </span>-<span class=\"_ _11\"> </span>-<span class=\"_ _ea\"> </span>(84)<span class=\"_ _28\"> </span>3.60<span class=\"_ _1be\"> </span>0<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wcb h1a5 gs1f7\"><div class=\"t_1 m35 x9 h1a4 yaac ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">Propi<span class=\"_ _2\"></span>eda<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>, p<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>y eq<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>o<span class=\"_ _ed\"> </span>7 <span class=\"_ _2\"></span>y 17<span class=\"_ _48\"> </span>203.719<span class=\"_ _f7\"> </span>(181.5<span class=\"_ _1\"></span>48)<span class=\"_ _8b\"> </span>38.292<span class=\"_ _4a\"> </span>(12.3<span class=\"_ _1\"></span>30)<span class=\"_ _8c\"> </span>(173)<span class=\"_ _46\"> </span>(4.844)<span class=\"_ _8\"> </span>43.11<span class=\"_ _1be\"> </span>6<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wcb h1a6 gs1f8\"><div class=\"t_1 m35 x9 h1a4 yaa3 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">Activo<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>bi<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>\u00f3gicos<span class=\"_ _83\"> </span>7 y 19<span class=\"_ _15a\"> </span>4.539<span class=\"_ _ce\"> </span>(2.479)<span class=\"_ _22\"> </span>1.000<span class=\"_ _1e\"> </span>(456)<span class=\"_ _11\"> </span>-<span class=\"_ _11\"> </span>-<span class=\"_ _ce\"> </span>2.60<span class=\"_ _1\"></span>4<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wcb h1a6 gs1f9\"><div class=\"t_1 m35 x9 h1a4 yaa3 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">Exi<span class=\"_ _2\"></span>sten<span class=\"_ _2\"></span>cias<span class=\"_ _167\"> </span>-<span class=\"_ _162\"> </span>-<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wcb h1a7 gs1fa\"><div class=\"t_1 m35 xbd h1a4 yab0 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">Repu<span class=\"_ _2\"></span>est<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wcb h1a5 gs1fb\"><div class=\"t_1 m35 x10b h1a4 yaac ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">7 y 21<span class=\"_ _17\"> </span>18.774<span class=\"_ _28\"> </span>(2.929)<span class=\"_ _22\"> </span>1.022<span class=\"_ _14\"> </span>(4.96<span class=\"_ _1\"></span>9)<span class=\"_ _11\"> </span>-<span class=\"_ _7a\"> </span>-<span class=\"_ _8\"> </span>11.89<span class=\"_ _1be\"> </span>8<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wcb h1a7 gs1fa\"><div class=\"t_1 m35 xbd h1a4 yab2 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">VNR y Otro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 wcb h1a6 gs1fc\"><div class=\"t_1 m35 x123 h1a4 yaa3 ff4 fs45 fc0_1 sc0_1 ls6b ws0_1\">21<span class=\"_ _ef\"> </span>42<span class=\"_ _81\"> </span><span class=\"ls0_1\">-<span class=\"_ _87\"> </span>1.79<span class=\"_ _1\"></span>9<span class=\"_ _ee\"> </span>-<span class=\"_ _7a\"> </span>-<span class=\"_ _11\"> </span>-<span class=\"_ _28\"> </span>1.84<span class=\"_ _1be\"> </span></span><span class=\"ls0_1\">1<span class=\"_ _1be\"> </span></span></div></div><div class=\"c_1 wcb h1a8 gs1fd\"><div class=\"t_1 m35 xc2 h1a9 yab5 ff3 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">234.<span class=\"_ _1\"></span>388<span class=\"_ _f7\"> </span>(189.<span class=\"_ _1\"></span>342)<span class=\"_ _3a\"> </span>43.60<span class=\"_ _1\"></span>6<span class=\"_ _4a\"> </span>(17.75<span class=\"_ _1\"></span>5)<span class=\"_ _d\"> </span>(<span class=\"_ _1\"></span>173)<span class=\"_ _8\"> </span>(4.92<span class=\"_ _1\"></span>8)<span class=\"_ _8\"> </span>65.796<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wcf h1a5 gs1fe\"><div class=\"t_1 m35 x8b h1a4 yaa9 ff4 fs45 fc0_1 sc0_1 ls0_1 ws0_1\">Miles<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e eu<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span></div></div>Asimismo, <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>detalle <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>ep\u00edgrafe <span class=\"_ _0\"></span>\u201cDeterioro <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>valo<span class=\"_ _2\"></span>r <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>resultado<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _c0\"></span>enajenaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>inmov<span class=\"_ _2\"></span>ilizado\u201d <span class=\"_ _0\"></span>del<span class=\"_ _1be\"> </span>Estado de Resultad<span class=\"_ _2\"></span>o Cons<span class=\"_ _2\"></span>olidado al 31 de diciembre d<span class=\"_ _2\"></span>e 2022 y 2021 se d<span class=\"_ _2\"></span>esglosa del siguient<span class=\"_ _2\"></span>e modo:<span class=\"_ _2\"></span> ENCE <span class=\"_ _2\"></span>ces\u00f3 <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>2014 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>activida<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>producci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>celu<span class=\"_ _2\"></span>los<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>complejo <span class=\"_ _2\"></span>indus<span class=\"_ _2\"></span>trial <span class=\"_ _2\"></span>ubicado <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>Huelva, <span class=\"_ _2\"></span>lo<span class=\"_ _1be\"> </span>que <span class=\"_ _0\"></span>prov<span class=\"_ _2\"></span>oc\u00f3 <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>una <span class=\"_ _c3\"></span>parte <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>sus <span class=\"_ _c3\"></span>activos <span class=\"_ _c3\"></span>industriales <span class=\"_ _c3\"></span>dejaran <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>estar <span class=\"_ _c3\"></span>afectos <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>alg<span class=\"_ _2\"></span>una <span class=\"_ _c3\"></span>actividad. <span class=\"_ _0\"></span>Los<span class=\"_ _1be\"> </span>activos <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>proceso <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>desmantelamiento <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>han <span class=\"_ _4\"></span>valorado <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>su <span class=\"_ _2\"></span>valor <span class=\"_ _4\"></span>recuperable, <span class=\"_ _2\"></span>estimad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ase <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>un<span class=\"_ _4\"></span><span class=\"ls39\">a<span class=\"_ _1be\"> </span></span>tasaci\u00f3n <span class=\"_ _4\"></span>efectuada <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>2019 <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span>experto <span class=\"_ _2\"></span>independ<span class=\"_ _2\"></span>iente, <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>importe <span class=\"_ _2\"></span>residual<span class=\"_ _2\"></span><span class=\"ls1a\">. <span class=\"_ _2\"></span></span>Al <span class=\"_ _4\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>iciembre <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>2022 <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>han<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>dado<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>baja <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>pr\u00e1ctica <span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>talidad <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dichos <span class=\"_ _2\"></span>activos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>(al <span class=\"_ _4\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>iciembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>manten\u00eda<span class=\"_ _1be\"> </span>un deterioro aso<span class=\"_ _2\"></span>ciado a los mismo por <span class=\"_ _2\"></span>12 millo<span class=\"ff6\">nes \u20ac</span>). <span class=\"_ _2\"></span> Al cierre del ejercicio 2022 el Grupo ha calculado el valor recuperable de diversas<span class=\"_ _2\"></span> plantas de generaci\u00f3n de<span class=\"_ _1be\"> </span>energ\u00eda <span class=\"_ _bb\"></span>r<span class=\"_ _2\"></span>enovable<span class=\"ls1c\">, <span class=\"_ _1\"></span><span class=\"ls0_1\">todas <span class=\"_ _bb\"></span>ellas <span class=\"_ _1\"></span>encuadradas <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>Negocio <span class=\"_ _bb\"></span>Energ\u00eda<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>(v\u00e9ase <span class=\"_ _bb\"></span>Anexo <span class=\"_ _1\"></span>II), <span class=\"_ _1\"></span>con <span class=\"_ _bb\"></span>indicios <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>eterioro.<span class=\"_ _1be\"> </span></span></span>El Grupo <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>realizado test <span class=\"_ _2\"></span>de deterioro <span class=\"_ _2\"></span>asociados<span class=\"_ _2\"></span> a <span class=\"_ _2\"></span>estos activos<span class=\"_ _2\"></span>, considerando<span class=\"_ _2\"></span> los criterios<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>metodolog\u00eda<span class=\"_ _1be\"> </span>descritos <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>3.5 <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>apartado <span class=\"_ _4\"></span>siguiente. <span class=\"_ _4\"></span>En <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>determinaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>valo<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>uso, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>han <span class=\"_ _4\"></span>llevado <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>cabo<span class=\"_ _1be\"> </span>proyecciones de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>flujos de <span class=\"_ _1\"></span>caja <span class=\"_ _1\"></span>esperados ha<span class=\"_ _1\"></span>sta el final<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span> la <span class=\"_ _bb\"></span>v<span class=\"_ _2\"></span>ida <span class=\"_ _1\"></span>de cada <span class=\"_ _1\"></span>Unidad G<span class=\"_ _1\"></span>eneradora de <span class=\"_ _1\"></span>Efectivo<span class=\"_ _1be\"> </span>(UGE). <span class=\"_ _0\"></span>Las<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>proyecciones <span class=\"_ _c3\"></span>incorporan <span class=\"_ _c3\"> </span>hip\u00f3tes<span class=\"_ _2\"></span>is <span class=\"_ _0\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _0\"></span>generaci\u00f3n,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cos<span class=\"_ _2\"></span>tes <span class=\"_ _c3\"></span>y <span class=\"_ _c3\"></span>otras <span class=\"_ _0\"></span>variables <span class=\"_ _c3\"> </span>fundamentales<span class=\"_ _1be\"> </span>soportadas <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>estudios <span class=\"_ _2\"></span>espec\u00edficos realizados <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>expertos <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>por dat<span class=\"_ _2\"></span>os hist\u00f3ricos<span class=\"_ _2\"></span>, hip\u00f3<span class=\"_ _2\"></span>tesis sobr<span class=\"_ _c0\"></span>e precios<span class=\"_ _1be\"> </span>de  venta  basadas  en  la  informaci\u00f3n  disponible  en  los  mercados  de  futu<span class=\"_ _2\"></span>ros,  e  hip\u00f3tesis  sobre  datos<span class=\"_ _1be\"> </span>macroecon\u00f3micos bas<span class=\"_ _2\"></span>adas en los d<span class=\"_ _2\"></span>atos aportad<span class=\"_ _2\"></span>os por fuentes especializadas ind<span class=\"_ _2\"></span>ependientes.<span class=\"_ _4\"></span> Como  r<span class=\"_ _2\"></span>esultado <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>dicho <span class=\"_ _c6\"> </span>an\u00e1lis<span class=\"_ _2\"></span>is, <span class=\"_ _c6\"> </span>los <span class=\"_ _c6\"> </span>valores <span class=\"_ _c6\"> </span>recuperables <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>las  in<span class=\"_ _2\"></span>stalaciones <span class=\"_ _c6\"> </span>con <span class=\"_ _c6\"> </span>menor <span class=\"_ _c6\"> </span>vida <span class=\"_ _c6\"> </span>\u00fatil<span class=\"_ _1be\"> </span>regulatoria, <span class=\"_ _c3\"> </span>Huelva <span class=\"_ _c3\"> </span>41 <span class=\"_ _c2\"> </span>MW, <span class=\"_ _c3\"> </span>JA <span class=\"_ _c3\"> </span>16MW,<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>CR <span class=\"_ _c3\"></span>16 <span class=\"_ _c3\"> </span>MW <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>CO <span class=\"_ _c2\"> </span>27 <span class=\"_ _c3\"> </span>MW, <span class=\"_ _c2\"> </span>que <span class=\"_ _c3\"> </span>as<span class=\"_ _2\"></span>cienden <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span><span class=\"ff6\">18.<span class=\"_ _2\"></span>101 <span class=\"_ _c3\"> </span>miles <span class=\"_ _c3\"> </span>\u20ac, <span class=\"_ _c3\"> </span>son<span class=\"_ _1be\"> </span></span>inferiores a sus valores en libros en un importe de 38.291 <span class=\"ff6\">miles \u20ac, por lo que se</span> ha procedido a registrar un<span class=\"_ _1be\"> </span>deterioro <span class=\"_ _c4\"> </span>p<span class=\"ff6\">or <span class=\"_ _c4\"> </span>dicho<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>importe <span class=\"_ _c4\"> </span>en <span class=\"_ _c4\"> </span>el <span class=\"_ _c4\"> </span>ep\u00edgrafe <span class=\"_ _c4\"> </span>\u201cD<span class=\"_ _2\"></span>eterioros <span class=\"_ _c4\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c4\"> </span>valor <span class=\"_ _c4\"> </span>y <span class=\"_ _c4\"> </span>resultados <span class=\"_ _c4\"> </span>po<span class=\"_ _2\"></span>r <span class=\"_ _c7\"> </span>enajenaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>de<span class=\"_ _1be\"> </span></span>N<span class=\"_ _1\"></span>ota<span class=\"_ _2\"></span>s<span class=\"_ _117\"> </span>0<span class=\"_ _2\"></span>1/0<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Conc<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n<span class=\"_ _1be\"> </span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>ni<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>tra<span class=\"_ _4\"></span>ti<span class=\"_ _2\"></span>va<span class=\"_ _4\"></span> Pon<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>dra<span class=\"_ _4\"></span> (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 7<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Otr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>pl<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n a<span class=\"_ _4\"></span> s<span class=\"_ _4\"></span>u fi<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> y<span class=\"_ _1be\"> </span>otros<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Fond<span class=\"_ _2\"></span>o de co<span class=\"_ _2\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _e7\"> </span><span class=\"ls6c\">16<span class=\"_ _12c\"> </span>995<span class=\"_ _f6\"> </span></span>-<span class=\"_ _1e\"> </span><span class=\"ls6c\">249<span class=\"_ _4d\"> </span></span>-<span class=\"_ _4d\"> </span>-<span class=\"_ _15a\"> </span>1<span class=\"_ _2\"></span>.24<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span>Otr<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>ngi<span class=\"_ _4\"></span>bl<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _9e\"> </span><span class=\"ls6c\">16<span class=\"_ _1e\"> </span></span>3.60<span class=\"_ _2\"></span>0<span class=\"_ _2e\"> </span>2<span class=\"_ _2\"></span>.47<span class=\"_ _2\"></span>0<span class=\"_ _4d\"> </span>-<span class=\"_ _81\"> </span>-<span class=\"_ _69\"> </span>-<span class=\"_ _8c\"> </span>6<span class=\"_ _2\"></span>.07<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span>Pr<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eda<span class=\"_ _2\"></span>d, pl<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>y e<span class=\"_ _1\"></span>qui<span class=\"_ _c0\"></span>po<span class=\"_ _132\"> </span>7 y<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>7<span class=\"_ _86\"> </span>1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.64<span class=\"_ _2\"></span>6<span class=\"_ _17\"> </span>1<span class=\"_ _2\"></span>86<span class=\"_ _2\"></span>.56<span class=\"_ _2\"></span>5<span class=\"_ _4d\"> </span>-<span class=\"_ _86\"> </span>(2<span class=\"_ _2\"></span>.28<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _2b\"> </span>(2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>6)<span class=\"_ _b\"> </span>20<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.71<span class=\"_ _2\"></span>9<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>cti<span class=\"_ _4\"></span>vos<span class=\"_ _c0\"></span> bi<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>\u00f3gi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _81\"> </span><span class=\"ls6c\">19<span class=\"_ _1e\"> </span></span>2.78<span class=\"_ _2\"></span>0<span class=\"_ _2e\"> </span>2<span class=\"_ _2\"></span>.47<span class=\"_ _2\"></span>9<span class=\"_ _d\"> </span>1<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>0<span class=\"_ _86\"> </span>(1<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>)<span class=\"_ _4d\"> </span>-<span class=\"_ _8c\"> </span>4.5<span class=\"_ _2\"></span>39<span class=\"_ _1be\"> </span>Exi<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>nci<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>pues<span class=\"_ _2\"></span>tos<span class=\"_ _1be\"> </span>21<span class=\"_ _12\"> </span><span class=\"ls0_1\">15<span class=\"_ _2\"></span>.2<span class=\"_ _2\"></span>69<span class=\"_ _2e\"> </span>2<span class=\"_ _2\"></span>.9<span class=\"_ _2\"></span>29<span class=\"_ _13d\"> </span></span>657<span class=\"_ _1e\"> </span><span class=\"ls0_1\">(7<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _106\"> </span>(9<span class=\"_ _2\"></span>)<span class=\"_ _86\"> </span>1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.77<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span></span>VN<span class=\"_ _1\"></span>R<span class=\"_ _1\"></span> y O<span class=\"_ _2\"></span>tros<span class=\"_ _4\"></span> 21<span class=\"_ _12c\"> </span>977<span class=\"_ _f6\"> </span><span class=\"ls0_1\">-<span class=\"_ _1e\"> </span></span>288<span class=\"_ _4d\"> </span><span class=\"ls0_1\">-<span class=\"_ _3a\"> </span>(1<span class=\"_ _2\"></span>.22<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _10\"> </span></span>42<span class=\"_ _1be\"> </span>43<span class=\"_ _2\"></span>.26<span class=\"_ _2\"></span>7<span class=\"_ _17\"> </span>19<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.44<span class=\"_ _2\"></span>3<span class=\"_ _d\"> </span>2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>19<span class=\"_ _2\"></span>4<span class=\"_ _17\"> </span>(4.07<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _3a\"> </span>(1.43<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _f7\"> </span>2<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>38<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span>Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span>/ Dota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _1be\"> </span>Miles<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e E<span class=\"_ _2\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _8e\"> </span>Nota<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Deterio<span class=\"_ _2\"></span>ros <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>val<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>(*)<span class=\"_ _1be\"> </span>Resu<span class=\"_ _2\"></span>lta<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>or<span class=\"_ _1be\"> </span>ba<span class=\"_ _2\"></span>ja<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>vent<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span>Tot<span class=\"_ _2\"></span>al<span class=\"_ _1be\"> </span>Deterio<span class=\"_ _2\"></span>ros <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>val<span class=\"_ _2\"></span>or<span class=\"_ _1be\"> </span>Resu<span class=\"_ _2\"></span>lta<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>po<span class=\"_ _2\"></span>r b<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ja <span class=\"_ _2\"></span>y<span class=\"_ _1be\"> </span>venta<span class=\"_ _1be\"> </span>Tot<span class=\"_ _2\"></span>al<span class=\"_ _1be\"> </span>Fon<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>comercio<span class=\"_ _11\"> </span><span class=\"ls6d\">16<span class=\"_ _f3\"> </span></span>1.493<span class=\"_ _81\"> </span>-<span class=\"_ _ce\"> </span>1.493<span class=\"_ _102\"> </span><span class=\"ls6d\">249<span class=\"_ _11\"> </span></span>-<span class=\"_ _ea\"> </span><span class=\"ls6d\">249<span class=\"_ _1be\"> </span></span>Otros <span class=\"_ _2\"></span>acti<span class=\"_ _2\"></span>vos <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>gibl<span class=\"_ _2\"></span>es<span class=\"_ _b\"> </span>7 y <span class=\"_ _2\"></span>16<span class=\"_ _46\"> </span>(2.386)<span class=\"_ _81\"> </span>-<span class=\"_ _8\"> </span>(2.386<span class=\"_ _1\"></span>)<span class=\"_ _10\"> </span>2.470<span class=\"_ _11\"> </span>-<span class=\"_ _1c\"> </span>2.470<span class=\"_ _1be\"> </span>Propi<span class=\"_ _2\"></span>eda<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>, p<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>y eq<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>ip<span class=\"_ _2\"></span>o<span class=\"_ _ed\"> </span>7 y <span class=\"_ _2\"></span>17<span class=\"_ _139\"> </span>(143.429)<span class=\"_ _f1\"> </span>1.90<span class=\"_ _1\"></span>5<span class=\"_ _12a\"> </span>(141.52<span class=\"_ _1\"></span>4)<span class=\"_ _a\"> </span>186.359<span class=\"_ _8c\"> </span>(289)<span class=\"_ _84\"> </span>186<span class=\"_ _1\"></span>.070<span class=\"_ _1be\"> </span>Activo<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>bi<span class=\"_ _2\"></span>ol<span class=\"_ _2\"></span>\u00f3gicos<span class=\"_ _162\"> </span>7 y <span class=\"_ _2\"></span>19<span class=\"_ _3a\"> </span>(1.4<span class=\"_ _1\"></span>79)<span class=\"_ _4d\"> </span>-<span class=\"_ _46\"> </span>(1.479)<span class=\"_ _10\"> </span>3.4<span class=\"_ _1\"></span>79<span class=\"_ _22\"> </span>1.231<span class=\"_ _1c\"> </span>4.710<span class=\"_ _1be\"> </span>(145<span class=\"_ _1\"></span>.801<span class=\"_ _1\"></span>)<span class=\"_ _f1\"> </span>1.905<span class=\"_ _12a\"> </span>(1<span class=\"_ _1\"></span>43.<span class=\"_ _1\"></span>896)<span class=\"_ _a\"> </span>192.<span class=\"_ _1\"></span>557<span class=\"_ _33\"> </span><span class=\"ls6d\">942<span class=\"_ _84\"> </span></span>193.499<span class=\"_ _1be\"> </span>(*) Dota<span class=\"_ _2\"></span>cion<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>y revers<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>nes <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>eteri<span class=\"_ _2\"></span>oro<span class=\"_ _2\"></span>s. <span class=\"_ _2\"></span>Ga<span class=\"_ _2\"></span>sto<span class=\"_ _2\"></span> /<span class=\"_ _2\"></span> (In<span class=\"_ _2\"></span>greso).<span class=\"_ _1be\"> </span>A\u00f1<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>2022<span class=\"_ _1be\"> </span>A\u00f1<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>2021<span class=\"_ _1be\"> </span>inmovilizado\u201d <span class=\"_ _2\"></span>de<span class=\"ff4\">l <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>stado <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Resultado <span class=\"_ _2\"></span>Cons<span class=\"_ _2\"></span>olidad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>ejercicio <span class=\"_ _2\"></span>2022. <span class=\"_ _2\"></span>Dicho <span class=\"_ _2\"></span>deterioro<span class=\"_ _2\"></span> in<span class=\"_ _2\"></span>cluye <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>importe<span class=\"_ _1be\"> </span></span>de 1.368 <span class=\"_ _2\"></span>miles \u20ac <span class=\"_ _2\"></span>que s<span class=\"_ _2\"></span>e corres<span class=\"_ _2\"></span>ponde con<span class=\"_ _2\"></span> el <span class=\"_ _2\"></span>fondo d<span class=\"_ _2\"></span>e comercio <span class=\"_ _2\"></span>reman<span class=\"_ _2\"></span><span class=\"ff4\">ente <span class=\"_ _2\"></span>de las<span class=\"_ _2\"></span> insta<span class=\"_ _2\"></span>laciones <span class=\"_ _2\"></span>JA <span class=\"_ _2\"></span>16MW y<span class=\"_ _1be\"> </span></span>CR 16 MW (v\u00e9ase Nota 16). <span class=\"_ _2\"></span> El valor recuperable y el v<span class=\"_ _2\"></span>alor n<span class=\"_ _2\"></span>eto contable de<span class=\"_ _2\"></span> las Unidad<span class=\"_ _2\"></span>es Generadoras de E<span class=\"_ _2\"></span>fectivo sobre las<span class=\"_ _2\"></span> que se han<span class=\"_ _1be\"> </span>llevado a cabo t<span class=\"_ _2\"></span>est de deterioro en 2022 asciend<span class=\"_ _2\"></span>en a 445 m<span class=\"_ _2\"></span>illones \u20ac <span class=\"_ _2\"></span><span class=\"ff4 ls23\">y </span>424 millones \u20ac, <span class=\"ff4\">res<span class=\"_ _2\"></span>pectivamente.<span class=\"ls6e\">  <span class=\"_ _2\"></span></span> </span>20.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff8 fc3\">Deterioro. <span class=\"ff3\">Metodolog\u00eda y<span class=\"_ _1\"></span> principales h<span class=\"_ _1\"></span>ip\u00f3tesis<span class=\"_ _1be\"> </span></span></span></span>ENCE <span class=\"_ _c0\"></span>analiza <span class=\"_ _c0\"></span>al <span class=\"_ _4\"></span>menos <span class=\"_ _c0\"></span>anualmente <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _4\"></span>activ<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>presentan <span class=\"_ _c0\"></span>indicios <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>eterioro, <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>cuyo <span class=\"_ _c0\"></span>caso <span class=\"_ _4\"></span>realiza <span class=\"_ _c0\"></span>el<span class=\"_ _1be\"> </span>correspondiente test de <span class=\"_ _1\"></span>deterioro de acuerdo <span class=\"_ _1\"></span>con la <span class=\"_ _1\"></span>metodolog\u00eda descrita en <span class=\"_ _1\"></span>la Nota <span class=\"_ _1\"></span>3.5. As<span class=\"_ _2\"></span>imismo, realiza<span class=\"_ _1be\"> </span>de <span class=\"_ _1\"></span>forma <span class=\"_ _bb\"></span>sis<span class=\"_ _2\"></span>tem\u00e1tica <span class=\"_ _1\"></span>test <span class=\"_ _bb\"></span>de las <span class=\"_ _1\"></span>Unidades <span class=\"_ _bb\"></span>Generadora<span class=\"_ _2\"></span>s <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>E<span class=\"_ _2\"></span>fectivo <span class=\"_ _1\"></span>(UG<span class=\"_ _1\"></span>E\u00b4s) <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>incluyen <span class=\"_ _bb\"></span>fo<span class=\"_ _2\"></span>ndo<span class=\"_ _4\"></span> <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>comercio.<span class=\"_ _1be\"> </span>Las <span class=\"_ _4\"></span>UGE <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>Grupo <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _4\"></span>son <span class=\"_ _4\"></span>cada <span class=\"_ _c0\"></span>una <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _c0\"></span>bio<span class=\"_ _2\"></span>-f\u00e1bricas <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>roducci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>celulosa <span class=\"_ _c0\"></span>(donde <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>incluy<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>el<span class=\"_ _1be\"> </span>patrimonio <span class=\"_ _2\"></span>foresta<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>stina <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>ser <span class=\"_ _4\"></span>una <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sus <span class=\"_ _4\"></span>fuentes <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>suministro) <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>planta<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>generaci\u00f3n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>energ\u00eda <span class=\"_ _c3\"> </span>el\u00e9ctrica <span class=\"_ _c2\"> </span>que <span class=\"_ _c3\"> </span>o<span class=\"_ _2\"></span>pera <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>Grupo<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>comparten <span class=\"_ _c2\"> </span>la <span class=\"_ _c3\"> </span>misma <span class=\"_ _c2\"> </span>ubicaci\u00f3n <span class=\"_ _c2\"> </span>f\u00edsica<span class=\"_ _2\"></span>, <span class=\"_ _c3\"> </span>as<span class=\"_ _2\"></span>\u00ed <span class=\"_ _c3\"></span>como <span class=\"_ _c3\"> </span>los <span class=\"_ _c2\"> </span>activos<span class=\"_ _1be\"> </span>biol\u00f3gicos <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>tienen <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>destin<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>venta <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>terceros. <span class=\"_ _4\"></span>Los <span class=\"_ _4\"></span>activos <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>derecho <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>uso <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>incluyen <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>UGE en la que est\u00e1n s<span class=\"_ _2\"></span>iendo utilizados.<span class=\"_ _2\"></span> Las <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>yecciones <span class=\"_ _4\"></span>utilizadas <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>los <span class=\"_ _c0\"></span>test <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>deterioro <span class=\"_ _4\"></span>coin<span class=\"_ _2\"></span>ciden <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>mejor <span class=\"_ _4\"></span>in<span class=\"_ _2\"></span>formaci\u00f3n <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>spectiva <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>que se dispo<span class=\"_ _2\"></span>ne, y tiene en consideraci\u00f3n<span class=\"_ _2\"></span> las siguientes<span class=\"_ _2\"></span> hip\u00f3tesis:<span class=\"_ _2\"></span> Negocio Celulosa <span class=\"_ _2\"></span> Producci\u00f3n <span class=\"_ _c7\"> </span>de <span class=\"_ _c4\"> </span>las <span class=\"_ _c7\"> </span>biof\u00e1bricas: <span class=\"_ _c7\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>han <span class=\"_ _c4\"> </span>considerado <span class=\"_ _c7\"> </span>niveles <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>produ<span class=\"_ _2\"></span>cci\u00f3n <span class=\"_ _c7\"> </span>coherentes <span class=\"_ _c7\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>ejercicios<span class=\"_ _1be\"> </span>anteriores <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>capacidades <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ominales <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>instalaciones, <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>rango <span class=\"_ _c0\"></span><span class=\"ls11\">600 <span class=\"_ _4\"></span></span><span class=\"ff6\">\u2013</span> <span class=\"_ _2\"></span>620 <span class=\"_ _4\"></span>miles <span class=\"_ _2\"></span><span class=\"ls6f\">ton</span>eladas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en<span class=\"_ _1be\"> </span>Navia y 330-450 miles t<span class=\"_ _2\"></span>oneladas en Po<span class=\"_ _2\"></span>ntevedra<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Precio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>venta<span class=\"_ _2\"></span>: <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>ha <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>siderado <span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>asta <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>a\u00f1o <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>6 <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>valores<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>medios <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>prevision<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>realizadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por<span class=\"_ _1be\"> </span>los <span class=\"_ _2\"></span>tres <span class=\"_ _2\"></span>principales <span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>alistas <span class=\"_ _2\"></span>del sector <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e la <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>elulosa, <span class=\"_ _2\"></span>valor<span class=\"_ _4\"></span><span class=\"ls18\">es</span> <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>sit\u00fa<span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>rango <span class=\"_ _2\"></span>1.040 <span class=\"_ _2\"></span>U<span class=\"_ _2\"></span>SD <span class=\"_ _2\"></span><span class=\"ff6\">\u2013</span> <span class=\"_ _2\"></span>1.280<span class=\"_ _1be\"> </span>USD. Por su parte, el tip<span class=\"_ _2\"></span>o de cambio ap<span class=\"_ _2\"></span>licado ha s<span class=\"_ _2\"></span>ido 1,1<span class=\"ls11\">0 <span class=\"_ _2\"></span></span><span class=\"ff6\">\u2013</span> 1,15 <span class=\"ff6\">USD/\u20ac.</span> Costes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>producci\u00f3n <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>inv<span class=\"_ _2\"></span>ersi\u00f3n. <span class=\"_ _2\"></span>Se <span class=\"_ _2\"></span>han <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>siderado <span class=\"_ _2\"></span>coste<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>producci\u00f3n <span class=\"_ _2\"></span>coh<span class=\"_ _2\"></span>erentes c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>incurrid<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>en <span class=\"_ _c7\"> </span>2022 <span class=\"_ _c7\"> </span>(con<span class=\"_ _2\"></span>siderando <span class=\"_ _c7\"> </span>la <span class=\"_ _c4\"> </span>energ\u00eda <span class=\"_ _c7\"> </span>g<span class=\"_ _2\"></span>enerada <span class=\"_ _c7\"> </span>como<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>menor <span class=\"_ _c4\"> </span>coste <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>producci\u00f3n<span class=\"_ _2\"></span>) <span class=\"_ _c7\"> </span>y <span class=\"_ _c7\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>capex <span class=\"_ _c4\"> </span>de<span class=\"_ _2\"></span> mantenimiento en el ento<span class=\"_ _2\"></span>rno d<span class=\"_ _2\"></span>e <span class=\"ls11\">10 </span><span class=\"ff6\">millones \u20ac <span class=\"_ _2\"></span>por biof\u00e1brica.<span class=\"_ _2\"></span></span> La <span class=\"_ _1\"></span>tasa <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>des<span class=\"_ _2\"></span>cuento <span class=\"_ _1\"></span>aplicada <span class=\"_ _bb\"></span>es del <span class=\"_ _bb\"></span>8,5%. <span class=\"_ _1\"></span>En <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>caso de <span class=\"_ _bb\"></span>los <span class=\"_ _1\"></span>activos <span class=\"_ _1\"></span>biol\u00f3gicos <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>tasa de <span class=\"_ _bb\"></span>crecimiento <span class=\"_ _1\"></span>aplicada<span class=\"_ _1be\"> </span>es del 1,5% y la tas<span class=\"_ _2\"></span>a de descuento <span class=\"_ _2\"></span>antes de impuesto<span class=\"_ _2\"></span>s del 7,6%.<span class=\"_ _2\"></span> Negocio Energ\u00eda renovab<span class=\"_ _2\"></span>le<span class=\"_ _1be\"> </span>Generaci\u00f3n <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>ins<span class=\"_ _2\"></span>talaciones<span class=\"_ _2\"></span>. <span class=\"_ _c7\"> </span>Se <span class=\"_ _c4\"> </span>han <span class=\"_ _c4\"> </span>considerado <span class=\"_ _c4\"> </span>h<span class=\"_ _2\"></span>oras <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>fun<span class=\"_ _2\"></span>cionamiento <span class=\"_ _c4\"> </span>en <span class=\"_ _c4\"> </span>cada <span class=\"_ _c4\"> </span>insta<span class=\"_ _2\"></span>laci\u00f3n<span class=\"_ _1be\"> </span>coherentes con su<span class=\"_ _2\"></span>s producciones his<span class=\"_ _2\"></span>t\u00f3ricas.<span class=\"_ _1be\"> </span>Precio <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>venta<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>Se <span class=\"_ _4\"></span>han <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>siderado <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>precios <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>mercado <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>futuros<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>disponibles, <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>entorno <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>los<span class=\"_ _1be\"> </span>1<span class=\"ls11\">80 </span><span class=\"ff6\">\u20ac/M</span>Wh en<span class=\"_ _2\"></span> 2023<span class=\"ls1c\">, </span><span class=\"ff6\">130<span class=\"_ _2\"></span> \u20ac/MWh en 2<span class=\"_ _2\"></span>024, y pr<span class=\"_ _2\"></span>ecios a par<span class=\"_ _2\"></span>tir de 2025 <span class=\"_ _2\"></span>en el ran<span class=\"_ _2\"></span>go 49 \u20ac/MWh<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u2013</span> <span class=\"ff6\">72 \u20ac<span class=\"_ _2\"></span>/MWh,<span class=\"_ _1be\"> </span></span>as\u00ed como los mecanis<span class=\"_ _2\"></span>mos de apoyo<span class=\"_ _2\"></span> existes en la regulaci\u00f3n a<span class=\"_ _2\"></span>ctual.<span class=\"_ _2\"></span> Costes <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>generaci\u00f3n <span class=\"_ _4\"></span>e <span class=\"_ _2\"></span>inv<span class=\"_ _2\"></span>ersi\u00f3n. <span class=\"_ _2\"></span>Se <span class=\"_ _4\"></span>han <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>siderado <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>tes <span class=\"_ _4\"></span>coherentes <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>incurrido<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>\u00faltimos<span class=\"_ _2\"></span> a\u00f1os <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>un <span class=\"_ _c3\"> </span>capex <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>mantenimiento<span class=\"_ _2\"></span>, <span class=\"_ _c3\"> </span>variable <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"> </span>instalaci\u00f3n,<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span><span class=\"ff6\">en <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>entorno <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>0,3 <span class=\"_ _c3\"> </span>Mn <span class=\"_ _c3\"></span>\u20ac <span class=\"_ _c3\"> </span></span>- <span class=\"_ _c3\"> </span><span class=\"ff6\">2 <span class=\"_ _c3\"> </span>Mn <span class=\"_ _c3\"> </span>\u20ac</span> <span class=\"_ _c3\"> </span>por<span class=\"_ _1be\"> </span>instalaci\u00f3n.<span class=\"_ _1be\"> </span>Tasas de crecimiento en el ra<span class=\"_ _2\"></span>ngo del 1% <span class=\"_ _2\"></span>- 1,5% y tas<span class=\"_ _2\"></span>as de descuento <span class=\"_ _2\"></span>antes d<span class=\"_ _2\"></span>e impuestos del 7,4%.<span class=\"_ _2\"></span> Otros<span class=\"_ _1be\"> </span>Los <span class=\"_ _c3\"> </span>repu<span class=\"_ _2\"></span>estos <span class=\"_ _c3\"> </span>del <span class=\"_ _c2\"> </span>Grupo <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>deterioran <span class=\"_ _c2\"> </span>atendiendo<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>a <span class=\"_ _c2\"> </span>su <span class=\"_ _c3\"> </span>lenta <span class=\"_ _c3\"> </span>ro<span class=\"_ _2\"></span>taci\u00f3n. <span class=\"_ _c3\"> </span>E<span class=\"_ _2\"></span>n <span class=\"_ _c3\"> </span>este <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>entido, <span class=\"_ _c3\"> </span>los <span class=\"_ _c2\"> </span>deterioros<span class=\"_ _1be\"> </span>comienzan <span class=\"_ _c2\"> </span>a  reconocerse <span class=\"_ _c2\"> </span>cu<span class=\"_ _2\"></span>ando <span class=\"_ _c5\"> </span>el <span class=\"_ _c2\"> </span>activo <span class=\"_ _c5\"> </span>no <span class=\"_ _c2\"> </span>ha  presentado <span class=\"_ _c2\"> </span>movimiento <span class=\"_ _c2\"> </span>en  el <span class=\"_ _c2\"> </span>\u00faltimo <span class=\"_ _c5\"> </span>a\u00f1o, <span class=\"_ _c2\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>se <span class=\"_ _c5\"> </span>van<span class=\"_ _1be\"> </span>incrementando <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>lin<span class=\"_ _2\"></span>eal <span class=\"_ _4\"></span>hasta <span class=\"_ _4\"></span>alcanzar <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>100% <span class=\"_ _2\"></span>cua<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>activo <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>ha <span class=\"_ _4\"></span>presentado <span class=\"_ _2\"></span>mov<span class=\"_ _2\"></span>imiento <span class=\"_ _2\"></span>en<span class=\"_ _1be\"> </span>los <span class=\"_ _4\"></span>\u00faltimos <span class=\"_ _c0\"></span>cinco <span class=\"_ _4\"></span>a\u00f1o<span class=\"_ _2\"></span>s. <span class=\"_ _4\"></span>Asimis<span class=\"_ _2\"></span>mo, <span class=\"_ _4\"></span>ENCE <span class=\"_ _c0\"></span>dota <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>eterioros <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>concepto <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>Valor <span class=\"_ _c0\"></span>Neto <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>Realizaci\u00f3n <span class=\"_ _c0\"></span>(VNR)<span class=\"_ _1be\"> </span>sobre sus existencias de producto terminado y materias primas, cuando los precios de venta de <span class=\"_ _1\"></span>la celulosa,<span class=\"_ _1be\"> </span>netos de descu<span class=\"_ _2\"></span>entos y costes comerciales y lo<span class=\"_ _2\"></span>g\u00edsticos, se s<span class=\"_ _2\"></span>it\u00faan por debajo del coste d<span class=\"_ _2\"></span>e producci\u00f3n. <span class=\"_ _4\"></span> 20.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Sensibilidades<span class=\"_ _1be\"> </span></span></span>Se <span class=\"_ _1\"></span>han llevado a <span class=\"_ _1\"></span>cabo an\u00e1lisis <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>sensibilidad<span class=\"_ _2\"></span> e<span class=\"_ _1\"></span>n el <span class=\"_ _1\"></span>Negocio Celulosa <span class=\"_ _1\"></span>considerando<span class=\"_ _2\"></span> variaciones <span class=\"_ _1\"></span>en los <span class=\"_ _1\"></span>precios<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>venta <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>5% <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>variaciones <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>tasa <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>descuento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>100 <span class=\"_ _2\"></span>p.b<span class=\"_ _2\"></span>. <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>stos <span class=\"_ _2\"></span>an\u00e1lis<span class=\"_ _2\"></span>is <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>sens<span class=\"_ _2\"></span>ibilidad, <span class=\"_ _2\"></span>realizados<span class=\"_ _1be\"> </span>para <span class=\"_ _4\"></span>cada <span class=\"_ _4\"></span>hip\u00f3tesis<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>\u00e1sica <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>forma <span class=\"_ _4\"></span>indep<span class=\"_ _2\"></span>endiente, <span class=\"_ _4\"></span>no <span class=\"_ _4\"></span>pon<span class=\"_ _2\"></span>dr\u00edan <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>manifiesto <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>existen<span class=\"_ _2\"></span>cia <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>dete<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ioros<span class=\"_ _1be\"> </span>en las UGE\u00b4s cons<span class=\"_ _2\"></span>tituidas por cada un<span class=\"_ _2\"></span>a de las biof\u00e1bricas d<span class=\"_ _2\"></span>e producci\u00f3n de celulos<span class=\"_ _2\"></span>a.<span class=\"_ _2\"></span> Asimismo, <span class=\"_ _c5\"> </span>se <span class=\"_ _c5\"> </span>han  lle<span class=\"_ _1\"></span>vado <span class=\"_ _c5\"> </span>cabo <span class=\"_ _c2\"> </span>an<span class=\"_ _2\"></span>\u00e1lisis <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>sensibilidad<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>en <span class=\"_ _c2\"> </span>el  Negocio <span class=\"_ _c2\"> </span>Energ\u00eda  Re<span class=\"_ _1\"></span>novable  considerando<span class=\"_ _1be\"> </span>variaciones en la energ\u00eda producida y en el precio de venta del 5% en <span class=\"_ _1\"></span>el a\u00f1o 2022 y variaciones en la tasa de<span class=\"_ _1be\"> </span>descuento de <span class=\"_ _1\"></span>50 p.b. <span class=\"_ _1\"></span>En este sentido, una disminuci\u00f3n <span class=\"_ _1\"></span>del Pool <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>mercado en 2023-2024 del 5% <span class=\"_ _1\"></span>no tendr\u00eda<span class=\"_ _1be\"> </span>un impacto significativ<span class=\"_ _2\"></span>o en el <span class=\"_ _2\"></span>deterioro registrad<span class=\"_ _2\"></span>o, y u<span class=\"_ _2\"></span>n incremento en los cos<span class=\"_ _2\"></span>tes del combu<span class=\"_ _2\"></span>stible en <span class=\"_ _2\"></span><span class=\"ls13\">un</span> 5%<span class=\"_ _1be\"> </span>incrementar\u00eda el deterioro<span class=\"_ _2\"></span> registrado en<span class=\"_ _2\"></span> 2,7 millones <span class=\"_ _2\"></span><span class=\"ff6 ls11\">\u20ac.</span> Al <span class=\"_ _1\"></span>31 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>diciembre <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2021 <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>importe <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>deterior<span class=\"_ _2\"></span>os <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>valor re<span class=\"_ _1\"></span>conocidos en <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>activos <span class=\"_ _1\"></span>biol\u00f3gicos<span class=\"_ _1be\"> </span>asciende <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>5.083 <span class=\"_ _4\"></span><span class=\"ff6\">miles<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>\u20ac <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span></span>4.539 <span class=\"_ _4\"></span><span class=\"ff6\">mil<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>\u20ac</span>,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>resp<span class=\"_ _2\"></span>ectivamente<span class=\"ls1a\">. <span class=\"_ _c0\"></span></span>Un <span class=\"_ _c0\"></span>incremento <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>precio <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>mercado <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>la<span class=\"_ _2\"></span> madera <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>3% <span class=\"_ _0\"></span>permitir\u00eda <span class=\"_ _0\"></span>an<span class=\"_ _2\"></span>ular <span class=\"_ _0\"></span>\u00edntegrament<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>deterioro <span class=\"_ _0\"></span>registra<span class=\"_ _2\"></span>do. <span class=\"_ _0\"></span>Por <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>arte <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>reducci\u00f3n <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span>precio de venta de la mad<span class=\"_ _2\"></span>era del 3% implicar\u00eda <span class=\"_ _2\"></span>el registro de un<span class=\"_ _2\"></span> deterioro adicional po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>4,5 millones <span class=\"ff6\">\u20ac</span>.<span class=\"_ _2\"></span><span class=\"fc9\"> </span>21.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Existencias<span class=\"_ _1be\"> </span></span></span>La composici\u00f3n d<span class=\"_ _2\"></span>e las existencias<span class=\"_ _2\"></span> del Grupo al 31 d<span class=\"_ _2\"></span>e diciembre de <span class=\"_ _2\"></span><span class=\"ls11\">202</span>2 y 2021 <span class=\"_ _2\"></span>es la siguiente:<span class=\"_ _2\"></span> (*)  Se <span class=\"_ _c0\"></span>presentan <span class=\"_ _0\"></span>valores <span class=\"_ _0\"></span>netos <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>deterioro <span class=\"_ _c0\"></span>por <span class=\"_ _0\"></span>importe <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>1<span class=\"_ _2\"></span>1<span class=\"ls70\">.8<span class=\"ls46\">98</span></span> <span class=\"_ _0\"></span><span class=\"ff6\">miles <span class=\"_ _c0\"></span>\u20ac</span> <span class=\"_ _c0\"></span><span class=\"ls45\">y <span class=\"_ _0\"></span></span>18.774<span class=\"_ _1be\"> </span>miles \u20ac<span class=\"ff4\"> al cierre de 2022 <span class=\"ls45\">y 20</span>21, respecti<span class=\"_ _1\"></span>vamente (v\u00e9anse Notas 7 <span class=\"ls45\">y 2</span>6<span class=\"ls5f\">).</span> </span>No existe ningun<span class=\"_ _2\"></span>a limitaci\u00f3n en la<span class=\"_ _2\"></span> disponibilidad d<span class=\"_ _2\"></span>e las existencias.<span class=\"_ _2\"></span> Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> de E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _159\"> </span>31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _78\"> </span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Ma<span class=\"_ _2\"></span>dera<span class=\"_ _4\"></span> y bi<span class=\"_ _c0\"></span>omas<span class=\"_ _4\"></span>a<span class=\"_ _128\"> </span>3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.21<span class=\"_ _2\"></span>4<span class=\"_ _d1\"> </span>1<span class=\"_ _2\"></span>6.4<span class=\"_ _2\"></span>68<span class=\"_ _1be\"> </span>Otr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> ma<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> pr<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ma<span class=\"_ _2\"></span>s<span class=\"_ _3b\"> </span>2.3<span class=\"_ _2\"></span>88<span class=\"_ _83\"> </span>4<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>pues<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span> de a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>ota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3<span class=\"_ _2\"></span>n (*)<span class=\"_ _168\"> </span>13<span class=\"_ _2\"></span>.32<span class=\"_ _2\"></span>1<span class=\"_ _83\"> </span>9<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>5<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>rech<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> de e<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u00f3n ga<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>to i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ve<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>dero<span class=\"_ _c1\"> </span><span class=\"ls71\">             1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.938<span class=\"_ _2\"></span> <span class=\"_ _75\"> </span></span>7.3<span class=\"_ _2\"></span>32<span class=\"_ _1be\"> </span>Pr<span class=\"_ _2\"></span>od<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span> te<span class=\"_ _1\"></span>rmi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>dos<span class=\"_ _4\"></span> y <span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>n c<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>o<span class=\"_ _ac\"> </span><span class=\"ls71\">             30.25<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> <span class=\"_ _f5\"> </span></span>26<span class=\"_ _2\"></span>.68<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>nti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> a<span class=\"_ _4\"></span> pr<span class=\"_ _2\"></span>ovee<span class=\"_ _1\"></span>dor<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _26\"> </span><span class=\"ls72\">363<span class=\"_ _143\"> </span>390<span class=\"_ _1be\"> </span></span>Pr<span class=\"_ _2\"></span>oyectos<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>n pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>moci<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 6<span class=\"_ _2\"></span>)<span class=\"_ _15f\"> </span><span class=\"ls71\">                9.71<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _169\"> </span>                1.66<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> </span>De<span class=\"_ _1\"></span>te<span class=\"_ _bb\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>or<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _112\"> </span><span class=\"ls71\">              (1.841<span class=\"_ _2\"></span>)<span class=\"_ _169\"> </span>                    (4<span class=\"_ _2\"></span>2)<span class=\"_ _1be\"> </span></span>10<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.34<span class=\"_ _2\"></span>6<span class=\"_ _aa\"> </span>6<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.69<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>El Grupo <span class=\"_ _2\"></span>manten\u00eda<span class=\"_ _2\"></span> suscritos <span class=\"_ _2\"></span>al 31 d<span class=\"_ _2\"></span>e diciembre de <span class=\"_ _2\"></span>2022 con<span class=\"_ _2\"></span>tratos <span class=\"_ _2\"></span>con suministrad<span class=\"_ _2\"></span>ores para la <span class=\"_ _2\"></span>adquisici\u00f3n<span class=\"_ _2\"></span>,<span class=\"_ _1be\"> </span>en <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>pr\u00f3ximos <span class=\"_ _2\"></span>tres<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a\u00f1os, <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>biomasa <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>estinada <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>plantas <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>generac<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>energ\u00eda<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e con<span class=\"_ _2\"></span>forman <span class=\"_ _2\"></span>el<span class=\"_ _1be\"> </span>negocio energ\u00eda <span class=\"_ _1\"></span>por <span class=\"ls11\">1,</span>7 <span class=\"_ _1\"></span>millones de <span class=\"_ _1\"></span>toneladas<span class=\"_ _2\"></span>, as\u00ed <span class=\"_ _1\"></span>como co<span class=\"_ _1\"></span>mpromisos de <span class=\"_ _1\"></span>compra de <span class=\"_ _1\"></span>gas e<span class=\"_ _1\"></span>quivalentes a 3<span class=\"ls11\">23</span> GWhPCS.  La pol\u00edtica <span class=\"_ _1\"></span>del Grupo <span class=\"_ _1\"></span>es formalizar p\u00f3lizas de <span class=\"_ _1\"></span>seguros para <span class=\"_ _1\"></span>cubrir<span class=\"_ _2\"></span> los posibles rie<span class=\"_ _1\"></span>sgos a que <span class=\"_ _1\"></span>est\u00e1n sujetas <span class=\"_ _1\"></span>sus<span class=\"_ _1be\"> </span>existencias, estim\u00e1ndos<span class=\"_ _2\"></span>e que la cobertura d<span class=\"_ _2\"></span>e estos r<span class=\"_ _2\"></span>iesgos a 31 de d<span class=\"_ _2\"></span>iciembre de 2022 <span class=\"_ _2\"></span>y 2021 es adecuad<span class=\"_ _2\"></span>a.<span class=\"_ _1be\"> </span>21.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Derechos de emisi\u00f3n<span class=\"_ _1be\"> </span></span></span>Los <span class=\"_ _2\"></span>movimientos <span class=\"_ _2\"></span>hab<span class=\"_ _2\"></span>idos <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>relaci\u00f3n <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>derechos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>emi<span class=\"_ _2\"></span>si\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>gases <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>efecto <span class=\"_ _2\"></span>invernadero <span class=\"_ _4\"></span>titularid<span class=\"_ _2\"></span>ad<span class=\"_ _1be\"> </span>del Grupo duran<span class=\"_ _2\"></span>te los ejercicios 20<span class=\"_ _2\"></span>22 y 2021 han<span class=\"_ _2\"></span> sido los siguientes:<span class=\"_ _2\"></span> El 13 de julio de 2021, el Consejo de <span class=\"_ _1\"></span>Ministros aprob\u00f3 el Nuevo Plan de Asignaci\u00f3n gratuit<span class=\"_ _2\"></span>a de derechos<span class=\"_ _2\"></span> de<span class=\"_ _1be\"> </span>emisi\u00f3n de gases de efecto inv<span class=\"_ _2\"></span>ernadero para el periodo<span class=\"_ _2\"></span> 2021-202<span class=\"ls11\">5.</span> En<span class=\"_ _2\"></span> el marco de dicho Plan, e<span class=\"_ _2\"></span>l Grupo ha<span class=\"_ _1be\"> </span>recibido <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>2022 <span class=\"_ _c0\"></span>derechos <span class=\"_ _c0\"></span>correspo<span class=\"_ _2\"></span>ndientes <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>108.990 <span class=\"_ _4\"></span>to<span class=\"_ _2\"></span>neladas <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>CO2 <span class=\"_ _4\"></span>valorad<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>9.103 <span class=\"_ _4\"></span><span class=\"ff6\">mil<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>\u20ac</span> <span class=\"_ _4\"></span>(en<span class=\"_ _1be\"> </span>20<span class=\"ls0_1\">21 se recibieron d<span class=\"_ _2\"></span>erechos corresp<span class=\"_ _2\"></span>ondientes a <span class=\"_ _2\"></span>148.705 ton<span class=\"_ _2\"></span>eladas de CO2 valora<span class=\"_ _2\"></span>dos en 5.469 <span class=\"ff6\">m<span class=\"_ _2\"></span>iles \u20ac</span><span class=\"ls1b\">).</span> </span>El <span class=\"_ _4\"></span>ep\u00edgrafe <span class=\"_ _2\"></span>\u201cProv<span class=\"_ _2\"></span>isiones\u201d <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>pas<span class=\"_ _2\"></span>ivo <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span><span class=\"ff4\">corto <span class=\"_ _4\"></span>plazo <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Es<span class=\"_ _2\"></span>tado <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>Situaci\u00f3n <span class=\"_ _4\"></span>Financiera <span class=\"_ _c0\"></span>cons<span class=\"_ _2\"></span>olidado <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span></span>diciembre <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>20<span class=\"_ _2\"></span>22 <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>2021 <span class=\"_ _0\"></span>re<span class=\"_ _2\"></span>coge <span class=\"_ _c0\"></span>11<span class=\"_ _2\"></span>.100 <span class=\"_ _0\"></span><span class=\"ff6\">miles <span class=\"_ _0\"></span>\u20ac</span> <span class=\"_ _c0\"></span><span class=\"ls23\">y <span class=\"_ _0\"></span></span>7.578 <span class=\"_ _0\"></span><span class=\"ff6\">miles <span class=\"_ _0\"></span>\u20ac</span>, <span class=\"_ _c0\"></span>r<span class=\"_ _2\"></span>espectivamente, <span class=\"_ _0\"></span>corres<span class=\"_ _2\"></span>pondientes <span class=\"_ _0\"></span>al<span class=\"_ _1be\"> </span>pasivo <span class=\"_ _bd\"> </span>derivado <span class=\"_ _d9\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _d9\"> </span>con<span class=\"_ _2\"></span>sumo <span class=\"_ _bd\"> </span>en <span class=\"_ _d9\"> </span>dichos <span class=\"_ _bd\"> </span>ejercicios <span class=\"_ _bd\"> </span>de <span class=\"_ _bd\"> </span>172.066 <span class=\"_ _d9\"> </span>derechos<span class=\"_ _2\"></span> <span class=\"_ _bd\"> </span><span class=\"ls36\">y <span class=\"_ _bd\"> </span></span>203.791 <span class=\"_ _d9\"> </span>derechos<span class=\"ls65\">,<span class=\"_ _1be\"> </span></span>respectivamente (v\u00e9as<span class=\"_ _2\"></span>e Nota 32<span class=\"ls1b\">).<span class=\"_ _2\"></span></span> El Grupo <span class=\"_ _1\"></span>mantiene al <span class=\"_ _1\"></span>31 de <span class=\"_ _1\"></span>diciembre de 2022 contratos de <span class=\"_ _1\"></span>compra <span class=\"_ _1\"></span>a plazo <span class=\"_ _1\"></span>de 20.000 derechos a <span class=\"_ _1\"></span>un precio<span class=\"_ _1be\"> </span>medio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>88,65 <span class=\"_ _4\"></span>euros<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por <span class=\"_ _4\"></span>tonelada. <span class=\"_ _2\"></span>Es<span class=\"_ _2\"></span>tos <span class=\"_ _2\"></span>contratos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>revisiblemente <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>ejecutar\u00e1n <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>2023.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Por <span class=\"_ _4\"></span>su <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>te,<span class=\"_ _1be\"> </span>el Grupo ejecut\u00f3 d<span class=\"_ _2\"></span>urante 202<span class=\"_ _2\"></span>1 contratos<span class=\"_ _2\"></span> de compra a plazo<span class=\"_ _2\"></span> de 28.00<span class=\"_ _2\"></span>0 derechos d<span class=\"_ _2\"></span>e emisi\u00f3n a u<span class=\"_ _2\"></span>n p<span class=\"_ _2\"></span>recio de<span class=\"_ _1be\"> </span>63,25 euros por to<span class=\"_ _2\"></span>nelada.<span class=\"_ _1be\"> </span>22.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Patrimonio neto<span class=\"_ _1be\"> </span></span></span>22.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Capital social<span class=\"_ _1be\"> </span></span></span>El  capital <span class=\"_ _c5\"> </span>social  de <span class=\"_ _c2\"> </span>ENCE  Energ\u00eda <span class=\"_ _c2\"> </span>y<span class=\"_ _2\"></span>  Celulosa,  S.A.,  al <span class=\"_ _c2\"> </span>31  de <span class=\"_ _c2\"> </span>diciembre  de  2022  e<span class=\"_ _1\"></span>st\u00e1  representado  por<span class=\"_ _1be\"> </span>246.272.500 <span class=\"_ _c4\"> </span>accion<span class=\"_ _2\"></span>es <span class=\"_ _c4\"> </span>al <span class=\"_ _c4\"> </span>portador <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>0,9 <span class=\"_ _c9\"> </span>euros <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>valor <span class=\"_ _c4\"> </span>nominal <span class=\"_ _c4\"> </span>cada <span class=\"_ _c9\"> </span>una, <span class=\"_ _c4\"> </span>totalmente <span class=\"_ _c7\"> </span>s<span class=\"_ _2\"></span>uscritas <span class=\"_ _c4\"> </span>y<span class=\"_ _1be\"> </span>desembolsadas. Al <span class=\"_ _c3\"></span>estar <span class=\"_ _c3\"> </span>representadas<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>las <span class=\"_ _c3\"></span>acciones <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>ENCE <span class=\"_ _c3\"></span>por <span class=\"_ _c3\"> </span>anotaciones <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>cuenta<span class=\"_ _2\"></span>, <span class=\"_ _c3\"></span>no <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>conoce <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"> </span>exactitud <span class=\"_ _c3\"> </span>la<span class=\"_ _1be\"> </span>participaci\u00f3n <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>los <span class=\"_ _c7\"> </span>accionistas <span class=\"_ _c4\"> </span>en <span class=\"_ _c7\"> </span>el <span class=\"_ _c7\"> </span>capital <span class=\"_ _c7\"> </span>social. <span class=\"_ _c7\"> </span>E<span class=\"_ _2\"></span>l <span class=\"_ _c6\"> </span>cuadro <span class=\"_ _c4\"> </span>que <span class=\"_ _c7\"> </span>figura <span class=\"_ _c7\"> </span>a <span class=\"_ _c7\"> </span>continuaci\u00f3n <span class=\"_ _c7\"> </span>recoge <span class=\"_ _c7\"> </span>las<span class=\"_ _2\"></span> participaciones <span class=\"_ _2\"></span>significativas,<span class=\"_ _2\"></span> directas e <span class=\"_ _2\"></span>indirectas, <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>capital s<span class=\"_ _2\"></span>ocial de <span class=\"_ _2\"></span>ENCE a <span class=\"_ _2\"></span>31 de <span class=\"_ _2\"></span>dici<span class=\"_ _2\"></span>embre <span class=\"_ _2\"></span>de 2022 <span class=\"_ _2\"></span><span class=\"ls23\">y<span class=\"_ _1be\"> </span></span>N<span class=\"_ _1\"></span>\u00fame<span class=\"_ _1\"></span>ro d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> De<span class=\"_ _1\"></span>rech<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> de<span class=\"_ _1be\"> </span>Euros<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>\u00fame<span class=\"_ _1\"></span>ro d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> De<span class=\"_ _1\"></span>rech<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> de<span class=\"_ _1be\"> </span>Euros<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _18\"> </span>27<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.46<span class=\"_ _2\"></span>7<span class=\"_ _14\"> </span>7.3<span class=\"_ _2\"></span>32<span class=\"_ _33\"> </span>34<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.22<span class=\"_ _2\"></span>5<span class=\"_ _14\"> </span>6<span class=\"_ _2\"></span>.01<span class=\"_ _2\"></span>5<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>gna<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _2\"></span> <span class=\"_ _126\"> </span>10<span class=\"_ _2\"></span>8.9<span class=\"_ _2\"></span>90<span class=\"_ _14\"> </span>9<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>3<span class=\"_ _ea\"> </span>1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.70<span class=\"_ _2\"></span>5<span class=\"_ _14\"> </span>5.4<span class=\"_ _2\"></span>69<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>vol<span class=\"_ _4\"></span>uc<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _2\"></span> (*)<span class=\"_ _d0\"> </span>(1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.35<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _86\"> </span>(7<span class=\"_ _2\"></span>.13<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _22\"> </span>(2<span class=\"_ _2\"></span>16<span class=\"_ _2\"></span>.46<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _17\"> </span>(4.1<span class=\"_ _2\"></span>52<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>dqui<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _13\"> </span>28<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>0<span class=\"_ _14\"> </span>1<span class=\"_ _2\"></span>.77<span class=\"_ _2\"></span>1<span class=\"_ _11b\"> </span>-<span class=\"_ _4d\"> </span>-<span class=\"_ _1be\"> </span>Sa<span class=\"_ _1\"></span>ldo<span class=\"_ _1\"></span> fina<span class=\"_ _1\"></span>l<span class=\"_ _100\"> </span>22<span class=\"_ _2\"></span>2.10<span class=\"_ _2\"></span>2<span class=\"_ _92\"> </span>11<span class=\"_ _2\"></span>.07<span class=\"_ _2\"></span>6<span class=\"_ _ea\"> </span>2<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>46<span class=\"_ _2\"></span>7<span class=\"_ _14\"> </span>7<span class=\"_ _2\"></span>.332<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>\u00f1o 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>\u00f1o 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>(*<span class=\"_ _1\"></span>) Cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>pon<span class=\"_ _2\"></span>de con <span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> derecho<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>ons<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>n el<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span>\u00f1o a<span class=\"_ _4\"></span>nte<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>20<span class=\"ls0_1\">21, <span class=\"_ _c4\"> </span>as\u00ed <span class=\"_ _c9\"> </span>como, <span class=\"_ _c4\"> </span>en <span class=\"_ _c9\"> </span>su <span class=\"_ _c9\"> </span>caso, <span class=\"_ _c4\"> </span>los <span class=\"_ _c9\"> </span>instrumentos <span class=\"_ _c4\"> </span>finan<span class=\"_ _2\"></span>cieros <span class=\"_ _c4\"> </span>comun<span class=\"_ _4\"></span>icados <span class=\"_ _c9\"> </span>por <span class=\"_ _c4\"> </span>los <span class=\"_ _c9\"> </span>titulares <span class=\"_ _c4\"> </span>de <span class=\"_ _c9\"> </span>dichas<span class=\"_ _1be\"> </span></span>participaciones a <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>registros <span class=\"_ _1\"></span>oficiales <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>la Comisi\u00f3n Nacional <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Mercado <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Valores <span class=\"_ _1\"></span>(en <span class=\"_ _1\"></span>adelante, <span class=\"_ _1\"></span>CNMV)<span class=\"_ _1be\"> </span>o a la propia so<span class=\"_ _2\"></span>ciedad de acuerdo con<span class=\"_ _2\"></span> lo dispuesto en el Real Decreto 1<span class=\"_ _2\"></span>362/2007, de 19 d<span class=\"_ _2\"></span>e octubre:<span class=\"_ _4\"></span> Las acciones d<span class=\"_ _2\"></span>e la Sociedad <span class=\"_ _2\"></span>Dominan<span class=\"_ _2\"></span>te est\u00e1n admitidas<span class=\"_ _2\"></span> a n<span class=\"_ _2\"></span>egociaci\u00f3n oficial<span class=\"_ _2\"></span> en las Bo<span class=\"_ _2\"></span>lsas Es<span class=\"_ _2\"></span>pa\u00f1olas y en el<span class=\"_ _1be\"> </span>Mercado continuo, go<span class=\"_ _2\"></span>zando todas ellas<span class=\"_ _2\"></span> de iguales derechos p<span class=\"_ _2\"></span>ol\u00edticos y econ\u00f3<span class=\"_ _2\"></span>micos.<span class=\"_ _2\"></span> 22.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Prima de emisi\u00f3n<span class=\"_ _1be\"> </span></span></span>El <span class=\"_ _4\"></span>Texto <span class=\"_ _4\"></span>Refundido <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Ley <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>Sociedades <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>Capital <span class=\"_ _4\"></span>permit<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>exp<span class=\"_ _2\"></span>resamente <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>utilizaci\u00f3n <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>saldo <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>prima <span class=\"_ _c7\"> </span>de <span class=\"_ _c4\"> </span>emisi\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>para <span class=\"_ _c4\"> </span>am<span class=\"_ _2\"></span>pliar <span class=\"_ _c7\"> </span>cap<span class=\"_ _2\"></span>ital <span class=\"_ _c7\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>no<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>estab<span class=\"_ _2\"></span>lece <span class=\"_ _c7\"> </span>restricci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>espec\u00ed<span class=\"_ _2\"></span>fica <span class=\"_ _c7\"> </span>al<span class=\"_ _2\"></span>guna <span class=\"_ _c4\"> </span>en <span class=\"_ _c7\"> </span>cu<span class=\"_ _2\"></span>anto <span class=\"_ _c4\"> </span>a <span class=\"_ _c7\"> </span>la<span class=\"_ _1be\"> </span>disponibilidad<span class=\"_ _2\"></span> del mismo. 22.3<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Reservas<span class=\"_ _1be\"> </span></span></span>A <span class=\"_ _c3\"> </span><span class=\"ls0_1\">continuaci\u00f3n<span class=\"_ _2\"></span>, <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>presenta <span class=\"_ _c3\"></span>el <span class=\"_ _c3\"></span>movimiento <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>reservas<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>desglosado <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"> </span>categor\u00eda <span class=\"_ _c3\"> </span>corres<span class=\"_ _2\"></span>pondiente <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>los<span class=\"_ _1be\"> </span></span>ejercicios 2022 y 2021<span class=\"_ _2\"></span>:<span class=\"_ _1be\"> </span>Reserva lega<span class=\"_ _2\"></span>l<span class=\"_ _1be\"> </span>De <span class=\"_ _1\"></span>acuerdo con e<span class=\"_ _1\"></span>l Te<span class=\"_ _1\"></span>xto Ref<span class=\"_ _1\"></span>und<span class=\"_ _2\"></span>ido de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Ley <span class=\"_ _1\"></span>de Sociedades <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Capital, debe <span class=\"_ _1\"></span>destinarse a <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a reserva <span class=\"_ _1\"></span>legal <span class=\"_ _1\"></span>una<span class=\"_ _1be\"> </span>cifra <span class=\"_ _4\"></span>igual <span class=\"_ _4\"></span>al <span class=\"_ _c0\"></span>10% <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>beneficio <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>ejercicio <span class=\"_ _4\"></span>has<span class=\"_ _2\"></span>ta <span class=\"_ _4\"></span>que <span class=\"_ _c0\"></span>\u00e9sta <span class=\"_ _4\"></span>alcance, <span class=\"_ _4\"></span>al <span class=\"_ _c0\"></span>menos, <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>20% <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _4\"></span>capital <span class=\"_ _c0\"></span>social. <span class=\"_ _4\"></span>La<span class=\"_ _1be\"> </span>reserva legal de la Sociedad<span class=\"_ _2\"></span> Dominante por 45.049 <span class=\"_ _2\"></span>miles \u20ac, da <span class=\"_ _2\"></span>cobertura al 20% de su<span class=\"_ _2\"></span> capital social.<span class=\"_ _4\"></span><span class=\"ff4\"> </span>La <span class=\"_ _c0\"></span>reserva <span class=\"_ _c0\"></span>legal <span class=\"_ _c0\"></span>po<span class=\"_ _2\"></span>dr\u00e1 <span class=\"_ _c0\"></span>utilizarse <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>aumentar <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>capital <span class=\"_ _0\"></span>en <span class=\"_ _4\"></span>la<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>arte <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>saldo <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>exceda <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>10% <span class=\"_ _c0\"></span>del<span class=\"_ _1be\"> </span>capital <span class=\"_ _2\"></span>ya <span class=\"_ _4\"></span>aumentado. <span class=\"_ _4\"></span>Salvo <span class=\"_ _4\"></span>para <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>finalidad <span class=\"_ _4\"></span>mencionada <span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>teriormente, <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>mientras <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>upere <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>20% <span class=\"_ _4\"></span>del<span class=\"_ _1be\"> </span>Acc<span class=\"_ _1\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>ta<span class=\"_ _1be\"> </span>31/12/202<span class=\"_ _1\"></span>2<span class=\"_ _10f\"> </span>31/12/202<span class=\"_ _1\"></span>1<span class=\"_ _1be\"> </span>D. Juan<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Luis<span class=\"_ _2\"></span> A<span class=\"_ _2\"></span>rregui<span class=\"_ _2\"></span> /<span class=\"_ _2\"></span> R<span class=\"_ _2\"></span>eto<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>Opera<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos <span class=\"_ _2\"></span>XXI,<span class=\"_ _1\"></span> S.L.<span class=\"_ _1be\"> </span>29,44<span class=\"_ _95\"> </span>29,44<span class=\"_ _1be\"> </span>D. V\u00edctor <span class=\"_ _2\"></span>Urru<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>/ <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>s\u00fa<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>In<span class=\"_ _2\"></span>versio<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>es, <span class=\"_ _2\"></span>S.L<span class=\"_ _1\"></span>.<span class=\"_ _1be\"> </span>7,29<span class=\"_ _13d\"> </span>7,29<span class=\"_ _1be\"> </span>D. Jose <span class=\"_ _2\"></span>Ignacio<span class=\"_ _2\"></span> C<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>menge /<span class=\"_ _2\"></span> La <span class=\"_ _2\"></span>Fuen<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e Sa<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>S.L.<span class=\"_ _1be\"> </span>6,38<span class=\"_ _13d\"> </span>6,38<span class=\"_ _1be\"> </span>Au<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>cartera<span class=\"_ _1be\"> </span>1,56<span class=\"_ _13d\"> </span>1,59<span class=\"_ _1be\"> </span>Miemb<span class=\"_ _2\"></span>ros<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> C<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>sej<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>cipa<span class=\"_ _2\"></span>ci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>&lt; <span class=\"_ _2\"></span>3%<span class=\"_ _1be\"> </span>0,62<span class=\"_ _13d\"> </span>0,55<span class=\"_ _1be\"> </span>Free Flo<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _1be\"> </span>54,71<span class=\"_ _95\"> </span>54,75<span class=\"_ _1be\"> </span>Total<span class=\"_ _1be\"> </span>100,00<span class=\"_ _28\"> </span>100,00<span class=\"_ _1be\"> </span>%<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es d<span class=\"_ _2\"></span>e E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Le<span class=\"_ _1\"></span>gal<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por<span class=\"_ _2\"></span> ca<span class=\"_ _4\"></span>pi<span class=\"_ _4\"></span>tal<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>morti<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>ca<span class=\"_ _4\"></span>pi<span class=\"_ _4\"></span>tal<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> vol<span class=\"_ _4\"></span>unta<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>dos<span class=\"_ _4\"></span> negati<span class=\"_ _2\"></span>vos<span class=\"_ _4\"></span> de<span class=\"_ _1be\"> </span>ejerc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>nte<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>Sa<span class=\"_ _1\"></span>ldos a<span class=\"_ _1\"></span>l 31 de<span class=\"_ _2\"></span> diciembr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>de 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>  45<span class=\"_ _2\"></span>.04<span class=\"_ _2\"></span>9 <span class=\"_ _12a\"> </span> 1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.566<span class=\"_ _2\"></span> <span class=\"_ _12a\"> </span> 1<span class=\"_ _2\"></span>4.6<span class=\"_ _2\"></span>60<span class=\"_ _2\"></span> <span class=\"_ _12a\"> </span> 9<span class=\"_ _2\"></span>9.14<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _74\"> </span>(5.57<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>) <span class=\"_ _16a\"></span><span class=\"ls74\">         <span class=\"ls0_1\"> <span class=\"_ _12\"> </span> 1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4.32<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> <span class=\"_ _ce\"> </span>(<span class=\"_ _2\"></span>8) <span class=\"_ _16a\"></span><span class=\"ls74\">                 <span class=\"ls0_1\"> <span class=\"_ _f7\"> </span> 3<span class=\"_ _2\"></span>08<span class=\"_ _2\"></span>.16<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span></span></span></span></span>Di<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tri<span class=\"_ _4\"></span>buc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n del<span class=\"_ _2\"></span> Res<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>tado<span class=\"_ _2\"></span> del<span class=\"_ _2\"></span> Ej<span class=\"_ _2\"></span>erci<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o Ant<span class=\"_ _1\"></span>eri<span class=\"_ _2\"></span>or<span class=\"_ _ef\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _24\"> </span> 5.04<span class=\"_ _2\"></span>1 <span class=\"_ _12a\"> </span> 3<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.220<span class=\"_ _2\"></span> <span class=\"_ _62\"> </span> 5.57<span class=\"_ _2\"></span>3 <span class=\"_ _10a\"> </span>(70<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>5)<span class=\"_ _2\"></span> <span class=\"_ _16a\"></span><span class=\"ls74\">       <span class=\"ls0_1\"> <span class=\"_ _102\"> </span>(7<span class=\"_ _2\"></span>1) <span class=\"_ _16a\"></span><span class=\"ls74\">               <span class=\"ls0_1\"> <span class=\"_ _46\"> </span>(2<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.43<span class=\"_ _2\"></span>2)<span class=\"_ _1be\"> </span></span></span></span></span></span></span></span></span></span></span>Opera<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> P<span class=\"_ _2\"></span>rop<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _165\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _84\"> </span>(1.46<span class=\"_ _2\"></span>5)<span class=\"_ _2\"></span> <span class=\"_ _16a\"></span><span class=\"ls74\">         <span class=\"ls0_1\"> <span class=\"_ _ac\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _84\"> </span>(1.46<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Mi<span class=\"_ _2\"></span>nor<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> y otros<span class=\"_ _4\"></span> movi<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>entos<span class=\"_ _2\"></span> <span class=\"_ _133\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _114\"> </span> 1<span class=\"_ _2\"></span>9.38<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> <span class=\"_ _ea\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _139\"> </span>(20<span class=\"_ _2\"></span>.48<span class=\"_ _2\"></span>8) <span class=\"_ _16a\"></span><span class=\"ls74\">       <span class=\"ls0_1\"> <span class=\"_ _e1\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"_ _2\"></span><span class=\"ls0_1\"> <span class=\"_ _62\"> </span>(1<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>4)<span class=\"_ _1be\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Sa<span class=\"_ _1\"></span>ldos a<span class=\"_ _1\"></span>l 31 de<span class=\"_ _2\"></span> diciembr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>de 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21 45<span class=\"_ _2\"></span>.049<span class=\"_ _2\"></span> <span class=\"_ _12a\"> </span> 1<span class=\"_ _2\"></span>0.56<span class=\"_ _2\"></span>6 <span class=\"_ _12a\"> </span> <span class=\"_ _2\"></span>19<span class=\"_ _2\"></span>.701<span class=\"_ _2\"></span> <span class=\"_ _30\"> </span> 1<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>.28<span class=\"_ _2\"></span>0 <span class=\"_ _ea\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _114\"> </span> 53<span class=\"_ _2\"></span>.646<span class=\"_ _2\"></span> <span class=\"_ _86\"> </span>(7<span class=\"_ _2\"></span>9) <span class=\"_ _16a\"></span><span class=\"ls74\">               <span class=\"ls0_1\"> <span class=\"_ _9e\"> </span> 27<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.163<span class=\"_ _2\"></span> </span></span></span></span></span>I<span class=\"_ _2\"></span>ngr<span class=\"_ _2\"></span>esos<span class=\"_ _4\"></span> / (Ga<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span> Re<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>onoc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>dos<span class=\"_ _cd\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">-<span class=\"_ _1be\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Di<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tri<span class=\"_ _4\"></span>buc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n del<span class=\"_ _2\"></span> Res<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>tado<span class=\"_ _2\"></span> del<span class=\"_ _2\"></span> Ej<span class=\"_ _2\"></span>erci<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o Ant<span class=\"_ _1\"></span>eri<span class=\"_ _2\"></span>or<span class=\"_ _ef\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _19\"> </span>(1<span class=\"_ _2\"></span>81<span class=\"_ _2\"></span>.37<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>) <span class=\"_ _16a\"></span><span class=\"ls74\">    <span class=\"ls0_1\"> <span class=\"_ _162\"> </span>(9<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>4) <span class=\"_ _16a\"></span><span class=\"ls74\">         <span class=\"ls0_1\"> <span class=\"_ _7a\"> </span>(27<span class=\"_ _2\"></span>) <span class=\"_ _16a\"></span><span class=\"ls74\">               <span class=\"ls0_1\"> <span class=\"_ _b\"> </span>(1<span class=\"_ _2\"></span>90<span class=\"_ _2\"></span>.40<span class=\"_ _2\"></span>9)<span class=\"_ _2\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Di<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tri<span class=\"_ _4\"></span>buc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n de Di<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>dendos<span class=\"_ _21\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">-<span class=\"_ _1be\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Opera<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> P<span class=\"_ _2\"></span>rop<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _165\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _24\"> </span> 1<span class=\"_ _2\"></span>.033<span class=\"_ _2\"></span> <span class=\"_ _ea\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _24\"> </span> 1<span class=\"_ _2\"></span>.033<span class=\"_ _2\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Mi<span class=\"_ _2\"></span>nor<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> y otros<span class=\"_ _4\"></span> movi<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>entos<span class=\"_ _123\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _24\"> </span> 4.2<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span> <span class=\"_ _ea\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _24\"> </span> 4<span class=\"_ _2\"></span>.220<span class=\"_ _2\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Sa<span class=\"_ _1\"></span>ldos a<span class=\"_ _1\"></span>l 31 de<span class=\"_ _2\"></span> diciembr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>de 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22 45<span class=\"_ _2\"></span>.049<span class=\"_ _2\"></span> <span class=\"_ _12a\"> </span> 1<span class=\"_ _2\"></span>0.56<span class=\"_ _2\"></span>6 <span class=\"_ _12a\"> </span> <span class=\"_ _2\"></span>19<span class=\"_ _2\"></span>.701<span class=\"_ _2\"></span> <span class=\"_ _30\"> </span> 1<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>.53<span class=\"_ _2\"></span>3 <span class=\"_ _132\"> </span>(1<span class=\"_ _2\"></span>81<span class=\"_ _2\"></span>.378<span class=\"_ _2\"></span>) <span class=\"_ _16a\"></span><span class=\"ls74\">    <span class=\"ls0_1\"> <span class=\"_ _4e\"> </span> 44<span class=\"_ _2\"></span>.642<span class=\"_ _2\"></span> <span class=\"_ _8a\"> </span>(10<span class=\"_ _2\"></span>6) <span class=\"_ _16a\"></span><span class=\"ls74\">            <span class=\"ls0_1\"> <span class=\"_ _14\"> </span> 9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.007<span class=\"_ _2\"></span> </span></span></span></span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> de l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Soc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>eda<span class=\"_ _2\"></span>d Domi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nte<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> co<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>da<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1be\"> </span>gl<span class=\"_ _2\"></span>oba<span class=\"_ _4\"></span>l<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> m\u00e9<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>odo d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _1be\"> </span>Total<span class=\"_ _1\"></span> re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>va<span class=\"_ _1be\"> </span>capital <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>cial, <span class=\"_ _2\"></span>esta <span class=\"_ _4\"></span>reserva <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>\u00f3lo <span class=\"_ _2\"></span>podr\u00e1<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>destinars<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>compensaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>p\u00e9rdid<span class=\"_ _2\"></span>as, <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>siempre <span class=\"_ _2\"></span>que <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>exista<span class=\"_ _1be\"> </span>otr<span class=\"ls0_1\">as reservas d<span class=\"_ _2\"></span>isponibles suficientes para este fin.<span class=\"_ _4\"></span> </span>22.4<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Reservas en sociedade<span class=\"_ _1\"></span>s consolidada<span class=\"_ _1\"></span>s por integra<span class=\"_ _1\"></span>ci\u00f3n global<span class=\"_ _1be\"> </span></span></span>El importe de las reserv<span class=\"_ _2\"></span>as en sociedades con<span class=\"_ _2\"></span>solidadas de uso restri<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>gido al 31 de diciemb<span class=\"_ _2\"></span>re de 2022 y 202<span class=\"_ _1be\"> </span>asciende a 21.143 <span class=\"ff6\">miles \u20ac</span>, y se correspon<span class=\"_ _2\"></span>de, principalmente, con la r<span class=\"_ _2\"></span>eserva legal de las distintas s<span class=\"_ _2\"></span>ociedade<span class=\"_ _1be\"> </span>del Grupo.<span class=\"_ _1be\"> </span>22.5<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Acciones de la Socieda<span class=\"_ _1\"></span>d Dominante<span class=\"_ _1be\"> </span></span></span>El <span class=\"_ _c3\"> </span>movimiento <span class=\"_ _c2\"> </span>del <span class=\"_ _c3\"> </span>e<span class=\"_ _2\"></span><span class=\"ff6\">p\u00edgrafe <span class=\"_ _c3\"> </span>\u201c<span class=\"_ _2\"></span>Acciones <span class=\"_ _c3\"> </span>prop<span class=\"_ _2\"></span>ias\u201d <span class=\"_ _c2\"> </span>del <span class=\"_ _c3\"></span>Estado <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>Situaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>F<span class=\"_ _2\"></span></span>inanciera <span class=\"_ _c2\"> </span>Consolidado <span class=\"_ _c2\"> </span>adjunt<span class=\"_ _1be\"> </span>durante los ejercicios 20<span class=\"_ _2\"></span>22 y 2021 ha s<span class=\"_ _2\"></span>ido el siguiente:<span class=\"_ _2\"></span> Las <span class=\"_ _4\"></span>acciones<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>Sociedad <span class=\"_ _4\"></span>Do<span class=\"_ _2\"></span>minante <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _c0\"></span>poder <span class=\"_ _4\"></span>al <span class=\"_ _c0\"></span>31 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>iciembre <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>20<span class=\"_ _2\"></span>22 <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>epresentan<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>1,<span class=\"_ _2\"></span>56% <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>capital <span class=\"_ _2\"></span>social <span class=\"_ _2\"></span>(1,<span class=\"ls11\">59<span class=\"_ _2\"></span></span>% al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>diciembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>21) <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>valo<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>nominal <span class=\"_ _2\"></span>global <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span><span class=\"ls11\">3.</span>458 <span class=\"_ _2\"></span><span class=\"ff6\">miles<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u20ac</span> <span class=\"_ _2\"></span>(<span class=\"ls11\">3.</span>531 <span class=\"_ _4\"></span><span class=\"ff6\">miles </span>al 31 de diciembre d<span class=\"_ _2\"></span>e 2021). <span class=\"_ _2\"></span>El precio medio d<span class=\"_ _2\"></span>e adquisici\u00f3n d<span class=\"_ _2\"></span>e dichas acciones es<span class=\"_ _2\"></span> de 3,<span class=\"_ _2\"></span><span class=\"ls11\">37</span> euros p<span class=\"_ _2\"></span>or acci\u00f3n<span class=\"_ _1be\"> </span>Las <span class=\"_ _c0\"></span>acciones <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>Sociedad<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>Dominan<span class=\"_ _2\"></span>te <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>oder <span class=\"_ _c0\"></span>tiene<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>ob<span class=\"_ _2\"></span>jeto <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>negociaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c2\"> </span>mercado, <span class=\"_ _c0\"></span>as<span class=\"_ _1be\"> </span>como dar respuesta<span class=\"_ _2\"></span> al \u201cPlan de Retribuci\u00f3n a<span class=\"_ _2\"></span> <span class=\"ff4\">Largo <span class=\"_ _2\"></span>Plazo 2019-</span>20<span class=\"_ _2\"></span>23\u201d (v\u00e9ase Nota 1<span class=\"_ _2\"></span><span class=\"ff4\">2.2). </span>ENCE <span class=\"_ _c3\"></span>mantiene <span class=\"_ _c3\"></span>un <span class=\"_ _c3\"></span>contrato <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>liquidez <span class=\"_ _c3\"></span>con <span class=\"_ _c3\"></span>un <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>termediario <span class=\"_ _c3\"> </span>financiero <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>objetivo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>favorecer <span class=\"_ _c3\"></span>la<span class=\"_ _1be\"> </span>liquidez y <span class=\"_ _bb\"></span>regularid<span class=\"_ _2\"></span>ad <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>cotizaci\u00f3n de <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>acciones <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>ENCE, dentro <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>l\u00edmites <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>stablecidos por <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Junt<span class=\"_ _1be\"> </span>General de Accionis<span class=\"_ _2\"></span>tas y p<span class=\"_ _2\"></span>or la normativa vigen<span class=\"_ _2\"></span>te, en partic<span class=\"_ _2\"></span>ular, la Circular 2/20<span class=\"_ _2\"></span>19, de <span class=\"ls11\">27 <span class=\"_ _2\"></span></span>de nov<span class=\"_ _2\"></span>iembre, d<span class=\"_ _1be\"> </span>la Comisi\u00f3n Nacional <span class=\"_ _2\"></span>del Mercado d<span class=\"_ _2\"></span>e Valores, sobre contratos<span class=\"_ _2\"></span> de liquidez.<span class=\"_ _2\"></span> 22.6<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Ajustes en patrimonio po<span class=\"_ _1\"></span>r valoraci\u00f3n<span class=\"_ _1be\"> </span></span></span>La <span class=\"_ _c3\"> </span>compos<span class=\"_ _2\"></span>ici\u00f3n <span class=\"_ _c3\"> </span>del <span class=\"_ _c2\"> </span><span class=\"ff6\">ep\u00edgraf<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>\u201cAjustes <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>atrimonio <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>or <span class=\"_ _c3\"> </span>valo<span class=\"_ _2\"></span>raci\u00f3n\u201d<span class=\"_ _2\"></span></span> <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c3\"> </span>Estad<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>Situaci\u00f3n <span class=\"_ _c2\"> </span>Financier<span class=\"_ _1be\"> </span>consolidado <span class=\"_ _2\"></span>al cierre de los ejercicios 202<span class=\"_ _2\"></span>2 y 2021 es la s<span class=\"_ _2\"></span>iguiente: N\u00famero<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>acc<span class=\"_ _1\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>Miles<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>euro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>N\u00famero<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>acc<span class=\"_ _1\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>Miles<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>euro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Al<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>icio<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> ej<span class=\"_ _2\"></span>ercic<span class=\"_ _1\"></span>io<span class=\"_ _165\"> </span>3.923.7<span class=\"_ _1\"></span>50 <span class=\"_ _1c\"> </span>12.29<span class=\"_ _1\"></span>6 <span class=\"_ _22\"> </span>3.393<span class=\"_ _1\"></span>.738<span class=\"_ _1\"></span> <span class=\"_ _1c\"> </span>11.856<span class=\"_ _1be\"> </span>Co<span class=\"_ _2\"></span>mpra<span class=\"_ _2\"></span>s<span class=\"_ _160\"> </span>15.240.<span class=\"_ _1\"></span>479 <span class=\"_ _1c\"> </span>47.6<span class=\"_ _1\"></span>29 <span class=\"_ _8\"> </span>17.364.<span class=\"_ _1\"></span>821 <span class=\"_ _1c\"> </span>54.9<span class=\"_ _1\"></span>26<span class=\"_ _1be\"> </span>ILP<span class=\"_ _1\"></span> 2019-<span class=\"_ _1\"></span>2025<span class=\"_ _1\"></span> (No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> 12.2)<span class=\"_ _15f\"> </span><span class=\"ls76\">       (7<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)   <span class=\"_ _c7\"> </span>             (2<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>   <span class=\"_ _33\"> </span><span class=\"ls0_1\">(9.889)<span class=\"_ _106\"> </span>(32)<span class=\"_ _1be\"> </span></span></span>Venta<span class=\"_ _2\"></span>s<span class=\"_ _16c\"> </span>(15.2<span class=\"_ _1\"></span>47.2<span class=\"_ _1\"></span>65)<span class=\"_ _46\"> </span>(46.72<span class=\"_ _1\"></span>6)<span class=\"_ _b\"> </span>(16<span class=\"_ _1\"></span>.824.<span class=\"_ _1\"></span>920)<span class=\"_ _46\"> </span>(54.4<span class=\"_ _1\"></span>54)<span class=\"_ _1be\"> </span>Al cierre del ejercic<span class=\"_ _1\"></span>io<span class=\"_ _16d\"> </span>3.8<span class=\"_ _1\"></span>43.<span class=\"_ _1\"></span>111<span class=\"_ _8c\"> </span>12.<span class=\"_ _1\"></span>958<span class=\"_ _10b\"> </span>3.923<span class=\"_ _1\"></span>.75<span class=\"_ _1\"></span>0<span class=\"_ _8c\"> </span>12.29<span class=\"_ _1\"></span>6<span class=\"_ _1be\"> </span>31/12/20<span class=\"_ _1\"></span>22<span class=\"_ _1be\"> </span>31/12/20<span class=\"_ _1\"></span>21<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> Val<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> ra<span class=\"_ _4\"></span>zona<span class=\"_ _4\"></span>bl<span class=\"_ _4\"></span>e<span class=\"_ _1be\"> </span>Efe<span class=\"_ _1\"></span>cto<span class=\"_ _1be\"> </span>i<span class=\"_ _4\"></span>mpos<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ti<span class=\"_ _2\"></span>vo<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>n<span class=\"_ _1be\"> </span>pa<span class=\"_ _2\"></span>tri<span class=\"_ _4\"></span>moni<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Val<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> ra<span class=\"_ _4\"></span>zona<span class=\"_ _4\"></span>bl<span class=\"_ _4\"></span>e<span class=\"_ _1be\"> </span>Efe<span class=\"_ _1\"></span>cto<span class=\"_ _1be\"> </span>i<span class=\"_ _4\"></span>mpos<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ti<span class=\"_ _2\"></span>vo<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>n<span class=\"_ _1be\"> </span>pa<span class=\"_ _2\"></span>tri<span class=\"_ _4\"></span>moni<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> de t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>enos<span class=\"_ _2\"></span> (Nota <span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>.3)         54<span class=\"_ _2\"></span>.102<span class=\"_ _2\"></span>  <span class=\"_ _c7\"> </span>         13<span class=\"_ _2\"></span>.51<span class=\"_ _2\"></span>0  <span class=\"_ _c7\"> </span>         4<span class=\"_ _2\"></span>0.59<span class=\"_ _2\"></span>2  <span class=\"_ _117\"> </span>         54<span class=\"_ _2\"></span>.102<span class=\"_ _2\"></span>  <span class=\"_ _c7\"> </span>         1<span class=\"_ _2\"></span>3.50<span class=\"_ _2\"></span>9  <span class=\"_ _c7\"> </span>         4<span class=\"_ _2\"></span>0.59<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> Op<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>ra<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> de co<span class=\"_ _2\"></span>bertura<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 31<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>I<span class=\"_ _2\"></span>RSwa<span class=\"_ _2\"></span>p<span class=\"_ _16e\"> </span>  3.5<span class=\"_ _2\"></span>62<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  8<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _19\"> </span>  2.67<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _169\"> </span><span class=\"ls77\">       (1.98<span class=\"_ _2\"></span>1)   <span class=\"_ _c7\"> </span>           (4<span class=\"_ _2\"></span>95<span class=\"_ _2\"></span>)   <span class=\"_ _cc\"> </span>       (1<span class=\"_ _2\"></span>.48<span class=\"_ _2\"></span>6) </span>Ti<span class=\"_ _2\"></span>po d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>o<span class=\"_ _16f\"> </span><span class=\"ls77\">           (35<span class=\"_ _2\"></span>8)   <span class=\"_ _c9\"> </span>             (9<span class=\"_ _2\"></span>0)   <span class=\"_ _c7\"> </span>           (2<span class=\"_ _2\"></span>66<span class=\"_ _2\"></span>)   <span class=\"_ _169\"> </span>       (6.97<span class=\"_ _2\"></span>7)   <span class=\"_ _ca\"> </span>       (1.74<span class=\"_ _2\"></span>5)   <span class=\"_ _ca\"> </span>       (5.23<span class=\"_ _2\"></span>2) </span>  57<span class=\"_ _2\"></span>.30<span class=\"_ _2\"></span>6  <span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>  14.31<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _3d\"> </span>  42<span class=\"_ _2\"></span>.998<span class=\"_ _2\"></span>   <span class=\"_ _62\"> </span> <span class=\"_ _2\"></span> 45<span class=\"_ _2\"></span>.14<span class=\"_ _2\"></span>4   <span class=\"_ _3d\"> </span>  1<span class=\"_ _2\"></span>1.26<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _3d\"> </span>  33<span class=\"_ _2\"></span>.875<span class=\"_ _2\"></span> 31/12/2022<span class=\"_ _1be\"> </span>31/12/2021<span class=\"_ _1be\"> </span>22.7<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Otros instrumentos de pa<span class=\"_ _1\"></span>trimonio neto<span class=\"_ _1\"></span> </span></span>El <span class=\"_ _0\"></span>movimiento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>ep\u00ed<span class=\"_ _2\"></span>grafe <span class=\"_ _0\"></span>\u201cOtros <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>strumentos <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>pat<span class=\"_ _2\"></span>rimonio <span class=\"_ _0\"></span>neto\u201d <span class=\"_ _c3\"> </span><span class=\"ff4\">d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>stado <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>S<span class=\"_ _2\"></span>ituaci\u00f3n <span class=\"_ _0\"></span>Financiera<span class=\"_ _2\"></span> </span>consolidado <span class=\"_ _2\"></span>durante los ejercicios 20<span class=\"_ _2\"></span>22 y 2021 es el sigui<span class=\"_ _2\"></span>ente:<span class=\"_ _1be\"> </span>22.8<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Rating corporativo<span class=\"_ _1be\"> </span></span></span>Ence ha su<span class=\"_ _2\"></span>spendido en 2022 el servicio de calificac<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _2\"></span>crediticia.<span class=\"_ _1be\"> </span>La <span class=\"_ _c0\"></span>\u00faltima <span class=\"_ _0\"></span>calificaci\u00f3n <span class=\"_ _0\"></span>creditici<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>torgada <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>agencia <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>calificaci\u00f3n <span class=\"_ _0\"></span>Standard <span class=\"_ _0\"></span>&amp; <span class=\"_ _0\"></span>Poor\u00b4s <span class=\"_ _c3\"></span>con <span class=\"_ _c0\"></span>fecha <span class=\"_ _0\"></span>6 <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>diciembre <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>2021 f<span class=\"_ _1\"></span>ue <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span><span class=\"ls79\">BB<span class=\"ls0_1\">- <span class=\"_ _1\"></span>con <span class=\"_ _bb\"></span>persp<span class=\"_ _2\"></span>ectiva <span class=\"_ _1\"></span>negativa. <span class=\"_ _1\"></span>Por <span class=\"_ _bb\"></span>su <span class=\"_ _1\"></span>parte, <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>\u00faltima <span class=\"_ _1\"></span>calificaci\u00f3n <span class=\"_ _1\"></span>crediticia <span class=\"_ _1\"></span>otorgada<span class=\"_ _1be\"> </span></span></span>por la <span class=\"_ _bb\"></span>agencia de <span class=\"_ _1\"></span>calificaci\u00f3n Moody\u00b4s con <span class=\"_ _1\"></span>fecha <span class=\"_ _1\"></span>14 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>octubre <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2021 <span class=\"_ _1\"></span>fue <span class=\"_ _1\"></span>de Ba3 <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>perspectiva <span class=\"_ _1\"></span>negativa.<span class=\"_ _1be\"> </span>En  dicha  perspectiva  negativ<span class=\"_ _1\"></span>a  ambas  agencias <span class=\"_ _c2\"> </span>tu<span class=\"_ _2\"></span>vieron  e<span class=\"_ _1\"></span>n  consider<span class=\"_ _2\"></span>aci\u00f3n  el <span class=\"_ _c5\"> </span>riesgo  de <span class=\"_ _c2\"> </span>anu<span class=\"_ _2\"></span>laci\u00f3n  de <span class=\"_ _c2\"> </span>la<span class=\"_ _1be\"> </span>pr\u00f3rroga de la <span class=\"_ _2\"></span>concesi\u00f3n de EN<span class=\"_ _2\"></span>CE en Pontevedra<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>22.9<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Intereses minoritarios<span class=\"_ _1be\"> </span></span></span>El movimiento de e<span class=\"_ _1\"></span>ste ep\u00edgrafe del Estado de Situaci\u00f3n Financiera Consolidado en los e<span class=\"_ _1\"></span>jercicios 2022 y 2021<span class=\"_ _1be\"> </span>es el siguiente:<span class=\"_ _1be\"> </span>Miles de e<span class=\"_ _1\"></span>uros<span class=\"_ _1be\"> </span>Saldo al<span class=\"_ _1be\"> </span>01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1/<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>compra<span class=\"_ _1be\"> </span>bonoLiquidaci\u00f3n<span class=\"_ _1be\"> </span>Imputaci\u00f3n a<span class=\"_ _1be\"> </span>resultados<span class=\"_ _1be\"> </span>Ef<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _1be\"> </span>impos<span class=\"_ _2\"></span>itiv<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Saldo<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>Bono conve<span class=\"_ _1\"></span>rtible (Nota 29)<span class=\"_ _60\"> </span> <span class=\"_ _2\"></span> 8.77<span class=\"_ _2\"></span>8  <span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span><span class=\"ls7a\">           (5.631)   <span class=\"_ _c9\"> </span>                      -   <span class=\"_ _c9\"> </span>                      -   <span class=\"_ _c9\"> </span>                      -   <span class=\"_ _12d\"> </span></span>3.14<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span>Plan de I<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>ntivos<span class=\"_ _2\"></span> a Largo Plazo (Nota 12<span class=\"_ _2\"></span>.2)<span class=\"_ _150\"> </span>1.119<span class=\"_ _ab\"> </span><span class=\"ls7a\">                      -   <span class=\"_ _c9\"> </span>              (541<span class=\"_ _2\"></span>)   <span class=\"_ _ea\"> </span><span class=\"ls7b\">38 <span class=\"_ _90\"> </span></span></span>(10)<span class=\"_ _a\"> </span><span class=\"ls7b\">606<span class=\"_ _1be\"> </span></span>9.<span class=\"_ _2\"></span>89<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span>(5.6<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _14\"> </span>(541<span class=\"_ _2\"></span>)<span class=\"_ _f0\"> </span><span class=\"ls7b\">38 <span class=\"_ _a\"> </span></span>(10)<span class=\"_ _4a\"> </span>3<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span>53<span class=\"_ _1be\"> </span>Miles de e<span class=\"_ _1\"></span>uros<span class=\"_ _1be\"> </span>Saldo al<span class=\"_ _1be\"> </span>01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1/<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>compra<span class=\"_ _1be\"> </span>bonoLiquidaci\u00f3n<span class=\"_ _1be\"> </span>Imputaci\u00f3n a<span class=\"_ _1be\"> </span>resultados<span class=\"_ _1be\"> </span>Ef<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _1be\"> </span>impos<span class=\"_ _2\"></span>itiv<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Saldo<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span>Bono conve<span class=\"_ _1\"></span>rtible (Nota 29)<span class=\"_ _104\"> </span>  10.43<span class=\"_ _2\"></span>1   <span class=\"_ _c9\"> </span><span class=\"ls7c\">           (2.<span class=\"_ _1\"></span>365<span class=\"_ _2\"></span>)   <span class=\"_ _c9\"> </span>                      -   <span class=\"_ _c9\"> </span>                      -   <span class=\"_ _92\"> </span><span class=\"ls0_1\">  712<span class=\"_ _2\"></span>   <span class=\"_ _8a\"> </span>8<span class=\"_ _2\"></span>.778<span class=\"_ _1be\"> </span></span></span>Plan de I<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>ntivos<span class=\"_ _2\"></span> a Largo Plazo (Nota 12<span class=\"_ _2\"></span>.2)<span class=\"_ _150\"> </span>1.256<span class=\"_ _ab\"> </span><span class=\"ls7c\">                      -   <span class=\"_ _cc\"> </span>                (73)   <span class=\"_ _8c\"> </span></span>(86<span class=\"_ _2\"></span>)<span class=\"_ _f0\"> </span><span class=\"ls7d\">22 <span class=\"_ _86\"> </span></span>1.11<span class=\"_ _2\"></span>9<span class=\"_ _1be\"> </span>11<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>87<span class=\"_ _1be\"> </span>(2.3<span class=\"_ _2\"></span>65<span class=\"_ _2\"></span>)<span class=\"_ _f3\"> </span>(73)<span class=\"_ _f3\"> </span>(86<span class=\"_ _2\"></span>)<span class=\"_ _43\"> </span><span class=\"ls7d\">734 <span class=\"_ _8b\"> </span></span>9<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>89<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span>A\u00f1o 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>Soc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eda<span class=\"_ _2\"></span>d<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> 01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span>a<span class=\"_ _2\"></span>tri<span class=\"_ _c0\"></span>bui<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span> m<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>nor<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ta<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>to<span class=\"_ _1be\"> </span>di<span class=\"_ _4\"></span>vi<span class=\"_ _c0\"></span>dendos<span class=\"_ _1be\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> m<span class=\"_ _1\"></span>ovi<span class=\"_ _4\"></span>mi<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>ntos<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span> L<span class=\"_ _1\"></span>oma<span class=\"_ _2\"></span>, S.<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>.<span class=\"_ _12b\"> </span><span class=\"ls7e\">            4<span class=\"_ _2\"></span>.81<span class=\"_ _2\"></span>8 <span class=\"_ _c9\"> </span>                9<span class=\"_ _2\"></span>61<span class=\"_ _2\"></span>                (2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _b2\"> </span>                   -   <span class=\"_ _4\"></span>             5<span class=\"_ _2\"></span>.568<span class=\"_ _2\"></span> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span> Ma<span class=\"_ _2\"></span>nc<span class=\"_ _4\"></span>ha<span class=\"_ _4\"></span> Ene<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>n, S.A<span class=\"_ _bb\"></span>.<span class=\"_ _170\"> </span><span class=\"ls7e\">            5.53<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>                5<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>8 <span class=\"_ _14c\"> </span>              (57<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _b2\"> </span>                   -   <span class=\"_ _4\"></span>             5<span class=\"_ _2\"></span>.49<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span></span>Bi<span class=\"_ _4\"></span>oene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span> Sa<span class=\"_ _4\"></span>nta<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>\u00eda<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>.<span class=\"_ _33\"> </span><span class=\"ls7e\">                4<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>9 <span class=\"_ _c3\"> </span>           (2<span class=\"_ _2\"></span>.97<span class=\"_ _2\"></span>0)<span class=\"_ _ca\"> </span>              (19<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _b2\"> </span>                   -   <span class=\"_ _be\"></span>            (2.72<span class=\"_ _2\"></span>9)<span class=\"_ _1be\"> </span></span>Ence E<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. y fi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _f0\"> </span><span class=\"ls7e\">        10<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.066<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span>            3.187<span class=\"_ _2\"></span> <span class=\"_ _5c\"> </span>                   -   <span class=\"_ _c0\"></span>            3<span class=\"_ _2\"></span>.266<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>         10<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.519<span class=\"_ _2\"></span> </span>Bi<span class=\"_ _4\"></span>oCH4<span class=\"_ _2\"></span> De<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>opme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>.<span class=\"_ _11\"> </span><span class=\"ls7e\">                   -   <span class=\"_ _c8\"> </span>                   -   <span class=\"_ _c8\"> </span>                   -   <span class=\"_ _bb\"></span>                4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>                 4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span></span>T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _a6\"> </span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.85<span class=\"_ _2\"></span>8<span class=\"_ _cb\"> </span><span class=\"ls7e\">            1<span class=\"_ _2\"></span>.706<span class=\"_ _2\"></span>                (9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>1)<span class=\"_ _4a\"> </span></span>3.66<span class=\"_ _2\"></span>6<span class=\"_ _62\"> </span>11<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.249<span class=\"_ _1be\"> </span>Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>Durante <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>ejercicio <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>constituido <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Sociedad <span class=\"_ _4\"></span>BioCH4 <span class=\"_ _2\"></span>Developments<span class=\"_ _2\"></span>, <span class=\"_ _4\"></span>S.L. <span class=\"_ _4\"></span>participada <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>un <span class=\"_ _2\"></span>60%<span class=\"_ _1be\"> </span>por Ence Biog\u00e1s, S.L<span class=\"_ _2\"></span>., filial de la Sociedad Dominante.<span class=\"_ _4\"></span> 23.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Retribuci\u00f3n al accionista y propuesta de distribuci\u00f3n del resultado <span class=\"_ _1\"></span>de la Sociedad<span class=\"_ _1be\"> </span></span></span>Dominante<span class=\"_ _1be\"> </span>23.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Retribuci\u00f3n al accion<span class=\"_ _1\"></span>ista<span class=\"_ _1be\"> </span></span></span>El <span class=\"_ _1\"></span>28 <span class=\"_ _bb\"></span>de febrero <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>2022, <span class=\"_ _bb\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _1\"></span>Consejo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Administraci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _1\"></span>aprob\u00f3 <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>nueva <span class=\"_ _1\"></span>Pol\u00edtica <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>Remuneraci\u00f3n<span class=\"_ _2\"></span> al <span class=\"_ _2\"></span>Accion<span class=\"_ _2\"></span>ista <span class=\"_ _4\"></span>aplicable <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>artir <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>este <span class=\"_ _4\"></span>ejercicio <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>finalid<span class=\"_ _2\"></span>ad <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>tablecer, <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>entro <span class=\"_ _2\"></span>del <span class=\"_ _4\"></span>marco <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Ley,<span class=\"_ _1be\"> </span>los <span class=\"_ _c0\"></span>Estatutos <span class=\"_ _c0\"></span>Sociales <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>recomendaciones <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>buen <span class=\"_ _c0\"></span>gobierno <span class=\"_ _c0\"></span>corporativ<span class=\"_ _2\"></span>o, <span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>nos <span class=\"_ _4\"></span>criterios<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>retribuci\u00f3n<span class=\"_ _1be\"> </span>que permitan ligar el <span class=\"_ _1\"></span>resultado econ\u00f3mico de la Socie<span class=\"_ _1\"></span>dad con la remuneraci\u00f3n a percibir <span class=\"_ _1\"></span>por los accionistas<span class=\"_ _1be\"> </span>y que respond<span class=\"_ _2\"></span>an a principios de sos<span class=\"_ _2\"></span>tenibilidad, rentab<span class=\"_ _2\"></span>ili<span class=\"_ _2\"></span>dad y prudencia finan<span class=\"_ _2\"></span>ciera.<span class=\"_ _1be\"> </span>A tal <span class=\"_ _1\"></span>fin, <span class=\"_ _1\"></span>se estima <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>los crite<span class=\"_ _1\"></span>rios que <span class=\"_ _1\"></span>deben de <span class=\"_ _1\"></span>marcar, como <span class=\"_ _1\"></span>directrices principales, <span class=\"_ _1\"></span>la P<span class=\"_ _1\"></span>ol\u00edtica, deben <span class=\"_ _1\"></span>ser<span class=\"_ _1be\"> </span>la <span class=\"_ _0\"></span>generaci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>caja <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>ENC<span class=\"_ _2\"></span>E <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>sus <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ociedades <span class=\"_ _0\"></span>dependientes, <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>mantener <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>nivel <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>endeudami<span class=\"_ _2\"></span>ento<span class=\"_ _1be\"> </span>prudente <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>tipo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>actividad <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>desarrolla <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>Grupo <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>cumplimiento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _2\"></span>obligaciones <span class=\"_ _2\"></span>legales <span class=\"_ _4\"></span>y<span class=\"_ _1be\"> </span>contractuales.<span class=\"_ _1be\"> </span>En <span class=\"_ _2\"></span>este <span class=\"_ _2\"></span>sentido, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>remuneraci\u00f3n <span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ual <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>accionista <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>endr\u00e1 determinada <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>caja <span class=\"_ _2\"></span>dispo<span class=\"_ _2\"></span>nible <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>distribuir<span class=\"_ _1be\"> </span>asegurando <span class=\"_ _4\"></span>un <span class=\"_ _2\"></span>nivel <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>end<span class=\"_ _2\"></span>eudamiento <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>ciero <span class=\"_ _4\"></span>adecuado <span class=\"_ _4\"></span>de, <span class=\"_ _2\"></span>como <span class=\"_ _4\"></span>referencia, <span class=\"_ _2\"></span>2,5 <span class=\"_ _2\"></span>veces <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>negocio<span class=\"_ _2\"></span> de <span class=\"_ _c2\"> </span>Celulosa <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>5 <span class=\"_ _c2\"> </span>v<span class=\"_ _2\"></span>eces <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>el  negocio <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>En<span class=\"_ _2\"></span>erg\u00eda, <span class=\"_ _c3\"> </span>e<span class=\"_ _2\"></span>l <span class=\"_ _c2\"> </span>resultad<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>las <span class=\"_ _c2\"> </span>operaciones <span class=\"_ _c5\"> </span>antes <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>finan<span class=\"_ _2\"></span>cieros,<span class=\"_ _1be\"> </span>amortizaciones <span class=\"_ _c7\"> </span>e <span class=\"_ _c7\"> </span>impuestos<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>(E<span class=\"_ _2\"></span>BITDA), <span class=\"_ _c7\"> </span>utilizando <span class=\"_ _c7\"> </span>precios <span class=\"_ _c7\"> </span>medios <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>ciclo, <span class=\"_ _c7\"> </span>y <span class=\"_ _c7\"> </span>teniend<span class=\"_ _2\"></span>o <span class=\"_ _c7\"> </span>en <span class=\"_ _c6\"> </span>cu<span class=\"_ _2\"></span>enta <span class=\"_ _c9\"> </span>los<span class=\"_ _1be\"> </span>compromisos y p<span class=\"_ _2\"></span>lanes de inversi\u00f3n.<span class=\"_ _2\"></span> Con <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>objetiv<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>aju<span class=\"_ _2\"></span>star <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>remuneraci\u00f3n <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>e<span class=\"_ _2\"></span>fectiva <span class=\"_ _4\"></span>ge<span class=\"_ _2\"></span>neraci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>caj<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>Sociedad, <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>propo<span class=\"_ _2\"></span>ne <span class=\"_ _4\"></span>el<span class=\"_ _1be\"> </span>siguiente <span class=\"_ _c2\"> </span>calendar<span class=\"_ _2\"></span>io <span class=\"_ _c2\"> </span>para  el <span class=\"_ _c3\"></span>abono <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>dividendos:  (i)<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span>dos <span class=\"_ _c2\"> </span>div<span class=\"_ _2\"></span>idendos <span class=\"_ _c2\"> </span>a  cue<span class=\"_ _1\"></span>nta <span class=\"_ _c2\"> </span>acordados<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>al <span class=\"_ _c5\"> </span>cierre <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>el<span class=\"_ _1be\"> </span>segundo <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>tercer <span class=\"_ _c0\"></span>trimestre <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>cada <span class=\"_ _0\"></span>ejercicio, <span class=\"_ _c0\"></span>esto<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>es <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>lo<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>meses <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>ju<span class=\"_ _2\"></span>lio <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>octubre;<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>(ii) <span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>dividendo<span class=\"_ _2\"></span> complementario <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>prop<span class=\"_ _2\"></span>ondr\u00e1 <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>Junta <span class=\"_ _4\"></span>General <span class=\"_ _4\"></span>Ordinar<span class=\"_ _2\"></span>ia <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>Accionis<span class=\"_ _2\"></span>tas <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _2\"></span>Sociedad<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>fecha<span class=\"_ _1be\"> </span>que se convoq<span class=\"_ _2\"></span>ue dentro del primer semestre de cada <span class=\"_ _2\"></span>ejer<span class=\"_ _2\"></span>cicio.<span class=\"_ _1be\"> </span>El <span class=\"_ _c0\"></span>Cons<span class=\"_ _2\"></span>ejo <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>Administraci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>pod<span class=\"_ _2\"></span>r\u00e1 <span class=\"_ _c0\"></span>prop<span class=\"_ _2\"></span>oner <span class=\"_ _c0\"></span>aquellas <span class=\"_ _0\"></span>modalidades<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>remuneraci\u00f3n <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>accionista<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>qu<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>resulten <span class=\"_ _c4\"> </span>m\u00e1s <span class=\"_ _c7\"> </span>aco<span class=\"_ _2\"></span>rdes <span class=\"_ _c4\"> </span>en <span class=\"_ _c4\"> </span>cada <span class=\"_ _c4\"> </span>momento, <span class=\"_ _c4\"> </span>incluyend<span class=\"_ _2\"></span>o <span class=\"_ _c7\"> </span>p<span class=\"_ _2\"></span>rogramas <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>r<span class=\"_ _2\"></span>ecompra <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>a<span class=\"_ _2\"></span>cciones <span class=\"_ _c4\"> </span>para <span class=\"_ _c4\"> </span>su<span class=\"_ _1be\"> </span>amortizaci\u00f3n, sis<span class=\"_ _2\"></span>tema de retribuci\u00f3n flexible as<span class=\"_ _2\"></span>\u00ed como dis<span class=\"_ _2\"></span>tribu<span class=\"_ _2\"></span>ciones en especie.<span class=\"_ _2\"></span> 23.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Dividendo a cuenta<span class=\"_ _1be\"> </span></span></span>El <span class=\"_ _1\"></span>Consejo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Administraci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Sociedad Dominante <span class=\"_ _1\"></span>ha <span class=\"_ _bb\"></span>acordado<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>durante <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>a\u00f1o <span class=\"_ _1\"></span>2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>pago <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>ef<span class=\"_ _1\"></span>ectivo<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>cuatro <span class=\"_ _4\"></span>dividendos <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>cuenta <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>resu<span class=\"_ _2\"></span>ltado <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>ejercicio <span class=\"_ _2\"></span>2022 <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>impo<span class=\"_ _2\"></span>rte <span class=\"_ _2\"></span>agregado <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span><span>0.564 </span><span class=\"_ _2\"></span>\u20ac/acci\u00f3n<span class=\"_ _1be\"> </span>A\u00f1o 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Soc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eda<span class=\"_ _2\"></span>d<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> 01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span>a<span class=\"_ _2\"></span>tri<span class=\"_ _c0\"></span>bui<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span> m<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>no<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>to<span class=\"_ _1be\"> </span>di<span class=\"_ _4\"></span>vi<span class=\"_ _c0\"></span>dendos<span class=\"_ _1be\"> </span>Otr<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> m<span class=\"_ _1\"></span>ovi<span class=\"_ _4\"></span>mi<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>os<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span> L<span class=\"_ _1\"></span>oma<span class=\"_ _2\"></span>, S.<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>.<span class=\"_ _171\"> </span><span class=\"ls7f\">            4.70<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                38<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>                (2<span class=\"_ _2\"></span>75<span class=\"_ _2\"></span>)<span class=\"_ _a1\"> </span>                   -   <span class=\"_ _4\"></span>             4.81<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> </span>Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span> Ma<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ha<span class=\"_ _4\"></span> Ene<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>n, S.A<span class=\"_ _1\"></span>.<span class=\"_ _ab\"> </span><span class=\"ls7f\">            5.31<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span>            1.163<span class=\"_ _2\"></span>                (9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _b2\"> </span>                   -   <span class=\"_ _c0\"></span>             5.53<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> </span>Bi<span class=\"_ _4\"></span>oene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span> Sa<span class=\"_ _4\"></span>nta<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>\u00eda<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>.<span class=\"_ _d4\"> </span><span class=\"ls7f\">                  66<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                42<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>                (4<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _b2\"> </span>                   -   <span class=\"_ _1\"></span>                 43<span class=\"_ _2\"></span>9<span class=\"_ _1be\"> </span></span>Ence E<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. y fi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _42\"> </span><span class=\"ls7f\">        12<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.622<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>        (1<span class=\"_ _2\"></span>3.52<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _c8\"> </span>        (1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>1)<span class=\"_ _a0\"> </span>            1.06<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>         10<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.066<span class=\"_ _2\"></span> </span>T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9f\"> </span>1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.70<span class=\"_ _2\"></span>6<span class=\"_ _d9\"> </span><span class=\"ls7f\">        (11<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>55<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _c8\"> </span>        (1<span class=\"_ _2\"></span>3.36<span class=\"_ _2\"></span>5)<span class=\"_ _e9\"> </span><span class=\"ls0_1\">1<span class=\"_ _2\"></span>.06<span class=\"_ _2\"></span>7<span class=\"_ _62\"> </span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.85<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span></span></span>Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>(0,054 <span class=\"_ _0\"></span>\u20ac/acc <span class=\"_ _c3\"></span>pagados <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>mayo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>2022, <span class=\"_ _c3\"></span>0,13 <span class=\"_ _0\"></span>\u20ac/ac<span class=\"_ _2\"></span>c <span class=\"_ _0\"></span>paga<span class=\"_ _2\"></span>dos <span class=\"_ _c3\"> </span>en <span class=\"_ _0\"></span>agos<span class=\"_ _2\"></span>to <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>2022, <span class=\"_ _0\"></span>0,09<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u20ac/acc <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>agados <span class=\"_ _c3\"></span>en<span class=\"_ _1be\"> </span>n<span class=\"ff6\">oviembre de 2022 y 0,<span class=\"_ _2\"></span>29 \u20ac pagados en<span class=\"_ _2\"></span> marzo de 2023).<span class=\"_ _2\"></span></span> Se detalla a continuaci\u00f3<span class=\"_ _2\"></span>n el estado contable prev<span class=\"_ _2\"></span>isional de liquidez elaborado de acu<span class=\"_ _2\"></span>erdo con los requisitos<span class=\"_ _1be\"> </span>legales es<span class=\"_ _2\"></span>tablecidos <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>art\u00edculo <span class=\"_ _2\"></span>277 <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Texto Refund<span class=\"_ _2\"></span>ido <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Ley <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Sociedades <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Capital<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se<span class=\"_ _1be\"> </span>pone <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>manifiesto <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>existen<span class=\"_ _2\"></span>cia <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>liqu<span class=\"_ _2\"></span>idez <span class=\"_ _2\"></span>sufic<span class=\"_ _2\"></span>iente <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>En<span class=\"_ _2\"></span>ce <span class=\"_ _2\"></span>Energ\u00eda <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Celulosa,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>S.A. <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>distrib<span class=\"_ _2\"></span>uci\u00f3n<span class=\"_ _1be\"> </span>de dichos div<span class=\"_ _2\"></span>idendos a cuenta:<span class=\"_ _1be\"> </span>23.3<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Propuesta de distribuc<span class=\"_ _1\"></span>i\u00f3n del resulta<span class=\"_ _1\"></span>do de la So<span class=\"_ _1\"></span>ciedad<span class=\"_ _1be\"> </span></span></span>Dominante<span class=\"_ _1be\"> </span>El <span class=\"_ _2\"></span>resultad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>nce <span class=\"_ _2\"></span>Energ\u00eda <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>C<span class=\"_ _2\"></span>elulosa, <span class=\"_ _4\"></span>S.A. <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>t\u00edtulo <span class=\"_ _2\"></span>ind<span class=\"_ _2\"></span>ividual <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>ejercicio <span class=\"_ _4\"></span>2022 <span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>do <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>beneficio <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span> 228.656 <span class=\"_ _c3\"></span>miles <span class=\"_ _c3\"></span>\u20ac. <span class=\"_ _c3\"></span>En <span class=\"_ _c3\"></span>este <span class=\"_ _0\"></span>sen<span class=\"_ _2\"></span>tido, <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"></span>propuesta <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>distribuci\u00f3n <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>resultados <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>la <span class=\"_ _c3\"></span>Sociedad <span class=\"_ _c3\"></span>Dominante<span class=\"_ _1be\"> </span>efectuada <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>sus<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>Administradores <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>someter\u00e1 <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>ap<span class=\"_ _2\"></span>robaci\u00f3n <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>Jun<span class=\"_ _4\"></span>ta <span class=\"_ _c2\"> </span>General <span class=\"_ _c3\"> </span>Ord<span class=\"_ _2\"></span>inaria <span class=\"_ _c2\"> </span>de<span class=\"_ _1be\"> </span>Accionistas con<span class=\"_ _2\"></span>siste en: Adicionalmente, <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>Consejo <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>Administraci\u00f3n <span class=\"_ _c0\"></span>pro<span class=\"_ _2\"></span>pondr\u00e1 <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>Junta <span class=\"_ _0\"></span>General <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>Accioni<span class=\"_ _2\"></span>stas <span class=\"_ _c0\"></span>compens<span class=\"_ _2\"></span>ar <span class=\"_ _c0\"></span>el<span class=\"_ _1be\"> </span>saldo <span class=\"_ _2\"></span>restante d<span class=\"_ _2\"></span>e la partida <span class=\"_ _2\"></span>\u201cResultados <span class=\"_ _2\"></span>negativos de <span class=\"_ _2\"></span>ejercicios anteriores<span class=\"_ _2\"></span>\u201d por <span class=\"_ _2\"></span>importe de <span class=\"_ _4\"></span><span class=\"ff4\">159.884 <span class=\"_ _2\"></span></span>miles <span class=\"_ _2\"></span>\u20ac<span class=\"_ _1be\"> </span>con \u201cReservas v<span class=\"_ _2\"></span>oluntarias\u201d.<span class=\"ff4\"> </span>Millones \u20ac<span class=\"_ _91\"> </span><span class=\"ff3\">31/03/2022<span class=\"_ _c1\"> </span>30/06/2022<span class=\"_ _14e\"> </span>30/09/2022<span class=\"_ _d7\"> </span>28/02/2023<span class=\"_ _1be\"> </span></span>Liquidez d<span class=\"_ _2\"></span>ispon<span class=\"_ _2\"></span>ible-<span class=\"_ _1be\"> </span>Teso<span class=\"_ _2\"></span>rer\u00eda<span class=\"_ _172\"> </span>289,1<span class=\"_ _ce\"> </span>270,5<span class=\"_ _28\"> </span>310,6<span class=\"_ _ce\"> </span>276,6<span class=\"_ _1be\"> </span>Pago Divi<span class=\"_ _2\"></span>den<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cuent<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>(imp<span class=\"_ _2\"></span>orte <span class=\"_ _2\"></span>m\u00e1<span class=\"_ _2\"></span>ximo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>consi<span class=\"_ _2\"></span>dera<span class=\"_ _2\"></span>nd<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>cc<span class=\"_ _1\"></span>io<span class=\"_ _2\"></span>nes <span class=\"_ _2\"></span>en<span class=\"_ _1be\"> </span>circulaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fecha i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>cada<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>-13,1<span class=\"_ _8c\"> </span>-31,6<span class=\"_ _8c\"> </span>-21,8<span class=\"_ _d\"> </span>-70<span class=\"_ _1\"></span>,3<span class=\"_ _1be\"> </span>Fluj<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>etos<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>revist<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> h<span class=\"_ _2\"></span>ast<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> fecha<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>rob<span class=\"_ _2\"></span>aci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>del<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vid<span class=\"_ _2\"></span>end<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cuen<span class=\"_ _2\"></span>ta<span class=\"_ _42\"> </span>-<span class=\"_ _12c\"> </span>-<span class=\"_ _162\"> </span>-<span class=\"_ _d\"> </span>-37<span class=\"_ _1\"></span>,4<span class=\"_ _1be\"> </span>Previsi\u00f3n d<span class=\"_ _2\"></span>e liqu<span class=\"_ _2\"></span>idez <span class=\"_ _2\"></span>en la<span class=\"_ _2\"></span> fecha de <span class=\"_ _2\"></span>aprob<span class=\"_ _2\"></span>aci\u00f3n d<span class=\"_ _2\"></span>el d<span class=\"_ _2\"></span>ividendo <span class=\"_ _2\"></span>a cuenta<span class=\"_ _11\"> </span><span class=\"ls80\">276,0<span class=\"_ _ce\"> </span>238,9<span class=\"_ _ce\"> </span>288,8<span class=\"_ _22\"> </span>168,9<span class=\"_ _1be\"> </span></span>Previsi\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e cob<span class=\"_ _2\"></span>ros <span class=\"_ _2\"></span>en<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>r\u00f3xi<span class=\"_ _2\"></span>mos<span class=\"_ _2\"></span> 12 mes<span class=\"_ _2\"></span>es-<span class=\"_ _1be\"> </span>Operacio<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e ex<span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>aci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>(net<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>re cob<span class=\"_ _2\"></span>ros<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>gos)<span class=\"_ _112\"> </span>62,6<span class=\"_ _95\"> </span>60,5<span class=\"_ _95\"> </span>35,6<span class=\"_ _d4\"> </span>4,4<span class=\"_ _1be\"> </span>Co<span class=\"_ _2\"></span>bro<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>vid<span class=\"_ _2\"></span>end<span class=\"_ _2\"></span>os<span class=\"_ _a7\"> </span>25,5<span class=\"_ _95\"> </span>20,4<span class=\"_ _95\"> </span>54,2<span class=\"_ _95\"> </span>55,2<span class=\"_ _1be\"> </span>Dispo<span class=\"_ _2\"></span>si<span class=\"_ _2\"></span>cion<span class=\"_ _2\"></span>es d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>deu<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r n<span class=\"_ _2\"></span>ues<span class=\"_ _2\"></span>vas <span class=\"_ _2\"></span>fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ciacio<span class=\"_ _2\"></span>nes<span class=\"_ _136\"> </span>-<span class=\"_ _12c\"> </span>-<span class=\"_ _12c\"> </span>-<span class=\"_ _22\"> </span>100,0<span class=\"_ _1be\"> </span>Previsio<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e p<span class=\"_ _2\"></span>agos<span class=\"_ _2\"></span> h<span class=\"_ _2\"></span>ast<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>30 d<span class=\"_ _2\"></span>e p<span class=\"_ _2\"></span>agos<span class=\"_ _2\"></span> en<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>r\u00f3x<span class=\"_ _2\"></span>imo<span class=\"_ _2\"></span>s 12 <span class=\"_ _2\"></span>meses-<span class=\"_ _1be\"> </span>Pagos p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>nversi<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>mpu<span class=\"_ _2\"></span>est<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>socied<span class=\"_ _2\"></span>ad<span class=\"_ _2\"></span>es<span class=\"_ _21\"> </span>-10,3<span class=\"_ _8c\"> </span>-18,9<span class=\"_ _8c\"> </span>-28,1<span class=\"_ _d\"> </span>-18<span class=\"_ _1\"></span>,4<span class=\"_ _1be\"> </span>Amo<span class=\"_ _2\"></span>rtiza<span class=\"_ _2\"></span>ci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>deu<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ciera <span class=\"_ _2\"></span>y p<span class=\"_ _2\"></span>ago <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>teres<span class=\"_ _2\"></span>es<span class=\"_ _173\"> </span>-126,8<span class=\"_ _8c\"> </span>-88,3<span class=\"_ _8c\"> </span>-96,4<span class=\"_ _8c\"> </span>-80,0<span class=\"_ _1be\"> </span>Pago d<span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>ivi<span class=\"_ _2\"></span>den<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>os <span class=\"_ _174\"> </span>-62,0<span class=\"_ _8c\"> </span>-60,4<span class=\"_ _8c\"> </span>-47,9<span class=\"_ _d\"> </span>-69<span class=\"_ _1\"></span>,7<span class=\"_ _1be\"> </span>Previsi\u00f3n d<span class=\"_ _2\"></span>e liqu<span class=\"_ _2\"></span>idez <span class=\"_ _2\"></span>transcurridos <span class=\"_ _2\"></span>12 meses desde <span class=\"_ _2\"></span>la fecha<span class=\"_ _15b\"> </span><span class=\"ls80\">165,0<span class=\"_ _22\"> </span>152,3<span class=\"_ _ce\"> </span>206,2<span class=\"_ _22\"> </span>160,4<span class=\"_ _1be\"> </span></span>Miles de<span class=\"_ _2\"></span> Eu<span class=\"_ _1\"></span>ros<span class=\"_ _1be\"> </span>Base<span class=\"_ _2\"></span> del re<span class=\"_ _2\"></span>pa<span class=\"_ _1\"></span>rto:<span class=\"_ _1be\"> </span>Be<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>fic<span class=\"_ _1\"></span>io del e<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>rcicio<span class=\"_ _175\"> </span>22<span class=\"_ _2\"></span>8.65<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span>Ap<span class=\"_ _1\"></span>lic<span class=\"_ _1\"></span>ac<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _1\"></span>:<span class=\"_ _1be\"> </span>A div<span class=\"_ _2\"></span>idendos a cue<span class=\"_ _1\"></span>nta <span class=\"_ _176\"> </span>13<span class=\"_ _2\"></span>6.85<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span>A div<span class=\"_ _2\"></span>idendo comple<span class=\"_ _1\"></span>mentario <span class=\"_ _177\"> </span>70<span class=\"_ _2\"></span>.305<span class=\"_ _1be\"> </span>A compensar Re<span class=\"_ _1\"></span>sult<span class=\"_ _2\"></span>ados negativos<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>rcic<span class=\"_ _1\"></span>ios ant<span class=\"_ _2\"></span>eriore<span class=\"_ _1\"></span>s<span class=\"_ _11\"> </span>2<span class=\"_ _2\"></span>1.49<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>24.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Subvenciones<span class=\"_ _1be\"> </span></span></span>Las <span class=\"_ _1\"></span>variaciones <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>este <span class=\"_ _bb\"></span>ep\u00edgra<span class=\"_ _2\"></span>fe <span class=\"_ _1\"></span>del <span class=\"_ _bb\"></span>Es<span class=\"_ _2\"></span>tado <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Situaci\u00f3n <span class=\"_ _bb\"></span>F<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nciera <span class=\"_ _1\"></span>consolidado <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>ejercicios <span class=\"_ _bb\"></span>202<span class=\"_ _2\"></span>2 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2021<span class=\"_ _1be\"> </span>es el siguiente:<span class=\"_ _1be\"> </span>ENCE ha <span class=\"_ _1\"></span>obtenido <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>diversas <span class=\"_ _1\"></span>entidades <span class=\"_ _1\"></span>p\u00fablicas, <span class=\"_ _1\"></span>subvenciones a <span class=\"_ _bb\"></span>fon<span class=\"_ _2\"></span>do <span class=\"_ _1\"></span>perdido por <span class=\"_ _1\"></span>inver<span class=\"_ _1\"></span>siones destinadas<span class=\"_ _1be\"> </span>a fome<span class=\"_ _1\"></span>ntar la <span class=\"_ _1\"></span>estructura productiva industrial, <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>impacto significativo <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>la creaci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>pleo, el <span class=\"_ _1\"></span>ahorro<span class=\"_ _1be\"> </span>y la eficiencia energ\u00e9tica, y<span class=\"_ _2\"></span> un mejor aprov<span class=\"_ _2\"></span>echamiento de la energ\u00eda.<span class=\"_ _4\"></span> Asimismo, <span class=\"_ _c0\"></span>ENCE <span class=\"_ _c0\"></span>obtuv<span class=\"_ _2\"></span>o <span class=\"_ _c0\"></span>cr\u00e9ditos <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>tipos <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>inter\u00e9s <span class=\"_ _c0\"></span>favorables <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>vigencia <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>hasta <span class=\"_ _c0\"></span>10 <span class=\"_ _c0\"></span>a\u00f1os, <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>financia<span class=\"_ _4\"></span><span class=\"ls13\">n<span class=\"_ _1be\"> </span></span>proyectos  desarrollados  por  e<span class=\"_ _1\"></span>l  Grupo <span class=\"_ _c5\"> </span>para  la <span class=\"_ _c5\"> </span>ampliaci\u00f3n<span class=\"_ _2\"></span>  y <span class=\"_ _c2\"> </span>mejora  de  la  capacidad  productiva  de <span class=\"_ _c5\"> </span>las<span class=\"_ _1be\"> </span>biof\u00e1bricas <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>produ<span class=\"_ _2\"></span>cci\u00f3n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>celulos<span class=\"_ _2\"></span>a, <span class=\"_ _4\"></span>as\u00ed <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>desarrollo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>actividad <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>Inves<span class=\"_ _2\"></span>tigaci\u00f3n <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>Desarrollo<span class=\"_ _1be\"> </span>del <span class=\"_ _4\"></span>Grupo<span class=\"_ _2\"></span>. <span class=\"_ _c0\"></span>La <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>iferencia <span class=\"_ _4\"></span>entre <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>tipo<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>inter<span class=\"_ _2\"></span>\u00e9s <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>mercado <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>tipo <span class=\"_ _c0\"></span>inferior <span class=\"_ _c0\"></span>recogido <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>contrato, <span class=\"_ _c0\"></span>se<span class=\"_ _1be\"> </span>considera <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>bvenci\u00f3n <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>imputa <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>resultados<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>siguiend<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span>criterio <span class=\"_ _2\"></span>financi<span class=\"_ _2\"></span>ero <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>largo <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _0\"></span>vida<span class=\"_ _2\"></span> del pr\u00e9stamo (v\u00e9ase No<span class=\"_ _2\"></span>ta <span class=\"ls11\">29<span class=\"ls1a\">.2<span class=\"ls1b\">).<span class=\"_ _2\"></span></span></span></span> Adicionalmente, el Grupo<span class=\"_ _2\"></span> tiene concedid<span class=\"_ _2\"></span>as ay<span class=\"_ _2\"></span>udas al 31 de diciembre de <span class=\"ls11\">202</span>2 <span class=\"_ _2\"></span>y 2021 por impo<span class=\"_ _2\"></span>rte de <span class=\"ls11\">1.</span>6<span class=\"ls11\">00<span class=\"_ _2\"></span></span> miles \u20ac<span class=\"ff4\">, <span class=\"_ _2\"></span>destinadas<span class=\"_ _2\"></span> prin<span class=\"_ _2\"></span>cipalmente a <span class=\"_ _2\"></span>apoyar<span class=\"_ _2\"></span> proyectos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de inversi\u00f3n<span class=\"_ _2\"></span> con<span class=\"_ _2\"></span> un <span class=\"_ _2\"></span>elevado <span class=\"_ _2\"></span>componente d<span class=\"_ _2\"></span>e ahorro<span class=\"_ _1be\"> </span></span>energ\u00e9tico, que est\u00e1n<span class=\"_ _2\"></span> condicionadas<span class=\"_ _2\"></span> a la ejecuci\u00f3n y jus<span class=\"_ _2\"></span>tificaci\u00f3n de determinados <span class=\"_ _4\"></span>proyectos d<span class=\"_ _2\"></span>e inversi\u00f3n.<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> <span class=\"fc9\"> </span>25.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Instrumentos financieros po<span class=\"_ _1\"></span>r categor\u00eda<span class=\"_ _1be\"> </span></span></span>Los <span class=\"_ _c6\"> </span>in<span class=\"_ _2\"></span>strumentos <span class=\"_ _c7\"> </span>financieros <span class=\"_ _c6\"> </span>p<span class=\"_ _2\"></span>or <span class=\"_ _c6\"> </span>categor\u00eda <span class=\"_ _c7\"> </span>reconciliad<span class=\"_ _2\"></span>os <span class=\"_ _c6\"> </span>con<span class=\"_ _4\"></span> <span class=\"_ _c6\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>partidas<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>en <span class=\"_ _c7\"> </span>el <span class=\"_ _c6\"> </span>Estad<span class=\"_ _2\"></span>o <span class=\"_ _c6\"> </span>de <span class=\"_ _c7\"> </span>Situaci\u00f3n<span class=\"_ _1be\"> </span>Financiera consolid<span class=\"_ _2\"></span>ado al 31 de d<span class=\"_ _2\"></span>iciembre de 202<span class=\"_ _2\"></span>2 y 202<span class=\"ls11\">1 </span>s<span class=\"_ _2\"></span>on los siguient<span class=\"_ _2\"></span>es: Sa<span class=\"_ _1\"></span>ldo a<span class=\"_ _1\"></span> 31<span class=\"_ _2\"></span>/<span class=\"_ _2\"></span>12<span class=\"_ _2\"></span>/<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>20<span class=\"_ _178\"> </span><span class=\"ls81\">                        34<span class=\"_ _2\"></span>  <span class=\"_ _c4\"> </span>                   5.524<span class=\"_ _2\"></span>  <span class=\"_ _c4\"> </span>                            -  <span class=\"_ _95\"> </span></span> - <span class=\"_ _d9\"> </span><span class=\"ls81\">                   5.558<span class=\"_ _2\"></span> </span>A<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>tas<span class=\"_ _4\"></span> p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> nu<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>va<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> s<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>bvenci<span class=\"_ _c0\"></span>ones<span class=\"_ _2\"></span> (*)<span class=\"_ _8f\"> </span><span class=\"ls81\">                            -  <span class=\"_ _c9\"> </span>                      21<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>  <span class=\"_ _c7\"> </span>                            -  <span class=\"_ _c9\"> </span>                   -  <span class=\"_ _cc\"> </span>                      21<span class=\"_ _2\"></span>9 </span>De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>hos<span class=\"_ _4\"></span> de e<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u00f3n c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>edi<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _4e\"> </span><span class=\"ls81\">                            -  <span class=\"_ _c7\"> </span>                            -  <span class=\"_ _c7\"> </span>                   5<span class=\"_ _2\"></span>.469<span class=\"_ _2\"></span>  <span class=\"_ _cc\"> </span>                   -  <span class=\"_ _c7\"> </span>                   5.46<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> </span>I<span class=\"_ _2\"></span>mputa<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n a<span class=\"_ _4\"></span> r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ons<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>da<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _24\"> </span><span class=\"ls81\">                      (3<span class=\"_ _2\"></span>3)  <span class=\"_ _c8\"> </span>                   (86<span class=\"_ _2\"></span>5)  <span class=\"_ _cc\"> </span>                (5.46<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)  <span class=\"_ _c9\"> </span>                   -  <span class=\"_ _c9\"> </span>                (6<span class=\"_ _2\"></span>.36<span class=\"_ _2\"></span>7) </span>Otr<span class=\"_ _2\"></span>os<span class=\"_ _179\"> </span><span class=\"ls81\">                   -  <span class=\"_ _c7\"> </span>                            - </span>Sa<span class=\"_ _1\"></span>ldo a<span class=\"_ _1\"></span> 31<span class=\"_ _2\"></span>/<span class=\"_ _2\"></span>12<span class=\"_ _2\"></span>/<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21<span class=\"_ _125\"> </span><span class=\"ls81\">                           1<span class=\"_ _2\"></span>  <span class=\"_ _c7\"> </span>                   4<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>87<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>  <span class=\"_ _c7\"> </span>                            -  <span class=\"_ _b9\"> </span><span class=\"ls0_1\"> - <span class=\"_ _d9\"> </span></span>                   4.879<span class=\"_ _2\"></span> </span>A<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>tas<span class=\"_ _4\"></span> p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> nu<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>va<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> s<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>bvenci<span class=\"_ _c0\"></span>ones<span class=\"_ _2\"></span> (*)<span class=\"_ _8f\"> </span><span class=\"ls81\">                            -  <span class=\"_ _c7\"> </span>                   2.19<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>  <span class=\"_ _c7\"> </span>                            -  <span class=\"_ _cc\"> </span>                   -  <span class=\"_ _c7\"> </span>                   2.19<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> </span>De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>hos<span class=\"_ _4\"></span> de e<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u00f3n c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>edi<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> <span class=\"_ _f0\"> </span><span class=\"ls81\">                            -  <span class=\"_ _c4\"> </span>                            -  <span class=\"_ _c7\"> </span>                   9<span class=\"_ _2\"></span>.103<span class=\"_ _2\"></span>  <span class=\"_ _c9\"> </span>                   -  <span class=\"_ _c4\"> </span>                   9.10<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> </span>I<span class=\"_ _2\"></span>mputa<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n a<span class=\"_ _4\"></span> r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ons<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>da<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _24\"> </span><span class=\"ls81\">                            -  <span class=\"_ _ca\"> </span>                   (6<span class=\"_ _2\"></span>68<span class=\"_ _2\"></span>)  <span class=\"_ _c9\"> </span>                (9<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)  <span class=\"_ _c9\"> </span>                   -  <span class=\"_ _c9\"> </span>                (9<span class=\"_ _2\"></span>.771<span class=\"_ _2\"></span>) </span>Otr<span class=\"_ _2\"></span>os<span class=\"_ _a2\"> </span><span class=\"ls81\">                            -  <span class=\"_ _c7\"> </span>                            -  <span class=\"_ _c4\"> </span>                            -  <span class=\"_ _c9\"> </span>                  6<span class=\"_ _2\"></span>  <span class=\"_ _c7\"> </span>                           6<span class=\"_ _2\"></span> </span>Sa<span class=\"_ _1\"></span>ldo a<span class=\"_ _1\"></span> 31<span class=\"_ _2\"></span>/<span class=\"_ _2\"></span>12<span class=\"_ _2\"></span>/<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _125\"> </span><span class=\"ls81\">                           1<span class=\"_ _2\"></span>  <span class=\"_ _c7\"> </span>                   6<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>40<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>  <span class=\"_ _c7\"> </span>                            -  <span class=\"_ _b9\"> </span><span class=\"ls0_1\"> - <span class=\"_ _d9\"> </span></span>                   6.408<span class=\"_ _2\"></span> </span>(*<span class=\"_ _1\"></span>) Ne<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o de cos<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ur<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>n s<span class=\"_ _4\"></span>u o<span class=\"_ _2\"></span>bte<span class=\"_ _1\"></span>nci<span class=\"_ _c0\"></span>\u00f3n.<span class=\"_ _1be\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> Pr<span class=\"_ _2\"></span>\u00e9s<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>mos<span class=\"_ _2\"></span> Subvenc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ona<span class=\"_ _4\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.2)<span class=\"_ _1be\"> </span>Subvenc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> Ca<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>tal<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>hos<span class=\"_ _4\"></span> de<span class=\"_ _1be\"> </span>Em<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1be\"> </span>(Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.1)<span class=\"_ _1be\"> </span>Otr<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>La <span class=\"_ _2\"></span>valoraci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>instrumentos <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cieros derivad<span class=\"_ _2\"></span>os s<span class=\"_ _2\"></span>e ha <span class=\"_ _2\"></span>realizado <span class=\"_ _2\"></span>consid<span class=\"_ _2\"></span>erando <span class=\"_ _2\"></span>informaci\u00f3n <span class=\"_ _2\"></span>de n<span class=\"_ _2\"></span>ivel<span class=\"_ _1be\"> </span>2, <span class=\"_ _c6\"> </span>esto <span class=\"_ _c7\"> </span>es, <span class=\"_ _c6\"> </span>utiliza<span class=\"_ _2\"></span>ndo <span class=\"_ _c6\"> </span>v<span class=\"_ _2\"></span>ariables <span class=\"_ _c6\"> </span>diferentes <span class=\"_ _c7\"> </span>de <span class=\"_ _c6\"> </span>precios<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>cotiz<span class=\"_ _2\"></span>ados, <span class=\"_ _c7\"> </span>que <span class=\"_ _c6\"> </span>son <span class=\"_ _c7\"> </span>observables <span class=\"_ _c6\"> </span>b<span class=\"_ _2\"></span>ien <span class=\"_ _c4\"> </span>directa <span class=\"_ _c7\"> </span>o<span class=\"_ _1be\"> </span>indirectamente a tra<span class=\"_ _2\"></span>v\u00e9s de m<span class=\"_ _2\"></span>odelos de v<span class=\"_ _2\"></span>aloraci\u00f3n <span class=\"_ _2\"></span>(v\u00e9ase N<span class=\"_ _2\"></span>ota 3.8). Por<span class=\"_ _2\"></span> su parte<span class=\"_ _2\"></span>, para la <span class=\"_ _2\"></span>valoraci\u00f3n a<span class=\"_ _2\"></span> valor<span class=\"_ _2\"></span> razonable <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>contraprestaci\u00f3n <span class=\"_ _c0\"></span>contin<span class=\"_ _2\"></span>gente <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>utilizan<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>ariables <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>nivel <span class=\"_ _c0\"></span>3 <span class=\"_ _c0\"></span>incluy<span class=\"_ _2\"></span>endo <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>t\u00e9rminos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>del<span class=\"_ _1be\"> </span>contrato <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>venta<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>conocimiento <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>parte <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>Grupo <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>negocio <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>efectos <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>entorno <span class=\"_ _4\"></span>econ\u00f3mico<span class=\"_ _1be\"> </span>actual.<span class=\"_ _1be\"> </span>El <span class=\"_ _2\"></span>bono <span class=\"_ _2\"></span>convertib<span class=\"_ _2\"></span>le emitido <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _2\"></span>cotizaba <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>diciembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>00,2 <span class=\"_ _2\"></span>% <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>alor <span class=\"_ _2\"></span>nominal.<span class=\"_ _1be\"> </span>El valor razon<span class=\"_ _2\"></span>able del resto d<span class=\"_ _2\"></span>e los activos<span class=\"_ _2\"></span> y pas<span class=\"_ _2\"></span>ivos financieros valorad<span class=\"_ _2\"></span>os a coste a<span class=\"_ _2\"></span>mortizado, entre<span class=\"_ _4\"></span> los q<span class=\"_ _2\"></span>ue<span class=\"_ _1be\"> </span>se <span class=\"_ _2\"></span>incluye <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>financiaci\u00f3n <span class=\"_ _2\"></span>contratada <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>inter\u00e9s <span class=\"_ _2\"></span>fijo <span class=\"_ _2\"></span>(v\u00e9ase N<span class=\"_ _2\"></span>ota <span class=\"_ _2\"></span>29),<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>difiere d<span class=\"_ _2\"></span>e forma <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ignificativa<span class=\"_ _1be\"> </span>del importe al que se encuent<span class=\"_ _2\"></span>ran registrad<span class=\"_ _2\"></span>os.<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> 2022<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Cos<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>morti<span class=\"_ _2\"></span>za<span class=\"_ _4\"></span>do<span class=\"_ _1be\"> </span>Val<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zon<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>bl<span class=\"_ _4\"></span>e<span class=\"_ _1be\"> </span>co<span class=\"_ _2\"></span>n c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>mbi<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> en<span class=\"_ _1be\"> </span>otro r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span>gl<span class=\"_ _2\"></span>ob<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _1be\"> </span>Val<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zon<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>bl<span class=\"_ _4\"></span>e<span class=\"_ _1be\"> </span>co<span class=\"_ _2\"></span>n c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>mbi<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> en<span class=\"_ _1be\"> </span>res<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>I<span class=\"_ _2\"></span>nvers<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>onta<span class=\"_ _2\"></span>bi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> el<span class=\"_ _2\"></span> m\u00e9<span class=\"_ _1\"></span>todo de pa<span class=\"_ _2\"></span>rti<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _13b\"> </span>-<span class=\"_ _ac\"> </span>-<span class=\"_ _69\"> </span><span class=\"ls82\">40 <span class=\"_ _4e\"> </span></span>  40<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>trume<span class=\"_ _1\"></span>ntos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> deri<span class=\"_ _4\"></span>va<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>31<span class=\"_ _1be\"> </span>-<span class=\"_ _a8\"> </span>5<span class=\"_ _2\"></span>.910<span class=\"_ _2\"></span> <span class=\"_ _171\"> </span>-<span class=\"_ _f3\"> </span>  5<span class=\"_ _2\"></span>.91<span class=\"_ _2\"></span>0 De<span class=\"_ _1\"></span>udor<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>ome<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> y o<span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>uentas<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _1be\"> </span>26<span class=\"_ _1be\"> </span>49<span class=\"_ _2\"></span>.16<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _cf\"> </span>-<span class=\"_ _ac\"> </span>-<span class=\"_ _2b\"> </span> <span class=\"_ _2\"></span> 49<span class=\"_ _2\"></span>.16<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>udor<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>ome<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> y o<span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> i<span class=\"_ _4\"></span>nvers<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>era<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> -<span class=\"_ _1be\"> </span>e<span class=\"_ _1\"></span>mpres<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> del<span class=\"_ _2\"></span> Gr<span class=\"_ _2\"></span>upo y<span class=\"_ _2\"></span> vi<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>26<span class=\"_ _2\"></span> y 3<span class=\"_ _2\"></span>5<span class=\"_ _1be\"> </span>491 <span class=\"_ _cf\"> </span><span class=\"ls0_1\">-<span class=\"_ _ac\"> </span>-<span class=\"_ _106\"> </span>  49<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span></span>Otra<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>vers<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>era<span class=\"_ _4\"></span>s<span class=\"_ _1be\"> </span>28<span class=\"_ _2\"></span>.2<span class=\"_ _1be\"> </span>18<span class=\"_ _2\"></span>.93<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> <span class=\"_ _cf\"> </span>-<span class=\"_ _2e\"> </span>2<span class=\"_ _2\"></span>3.77<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> <span class=\"_ _8c\"> </span>  4<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.71<span class=\"_ _2\"></span>4 Efe<span class=\"_ _1\"></span>cti<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span> y otros<span class=\"_ _4\"></span> a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _4\"></span> l<span class=\"_ _4\"></span>\u00edqui<span class=\"_ _4\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> equi<span class=\"_ _4\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span>28<span class=\"_ _2\"></span>.1<span class=\"_ _1be\"> </span>41<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.91<span class=\"_ _2\"></span>3 <span class=\"_ _171\"> </span>-<span class=\"_ _ac\"> </span>-<span class=\"_ _1c\"> </span>  41<span class=\"_ _2\"></span>2.9<span class=\"_ _2\"></span>13<span class=\"_ _1be\"> </span>Total<span class=\"_ _1\"></span> Activos<span class=\"_ _1\"></span> fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ier<span class=\"_ _2\"></span>os<span class=\"_ _17b\"> </span>  48<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.507<span class=\"_ _2\"></span>   <span class=\"_ _10b\"> </span>  5<span class=\"_ _2\"></span>.91<span class=\"_ _2\"></span>0   <span class=\"_ _4a\"> </span>  2<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>81<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _9b\"> </span>  5<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>1.23<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>trume<span class=\"_ _1\"></span>ntos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> deri<span class=\"_ _4\"></span>va<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>31<span class=\"_ _1be\"> </span>-<span class=\"_ _83\"> </span><span class=\"ls82\">358 <span class=\"_ _cf\"> </span></span>-<span class=\"_ _42\"> </span>  35<span class=\"_ _2\"></span>8 A<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ree<span class=\"_ _1\"></span>dor<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>ome<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _1be\"> </span>27<span class=\"_ _1be\"> </span>34<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.48<span class=\"_ _2\"></span>5 <span class=\"_ _171\"> </span>-<span class=\"_ _ac\"> </span>-<span class=\"_ _1c\"> </span>  34<span class=\"_ _2\"></span>4.4<span class=\"_ _2\"></span>85<span class=\"_ _1be\"> </span>Otra<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> cu<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>ga<span class=\"_ _2\"></span>r<span class=\"_ _1be\"> </span>30<span class=\"_ _1be\"> </span>11<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.23<span class=\"_ _2\"></span>4 <span class=\"_ _171\"> </span>-<span class=\"_ _ac\"> </span>-<span class=\"_ _1c\"> </span>  11<span class=\"_ _2\"></span>1.2<span class=\"_ _2\"></span>34<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>uda<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> y otros<span class=\"_ _4\"></span> pa<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>on<span class=\"_ _1be\"> </span>e<span class=\"_ _1\"></span>mpres<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> del<span class=\"_ _2\"></span> Gr<span class=\"_ _2\"></span>upo y<span class=\"_ _2\"></span> vi<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>27<span class=\"_ _2\"></span> y 3<span class=\"_ _2\"></span>5<span class=\"_ _1be\"> </span>19<span class=\"_ _2\"></span>.66<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> <span class=\"_ _cf\"> </span>-<span class=\"_ _ac\"> </span>-<span class=\"_ _2b\"> </span> <span class=\"_ _2\"></span> 19<span class=\"_ _2\"></span>.66<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>Ob<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ga<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es y<span class=\"_ _2\"></span> otros<span class=\"_ _4\"></span> va<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>es n<span class=\"_ _2\"></span>eg<span class=\"_ _1\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>bl<span class=\"_ _4\"></span>es<span class=\"_ _1be\"> </span>29<span class=\"_ _2\"></span>.1<span class=\"_ _1be\"> </span>14<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.73<span class=\"_ _2\"></span>6 <span class=\"_ _171\"> </span>-<span class=\"_ _ac\"> </span>-<span class=\"_ _1c\"> </span>  14<span class=\"_ _2\"></span>1.7<span class=\"_ _2\"></span>36<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>uda<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>n ent<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>des<span class=\"_ _2\"></span> de cr<span class=\"_ _2\"></span>\u00e9di<span class=\"_ _4\"></span>to<span class=\"_ _1be\"> </span>29<span class=\"_ _2\"></span>.1<span class=\"_ _1be\"> </span>16<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>0 <span class=\"_ _171\"> </span>-<span class=\"_ _ac\"> </span>-<span class=\"_ _1c\"> </span>  16<span class=\"_ _2\"></span>6.1<span class=\"_ _2\"></span>90<span class=\"_ _1be\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ero<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>29<span class=\"_ _2\"></span>.2<span class=\"_ _1be\"> </span>89<span class=\"_ _2\"></span>.27<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> <span class=\"_ _cf\"> </span>-<span class=\"_ _ac\"> </span>-<span class=\"_ _2b\"> </span> <span class=\"_ _2\"></span> 89<span class=\"_ _2\"></span>.27<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>Total<span class=\"_ _1\"></span> Pas<span class=\"_ _1\"></span>ivos<span class=\"_ _1\"></span> fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ier<span class=\"_ _2\"></span>os<span class=\"_ _17b\"> </span>  87<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.581<span class=\"_ _2\"></span>   <span class=\"_ _d4\"> </span>  35<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>   <span class=\"_ _cc\"> </span><span class=\"ls83\">                              -   <span class=\"_ _9b\"> </span></span>  87<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.939<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> 2021<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Cos<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>morti<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Val<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zon<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>bl<span class=\"_ _4\"></span>e<span class=\"_ _1be\"> </span>co<span class=\"_ _2\"></span>n c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>mbi<span class=\"_ _4\"></span>os<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1be\"> </span>otro r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span>gl<span class=\"_ _2\"></span>ob<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _1be\"> </span>Val<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zon<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>bl<span class=\"_ _4\"></span>e<span class=\"_ _1be\"> </span>co<span class=\"_ _2\"></span>n c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>mbi<span class=\"_ _4\"></span>os<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>n<span class=\"_ _1be\"> </span>res<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>dos<span class=\"_ _1be\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span>I<span class=\"_ _2\"></span>nvers<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>onta<span class=\"_ _2\"></span>bi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>da<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> el<span class=\"_ _2\"></span> m\u00e9<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>odo d<span class=\"_ _2\"></span>e par<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>pa<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _173\"> </span>-<span class=\"_ _15f\"> </span>-<span class=\"_ _10d\"> </span><span class=\"ls84\">26 <span class=\"_ _11a\"> </span></span>  26<span class=\"_ _2\"></span> De<span class=\"_ _1\"></span>udor<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>ome<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> y o<span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>uentas<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>ob<span class=\"_ _2\"></span>ra<span class=\"_ _4\"></span>r<span class=\"_ _1be\"> </span>26<span class=\"_ _1be\"> </span>78<span class=\"_ _2\"></span>.25<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _ee\"> </span>-<span class=\"_ _15f\"> </span>-<span class=\"_ _14\"> </span>  78<span class=\"_ _2\"></span>.25<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> De<span class=\"_ _1\"></span>udor<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>ome<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> y o<span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> i<span class=\"_ _4\"></span>nvers<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>era<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> -<span class=\"_ _1be\"> </span>em<span class=\"_ _1\"></span>pres<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> del<span class=\"_ _2\"></span> Gr<span class=\"_ _2\"></span>upo y<span class=\"_ _2\"></span> vi<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>26<span class=\"_ _2\"></span> y 3<span class=\"_ _2\"></span>5<span class=\"_ _1be\"> </span>736 <span class=\"_ _12b\"> </span><span class=\"ls0_1\">-<span class=\"_ _15f\"> </span>-<span class=\"_ _f0\"> </span>  7<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span></span>Otra<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>vers<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es fi<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>era<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>28<span class=\"_ _2\"></span>.2<span class=\"_ _1be\"> </span>18<span class=\"_ _2\"></span>.82<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _ee\"> </span>-<span class=\"_ _ea\"> </span>22<span class=\"_ _2\"></span>.77<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> <span class=\"_ _15a\"> </span>  41<span class=\"_ _2\"></span>.59<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> Efe<span class=\"_ _1\"></span>cti<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span> y otros<span class=\"_ _4\"></span> a<span class=\"_ _4\"></span>cti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> l<span class=\"_ _4\"></span>\u00edqui<span class=\"_ _4\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> equi<span class=\"_ _4\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span>28<span class=\"_ _2\"></span>.1<span class=\"_ _1be\"> </span>37<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.96<span class=\"_ _2\"></span>4 <span class=\"_ _ee\"> </span>-<span class=\"_ _15f\"> </span>-<span class=\"_ _17c\"> </span>  37<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.96<span class=\"_ _2\"></span>4 Total<span class=\"_ _1\"></span> Activos<span class=\"_ _1\"></span> fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ier<span class=\"_ _2\"></span>os<span class=\"_ _d6\"> </span>  47<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.779<span class=\"_ _2\"></span>   <span class=\"_ _cc\"> </span><span class=\"ls85\">                              -   <span class=\"_ _92\"> </span></span>  22.80<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _24\"> </span>  5<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>57<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>trume<span class=\"_ _1\"></span>ntos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> deri<span class=\"_ _4\"></span>va<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>31<span class=\"_ _1be\"> </span>-<span class=\"_ _ea\"> </span>1<span class=\"_ _2\"></span>1.75<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> <span class=\"_ _ee\"> </span>-<span class=\"_ _14\"> </span>  11<span class=\"_ _2\"></span>.75<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ree<span class=\"_ _1\"></span>dor<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>ome<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _1be\"> </span>27<span class=\"_ _1be\"> </span>25<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.06<span class=\"_ _2\"></span>8 <span class=\"_ _ee\"> </span>-<span class=\"_ _15f\"> </span>-<span class=\"_ _17c\"> </span>  25<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.06<span class=\"_ _2\"></span>8 Otra<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>ga<span class=\"_ _2\"></span>r<span class=\"_ _1be\"> </span>30<span class=\"_ _1be\"> </span>86<span class=\"_ _2\"></span>.14<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _ee\"> </span>-<span class=\"_ _15f\"> </span>-<span class=\"_ _14\"> </span>  86<span class=\"_ _2\"></span>.14<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> De<span class=\"_ _1\"></span>uda<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>omerci<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es y<span class=\"_ _2\"></span> otros<span class=\"_ _4\"></span> pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vo<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>on<span class=\"_ _1be\"> </span>em<span class=\"_ _1\"></span>pres<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> del<span class=\"_ _2\"></span> Gr<span class=\"_ _2\"></span>upo y<span class=\"_ _2\"></span> vi<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>27<span class=\"_ _2\"></span> y 3<span class=\"_ _2\"></span>5<span class=\"_ _1be\"> </span>40<span class=\"_ _2\"></span>.39<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _ee\"> </span>-<span class=\"_ _15f\"> </span>-<span class=\"_ _14\"> </span>  40<span class=\"_ _2\"></span>.39<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> Ob<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ga<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> y<span class=\"_ _2\"></span> otros<span class=\"_ _4\"></span> va<span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>res<span class=\"_ _2\"></span> negoci<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>bl<span class=\"_ _4\"></span>es<span class=\"_ _1be\"> </span>29<span class=\"_ _2\"></span>.1<span class=\"_ _1be\"> </span>21<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.67<span class=\"_ _2\"></span>4 <span class=\"_ _ee\"> </span>-<span class=\"_ _15f\"> </span>-<span class=\"_ _17c\"> </span>  21<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.67<span class=\"_ _2\"></span>4 De<span class=\"_ _1\"></span>uda<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span> ent<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>des<span class=\"_ _2\"></span> de cr<span class=\"_ _2\"></span>\u00e9di<span class=\"_ _2\"></span>to<span class=\"_ _1be\"> </span>29<span class=\"_ _2\"></span>.1<span class=\"_ _1be\"> </span>20<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.96<span class=\"_ _2\"></span>6 <span class=\"_ _ee\"> </span>-<span class=\"_ _15f\"> </span>-<span class=\"_ _17c\"> </span>  20<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.96<span class=\"_ _2\"></span>6 Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _1be\"> </span>29<span class=\"_ _2\"></span>.2<span class=\"_ _1be\"> </span>75<span class=\"_ _2\"></span>.60<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> <span class=\"_ _ee\"> </span>-<span class=\"_ _15f\"> </span>-<span class=\"_ _14\"> </span>  75<span class=\"_ _2\"></span>.60<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> Total<span class=\"_ _1\"></span> Pas<span class=\"_ _1\"></span>ivos<span class=\"_ _1\"></span> fina<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ier<span class=\"_ _2\"></span>os<span class=\"_ _d6\"> </span>  88<span class=\"_ _2\"></span>2.86<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _92\"> </span>  11<span class=\"_ _2\"></span>.753<span class=\"_ _2\"></span>   <span class=\"_ _cc\"> </span><span class=\"ls85\">                              -   <span class=\"_ _24\"> </span></span>  8<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4.61<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> 26.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Deudores comerciales y otras cuentas a cobrar </span></span>La <span class=\"_ _c3\"> </span>composici\u00f3n <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"> </span>ep\u00edgra<span class=\"_ _2\"></span>fe <span class=\"_ _c3\"> </span>\u201cDeudores <span class=\"_ _c3\"> </span>comer<span class=\"_ _2\"></span>ciales <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>otr<span class=\"_ _2\"></span>as <span class=\"_ _c3\"> </span>cuentas <span class=\"_ _c3\"> </span>a <span class=\"_ _c2\"> </span>cobrar\u201d <span class=\"_ _c3\"> </span>del  <span class=\"ff4\">acti<span class=\"_ _1\"></span>vo <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"> </span>E<span class=\"_ _2\"></span>stado <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span></span>Situaci\u00f3n Finan<span class=\"_ _2\"></span>ciera consolidado a<span class=\"_ _2\"></span>l cierre de los ejercicios <span class=\"_ _2\"></span>2022 y<span class=\"_ _2\"></span> 2021 es la siguiente<span class=\"_ _2\"></span>: El per\u00edodo <span class=\"_ _1\"></span>de cr\u00e9dito <span class=\"_ _1\"></span>para la <span class=\"_ _1\"></span>venta de pasta de <span class=\"_ _1\"></span>celulosa se sit\u00faa e<span class=\"_ _1\"></span>n media <span class=\"_ _1\"></span>entre <span class=\"ls11\">51</span> y <span class=\"_ _1\"></span>55 d\u00edas. En la <span class=\"_ _1\"></span>evoluci\u00f3n<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>sald<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cob<span class=\"_ _2\"></span>rar <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>ventas <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _2\"></span>renovab<span class=\"_ _2\"></span>le <span class=\"_ _2\"></span>debe <span class=\"_ _2\"></span>considerarse <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>saldos <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cob<span class=\"_ _2\"></span>rar <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Po<span class=\"_ _2\"></span>ol<span class=\"_ _1be\"> </span>presentan <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>periodo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>cobro <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>aproximadam<span class=\"_ _2\"></span>ente <span class=\"_ _c0\"></span>10 <span class=\"_ _c0\"></span>d\u00edas<span class=\"_ _4\"></span> <span class=\"_ _4\"></span><span class=\"ls23\">y <span class=\"_ _c0\"></span></span>los <span class=\"_ _c0\"></span>sald<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>pendientes <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>cob<span class=\"_ _2\"></span>ro <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>CNMC<span class=\"_ _1be\"> </span>presentan <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>period<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cobro <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>aproximad<span class=\"_ _2\"></span>amente <span class=\"_ _2\"></span>60 <span class=\"_ _2\"></span>d\u00ed<span class=\"_ _2\"></span>as.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>razonable <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>estos <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>aldos <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>difiere<span class=\"_ _1be\"> </span>de forma significativa <span class=\"_ _2\"></span>de su valor en libro<span class=\"_ _2\"></span>s.<span class=\"_ _1be\"> </span>26.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Factoring </span></span>El <span class=\"_ _c3\"> </span>Grupo <span class=\"_ _c3\"> </span>tiene <span class=\"_ _c3\"> </span>for<span class=\"_ _2\"></span>malizado<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>diverso<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>contratos<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"> </span>factoring <span class=\"_ _c3\"> </span>sin <span class=\"_ _c3\"> </span>recurso<span class=\"_ _4\"></span> <span class=\"_ _c3\"> </span>(v\u00e9ase <span class=\"_ _c3\"> </span>Nota <span class=\"_ _c3\"> </span>3<span class=\"_ _2\"></span>.7) <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"> </span>u<span class=\"_ _2\"></span>n <span class=\"_ _c3\"> </span>l\u00edmite<span class=\"_ _2\"></span> disponible <span class=\"_ _c6\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>un <span class=\"_ _c6\"> </span>saldo <span class=\"_ _c6\"> </span>dispuesto <span class=\"_ _c6\"> </span>al <span class=\"_ _c6\"> </span>31 <span class=\"_ _c6\"> </span>d<span class=\"_ _2\"></span>e  d<span class=\"_ _2\"></span>iciembre  de<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span><span class=\"ls11\">20</span>22 <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>1<span class=\"ls11\">15</span>.0<span class=\"_ _2\"></span>00 <span class=\"_ _c6\"> </span><span class=\"ff6\">miles <span class=\"_ _c6\"> </span>\u20ac</span> <span class=\"_ _c6\"> </span><span class=\"ls23\">y <span class=\"_ _c6\"> </span></span>45.166 <span class=\"_ _c6\"> </span><span class=\"ff6\">miles <span class=\"_ _c6\"> </span>\u20ac</span><span class=\"ls5b\">,<span class=\"_ _1be\"> </span></span>respectivamente <span class=\"_ _4\"></span>(135.000 <span class=\"_ _4\"></span><span class=\"ff6\">mil<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>\u20ac<span class=\"_ _2\"></span></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>isponibles <span class=\"_ _4\"></span><span class=\"ls36\">y <span class=\"_ _4\"></span></span>67.106 <span class=\"_ _4\"></span><span class=\"ff6\">miles <span class=\"_ _4\"></span>\u20ac</span> <span class=\"_ _4\"></span>dispuesto<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>diciembre <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>2021). <span class=\"_ _4\"></span>El<span class=\"_ _2\"></span> coste <span class=\"_ _4\"></span>financiero <span class=\"_ _4\"></span>as<span class=\"_ _2\"></span>ociado <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>los <span class=\"_ _4\"></span>cr\u00e9dito<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>vendidos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>establece <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>Euribor <span class=\"_ _c0\"></span>a <span class=\"_ _4\"></span>3 <span class=\"_ _4\"></span>meses <span class=\"_ _c0\"></span>m\u00e1s <span class=\"_ _c0\"></span>un <span class=\"_ _4\"></span>diferencial<span class=\"_ _1be\"> </span>que se sit\u00faa <span class=\"_ _2\"></span>en el tramo 1,<span class=\"ls11\">10</span>%-<span class=\"ls11\">1,</span>6<span class=\"_ _2\"></span>0<span class=\"ls1e\">%.</span> Los s<span class=\"_ _2\"></span>aldos <span class=\"_ _2\"></span>comerciales no <span class=\"_ _2\"></span>factorizad<span class=\"_ _2\"></span>os al <span class=\"_ _2\"></span>31 d<span class=\"_ _2\"></span>e diciembre <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e 202<span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>prev\u00e9n r<span class=\"_ _2\"></span>ecuperar <span class=\"_ _2\"></span>mediante su<span class=\"_ _2\"></span> cobro<span class=\"_ _2\"></span> al deudor, y n<span class=\"_ _2\"></span>o mediante su venta.<span class=\"_ _2\"></span><span class=\"fc9\"> </span>27.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Acreedores comerciales y otras cuentas a pagar<span class=\"_ _1be\"> </span></span></span>La <span class=\"_ _0\"></span>composici\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>ep\u00ed<span class=\"_ _2\"></span>grafe <span class=\"_ _0\"></span>\u201cAcreedores <span class=\"_ _0\"></span>come<span class=\"_ _2\"></span>rciales <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>otras<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>uentas<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>pagar\u201d <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>pas<span class=\"_ _2\"></span>ivo <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>stado <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>Situaci\u00f3n Finan<span class=\"_ _2\"></span>ciera consolidado <span class=\"_ _2\"></span>al cierre de los ejercicios<span class=\"_ _2\"></span> 2022 y<span class=\"_ _2\"></span> 2021 es la siguiente<span class=\"_ _2\"></span>:<span class=\"_ _1be\"> </span>El Grupo <span class=\"_ _2\"></span>reconoce <span class=\"_ _2\"></span><span class=\"ff6\">en e<span class=\"_ _2\"></span>l ep\u00edgrafe <span class=\"_ _2\"></span>\u201cAcreedores <span class=\"_ _2\"></span>comerciales <span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span></span>a<span class=\"ls14\">s </span>cuentas a<span class=\"_ _2\"></span> pagar<span class=\"_ _2\"></span><span class=\"ff6\">\u201d</span> el <span class=\"_ _2\"></span>importe cob<span class=\"_ _2\"></span>rado <span class=\"_ _2\"></span>del<span class=\"_ _1be\"> </span>regulador el<span class=\"_ _2\"></span>\u00e9ctrico en <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>deber\u00e1 s<span class=\"_ _2\"></span>er devuelto <span class=\"_ _4\"></span>en el <span class=\"_ _2\"></span>primer se<span class=\"_ _2\"></span>mestre d<span class=\"_ _2\"></span>e 2023<span class=\"_ _2\"></span>, co<span class=\"_ _2\"></span>mo con<span class=\"_ _2\"></span>secuencia<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _17d\"> </span>31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _d7\"> </span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/12<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Cl<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> v<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>nta<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>-   Cel<span class=\"_ _2\"></span>ul<span class=\"_ _c0\"></span>os<span class=\"_ _4\"></span>a<span class=\"_ _fb\"> </span>  3<span class=\"_ _2\"></span>2.2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>5  <span class=\"_ _2\"></span> <span class=\"_ _10a\"> </span>  4<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.32<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>    Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _17e\"> </span>  1<span class=\"_ _2\"></span>3.1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>3  <span class=\"_ _2\"></span> <span class=\"_ _10a\"> </span>  2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.52<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>    O<span class=\"_ _2\"></span>tros<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ept<span class=\"_ _1\"></span>os<span class=\"_ _2a\"> </span>  3<span class=\"_ _2\"></span>.5<span class=\"_ _2\"></span>51<span class=\"_ _2\"></span>   <span class=\"_ _114\"> </span>  1.0<span class=\"_ _2\"></span>58<span class=\"_ _2\"></span> Em<span class=\"_ _1\"></span>pres<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> del<span class=\"_ _2\"></span> gr<span class=\"_ _2\"></span>up<span class=\"_ _2\"></span>o y vi<span class=\"_ _c0\"></span>nc<span class=\"_ _2\"></span>ul<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>, deudor<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _e7\"> </span>  45<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>   <span class=\"_ _17\"> </span>  7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0 De<span class=\"_ _1\"></span>udor<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> va<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _17f\"> </span>  4<span class=\"_ _2\"></span>.50<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  9<span class=\"_ _2\"></span>.83<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> De<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri<span class=\"_ _c0\"></span>or<span class=\"_ _2\"></span>o d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> va<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>or<span class=\"_ _180\"> </span><span class=\"ls86\">            (4.30<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>         (4<span class=\"_ _2\"></span>.48<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>) </span>  4<span class=\"_ _2\"></span>9.62<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>   <span class=\"_ _103\"> </span>  7<span class=\"_ _2\"></span>8.95<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> <span class=\"_ _b5\"> </span>31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _103\"> </span>31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>cr<span class=\"_ _2\"></span>ee<span class=\"_ _1\"></span>dores<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>m<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> y otra<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> c<span class=\"_ _4\"></span>ue<span class=\"_ _1\"></span>nta<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> a<span class=\"_ _4\"></span> pa<span class=\"_ _4\"></span>ga<span class=\"_ _2\"></span>r<span class=\"_ _12\"> </span><span class=\"ls87\">        31<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.132<span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>        2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>7.01<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> </span>E<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>pr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> del<span class=\"_ _2\"></span> gr<span class=\"_ _2\"></span>upo<span class=\"_ _2\"></span> y vi<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>, a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dor<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 3<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _a0\"> </span><span class=\"ls87\">             1<span class=\"_ _2\"></span>.457<span class=\"_ _2\"></span> <span class=\"_ _14e\"> </span>             2<span class=\"_ _2\"></span>.301<span class=\"_ _2\"></span> </span>Pr<span class=\"_ _2\"></span>ovee<span class=\"_ _1\"></span>dores<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> i<span class=\"_ _4\"></span>nmovi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>za<span class=\"_ _2\"></span>do<span class=\"_ _79\"> </span><span class=\"ls87\">           22<span class=\"_ _2\"></span>.46<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> <span class=\"_ _d8\"> </span>           24<span class=\"_ _2\"></span>.45<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span></span>Re<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>une<span class=\"_ _1\"></span>ra<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _2\"></span> pendi<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> de pa<span class=\"_ _2\"></span>go<span class=\"_ _181\"> </span>10<span class=\"_ _2\"></span>.88<span class=\"_ _2\"></span>8<span class=\"_ _aa\"> </span>6.5<span class=\"_ _2\"></span>97        34<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>94<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>        26<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>36<span class=\"_ _2\"></span>9<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> de <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>ap<span class=\"_ _2\"></span>licaci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>la regulaci\u00f3n <span class=\"_ _1\"></span>aprobada <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span><span class=\"ls11\">2022 <span class=\"_ _1\"></span><span class=\"ls0_1\">a <span class=\"_ _bb\"></span>las liquidaciones <span class=\"_ _1\"></span>provisionales <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>ha <span class=\"_ _bb\"></span>venid<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>emitiendo<span class=\"_ _1be\"> </span></span></span>la CNMC en dicho ejer<span class=\"_ _2\"></span>cicio, por <span class=\"_ _2\"></span>importe de 85,4 <span class=\"_ _2\"></span><span class=\"ff6\">millones \u20ac.</span> El <span class=\"_ _c3\"> </span>Grupo <span class=\"_ _c3\"> </span>tiene <span class=\"_ _c3\"> </span>formalizado <span class=\"_ _c2\"> </span>diversos <span class=\"_ _c2\"> </span>contratos <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>confirming <span class=\"_ _c3\"> </span>sin <span class=\"_ _c2\"> </span>recurso<span class=\"_ _2\"></span>, <span class=\"_ _c3\"></span>con <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _c3\"> </span>l\u00edmite <span class=\"_ _c3\"></span>disponible <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>un<span class=\"_ _1be\"> </span>importe <span class=\"_ _c3\"> </span>disp<span class=\"_ _2\"></span>uesto <span class=\"_ _c3\"> </span>al <span class=\"_ _c2\"> </span>31 <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>diciembre <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span><span class=\"ls11\">20</span>22 <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>1<span class=\"_ _2\"></span>78.5<span class=\"ls11\">00</span> <span class=\"_ _c2\"> </span><span class=\"ff6\">miles <span class=\"_ _c2\"> </span>\u20ac</span> <span class=\"_ _c3\"> </span><span class=\"ls23\">y <span class=\"_ _c2\"> </span></span>99.566 <span class=\"_ _c3\"> </span><span class=\"ff6\">miles <span class=\"_ _c2\"> </span>\u20ac</span>, <span class=\"_ _c2\"> </span>respectivamente<span class=\"ls5b\">,<span class=\"_ _1be\"> </span></span>(181.000 <span class=\"_ _2\"></span><span class=\"ff6\">miles <span class=\"_ _2\"></span>\u20ac</span> <span class=\"_ _2\"></span><span class=\"ls23\">y <span class=\"_ _2\"></span></span>97.601 <span class=\"_ _2\"></span><span class=\"ff6\">miles <span class=\"_ _2\"></span>\u20ac</span> <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>diciembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2021<span class=\"ls1b\">).</span> <span class=\"_ _2\"></span>Los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>saldos <span class=\"_ _2\"></span>derivados <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>utilizaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las<span class=\"_ _1be\"> </span>l\u00edneas de confir<span class=\"_ _2\"></span>ming se clasifi<span class=\"_ _2\"></span>can como deuda co<span class=\"_ _2\"></span>mercial. <span class=\"_ _2\"></span>Las<span class=\"_ _2\"></span> l\u00edneas de confir<span class=\"_ _2\"></span>ming contra<span class=\"_ _2\"></span>tadas por <span class=\"_ _2\"></span>ENCE no<span class=\"_ _1be\"> </span>contemplan  el  estab<span class=\"_ _2\"></span>lecimiento  d<span class=\"_ _2\"></span>e  garant\u00edas,  no  alt<span class=\"_ _2\"></span>eran<span class=\"_ _2\"></span>  el  periodo  medio  de  p<span class=\"_ _2\"></span>ago  acordad<span class=\"_ _2\"></span>o  con  los<span class=\"_ _1be\"> </span>proveedores y n<span class=\"_ _2\"></span>o devengan coste financiero a<span class=\"_ _2\"></span> favor d<span class=\"_ _2\"></span>e las entidades fin<span class=\"_ _2\"></span>ancieras otorgantes<span class=\"_ _2\"></span> de las l\u00edneas.<span class=\"_ _2\"></span> Se <span class=\"_ _2\"></span>detalla <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>continuaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>informaci\u00f3n <span class=\"_ _2\"></span>sobre <span class=\"_ _4\"></span>\u201cPeriodo <span class=\"_ _2\"></span>medio <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>pago\u201d <span class=\"_ _2\"></span>elabo<span class=\"_ _2\"></span>rad<span class=\"_ _2\"></span><span class=\"ff4\">a <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>conformidad <span class=\"_ _2\"></span>con <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span></span>Ley <span class=\"_ _2\"></span>15/2010, d<span class=\"_ _2\"></span>e 5 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ju<span class=\"_ _2\"></span>lio, <span class=\"_ _2\"></span>de modificaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Ley <span class=\"_ _2\"></span>3/2004, <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e 29 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>diciembre, <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>que<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>establecen<span class=\"_ _1be\"> </span>medidas de <span class=\"_ _bb\"></span>luch<span class=\"_ _2\"></span>a <span class=\"_ _1\"></span>contra la <span class=\"_ _1\"></span>morosidad en <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>operaciones comerciales, la <span class=\"_ _1\"></span>Ley <span class=\"_ _1\"></span>18/2022, de <span class=\"_ _1\"></span>28 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>septiembre,<span class=\"_ _1be\"> </span>de <span class=\"_ _1\"></span>creaci\u00f3n <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>crecimiento <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>empresas, y <span class=\"_ _bb\"></span>de acuerdo <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>Resoluci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>29 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>enero <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>2016, <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Instituto<span class=\"_ _1be\"> </span>de <span class=\"_ _4\"></span>Conta<span class=\"_ _2\"></span>bilidad <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>Auditor\u00eda<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>Cuentas, <span class=\"_ _c0\"></span>sobre <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>informac<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>incorporar <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>Memor<span class=\"_ _2\"></span>ia <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>las <span class=\"_ _c0\"></span>Cu<span class=\"_ _2\"></span>entas<span class=\"_ _1be\"> </span>anuales en relaci\u00f3n co<span class=\"_ _2\"></span>n los aplazamientos d<span class=\"_ _2\"></span>e pago a prov<span class=\"_ _2\"></span>eedores en operaciones comerci<span class=\"_ _2\"></span>ales. <span class=\"_ _4\"></span> Las especificaciones con q<span class=\"_ _2\"></span>ue se ha elabo<span class=\"_ _2\"></span>rado dicha informaci\u00f3n<span class=\"_ _2\"></span> son las <span class=\"_ _2\"></span>siguient<span class=\"_ _2\"></span>es:<span class=\"_ _1be\"> </span>Ratio de operacion<span class=\"_ _2\"></span>es pagadas<span class=\"_ _2\"></span>: importe en d\u00edas<span class=\"_ _2\"></span> resultan<span class=\"_ _2\"></span>te del cociente <span class=\"_ _2\"></span>entre el sumatorio<span class=\"_ _2\"></span> de los p<span class=\"_ _2\"></span>roductos<span class=\"_ _1be\"> </span>del importe de <span class=\"_ _1\"></span>cada una de la<span class=\"_ _1\"></span>s operaciones pagadas por el <span class=\"_ _1\"></span>n\u00famero de <span class=\"_ _1\"></span>d\u00edas de pago y <span class=\"_ _1\"></span>el i<span class=\"_ _1\"></span>mporte total de los<span class=\"_ _1be\"> </span>pagos realizados<span class=\"_ _2\"></span> en el ejercici<span class=\"ls22\">o.</span> Ratio de operaciones pendientes de pago: im<span class=\"_ _1\"></span>porte en d\u00edas r<span class=\"_ _1\"></span>esultante del cociente e<span class=\"_ _1\"></span>ntre el sumatorio de los<span class=\"_ _1be\"> </span>productos <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>importe <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>operaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>endiente <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>pago<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>n\u00famero <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>d\u00edas <span class=\"_ _4\"></span>pend<span class=\"_ _2\"></span>ientes <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>pago<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> importe total de los p<span class=\"_ _2\"></span>agos pendientes<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Quedan <span class=\"_ _c3\"></span>fuera <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>\u00e1mbito <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>formaci\u00f3n <span class=\"_ _0\"></span>las <span class=\"_ _c3\"></span>obligaciones <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>pago <span class=\"_ _c3\"></span>que <span class=\"_ _0\"></span>hay<span class=\"_ _2\"></span>an <span class=\"_ _0\"></span>sido <span class=\"_ _c3\"></span>objeto <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>retenc<span class=\"_ _2\"></span>i\u00f3n,<span class=\"_ _1be\"> </span>saldos con<span class=\"_ _2\"></span> organismos p\u00fablicos, y pagos<span class=\"_ _2\"></span> domiciliados.<span class=\"_ _2\"></span> Este d<span class=\"_ _2\"></span>esglose de <span class=\"_ _2\"></span>informaci\u00f3n <span class=\"_ _2\"></span>correspond<span class=\"_ _2\"></span>iente a <span class=\"_ _2\"></span>entidades <span class=\"_ _2\"></span>espa\u00f1olas <span class=\"_ _2\"></span>incluidas<span class=\"_ _2\"></span> en <span class=\"_ _2\"></span>el conjun<span class=\"_ _2\"></span>to <span class=\"_ _4\"></span>cons<span class=\"_ _2\"></span>olidable<span class=\"_ _1be\"> </span>una vez eliminados<span class=\"_ _2\"></span> los cr\u00e9ditos y<span class=\"_ _2\"></span> d\u00e9bitos rec\u00edprocos de las<span class=\"_ _2\"></span> empresas dependientes.<span class=\"_ _4\"></span><span class=\"ff2 fs1\"> </span>2022<span class=\"_ _14\"> </span>2021<span class=\"_ _1be\"> </span>Peri<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>do Me<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> de pa<span class=\"_ _2\"></span>go a<span class=\"_ _4\"></span> pr<span class=\"_ _2\"></span>ov<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>dor<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> (D\u00eda<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>)<span class=\"_ _28\"> </span><span class=\"ls88\">64<span class=\"_ _42\"> </span>73<span class=\"_ _1be\"> </span></span>Ra<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> de ope<span class=\"_ _1\"></span>ra<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>ga<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> (D\u00eda<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>)<span class=\"_ _14f\"> </span><span class=\"ls88\">66<span class=\"_ _106\"> </span>77<span class=\"_ _1be\"> </span></span>Ra<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> de ope<span class=\"_ _1\"></span>ra<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _2\"></span> pendi<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(D\u00eda<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>)<span class=\"_ _4d\"> </span><span class=\"ls88\">53<span class=\"_ _106\"> </span>53<span class=\"_ _1be\"> </span></span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>gos<span class=\"_ _4\"></span> r<span class=\"_ _2\"></span>ea<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>za<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>90<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.98<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>71<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.18<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>gos<span class=\"_ _4\"></span> p<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>ndi<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>nte<span class=\"_ _bb\"></span>s<span class=\"_ _182\"> </span>15<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.61<span class=\"_ _2\"></span>9<span class=\"_ _84\"> </span>15<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.44<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span>Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>D\u00eda<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> de<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _183\"> </span>I<span class=\"_ _2\"></span>mporte<span class=\"_ _2e\"> </span>%<span class=\"_ _2e\"> </span>I<span class=\"_ _4\"></span>mporte<span class=\"_ _2e\"> </span>%<span class=\"_ _1be\"> </span>Pa<span class=\"_ _4\"></span>gos<span class=\"_ _4\"></span> r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>n un peri<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>do i<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>fe<span class=\"_ _1\"></span>ri<span class=\"_ _c0\"></span>or<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> pl<span class=\"_ _c0\"></span>a<span class=\"_ _4\"></span>zo l<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>ga<span class=\"_ _2\"></span>l<span class=\"_ _1be\"> </span>40<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.96<span class=\"_ _2\"></span>1<span class=\"_ _10b\"> </span><span class=\"ls89\">45%<span class=\"_ _28\"> </span></span>2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>5.14<span class=\"_ _2\"></span>9<span class=\"_ _143\"> </span><span class=\"ls89\">36%<span class=\"_ _1be\"> </span></span>N<span class=\"_ _1\"></span>\u00ba<span class=\"_ _1\"></span> fa<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>tura<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> pa<span class=\"_ _4\"></span>ga<span class=\"_ _2\"></span>da<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> en un pe<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>odo<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>nferi<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span>l<span class=\"_ _c0\"></span> pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>zo l<span class=\"_ _4\"></span>eg<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _1be\"> </span>20<span class=\"_ _2\"></span>.06<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>33%<span class=\"_ _1be\"> </span>19<span class=\"_ _2\"></span>.88<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span>32%<span class=\"_ _1be\"> </span>2022<span class=\"_ _1be\"> </span>2021<span class=\"_ _1be\"> </span>28.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Activos financieros<span class=\"_ _1be\"> </span></span></span>28.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Efectivo y otros activo<span class=\"_ _1\"></span>s l\u00edquid<span class=\"_ _1\"></span>os equivalentes<span class=\"_ _1be\"> </span></span></span>El  ep\u00edgrafe <span class=\"_ _c2\"> </span>\u201c<span class=\"ff4\">E<span class=\"_ _2\"></span>fectivo<span class=\"ff3\">  </span></span>y <span class=\"_ _c2\"> </span>o<span class=\"_ _2\"></span>tros  activos <span class=\"_ _c2\"> </span>l\u00edqu<span class=\"_ _2\"></span>idos  equivalentes\u201d<span class=\"ff4\">  incluye  la <span class=\"_ _c2\"> </span>tesorer\u00eda  del  Grupo <span class=\"_ _c2\"> </span>y<span class=\"_ _2\"></span>  dep\u00f3sitos<span class=\"_ _1be\"> </span></span>bancarios a co<span class=\"_ _2\"></span>rto plazo con un vencimiento in<span class=\"_ _2\"></span>icial de tres meses o<span class=\"_ _2\"></span> un plazo in<span class=\"_ _2\"></span>ferior. El importe en libros d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>estos activos<span class=\"_ _2\"></span> se aproxima a su valor <span class=\"_ _2\"></span>razonable. El Grupo mantiene efectivo y <span class=\"_ _1\"></span>otros activos l\u00edquidos equivalentes al 31 de diciem<span class=\"_ _1\"></span>bre de 2022 por importe de<span class=\"_ _1be\"> </span>412.913 <span class=\"ff6\">miles \u20ac</span> (379.964 <span class=\"ff6\">miles<span class=\"_ _2\"></span> \u20ac al 31 de diciembre de 202</span>1)<span class=\"ls8a\">; </span>278.376 miles <span class=\"ff6 ls11\">\u20ac </span>corres<span class=\"_ _2\"></span>pondientes al n<span class=\"_ _2\"></span>egocio<span class=\"_ _1be\"> </span>Celulosa <span class=\"_ _1\"></span>y 134.537 <span class=\"_ _1\"></span><span class=\"ls8b\">mi<span class=\"ff6 ls0_1\">les <span class=\"_ _1\"></span>\u20ac <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>negocio Energ\u00eda<span class=\"ff4\"> <span class=\"_ _1\"></span>Renovable (318.496 <span class=\"ff6\">m<span class=\"_ _1\"></span>iles \u20ac <span class=\"_ _bb\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _1\"></span><span class=\"ff4\">61.648 <span class=\"ff6\">miles <span class=\"_ _1\"></span>\u20ac <span class=\"_ _1\"></span>respectivamente,<span class=\"ff4\"> </span></span></span></span></span></span></span>al 31 de diciembre de 20<span class=\"_ _2\"></span>21<span class=\"ls1b\">).</span> 28.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Otros activos financiero<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span></span></span>El detalle <span class=\"_ _1\"></span>de este <span class=\"_ _1\"></span>ep\u00edgrafe del Estado de <span class=\"_ _1\"></span>Situaci\u00f3n Financiera consolidad<span class=\"_ _2\"></span>o al <span class=\"_ _1\"></span>31 <span class=\"_ _1\"></span>de diciembre de <span class=\"_ _1\"></span>2022 y 2021<span class=\"_ _1be\"> </span>es el siguiente:<span class=\"_ _1be\"> </span>La <span class=\"_ _4\"></span>cu<span class=\"_ _2\"></span>enta <span class=\"_ _4\"></span>\u201c<span class=\"ff4\">E<span class=\"_ _2\"></span>fectivo <span class=\"_ _4\"></span>para <span class=\"_ _c0\"></span>coberturas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _0\"></span>deuda <span class=\"_ _4\"></span>finan<span class=\"_ _2\"></span>ciera</span>\u201d <span class=\"_ _4\"></span>incluye <span class=\"_ _c0\"></span>tesorer\u00eda <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>10 <span class=\"_ _c0\"></span>millones <span class=\"_ _4\"></span>\u20ac <span class=\"_ _c0\"></span>destinada <span class=\"_ _c0\"></span>a<span class=\"_ _1be\"> </span>cubrir la obligaci\u00f3n, es<span class=\"_ _2\"></span>tablecida en la financiaci\u00f3n del Negocio Energ\u00eda Renov<span class=\"_ _2\"></span>able, de mantener un efectivo<span class=\"_ _2\"></span> m\u00ednimo <span class=\"_ _4\"></span>dis<span class=\"_ _2\"></span>ponible <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>10 <span class=\"_ _c0\"></span>millones <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>euro<span class=\"_ _2\"></span>s, <span class=\"_ _4\"></span>cuan<span class=\"_ _2\"></span>t\u00eda <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>puede <span class=\"_ _c0\"></span>verse <span class=\"_ _c0\"></span>incrementada <span class=\"_ _c0\"></span>ha<span class=\"_ _4\"></span>sta <span class=\"_ _4\"></span>30 <span class=\"_ _c0\"></span>millones <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>euros e<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>funci\u00f3n <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>grado <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>u<span class=\"_ _2\"></span>tilizaci\u00f3n de <span class=\"_ _bb\"></span>la l\u00ednea <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>cr\u00e9dito <span class=\"_ _1\"></span>contemplada <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>tra<span class=\"_ _2\"></span>mo <span class=\"_ _1\"></span>4\u00ba <span class=\"_ _bb\"></span>de la <span class=\"_ _1\"></span>financiaci\u00f3n<span class=\"_ _1be\"> </span>(v\u00e9ase Nota <span class=\"ls11\">29</span>), y <span class=\"_ _1\"></span>que al 31 d<span class=\"_ _1\"></span>e diciembre de 2022 <span class=\"_ _1\"></span>y 31 de diciembre <span class=\"_ _1\"></span>de 2021 est\u00e1 \u00edntegramente disponible.<span class=\"_ _1be\"> </span>Con <span class=\"_ _1\"></span>fecha <span class=\"_ _bb\"></span>20 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>diciembre <span class=\"_ _bb\"></span>de 2020<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Ence <span class=\"_ _1\"></span>Energ\u00eda <span class=\"_ _bb\"></span>y Ce<span class=\"_ _1\"></span>lulosa, <span class=\"_ _1\"></span>S.A. <span class=\"_ _bb\"></span>complet\u00f3 <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>venta <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>la <span class=\"_ _1\"></span>entidad <span class=\"_ _1\"></span>Woodpecker<span class=\"_ _1be\"> </span>Acquisitions <span class=\"_ _c8\"> </span>S.a.r.l, <span class=\"_ _c8\"> </span>controlada <span class=\"_ _c8\"> </span>por <span class=\"_ _ca\"> </span>Ancala<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>Partners <span class=\"_ _c8\"> </span>LLP <span class=\"_ _c8\"> </span>(gestor <span class=\"_ _ca\"> </span>independi<span class=\"_ _2\"></span>ente <span class=\"_ _ca\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _ca\"> </span>inv<span class=\"_ _2\"></span>ersiones <span class=\"_ _c8\"> </span>en<span class=\"_ _1be\"> </span>infraestructuras <span class=\"_ _2\"></span>resi<span class=\"_ _2\"></span>dente <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Reino <span class=\"_ _2\"></span>Unido), <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e u<span class=\"_ _2\"></span>na <span class=\"_ _2\"></span>particip<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _2\"></span>minoritaria <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>49% <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e la <span class=\"_ _2\"></span>fil<span class=\"_ _2\"></span>ial <span class=\"_ _4\"></span>Magn<span class=\"_ _2\"></span>on<span class=\"_ _1be\"> </span>Green <span class=\"_ _2\"></span>Energy, <span class=\"_ _2\"></span>S.L., <span class=\"_ _2\"></span>holding <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>Energ\u00eda <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ENCE.<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Una <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>precio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>venta <span class=\"_ _2\"></span>de la <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>articipaci\u00f3n<span class=\"_ _1be\"> </span>por importe de 134 <span class=\"_ _1\"></span>millones <span class=\"ff6\">\u20ac es <span class=\"_ _1\"></span><span class=\"ff4\">variable en funci\u00f3n del <span class=\"_ _1\"></span>\u00e9xito en el desarrollo <span class=\"_ _1\"></span>de la <span class=\"_ _1\"></span>cartera de proyectos de<span class=\"_ _1\"></span> </span></span>energ\u00eda <span class=\"_ _4\"></span>renovable <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>bioma<span class=\"_ _2\"></span>sa, <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>los <span class=\"_ _4\"></span>pr\u00f3ximos <span class=\"_ _4\"></span>8 <span class=\"_ _c0\"></span>a\u00f1os.<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>Dicho <span class=\"_ _4\"></span>precio <span class=\"_ _4\"></span>contingente <span class=\"_ _c0\"></span>est\u00e1 <span class=\"_ _c0\"></span>condicionado <span class=\"_ _c0\"></span>a <span class=\"_ _4\"></span>lo<span class=\"_ _1be\"> </span>siguiente; <span class=\"_ _c3\"> </span>1) <span class=\"_ _c3\"> </span>hasta <span class=\"_ _c3\"> </span>8 <span class=\"_ _c2\"> </span>millones <span class=\"_ _c3\"> </span>\u20ac <span class=\"_ _c3\"> </span>adicion<span class=\"_ _2\"></span>ales <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>cobrar\u00e1n <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>con<span class=\"_ _2\"></span>vocatoria <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>Espa\u00f1a <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>subastas <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span>bio<span class=\"ff6\">masa <span class=\"_ _c3\"></span>por <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>capacidad <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>hasta <span class=\"_ _0\"></span>140 <span class=\"_ _c3\"></span>MW, <span class=\"_ _0\"></span>2) <span class=\"_ _0\"></span>hasta <span class=\"_ _0\"></span>42 <span class=\"_ _0\"></span>millones<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u20ac <span class=\"_ _0\"></span>ad<span class=\"_ _2\"></span>icionales <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>fun<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _c3\"></span>precio<span class=\"_ _1be\"> </span></span>conseguido en las<span class=\"_ _2\"></span> subas<span class=\"_ _2\"></span>tas<span class=\"_ _2\"></span> y la tasa de rentabilid<span class=\"_ _2\"></span>ad asociada<span class=\"_ _2\"></span><span class=\"ff6\">, 3) has<span class=\"_ _2\"></span>ta 18 millones<span class=\"_ _2\"></span> \u20ac adicionales<span class=\"_ _2\"></span> en funci\u00f3n<span class=\"_ _2\"></span> </span>de la <span class=\"_ _2\"></span>inversi\u00f3n <span class=\"_ _2\"></span>requerida <span class=\"_ _2\"></span>para la p<span class=\"_ _2\"></span>uesta <span class=\"_ _2\"></span>en marcha<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de los<span class=\"_ _2\"></span> proyectos<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>la ta<span class=\"_ _2\"></span>sa de renta<span class=\"_ _2\"></span>bilidad <span class=\"_ _2\"></span>asociada<span class=\"_ _2\"></span>, y <span class=\"_ _2\"></span>4)<span class=\"_ _1be\"> </span>hasta 63 <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>illones \u20ac <span class=\"_ _bb\"></span>ad<span class=\"_ _2\"></span>icionales <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>funci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>rentabilidad<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>negocio, <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>caracter\u00edsticas establecidas<span class=\"_ _1be\"> </span></span>en el acuerdo, has<span class=\"_ _2\"></span>ta finales del 2028. <span class=\"_ _2\"></span> ENCE man<span class=\"_ _2\"></span>tiene un <span class=\"_ _2\"></span>importe <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cobrar <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>21.920 <span class=\"_ _2\"></span>m<span class=\"ff6\">iles <span class=\"_ _2\"></span>\u20ac al <span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>1 </span>de <span class=\"_ _2\"></span>diciembre d<span class=\"_ _2\"></span>e 20<span class=\"_ _2\"></span>22 (2<span class=\"_ _2\"></span>1.059 <span class=\"_ _2\"></span><span class=\"ff6\">miles <span class=\"_ _2\"></span>\u20ac al <span class=\"_ _2\"></span>31 d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span></span>diciembre <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>2021) <span class=\"_ _c3\"> </span>que <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>correspon<span class=\"_ _2\"></span>de <span class=\"_ _c3\"></span>con <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>valor <span class=\"_ _c3\"> </span>presente<span class=\"_ _2\"></span>, <span class=\"_ _c3\"> </span>actualizad<span class=\"_ _2\"></span>o <span class=\"_ _c3\"></span>considerando <span class=\"_ _c3\"> </span>como <span class=\"_ _c3\"> </span>tas<span class=\"_ _2\"></span>a <span class=\"_ _c3\"></span>de<span class=\"_ _1be\"> </span>Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>Cor<span class=\"_ _2\"></span>to<span class=\"_ _1be\"> </span>Pl<span class=\"_ _c0\"></span>a<span class=\"_ _4\"></span>zo<span class=\"_ _1be\"> </span>L<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>go<span class=\"_ _1be\"> </span>Pl<span class=\"_ _c0\"></span>a<span class=\"_ _4\"></span>zo<span class=\"_ _1be\"> </span>Cor<span class=\"_ _2\"></span>to<span class=\"_ _1be\"> </span>Pl<span class=\"_ _c0\"></span>a<span class=\"_ _4\"></span>zo<span class=\"_ _1be\"> </span>L<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>go<span class=\"_ _1be\"> </span>Pl<span class=\"_ _c0\"></span>a<span class=\"_ _4\"></span>zo<span class=\"_ _1be\"> </span>Contra<span class=\"_ _4\"></span>to de l<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>qu<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>dez a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n Enc<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> (N<span class=\"_ _1\"></span>ota<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.5)<span class=\"_ _11\"> </span><span class=\"ls8c\">        2<span class=\"_ _2\"></span>.05<span class=\"_ _2\"></span>8 <span class=\"_ _34\"> </span>               -   <span class=\"_ _d7\"> </span>            3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>               -  </span>Contra<span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3<span class=\"_ _2\"></span>n c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ge<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span> (N<span class=\"_ _1\"></span>ota<span class=\"_ _2\"></span> 6<span class=\"_ _2\"></span>)<span class=\"_ _44\"> </span><span class=\"ls8c\">        5<span class=\"_ _2\"></span>.63<span class=\"_ _2\"></span>0 <span class=\"_ _bd\"> </span></span>      1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.14<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> <span class=\"_ _169\"> </span><span class=\"ls8c\">        8.51<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span></span>   <span class=\"_ _2\"></span>   1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.26<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> Cr<span class=\"_ _2\"></span>\u00e9<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>tos<span class=\"_ _4\"></span> po<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> s<span class=\"_ _4\"></span>ub<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>endos<span class=\"_ _4\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>os<span class=\"_ _184\"> </span><span class=\"ls8c\">               -   <span class=\"_ _c7\"> </span>        2.55<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _109\"> </span>               -   <span class=\"_ _d9\"> </span>               -  </span>E<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>be<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>tura<span class=\"_ _4\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>uda<span class=\"_ _4\"></span> fi<span class=\"_ _c0\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>era<span class=\"_ _69\"> </span><span class=\"ls8c\">               -   <span class=\"_ _c7\"> </span></span>   <span class=\"_ _2\"></span>   1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span><span class=\"ls8c\">               -   <span class=\"_ _c6\"> </span></span>      1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.0<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span> De<span class=\"_ _1\"></span>p\u00f3s<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>tos<span class=\"_ _2\"></span>, fi<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>nza<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> y <span class=\"_ _2\"></span>otra<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>nta<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>ob<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>r<span class=\"_ _d1\"> </span><span class=\"ls8c\">        2<span class=\"_ _2\"></span>.21<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span>        2<span class=\"_ _2\"></span>.11<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _185\"> </span>        6.28<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span>        2<span class=\"_ _2\"></span>.21<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> </span>        9.89<span class=\"_ _2\"></span>8 <span class=\"_ _bd\"> </span><span class=\"ls0_1\">      3<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>81<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> <span class=\"_ _169\"> </span>    <span class=\"_ _2\"></span>  1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>11<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>     <span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>48<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> </span>3<span class=\"_ _2\"></span>1/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>3<span class=\"_ _2\"></span>1/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>descuento <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>cos<span class=\"_ _2\"></span>te d<span class=\"_ _2\"></span>e cap<span class=\"_ _2\"></span>ital <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>negocio <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el 8,4<span class=\"_ _2\"></span>%, <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>prev\u00e9 <span class=\"_ _2\"></span>recuperar<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de d<span class=\"_ _2\"></span>icho <span class=\"_ _2\"></span>precio <span class=\"_ _2\"></span>contin<span class=\"_ _2\"></span>g<span class=\"_ _4\"></span>ente <span class=\"_ _2\"></span><span class=\"ls8d\">a<span class=\"_ _1be\"> </span></span>lo <span class=\"_ _2\"></span>largo <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>periodo <span class=\"_ _4\"></span>2021-<span class=\"_ _2\"></span>2028. <span class=\"_ _2\"></span>De <span class=\"_ _4\"></span>esta <span class=\"_ _4\"></span>cantidad,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>du<span class=\"_ _2\"></span>rante <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>mes <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>enero <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2023<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>an <span class=\"_ _2\"></span>cobrad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>5.630<span class=\"_ _1be\"> </span>miles \u20ac, cuant\u00eda as<span class=\"_ _2\"></span>ociada a la publicaci\u00f3n<span class=\"_ _2\"></span> de la subasta d<span class=\"_ _2\"></span>e biomasa que se pro<span class=\"_ _2\"></span>dujo en julio de 2022.<span class=\"_ _4\"></span><span class=\"ff4\"> </span>Por otra parte, la <span class=\"_ _1\"></span>cuenta \u201c<span class=\"ff4\">C</span>ontraprestaci\u00f3n<span class=\"_ _2\"></span> contingente\u201d incluye un im<span class=\"_ _1\"></span>porte a cobrar de <span class=\"ff4\">1.859 </span>miles \u20ac <span class=\"_ _1\"></span>al 31<span class=\"_ _1be\"> </span>de diciembre de 2022 (1.715 <span class=\"ff6\">miles \u20ac <span class=\"_ _1\"></span>al 31 de <span class=\"_ _1\"></span>diciembre de 2021) que se corresponde con el valor actual del<span class=\"_ _1\"></span> </span>precio <span class=\"_ _1\"></span>contingente <span class=\"_ _1\"></span>que <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>urgi\u00f3 e<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>v<span class=\"_ _2\"></span>enta e<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>2020 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>parti<span class=\"_ _2\"></span>cipaci\u00f3n del <span class=\"_ _bb\"></span>Grupo<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>En<span class=\"_ _2\"></span>ce <span class=\"_ _1\"></span>Energ\u00eda <span class=\"_ _1\"></span>Termollano,<span class=\"_ _1be\"> </span>S.A., sociedad titu<span class=\"_ _2\"></span>lar de una instalaci\u00f3n<span class=\"_ _2\"></span> de generaci\u00f3n de en<span class=\"_ _2\"></span>erg\u00eda termosolar<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>La <span class=\"_ _c6\"> </span>variaci\u00f3n <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>v<span class=\"_ _2\"></span>alor <span class=\"_ _c6\"> </span>razonable <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>la <span class=\"_ _c6\"> </span>contrap<span class=\"_ _2\"></span>restaci<span class=\"_ _2\"></span>\u00f3n <span class=\"_ _c6\"> </span>contingente, <span class=\"_ _c6\"> </span>prin<span class=\"_ _2\"></span>cipal <span class=\"_ _c6\"> </span>instrumento <span class=\"_ _c6\"> </span>finan<span class=\"_ _2\"></span>ciero<span class=\"_ _1be\"> </span>clasificado <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>Niv<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>3 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>jerar<span class=\"_ _2\"></span>qu\u00eda <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>valor <span class=\"_ _4\"></span>razonable, <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>supuesto <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>registro <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>ingresos <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>cieros<span class=\"_ _1be\"> </span>asociados a<span class=\"_ _2\"></span> la actualizaci\u00f3n financiera del s<span class=\"_ _2\"></span>aldo a cobrar <span class=\"_ _2\"></span>por importe de <span class=\"_ _2\"></span>1.005 <span class=\"ff6\">miles<span class=\"_ _2\"></span> \u20ac</span> (v\u00e9ase N<span class=\"_ _2\"></span>ota 14). 29.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Deuda financiera<span class=\"_ _1be\"> </span></span></span>29.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Deudas con entidade<span class=\"_ _1\"></span>s de cr\u00e9dito y mercado<span class=\"_ _1\"></span> de capitales<span class=\"_ _1be\"> </span></span></span>La <span class=\"_ _1\"></span>composici\u00f3n de <span class=\"_ _bb\"></span>las deudas <span class=\"_ _bb\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>entidades de <span class=\"_ _1\"></span>cr\u00e9dito <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>31 <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>diciembre <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2021, <span class=\"_ _1\"></span>correspondientes<span class=\"_ _1be\"> </span>a pr\u00e9stamos y<span class=\"_ _2\"></span> l\u00edneas de descuento, clas<span class=\"_ _2\"></span>ificadas de acuerdo co<span class=\"_ _2\"></span>n sus vencimientos, es<span class=\"_ _2\"></span> la siguiente:<span class=\"_ _4\"></span> 2022<span class=\"_ _1be\"> </span>Cort<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>azo<span class=\"_ _1be\"> </span>Miles <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>L\u00edmite<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span>2023<span class=\"_ _2e\"> </span>2024<span class=\"_ _4a\"> </span>2025<span class=\"_ _92\"> </span>2026<span class=\"_ _1be\"> </span>Tot<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> Largo<span class=\"_ _1be\"> </span>Plazo<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nciera<span class=\"_ _2\"></span> Negocio <span class=\"_ _2\"></span>CE<span class=\"_ _2\"></span>LULO<span class=\"_ _1\"></span>SA -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gacion<span class=\"_ _2\"></span>es emi<span class=\"_ _2\"></span>tid<span class=\"_ _2\"></span>as            63<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            63<span class=\"_ _1\"></span>.3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>            63<span class=\"_ _1\"></span>.3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _117\"> </span>                    -   <span class=\"_ _4e\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -<span class=\"_ _1be\"> </span>L\u00ednea<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e cr\u00e9di<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>\u2013 <span class=\"_ _2\"></span>revolvi<span class=\"_ _2\"></span>ng          13<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _122\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -<span class=\"_ _1be\"> </span>Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cario<span class=\"_ _2\"></span>s            95<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            95<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>              7.5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            2<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>14<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>98<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            15<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>            87.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>ctura<span class=\"_ _2\"></span>ci\u00f3n                    -   <span class=\"_ _bc\"></span>               (<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>39<span class=\"_ _1\"></span>)<span class=\"_ _a0\"> </span>                    -   <span class=\"_ _cb\"> </span>               (30<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span>               (1<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>4)<span class=\"_ _c4\"> </span>                 (76<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span>               (<span class=\"_ _1\"></span>53<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>es, cup<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>ros                    -   <span class=\"_ _bb\"></span>              1<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6 <span class=\"_ _14c\"> </span>              1.1<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6 <span class=\"_ _117\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -           28<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>          15<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>.9<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            71<span class=\"_ _1\"></span>.9<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            2<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>            43.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            15.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            86.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> Deuda<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nciera<span class=\"_ _2\"></span> Negocio <span class=\"_ _2\"></span>ENE<span class=\"_ _2\"></span>RGIA <span class=\"_ _2\"></span>RENOVABLE -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gacion<span class=\"_ _2\"></span>es emi<span class=\"_ _2\"></span>tid<span class=\"_ _2\"></span>as            79<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _c0\"></span>            79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>                    -                79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1be\"> </span>L\u00ednea<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e cr\u00e9di<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>\u2013 <span class=\"_ _2\"></span>revolvi<span class=\"_ _2\"></span>ng            20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -  Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cario<span class=\"_ _2\"></span>s            71<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>05<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            71<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _c9\"> </span>            27<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            3<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>3 <span class=\"_ _14c\"> </span>            10.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>                    -                43.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>83<span class=\"_ _1\"></span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>ctura<span class=\"_ _2\"></span>ci\u00f3n                    -   <span class=\"_ _2\"></span>            (1.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>94<span class=\"_ _1\"></span>)<span class=\"_ _5f\"> </span>                    -   <span class=\"_ _cb\"> </span>               (9<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>9)<span class=\"_ _c4\"> </span>               (14<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)<span class=\"_ _34\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>4)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>es, cup<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>ros                    -   <span class=\"_ _c0\"></span>                   23<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>                   23<span class=\"_ _1\"></span> <span class=\"_ _d8\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -  170.<span class=\"_ _1\"></span>050<span class=\"_ _7b\"> </span>148.97<span class=\"_ _1\"></span>9<span class=\"_ _78\"> </span>27.090<span class=\"_ _87\"> </span>32.784<span class=\"_ _b\"> </span>89.105<span class=\"_ _1e\"> </span>0<span class=\"_ _e\"> </span>121.8<span class=\"_ _1\"></span>89<span class=\"_ _1be\"> </span>458.<span class=\"_ _1\"></span>350<span class=\"_ _7b\"> </span>307.92<span class=\"_ _1\"></span>6<span class=\"_ _78\"> </span>99.076<span class=\"_ _87\"> </span>60.889<span class=\"_ _7b\"> </span>132.<span class=\"_ _1\"></span>932<span class=\"_ _78\"> </span>15.0<span class=\"_ _1\"></span>29<span class=\"_ _7b\"> </span>208.850<span class=\"_ _1be\"> </span>Vencimien<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Cada  u<span class=\"_ _2\"></span>no  d<span class=\"_ _2\"></span>e  los <span class=\"_ _c6\"> </span>negocios <span class=\"_ _c6\"> </span>se <span class=\"_ _c6\"> </span>financia <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>forma <span class=\"_ _14c\"> </span>in<span class=\"_ _2\"></span>depen<span class=\"_ _2\"></span>diente  del <span class=\"_ _c6\"> </span>otro. <span class=\"_ _c6\"> </span>No <span class=\"_ _14c\"> </span>h<span class=\"_ _2\"></span>ay  re<span class=\"_ _2\"></span>curso <span class=\"_ _c6\"> </span>o  gara<span class=\"_ _2\"></span>nt\u00edas<span class=\"_ _1be\"> </span>significativas entre a<span class=\"_ _2\"></span>mbos.<span class=\"_ _1be\"> </span>Los pagos<span class=\"_ _2\"></span> de intereses prev<span class=\"_ _2\"></span>istos en los pr\u00f3ximos<span class=\"_ _2\"></span>  <span class=\"_ _bc\"></span>4 a\u00f1<span class=\"_ _2\"></span>os y asociado<span class=\"_ _2\"></span>s a <span class=\"ls1f\">la</span>s <span class=\"ff6 ls3a\">\u201cD</span>eudas <span class=\"_ _2\"></span>con entidades de cr\u00e9dito<span class=\"_ _1be\"> </span>y <span class=\"_ _0\"></span>mercado <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>capita<span class=\"_ _2\"></span>les\u201d <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>\u201cOtros <span class=\"_ _c3\"> </span>pasivos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>financiero<span class=\"_ _2\"></span><span class=\"ff4 ls14\">s <span class=\"_ _c3\"></span></span>\u2013<span class=\"ff4\"> <span class=\"_ _0\"></span></span>financiaci\u00f3n <span class=\"_ _c3\"> </span>organismos <span class=\"_ _c3\"></span>p\u00fablicos\u201d <span class=\"_ _c3\"> </span><span class=\"ff4\">en <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>Negocio<span class=\"_ _1be\"> </span></span>Celulosa<span class=\"ls1c\">, <span class=\"_ _2\"></span></span>cons<span class=\"_ _2\"></span>iderando <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>endeudamiento <span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>ual, <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>situ<span class=\"_ _2\"></span>ar\u00e1n <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>ngo <span class=\"_ _4\"></span>0,7 <span class=\"_ _2\"></span><span class=\"ff6\">\u2013</span> <span class=\"_ _4\"></span>5,1 <span class=\"_ _2\"></span>millones <span class=\"_ _4\"></span><span class=\"ff6\">\u20ac</span>, <span class=\"_ _2\"></span>anu<span class=\"_ _2\"></span>ales. <span class=\"_ _2\"></span>Por<span class=\"_ _1be\"> </span>su <span class=\"_ _1\"></span>parte, <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>pagos <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>intereses previstos <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>Negocio <span class=\"_ _1\"></span>Energ\u00eda <span class=\"_ _1\"></span>Renovable <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>los <span class=\"_ _bb\"></span>pr\u00f3<span class=\"_ _2\"></span>ximos <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>a\u00f1os <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>situar\u00e1n<span class=\"_ _1be\"> </span>en el tramo 5,2 <span class=\"ff6\">\u2013</span> 8,<span class=\"_ _2\"></span>4 millones <span class=\"ff6\">\u20ac</span>.<span class=\"_ _1be\"> </span>El <span class=\"_ _c3\"> </span>coste <span class=\"_ _c3\"> </span>medio <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>deud<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>ENCE <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>2022 <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>2021 <span class=\"_ _c3\"> </span>ha <span class=\"_ _c3\"> </span>sido <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c3\"> </span><span class=\"ls11\">2,13</span>% <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>2,52%, <span class=\"_ _c3\"> </span>respectiv<span class=\"_ _2\"></span>amente. <span class=\"_ _c3\"></span>Por<span class=\"_ _1be\"> </span>negocios, <span class=\"_ _cc\"> </span>el <span class=\"_ _cc\"> </span>negocio <span class=\"_ _cc\"> </span>celulosa <span class=\"_ _cc\"> </span>ha <span class=\"_ _cc\"> </span>tenido <span class=\"_ _cc\"> </span>un <span class=\"_ _cc\"> </span>coste <span class=\"_ _cc\"> </span>medio <span class=\"_ _c9\"> </span>en <span class=\"_ _cc\"> </span>dichos <span class=\"_ _cc\"> </span>period<span class=\"_ _2\"></span>os <span class=\"_ _ca\"> </span>del <span class=\"_ _c9\"> </span>1,55% <span class=\"_ _cc\"> </span>y <span class=\"_ _cc\"> </span>1,<span class=\"ls11\">52</span>%,<span class=\"_ _1be\"> </span>respectivamente, y el negocio<span class=\"_ _2\"></span> energ\u00eda del <span class=\"_ _2\"></span><span class=\"ls11\">4,03</span>% y <span class=\"_ _2\"></span>4,19%, resp<span class=\"_ _2\"></span>ectivamente.<span class=\"_ _1be\"> </span>Al <span class=\"_ _c0\"></span>31 <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>diciembre <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>2022<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ENCE <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>empresas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>del <span class=\"_ _0\"></span>Gru<span class=\"_ _2\"></span>po <span class=\"_ _0\"></span>cumplen <span class=\"_ _c0\"></span>\u00ednte<span class=\"_ _2\"></span>gramente <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>sus <span class=\"_ _0\"></span>obligaciones<span class=\"_ _1be\"> </span>financieras <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cualquier <span class=\"_ _2\"></span>otro <span class=\"_ _2\"></span>tipo<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>pudieran <span class=\"_ _2\"></span>dar <span class=\"_ _2\"></span>lugar <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>vencimiento <span class=\"_ _2\"></span>anticipado <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>s compromis<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>financieros. La <span class=\"_ _c7\"> </span>finan<span class=\"_ _2\"></span>ciaci\u00f3n <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _c7\"> </span>no <span class=\"_ _c4\"> </span>est\u00e1 <span class=\"_ _c4\"> </span>sujeta <span class=\"_ _c7\"> </span>a <span class=\"_ _c4\"> </span>ning\u00fa<span class=\"_ _2\"></span>n <span class=\"_ _c7\"> </span>tipo <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>cl\u00e1us<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>que <span class=\"_ _c4\"> </span>implique <span class=\"_ _c4\"> </span>su <span class=\"_ _c7\"> </span>modificaci\u00f3n <span class=\"_ _c4\"> </span>o<span class=\"_ _1be\"> </span>renegociaci\u00f3n como cons<span class=\"_ _2\"></span>ecuencia de un<span class=\"_ _2\"></span>a variaci\u00f3n en la ca<span class=\"_ _2\"></span>lificaci\u00f3n crediticia.<span class=\"_ _2\"></span> Endeuda<span class=\"_ _1\"></span>miento Negocio Celulosa<span class=\"_ _1\"></span> Bono convertible y l\u00ednea de<span class=\"_ _2\"></span> cr\u00e9dito re<span class=\"_ _2\"></span>volving<span class=\"_ _1be\"> </span>El <span class=\"_ _1\"></span>5 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>marzo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2018 <span class=\"_ _1\"></span>ENCE <span class=\"_ _1\"></span>complet\u00f3 <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>proceso <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>colocaci\u00f3n, entre <span class=\"_ _1\"></span>inversores <span class=\"_ _1\"></span>institucionales <span class=\"_ _1\"></span>cualificados,<span class=\"_ _1be\"> </span>de una emisi\u00f3n d<span class=\"_ _2\"></span>e bonos convertibles en a<span class=\"_ _2\"></span>cciones ordinarias<span class=\"_ _2\"></span> por importe de 160 millon<span class=\"_ _2\"></span>es de <span class=\"_ _4\"></span>euros<span class=\"ls1a\">. </span> Los principales<span class=\"_ _2\"></span> t\u00e9rminos y condiciones d<span class=\"_ _2\"></span>e la emisi\u00f3n son los<span class=\"_ _2\"></span> siguient<span class=\"_ _2\"></span>es:<span class=\"_ _1be\"> </span>2<span class=\"_ _1be\"> </span>021<span class=\"_ _1be\"> </span>Cort<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>azo<span class=\"_ _1be\"> </span>Miles <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>L\u00edmite<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span>2022<span class=\"_ _95\"> </span>2023<span class=\"_ _46\"> </span>2024<span class=\"_ _3a\"> </span>2025<span class=\"_ _8\"> </span>2026<span class=\"_ _1be\"> </span>Tot<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Largo<span class=\"_ _1be\"> </span>Plazo<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ciera <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>CELULOSA -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> emit<span class=\"_ _2\"></span>id<span class=\"_ _2\"></span>as          12<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6 <span class=\"_ _14c\"> </span>          12<span class=\"_ _1\"></span>6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> <span class=\"_ _bd\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _cb\"> </span>          126<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6 <span class=\"_ _4e\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _bb\"></span>          12<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> recomp<span class=\"_ _2\"></span>rada<span class=\"_ _2\"></span>s                    -<span class=\"_ _1be\"> </span>L\u00ednea <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e cr\u00e9dit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>\u2013 revo<span class=\"_ _2\"></span>lvin<span class=\"_ _2\"></span>g          13<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _d9\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -<span class=\"_ _1be\"> </span>Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>carios          10<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>          10<span class=\"_ _1\"></span>5.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>              5.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _c1\"> </span>            12<span class=\"_ _1\"></span>.5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>            28<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>4 <span class=\"_ _14c\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>98<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            15.<span class=\"_ _1\"></span>10<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>          100<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>cturaci\u00f3<span class=\"_ _2\"></span>n                    -   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>19<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _cb\"> </span>                    -   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>19<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>tereses, <span class=\"_ _2\"></span>cup\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>tro<span class=\"_ _2\"></span>s                    -   <span class=\"_ _bb\"></span>              1.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>08<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>              1.2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 <span class=\"_ _14e\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -           36<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>          23<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>1 <span class=\"_ _14c\"> </span>              6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 <span class=\"_ _c1\"> </span>          13<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            28<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>41<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>81<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            15.<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>          22<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.8<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>3<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ciera <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>ENERG<span class=\"_ _2\"></span>IA R<span class=\"_ _2\"></span>ENOVABLE -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> emit<span class=\"_ _2\"></span>id<span class=\"_ _2\"></span>as            93<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            93<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _170\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c0\"></span>            93<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _106\"> </span>            93.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> L\u00ednea <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e cr\u00e9dit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>\u2013 revo<span class=\"_ _2\"></span>lvin<span class=\"_ _2\"></span>g            20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _170\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    - Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>carios          10<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>          10<span class=\"_ _1\"></span>0.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            29<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>            27.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>67<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            33<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>33<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            10<span class=\"_ _1\"></span>.2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _c9\"> </span>                    -   <span class=\"_ _c2\"> </span>            71<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1be\"> </span>Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>cturaci\u00f3<span class=\"_ _2\"></span>n                    -   <span class=\"_ _2\"></span>            (1.<span class=\"_ _1\"></span>89<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _d9\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c0\"> </span>            (1.<span class=\"_ _1\"></span>89<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>tereses, <span class=\"_ _2\"></span>cup\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>tro<span class=\"_ _2\"></span>s                    -   <span class=\"_ _4\"></span>                     6 <span class=\"_ _c6\"> </span>                     6 <span class=\"_ _a1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -  213.<span class=\"_ _1\"></span>450<span class=\"_ _12a\"> </span>191.<span class=\"_ _1\"></span>559<span class=\"_ _156\"> </span>29.40<span class=\"_ _1\"></span>6<span class=\"_ _e9\"> </span>27.06<span class=\"_ _1\"></span>7<span class=\"_ _156\"> </span>33.733<span class=\"_ _12a\"> </span>103<span class=\"_ _1\"></span>.250<span class=\"_ _ca\"> </span><span class=\"ff4 ls91\">                    -   <span class=\"_ _10a\"> </span></span>162.<span class=\"_ _1\"></span>153<span class=\"_ _1be\"> </span>574.<span class=\"_ _1\"></span>516<span class=\"_ _12a\"> </span>422.<span class=\"_ _1\"></span>640<span class=\"_ _156\"> </span>35.61<span class=\"_ _1\"></span>4<span class=\"_ _8\"> </span>165.6<span class=\"_ _1\"></span>33<span class=\"_ _156\"> </span>62.147<span class=\"_ _154\"> </span>147.231<span class=\"_ _156\"> </span>15.1<span class=\"_ _1\"></span>05<span class=\"_ _12a\"> </span>387.0<span class=\"_ _1\"></span>26<span class=\"_ _1be\"> </span>Vencimient<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Los <span class=\"_ _c0\"></span>t\u00e9rminos <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>condiciones <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>bono<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>vertible <span class=\"_ _4\"></span>incluy<span class=\"_ _2\"></span>en, <span class=\"_ _c0\"></span>como <span class=\"_ _4\"></span>es <span class=\"_ _c0\"></span>habitu<span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>este <span class=\"_ _c0\"></span>tipo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>financiaci\u00f3n,<span class=\"_ _2\"></span> una <span class=\"_ _2\"></span>cl\u00e1u<span class=\"_ _2\"></span>sula <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>favor <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>tenedores <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>activar\u00eda <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>caso <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>prod<span class=\"_ _2\"></span>ucirse <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span>cambio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>trol <span class=\"_ _2\"></span>(ya <span class=\"_ _4\"></span>sea<span class=\"_ _1be\"> </span>por <span class=\"_ _2\"></span>adq<span class=\"_ _2\"></span>uisici\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>m\u00e1s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>50% <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>acciones <span class=\"_ _4\"></span>con <span class=\"_ _2\"></span>derecho <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>voto <span class=\"_ _4\"></span>o <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>obten<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>derecho <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>nombrar <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la<span class=\"_ _1be\"> </span>mayor\u00eda <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>Consejeros) <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c3\"> </span>accionariado <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>ENCE, <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ermitir\u00eda <span class=\"_ _0\"></span>al <span class=\"_ _c3\"> </span>tenedor <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"></span>bono <span class=\"_ _c3\"></span>convertir<span class=\"_ _1be\"> </span>anticipadamente <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>precio <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>conv<span class=\"_ _2\"></span>ersi\u00f3n <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>ser\u00e1 <span class=\"_ _0\"></span>variab<span class=\"_ _2\"></span>le <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>funci\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>period<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>reste <span class=\"_ _0\"></span>hasta <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span>vencimiento del bono, con el <span class=\"_ _1\"></span>m\u00ednimo de <span class=\"_ _1\"></span>su valor nominal. Asimismo, incluyen cl\u00e1usu<span class=\"_ _2\"></span>las que pueden ajustar<span class=\"_ _1\"></span> el precio de conversi\u00f3n en fu<span class=\"_ _2\"></span>nci\u00f3n d<span class=\"_ _2\"></span>e los dividend<span class=\"_ _2\"></span>os anuales repartidos po<span class=\"_ _2\"></span>r ENCE.<span class=\"_ _2\"></span> La <span class=\"_ _2\"></span>emisi\u00f3n <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>cuenta<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>con <span class=\"_ _4\"></span>garant\u00edas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>reales <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>obre <span class=\"_ _4\"></span>bienes <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>derechos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NCE, <span class=\"_ _2\"></span>ni <span class=\"_ _4\"></span>contempla <span class=\"_ _4\"></span>restricciones <span class=\"_ _4\"></span>al<span class=\"_ _1be\"> </span>uso <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>recursos <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>capital. <span class=\"_ _0\"></span>Los <span class=\"_ _0\"></span>bonos <span class=\"_ _0\"></span>est\u00e1n <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>par <span class=\"_ _0\"></span>(\u201cpari <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>assu\u201d) <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>resto <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>r\u00e9stamos <span class=\"_ _0\"></span>no<span class=\"_ _1be\"> </span>garantizados<span class=\"_ _2\"></span> y no subordinados.<span class=\"_ _2\"></span> ENCE <span class=\"_ _0\"></span>tras <span class=\"_ _0\"></span>analizar <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>t\u00e9rminos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>condiciones <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>emisi\u00f3n <span class=\"_ _0\"></span>co<span class=\"_ _4\"></span>ncluy\u00f3 <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>tratab<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>instrumento<span class=\"_ _1be\"> </span>compuesto de <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>asivo y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>patrimonio, valor\u00e1ndose <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>componente <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>patrimonio <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>mom<span class=\"_ _2\"></span>ento de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>misi\u00f3n<span class=\"_ _1be\"> </span>en <span class=\"_ _2\"></span>14.551 <span class=\"_ _2\"></span>miles <span class=\"_ _2\"></span>\u20ac, <span class=\"_ _2\"></span>equ<span class=\"_ _2\"></span>ivalente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>cup\u00f3n <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>timado <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>instrumento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>similar<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>caracter\u00edsticas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>sin<span class=\"_ _1be\"> </span>opci\u00f3n <span class=\"_ _c0\"></span>d<span class=\"ff6\">e <span class=\"_ _c0\"></span>convertibilidad <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>3,25%, <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>componente <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>pasivo <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>145.449 <span class=\"_ _4\"></span>miles <span class=\"_ _c0\"></span>\u20ac. <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>l <span class=\"_ _4\"></span>tenedo<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>bono<span class=\"_ _1be\"> </span></span>\u00fanicamente  puede  recupe<span class=\"_ _2\"></span>rar  en  efectivo  el  nominal  d<span class=\"_ _2\"></span>e  la  emisi\u00f3n <span class=\"_ _14c\"> </span>ju<span class=\"_ _2\"></span>nto  a  los <span class=\"_ _14c\"> </span>intereses  d<span class=\"_ _2\"></span>evengados<span class=\"_ _1be\"> </span>pendientes  de <span class=\"_ _c5\"> </span>pago.  El <span class=\"_ _c5\"> </span>resto <span class=\"_ _c5\"> </span>de  las  opciones  de <span class=\"_ _c2\"> </span>cancelaci\u00f3n  se  liquidan  en <span class=\"_ _c5\"> </span>acciones <span class=\"_ _c5\"> </span>y  en <span class=\"_ _c2\"> </span>todo  caso<span class=\"_ _1be\"> </span>cumpli\u00e9ndose <span class=\"_ _c9\"> </span>la <span class=\"_ _c9\"> </span>regla <span class=\"_ _c9\"> </span>\u201cfijo <span class=\"_ _c9\"> </span>por <span class=\"_ _c9\"> </span>fijo\u201d. <span class=\"_ _c9\"> </span>As\u00ed <span class=\"_ _c9\"> </span>mismo, <span class=\"_ _cc\"> </span>esta <span class=\"_ _c9\"> </span>financiaci\u00f3n <span class=\"_ _c9\"> </span>cumpl\u00eda <span class=\"_ _c9\"> </span>los <span class=\"_ _c9\"> </span>requis<span class=\"_ _2\"></span>itos <span class=\"_ _c9\"> </span>para <span class=\"_ _c9\"> </span>su<span class=\"_ _1be\"> </span>reconocimiento como nuev<span class=\"_ _2\"></span>a financiaci\u00f3n<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Durante <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>ejercicio <span class=\"_ _c0\"></span>2022 <span class=\"_ _c0\"></span>ENCE <span class=\"_ _c0\"></span>ha <span class=\"_ _c0\"></span>realizado <span class=\"_ _c0\"></span>recompras <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>bonos <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>nominal <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>65.4<span class=\"ff6\">00 <span class=\"_ _4\"></span>miles <span class=\"_ _c0\"></span>\u20ac <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>un<span class=\"_ _1be\"> </span></span>precio <span class=\"_ _0\"></span>medio <span class=\"_ _c3\"></span>equivalente <span class=\"_ _0\"></span>al <span class=\"_ _c3\"> </span>99,82% <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>nominal. <span class=\"_ _c3\"> </span>As\u00ed <span class=\"_ _0\"></span>mis<span class=\"_ _2\"></span>mo, <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>ejercicios <span class=\"_ _0\"></span>anteriores<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>ENCE <span class=\"_ _0\"></span>ha <span class=\"_ _c3\"></span>realizado<span class=\"_ _1be\"> </span>recompras de bonos<span class=\"_ _2\"></span> con un nominal de 31.300 mil<span class=\"_ _2\"></span>es \u20ac.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>En el <span class=\"_ _1\"></span>marco <span class=\"_ _1\"></span>de esta <span class=\"_ _1\"></span>emisi\u00f3n, se <span class=\"_ _1\"></span>suscribi\u00f3 con <span class=\"_ _1\"></span>un sindicato <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>bancos nacionales e internaciones un <span class=\"_ _1\"></span>contrato<span class=\"_ _1be\"> </span>de cr\u00e9<span class=\"_ _1\"></span>dito (revolving cre<span class=\"_ _1\"></span>dit facility) <span class=\"_ _1\"></span>por im<span class=\"_ _1\"></span>porte de <span class=\"ls11\">130 <span class=\"_ _1\"></span><span class=\"ls0_1\">millones de <span class=\"_ _1\"></span>euros. <span class=\"_ _1\"></span>Esta financiaci\u00f3n <span class=\"_ _1\"></span>devenga un <span class=\"_ _1\"></span>tipo<span class=\"_ _1be\"> </span></span></span>de <span class=\"_ _c0\"></span>inter\u00e9s <span class=\"_ _c0\"></span>referenciado <span class=\"_ _c0\"></span>al <span class=\"_ _0\"></span>Euribor <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>tiene <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>v<span class=\"_ _2\"></span>encimiento <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>2026. <span class=\"_ _c0\"></span>Es<span class=\"_ _2\"></span>ta <span class=\"_ _c0\"></span>financiaci\u00f3n <span class=\"_ _0\"></span>est\u00e1 <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>totalidad<span class=\"_ _1be\"> </span>disponible <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>diciembre <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>2022. <span class=\"_ _4\"></span>El <span class=\"_ _4\"></span>tipo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>int<span class=\"_ _2\"></span>er\u00e9s <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>stablecido <span class=\"_ _4\"></span>podr\u00e1 <span class=\"_ _4\"></span>vers<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>modificad<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>anualmente<span class=\"_ _1be\"> </span>en funci\u00f3n del rating d<span class=\"_ _2\"></span>e sostenibilidad<span class=\"_ _2\"></span> medioambiental Sustain<span class=\"_ _2\"></span>alytics obtenido<span class=\"_ _2\"></span> por ENCE, que eval\u00faa d<span class=\"_ _2\"></span>icha<span class=\"_ _1be\"> </span>deuda como \u201cfinanciaci\u00f3n<span class=\"_ _2\"></span> verde\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Pr\u00e9stamos<span class=\"_ _1be\"> </span>Importe d<span class=\"_ _1\"></span>e la Emis<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _b6\"> </span><span class=\"ff6\">160<span class=\"_ _1\"></span>.000.000 \u20ac<span class=\"_ _1be\"> </span></span>No<span class=\"_ _2\"></span>min<span class=\"_ _1\"></span>al Bo<span class=\"_ _2\"></span>no<span class=\"_ _5a\"> </span><span class=\"ff6\">1<span class=\"_ _1\"></span>00.000 \u20ac<span class=\"_ _1be\"> </span></span>Rango de <span class=\"_ _1\"></span>la Deud<span class=\"_ _1\"></span>a<span class=\"_ _186\"> </span>\"Sen<span class=\"_ _1\"></span>ior\" <span class=\"_ _1\"></span>no g<span class=\"_ _1\"></span>arantizada<span class=\"_ _1be\"> </span>Fecha d<span class=\"_ _1\"></span>e la emisi<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _a5\"> </span>05/03/201<span class=\"_ _1\"></span>8<span class=\"_ _1be\"> </span>Fecha d<span class=\"_ _1\"></span>e ven<span class=\"_ _1\"></span>cimien<span class=\"_ _1\"></span>to<span class=\"_ _187\"> </span>05/03/2<span class=\"_ _1\"></span>023<span class=\"_ _1be\"> </span>Cup<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _188\"> </span>1,<span class=\"_ _1\"></span>25%<span class=\"_ _1be\"> </span>Tipo in<span class=\"_ _1\"></span>ter\u00e9s efectivo<span class=\"_ _189\"> </span>1,<span class=\"_ _1\"></span>58%<span class=\"_ _1be\"> </span>Pr<span class=\"_ _1\"></span>ecio<span class=\"_ _2\"></span> de conver<span class=\"_ _1\"></span>si\u00f3n (<span class=\"_ _1\"></span>*)<span class=\"_ _3e\"> </span>8,<span class=\"_ _1\"></span>090<span class=\"_ _1\"></span>1<span class=\"_ _1be\"> </span>Pr<span class=\"_ _1\"></span>ima d<span class=\"_ _1\"></span>e co<span class=\"_ _2\"></span>nv<span class=\"_ _1\"></span>ersi\u00f3n<span class=\"_ _18a\"> </span><span class=\"ls92\">40%<span class=\"_ _1be\"> </span></span>Ratio<span class=\"_ _2\"></span> de convers<span class=\"_ _1\"></span>i\u00f3n (<span class=\"_ _1\"></span>ac<span class=\"_ _2\"></span>c / bono)<span class=\"_ _18b\"> </span>12.361<span class=\"_ _1be\"> </span>M\u00e1ximo ac<span class=\"_ _2\"></span>cio<span class=\"_ _2\"></span>nes a em<span class=\"_ _1\"></span>itir<span class=\"_ _1\"></span> (acc<span class=\"_ _2\"></span>)<span class=\"_ _c\"> </span>19.777.259<span class=\"_ _1be\"> </span>Potencial % in<span class=\"_ _1\"></span>cremen<span class=\"_ _1\"></span>to c<span class=\"_ _2\"></span>apital socia<span class=\"_ _2\"></span>l<span class=\"_ _12f\"> </span>8,<span class=\"_ _1\"></span>03%<span class=\"_ _1be\"> </span>Mer<span class=\"_ _1\"></span>ca<span class=\"_ _2\"></span>do co<span class=\"_ _2\"></span>tizac<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _18c\"> </span>Bo<span class=\"_ _2\"></span>lsa de F<span class=\"_ _1\"></span>rank<span class=\"_ _1\"></span>furt<span class=\"_ _1be\"> </span>ISI<span class=\"_ _2\"></span>N<span class=\"_ _18d\"> </span>XS<span class=\"_ _1\"></span>1783<span class=\"_ _1\"></span>93286<span class=\"_ _1\"></span>3<span class=\"_ _1be\"> </span>Co<span class=\"_ _2\"></span>stes de l<span class=\"_ _1\"></span>a emisi\u00f3n<span class=\"_ _98\"> </span><span class=\"ff6\">2.075.000 \u20ac<span class=\"_ _1be\"> </span></span>(*)<span class=\"_ _1\"></span> Con fec<span class=\"_ _2\"></span>ha 1 d<span class=\"_ _1\"></span>e ju<span class=\"_ _1\"></span>lio d<span class=\"_ _1\"></span>e 2022<span class=\"_ _1\"></span> el p<span class=\"_ _1\"></span>recio de co<span class=\"_ _2\"></span>nv<span class=\"_ _1\"></span>ersi\u00f3n <span class=\"_ _1\"></span>pasa a ser 8,<span class=\"_ _1\"></span>5636<span class=\"_ _1be\"> </span>Al <span class=\"_ _c0\"></span>31 <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>dicie<span class=\"_ _2\"></span>mbre <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>2022 <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _c0\"></span>mantiene <span class=\"_ _c0\"></span>su<span class=\"_ _2\"></span>scritos <span class=\"_ _c0\"></span>pr\u00e9sta<span class=\"_ _2\"></span>mos <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>finan<span class=\"_ _2\"></span>ciar <span class=\"_ _c0\"></span>determinadas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>inversion<span class=\"_ _2\"></span>es contempladas <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>\u201cPlan <span class=\"_ _c2\"> </span>Estrat\u00e9gico <span class=\"_ _c2\"> </span>2019<span class=\"_ _2\"></span><span class=\"ff4\">-</span>2023\u201d, <span class=\"_ _c2\"> </span>por <span class=\"_ _c3\"> </span>u<span class=\"_ _2\"></span>n <span class=\"_ _c2\"> </span>importe <span class=\"_ _c3\"> </span>conju<span class=\"_ _2\"></span>nto <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span><span class=\"ff4 ls11\">95<span class=\"ls0_1\"> <span class=\"_ _c2\"> </span>millones <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>euro<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>y </span></span>vencimientos <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>2023-2026. <span class=\"_ _4\"></span>Una <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>arte <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>pr\u00e9stamos <span class=\"_ _4\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>nominal <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ls11\">37</span> <span class=\"_ _4\"></span>millones <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>euros <span class=\"_ _2\"></span>devenga un <span class=\"_ _c3\"> </span>tipo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>inter\u00e9s <span class=\"_ _c3\"> </span>fijo <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>rango <span class=\"_ _c3\"> </span>1,<span class=\"_ _2\"></span><span class=\"ls11\">80</span>%-<span class=\"ls11\">1,<span class=\"ls2b\">95</span></span>%. <span class=\"_ _c3\"> </span>El <span class=\"_ _c3\"> </span>importe <span class=\"_ _c3\"> </span>res<span class=\"_ _2\"></span>tante <span class=\"_ _c3\"> </span>devenga <span class=\"_ _c3\"> </span>interese<span class=\"_ _2\"></span>s, <span class=\"_ _c3\"> </span>principalmente referenciados <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>Eurib<span class=\"_ _2\"></span>or <span class=\"_ _c2\"> </span>m\u00e1s <span class=\"_ _c2\"> </span>un <span class=\"_ _c2\"> </span>diferencial <span class=\"_ _c2\"> </span>del <span class=\"_ _c2\"> </span>1,43<span class=\"_ _2\"></span>%<span class=\"_ _2\"></span>-2,0%. <span class=\"_ _c2\"> </span>El <span class=\"_ _c2\"> </span>tipo <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>in<span class=\"_ _2\"></span>ter\u00e9s <span class=\"_ _c2\"> </span>establecido <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>odr\u00e1 <span class=\"_ _c2\"> </span>verse modificado anualmente en fu<span class=\"_ _2\"></span>nci\u00f3n del rating d<span class=\"_ _2\"></span>e sostenibilidad medioambiental Susta<span class=\"_ _2\"></span>inalytics obtenid<span class=\"_ _2\"></span>o por ENCE, que eval\u00fa<span class=\"_ _2\"></span>a dicha deuda como \u201cfinanciaci\u00f3n<span class=\"_ _2\"></span> verde\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Otra financiaci\u00f3n<span class=\"_ _2\"></span> Durante <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>2021 <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>Grupo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>c<span class=\"ls18\">el</span>\u00f3 <span class=\"_ _4\"></span><span class=\"ff6\">l\u00edneas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>firming <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>importe <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>15.95<span class=\"_ _2\"></span>8 <span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>les <span class=\"_ _4\"></span>\u20ac, <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>dadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>sus </span>caracter\u00edsticas se encon<span class=\"_ _2\"></span>traban clasificadas<span class=\"_ _2\"></span> como deuda finan<span class=\"_ _2\"></span>ciera.<span class=\"_ _2\"></span> Financiaci\u00f3n Ne<span class=\"_ _1\"></span>gocio Ener<span class=\"_ _1\"></span>g\u00eda Renovable Financiaci\u00f3n corpo<span class=\"_ _2\"></span>rativa Con <span class=\"_ _c0\"></span>fecha <span class=\"_ _0\"></span>24 <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>noviembre <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>2017, <span class=\"_ _0\"></span>Magnon <span class=\"_ _0\"></span>Green <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>nergy<span class=\"_ _2\"></span>, <span class=\"_ _c0\"></span>S.L. <span class=\"_ _0\"></span><span class=\"ff6\">(en <span class=\"_ _0\"></span>adelante <span class=\"_ _0\"></span>\u201cMAGNON\u201d)</span>, <span class=\"_ _0\"></span>holding <span class=\"_ _0\"></span>del negocio <span class=\"_ _c3\"> </span>en<span class=\"_ _2\"></span>erg\u00e9tico <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>ENCE <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>uscribi\u00f3 <span class=\"_ _c2\"> </span>con <span class=\"_ _c3\"> </span>u<span class=\"_ _2\"></span>n <span class=\"_ _c3\"> </span>sin<span class=\"_ _2\"></span>dicato <span class=\"_ _c3\"> </span>formado <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>doce <span class=\"_ _c2\"> </span>entidades <span class=\"_ _c2\"> </span>financieras <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>una compa\u00f1\u00eda de <span class=\"_ _1\"></span>seguros espa\u00f1ola un <span class=\"_ _1\"></span>contrato de pr\u00e9stamo <span class=\"_ _1\"></span>senior, estructurado inicialmente <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>tramos, por un <span class=\"_ _1\"></span>importe <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>isponible <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>170 <span class=\"_ _bb\"></span>millones, <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>llev\u00f3 <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>cabo u<span class=\"_ _1\"></span>na <span class=\"_ _1\"></span>colocaci\u00f3n <span class=\"_ _bb\"></span>priv<span class=\"_ _2\"></span>ada <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>bligaciones <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>importe de 50 millones de euros<span class=\"_ _2\"></span> que fueron s<span class=\"_ _2\"></span>uscritas por un fon<span class=\"_ _2\"></span>do de deuda. <span class=\"_ _2\"></span> Con fecha <span class=\"_ _2\"></span>8 de <span class=\"_ _2\"></span>noviembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2018, <span class=\"_ _2\"></span>Magnon <span class=\"_ _2\"></span>Green E<span class=\"_ _2\"></span>nergy, S.L.<span class=\"_ _2\"></span>, s<span class=\"_ _2\"></span>uscribi\u00f3 <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>ampliaci\u00f3n de <span class=\"_ _2\"></span>este contra<span class=\"_ _2\"></span>to de <span class=\"_ _1\"></span>pr\u00e9stamo <span class=\"_ _1\"></span>senior por <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>porte <span class=\"_ _1\"></span>disponib<span class=\"_ _2\"></span>le <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>17 <span class=\"_ _1\"></span>mill<span class=\"_ _1\"></span>ones de <span class=\"_ _bb\"></span>euro<span class=\"_ _2\"></span>s <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>llev\u00f3 <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cabo <span class=\"_ _1\"></span>una <span class=\"_ _bb\"></span>colo<span class=\"_ _2\"></span>caci\u00f3n <span class=\"_ _1\"></span>privada de <span class=\"_ _2\"></span>obligaciones <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>impor<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>adicional <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>43 <span class=\"_ _4\"></span>millones <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>euros<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>que <span class=\"_ _4\"></span>fueron <span class=\"_ _2\"></span>sus<span class=\"_ _2\"></span>critos <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>dos <span class=\"_ _4\"></span>fondos <span class=\"_ _4\"></span>de deuda.   El detalle de estas finan<span class=\"_ _2\"></span>ciaciones se describ<span class=\"_ _2\"></span>e a con<span class=\"_ _2\"></span>tinuaci\u00f3n: (i)<span class=\"fs1 ls0_1\">  <span class=\"_ _d8\"> </span>E<span class=\"_ _2\"></span>uribor <span class=\"_ _1\"></span>6 meses <span class=\"_ _1\"></span>m\u00e1s diferencial <span class=\"_ _1\"></span>descrito. En l<span class=\"_ _1\"></span>os tramos ban<span class=\"_ _1\"></span>carios, e<span class=\"_ _1\"></span>l tipo <span class=\"_ _1\"></span>es variable en <span class=\"_ _1\"></span>funci\u00f3n del <span class=\"_ _1\"></span>ratio de </span>endeudamiento (Deuda Neta / EBITDA del negocio ENERG\u00cdA Re<span class=\"_ _2\"></span>novable, seg\u00fan definiciones recogidas en el<span class=\"_ _2\"></span> contrato de financiaci\u00f3n). (ii)  <span class=\"_ _b2\"> </span>Vencimiento \u00edntegro (bullet) en la fecha indicada. (iii)  <span class=\"_ _5c\"> </span>Ha financiado la construcci\u00f3n de Huelva 46 MW.  (iv) <span class=\"_ _b2\"> </span>E<span class=\"_ _2\"></span>stas obligaciones est\u00e1n admitidas a cotizaci\u00f3n en la bolsa de valores de Frankfurt (Freiverkeh<span class=\"_ _1\"></span>r).<span class=\"_ _2\"></span> (v) <span class=\"_ _3d\"> </span>Ha financiado la constru<span class=\"_ _1\"></span>cci\u00f3n de Puertollano 50 MW.<span class=\"fs4\"> </span>Tip<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e Dispo<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ib<span class=\"_ _2\"></span>le<span class=\"_ _95\"> </span>Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _10d\"> </span>Vencimi<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Int<span class=\"_ _2\"></span>er\u00e9s (i<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaci\u00f3n<span class=\"_ _2\"></span>/No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> (i<span class=\"_ _2\"></span>v)<span class=\"_ _1e\"> </span><span class=\"ls93\">                     3<span class=\"_ _1\"></span>6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     36<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> </span>di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>3,45%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>1\u00ba                     21<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     21<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>2\u00ba                       6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                       6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>3,45%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>3\u00ba (iii<span class=\"_ _2\"></span>)                     33<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     33<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>4\u00ba                     20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _d9\"> </span>                             -<span class=\"_ _1\"></span>   di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,25%<span class=\"_ _1\"></span>-2,75%<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaci\u00f3n<span class=\"_ _2\"></span>/No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> (i<span class=\"_ _2\"></span>v) y <span class=\"_ _2\"></span>(v)<span class=\"_ _84\"> </span><span class=\"ls93\">                     4<span class=\"_ _1\"></span>3.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> </span>di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>3,45%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>5\u00ba (v)                     11<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     11<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>05<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%                   17<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                   15<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> Miles<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>Durante <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ejercicio <span class=\"_ _2\"></span>2022 MA<span class=\"_ _2\"></span>GNON <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>realizado <span class=\"_ _2\"></span>recompras<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Obligaciones/Notas <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>nominal <span class=\"_ _2\"></span>14.000<span class=\"_ _1be\"> </span>miles \u20ac por un importe d<span class=\"_ _2\"></span>e 14.300 miles \u20ac. <span class=\"_ _2\"></span><span class=\"ff4\"> </span>Esta financiaci\u00f3n<span class=\"_ _2\"></span> incluye como principales garan<span class=\"_ _2\"></span>t\u00edas prenda sobre las acciones d<span class=\"_ _2\"></span>e las sociedades del Grupo<span class=\"_ _1be\"> </span>que <span class=\"_ _0\"></span>desarro<span class=\"_ _2\"></span>llan <span class=\"_ _0\"></span>su <span class=\"_ _c3\"></span>actividad <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>egocio <span class=\"_ _0\"></span>ENE<span class=\"_ _2\"></span>RG\u00cdA <span class=\"_ _0\"></span>Renov<span class=\"_ _2\"></span>able, <span class=\"_ _0\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _0\"></span>activos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>derechos <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>cobro,<span class=\"_ _1be\"> </span>actuales y futu<span class=\"_ _2\"></span>ros. Asimismo, <span class=\"_ _2\"></span>esta <span class=\"_ _4\"></span>financiaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>incluy<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>determinadas <span class=\"_ _4\"></span>obligaciones, <span class=\"_ _4\"></span>habituales <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>este <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>financiaci\u00f3n; <span class=\"_ _2\"></span>el<span class=\"_ _1be\"> </span>suministro <span class=\"_ _d9\"> </span>de <span class=\"_ _ca\"> </span>determinada <span class=\"_ _d9\"> </span>informaci\u00f3n <span class=\"_ _c8\"> </span>de <span class=\"_ _c8\"> </span>car\u00e1cter <span class=\"_ _c8\"> </span>operativo <span class=\"_ _d9\"> </span>y <span class=\"_ _ca\"> </span>finan<span class=\"_ _2\"></span>ciera, <span class=\"_ _c8\"> </span>el <span class=\"_ _c8\"> </span>cumplimiento <span class=\"_ _c8\"> </span>de<span class=\"_ _1be\"> </span>determinados <span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>tios <span class=\"_ _2\"></span>econ\u00f3mi<span class=\"_ _2\"></span>cos <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>solvencia <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>rentabilidad<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>mantenimiento <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>n <span class=\"_ _4\"></span>volumen <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>stock<span class=\"_ _1be\"> </span>de biomasa (almacenes y contratos de suministro) equivalente al consumo de 3 <span class=\"_ _1\"></span>meses. S<span class=\"_ _2\"></span>e estima que al <span class=\"_ _1\"></span>31<span class=\"_ _1be\"> </span>de diciembre de 2022 y<span class=\"_ _2\"></span> 2021 se cumplen \u00edn<span class=\"_ _2\"></span>tegramente dichas<span class=\"_ _2\"></span> obligaciones. <span class=\"_ _2\"></span> En la determinaci\u00f3n del ratio de apalancamiento \u201cDeud<span class=\"_ _2\"></span>a Neta<span class=\"_ _2\"></span><span class=\"ff4\"> </span>/ EBITDA\u201d, <span class=\"ff4\">y de acuerdo con las definiciones<span class=\"_ _1be\"> </span></span>recogidas en el contrato de <span class=\"_ _1\"></span>financiaci\u00f3n<span class=\"_ _2\"></span>, se excluyeron del EBITDA a <span class=\"_ _1\"></span>considerar a los efectos del c\u00e1lculo del<span class=\"_ _1\"></span> ratio de apalancamiento<span class=\"_ _2\"></span> en el ejercicio 2<span class=\"_ _2\"></span>021, los s<span class=\"_ _2\"></span>iguientes conceptos extra<span class=\"_ _2\"></span>ordinarios; 1) cos<span class=\"_ _2\"></span>tes e <span class=\"_ _2\"></span>ingresos<span class=\"_ _1be\"> </span>incurridos <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>ejercicio 20<span class=\"_ _2\"></span>21 y<span class=\"_ _2\"></span> asociad<span class=\"_ _2\"></span>os a <span class=\"_ _2\"></span>las av<span class=\"_ _2\"></span>er\u00edas d<span class=\"_ _2\"></span>e maquinaria <span class=\"_ _2\"></span>de las <span class=\"_ _2\"></span>instalaciones <span class=\"_ _2\"></span>HU 50MW <span class=\"_ _2\"></span>y H<span class=\"_ _2\"></span>U<span class=\"_ _1be\"> </span>41 <span class=\"_ _4\"></span>MW <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>gasto <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>eto <span class=\"_ _4\"></span>por <span class=\"_ _c0\"></span>importe <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>10,4 <span class=\"_ _c0\"></span>millones <span class=\"_ _c0\"></span>\u20ac, <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>2) <span class=\"_ _4\"></span>p\u00e9rdida <span class=\"_ _c0\"></span>excepcional <span class=\"_ _c0\"></span>por <span class=\"_ _4\"></span>importe <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>53,3<span class=\"_ _1be\"> </span>millones <span class=\"_ _c2\"> </span>\u20ac <span class=\"_ _c2\"> </span>ocasionada <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>tratos <span class=\"_ _c2\"> </span><span class=\"ff4\">d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>entrega <span class=\"_ _c2\"> </span>f\u00edsica <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>energ\u00eda <span class=\"_ _c2\"> </span>formalizados <span class=\"_ _c5\"> </span>por <span class=\"_ _c2\"> </span>Magnon <span class=\"_ _c2\"> </span>Green<span class=\"_ _1be\"> </span></span>Energy, <span class=\"_ _4\"></span>S.L <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>manera <span class=\"_ _4\"></span>excepc<span class=\"_ _2\"></span>ional <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>2020, <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>un <span class=\"_ _c0\"></span>contexto <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>precios <span class=\"_ _c0\"></span>m\u00ednimos <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>elevad<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>incertidumbre<span class=\"_ _1be\"> </span>provocada por la propagaci\u00f3n del COVID, <span class=\"_ _1\"></span>con el objetivo de asegurar una generaci\u00f3n m<span class=\"_ _1\"></span>\u00ednima de caja.<span class=\"_ _2\"></span> Estos<span class=\"_ _1be\"> </span>contratos <span class=\"_ _c3\"></span>vencieron <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>totalidad <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>2021, <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>previ\u00e9ndose <span class=\"_ _0\"></span>firmar, <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>escenario <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>egulatorio <span class=\"_ _0\"></span>actual,<span class=\"_ _1be\"> </span>contratos s<span class=\"_ _2\"></span>imilares a futuro de forma recurrente.<span class=\"_ _2\"></span> Asimismo, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>establece <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>cuant\u00eda <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>tesorer\u00eda <span class=\"_ _2\"></span>m\u00ednima <span class=\"_ _2\"></span>disponible <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>Energ\u00eda <span class=\"_ _2\"></span>Renov<span class=\"_ _4\"></span>able <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>al<span class=\"_ _1be\"> </span>menos <span class=\"_ _c0\"></span><span class=\"ls11\">30</span> <span class=\"_ _0\"></span>millones <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>euros, <span class=\"_ _c0\"></span>con<span class=\"_ _2\"></span>sider\u00e1ndos<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>como <span class=\"_ _c0\"></span>tal <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>dispon<span class=\"_ _2\"></span>ible <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>tramo <span class=\"_ _c0\"></span>4\u00ba, <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>cumplimiento <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>determinados <span class=\"_ _c0\"></span>ratios<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>ligados <span class=\"_ _c0\"></span>al <span class=\"_ _c0\"></span>endeud<span class=\"_ _2\"></span>amiento, <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>situaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>patrimonial <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>capacidad<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>generaci\u00f3n <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>caja del negocio, para<span class=\"_ _2\"></span> poder llevar a ca<span class=\"_ _2\"></span>b<span class=\"ls22\">o </span>el reparto d<span class=\"_ _2\"></span>e dividendos y<span class=\"_ _2\"></span> la obtenci\u00f3n de nueva <span class=\"_ _2\"></span>financiaci\u00f3n.<span class=\"_ _2\"></span> El <span class=\"_ _1\"></span>importe <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>comisiones <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>estructuraci\u00f3n <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>otros <span class=\"_ _1\"></span>gastos <span class=\"_ _1\"></span>incurridos <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>la obtenci\u00f3n <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>esta <span class=\"_ _1\"></span>financiaci\u00f3n<span class=\"_ _1be\"> </span>fue de 5.813 <span class=\"ff6\">miles \u20ac<span class=\"_ _2\"></span></span>.<span class=\"_ _1be\"> </span>Al <span class=\"_ _1\"></span>objeto <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cubrir <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>riesgo <span class=\"_ _1\"></span>derivado<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la contrataci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>esta <span class=\"_ _1\"></span>financiaci\u00f3n a <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>inter\u00e9s <span class=\"_ _1\"></span>variable, <span class=\"_ _1\"></span>ENCE<span class=\"_ _1be\"> </span>reestructur\u00f3, <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>contrataci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>esta <span class=\"_ _2\"></span>financiaci\u00f3n,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>contratos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cobertura <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>ten\u00eda<span class=\"_ _1be\"> </span>suscritos en el marco <span class=\"_ _1\"></span>de financiaci\u00f3n previa. Los nuevos IRS <span class=\"_ _1\"></span>cubren el <span class=\"_ _1\"></span>89% de la financiaci\u00f3n dispuesta <span class=\"_ _1\"></span>a un<span class=\"_ _1\"></span> tipo fijo medio de 1,22<span class=\"_ _2\"></span>% (v\u00e9as<span class=\"_ _2\"></span>e Nota 31<span class=\"ls1b\">).<span class=\"_ _2\"></span></span> En <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>marco <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>esta <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>ciaci\u00f3n <span class=\"_ _4\"></span>Standard <span class=\"_ _4\"></span>&amp; <span class=\"_ _2\"></span>Poor\u00b4s <span class=\"_ _4\"></span>otorg\u00f3 <span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>Magnon<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Green <span class=\"_ _2\"></span>Energy, <span class=\"_ _4\"></span>S.L. <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>evaluaci\u00f3n <span class=\"_ _4\"></span>E1,<span class=\"_ _1be\"> </span>m\u00e1xima  calificaci\u00f3n  en  su  es<span class=\"_ _2\"></span>cala  de  evaluaci\u00f3n  de  criterios  medioambientales,<span class=\"_ _2\"></span>  consid<span class=\"_ _2\"></span>er\u00e1nd<span class=\"_ _2\"></span>ose  dicha<span class=\"_ _1be\"> </span>financiaci\u00f3n como \u201cfinanciaci<span class=\"_ _2\"></span>\u00f3n verde\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Esta financiaci\u00f3n<span class=\"_ _2\"></span> no tiene recurso a la<span class=\"_ _2\"></span>s sociedades del Grupo<span class=\"_ _2\"></span> que confirman el Negocio <span class=\"_ _2\"></span>Celulosa.<span class=\"_ _4\"></span> 29.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Otros pasivos financ<span class=\"_ _1\"></span>ieros<span class=\"_ _1be\"> </span></span></span>El <span class=\"_ _1\"></span>detalle <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>este <span class=\"_ _1\"></span>ep\u00edgrafe <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _1\"></span>Estado <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Situaci\u00f3n <span class=\"_ _1\"></span>Financiera Consolidado <span class=\"_ _1\"></span>al <span class=\"_ _bb\"></span>31 de <span class=\"_ _bb\"></span>dicie<span class=\"_ _2\"></span>mbre <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2021<span class=\"_ _1be\"> </span>es el siguiente:<span class=\"_ _1be\"> </span>La <span class=\"_ _c3\"> </span>cuenta<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>\u201cFinanciaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>orga<span class=\"_ _2\"></span>nismos <span class=\"_ _c2\"> </span>p\u00fablicos\u201d<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>correspon<span class=\"_ _2\"></span>de <span class=\"_ _c3\"> </span>fundamental<span class=\"_ _2\"></span>mente <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>r\u00e9stamos <span class=\"_ _c2\"> </span>obtenidos,<span class=\"_ _1be\"> </span>normalmente <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>tipos <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>inter\u00e9s <span class=\"_ _c2\"> </span>favorables<span class=\"_ _2\"></span>, <span class=\"_ _c3\"> </span>que <span class=\"_ _c3\"></span>financian <span class=\"_ _c3\"></span>proyectos <span class=\"_ _c3\"> </span>para <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>ampliaci\u00f3n <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>mejo<span class=\"_ _2\"></span>ra <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>la<span class=\"_ _1be\"> </span>capacidad productiv<span class=\"_ _2\"></span>a de <span class=\"_ _1\"></span>las biof\u00e1bricas de producci\u00f3n de celulosa, as\u00ed como el <span class=\"_ _1\"></span>desarrollo de actividades de<span class=\"_ _1be\"> </span>Investigaci\u00f3n y<span class=\"_ _2\"></span> Desarrollo en ENCE.<span class=\"_ _2\"></span> Su p<span class=\"_ _2\"></span>lazo de amortizaci\u00f3n es d<span class=\"_ _2\"></span>e 10 a\u00f1os, con<span class=\"_ _2\"></span> un periodo de carencia de<span class=\"_ _2\"></span> 3 a\u00f1os, y devengan<span class=\"_ _2\"></span> un tipo de inter\u00e9s fijo q<span class=\"_ _2\"></span>ue se sit\u00faa en el ra<span class=\"_ _2\"></span>ngo <span class=\"_ _2\"></span>1%-2,29%.<span class=\"_ _1be\"> </span>29.3<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Estado de flujos de efe<span class=\"_ _1\"></span>ctivo (EFE)<span class=\"_ _1be\"> </span></span></span>Se <span class=\"_ _2\"></span>muestra <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>continu<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>conciliaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>entre <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>variaciones <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>end<span class=\"_ _2\"></span>eudamiento <span class=\"_ _2\"></span>financiero <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>Grupo<span class=\"_ _1be\"> </span>(deudas  con <span class=\"_ _c2\"> </span>entidad<span class=\"_ _2\"></span>es <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>cr\u00e9dito  y <span class=\"_ _c2\"> </span>mercado  de <span class=\"_ _c5\"> </span>capitales  y <span class=\"_ _c2\"> </span>otros<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>pasivos <span class=\"_ _c2\"> </span>finan<span class=\"_ _2\"></span>cieros) <span class=\"_ _c5\"> </span>y <span class=\"_ _c5\"> </span>los <span class=\"_ _c5\"> </span>flujos  de<span class=\"_ _1\"></span> financiaci\u00f3n <span class=\"_ _0\"></span>recogidos <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>ep\u00edgrafe <span class=\"_ _c0\"></span>\u201c<span class=\"_ _2\"></span>Cobros <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>agos <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>in<span class=\"_ _2\"></span>strumentos <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>pasivo <span class=\"_ _0\"></span>financiero\u201d <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>stado <span class=\"_ _c0\"></span>de<span class=\"_ _4\"></span><span class=\"ff4\"> </span>Flujos de Efectivo en 20<span class=\"_ _2\"></span>22 y 2<span class=\"_ _2\"></span>021:<span class=\"_ _1be\"> </span>2<span class=\"_ _1be\"> </span>022<span class=\"_ _1be\"> </span>Cort<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pla<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Miles <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span>2023<span class=\"_ _43\"> </span>2024<span class=\"_ _9b\"> </span>2025<span class=\"_ _24\"> </span>2026<span class=\"_ _24\"> </span>2027<span class=\"_ _154\"> </span><span class=\"ls0_1\">Sigui<span class=\"_ _2\"></span>entes<span class=\"_ _1be\"> </span></span>Tot<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Largo<span class=\"_ _1be\"> </span>pla<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Otros <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>sivos<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cieros <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>CELULOSA -<span class=\"_ _1be\"> </span>Fina<span class=\"_ _2\"></span>nciaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>organ<span class=\"_ _2\"></span>ismo<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>\u00fab<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>cos<span class=\"_ _1be\"> </span>49.973<span class=\"_ _b\"> </span>8.340<span class=\"_ _90\"> </span>8.234<span class=\"_ _b\"> </span>8.109<span class=\"_ _b\"> </span>8.109<span class=\"_ _b\"> </span>6.221<span class=\"_ _7b\"> </span>10.960<span class=\"_ _e\"> </span>41.633<span class=\"_ _1be\"> </span>Pasivo<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>derecho<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e u<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>(no<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>18)           37<span class=\"_ _1\"></span>.6<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>3 <span class=\"_ _c7\"> </span>             3.0<span class=\"_ _1\"></span>15<span class=\"_ _1\"></span> <span class=\"_ _ed\"> </span>             2.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>08<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>             2.<span class=\"_ _1\"></span>93<span class=\"_ _1\"></span>9 <span class=\"_ _c7\"> </span>             1.8<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>             1.<span class=\"_ _1\"></span>47<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>           25.<span class=\"_ _1\"></span>83<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>           34.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>88<span class=\"_ _1\"></span> 87.57<span class=\"_ _1\"></span>6<span class=\"_ _e\"> </span>11.35<span class=\"_ _1\"></span>5<span class=\"_ _14\"> </span>10.7<span class=\"_ _1\"></span>42<span class=\"_ _e\"> </span>11.04<span class=\"_ _1\"></span>8<span class=\"_ _b\"> </span>9.939<span class=\"_ _b\"> </span>7.700<span class=\"_ _7b\"> </span>36.792<span class=\"_ _7b\"> </span>76.221<span class=\"_ _1be\"> </span>Otros <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>sivos<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cieros <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>ENERG<span class=\"_ _2\"></span>IA RE<span class=\"_ _2\"></span>NOVABLE -<span class=\"_ _1be\"> </span>Pasivo<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>derecho<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e u<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>(no<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>18)<span class=\"_ _1be\"> </span>1.697<span class=\"_ _86\"> </span><span class=\"ls94\">661<span class=\"_ _aa\"> </span>389<span class=\"_ _17\"> </span>288<span class=\"_ _17\"> </span>192<span class=\"_ _22\"> </span>50<span class=\"_ _97\"> </span>117<span class=\"_ _b\"> </span></span>1.036<span class=\"_ _1be\"> </span>1.697<span class=\"_ _86\"> </span><span class=\"ls94\">661<span class=\"_ _20\"> </span>389<span class=\"_ _97\"> </span>288<span class=\"_ _17\"> </span>192<span class=\"_ _22\"> </span>50<span class=\"_ _17\"> </span>117<span class=\"_ _78\"> </span></span>1.036<span class=\"_ _1be\"> </span>89.27<span class=\"_ _1\"></span>3<span class=\"_ _e\"> </span>12.01<span class=\"_ _1\"></span>6<span class=\"_ _14\"> </span>11.1<span class=\"_ _1\"></span>31<span class=\"_ _e\"> </span>11.33<span class=\"_ _1\"></span>6<span class=\"_ _e\"> </span>10.131<span class=\"_ _f7\"> </span>7.750<span class=\"_ _e\"> </span>36.90<span class=\"_ _1\"></span>9<span class=\"_ _e\"> </span>77.25<span class=\"_ _1\"></span>7<span class=\"_ _1be\"> </span>Vencimient<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1o<span class=\"_ _1be\"> </span>2<span class=\"_ _1be\"> </span>021<span class=\"_ _1be\"> </span>Cor<span class=\"_ _2\"></span>to pl<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es <span class=\"_ _2\"></span>de E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>do<span class=\"_ _1be\"> </span>Di<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>pues<span class=\"_ _2\"></span>to<span class=\"_ _1be\"> </span>2022<span class=\"_ _2e\"> </span>2023<span class=\"_ _48\"> </span>2024<span class=\"_ _48\"> </span>2025<span class=\"_ _12d\"> </span>2026<span class=\"_ _7\"> </span><span class=\"ls0_1\">Si<span class=\"_ _4\"></span>gui<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span></span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> Lar<span class=\"_ _2\"></span>go<span class=\"_ _1be\"> </span>pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> Ne<span class=\"_ _1\"></span>goci<span class=\"_ _4\"></span>o CELU<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OSA -<span class=\"_ _1be\"> </span>Fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n or<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>ni<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>mos<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>\u00fabl<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>58<span class=\"_ _2\"></span>.03<span class=\"_ _2\"></span>8<span class=\"_ _84\"> </span>6<span class=\"_ _2\"></span>.371<span class=\"_ _90\"> </span>8<span class=\"_ _2\"></span>.049<span class=\"_ _f7\"> </span>8.61<span class=\"_ _2\"></span>8<span class=\"_ _84\"> </span>8<span class=\"_ _2\"></span>.46<span class=\"_ _2\"></span>4<span class=\"_ _84\"> </span>8<span class=\"_ _2\"></span>.464<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.072<span class=\"_ _ff\"> </span>5<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.667<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por<span class=\"_ _2\"></span> derecho d<span class=\"_ _2\"></span>e us<span class=\"_ _2\"></span>o (nota<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>8)           16<span class=\"_ _2\"></span>.445<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>             3.614<span class=\"_ _2\"></span> <span class=\"_ _30\"> </span>             3.26<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>             1<span class=\"_ _2\"></span>.403<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>             1.77<span class=\"_ _2\"></span>3 <span class=\"_ _c6\"> </span>                 94<span class=\"_ _2\"></span>0 <span class=\"_ _c9\"> </span>             5.44<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>           12<span class=\"_ _2\"></span>.830<span class=\"_ _2\"></span> 74<span class=\"_ _2\"></span>.483<span class=\"_ _f7\"> </span>9.98<span class=\"_ _2\"></span>5<span class=\"_ _d\"> </span>11<span class=\"_ _2\"></span>.316<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0.02<span class=\"_ _2\"></span>1<span class=\"_ _ff\"> </span>10<span class=\"_ _2\"></span>.23<span class=\"_ _2\"></span>7<span class=\"_ _84\"> </span>9.40<span class=\"_ _2\"></span>4<span class=\"_ _ff\"> </span>23<span class=\"_ _2\"></span>.51<span class=\"_ _2\"></span>9<span class=\"_ _ff\"> </span>64<span class=\"_ _2\"></span>.497<span class=\"_ _1be\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> Ne<span class=\"_ _1\"></span>goci<span class=\"_ _4\"></span>o ENE<span class=\"_ _1\"></span>RG<span class=\"_ _1\"></span>I<span class=\"_ _2\"></span>A RE<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>OVAB<span class=\"_ _1\"></span>LE<span class=\"_ _1\"></span> -<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por<span class=\"_ _2\"></span> derecho d<span class=\"_ _2\"></span>e us<span class=\"_ _2\"></span>o (nota<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>8)<span class=\"_ _1be\"> </span>1.12<span class=\"_ _2\"></span>7                 38<span class=\"_ _2\"></span>1 <span class=\"_ _ec\"> </span>                 22<span class=\"_ _2\"></span>7 <span class=\"_ _c6\"> </span>                 19<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>                 1<span class=\"_ _2\"></span>11<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>                   35<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>                 1<span class=\"_ _2\"></span>82<span class=\"_ _2\"></span> 746<span class=\"_ _1be\"> </span>1.12<span class=\"_ _2\"></span>7<span class=\"_ _86\"> </span><span class=\"ls96\">381<span class=\"_ _a8\"> </span>227<span class=\"_ _3a\"> </span>191<span class=\"_ _8b\"> </span>111<span class=\"_ _ce\"> </span>35<span class=\"_ _8b\"> </span>182<span class=\"_ _8b\"> </span>746<span class=\"_ _1be\"> </span></span>75<span class=\"_ _2\"></span>.610<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.366<span class=\"_ _d\"> </span>11<span class=\"_ _2\"></span>.543<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.212<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0.34<span class=\"_ _2\"></span>8<span class=\"_ _84\"> </span>9<span class=\"_ _2\"></span>.439<span class=\"_ _ff\"> </span>2<span class=\"_ _2\"></span>3.70<span class=\"_ _2\"></span>1<span class=\"_ _ff\"> </span>65<span class=\"_ _2\"></span>.24<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>Ve<span class=\"_ _1\"></span>nci<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>ento e<span class=\"_ _1\"></span>n e<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span>\u00f1o<span class=\"_ _1be\"> </span>30.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Otros activos y pasivos corrientes y no corrientes<span class=\"_ _1be\"> </span></span></span>Su detalle al 31 de dici<span class=\"_ _2\"></span>embre de 2022 y 202<span class=\"_ _2\"></span>1 es el siguiente<span class=\"_ _2\"></span>:<span class=\"_ _1be\"> </span>2022<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> de Euros<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span>1/1<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>Em<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span>di<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> (Ne<span class=\"_ _1\"></span>tas<span class=\"_ _2\"></span> de<span class=\"_ _1be\"> </span>gas<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Ree<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bol<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>os<span class=\"_ _2\"></span> /<span class=\"_ _1be\"> </span>Cuota<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Recompra<span class=\"_ _2\"></span> bonos<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>go de<span class=\"_ _1be\"> </span>i<span class=\"_ _2\"></span>ntereses<span class=\"_ _1be\"> </span>Deve<span class=\"_ _1\"></span>ngo de<span class=\"_ _1be\"> </span>i<span class=\"_ _2\"></span>ntereses<span class=\"_ _1be\"> </span>Deve<span class=\"_ _1\"></span>ngo de<span class=\"_ _1be\"> </span>cos<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> de<span class=\"_ _1be\"> </span>estruc<span class=\"_ _2\"></span>tura<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1be\"> </span>Var<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es p<span class=\"_ _2\"></span>or<span class=\"_ _1be\"> </span>derechos<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e uso<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>obr<span class=\"_ _2\"></span>e ac<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _1be\"> </span>Actual<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _1be\"> </span>fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>era<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span>otros<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span>/12<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>Deuda fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Ne<span class=\"_ _1\"></span>goci<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> CEL<span class=\"_ _1\"></span>UL<span class=\"_ _1\"></span>OSA -<span class=\"_ _1be\"> </span>Obl<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es y b<span class=\"_ _2\"></span>onos<span class=\"_ _2\"></span> (Nota<span class=\"_ _2\"></span> 29<span class=\"_ _2\"></span>.1)          12<span class=\"_ _2\"></span>5.568<span class=\"_ _2\"></span> <span class=\"_ _129\"> </span>                     -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _bb\"></span>              (6<span class=\"_ _2\"></span>5.279<span class=\"_ _2\"></span>)<span class=\"_ _15\"> </span>                   -   <span class=\"_ _117\"> </span>                           -                        498 <span class=\"_ _bd\"> </span>                           -   <span class=\"_ _1\"></span>                 2.513<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            63.30<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span>Pr<span class=\"_ _2\"></span>\u00e9sta<span class=\"_ _2\"></span>mos<span class=\"_ _2\"></span> ba<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>os          10<span class=\"_ _2\"></span>4.305<span class=\"_ _2\"></span> <span class=\"_ _129\"> </span>                     -   <span class=\"_ _bb\"></span>              (1<span class=\"_ _2\"></span>0.00<span class=\"_ _2\"></span>0)<span class=\"_ _cb\"> </span>                         -   <span class=\"_ _c6\"> </span>                   -   <span class=\"_ _18e\"> </span>                           -   <span class=\"_ _1\"></span>                     156<span class=\"_ _2\"></span> <span class=\"_ _bd\"> </span>                           -   <span class=\"_ _c2\"> </span>                        -   <span class=\"_ _2\"></span>            9<span class=\"_ _2\"></span>4.46<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Otros<span class=\"_ _4\"></span> pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ero<span class=\"_ _2\"></span>s            58<span class=\"_ _2\"></span>.038 <span class=\"_ _d7\"> </span>                    66<span class=\"_ _2\"></span> <span class=\"_ _c0\"> </span>                 (8.09<span class=\"_ _2\"></span>3)<span class=\"_ _cb\"> </span>                         -   <span class=\"_ _c7\"> </span>                   -   <span class=\"_ _c1\"> </span>                        (6<span class=\"_ _2\"></span>1)<span class=\"_ _cb\"> </span>                        -   <span class=\"_ _c6\"> </span>                           -   <span class=\"_ _4\"></span>                      23<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            49<span class=\"_ _2\"></span>.973<span class=\"_ _2\"></span> Deudas<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>ntereses<span class=\"_ _2\"></span>, cup<span class=\"_ _2\"></span>\u00f3n y otr<span class=\"_ _2\"></span>os              1.208<span class=\"_ _2\"></span> <span class=\"_ _129\"> </span>                     -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _bc\"></span>           (5.174)<span class=\"_ _18e\"> </span>                    5.152<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>                        -   <span class=\"_ _c7\"> </span>                           -   <span class=\"_ _c5\"> </span>                        -   <span class=\"_ _1\"></span>               1.18<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>or d<span class=\"_ _2\"></span>erecho de us<span class=\"_ _2\"></span>o s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>bre a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>tiv<span class=\"_ _2\"></span>os            16<span class=\"_ _2\"></span>.444 <span class=\"_ _185\"> </span>                     -   <span class=\"_ _bf\"></span>                 (4<span class=\"_ _2\"></span>.722<span class=\"_ _2\"></span>)<span class=\"_ _15\"> </span>                         -   <span class=\"_ _d1\"> </span>                    1.92<span class=\"_ _2\"></span>7 <span class=\"_ _bd\"> </span>                        -                     23.95<span class=\"_ _2\"></span>4 <span class=\"_ _c8\"> </span>                        -   <span class=\"_ _4\"></span>            37<span class=\"_ _2\"></span>.603<span class=\"_ _2\"></span>           30<span class=\"_ _2\"></span>5.561<span class=\"_ _2\"></span> <span class=\"_ _d8\"> </span>                    6<span class=\"_ _2\"></span>6 <span class=\"_ _c2\"> </span>              (22<span class=\"_ _2\"></span>.815)<span class=\"_ _c7\"> </span>              (65<span class=\"_ _2\"></span>.279)<span class=\"_ _c5\"> </span>           (5<span class=\"_ _2\"></span>.174)<span class=\"_ _185\"> </span>                    7.018 <span class=\"_ _c5\"> </span>                     6<span class=\"_ _2\"></span>54<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>                  2<span class=\"_ _2\"></span>3.954<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>                 2.536<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>          2<span class=\"_ _2\"></span>46<span class=\"_ _2\"></span>.522          30<span class=\"_ _2\"></span>5.561<span class=\"_ _2\"></span> <span class=\"_ _d8\"> </span>                    6<span class=\"_ _2\"></span>6 <span class=\"_ _c5\"> </span>              (2<span class=\"_ _2\"></span>2.815<span class=\"_ _2\"></span>)<span class=\"_ _c6\"> </span>              (6<span class=\"_ _2\"></span>5.279<span class=\"_ _2\"></span>)<span class=\"_ _14c\"> </span>           (5.17<span class=\"_ _2\"></span>4)<span class=\"_ _117\"> </span>                    7<span class=\"_ _2\"></span>.018 <span class=\"_ _c6\"> </span>                     65<span class=\"_ _2\"></span>4 <span class=\"_ _c6\"> </span>                  23<span class=\"_ _2\"></span>.954 <span class=\"_ _c5\"> </span>                 2<span class=\"_ _2\"></span>.536 <span class=\"_ _c6\"> </span>          24<span class=\"_ _2\"></span>6.522<span class=\"_ _2\"></span> Deuda fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Ne<span class=\"_ _1\"></span>goci<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> EN<span class=\"_ _1\"></span>ERG<span class=\"_ _1\"></span>I<span class=\"_ _2\"></span>A RE<span class=\"_ _1\"></span>NOVA<span class=\"_ _1\"></span>BL<span class=\"_ _1\"></span>E -<span class=\"_ _1be\"> </span>Obl<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es y b<span class=\"_ _2\"></span>onos            92<span class=\"_ _2\"></span>.106 <span class=\"_ _ed\"> </span>                     -   <span class=\"_ _c6\"> </span>                         -   <span class=\"_ _bb\"></span>              (1<span class=\"_ _2\"></span>4.000<span class=\"_ _2\"></span>)<span class=\"_ _15\"> </span>                   -   <span class=\"_ _a3\"> </span>                           -                         33<span class=\"_ _2\"></span>0 <span class=\"_ _15\"> </span>                           -   <span class=\"_ _c2\"> </span>                        -   <span class=\"_ _2\"></span>            7<span class=\"_ _2\"></span>8.43<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span>Pr<span class=\"_ _2\"></span>\u00e9sta<span class=\"_ _2\"></span>mos<span class=\"_ _2\"></span> ba<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>os            99<span class=\"_ _2\"></span>.447 <span class=\"_ _10f\"> </span>                     -                  (2<span class=\"_ _2\"></span>9.40<span class=\"_ _2\"></span>0)<span class=\"_ _a0\"> </span>                         -   <span class=\"_ _c7\"> </span>                   -   <span class=\"_ _a3\"> </span>                           -                         473 <span class=\"_ _15\"> </span>                           -   <span class=\"_ _c2\"> </span>                        -   <span class=\"_ _4\"></span>            70<span class=\"_ _2\"></span>.520<span class=\"_ _2\"></span> Deudas<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>ntereses<span class=\"_ _2\"></span>, cup<span class=\"_ _2\"></span>\u00f3n y otr<span class=\"_ _2\"></span>os                      7 <span class=\"_ _117\"> </span>                     -   <span class=\"_ _bd\"> </span>                         -   <span class=\"_ _c6\"> </span>                         -   <span class=\"_ _bc\"></span>           (5.065<span class=\"_ _2\"></span>)<span class=\"_ _117\"> </span>                    5.08<span class=\"_ _2\"></span>1 <span class=\"_ _cb\"> </span>                        -   <span class=\"_ _c6\"> </span>                           -   <span class=\"_ _c5\"> </span>                        -   <span class=\"_ _4\"></span>                    23<span class=\"_ _2\"></span> Pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>or d<span class=\"_ _2\"></span>erecho de us<span class=\"_ _2\"></span>o s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>bre a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>tiv<span class=\"_ _2\"></span>os              1.127<span class=\"_ _2\"></span> <span class=\"_ _117\"> </span>                     -                     (1.169)<span class=\"_ _ca\"> </span>                         -   <span class=\"_ _106\"> </span>                          51 <span class=\"_ _cc\"> </span>                        -   <span class=\"_ _c3\"> </span>                    1<span class=\"_ _2\"></span>.688<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                        -   <span class=\"_ _c2\"> </span>               1.697<span class=\"_ _2\"></span>           19<span class=\"_ _2\"></span>2.687<span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>                     -                  (30.56<span class=\"_ _2\"></span>9)<span class=\"_ _c7\"> </span>              (14.00<span class=\"_ _2\"></span>0)<span class=\"_ _14c\"> </span>           (5<span class=\"_ _2\"></span>.065)<span class=\"_ _117\"> </span>                    5<span class=\"_ _2\"></span>.132 <span class=\"_ _c6\"> </span>                     80<span class=\"_ _2\"></span>3 <span class=\"_ _c6\"> </span>                    1.688<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                        -              1<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>.676<span class=\"_ _1be\"> </span>I<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>trumentos fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>eros<span class=\"_ _4\"></span> deri<span class=\"_ _2\"></span>va<span class=\"_ _4\"></span>dos<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>\u00f3n              4.781<span class=\"_ _2\"></span> <span class=\"_ _117\"> </span>                     -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _c0\"> </span>           (2.121<span class=\"_ _2\"></span>)<span class=\"_ _129\"> </span>                           -   <span class=\"_ _c7\"> </span>                        -   <span class=\"_ _c7\"> </span>                           -                     3.25<span class=\"_ _2\"></span>0 <span class=\"_ _c7\"> </span>               5.91<span class=\"_ _2\"></span>0          19<span class=\"_ _2\"></span>7.468<span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>                     -                  (30.56<span class=\"_ _2\"></span>9)<span class=\"_ _c7\"> </span>              (14.00<span class=\"_ _2\"></span>0)<span class=\"_ _14c\"> </span>           (7<span class=\"_ _2\"></span>.186)<span class=\"_ _117\"> </span>                    5<span class=\"_ _2\"></span>.132 <span class=\"_ _c6\"> </span>                     80<span class=\"_ _2\"></span>3 <span class=\"_ _c6\"> </span>                    1.688<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>                 3<span class=\"_ _2\"></span>.250 <span class=\"_ _c6\"> </span>          15<span class=\"_ _2\"></span>6.586<span class=\"_ _2\"></span> 50<span class=\"_ _2\"></span>3.03<span class=\"_ _2\"></span>0<span class=\"_ _33\"> </span><span class=\"ls9a\">66<span class=\"_ _14c\"> </span><span class=\"ls99\">              (53<span class=\"_ _2\"></span>.384)<span class=\"_ _c7\"> </span>              (79<span class=\"_ _2\"></span>.279)<span class=\"_ _c7\"> </span>        (12<span class=\"_ _2\"></span>.360)<span class=\"_ _90\"> </span></span></span>12<span class=\"_ _2\"></span>.150<span class=\"_ _78\"> </span>1<span class=\"_ _2\"></span>.457<span class=\"_ _8a\"> </span>2<span class=\"_ _2\"></span>5.64<span class=\"_ _2\"></span>2<span class=\"_ _84\"> </span>5<span class=\"_ _2\"></span>.786<span class=\"_ _ed\"> </span>40<span class=\"_ _2\"></span>3.10<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span>Fl<span class=\"_ _2\"></span>uj<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> de efe<span class=\"_ _1\"></span>cti<span class=\"_ _2\"></span>vo<span class=\"_ _1be\"> </span>Var<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es d<span class=\"_ _2\"></span>e de<span class=\"_ _1\"></span>uda<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>n i<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>to en E<span class=\"_ _1\"></span>FE<span class=\"_ _1be\"> </span>2021<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> de Euros<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span>1/1<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span>Em<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span>di<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> (Ne<span class=\"_ _1\"></span>tas<span class=\"_ _2\"></span> de<span class=\"_ _1be\"> </span>gas<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Ree<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bol<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>os<span class=\"_ _2\"></span> /<span class=\"_ _1be\"> </span>Cuota<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Recompra<span class=\"_ _2\"></span> bonos<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>go de<span class=\"_ _1be\"> </span>i<span class=\"_ _2\"></span>ntereses<span class=\"_ _1be\"> </span>Deve<span class=\"_ _1\"></span>ngo de<span class=\"_ _1be\"> </span>i<span class=\"_ _2\"></span>ntereses<span class=\"_ _1be\"> </span>Deve<span class=\"_ _1\"></span>ngo de<span class=\"_ _1be\"> </span>cos<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> de<span class=\"_ _1be\"> </span>estruc<span class=\"_ _2\"></span>tura<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1be\"> </span>Var<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es p<span class=\"_ _2\"></span>or<span class=\"_ _1be\"> </span>derechos<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e uso<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>obr<span class=\"_ _2\"></span>e ac<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _1be\"> </span>Actual<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _1be\"> </span>fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>era<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span>otros<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span>/12<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span>Deuda fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Ne<span class=\"_ _1\"></span>goci<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> CEL<span class=\"_ _1\"></span>UL<span class=\"_ _1\"></span>OSA -<span class=\"_ _1be\"> </span>Obl<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es y b<span class=\"_ _2\"></span>onos<span class=\"_ _2\"></span> (Nota<span class=\"_ _2\"></span> 29<span class=\"_ _2\"></span>.1)          14<span class=\"_ _2\"></span>7.158<span class=\"_ _2\"></span> <span class=\"_ _185\"> </span>                     -   <span class=\"_ _c6\"> </span>                         -   <span class=\"_ _bb\"></span>              (2<span class=\"_ _2\"></span>5.749<span class=\"_ _2\"></span>)<span class=\"_ _15\"> </span>                   -   <span class=\"_ _18e\"> </span>                           -   <span class=\"_ _1\"></span>                     700<span class=\"_ _2\"></span> <span class=\"_ _bd\"> </span>                           -   <span class=\"_ _bb\"></span>                 3<span class=\"_ _2\"></span>.459<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>          1<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>.568<span class=\"_ _2\"></span> Pr<span class=\"_ _2\"></span>\u00e9sta<span class=\"_ _2\"></span>mos<span class=\"_ _2\"></span> ba<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>os          24<span class=\"_ _2\"></span>2.692<span class=\"_ _2\"></span> <span class=\"_ _a1\"> </span>                (16<span class=\"_ _2\"></span>1)<span class=\"_ _c6\"> </span>            (13<span class=\"_ _2\"></span>8.480<span class=\"_ _2\"></span>)<span class=\"_ _15\"> </span>                         -   <span class=\"_ _c7\"> </span>                   -   <span class=\"_ _117\"> </span>                           -                        254 <span class=\"_ _bd\"> </span>                           -   <span class=\"_ _c5\"> </span>                        -             10<span class=\"_ _2\"></span>4.305<span class=\"_ _2\"></span> Otros<span class=\"_ _4\"></span> pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ero<span class=\"_ _2\"></span>s            64<span class=\"_ _2\"></span>.424 <span class=\"_ _d8\"> </span>                  11<span class=\"_ _2\"></span>6                   (6.633)<span class=\"_ _cb\"> </span>                         -   <span class=\"_ _c7\"> </span>                   -   <span class=\"_ _117\"> </span>                           -   <span class=\"_ _c7\"> </span>                        -   <span class=\"_ _c6\"> </span>                           -   <span class=\"_ _2\"></span>                    131<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            58<span class=\"_ _2\"></span>.038<span class=\"_ _2\"></span> Deudas<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>ntereses<span class=\"_ _2\"></span>, cup<span class=\"_ _2\"></span>\u00f3n y otr<span class=\"_ _2\"></span>os              1.35<span class=\"_ _2\"></span>3 <span class=\"_ _185\"> </span>                     -   <span class=\"_ _c6\"> </span>                         -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _bc\"></span>           (9.594)<span class=\"_ _18e\"> </span>                    9.44<span class=\"_ _2\"></span>9 <span class=\"_ _cb\"> </span>                        -   <span class=\"_ _c6\"> </span>                           -   <span class=\"_ _c5\"> </span>                        -                  1.208<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>or d<span class=\"_ _2\"></span>erecho de us<span class=\"_ _2\"></span>o s<span class=\"_ _4\"></span>obr<span class=\"_ _2\"></span>e ac<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos            44<span class=\"_ _2\"></span>.785 <span class=\"_ _185\"> </span>                     -   <span class=\"_ _bf\"></span>                 (4<span class=\"_ _2\"></span>.145<span class=\"_ _2\"></span>)<span class=\"_ _15\"> </span>                         -   <span class=\"_ _20\"> </span>                        98<span class=\"_ _2\"></span>9 <span class=\"_ _bd\"> </span>                        -   <span class=\"_ _bb\"></span>                (25.18<span class=\"_ _2\"></span>5)<span class=\"_ _122\"> </span>                        -   <span class=\"_ _2\"></span>            1<span class=\"_ _2\"></span>6.44<span class=\"_ _2\"></span>4          50<span class=\"_ _2\"></span>0.410<span class=\"_ _2\"></span> <span class=\"_ _a3\"> </span>                  (45)<span class=\"_ _14c\"> </span>            (1<span class=\"_ _2\"></span>49.25<span class=\"_ _2\"></span>8)<span class=\"_ _c7\"> </span>              (25<span class=\"_ _2\"></span>.749)<span class=\"_ _c5\"> </span>           (9.59<span class=\"_ _2\"></span>4)<span class=\"_ _169\"> </span>                  1<span class=\"_ _2\"></span>0.438<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>                     95<span class=\"_ _2\"></span>4 <span class=\"_ _c2\"> </span>                (25<span class=\"_ _2\"></span>.185)<span class=\"_ _c4\"> </span>                 3<span class=\"_ _2\"></span>.590<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>          30<span class=\"_ _2\"></span>5.56<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>I<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>trumentos fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>eros<span class=\"_ _4\"></span> deri<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>dos<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n                  25<span class=\"_ _2\"></span>7 <span class=\"_ _14e\"> </span>                     -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _c6\"> </span>                         -                  (252)<span class=\"_ _ec\"> </span>                           -   <span class=\"_ _c6\"> </span>                        -   <span class=\"_ _c7\"> </span>                           -                           (5<span class=\"_ _2\"></span>)<span class=\"_ _bd\"> </span>                      -           50<span class=\"_ _2\"></span>0.667<span class=\"_ _2\"></span> <span class=\"_ _d8\"> </span>                  (45)<span class=\"_ _14c\"> </span>            (14<span class=\"_ _2\"></span>9.258<span class=\"_ _2\"></span>)<span class=\"_ _c7\"> </span>              (25.74<span class=\"_ _2\"></span>9)<span class=\"_ _14c\"> </span>           (9<span class=\"_ _2\"></span>.846)<span class=\"_ _18e\"> </span>                  10.43<span class=\"_ _2\"></span>8 <span class=\"_ _c5\"> </span>                     9<span class=\"_ _2\"></span>54<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>                (25.18<span class=\"_ _2\"></span>5)<span class=\"_ _c7\"> </span>                 3.585<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>          3<span class=\"_ _2\"></span>05<span class=\"_ _2\"></span>.561<span class=\"_ _1be\"> </span>Deuda fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Ne<span class=\"_ _1\"></span>goci<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> EN<span class=\"_ _1\"></span>ERG<span class=\"_ _1\"></span>I<span class=\"_ _2\"></span>A RE<span class=\"_ _1\"></span>NOVA<span class=\"_ _1\"></span>BL<span class=\"_ _1\"></span>E -<span class=\"_ _1be\"> </span>Obl<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es y b<span class=\"_ _2\"></span>onos            91<span class=\"_ _2\"></span>.711 <span class=\"_ _ed\"> </span>                     -   <span class=\"_ _c6\"> </span>                         -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _c7\"> </span>                   -   <span class=\"_ _a3\"> </span>                           -                         395<span class=\"_ _2\"></span> <span class=\"_ _122\"> </span>                           -   <span class=\"_ _c5\"> </span>                        -   <span class=\"_ _4\"></span>            92<span class=\"_ _2\"></span>.106<span class=\"_ _2\"></span> Pr<span class=\"_ _2\"></span>\u00e9sta<span class=\"_ _2\"></span>mos<span class=\"_ _2\"></span> ba<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>os          12<span class=\"_ _2\"></span>6.071<span class=\"_ _2\"></span> <span class=\"_ _d7\"> </span>              1.30<span class=\"_ _2\"></span>0 <span class=\"_ _14c\"> </span>              (2<span class=\"_ _2\"></span>8.55<span class=\"_ _2\"></span>0)<span class=\"_ _a0\"> </span>                         -   <span class=\"_ _c7\"> </span>                   -   <span class=\"_ _a3\"> </span>                           -                         626<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>                           -   <span class=\"_ _c2\"> </span>                        -   <span class=\"_ _2\"></span>            9<span class=\"_ _2\"></span>9.44<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span>Otros<span class=\"_ _4\"></span> pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ero<span class=\"_ _2\"></span>s                     -   <span class=\"_ _14e\"> </span>                     -   <span class=\"_ _c6\"> </span>                         -   <span class=\"_ _bd\"> </span>                         -   <span class=\"_ _c6\"> </span>                   -   <span class=\"_ _117\"> </span>                           -   <span class=\"_ _c7\"> </span>                        -   <span class=\"_ _c7\"> </span>                           -   <span class=\"_ _c5\"> </span>                        -   <span class=\"_ _c5\"> </span>                      -<span class=\"_ _1be\"> </span>Deudas<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>ntereses<span class=\"_ _2\"></span>, cup<span class=\"_ _2\"></span>\u00f3n y otr<span class=\"_ _2\"></span>os                    50<span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>                     -   <span class=\"_ _d9\"> </span>                         -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _bc\"></span>           (6.432<span class=\"_ _2\"></span>)<span class=\"_ _117\"> </span>                    6.38<span class=\"_ _2\"></span>9 <span class=\"_ _cb\"> </span>                        -   <span class=\"_ _c7\"> </span>                           -   <span class=\"_ _c5\"> </span>                        -   <span class=\"_ _1\"></span>                       7<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>or d<span class=\"_ _2\"></span>erecho de us<span class=\"_ _2\"></span>o s<span class=\"_ _4\"></span>obr<span class=\"_ _2\"></span>e ac<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos              1.18<span class=\"_ _2\"></span>1 <span class=\"_ _117\"> </span>                     -                        (9<span class=\"_ _2\"></span>69<span class=\"_ _2\"></span>)<span class=\"_ _cc\"> </span>                         -   <span class=\"_ _42\"> </span>                          34 <span class=\"_ _cc\"> </span>                        -                            88<span class=\"_ _2\"></span>1 <span class=\"_ _c4\"> </span>                        -   <span class=\"_ _c2\"> </span>               1.12<span class=\"_ _2\"></span>7          21<span class=\"_ _2\"></span>9.013<span class=\"_ _2\"></span> <span class=\"_ _d7\"> </span>              1.300 <span class=\"_ _c6\"> </span>              (29<span class=\"_ _2\"></span>.519)<span class=\"_ _c8\"> </span>                         -               (<span class=\"_ _1\"></span>6.432<span class=\"_ _2\"></span>)<span class=\"_ _117\"> </span>                    6.42<span class=\"_ _2\"></span>3 <span class=\"_ _c7\"> </span>                 1.02<span class=\"_ _2\"></span>1 <span class=\"_ _c6\"> </span>                        88<span class=\"_ _2\"></span>1 <span class=\"_ _c4\"> </span>                        -              1<span class=\"_ _2\"></span>92<span class=\"_ _2\"></span>.687<span class=\"_ _1be\"> </span>I<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>trumentos fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>eros<span class=\"_ _4\"></span> deri<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>dos<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n            11<span class=\"_ _2\"></span>.850 <span class=\"_ _117\"> </span>                     -   <span class=\"_ _c6\"> </span>                         -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _c0\"> </span>           (3.21<span class=\"_ _2\"></span>4)<span class=\"_ _185\"> </span>                           -   <span class=\"_ _c6\"> </span>                        -   <span class=\"_ _c7\"> </span>                           -                   (3.855)<span class=\"_ _cc\"> </span>               4.781<span class=\"_ _2\"></span>           23<span class=\"_ _2\"></span>0.863<span class=\"_ _2\"></span> <span class=\"_ _d7\"> </span>              1.300 <span class=\"_ _c6\"> </span>              (29<span class=\"_ _2\"></span>.519)<span class=\"_ _c8\"> </span>                         -               (<span class=\"_ _1\"></span>9.646<span class=\"_ _2\"></span>)<span class=\"_ _117\"> </span>                    6.42<span class=\"_ _2\"></span>3 <span class=\"_ _c7\"> </span>                 1.02<span class=\"_ _2\"></span>1 <span class=\"_ _c6\"> </span>                        88<span class=\"_ _2\"></span>1 <span class=\"_ _c2\"> </span>               (3.855<span class=\"_ _2\"></span>)<span class=\"_ _c4\"> </span>          19<span class=\"_ _2\"></span>7.468<span class=\"_ _2\"></span> 73<span class=\"_ _2\"></span>1.53<span class=\"_ _2\"></span>1<span class=\"_ _17c\"> </span>1.25<span class=\"_ _2\"></span>5<span class=\"_ _c5\"> </span><span class=\"ls9c\">            (1<span class=\"_ _2\"></span>78<span class=\"_ _2\"></span>.777)<span class=\"_ _c7\"> </span>              (25<span class=\"_ _2\"></span>.749)<span class=\"_ _c7\"> </span>        (19<span class=\"_ _2\"></span>.492)<span class=\"_ _90\"> </span></span>16<span class=\"_ _2\"></span>.861<span class=\"_ _48\"> </span>1.97<span class=\"_ _2\"></span>5<span class=\"_ _c6\"> </span><span class=\"ls9c\">                (24<span class=\"_ _2\"></span>.304)<span class=\"_ _c7\"> </span>                  (27<span class=\"_ _2\"></span>0)<span class=\"_ _30\"> </span></span>503<span class=\"_ _2\"></span>.030<span class=\"_ _1be\"> </span>Fl<span class=\"_ _2\"></span>uj<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> de efe<span class=\"_ _1\"></span>cti<span class=\"_ _2\"></span>vo<span class=\"_ _1be\"> </span>Var<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es d<span class=\"_ _2\"></span>e de<span class=\"_ _1\"></span>uda<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>n i<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>to en E<span class=\"_ _1\"></span>FE<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> \u20ac<span class=\"_ _18f\"> </span><span class=\"ff4\">Cor<span class=\"_ _2\"></span>to Pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _d8\"> </span>Lar<span class=\"_ _2\"></span>go Pl<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _156\"> </span>Cor<span class=\"_ _2\"></span>to Pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _b2\"> </span>La<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>go Pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>zo<span class=\"_ _1be\"> </span></span>V<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> de<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>j<span class=\"_ _4\"></span>us<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span> por<span class=\"_ _2\"></span> des<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _17\"> </span><span class=\"ls9d\">             6<span class=\"_ _2\"></span>.892<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>          10<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.099<span class=\"_ _2\"></span> <span class=\"_ _19\"> </span>             1.528<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>           8<span class=\"_ _2\"></span>3.51<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span></span>Otros<span class=\"_ _159\"> </span><span class=\"ls9d\">                    -   <span class=\"_ _bb\"></span>               1.243<span class=\"_ _2\"></span> <span class=\"_ _12a\"> </span>                    -   <span class=\"_ _74\"> </span><span class=\"ls0_1\">  <span class=\"_ _2\"></span>1.10<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> </span></span>             6.892<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>          10<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>34<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _129\"> </span>             1<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>52<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>           8<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>61<span class=\"_ _2\"></span>9<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Los <span class=\"_ _c3\"></span>ep\u00edgrafes <span class=\"_ _0\"></span>\u201c<span class=\"_ _2\"></span>Otros <span class=\"_ _c3\"></span>pasivos <span class=\"_ _c3\"> </span>no <span class=\"_ _c3\"> </span>corrientes\u201d<span class=\"_ _2\"></span><span class=\"ff4\"> <span class=\"_ _c3\"> </span><span class=\"ls23\">y <span class=\"_ _c3\"></span></span></span>\u201cOtros <span class=\"_ _c3\"></span>pasivos <span class=\"_ _c3\"></span>corrientes\u201d <span class=\"_ _c3\"> </span><span class=\"ff4\">en <span class=\"_ _c3\"> </span>2022 <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"></span>2021 <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>E<span class=\"_ _2\"></span>stado <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span></span>situaci\u00f3n <span class=\"_ _2\"></span>financiera con<span class=\"_ _2\"></span>solidado <span class=\"_ _2\"></span>adjunto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ff6\">recogen la <span class=\"_ _2\"></span>cuenta <span class=\"_ _2\"></span>\u201cValor d<span class=\"_ _2\"></span>e ajuste <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>desviaciones <span class=\"_ _2\"></span>de p<span class=\"_ _2\"></span>recio del<span class=\"_ _1be\"> </span></span>mercado\u201d que <span class=\"_ _2\"></span>incluye <span class=\"_ _2\"></span>los saldos <span class=\"_ _2\"></span>a largo <span class=\"_ _2\"></span>plazo ante la <span class=\"_ _2\"></span>Comisi\u00f3n <span class=\"_ _2\"></span>Nacional de <span class=\"_ _2\"></span>los Mercados<span class=\"_ _2\"></span> y la Competencia<span class=\"_ _1be\"> </span>(CNMC) <span class=\"_ _1\"></span>derivados de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>aplicaci\u00f3n <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Real <span class=\"_ _1\"></span>Decreto <span class=\"_ _1\"></span>413/2014, de <span class=\"_ _bb\"></span>6 de <span class=\"_ _1\"></span>junio, <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>regula <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>actividad<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>produ<span class=\"_ _2\"></span>cci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _4\"></span>el\u00e9ctrica <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>partir <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>fuentes <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _2\"></span>reno<span class=\"_ _2\"></span>vables, <span class=\"_ _2\"></span>cogen<span class=\"_ _2\"></span>eraci\u00f3n <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>resid<span class=\"_ _2\"></span>uos, <span class=\"_ _2\"></span>en<span class=\"_ _1be\"> </span>lo relativo al \u201cValor d<span class=\"_ _2\"></span>e ajuste por desviacion<span class=\"_ _2\"></span>es\u201d <span class=\"_ _2\"></span><span class=\"ff4\">(v\u00e9anse Notas<span class=\"_ _2\"></span> 3.14<span class=\"ls1c\">, <span class=\"ls11\">10</span></span> y Anexo III). </span>La <span class=\"_ _c0\"></span>compos<span class=\"_ _2\"></span>ici\u00f3n <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>\u201cValor <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>ajuste <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _0\"></span>desviaciones\u201d <span class=\"_ _0\"></span>al <span class=\"_ _c0\"></span>31 <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>diciembre <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>2<span class=\"_ _2\"></span>02<span class=\"ff4\">2 <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>2021 <span class=\"_ _0\"></span>clasificada <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span></span>acuerdo <span class=\"_ _4\"></span>con <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>ejercicios <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>que <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>liquidar\u00e1 <span class=\"_ _c0\"></span>por <span class=\"_ _4\"></span>parte <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>CNMC<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>(situaci\u00f3n <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>duce <span class=\"_ _4\"></span>cuand<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>instalaci\u00f3n <span class=\"_ _2\"></span>se encu<span class=\"_ _2\"></span>entra en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>\u00faltimo s<span class=\"_ _2\"></span>emiperiodo <span class=\"_ _2\"></span>regulator<span class=\"_ _2\"></span>io)<span class=\"_ _2\"></span><span class=\"ls1c\">, </span>y/o <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>traspas<span class=\"_ _2\"></span>ar\u00e1 al <span class=\"_ _2\"></span>resultado <span class=\"_ _2\"></span>del ejer<span class=\"_ _2\"></span>cicio,<span class=\"_ _1be\"> </span>es la siguiente:<span class=\"_ _2\"></span> 31.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Instrumentos financieros derivados<span class=\"_ _1be\"> </span></span></span>Siguiendo la pol\u00edtica d<span class=\"_ _2\"></span>e gesti\u00f3n de riesgos<span class=\"_ _2\"></span> finan<span class=\"_ _2\"></span>cieros descrita<span class=\"_ _2\"></span> en la No<span class=\"_ _2\"></span>ta 5, el Grupo reali<span class=\"_ _2\"></span>za contratacion<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>de instrumentos fin<span class=\"_ _2\"></span>ancieros derivado<span class=\"_ _2\"></span>s princ<span class=\"_ _2\"></span>ipalmente para cub<span class=\"_ _2\"></span>rir sus<span class=\"_ _2\"></span> riesgos financieros<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>El <span class=\"_ _1\"></span>detalle <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>este <span class=\"_ _1\"></span>ep\u00edgrafe <span class=\"_ _1\"></span>del Estado <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Situaci\u00f3n <span class=\"_ _1\"></span>Financiera <span class=\"_ _1\"></span>Con<span class=\"_ _2\"></span>solidado al <span class=\"_ _1\"></span>31 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>diciem<span class=\"_ _1\"></span>bre de <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2021<span class=\"_ _1be\"> </span>que <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>corresponde <span class=\"_ _4\"></span>con <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>alor <span class=\"_ _4\"></span>razonable <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>strumentos <span class=\"_ _4\"></span>financieros <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>erivados <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>esas <span class=\"_ _2\"></span>fechas,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> siguiente: Cor<span class=\"_ _2\"></span>to pl<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>zo<span class=\"_ _1be\"> </span>2022<span class=\"_ _1be\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _28\"> </span><span class=\"ls9e\">2023<span class=\"_ _1e\"> </span>2024<span class=\"_ _17\"> </span>2025<span class=\"_ _97\"> </span>2026<span class=\"_ _17\"> </span>2027<span class=\"_ _107\"> </span></span>Si<span class=\"_ _4\"></span>gui<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> Lar<span class=\"_ _2\"></span>go<span class=\"_ _1be\"> </span>Pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>zo<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> Acr<span class=\"_ _2\"></span>ee<span class=\"_ _1\"></span>dores<span class=\"_ _2\"></span>-      Ne<span class=\"_ _1\"></span>goci<span class=\"_ _4\"></span>o CELU<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OSA<span class=\"_ _1\"></span> -<span class=\"_ _1be\"> </span>               1.93<span class=\"_ _2\"></span>0 <span class=\"_ _3d\"> </span>             2<span class=\"_ _2\"></span>.073<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>             2<span class=\"_ _2\"></span>.226<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>             2<span class=\"_ _2\"></span>.39<span class=\"_ _2\"></span>1 <span class=\"_ _ca\"> </span>             2.56<span class=\"_ _2\"></span>8 <span class=\"_ _ca\"> </span>           23<span class=\"_ _2\"></span>.133<span class=\"_ _2\"></span>       Ne<span class=\"_ _1\"></span>goci<span class=\"_ _4\"></span>o ENE<span class=\"_ _1\"></span>RG<span class=\"_ _1\"></span>I<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span> REN<span class=\"_ _1\"></span>OVA<span class=\"_ _1\"></span>BL<span class=\"_ _1\"></span>E<span class=\"_ _1\"></span> -           75<span class=\"_ _2\"></span>.670<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>               4.96<span class=\"_ _2\"></span>2 <span class=\"_ _3d\"> </span>             5<span class=\"_ _2\"></span>.329<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>             5<span class=\"_ _2\"></span>.72<span class=\"_ _2\"></span>3 <span class=\"_ _ca\"> </span>             5.54<span class=\"_ _2\"></span>9 <span class=\"_ _ca\"> </span>             5.95<span class=\"_ _2\"></span>9 <span class=\"_ _ca\"> </span>           48<span class=\"_ _2\"></span>.148<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>           70<span class=\"_ _2\"></span>.70<span class=\"_ _2\"></span>8         10<span class=\"_ _2\"></span>9.99<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>               6.89<span class=\"_ _2\"></span>2 <span class=\"_ _3d\"> </span>             7.40<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>             7<span class=\"_ _2\"></span>.949<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>             7<span class=\"_ _2\"></span>.940<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>             8<span class=\"_ _2\"></span>.52<span class=\"_ _2\"></span>7 <span class=\"_ _ca\"> </span>           71<span class=\"_ _2\"></span>.281<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>         10<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.099<span class=\"_ _2\"></span> Pos<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n n<span class=\"_ _2\"></span>et<span class=\"_ _1\"></span>a         10<span class=\"_ _2\"></span>9.99<span class=\"_ _2\"></span>1 <span class=\"_ _c9\"> </span>               6<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>89<span class=\"_ _2\"></span>2 <span class=\"_ _3d\"> </span>             7<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>40<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>             7<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>94<span class=\"_ _2\"></span>9 <span class=\"_ _ca\"> </span>             7.94<span class=\"_ _2\"></span>0 <span class=\"_ _ca\"> </span>             8.527<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>           7<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>28<span class=\"_ _2\"></span>1 <span class=\"_ _c7\"> </span>         1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>3.099<span class=\"_ _2\"></span> Ve<span class=\"_ _1\"></span>nci<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>o en e<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span>\u00f1o<span class=\"_ _1be\"> </span>Cor<span class=\"_ _2\"></span>to pl<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>zo<span class=\"_ _1be\"> </span>2021<span class=\"_ _1be\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _28\"> </span><span class=\"lsa1\">2022<span class=\"_ _f5\"> </span>2023<span class=\"_ _97\"> </span>2024<span class=\"_ _191\"> </span>2025<span class=\"_ _97\"> </span>2026<span class=\"_ _72\"> </span></span>Si<span class=\"_ _4\"></span>gui<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> Lar<span class=\"_ _2\"></span>go<span class=\"_ _1be\"> </span>Pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>zo<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> Acr<span class=\"_ _2\"></span>ee<span class=\"_ _1\"></span>dores<span class=\"_ _2\"></span>-      Ne<span class=\"_ _1\"></span>goci<span class=\"_ _4\"></span>o CELU<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OSA<span class=\"_ _1\"></span> -<span class=\"_ _1be\"> </span>                  22<span class=\"_ _2\"></span>3 <span class=\"_ _117\"> </span>             1<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>6 <span class=\"_ _ca\"> </span>             1.18<span class=\"_ _2\"></span>8 <span class=\"_ _ca\"> </span>             1<span class=\"_ _2\"></span>.276<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>             1<span class=\"_ _2\"></span>.370<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>           14<span class=\"_ _2\"></span>.654<span class=\"_ _2\"></span>       Ne<span class=\"_ _1\"></span>goci<span class=\"_ _4\"></span>o ENE<span class=\"_ _1\"></span>RG<span class=\"_ _1\"></span>I<span class=\"_ _2\"></span>A<span class=\"_ _1\"></span> REN<span class=\"_ _1\"></span>OVA<span class=\"_ _1\"></span>B<span class=\"_ _1\"></span>LE<span class=\"_ _1\"></span> -           65<span class=\"_ _2\"></span>.225<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>               1.30<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>             7.73<span class=\"_ _2\"></span>7 <span class=\"_ _ca\"> </span>             8<span class=\"_ _2\"></span>.309<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>             8<span class=\"_ _2\"></span>.92<span class=\"_ _2\"></span>4 <span class=\"_ _ca\"> </span>             5.35<span class=\"_ _2\"></span>2 <span class=\"_ _ca\"> </span>           33<span class=\"_ _2\"></span>.59<span class=\"_ _2\"></span>8 <span class=\"_ _c9\"> </span>           6<span class=\"_ _2\"></span>3.92<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>            85<span class=\"_ _2\"></span>.042<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>               1.52<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>             8.84<span class=\"_ _2\"></span>3 <span class=\"_ _ca\"> </span>             9<span class=\"_ _2\"></span>.497<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>           1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.200<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>             6.72<span class=\"_ _2\"></span>2 <span class=\"_ _ca\"> </span>           48<span class=\"_ _2\"></span>.25<span class=\"_ _2\"></span>2 <span class=\"_ _c9\"> </span>           8<span class=\"_ _2\"></span>3.51<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span>Pos<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n <span class=\"_ _2\"></span>net<span class=\"_ _1\"></span>a           85<span class=\"_ _2\"></span>.042<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>               1.528<span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>             8.84<span class=\"_ _2\"></span>3 <span class=\"_ _ca\"> </span>             9.49<span class=\"_ _2\"></span>7 <span class=\"_ _ca\"> </span>           10<span class=\"_ _2\"></span>.200<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>             6.722<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>           4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>25<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>           83<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>51<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span>Ve<span class=\"_ _1\"></span>nci<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>o en e<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span>\u00f1o<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _93\"> </span>31<span class=\"_ _2\"></span>/12<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _122\"> </span>31<span class=\"_ _2\"></span>/12<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _d9\"> </span>3<span class=\"_ _2\"></span>1/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _bd\"> </span>3<span class=\"_ _2\"></span>1/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _bd\"> </span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/12<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _bd\"> </span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/12<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _bd\"> </span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/12<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>2<span class=\"_ _bd\"> </span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/12<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Cobertura<span class=\"_ _4\"></span> de fl<span class=\"_ _2\"></span>uj<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> de e<span class=\"_ _1\"></span>fe<span class=\"_ _1\"></span>cti<span class=\"_ _4\"></span>vo-   I<span class=\"_ _2\"></span>RSwa<span class=\"_ _2\"></span>p<span class=\"_ _18f\"> </span><span class=\"lsa4\">            3,224<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>                   -   <span class=\"_ _1\"></span>            2,57<span class=\"_ _2\"></span>9 <span class=\"_ _cb\"> </span>                   -   <span class=\"_ _c4\"> </span>                   -               2,44<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>                   -               2<span class=\"_ _2\"></span>,615<span class=\"_ _2\"></span> </span>   Comi<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u00f3n es<span class=\"_ _2\"></span>truc<span class=\"_ _2\"></span>tura<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n I<span class=\"_ _4\"></span>RSwap<span class=\"_ _f0\"> </span><span class=\"lsa4\">               10<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>                   -   <span class=\"_ _c6\"> </span>                   -   <span class=\"_ _c4\"> </span>                   -   <span class=\"_ _c4\"> </span>                   -   <span class=\"_ _ba\"></span>              (2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>0)<span class=\"_ _55\"> </span>                   -   <span class=\"_ _c7\"> </span>                   - </span>   Cobertur<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> de di<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>a<span class=\"_ _148\"> </span><span class=\"lsa4\">                   -   <span class=\"_ _c4\"> </span>                   -   <span class=\"_ _c6\"> </span>                   -   <span class=\"_ _c4\"> </span>                   -   <span class=\"_ _c4\"> </span>                   -   <span class=\"_ _c4\"> </span>                   -   <span class=\"_ _4\"></span>               3<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>8 <span class=\"_ _c4\"> </span>            6<span class=\"_ _2\"></span>,97<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span></span>Tota<span class=\"_ _1\"></span>l<span class=\"_ _88\"> </span><span class=\"lsa4\">            3,331<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>                   -   <span class=\"_ _1\"></span>            2,579<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>                   -   <span class=\"_ _c4\"> </span>                   -   <span class=\"_ _154\"> </span><span class=\"ls0_1\">2<span class=\"_ _2\"></span>,161<span class=\"_ _191\"> </span><span class=\"lsa5\">358<span class=\"_ _f7\"> </span></span>9<span class=\"_ _2\"></span>,59<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span></span></span>A<span class=\"_ _1\"></span>cti<span class=\"_ _4\"></span>vo no<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ente<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>cti<span class=\"_ _4\"></span>vo c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vo n<span class=\"_ _2\"></span>o c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>nte<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vo c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>rr<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _1be\"> </span>El <span class=\"_ _1\"></span>importe <span class=\"_ _bb\"></span>del <span class=\"_ _1\"></span>valor <span class=\"_ _1\"></span>razonable <span class=\"_ _1\"></span>traspasado <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>resultado <span class=\"_ _1\"></span>del <span class=\"_ _bb\"></span>ejercicio <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los <span class=\"_ _bb\"></span>ins<span class=\"_ _2\"></span>trumentos <span class=\"_ _1\"></span>financieros <span class=\"_ _1\"></span>derivados<span class=\"_ _4\"></span> al 31 de diciembre de 20<span class=\"_ _2\"></span>22 y 2021 es el s<span class=\"_ _2\"></span>iguiente:<span class=\"_ _1be\"> </span>Todos <span class=\"_ _c0\"></span>los <span class=\"_ _4\"></span>in<span class=\"_ _2\"></span>strumentos <span class=\"_ _c0\"></span>financieros <span class=\"_ _4\"></span>derivad<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>contra<span class=\"_ _2\"></span>tados <span class=\"_ _4\"></span>por <span class=\"_ _c0\"></span>ENCE <span class=\"_ _0\"></span>al <span class=\"_ _c0\"></span>31 <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>diciembre <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>2022 <span class=\"_ _c0\"></span>califican<span class=\"_ _1be\"> </span>como cobertura conta<span class=\"_ _2\"></span>ble. 31.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Coberturas de divisa<span class=\"_ _1be\"> </span></span></span>ENCE <span class=\"_ _c0\"></span>cubre <span class=\"_ _c0\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>fluctuaciones <span class=\"_ _0\"></span>del <span class=\"_ _c0\"></span>tipo <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>cambio <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>\u00f3lar/eur<span class=\"_ _2\"></span>o, <span class=\"_ _c0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>afectan <span class=\"_ _c0\"></span>significativ<span class=\"_ _2\"></span>amente <span class=\"_ _c0\"></span>al <span class=\"_ _c0\"></span>pr<span class=\"_ _2\"></span>ecio <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>venta <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>lulosa, <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>t\u00faneles <span class=\"_ _bb\"></span>en <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>modalidad <span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>si\u00e1tica. <span class=\"_ _1\"></span>Su <span class=\"_ _1\"></span>detalle <span class=\"_ _bb\"></span>al 31 <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>diciembre <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>siguiente:<span class=\"_ _1be\"> </span>Los <span class=\"_ _2\"></span>contratos<span class=\"_ _2\"></span> vigentes <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>diciembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>2 cu<span class=\"_ _2\"></span>bren <span class=\"_ _2\"></span>aproximad<span class=\"_ _2\"></span>amente u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>10,11<span class=\"_ _2\"></span>% y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span>8,13% d<span class=\"_ _2\"></span>e las<span class=\"_ _1be\"> </span>ventas de <span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>lulosa previstas <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>primer <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>segundo <span class=\"_ _1\"></span>semestre de <span class=\"_ _bb\"></span>2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>3, <span class=\"_ _1\"></span>respectivamente.<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Al 31 <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>diciembre<span class=\"_ _1be\"> </span>de <span class=\"_ _0\"></span>202<span class=\"_ _2\"></span>1, <span class=\"_ _c3\"></span>los <span class=\"_ _c3\"></span>contratos <span class=\"_ _c3\"> </span>vigentes<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>cu<span class=\"_ _2\"></span>br\u00edan <span class=\"_ _c3\"> </span>ap<span class=\"_ _2\"></span>roximadamente <span class=\"_ _c3\"> </span>un <span class=\"_ _c3\"> </span>54% <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>un <span class=\"_ _c3\"> </span><span class=\"ls2b\">21</span>% <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>las <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>entas <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>celulosa<span class=\"_ _1be\"> </span>previstas en <span class=\"_ _2\"></span>el primer y segundo<span class=\"_ _2\"></span> semestre de 2022, r<span class=\"_ _2\"></span>espectivamente.<span class=\"_ _2\"></span> El <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>alor <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>mercado <span class=\"_ _c0\"></span>n<span class=\"_ _2\"></span>egativo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>dichos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>ins<span class=\"_ _2\"></span>trumentos <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>31 <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>dicie<span class=\"_ _2\"></span>mbre <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>202<span class=\"_ _2\"></span>2 <span class=\"_ _c0\"></span>asciend<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span><span class=\"ls11\">358</span> <span class=\"_ _c0\"></span>miles <span class=\"_ _c0\"></span><span class=\"ff6 ls11\">\u20ac<span class=\"_ _1be\"> </span></span>(6.<span class=\"ls11\">977</span> <span class=\"ff6\">miles \u20ac</span> negativo <span class=\"_ _2\"></span>a 31 de d<span class=\"_ _2\"></span>iciembre de 20<span class=\"_ _2\"></span>21<span class=\"ls1b\">).</span> Por <span class=\"_ _c4\"> </span>su<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>parte, <span class=\"_ _c9\"> </span>la <span class=\"_ _c4\"> </span>sensibilid<span class=\"_ _2\"></span>ad <span class=\"_ _c4\"> </span>del <span class=\"_ _c4\"> </span>resu<span class=\"_ _2\"></span>ltado <span class=\"_ _c9\"> </span>de <span class=\"_ _c9\"> </span>explotaci\u00f3n <span class=\"_ _c4\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>del <span class=\"_ _c9\"> </span>patrimonio <span class=\"_ _c4\"> </span>a <span class=\"_ _c9\"> </span>las <span class=\"_ _c4\"> </span>apreciaciones <span class=\"_ _c9\"> </span>o<span class=\"_ _1be\"> </span>depreciaciones <span class=\"_ _c3\"></span>del <span class=\"_ _c3\"></span>d\u00f3lar <span class=\"_ _c3\"></span>frente <span class=\"_ _c3\"> </span>al <span class=\"_ _c3\"></span>euro, <span class=\"_ _c3\"></span>como <span class=\"_ _c3\"> </span>consecuenc<span class=\"_ _2\"></span>ia <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>efecto<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>los <span class=\"_ _c3\"> </span>instru<span class=\"_ _2\"></span>mentos<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>financieros<span class=\"_ _1be\"> </span>derivados con<span class=\"_ _2\"></span>tratados por ENCE a 31 de diciembr<span class=\"_ _2\"></span>e de <span class=\"_ _2\"></span><span class=\"ls11\">202</span>2, se d<span class=\"_ _2\"></span>etalla a continuaci\u00f3n<span class=\"_ _2\"></span>: Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _c0\"></span> - I<span class=\"_ _4\"></span>ngr<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>o/(Ga<span class=\"_ _2\"></span>s<span class=\"_ _c0\"></span>t<span class=\"_ _1\"></span>o)<span class=\"_ _138\"> </span>31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _34\"> </span>3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>I<span class=\"_ _2\"></span>mpa<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>to e<span class=\"_ _1\"></span>n r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>ul<span class=\"_ _c0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>dos<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>de e<span class=\"_ _bb\"></span>x<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n<span class=\"_ _2\"></span>-   Cob<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> di<span class=\"_ _c0\"></span>vi<span class=\"_ _4\"></span>s<span class=\"_ _c0\"></span>a<span class=\"_ _181\"> </span><span class=\"lsa6\">        (20<span class=\"_ _2\"></span>.42<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _a0\"> </span>               4<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> </span>Cobertur<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> pr<span class=\"_ _2\"></span>eci<span class=\"_ _c0\"></span>o d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>a<span class=\"_ _f6\"> </span><span class=\"lsa6\">                  7<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>          (5<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)</span>   Cob<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> vent<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>\u00e9ctri<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _62\"> </span><span class=\"lsa6\">                    9<span class=\"_ _2\"></span>          (3<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.41<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)</span>   Cob<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>ompr<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> e<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>g\u00eda<span class=\"_ _2\"></span> el<span class=\"_ _4\"></span>\u00e9<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>t<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _185\"> </span><span class=\"lsa6\">                     - <span class=\"_ _ca\"> </span>                     -<span class=\"_ _1be\"> </span></span>Subtota<span class=\"_ _2\"></span>l<span class=\"_ _192\"> </span><span class=\"lsa6\">        (20<span class=\"_ _2\"></span>.34<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>        (8<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.16<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></span>I<span class=\"_ _2\"></span>mpa<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>to e<span class=\"_ _1\"></span>n r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>ul<span class=\"_ _c0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span>dos<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>fi<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ero<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>-   I<span class=\"_ _4\"></span>RSwa<span class=\"_ _2\"></span>p (Not<span class=\"_ _1\"></span>a<span class=\"_ _4\"></span> 1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsa6\">          (1<span class=\"_ _2\"></span>.46<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _d9\"> </span>          (2.30<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></span>T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _da\"> </span><span class=\"lsa6\">        (21<span class=\"_ _2\"></span>.81<span class=\"_ _2\"></span>2)<span class=\"_ _ca\"> </span>        (9<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>46<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></span>St<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>ke<span class=\"_ _9b\"> </span>Stri<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>ke<span class=\"_ _51\"> </span>Noci<span class=\"_ _c0\"></span>ona<span class=\"_ _4\"></span>l<span class=\"_ _1be\"> </span>Subya<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _159\"> </span>Ca<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>l<span class=\"_ _d4\"> </span>Put<span class=\"_ _8\"> </span>(Mn.<span class=\"_ _1\"></span> USD)<span class=\"_ _1be\"> </span>E<span class=\"_ _1\"></span>UR/<span class=\"_ _1\"></span>USD<span class=\"_ _193\"> </span>1,1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>4<span class=\"_ _17c\"> </span>1<span class=\"_ _2\"></span>,14<span class=\"_ _2\"></span>4<span class=\"_ _10b\"> </span>2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,5<span class=\"_ _1be\"> </span>E<span class=\"_ _1\"></span>UR/<span class=\"_ _1\"></span>USD<span class=\"_ _193\"> </span>1,0<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>3<span class=\"_ _17c\"> </span>1<span class=\"_ _2\"></span>,12<span class=\"_ _2\"></span>0<span class=\"_ _10b\"> </span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,0<span class=\"_ _1be\"> </span>E<span class=\"_ _1\"></span>UR/<span class=\"_ _1\"></span>USD<span class=\"_ _193\"> </span>0,9<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>9<span class=\"_ _17c\"> </span>1<span class=\"_ _2\"></span>,07<span class=\"_ _2\"></span>7<span class=\"_ _10b\"> </span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>,0<span class=\"_ _1be\"> </span>E<span class=\"_ _1\"></span>UR/<span class=\"_ _1\"></span>USD<span class=\"_ _193\"> </span>1,0<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>5<span class=\"_ _17c\"> </span>1<span class=\"_ _2\"></span>,06<span class=\"_ _2\"></span>0<span class=\"_ _10b\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,0<span class=\"_ _1be\"> </span>64<span class=\"_ _2\"></span>,5<span class=\"_ _1be\"> </span>4\u00ba T<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>tre 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>3\u00ba T<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>tre 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>2\u00ba T<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>tre 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>1\u00ba T<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>me<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>tre 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nc<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>mi<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>nto<span class=\"_ _1be\"> </span>31.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Interest Rate Swap-<span class=\"_ _1be\"> </span></span></span>Los derivado<span class=\"_ _2\"></span>s sobre tipos d<span class=\"_ _2\"></span>e inter\u00e9s contratados p<span class=\"_ _2\"></span>or el Grupo y vig<span class=\"_ _4\"></span>entes al 31 de diciembre d<span class=\"_ _2\"></span>e 2022 y 20<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span>son los siguientes:<span class=\"_ _2\"></span> Durante <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>ejer<span class=\"_ _2\"></span>cicio <span class=\"_ _c3\"></span>2022 <span class=\"_ _c3\"></span>se <span class=\"_ _0\"></span>han<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>producido <span class=\"_ _c3\"></span>ineficacias <span class=\"_ _0\"></span>en<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>los <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>erivados <span class=\"_ _c3\"></span>sobre <span class=\"_ _c3\"></span>tipos <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>inter\u00e9s <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c3\"></span>han<span class=\"_ _1be\"> </span>supuesto <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>reconocimiento <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>ingreso <span class=\"_ _0\"></span>por <span class=\"_ _c0\"></span>importe <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span><span class=\"ls11\">301</span> <span class=\"_ _c0\"></span><span class=\"ff6\">miles <span class=\"_ _c0\"></span>\u20ac <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>encu<span class=\"_ _2\"></span>entra <span class=\"_ _c0\"></span>registrado <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>el<span class=\"_ _2\"></span> </span>ep\u00edgrafe \u201cvariaci\u00f3n <span class=\"_ _2\"></span>en el valor raz<span class=\"_ _2\"></span>onable de instru<span class=\"_ _2\"></span>mentos financieros\u201d d<span class=\"_ _2\"></span>el e<span class=\"_ _2\"></span><span class=\"ff4\">stado de resu<span class=\"_ _2\"></span>ltado conso<span class=\"_ _2\"></span>lidado<span class=\"_ _1be\"> </span></span>al 31 de diciembre de 20<span class=\"_ _2\"></span>22.<span class=\"ff3 fc9\"> </span>La <span class=\"_ _2\"></span>sens<span class=\"_ _2\"></span>ibilidad <span class=\"_ _2\"></span>del <span class=\"_ _4\"></span>resultado <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>patrimonio <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>variacion<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>tip<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>inter\u00e9s<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>como <span class=\"_ _4\"></span>consecuencia <span class=\"_ _4\"></span>del<span class=\"_ _1be\"> </span>efecto <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>instru<span class=\"_ _2\"></span>mentos <span class=\"_ _c0\"></span>financieros <span class=\"_ _c0\"></span>contratado<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>Grupo <span class=\"_ _c0\"></span>a <span class=\"_ _4\"></span>31 <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>diciembre <span class=\"_ _c0\"></span>de <span class=\"_ _c3\"></span><span class=\"ls11\">202</span>2, <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>detalla <span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span> continuaci\u00f3n:<span class=\"_ _1be\"> </span>31.3<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Cobertura de precio de ce<span class=\"_ _1\"></span>lulosa<span class=\"_ _1be\"> </span></span></span>Al 31 de diciembre de 2<span class=\"_ _2\"></span>022 y <span class=\"_ _2\"></span><span class=\"ls11\">2021 </span>ENCE no<span class=\"_ _2\"></span> ten\u00eda contratadas<span class=\"_ _2\"></span> coberturas s<span class=\"_ _2\"></span>obre el precio de la celulosa<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>ENCE contrat\u00f3 <span class=\"_ _1\"></span>en 2020, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>inicio <span class=\"_ _1\"></span>de la <span class=\"_ _1\"></span>pandemia <span class=\"_ _1\"></span>y ante <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>incertidumbre ge<span class=\"_ _1\"></span>nerada por COVID-<span class=\"ls11\">19,</span> swaps para<span class=\"_ _1be\"> </span>cubrir <span class=\"_ _c9\"> </span>el <span class=\"_ _c9\"> </span>precio <span class=\"_ _c9\"> </span>de <span class=\"_ _c9\"> </span>v<span class=\"_ _2\"></span>enta <span class=\"_ _c9\"> </span>de <span class=\"_ _c9\"> </span>la <span class=\"_ _c9\"> </span>celulosa <span class=\"_ _c9\"> </span>BE<span class=\"_ _2\"></span>KP <span class=\"_ _c9\"> </span>por <span class=\"_ _cc\"> </span>247.200 <span class=\"_ _c4\"> </span>ton<span class=\"_ _2\"></span>eladas <span class=\"_ _c9\"> </span>de <span class=\"_ _c9\"> </span>celulos<span class=\"_ _2\"></span>a, <span class=\"_ _cc\"> </span>equivalentes <span class=\"_ _c9\"> </span><span class=\"ls39\">a<span class=\"_ _1be\"> </span></span>aproximadamente  el  20%  de  las  ventas  previstas  en  202<span class=\"_ _2\"></span><span class=\"ls11\">1.</span>  Durante  el  a\u00f1o  2021  se  liquida<span class=\"_ _2\"></span>ron  dichas<span class=\"_ _1be\"> </span>coberturas <span class=\"_ _c3\"> </span>lo <span class=\"_ _c3\"> </span>que <span class=\"_ _c3\"></span>supu<span class=\"ls14\">so</span> <span class=\"_ _0\"></span><span class=\"ff6\">u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>liqu<span class=\"_ _2\"></span>idaci\u00f3n <span class=\"_ _c3\"></span>negativa <span class=\"_ _c3\"></span>por <span class=\"_ _0\"></span>importe <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>53.192 <span class=\"_ _0\"></span>miles<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u20ac<span class=\"_ _4\"></span></span> <span class=\"_ _c3\"></span>que <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>registr\u00f3 <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span>ep\u00edgrafe \u201cResultados<span class=\"_ _2\"></span> por operaciones de cobertu<span class=\"_ _2\"></span>ra\u201d del Estado d<span class=\"_ _2\"></span>e Resultado cons<span class=\"_ _2\"></span>olidado<span class=\"_ _2\"></span><span class=\"ff4 ls1a\">. <span class=\"ls0_1\"> </span></span>Mile<span class=\"_ _2\"></span>s \u20ac<span class=\"_ _1be\"> </span>Var<span class=\"_ _1\"></span>ia<span class=\"_ _1\"></span>ci\u00f3n<span class=\"_ _1be\"> </span>T<span class=\"_ _1\"></span>ipo Ca<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bio <span class=\"_ _1\"></span>US$<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>\u20ac<span class=\"_ _1be\"> </span>R<span class=\"_ _1\"></span>esul<span class=\"_ _2\"></span>ta<span class=\"_ _1\"></span>do <span class=\"_ _1\"></span>de<span class=\"_ _1be\"> </span>ex<span class=\"_ _2\"></span>plota<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i\u00f3n (-)<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>+<span class=\"_ _1be\"> </span>Efecto<span class=\"_ _1\"></span> en <span class=\"_ _1\"></span>pa<span class=\"_ _1\"></span>tr<span class=\"_ _1\"></span>imonio<span class=\"_ _1be\"> </span>neto<span class=\"_ _1be\"> </span>(-<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span>/<span class=\"_ _1\"></span>+<span class=\"_ _1be\"> </span>2022<span class=\"_ _48\"> </span><span class=\"ls0_1\">De<span class=\"_ _2\"></span>preci<span class=\"_ _2\"></span>ac<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _2\"></span> 5<span class=\"_ _bb\"></span>%<span class=\"_ _e1\"> </span>2.0<span class=\"_ _1\"></span>8<span class=\"_ _bb\"></span>7<span class=\"_ _194\"> </span>1<span class=\"_ _1\"></span>.5<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>5<span class=\"_ _1be\"> </span></span>Apre<span class=\"_ _2\"></span>ciac<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>\u00f3n 5<span class=\"_ _1\"></span>%<span class=\"_ _e3\"> </span>(<span class=\"_ _2\"></span>2.4<span class=\"_ _1\"></span>8<span class=\"_ _bb\"></span>8)<span class=\"_ _195\"> </span>(1.8<span class=\"_ _1\"></span>6<span class=\"_ _bb\"></span>6)<span class=\"_ _1be\"> </span>2021<span class=\"_ _48\"> </span><span class=\"ls0_1\">De<span class=\"_ _2\"></span>preci<span class=\"_ _2\"></span>ac<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _2\"></span> 5<span class=\"_ _bb\"></span>%<span class=\"_ _e1\"> </span>7.7<span class=\"_ _1\"></span>7<span class=\"_ _bb\"></span>0<span class=\"_ _194\"> </span>5<span class=\"_ _1\"></span>.8<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>8<span class=\"_ _1be\"> </span></span>Apre<span class=\"_ _2\"></span>ciac<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>\u00f3n 5<span class=\"_ _1\"></span>%<span class=\"_ _f6\"> </span>(10<span class=\"_ _bb\"></span>.<span class=\"_ _2\"></span>4<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>4<span class=\"_ _bb\"></span>)<span class=\"_ _85\"> </span>(<span class=\"_ _2\"></span>7<span class=\"_ _1\"></span>.8<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>6<span class=\"_ _1be\"> </span><span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>V<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>or Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>Ra<span class=\"_ _2\"></span>zona<span class=\"_ _4\"></span>bl<span class=\"_ _c0\"></span>e<span class=\"_ _f7\"> </span><span class=\"lsa8\">2021<span class=\"_ _ce\"> </span>2022<span class=\"_ _ce\"> </span>2023<span class=\"_ _28\"> </span>2024<span class=\"_ _1be\"> </span></span>2022<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goci<span class=\"_ _c0\"></span>o de e<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _1be\"> </span>5.8<span class=\"_ _2\"></span>03<span class=\"_ _30\"> </span><span class=\"lsa9\">                -   <span class=\"_ _132\"> </span></span>1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.03<span class=\"_ _2\"></span>8<span class=\"_ _74\"> </span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.37<span class=\"_ _2\"></span>1<span class=\"_ _92\"> </span>3<span class=\"_ _2\"></span>.18<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span>20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> (*)<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>goci<span class=\"_ _c0\"></span>o de e<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _1be\"> </span>5.0<span class=\"_ _2\"></span>56<span class=\"_ _74\"> </span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.68<span class=\"_ _2\"></span>8<span class=\"_ _74\"> </span>1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.03<span class=\"_ _2\"></span>8<span class=\"_ _74\"> </span>11<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.37<span class=\"_ _2\"></span>1<span class=\"_ _4a\"> </span>3.18<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span>(*<span class=\"_ _1\"></span>) Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ee<span class=\"_ _1\"></span>dor.<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> de<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>:<span class=\"_ _1be\"> </span>Mi<span class=\"_ _1\"></span>les \u20ac<span class=\"_ _1be\"> </span>Variaci<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _1be\"> </span>Tipo Inter\u00e9s<span class=\"_ _1be\"> </span>Efecto en coste<span class=\"_ _1be\"> </span>financi<span class=\"_ _1\"></span>ero<span class=\"_ _1be\"> </span>(-)/+<span class=\"_ _1be\"> </span>Efecto en pat<span class=\"_ _2\"></span>rimonio<span class=\"_ _1be\"> </span>neto<span class=\"_ _1be\"> </span>(-)/+<span class=\"_ _1be\"> </span>2022<span class=\"_ _1c\"> </span><span class=\"ls0_1\">Aum<span class=\"_ _2\"></span>ento 50 pb<span class=\"_ _f2\"> </span>(<span class=\"_ _2\"></span>308<span class=\"_ _1\"></span>)<span class=\"_ _d3\"> </span>(900)<span class=\"_ _1be\"> </span></span>Dis<span class=\"_ _2\"></span>minu<span class=\"_ _2\"></span>ci\u00f3n 50 pb<span class=\"_ _138\"> </span><span class=\"lsaa\">308<span class=\"_ _dc\"> </span>913<span class=\"_ _1be\"> </span></span>2021<span class=\"_ _1c\"> </span><span class=\"ls0_1\">Aum<span class=\"_ _2\"></span>ento 50 pb<span class=\"_ _f2\"> </span>(<span class=\"_ _2\"></span>370<span class=\"_ _1\"></span>)<span class=\"_ _196\"> </span>(1.746)<span class=\"_ _1be\"> </span></span>Dis<span class=\"_ _2\"></span>minu<span class=\"_ _2\"></span>ci\u00f3n 50 pb<span class=\"_ _138\"> </span><span class=\"lsaa\">370<span class=\"_ _184\"> </span></span>1.715<span class=\"_ _1be\"> </span>31.4<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Cobertura de compra y ve<span class=\"_ _1\"></span>nta de energ\u00eda<span class=\"_ _1\"></span> </span></span>Al 31 de diciembre de 2022 y<span class=\"_ _2\"></span> 2021 ENCE<span class=\"_ _2\"></span> no ten\u00eda co<span class=\"_ _2\"></span>ntratadas co<span class=\"_ _2\"></span>berturas sobre el precio <span class=\"_ _2\"></span>de la energ\u00eda.<span class=\"_ _2\"></span> En <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>marco <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>incertidu<span class=\"_ _2\"></span>mbre <span class=\"_ _4\"></span>generada <span class=\"_ _2\"></span>por <span class=\"_ _4\"></span>COVID<span class=\"_ _4\"></span>-19, <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _2\"></span>contra<span class=\"_ _2\"></span>t\u00f3 <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>2020 <span class=\"_ _4\"></span>Commodity <span class=\"_ _4\"></span>Swaps <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>obre<span class=\"_ _1be\"> </span>el <span class=\"_ _c3\"></span>precio <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>venta <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>energ\u00eda <span class=\"_ _c3\"> </span>el\u00e9ctrica<span class=\"_ _2\"></span>-OME<span class=\"_ _2\"></span>L <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"> </span>un <span class=\"_ _c3\"> </span>total <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>516.840 <span class=\"_ _c2\"> </span><span class=\"ls12\">MW</span>h <span class=\"_ _c3\"> </span><span class=\"ls23\">y <span class=\"_ _c3\"> </span></span>vencimi<span class=\"_ _2\"></span>ento <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>2021.<span class=\"_ _1be\"> </span>Durante el a\u00f1o 2021 se liq<span class=\"_ _2\"></span>uidaron<span class=\"_ _2\"></span> dichas <span class=\"_ _2\"></span>coberturas lo que sup<span class=\"_ _2\"></span>uso una liquidaci\u00f3n<span class=\"_ _2\"></span> negativa por importe de<span class=\"_ _2\"></span> 35.411 <span class=\"_ _4\"></span>miles <span class=\"_ _2\"></span>\u20ac<span class=\"ff4 ls1c\">, <span class=\"_ _4\"></span><span class=\"ls0_1\">qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>encu<span class=\"_ _2\"></span>entra <span class=\"_ _4\"></span>registrada <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>e<span class=\"_ _2\"></span></span></span>l <span class=\"_ _4\"></span>ep\u00edgrafe <span class=\"_ _4\"></span>\u201cResu<span class=\"_ _2\"></span>ltados <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>operaciones <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>cobertura\u201d <span class=\"_ _4\"></span>del<span class=\"_ _1be\"> </span>Estado <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>Resultado <span class=\"_ _c5\"> </span>consolidado.<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>Igualmente, <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>ejercicio <span class=\"_ _c2\"> </span>2021 <span class=\"_ _c2\"> </span>dis<span class=\"_ _2\"></span>tintas <span class=\"_ _c2\"> </span>sociedades <span class=\"_ _c2\"> </span>integran<span class=\"_ _2\"></span>tes <span class=\"_ _c2\"> </span>del<span class=\"_ _1be\"> </span>Negocio <span class=\"_ _c2\"> </span>Energ\u00eda <span class=\"_ _c2\"> </span>mantuv<span class=\"_ _2\"></span>ieron <span class=\"_ _c2\"> </span>v<span class=\"_ _2\"></span>igentes <span class=\"_ _c2\"> </span>contratos<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>venta <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>energ\u00eda <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>precio <span class=\"_ _c2\"> </span>fijo  por <span class=\"_ _c3\"> </span>un <span class=\"_ _c2\"> </span>v<span class=\"_ _2\"></span>olumen <span class=\"_ _c2\"> </span>de<span class=\"_ _1be\"> </span>aproximadamente <span class=\"_ _0\"></span>215 <span class=\"_ _c0\"></span>GWh<span class=\"_ _2\"></span>. <span class=\"_ _c0\"></span>El <span class=\"_ _0\"></span>ingreso <span class=\"_ _0\"></span>obtenido <span class=\"_ _c3\"></span>fue <span class=\"_ _c0\"></span>inferior <span class=\"_ _0\"></span>al <span class=\"_ _c0\"></span>que <span class=\"_ _0\"></span>se <span class=\"_ _c0\"></span>hab<span class=\"_ _2\"></span>r\u00eda <span class=\"_ _c0\"></span>percibido <span class=\"_ _0\"></span>vendiendo <span class=\"_ _0\"></span>dicha<span class=\"_ _1be\"> </span>energ\u00eda al mercado en un<span class=\"_ _2\"></span> importe de 17.88<span class=\"_ _2\"></span>7 miles \u20ac.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>32.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Provisiones, garant\u00edas y pa<span class=\"_ _1\"></span>sivos contingentes<span class=\"_ _1be\"> </span></span></span>32.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Provisiones </span></span>El <span class=\"_ _1\"></span>detalle <span class=\"_ _bb\"></span>del <span class=\"_ _1\"></span>movimiento <span class=\"ff6\">de <span class=\"_ _bb\"></span>las <span class=\"_ _1\"></span>cuentas <span class=\"_ _1\"></span>\u201cProvisiones\u201d <span class=\"_ _1\"></span>del <span class=\"_ _bb\"></span>pas<span class=\"_ _2\"></span>ivo <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>largo <span class=\"_ _bb\"></span>y <span class=\"_ _1\"></span>corto <span class=\"_ _1\"></span>plazo <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span><span class=\"ff4\">l <span class=\"_ _1\"></span>Estado <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>Situ<span class=\"_ _2\"></span>aci\u00f3n<span class=\"_ _1be\"> </span></span></span>Financiera consolida<span class=\"_ _2\"></span>do en los ejercicios 20<span class=\"_ _2\"></span>22 y 2021 <span class=\"_ _2\"></span>es el siguiente:<span class=\"_ _1be\"> </span>2022<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>o a<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span> 01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Dota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>ti<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> o<span class=\"_ _1be\"> </span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>duc<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>nes<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>o a<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>L<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>rgo plaz<span class=\"_ _1\"></span>o:<span class=\"_ _1be\"> </span>Pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>n r<span class=\"_ _2\"></span>et<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> l<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>go pl<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>zo (Nota 1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.2)<span class=\"_ _108\"> </span>  37<span class=\"_ _2\"></span>5   <span class=\"_ _22\"> </span>  4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>   <span class=\"_ _ca\"> </span><span class=\"lsac\">                     -   <span class=\"_ _3a\"> </span></span>  42<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> Pr<span class=\"_ _2\"></span>ovi<span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n des<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>nte<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>ento (N<span class=\"_ _1\"></span>ota<span class=\"_ _2\"></span> 7)<span class=\"_ _168\"> </span>  4<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.63<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _ca\"> </span><span class=\"lsac\">                     -   <span class=\"_ _ca\"> </span>       (1<span class=\"_ _2\"></span>8.03<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)   <span class=\"_ _10a\"> </span></span> <span class=\"_ _2\"></span> 24<span class=\"_ _2\"></span>.59<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> Pr<span class=\"_ _2\"></span>ovi<span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ones<span class=\"_ _2\"></span> po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>obl<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ga<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>tua<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 7<span class=\"_ _2\"></span>)<span class=\"_ _10d\"> </span>  6<span class=\"_ _2\"></span>.05<span class=\"_ _2\"></span>9   <span class=\"_ _22\"> </span>  6<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _c4\"> </span><span class=\"lsac\">          (6.12<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)   <span class=\"_ _ca\"> </span>                     - </span>Otr<span class=\"_ _2\"></span>os<span class=\"_ _197\"> </span>  2<span class=\"_ _2\"></span>.16<span class=\"_ _2\"></span>0   <span class=\"_ _72\"> </span> <span class=\"_ _2\"></span> 1.1<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>   <span class=\"_ _cc\"> </span><span class=\"lsac\">             (31<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)   <span class=\"_ _107\"> </span></span> <span class=\"_ _2\"></span> 2.9<span class=\"_ _2\"></span>62<span class=\"_ _2\"></span>   5<span class=\"_ _2\"></span>1.22<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>   <span class=\"_ _72\"> </span>  1<span class=\"_ _2\"></span>.231<span class=\"_ _2\"></span>   <span class=\"_ _c8\"> </span><span class=\"lsac\">       (24<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>47<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)   <span class=\"_ _10a\"> </span><span class=\"ls0_1\">  2<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.98<span class=\"_ _2\"></span>3 </span></span>Cor<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>o pla<span class=\"_ _1\"></span>zo<span class=\"_ _1be\"> </span>Pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>n r<span class=\"_ _2\"></span>et<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> l<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>go pl<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>zo (Nota 1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.2)<span class=\"_ _108\"> </span>  30<span class=\"_ _2\"></span>9   <span class=\"_ _c8\"> </span><span class=\"lsac\">                     -   <span class=\"_ _c9\"> </span>             (30<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)   <span class=\"_ _ca\"> </span>                     - </span>De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>hos<span class=\"_ _4\"></span> de E<span class=\"_ _1\"></span>mi<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> 1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> y 2<span class=\"_ _2\"></span>1.1<span class=\"_ _2\"></span>)<span class=\"_ _173\"> </span>  7.57<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>   <span class=\"_ _103\"> </span>  1<span class=\"_ _2\"></span>1.1<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>   <span class=\"_ _c4\"> </span><span class=\"lsac\">          (7<span class=\"_ _2\"></span>.578<span class=\"_ _2\"></span>)   <span class=\"_ _103\"> </span></span>  11<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> Pa<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>to a<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>ental<span class=\"_ _c0\"></span> Pon<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>dra<span class=\"_ _4\"></span> (Nota 7<span class=\"_ _2\"></span>)<span class=\"_ _e2\"> </span><span class=\"lsac\">                     -   <span class=\"_ _10a\"> </span></span>  2<span class=\"_ _2\"></span>1.0<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>   <span class=\"_ _c8\"> </span><span class=\"lsac\">                     -   <span class=\"_ _10a\"> </span></span>  2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> Otr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _198\"> </span>  1<span class=\"_ _2\"></span>0.9<span class=\"_ _2\"></span>35<span class=\"_ _2\"></span>   <span class=\"_ _c8\"> </span><span class=\"lsac\">                     -   <span class=\"_ _c9\"> </span>             (23<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)   <span class=\"_ _10a\"> </span></span>  <span class=\"_ _2\"></span>10<span class=\"_ _2\"></span>.70<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   1<span class=\"_ _2\"></span>8.82<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _103\"> </span>  3<span class=\"_ _2\"></span>2.10<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _c4\"> </span><span class=\"lsac\">          (8.122<span class=\"_ _2\"></span>)   <span class=\"_ _10a\"> </span></span>  <span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>.80<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de e<span class=\"_ _1\"></span>uros<span class=\"_ _1be\"> </span>La cuenta \u201cOtras p<span class=\"_ _2\"></span>rovisiones\u201d recoge principalmente el importe m\u00e1ximo estimado<span class=\"_ _2\"></span> que <span class=\"_ _2\"></span><span class=\"ff4\">asumir\u00eda ENCE en<span class=\"_ _2\"></span> la<span class=\"_ _1be\"> </span></span>cancelaci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>deter<span class=\"_ _2\"></span>minados <span class=\"_ _c0\"></span>contrato<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>sus<span class=\"_ _2\"></span>critos <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>2008, <span class=\"_ _4\"></span>relacionad<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>log\u00eds<span class=\"_ _2\"></span>tica <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>madera <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>el<span class=\"_ _1be\"> </span>producto <span class=\"_ _c3\"></span>terminado <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>biof\u00e1b<span class=\"_ _2\"></span>rica <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>Navia, <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>no <span class=\"_ _c3\"></span>resultan <span class=\"_ _c3\"></span>competitivos <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>siderando <span class=\"_ _c3\"></span>las <span class=\"_ _0\"></span>opcion<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>existentes actualmente <span class=\"_ _2\"></span>en el mercado.<span class=\"_ _2\"></span> Provisi\u00f3n por desmantelam<span class=\"_ _2\"></span>iento<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>En el ejercicio 2021 ENCE, con la asistencia de un experto independiente de reconocid<span class=\"_ _2\"></span>o prestigio, reestimo<span class=\"_ _1be\"> </span>el valor presente de las obligaciones as<span class=\"_ _2\"></span>umidas derivadas del desmantelamiento de la p<span class=\"_ _2\"></span>lanta de producci\u00f3n<span class=\"_ _1be\"> </span>de <span class=\"_ _4\"></span>celulos<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>bicada <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>Pontevedra <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>remediaci\u00f3n <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>lugar <span class=\"_ _c0\"></span>so<span class=\"_ _2\"></span>bre <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>asienta, <span class=\"_ _4\"></span>considerand<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>que<span class=\"_ _1be\"> </span>esta labor se in<span class=\"_ _2\"></span>iciar\u00eda en 2024<span class=\"_ _2\"></span>-<span class=\"ls11\">2025</span><span class=\"ff6\">, en un importe d<span class=\"_ _2\"></span>e 42.631 miles \u20ac<span class=\"_ _2\"></span></span><span class=\"ls1a\">. </span> Las <span class=\"_ _c0\"></span>sentencia<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Tribunal <span class=\"_ _c0\"></span>Supremo, <span class=\"_ _0\"></span>que <span class=\"_ _c0\"></span>confirma<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>legalidad <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>pr\u00f3rroga <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>concesi\u00f3n <span class=\"_ _0\"></span>sobre <span class=\"_ _c0\"></span>la<span class=\"_ _1be\"> </span>biof\u00e1brica <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>Pontev<span class=\"_ _2\"></span>edra <span class=\"_ _c0\"></span>has<span class=\"_ _2\"></span>ta <span class=\"_ _c0\"></span>2073, <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>permitido <span class=\"_ _c3\"> </span>ha <span class=\"_ _0\"></span>permitido <span class=\"_ _0\"></span>restimar <span class=\"_ _0\"></span>dicho<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>pas<span class=\"_ _2\"></span>ivo <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>cuant\u00eda <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>24.598 <span class=\"ff6\">miles \u20ac al 31 de dici<span class=\"_ _2\"></span>embre de 2022. <span class=\"_ _2\"></span></span> Dicha <span class=\"_ _c5\"> </span>obligaci\u00f3n  se <span class=\"_ _c2\"> </span>ha  cuantificado <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>siderando  un <span class=\"_ _c2\"> </span>cost<span class=\"_ _2\"></span>e  presente <span class=\"_ _c2\"> </span><span class=\"ff6\">de  43 <span class=\"_ _c2\"> </span>millones  \u20ac, <span class=\"_ _c5\"> </span>unas  tasas <span class=\"_ _c2\"> </span>de<span class=\"_ _1be\"> </span></span>actualizaci\u00f3n en el entorn<span class=\"_ _2\"></span>o del 2%-3% y<span class=\"_ _2\"></span> unas tas<span class=\"_ _2\"></span>as de descuento en el entorno d<span class=\"_ _2\"></span>el 7,7%. <span class=\"_ _2\"></span> 32.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Garant\u00edas comprometida<span class=\"_ _1\"></span>s con terceros </span></span>Al <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>diciembre <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>202<span class=\"_ _2\"></span>2 <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>iversas <span class=\"_ _c0\"></span>entidades <span class=\"_ _4\"></span>finan<span class=\"_ _2\"></span>cieras <span class=\"_ _4\"></span>han <span class=\"_ _c0\"></span>otorgado <span class=\"_ _c0\"></span>avales <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>las <span class=\"_ _4\"></span>distintas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>sociedades<span class=\"_ _1be\"> </span>del Grupo, de acuerdo co<span class=\"_ _2\"></span>n el siguiente detalle (<span class=\"_ _2\"></span>95.434 <span class=\"_ _2\"></span><span class=\"ff6\">miles \u20ac</span> <span class=\"_ _2\"></span>al 31 de diciembre de 202<span class=\"_ _2\"></span>1<span class=\"ls1b\">):<span class=\"_ _1be\"> </span></span> 2021<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _1be\"> </span>01/01/2021<span class=\"_ _1be\"> </span>Ad<span class=\"_ _2\"></span>icio<span class=\"_ _2\"></span>nes <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> Dota<span class=\"_ _2\"></span>cion<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>Reti<span class=\"_ _2\"></span>ros <span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>redu<span class=\"_ _2\"></span>cc<span class=\"_ _1\"></span>io<span class=\"_ _2\"></span>nes<span class=\"_ _1be\"> </span>Tras<span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>sos<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _1be\"> </span>31/12/2021<span class=\"_ _1be\"> </span>Larg<span class=\"_ _1\"></span>o pla<span class=\"_ _2\"></span>zo:<span class=\"_ _1be\"> </span>Plan<span class=\"_ _2\"></span> ret<span class=\"_ _2\"></span>rib<span class=\"_ _2\"></span>uci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>argo <span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>azo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(Nota<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>12.2)<span class=\"_ _199\"> </span>  <span class=\"_ _2\"></span>715   <span class=\"_ _22\"> </span> <span class=\"_ _2\"></span> 93  <span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span><span class=\"lsae\">               (3<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)   <span class=\"_ _14c\"> </span>             (3<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>4)<span class=\"_ _1\"></span>   <span class=\"_ _46\"> </span><span class=\"ls0_1\"> <span class=\"_ _2\"></span> 375 </span></span>Provisi<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>desma<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>ela<span class=\"_ _2\"></span>mien<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> (No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> 7)<span class=\"_ _2f\"> </span><span class=\"lsae\">                    -<span class=\"_ _1\"></span>   <span class=\"_ _10e\"> </span><span class=\"ls0_1\"> <span class=\"_ _2\"></span> 42.631   <span class=\"_ _c9\"> </span></span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _c7\"> </span>                    -   <span class=\"_ _7\"> </span><span class=\"ls0_1\">  <span class=\"_ _2\"></span>42.631<span class=\"_ _1\"></span> </span></span>Provisi<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>ob<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>gacion<span class=\"_ _2\"></span>es con<span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>tu<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>(Not<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>7)<span class=\"_ _d4\"> </span><span class=\"lsae\">                    -   <span class=\"_ _72\"> </span></span> <span class=\"_ _2\"></span> 6.059  <span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span><span class=\"lsae\">                    -   <span class=\"_ _c7\"> </span>                    -   <span class=\"_ _72\"> </span></span> <span class=\"_ _2\"></span> 6.059 Otros<span class=\"_ _19a\"> </span>  <span class=\"_ _2\"></span>2.117   <span class=\"_ _3a\"> </span> <span class=\"_ _2\"></span> <span class=\"_ _2\"></span>901   <span class=\"_ _c7\"> </span><span class=\"lsae\">             (8<span class=\"_ _1\"></span>58<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>   <span class=\"_ _c7\"> </span>                    -   <span class=\"_ _72\"> </span><span class=\"ls0_1\"> <span class=\"_ _2\"></span> 2.160 </span></span>  <span class=\"_ _2\"></span>2.83<span class=\"_ _1\"></span>2  <span class=\"_ _2\"></span> <span class=\"_ _e4\"> </span>  <span class=\"_ _2\"></span>49.<span class=\"_ _1\"></span>684   <span class=\"_ _c7\"> </span><span class=\"lsae\">             (8<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>7)<span class=\"_ _1\"></span>   <span class=\"_ _14c\"> </span>             (3<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>4)<span class=\"_ _1\"></span>   <span class=\"_ _10e\"> </span><span class=\"ls0_1\"> <span class=\"_ _2\"></span> 51.225<span class=\"_ _1be\"> </span></span></span>Corto<span class=\"_ _2\"></span> pla<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Plan<span class=\"_ _2\"></span> ret<span class=\"_ _2\"></span>rib<span class=\"_ _2\"></span>uci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>argo <span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>azo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(Nota<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>12.2)<span class=\"_ _7c\"> </span><span class=\"lsae\">                    -   <span class=\"_ _14c\"> </span>               (8<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)   <span class=\"_ _c7\"> </span>                    -   <span class=\"_ _46\"> </span><span class=\"ls0_1\">  <span class=\"_ _2\"></span>394  <span class=\"_ _2\"></span> <span class=\"_ _3a\"> </span> <span class=\"_ _2\"></span> 309 </span></span>Derec<span class=\"_ _1\"></span>ho<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Emi<span class=\"_ _2\"></span>si\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>(No<span class=\"_ _2\"></span>tas<span class=\"_ _2\"></span> 13 y <span class=\"_ _2\"></span>21.1)<span class=\"_ _19b\"> </span>  <span class=\"_ _2\"></span>4.152   <span class=\"_ _114\"> </span>  <span class=\"_ _2\"></span>7.578   <span class=\"_ _c7\"> </span><span class=\"lsae\">          (4<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>)   <span class=\"_ _c6\"> </span>                    -   <span class=\"_ _51\"> </span><span class=\"ls0_1\">  <span class=\"_ _2\"></span>7.578<span class=\"_ _1be\"> </span></span></span>Pacto a<span class=\"_ _2\"></span>mb<span class=\"_ _2\"></span>ien<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>Pont<span class=\"_ _2\"></span>evedra<span class=\"_ _2\"></span> (No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> 7 <span class=\"_ _2\"></span>y 13)<span class=\"_ _15b\"> </span> <span class=\"_ _2\"></span> 14.000   <span class=\"_ _114\"> </span> <span class=\"_ _2\"></span> 1.250   <span class=\"_ _c7\"> </span><span class=\"lsae\">        (15<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0)<span class=\"_ _1\"></span>   <span class=\"_ _c7\"> </span>                    -   <span class=\"_ _c7\"> </span>                    -<span class=\"_ _1be\"> </span></span>Otras <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>vis<span class=\"_ _2\"></span>io<span class=\"_ _2\"></span>nes<span class=\"_ _19c\"> </span>  <span class=\"_ _2\"></span>11.202<span class=\"_ _1\"></span>  <span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span><span class=\"lsae\">                    -   <span class=\"_ _c6\"> </span>             (2<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)   <span class=\"_ _c6\"> </span>                    -   <span class=\"_ _7\"> </span><span class=\"ls0_1\">  <span class=\"_ _2\"></span>10.935</span></span>  <span class=\"_ _2\"></span>29.3<span class=\"_ _1\"></span>54   <span class=\"_ _114\"> </span> <span class=\"_ _2\"></span> 8.743   <span class=\"_ _c7\"> </span><span class=\"lsae\">        (1<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>69<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>   <span class=\"_ _46\"> </span><span class=\"ls0_1\"> <span class=\"_ _2\"></span> <span class=\"_ _2\"></span>394   <span class=\"_ _e4\"> </span>  <span class=\"_ _2\"></span>18.82<span class=\"_ _1\"></span>2<span class=\"_ _1be\"> </span></span></span>Miles<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e eu<span class=\"_ _2\"></span>ro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Los <span class=\"_ _1\"></span>Administradores <span class=\"_ _bb\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _bb\"></span>esp<span class=\"_ _2\"></span>eran <span class=\"_ _bb\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>los <span class=\"_ _bb\"></span>import<span class=\"_ _2\"></span>es <span class=\"_ _1\"></span>avalados <span class=\"_ _1\"></span>o <span class=\"_ _bb\"></span>de <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>garan<span class=\"_ _2\"></span>t\u00edas <span class=\"_ _1\"></span>pres<span class=\"_ _2\"></span>tadas <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _bb\"></span>deriven <span class=\"_ _1\"></span>pasivo<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>significativos par<span class=\"_ _2\"></span>a el Grupo, <span class=\"_ _2\"></span>adicionales a los recogidos<span class=\"_ _2\"></span> en estas cuenta<span class=\"_ _2\"></span>s anuales consolidadas<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>32.3<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\"> Activos y pasivos con<span class=\"_ _1\"></span>tingen<span class=\"_ _1\"></span>tes </span></span>Al <span class=\"_ _4\"></span>cierre <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>ejercicio <span class=\"_ _c0\"></span>2022,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>Grup<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>mantiene <span class=\"_ _c0\"></span>reclamacio<span class=\"_ _2\"></span>nes <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>controversias<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>legales <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>mo <span class=\"_ _4\"></span>consecuenc<span class=\"_ _2\"></span>ia<span class=\"_ _1be\"> </span>natural de su<span class=\"_ _2\"></span> negocio. Se resumen <span class=\"_ _2\"></span><span class=\"ls15\">a </span>continuaci\u00f3n <span class=\"_ _2\"></span>las reclamaciones m\u00e1s s<span class=\"_ _2\"></span>ignificativas: <span class=\"_ _2\"></span> Cultivos energ\u00e9ticos<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>En <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>ejercicios <span class=\"_ _0\"></span>2013 <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>20<span class=\"_ _2\"></span>14 <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>aprob<span class=\"_ _2\"></span>aron <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>conjunto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>dis<span class=\"_ _2\"></span>posicione<span class=\"_ _4\"></span>s <span class=\"_ _0\"></span>normativas<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>modificaron <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span>esquema <span class=\"_ _c3\"> </span>retributiv<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>r\u00e9g<span class=\"_ _2\"></span>imen <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>trib<span class=\"_ _2\"></span>utaci\u00f3n <span class=\"_ _c2\"> </span>aplicabl<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>a <span class=\"_ _c2\"> </span>las <span class=\"_ _c3\"> </span>in<span class=\"_ _2\"></span>stalaciones <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>generaci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>energ\u00eda<span class=\"_ _1be\"> </span>renovable, <span class=\"_ _c3\"> </span>incluida <span class=\"_ _c2\"> </span>la <span class=\"_ _c3\"> </span>generaci\u00f3n <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>cogeneraci\u00f3n <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"> </span>bio<span class=\"_ _2\"></span>masa. <span class=\"_ _c3\"> </span>Esta<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>nueva <span class=\"_ _c3\"> </span>regulaci\u00f3n, <span class=\"_ _c3\"> </span>que <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>t\u00e9rm<span class=\"_ _2\"></span>inos<span class=\"_ _1be\"> </span>retributivos equ<span class=\"_ _2\"></span>iparaba <span class=\"_ _2\"></span>los cultivos energ\u00e9ticos a lo<span class=\"_ _2\"></span>s restos foresta<span class=\"_ _2\"></span>les y agr\u00edcolas, ob<span class=\"_ _2\"></span>lig\u00f3 a E<span class=\"_ _2\"></span>NCE a iniciar un<span class=\"_ _1be\"> </span>proceso <span class=\"_ _d9\"> </span>para <span class=\"_ _d9\"> </span>abandonar <span class=\"_ _d9\"> </span>ordenadamente <span class=\"_ _c8\"> </span>la <span class=\"_ _d9\"> </span>gesti\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span>de <span class=\"_ _c8\"> </span>las <span class=\"_ _d9\"> </span>plantaciones <span class=\"_ _d9\"> </span>de <span class=\"_ _d9\"> </span>cultivos <span class=\"_ _d9\"> </span>energ\u00e9ticos<span class=\"_ _1be\"> </span>desarrolladas,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>incluyendo <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>resoluci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>tratos <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>arrendamientos,<span class=\"_ _4\"></span> <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>cons<span class=\"_ _2\"></span>iguiente <span class=\"_ _4\"></span>deterioro <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>las inversion<span class=\"_ _2\"></span>es realizadas y la dotaci\u00f3n d<span class=\"_ _2\"></span>e las necesarias p<span class=\"_ _2\"></span>rovisiones.<span class=\"_ _2\"></span> Como consecuencia de ello, el 14 de <span class=\"_ _1\"></span>julio de 2014, ENCE y determinadas<span class=\"_ _2\"></span> sociedades del Grupo (en adelante<span class=\"_ _1be\"> </span>\u201cENCE\u201d),  presentaron <span class=\"_ _c2\"> </span>ante  el <span class=\"_ _c2\"> </span>entonces  Ministe<span class=\"ff4\">rio  de<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span>In<span class=\"_ _2\"></span>dustria, <span class=\"_ _c2\"> </span>En<span class=\"_ _2\"></span>erg\u00eda <span class=\"_ _c2\"> </span>y  Turismo <span class=\"_ _c2\"> </span>una  reclam<span class=\"_ _1\"></span>aci\u00f3n  de<span class=\"_ _1be\"> </span></span>Responsabilidad<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>Patrimonial <span class=\"_ _c8\"> </span>de <span class=\"_ _c8\"> </span>la <span class=\"_ _d9\"> </span>Administraci\u00f3n <span class=\"_ _c8\"> </span>General <span class=\"_ _c8\"> </span>del <span class=\"_ _c8\"> </span>Es<span class=\"_ _2\"></span>tado <span class=\"_ _c8\"> </span>(en <span class=\"_ _c8\"> </span>ad<span class=\"_ _2\"></span>elante <span class=\"_ _c8\"> </span>\u201cRPA\u201d), <span class=\"_ _c8\"> </span>cuya<span class=\"_ _1be\"> </span>cuantificaci\u00f3n <span class=\"_ _c3\"></span>final, <span class=\"_ _c3\"></span>seg\u00fan <span class=\"_ _c3\"></span>informes <span class=\"_ _c3\"> </span>elaborados <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"> </span>un <span class=\"_ _c3\"> </span>experto <span class=\"_ _c3\"> </span>independiente, <span class=\"_ _c3\"> </span>ascendi<span class=\"_ _2\"></span>\u00f3 <span class=\"_ _c3\"></span>a <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>cuan<span class=\"_ _2\"></span>t\u00eda <span class=\"_ _c3\"></span>de<span class=\"_ _1be\"> </span>63.3<span class=\"ff6\">00 miles \u20ac.</span> Con fecha <span class=\"_ _2\"></span>17 d<span class=\"_ _2\"></span>e febrero <span class=\"_ _2\"></span>de 2<span class=\"_ _2\"></span>021 ENCE <span class=\"_ _2\"></span>present\u00f3 <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>escrito an<span class=\"_ _2\"></span>te el Minis<span class=\"_ _2\"></span>terio para <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Transici\u00f3n <span class=\"_ _2\"></span>Ecol\u00f3gica <span class=\"_ _2\"></span>y<span class=\"_ _1be\"> </span>el <span class=\"_ _1\"></span>Reto <span class=\"_ _1\"></span>Demogr\u00e1fico, <span class=\"_ _1\"></span>hoy competente <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>materia <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>energ\u00eda, <span class=\"_ _1\"></span>reiterando la <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>olicitud a <span class=\"_ _bb\"></span>la Administraci\u00f3n para<span class=\"_ _1be\"> </span>que <span class=\"_ _0\"></span>dictas<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>resoluci\u00f3n <span class=\"_ _c3\"></span>expres<span class=\"_ _2\"></span>a <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>expediente <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>RPA <span class=\"_ _c3\"></span>planteado, <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>base <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>cu<span class=\"_ _2\"></span>al <span class=\"_ _c3\"></span>evaluar <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>sible<span class=\"_ _1be\"> </span>ejercicio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>acciones <span class=\"_ _2\"></span>ulteriores. <span class=\"_ _2\"></span>Con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fecha 15 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>nov<span class=\"_ _2\"></span>iembre <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>notific\u00f3 <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>Ence <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>oficio <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Ministerio <span class=\"_ _2\"></span>para<span class=\"_ _2\"></span> la <span class=\"_ _4\"></span>Transici\u00f3n <span class=\"_ _c0\"></span>Energ\u00e9tica <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>Reto <span class=\"_ _4\"></span>D<span class=\"_ _2\"></span>emogr\u00e1fico <span class=\"_ _4\"></span>adjun<span class=\"_ _2\"></span>tando <span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>informe <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>Direcci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>General <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>Pol\u00edti<span class=\"_ _2\"></span>ca<span class=\"_ _1be\"> </span>Energ\u00e9tica y Minas en<span class=\"_ _2\"></span> el que se concluye q<span class=\"_ _2\"></span>ue no procede la ind<span class=\"_ _2\"></span>emnizaci\u00f3n reclamada. <span class=\"_ _4\"></span> Ante <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"></span>silencio <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>solicitud<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>RPA <span class=\"_ _c3\"> </span>, <span class=\"_ _c3\"> </span>ENCE <span class=\"_ _c3\"> </span>ha <span class=\"_ _c3\"> </span>interpuesto <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"> </span>fecha <span class=\"_ _c3\"> </span>10 <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>febrero<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"> </span>2023 <span class=\"_ _c3\"></span>recurso<span class=\"_ _1be\"> </span>contencioso <span class=\"_ _c3\"> </span>adminis<span class=\"_ _2\"></span>trativo <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"></span>el <span class=\"_ _c3\"></span>perju<span class=\"_ _2\"></span>icio <span class=\"_ _c3\"></span>econ\u00f3mico <span class=\"_ _c3\"></span>directamente <span class=\"_ _c3\"> </span>causad<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"></span>la <span class=\"_ _c3\"> </span>indebida <span class=\"_ _c3\"> </span>aplicaci\u00f3n<span class=\"_ _1be\"> </span>retroactiva  del <span class=\"_ _c2\"> </span>r\u00e9gimen <span class=\"_ _c5\"> </span>retributivo  de <span class=\"_ _c2\"> </span>las  instalaciones <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>prod<span class=\"_ _2\"></span>ucci\u00f3n <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>energ\u00eda  el\u00e9ctrica <span class=\"_ _c5\"> </span>a <span class=\"_ _c5\"> </span>partir <span class=\"_ _c5\"> </span>de<span class=\"_ _1be\"> </span>Mil<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>Tra<span class=\"_ _2\"></span>mit<span class=\"_ _2\"></span>aci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>dmi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>va <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e  <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>generaci\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _1be\"> </span>energ\u00eda<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>el\u00e9ctrica <span class=\"_ _2\"></span>ren<span class=\"_ _2\"></span>ova<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>le<span class=\"_ _1be\"> </span>37.89<span class=\"_ _1\"></span>8<span class=\"_ _1be\"> </span>Prestamo<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>Sub<span class=\"_ _2\"></span>ven<span class=\"_ _2\"></span>cion<span class=\"_ _2\"></span>ad<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>(Not<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> 29.2)<span class=\"_ _d6\"> </span>9.0<span class=\"_ _1\"></span>04<span class=\"_ _1be\"> </span>Acc<span class=\"_ _1\"></span>eso<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>red-Preasi<span class=\"_ _2\"></span>gna<span class=\"_ _2\"></span>cion<span class=\"_ _2\"></span>es<span class=\"_ _104\"> </span>15.764<span class=\"_ _1be\"> </span>L\u00ednea<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e d<span class=\"_ _2\"></span>escuen<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>fa<span class=\"_ _2\"></span>ctura<span class=\"_ _2\"></span>s <span class=\"_ _123\"> </span>7.500<span class=\"_ _1be\"> </span>Arren<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ami<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>fin<span class=\"_ _2\"></span>cas<span class=\"_ _12f\"> </span>3.703<span class=\"_ _1be\"> </span>Ejecuci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>yectos <span class=\"_ _2\"></span>fo<span class=\"_ _2\"></span>resta<span class=\"_ _2\"></span>les<span class=\"_ _df\"> </span>5.814<span class=\"_ _1be\"> </span>Co<span class=\"_ _2\"></span>ncesi<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Pon<span class=\"_ _2\"></span>teved<span class=\"_ _2\"></span>ra<span class=\"_ _101\"> </span>3.050<span class=\"_ _1be\"> </span>Mercado<span class=\"_ _2\"></span> el<span class=\"_ _2\"></span>\u00e9ctrico<span class=\"_ _164\"> </span>9.000<span class=\"_ _1be\"> </span>Medi<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>en<span class=\"_ _2\"></span>te<span class=\"_ _19d\"> </span>1.598<span class=\"_ _1be\"> </span>Pagos <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>roveed<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>res<span class=\"_ _18b\"> </span>1.960<span class=\"_ _1be\"> </span>Otros<span class=\"_ _19e\"> </span>1.252<span class=\"_ _1be\"> </span>96.<span class=\"_ _1\"></span>543<span class=\"_ _1be\"> </span>biomasa <span class=\"_ _4\"></span>procedente <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>cultivos <span class=\"_ _4\"></span>energ\u00e9ticos <span class=\"_ _4\"></span>establecido <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Orden <span class=\"_ _4\"></span>Ministerial <span class=\"_ _4\"></span>IET/104<span class=\"_ _2\"></span>5/2014, <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>16 <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>junio, por la <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>se aprueban l<span class=\"_ _1\"></span>os par\u00e1metros <span class=\"_ _1\"></span>retributivos de las <span class=\"_ _1\"></span>instalaciones tipo aplicables a <span class=\"_ _1\"></span>determinadas<span class=\"_ _1be\"> </span>instalaciones <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>producci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _4\"></span>el\u00e9ctrica <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>partir <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e fuentes<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _4\"></span>renovables, <span class=\"_ _4\"></span>cogeneraci\u00f3n <span class=\"_ _2\"></span>y<span class=\"_ _1be\"> </span>residuos, <span class=\"_ _1\"></span>dictada en<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>desarrollo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>previsto <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>Real Decreto <span class=\"_ _bb\"></span>413/201<span class=\"_ _2\"></span>4, <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>6 <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>J<span class=\"_ _2\"></span>unio, <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>que <span class=\"_ _bb\"></span>se regula<span class=\"_ _1be\"> </span>la <span class=\"_ _4\"></span>act<span class=\"_ _2\"></span>ividad <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>producci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _c0\"></span>el\u00e9ctrica <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>partir <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>fuentes <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>energ<span class=\"_ _2\"></span>\u00eda <span class=\"_ _4\"></span>renov<span class=\"_ _2\"></span>ables, <span class=\"_ _c0\"></span>cogeneraci\u00f3n <span class=\"_ _c0\"></span>y<span class=\"_ _1be\"> </span>residuos, <span class=\"_ _c2\"> </span>ambas <span class=\"_ _c2\"> </span>dictadas <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>des<span class=\"_ _2\"></span>arrollo <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>aplicaci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>Le<span class=\"_ _2\"></span>y <span class=\"_ _c3\"> </span>24/20<span class=\"_ _2\"></span>13, <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>26 <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>dic<span class=\"_ _2\"></span>iembre, <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c3\"> </span>Sector<span class=\"_ _1be\"> </span>El\u00e9ctrico <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>Real <span class=\"_ _c3\"></span>Decreto<span class=\"_ _2\"></span>-ley <span class=\"_ _0\"></span>9/2013, <span class=\"_ _c3\"> </span>de <span class=\"_ _0\"></span>12<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>ju<span class=\"_ _2\"></span>lio, <span class=\"_ _0\"></span>por <span class=\"_ _c3\"> </span>el <span class=\"_ _0\"></span>que <span class=\"_ _c3\"></span>se <span class=\"_ _0\"></span>adopta<span class=\"_ _2\"></span>ron <span class=\"_ _0\"></span>medid<span class=\"_ _2\"></span>as <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>rgentes <span class=\"_ _0\"></span>para<span class=\"_ _1be\"> </span>garantizar <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>estabilidad <span class=\"_ _c3\"></span>financiera <span class=\"_ _c0\"></span>del <span class=\"_ _c3\"></span>sistema <span class=\"_ _0\"></span>el\u00e9ctrico.<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>La <span class=\"_ _0\"></span>interpo<span class=\"_ _2\"></span>sici\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _c3\"></span>recurso <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>odr\u00eda <span class=\"_ _0\"></span>implicar, <span class=\"_ _c2\"> </span>de<span class=\"_ _1be\"> </span>ac<span class=\"ls0_1\">uerdo <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span>lo <span class=\"_ _0\"></span>establecido <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>Real <span class=\"_ _c3\"></span>Decreto<span class=\"_ _2\"></span>-ley <span class=\"_ _c3\"></span>17/2019, <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>22 <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>noviembre,<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>establecimiento <span class=\"_ _c3\"></span>como<span class=\"_ _1be\"> </span></span>rentabilidad razon<span class=\"_ _2\"></span>able desd<span class=\"_ _2\"></span>e el 1 de enero de 2020, el <span class=\"_ _2\"></span>7,09% (v\u00e9ase Anexo III)<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Regulaci\u00f3n sec<span class=\"_ _2\"></span>tor el\u00e9ctrico-<span class=\"_ _1be\"> </span>Con <span class=\"_ _1\"></span>fecha <span class=\"_ _1\"></span>20 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>diciembre <span class=\"_ _1\"></span>de 2022<span class=\"_ _1\"></span> las <span class=\"_ _1\"></span>sociedades <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Grupo <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>como <span class=\"_ _1\"></span>parte <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>actividad <span class=\"_ _1\"></span>est\u00e1n <span class=\"_ _1\"></span>afectadas<span class=\"_ _1be\"> </span>por la regulaci\u00f3n del s<span class=\"_ _2\"></span>ector el\u00e9ctrico, <span class=\"_ _2\"></span>han in<span class=\"_ _2\"></span>terpuesto recur<span class=\"_ _2\"></span>sos contencios<span class=\"_ _2\"></span>o-ad<span class=\"_ _2\"></span>ministrativos, ante la Sa<span class=\"_ _2\"></span>la de<span class=\"_ _1be\"> </span>lo <span class=\"_ _c0\"></span>Contencioso<span class=\"_ _2\"></span>-Administrativo<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Tribunal <span class=\"_ _c0\"></span>S<span class=\"_ _2\"></span>upremo, <span class=\"_ _0\"></span>frente <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>siguientes <span class=\"_ _c0\"></span>\u00f3rd<span class=\"_ _2\"></span>enes <span class=\"_ _c0\"></span>ministeriales<span class=\"_ _4\"></span><span class=\"ls8a\">; <span class=\"_ _c0\"></span></span>Orden<span class=\"_ _1be\"> </span>TED/989/2022, <span class=\"_ _c3\"> </span>Orden <span class=\"_ _c3\"> </span>TED/995/202<span class=\"_ _2\"></span>2, <span class=\"_ _c3\"> </span><span class=\"ls23\">y <span class=\"_ _c3\"></span></span>Orden <span class=\"_ _c3\"></span>TED/1232/2022. <span class=\"_ _c2\"> </span>Del <span class=\"_ _c3\"></span>mismo <span class=\"_ _c3\"></span>modo, <span class=\"_ _c3\"></span>se <span class=\"_ _0\"></span>i<span class=\"_ _2\"></span>nterpondr\u00e1 <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"></span>los<span class=\"_ _1be\"> </span>pr\u00f3ximos d\u00edas r<span class=\"_ _2\"></span>ecurso contencioso<span class=\"_ _2\"></span>-administrativo frente a l<span class=\"_ _2\"></span>a Orden TED/129<span class=\"_ _2\"></span>5/2022<span class=\"_ _2\"></span> (v\u00e9ase Anexo III).<span class=\"_ _2\"></span> La <span class=\"_ _2\"></span>impugnaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00f3rdene<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>referidas <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>fundam<span class=\"_ _2\"></span>entar\u00e1 <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>incu<span class=\"_ _2\"></span>mplimiento <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>lazos <span class=\"_ _2\"></span>esta<span class=\"_ _2\"></span>blecidos<span class=\"_ _1be\"> </span>en relaci\u00f3n con el r\u00e9gi<span class=\"_ _2\"></span>men retributivo co<span class=\"_ _2\"></span>ntenido en la Ley del Secto<span class=\"_ _2\"></span>r El\u00e9ctrico en el R<span class=\"_ _2\"></span>eal Decreto 413/2<span class=\"_ _2\"></span>014,<span class=\"_ _1be\"> </span>la <span class=\"_ _c7\"> </span>infracci\u00f3n <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>las <span class=\"_ _c7\"> </span>no<span class=\"_ _2\"></span>rmas <span class=\"_ _c7\"> </span>que <span class=\"_ _c4\"> </span>regulan <span class=\"_ _c4\"> </span>la <span class=\"_ _c4\"> </span>metodolog\u00eda <span class=\"_ _c4\"> </span>retributiva, <span class=\"_ _c4\"> </span>la <span class=\"_ _c7\"> </span>vulneraci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>del <span class=\"_ _c4\"> </span>principio <span class=\"_ _c4\"> </span>de<span class=\"_ _1be\"> </span>interdicci\u00f3n d<span class=\"_ _2\"></span>e la ar<span class=\"_ _2\"></span>bitrariedad de <span class=\"_ _2\"></span>los poderes p<span class=\"_ _2\"></span>\u00fablicos basad<span class=\"_ _2\"></span>o en <span class=\"_ _2\"></span>la falta d<span class=\"_ _2\"></span>e justificaci\u00f3n d<span class=\"_ _2\"></span>e las \u00f3rd<span class=\"_ _2\"></span>enes de<span class=\"_ _1be\"> </span>par\u00e1metros, <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>ausencia <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>metodolog\u00eda <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>determinaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>retribuci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>bioma<span class=\"_ _4\"></span>sa <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>ausencia<span class=\"_ _1be\"> </span>de <span class=\"_ _4\"></span>inclus<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>r<span class=\"_ _2\"></span>etribuci\u00f3n <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>coste <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>transp<span class=\"_ _2\"></span>orte. <span class=\"_ _4\"></span>Ad<span class=\"_ _2\"></span>em\u00e1s <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>argumentos <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>car\u00e1ct<span class=\"_ _2\"></span>er <span class=\"_ _4\"></span>jur\u00eddico,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>la<span class=\"_ _2\"></span> impugnaci\u00f3n se fund<span class=\"_ _2\"></span>amentar\u00e1 en u<span class=\"_ _2\"></span>n an\u00e1lisis pericial que d<span class=\"_ _2\"></span>etermine la existencia d<span class=\"_ _2\"></span>e un impacto econ\u00f3mi<span class=\"_ _2\"></span>co<span class=\"_ _1be\"> </span>relevante, <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>edida <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u00f3rdenes <span class=\"_ _4\"></span>impugnadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fijan<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>una <span class=\"_ _4\"></span>retribuci\u00f3n <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>operaci\u00f3n <span class=\"_ _4\"></span>alejada <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _1be\"> </span>costes reales.<span class=\"_ _1be\"> </span>33.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Situaci\u00f3n fiscal<span class=\"_ _1be\"> </span></span></span>Los saldos <span class=\"_ _1\"></span>deudores <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>acree<span class=\"_ _1\"></span>dores m<span class=\"_ _1\"></span>antenidos con <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>distintas <span class=\"_ _1\"></span>Administraciones P\u00fablicas <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>31 <span class=\"_ _bb\"></span>de diciembre<span class=\"_ _1be\"> </span>de 2022 y 2021 son lo<span class=\"_ _2\"></span>s siguientes:<span class=\"_ _2\"></span> Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _19f\"> </span>A<span class=\"_ _1\"></span>cti<span class=\"_ _4\"></span>vo<span class=\"_ _191\"> </span>P<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vo<span class=\"_ _f3\"> </span>A<span class=\"_ _1\"></span>cti<span class=\"_ _4\"></span>vo<span class=\"_ _191\"> </span>P<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vo<span class=\"_ _1be\"> </span>Part<span class=\"_ _2\"></span>ida<span class=\"_ _1\"></span>s no c<span class=\"_ _1\"></span>orr<span class=\"_ _2\"></span>ient<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s-<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>cti<span class=\"_ _4\"></span>vo <span class=\"_ _2\"></span>por<span class=\"_ _2\"></span> i<span class=\"_ _c0\"></span>m<span class=\"_ _1\"></span>pues<span class=\"_ _2\"></span>tos<span class=\"_ _4\"></span> di<span class=\"_ _c0\"></span>fe<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _1a0\"> </span><span class=\"lsaf\">           73<span class=\"_ _2\"></span>.01<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> <span class=\"_ _122\"> </span>                     -   <span class=\"_ _c1\"> </span>           6<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.149<span class=\"_ _2\"></span> <span class=\"_ _122\"> </span>                     -  </span>Pa<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>o po<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>mpue<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>feri<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _13e\"> </span><span class=\"lsaf\">          (1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.92<span class=\"_ _2\"></span>3)<span class=\"_ _15\"> </span>                     -   <span class=\"_ _55\"> </span>          (1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.586<span class=\"_ _2\"></span>)<span class=\"_ _122\"> </span>                     -  </span>T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1a1\"> </span>53<span class=\"_ _2\"></span>.09<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span><span class=\"ff4 lsaf\">                     -   <span class=\"_ _d\"> </span></span>4<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.563<span class=\"_ _2\"></span> <span class=\"_ _34\"> </span><span class=\"lsaf\">                     - </span>Part<span class=\"_ _2\"></span>ida<span class=\"_ _1\"></span>s c<span class=\"_ _1\"></span>orr<span class=\"_ _2\"></span>ient<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>s-<span class=\"_ _1be\"> </span>Ha<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>enda<span class=\"_ _4\"></span> P\u00fa<span class=\"_ _2\"></span>bl<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> I<span class=\"_ _4\"></span>VA<span class=\"_ _1\"></span> <span class=\"_ _125\"> </span><span class=\"lsaf\">           20<span class=\"_ _2\"></span>.55<span class=\"_ _2\"></span>5 <span class=\"_ _ca\"> </span>              4.10<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _d8\"> </span>           1<span class=\"_ _2\"></span>5.41<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span>           11.47<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> </span>I<span class=\"_ _2\"></span>mpues<span class=\"_ _2\"></span>to de<span class=\"_ _1\"></span> Soc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eda<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> del<span class=\"_ _2\"></span> ej<span class=\"_ _2\"></span>erc<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o c<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _14e\"> </span><span class=\"lsaf\">              8<span class=\"_ _2\"></span>.028<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                   13<span class=\"_ _2\"></span> <span class=\"_ _d8\"> </span>              1<span class=\"_ _2\"></span>.84<span class=\"_ _2\"></span>2 <span class=\"_ _ca\"> </span>                   78<span class=\"_ _2\"></span> </span>I<span class=\"_ _2\"></span>mpues<span class=\"_ _2\"></span>to a<span class=\"_ _2\"></span> l<span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span> el<span class=\"_ _2\"></span>ectr<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _178\"> </span><span class=\"lsaf\">                     -   <span class=\"_ _2\"></span>            (7<span class=\"_ _2\"></span>.86<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _132\"> </span>                     -   <span class=\"_ _c5\"> </span>                 1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> </span>Ha<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>enda<span class=\"_ _4\"></span> P\u00fa<span class=\"_ _2\"></span>bl<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vers<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>ptos<span class=\"_ _87\"> </span><span class=\"lsaf\">                 45<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>           1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.54<span class=\"_ _2\"></span>9 <span class=\"_ _14e\"> </span>                 4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>1 <span class=\"_ _c9\"> </span>              3<span class=\"_ _2\"></span>.955<span class=\"_ _2\"></span> </span>T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1a1\"> </span>29<span class=\"_ _2\"></span>.03<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _17c\"> </span>8<span class=\"_ _2\"></span>.79<span class=\"_ _2\"></span>7 <span class=\"_ _14\"> </span>1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.737<span class=\"_ _2\"></span> <span class=\"_ _9b\"> </span>1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>6<span class=\"_ _2\"></span>56<span class=\"_ _2\"></span> 31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>33.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Aplicaci\u00f3n de reg\u00edmenes <span class=\"_ _1\"></span>y grupos fis<span class=\"_ _1\"></span>cales<span class=\"_ _1be\"> </span></span></span>Sociedades del Grupo con<span class=\"_ _2\"></span> residencia fiscal en E<span class=\"_ _2\"></span>spa\u00f1a<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>ENCE tributa<span class=\"_ _2\"></span> en el Impuesto de Sociedades a t<span class=\"_ _2\"></span>rav\u00e9s de dos<span class=\"_ _2\"></span> Grupos de consolida<span class=\"_ _2\"></span>ci\u00f3n fiscal: <span class=\"_ _2\"></span> \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">ENCE <span class=\"_ _2\"></span>Energ\u00eda <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>Celulosa, <span class=\"_ _2\"></span>S.A. trib<span class=\"_ _2\"></span>uta <span class=\"_ _2\"></span>desde <span class=\"_ _2\"></span>2002 <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>R\u00e9gimen de <span class=\"_ _2\"></span>Conso<span class=\"_ _2\"></span>lidaci\u00f3n <span class=\"_ _2\"></span>Fiscal <span class=\"_ _2\"></span>del Impu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span></span></span>sobre <span class=\"_ _c0\"></span>Sociedades <span class=\"_ _c0\"></span>previsto <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>Cap<span class=\"_ _2\"></span>\u00edtulo <span class=\"_ _c0\"></span>VII <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>T\u00edtulo <span class=\"_ _4\"></span>VIII <span class=\"_ _0\"></span>de <span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>Ley <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Impuesto <span class=\"_ _c0\"></span>sobre <span class=\"_ _c0\"></span>Sociedades<span class=\"_ _1be\"> </span>(Grupo <span class=\"_ _2\"></span>n\u00ba <span class=\"_ _4\"></span>149/02), <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>todas <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ociedades <span class=\"_ _2\"></span>espa\u00f1olas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>detalladas <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Anexo <span class=\"_ _4\"></span>I <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>tiene <span class=\"_ _4\"></span>una<span class=\"_ _1be\"> </span>participaci\u00f3n su<span class=\"_ _2\"></span>perior al 75%.  \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Magnon <span class=\"_ _c0\"></span>Green <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>nergy, <span class=\"_ _c0\"></span>S.L. <span class=\"_ _c0\"></span>trib<span class=\"_ _2\"></span>uta <span class=\"_ _c0\"></span>desde <span class=\"_ _c0\"></span>2021 <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>el<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>R\u00e9<span class=\"_ _2\"></span>gimen <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>Consolidaci\u00f3n <span class=\"_ _c0\"></span>Fiscal <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>Impuesto<span class=\"_ _1be\"> </span></span></span>sobre <span class=\"_ _c0\"></span>Sociedades<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>previsto <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>Cap\u00edtulo <span class=\"_ _c0\"></span>VI <span class=\"_ _c0\"></span>del<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>T\u00edtulo <span class=\"_ _0\"></span>VIII <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>Ley <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>Impuesto <span class=\"_ _c0\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _c0\"></span>Sociedades<span class=\"_ _1be\"> </span>(Grupo <span class=\"_ _2\"></span>n\u00ba <span class=\"_ _4\"></span>410/21), <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>todas <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ociedades <span class=\"_ _2\"></span>espa\u00f1olas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>detalladas <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Anexo <span class=\"_ _4\"></span>I <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>tiene <span class=\"_ _4\"></span>una<span class=\"_ _1be\"> </span>participaci\u00f3n su<span class=\"_ _2\"></span>perior al 75%.<span class=\"_ _1be\"> </span>El resto de las<span class=\"_ _2\"></span> sociedades<span class=\"_ _2\"></span> del Grupo tributan en r\u00e9gimen in<span class=\"_ _2\"></span>dividual. <span class=\"_ _2\"></span> La tasa impositiva nominal del <span class=\"_ _1\"></span>Impuesto sobre Sociedades en Espa\u00f1a es <span class=\"_ _1\"></span>del 25%. Las tasas impositivas en e<span class=\"_ _1\"></span>l<span class=\"_ _1be\"> </span>impuesto <span class=\"_ _cc\"> </span>equivalente <span class=\"_ _c9\"> </span>al <span class=\"_ _cc\"> </span>Impuesto <span class=\"_ _cc\"> </span>sobre <span class=\"_ _c9\"> </span>Sociedades <span class=\"_ _cc\"> </span>en <span class=\"_ _c9\"> </span>Po<span class=\"_ _2\"></span>rtugal <span class=\"_ _c9\"> </span>y <span class=\"_ _cc\"> </span>Uruguay <span class=\"_ _c9\"> </span>so<span class=\"_ _2\"></span>n <span class=\"_ _c9\"> </span>del <span class=\"_ _c9\"> </span>21% <span class=\"_ _c9\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>25%,<span class=\"_ _1be\"> </span>respectivamente.<span class=\"_ _1be\"> </span>De acuerdo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>r\u00e9gimen <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>consolidaci\u00f3n <span class=\"_ _2\"></span>fiscal, <span class=\"_ _2\"></span>la bas<span class=\"_ _2\"></span>e impon<span class=\"_ _2\"></span>ible del <span class=\"_ _2\"></span>Impuesto <span class=\"_ _2\"></span>sobre <span class=\"_ _c0\"></span>Sociedades <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>se<span class=\"_ _1be\"> </span>determina <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>par<span class=\"_ _2\"></span>tir <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>resultado <span class=\"_ _c0\"></span>contable <span class=\"_ _4\"></span>consolida<span class=\"_ _2\"></span>do, <span class=\"_ _4\"></span>sino <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>partir <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>agregado <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ases <span class=\"_ _4\"></span>imponib<span class=\"_ _2\"></span>les<span class=\"_ _1be\"> </span>individuales <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>las <span class=\"_ _c3\"></span>sociedades <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>lo <span class=\"_ _0\"></span>integran, <span class=\"_ _c3\"></span>determinadas <span class=\"_ _0\"></span>seg\u00fan<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>resp<span class=\"_ _2\"></span>ectivo <span class=\"_ _0\"></span>r\u00e9gimen <span class=\"_ _0\"></span>individu<span class=\"_ _2\"></span>al <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>tributaci\u00f3n, <span class=\"_ _bd\"> </span>a <span class=\"_ _d9\"> </span>la <span class=\"_ _d9\"> </span>cual <span class=\"_ _bd\"> </span>se <span class=\"_ _d9\"> </span>le <span class=\"_ _d9\"> </span>aplicar\u00e1n<span class=\"_ _2\"></span>, <span class=\"_ _bd\"> </span>con <span class=\"_ _d9\"> </span>posterioridad, <span class=\"_ _bd\"> </span>las <span class=\"_ _d9\"> </span>correspondientes <span class=\"_ _bd\"> </span>elim<span class=\"_ _1\"></span>inaciones <span class=\"_ _bd\"> </span>e<span class=\"_ _1be\"> </span>incorporaciones<span class=\"_ _2\"></span> aplicables d<span class=\"_ _2\"></span>e acuerdo con la no<span class=\"_ _2\"></span>rmativa de consolida<span class=\"_ _2\"></span>ci\u00f3n fisca<span class=\"_ _2\"></span>l.<span class=\"_ _1be\"> </span>33.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Conciliaci\u00f3n entre e<span class=\"_ _1\"></span>l resultado<span class=\"_ _1\"></span> contable y la base<span class=\"_ _1\"></span> imponible del<span class=\"_ _1be\"> </span></span></span>Impuesto sob<span class=\"_ _1\"></span>re Sociedades<span class=\"_ _1be\"> </span>La <span class=\"_ _2\"></span>conciliaci\u00f3n <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>resultado <span class=\"_ _2\"></span>contable <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>base <span class=\"_ _2\"></span>imponible <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Impuesto <span class=\"_ _2\"></span>sob<span class=\"_ _2\"></span>re Beneficios <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>diciembre<span class=\"_ _1be\"> </span>de 2022 y 2021 es co<span class=\"_ _2\"></span>mo sigue:  <span class=\"ls0_1\">(*) El resultado an<span class=\"_ _2\"></span>tes de impuestos p<span class=\"_ _2\"></span>rocede \u00edntegramente de op<span class=\"_ _2\"></span>eraciones continuad<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span> </span>Miles <span class=\"_ _2\"></span>de Euros<span class=\"_ _1be\"> </span>2022<span class=\"_ _d4\"> </span>2021<span class=\"_ _1be\"> </span>Re<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ulta<span class=\"_ _1\"></span>do<span class=\"_ _1\"></span> antes de<span class=\"_ _2\"></span> impues<span class=\"_ _2\"></span>tos (*<span class=\"_ _1\"></span>)         253<span class=\"_ _2\"></span>.589 <span class=\"_ _ca\"> </span>       (192.539)<span class=\"_ _1be\"> </span>D<span class=\"_ _1\"></span>ife<span class=\"_ _1\"></span>re<span class=\"_ _1\"></span>ncias permanente<span class=\"_ _1\"></span>s-<span class=\"_ _1be\"> </span>Con origen e<span class=\"_ _1\"></span>n resultados           12.681<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>             3.015<span class=\"_ _2\"></span> Con origen e<span class=\"_ _1\"></span>n resultados<span class=\"_ _2\"></span> - Conce<span class=\"_ _1\"></span>si\u00f3n <span class=\"_ _2\"></span>Pont<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>vedra (Nota 7)       (163.830)<span class=\"_ _d9\"> </span>         1<span class=\"_ _2\"></span>63<span class=\"_ _2\"></span>.830<span class=\"_ _1be\"> </span>Con origen e<span class=\"_ _1\"></span>n patrim<span class=\"_ _2\"></span>onio                 (45)<span class=\"_ _d9\"> </span>                 (46)<span class=\"_ _1be\"> </span>D<span class=\"_ _1\"></span>ifre<span class=\"_ _1\"></span>ncias t<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>mpor<span class=\"_ _2\"></span>ale<span class=\"_ _1\"></span>s-<span class=\"_ _1be\"> </span>Con origen e<span class=\"_ _1\"></span>n el e<span class=\"_ _1\"></span>je<span class=\"_ _1\"></span>rcic<span class=\"_ _1\"></span>io           24.052<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>           18<span class=\"_ _2\"></span>.543<span class=\"_ _1be\"> </span>Con origen e<span class=\"_ _1\"></span>n ej<span class=\"_ _1\"></span>erc<span class=\"_ _1\"></span>icio anteriore<span class=\"_ _1\"></span>s            (9.<span class=\"_ _1\"></span>317<span class=\"_ _2\"></span>)<span class=\"_ _cc\"> </span>         (22.724)<span class=\"_ _1be\"> </span>Ajust<span class=\"_ _2\"></span>es de consolidaci\u00f3n            (6.<span class=\"_ _1\"></span>185<span class=\"_ _2\"></span>)<span class=\"_ _cc\"> </span>         (10.417)<span class=\"_ _1be\"> </span>Compensaci\u00f3n de base<span class=\"_ _1\"></span>s <span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>ponibles nega<span class=\"_ _1\"></span>tiv<span class=\"_ _2\"></span>as         (24.959)<span class=\"_ _bd\"> </span>               (625<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Base<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>mponib<span class=\"_ _1\"></span>le           85.<span class=\"_ _2\"></span>98<span class=\"_ _2\"></span>6 <span class=\"_ _ca\"> </span>         (40.9<span class=\"_ _2\"></span>63<span class=\"_ _1be\"> </span>)<span class=\"_ _1be\"> </span>Las <span class=\"_ _c0\"></span>diferencias <span class=\"_ _c0\"></span>per<span class=\"_ _2\"></span>manentes <span class=\"_ _c0\"></span>con <span class=\"_ _0\"></span>origen <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>resultados<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>corres<span class=\"_ _2\"></span>ponden <span class=\"_ _c0\"></span>prin<span class=\"_ _2\"></span>cipalmente <span class=\"_ _c0\"></span>con <span class=\"_ _0\"></span>dotaciones <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>deterioros sobre participaciones en empresas del G<span class=\"_ _1\"></span>rupo<span class=\"_ _2\"></span> y d<span class=\"_ _1\"></span>eterioros de valor sobre el <span class=\"_ _1\"></span>inmovilizado material.<span class=\"_ _1be\"> </span>As\u00ed mismo, <span class=\"_ _2\"></span>este ap<span class=\"_ _2\"></span>artado incorpo<span class=\"_ _2\"></span>ra una <span class=\"_ _2\"></span>menor diferencia permanente <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>importe de <span class=\"_ _2\"></span>4,8 <span class=\"_ _2\"></span>millones \u20ac <span class=\"_ _2\"></span>que s<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>corresponde <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la integraci\u00f3n <span class=\"_ _2\"></span>en la bas<span class=\"_ _2\"></span>e imponible del <span class=\"_ _2\"></span>deterioro fiscal equ<span class=\"_ _2\"></span>ivalente a <span class=\"_ _2\"></span>la amortizaci\u00f3n d<span class=\"_ _2\"></span>e los<span class=\"_ _1be\"> </span>activos <span class=\"_ _c3\"> </span>deteriorados <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"></span>biof\u00e1brica <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>Pontev<span class=\"_ _2\"></span>edra <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>ejercicio <span class=\"_ _0\"></span>2<span class=\"_ _2\"></span>021 <span class=\"_ _c3\"> </span>cons<span class=\"_ _2\"></span>iderando <span class=\"_ _c3\"></span>que <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>ins<span class=\"_ _2\"></span>talaci\u00f3n<span class=\"_ _1be\"> </span>podr\u00eda estar op<span class=\"_ _2\"></span>erativa hasta el 2073 (v\u00e9an<span class=\"_ _2\"></span>se Notas 7 y<span class=\"_ _2\"></span> 17).<span class=\"_ _1be\"> </span>Las <span class=\"_ _2\"></span>diferencias <span class=\"_ _2\"></span>temporales <span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>enen <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span> o<span class=\"_ _2\"></span>rigen en <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ivergencias<span class=\"_ _2\"></span> en <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>mputaci\u00f3n <span class=\"_ _c0\"></span>tempora<span class=\"_ _2\"></span>l d<span class=\"_ _2\"></span>e ingres<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>gastos<span class=\"_ _2\"></span> entre <span class=\"_ _cc\"> </span>la <span class=\"_ _ca\"> </span>normativa <span class=\"_ _ca\"> </span>contab<span class=\"_ _2\"></span>le <span class=\"_ _cc\"> </span>y <span class=\"_ _ca\"> </span>fiscal. <span class=\"_ _cc\"> </span>Su<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>detalle <span class=\"_ _ca\"> </span>por <span class=\"_ _cc\"> </span>n<span class=\"_ _2\"></span>aturaleza <span class=\"_ _ca\"> </span>se <span class=\"_ _cc\"> </span>d<span class=\"_ _2\"></span>escribe <span class=\"_ _cc\"> </span>en <span class=\"_ _ca\"> </span>el <span class=\"_ _cc\"> </span>aparta<span class=\"_ _2\"></span>do <span class=\"_ _ca\"> </span>32.4.<span class=\"_ _2\"></span> Adicionalmente, <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>diferencias <span class=\"_ _1\"></span>temporales <span class=\"_ _1\"></span>con <span class=\"_ _bb\"></span>origen <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>ejerci<span class=\"_ _2\"></span>cio <span class=\"_ _1\"></span>no <span class=\"_ _bb\"></span>recono<span class=\"_ _2\"></span>cidas <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>estas <span class=\"_ _bb\"></span>cu<span class=\"_ _2\"></span>entas <span class=\"_ _1\"></span>anuales<span class=\"_ _1be\"> </span>en el ejercicio 2022, y por tanto tratadas como permanentes, se corresponden con deterioros dotado<span class=\"_ _2\"></span>s sobre<span class=\"_ _1be\"> </span>activos no fin<span class=\"_ _2\"></span>ancieros por importe de <span class=\"_ _2\"></span>13,9 <span class=\"ff6\">millones \u20ac</span> <span class=\"_ _2\"></span>(v\u00e9ase Nota<span class=\"_ _2\"></span> 20)<span class=\"ls1a\">. </span> En el ejercicio 2021 las diferencias <span class=\"ff6 ls3a\">\u201cC</span>on origen en resultados<span class=\"_ _2\"></span> <span class=\"ff6\">\u2013</span> <span class=\"ff6\">Concesi\u00f3n Pontevedra\u201d </span>se corresp<span class=\"_ _2\"></span>ond<span class=\"ls1f\">\u00eda</span>n<span class=\"_ _2\"></span> con<span class=\"_ _1be\"> </span>los <span class=\"_ _c0\"></span>deterioros <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>prov<span class=\"_ _2\"></span>isiones <span class=\"_ _4\"></span>registrados<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>como <span class=\"_ _c0\"></span>consecuencia <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>sentencias <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>anulan <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>pr\u00f3rroga <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la<span class=\"_ _1be\"> </span>concesi\u00f3n <span class=\"_ _c3\"> </span>administrativa <span class=\"_ _c3\"> </span>sobre <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>se <span class=\"_ _c3\"></span>asienta <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>biof\u00e1brica <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>Pontevedra<span class=\"_ _2\"></span>, <span class=\"_ _c3\"></span>con <span class=\"_ _c3\"></span>un <span class=\"_ _0\"></span>ajus<span class=\"_ _2\"></span>te <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ositivo <span class=\"_ _0\"></span>por<span class=\"_ _1be\"> </span>importe de <span class=\"ff6\">194.897 miles \u20ac</span>, compen<span class=\"ff6\">sado por un ajuste negativo por 31.067 miles \u20ac que se correspond<span class=\"_ _2\"></span></span><span class=\"ls1f\">\u00eda</span> con<span class=\"_ _1be\"> </span>la <span class=\"_ _c7\"> </span>integraci\u00f3n <span class=\"_ _c7\"> </span>en <span class=\"_ _c6\"> </span>la <span class=\"_ _c7\"> </span>b<span class=\"_ _2\"></span>ase <span class=\"_ _c7\"> </span>imponible <span class=\"_ _c6\"> </span>del <span class=\"_ _c7\"> </span>deterioro <span class=\"_ _c7\"> </span>fiscal <span class=\"_ _c7\"> </span>equivalent<span class=\"_ _2\"></span>e <span class=\"_ _c6\"> </span>a <span class=\"_ _c7\"> </span>la <span class=\"_ _c7\"> </span>amortizaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c6\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>activos<span class=\"_ _1be\"> </span>deteriorados <span class=\"_ _c7\"> </span>con<span class=\"_ _2\"></span>siderando <span class=\"_ _c7\"> </span>su <span class=\"_ _c4\"> </span>vida <span class=\"_ _c7\"> </span>\u00fatil <span class=\"_ _c4\"> </span>estimada <span class=\"_ _c7\"> </span>resta<span class=\"_ _2\"></span>nte <span class=\"_ _c7\"> </span>(v\u00e9ase <span class=\"_ _c7\"> </span>Nota <span class=\"_ _c7\"> </span>7).<span class=\"_ _4\"></span> <span class=\"_ _c7\"> </span>Es<span class=\"_ _2\"></span>tas <span class=\"_ _c7\"> </span>diferencias <span class=\"_ _c4\"> </span>revierten<span class=\"_ _1be\"> </span>\u00edntegramente e<span class=\"_ _1\"></span>n 2022 <span class=\"_ _1\"></span>tras <span class=\"_ _1\"></span>las sentencias confirm<span class=\"_ _1\"></span>atorias del plazo <span class=\"_ _1\"></span>concesional <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>biof\u00e1brica de <span class=\"_ _bb\"></span>Pon<span class=\"_ _2\"></span>tevedra<span class=\"_ _1be\"> </span>hasta 2073 p<span class=\"_ _2\"></span>or parte del Tribunal Sup<span class=\"_ _2\"></span>remo.<span class=\"_ _1be\"> </span>33.3<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Conciliaci\u00f3n entre e<span class=\"_ _1\"></span>l resultado<span class=\"_ _1\"></span> contable y el gasto po<span class=\"_ _1\"></span>r Impuesto<span class=\"_ _1be\"> </span></span></span>sobre Sociedad<span class=\"_ _1\"></span>es<span class=\"_ _1be\"> </span>La conciliaci\u00f3n del resu<span class=\"_ _2\"></span>ltado contable y<span class=\"_ _2\"></span> la base imponib<span class=\"_ _2\"></span>le del Impuesto sobre <span class=\"_ _2\"></span>Sociedad<span class=\"_ _2\"></span>es a 31 d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>diciembre de 20<span class=\"ls2b\">22</span> y 2021 es co<span class=\"_ _2\"></span>mo sigue<span class=\"ff3\">:<span class=\"_ _2\"></span> </span>  <span class=\"ls1b\">(*<span class=\"ls0_1\">) El resultado a<span class=\"_ _2\"></span>ntes de impuestos<span class=\"_ _2\"></span> procede \u00edntegramente de o<span class=\"_ _2\"></span>peraciones continuad<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span> </span></span>Por <span class=\"_ _0\"></span>su <span class=\"_ _c3\"></span>parte, <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>distribuci\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Gasto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>impuesto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sobre <span class=\"_ _0\"></span>Sociedades <span class=\"_ _c3\"></span>por <span class=\"_ _0\"></span>los <span class=\"_ _c3\"></span>distintos <span class=\"_ _0\"></span>concepto<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>lo<span class=\"_ _1be\"> </span>conforman en 202<span class=\"_ _2\"></span>2 y 2021 es la <span class=\"_ _2\"></span>siguiente:<span class=\"_ _1be\"> </span>Miles de<span class=\"_ _2\"></span> Euros<span class=\"_ _1be\"> </span>2022<span class=\"_ _163\"> </span>2021<span class=\"_ _1be\"> </span>Re<span class=\"_ _2\"></span>sultado<span class=\"_ _1\"></span> antes de<span class=\"_ _2\"></span> impuest<span class=\"_ _2\"></span>os (*<span class=\"_ _1\"></span>)         253<span class=\"_ _2\"></span>.589 <span class=\"_ _c9\"> </span>       (192<span class=\"_ _2\"></span>.539)<span class=\"_ _1be\"> </span>Dif<span class=\"_ _1\"></span>ere<span class=\"_ _1\"></span>nc<span class=\"_ _1\"></span>ias permanentes-<span class=\"_ _1be\"> </span>Con origen e<span class=\"_ _1\"></span>n resultados           12.681 <span class=\"_ _ca\"> </span>             3<span class=\"_ _2\"></span>.015<span class=\"_ _1be\"> </span>Con origen e<span class=\"_ _1\"></span>n resultados<span class=\"_ _2\"></span> - Conce<span class=\"_ _1\"></span>si\u00f3n <span class=\"_ _2\"></span>Pontevedra (Nota 7)       (163.830)<span class=\"_ _c8\"> </span>         1<span class=\"_ _2\"></span>63.830<span class=\"_ _2\"></span> Baj<span class=\"_ _1\"></span>a/ (Alt<span class=\"_ _2\"></span>a) de B<span class=\"_ _1\"></span>ases im<span class=\"_ _2\"></span>ponibles negativas p<span class=\"_ _2\"></span>reviamente<span class=\"_ _1\"></span> rec<span class=\"_ _1\"></span>onocidas         (81.927)<span class=\"_ _d9\"> </span>           85<span class=\"_ _2\"></span>.699<span class=\"_ _1be\"> </span>Eliminaci\u00f3n del re<span class=\"_ _1\"></span>sult<span class=\"_ _2\"></span>ado de las entidades no residente<span class=\"_ _1\"></span>s <span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>n Espa\u00f1a<span class=\"_ _103\"> </span><span class=\"lsb3\">                228 <span class=\"_ _bd\"> </span>                615<span class=\"_ _1be\"> </span></span>Eliminaciones / <span class=\"_ _2\"></span>incorporacione<span class=\"_ _1\"></span>s de consolidaci\u00f3n            (5.<span class=\"_ _1\"></span>610<span class=\"_ _2\"></span>)<span class=\"_ _c9\"> </span>         (10.521)<span class=\"_ _1be\"> </span>Base<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>mponib<span class=\"_ _1\"></span>le           15.<span class=\"_ _2\"></span>131<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>           5<span class=\"_ _2\"></span>0.0<span class=\"_ _2\"></span>99<span class=\"_ _1be\"> </span>Cuota             3.7<span class=\"_ _2\"></span>83 <span class=\"_ _ca\"> </span>           1<span class=\"_ _2\"></span>2.<span class=\"_ _2\"></span>525<span class=\"_ _2\"></span> De<span class=\"_ _1\"></span>ducc<span class=\"_ _1\"></span>iones y ajust<span class=\"_ _2\"></span>es im<span class=\"_ _2\"></span>posit<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>os d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>l eje<span class=\"_ _1\"></span>rcicio ante<span class=\"_ _1\"></span>rior                861<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span>            (3.120)<span class=\"_ _1be\"> </span>Imposi<span class=\"_ _2\"></span>ci\u00f3n sociedde<span class=\"_ _1\"></span>s no <span class=\"_ _2\"></span>reside<span class=\"_ _1\"></span>ntes en Espa\u00f1a                   19 <span class=\"_ _cc\"> </span>                   15<span class=\"_ _1be\"> </span>Gasto / (<span class=\"_ _1\"></span>Ingre<span class=\"_ _2\"></span>so)  por Impues<span class=\"_ _2\"></span>to sobre B<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>neficio<span class=\"_ _1\"></span>s             4.6<span class=\"_ _2\"></span>63 <span class=\"_ _ca\"> </span>             9<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>20<span class=\"_ _1be\"> </span>33.4<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\"> Activos y pasivos por<span class=\"_ _1\"></span> impuesto diferido <span class=\"_ _1\"></span>reconocidos<span class=\"_ _1be\"> </span></span></span>Las <span class=\"_ _4\"></span>var<span class=\"_ _2\"></span>iaciones <span class=\"_ _4\"></span>que <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>han <span class=\"_ _c0\"></span>producido <span class=\"_ _c0\"></span>durante <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>ejercicios <span class=\"_ _c0\"></span>202<span class=\"_ _2\"></span>2 <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>2021 <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>estos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>ep\u00edgrafes <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>Estado<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>Situaci\u00f3n Financiera Cons<span class=\"_ _2\"></span>olidado han<span class=\"_ _2\"></span> sido las siguientes:<span class=\"_ _2\"></span> Activos por Impuesto D<span class=\"_ _2\"></span>iferido<span class=\"_ _2\"></span> Miles de <span class=\"_ _2\"></span>Eur<span class=\"_ _1\"></span>os<span class=\"_ _1be\"> </span>2022<span class=\"_ _f1\"> </span>2021<span class=\"_ _1be\"> </span>Impue<span class=\"_ _1\"></span>st<span class=\"_ _2\"></span>o corrrie<span class=\"_ _1\"></span>nte y otros           15.079 <span class=\"_ _c8\"> </span>             2.140<span class=\"_ _1be\"> </span>Por im<span class=\"_ _2\"></span>puesto dife<span class=\"_ _1\"></span>rido         (10.416)<span class=\"_ _d9\"> </span>             7<span class=\"_ _2\"></span>.280<span class=\"_ _1be\"> </span>Gasto /<span class=\"_ _1\"></span> (Ingreso)  por<span class=\"_ _1\"></span> I<span class=\"_ _2\"></span>mpuesto sobre B<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nefic<span class=\"_ _1\"></span>ios             4.6<span class=\"_ _2\"></span>63 <span class=\"_ _c8\"> </span>             9.<span class=\"_ _2\"></span>420<span class=\"_ _1be\"> </span>Miles de<span class=\"_ _2\"></span> Euros<span class=\"_ _1be\"> </span>A\u00f1o<span class=\"_ _1\"></span> 20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>Impue<span class=\"_ _2\"></span>stos diferidos de activo<span class=\"_ _1\"></span> reconocido<span class=\"_ _1\"></span>s e<span class=\"_ _2\"></span>n res<span class=\"_ _2\"></span>ulta<span class=\"_ _1\"></span>dos-   Am<span class=\"_ _2\"></span>ort<span class=\"_ _2\"></span>izaci\u00f3n de activos n<span class=\"_ _2\"></span>o corriente<span class=\"_ _1\"></span>s             2.818 <span class=\"_ _ca\"> </span>                      - <span class=\"_ _c9\"> </span>                    (940)<span class=\"_ _c9\"> </span>                     1 <span class=\"_ _c9\"> </span>             1<span class=\"_ _2\"></span>.879   Dete<span class=\"_ _1\"></span>rioro en activos <span class=\"_ _2\"></span>no corriente<span class=\"_ _1\"></span>s             2.543 <span class=\"_ _ca\"> </span>             5.101 <span class=\"_ _ca\"> </span>                 (1.796)<span class=\"_ _c7\"> </span>                 (48<span class=\"_ _2\"></span>)<span class=\"_ _cc\"> </span>             5.800   P<span class=\"_ _2\"></span>rovis<span class=\"_ _2\"></span>iones             2.955 <span class=\"_ _ca\"> </span>                307<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>                        (3)<span class=\"_ _ca\"> </span>                      - <span class=\"_ _c9\"> </span>             3.259   Com<span class=\"_ _2\"></span>promi<span class=\"_ _2\"></span>sos<span class=\"_ _2\"></span> con el pe<span class=\"_ _1\"></span>rsonal             1.406 <span class=\"_ _ca\"> </span>                   66 <span class=\"_ _c4\"> </span>                      (96)<span class=\"_ _ca\"> </span>                   84 <span class=\"_ _c4\"> </span>             1.460<span class=\"_ _2\"></span>    Dete<span class=\"_ _1\"></span>rioro activos<span class=\"_ _2\"></span> corrientes             1.917 <span class=\"_ _ca\"> </span>                716<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>                      (56)<span class=\"_ _cc\"> </span>                      - <span class=\"_ _c9\"> </span>             2.577   Lim<span class=\"_ _2\"></span>itaci\u00f3n gast<span class=\"_ _2\"></span>os financieros y <span class=\"_ _2\"></span>otros             1.567 <span class=\"_ _ca\"> </span>                      - <span class=\"_ _c9\"> </span>                 (1.<span class=\"_ _1\"></span>450)<span class=\"_ _c4\"> </span>                     1 <span class=\"_ _cc\"> </span>                118   Sociedade<span class=\"_ _1\"></span>s no <span class=\"_ _2\"></span>residente<span class=\"_ _1\"></span>s y<span class=\"_ _2\"></span> ajust<span class=\"_ _2\"></span>es de consolidaci\u00f3n             3.618 <span class=\"_ _ca\"> </span>                      - <span class=\"_ _c9\"> </span>                    (244)<span class=\"_ _c9\"> </span>                      - <span class=\"_ _c9\"> </span>             3.374   Bases Imponibl<span class=\"_ _2\"></span>es Nega<span class=\"_ _1\"></span>tivas           30.339 <span class=\"_ _cc\"> </span>                   65 <span class=\"_ _c4\"> </span>                 (6.240)<span class=\"_ _c4\"> </span>           20.419 <span class=\"_ _cc\"> </span>           44.583   Deduc<span class=\"_ _1\"></span>cione<span class=\"_ _1\"></span>s           14.513 <span class=\"_ _cc\"> </span>                   17 <span class=\"_ _c4\"> </span>                 (4.696)<span class=\"_ _c4\"> </span>                   41 <span class=\"_ _c4\"> </span>             9<span class=\"_ _2\"></span>.875           61.<span class=\"_ _2\"></span>676<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>             6.2<span class=\"_ _2\"></span>72 <span class=\"_ _cc\"> </span>              (15.521<span class=\"_ _2\"></span>)<span class=\"_ _cc\"> </span>           20.<span class=\"_ _2\"></span>498<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>           72.<span class=\"_ _2\"></span>925<span class=\"_ _2\"></span> Impue<span class=\"_ _2\"></span>stos diferidos de activo<span class=\"_ _1\"></span> reconocido<span class=\"_ _1\"></span>s e<span class=\"_ _2\"></span>n patri<span class=\"_ _1\"></span>monio-   Inst<span class=\"_ _2\"></span>rumentos<span class=\"_ _2\"></span> financie<span class=\"_ _1\"></span>ros d<span class=\"_ _2\"></span>e c<span class=\"_ _1\"></span>obertura (Nota 32<span class=\"_ _2\"></span>)             2.473 <span class=\"_ _ca\"> </span>                   49 <span class=\"_ _c4\"> </span>                 (2.434)<span class=\"_ _c4\"> </span>                      - <span class=\"_ _c9\"> </span>                   89             2.4<span class=\"_ _2\"></span>73 <span class=\"_ _cc\"> </span>                   49 <span class=\"_ _c4\"> </span>                (2.43<span class=\"_ _2\"></span>4)<span class=\"_ _ca\"> </span>                      - <span class=\"_ _c9\"> </span>                   89<span class=\"_ _2\"></span> To<span class=\"_ _1\"></span>tal           64.<span class=\"_ _2\"></span>149<span class=\"_ _2\"></span> <span class=\"_ _5\"> </span>           73.<span class=\"_ _2\"></span>014<span class=\"_ _1be\"> </span>Sal<span class=\"_ _1\"></span>do a<span class=\"_ _1\"></span>l<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span>/12/20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>Tra<span class=\"_ _1\"></span>spa<span class=\"_ _1\"></span>sos y<span class=\"_ _1be\"> </span>otros<span class=\"_ _1be\"> </span>Disminucio<span class=\"_ _1\"></span>nes<span class=\"_ _1be\"> </span>Aumentos<span class=\"_ _1be\"> </span>Sal<span class=\"_ _1\"></span>do a<span class=\"_ _1\"></span>l<span class=\"_ _1be\"> </span>01<span class=\"_ _2\"></span>/01/20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>Mi<span class=\"_ _1\"></span>les de <span class=\"_ _2\"></span>Euros<span class=\"_ _1be\"> </span>A\u00f1o 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>I<span class=\"_ _1\"></span>mpue<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>os difer<span class=\"_ _2\"></span>idos de ac<span class=\"_ _1\"></span>tivo re<span class=\"_ _2\"></span>conoc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>dos en r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>sultados-   Am<span class=\"_ _1\"></span>orti<span class=\"_ _2\"></span>za<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> no<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s              3.06<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                       - <span class=\"_ _c9\"> </span>                 (9<span class=\"_ _2\"></span>40<span class=\"_ _2\"></span>)<span class=\"_ _c7\"> </span>                 6<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>7 <span class=\"_ _ca\"> </span>              2<span class=\"_ _2\"></span>.81<span class=\"_ _2\"></span>8   Det<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> e<span class=\"_ _1\"></span>n a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _4\"></span> n<span class=\"_ _2\"></span>o c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ente<span class=\"_ _bb\"></span>s              4.94<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                 2<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>             (1.06<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>            (1<span class=\"_ _2\"></span>.587<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>              2<span class=\"_ _2\"></span>.543<span class=\"_ _2\"></span>    Pr<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span>               5.38<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                       - <span class=\"_ _c9\"> </span>             (2<span class=\"_ _2\"></span>.425<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>                    (7<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>              2.95<span class=\"_ _2\"></span>5   Compr<span class=\"_ _2\"></span>omi<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span> e<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span> pers<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l              1.33<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                    4<span class=\"_ _2\"></span>9 <span class=\"_ _c7\"> </span>                   (5<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _c9\"> </span>                    8<span class=\"_ _2\"></span>6 <span class=\"_ _c4\"> </span>              1.40<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>    Det<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>es              1.93<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                 2<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                 (23<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _c7\"> </span>                    (1<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>              1<span class=\"_ _2\"></span>.917<span class=\"_ _2\"></span>    Li<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> y otro<span class=\"_ _2\"></span>s                 84<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                 77<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                 (85<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _c7\"> </span>                 8<span class=\"_ _2\"></span>04<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>              1<span class=\"_ _2\"></span>.567<span class=\"_ _2\"></span>    Soc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eda<span class=\"_ _2\"></span>des<span class=\"_ _2\"></span> n<span class=\"_ _2\"></span>o r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>dent<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y a<span class=\"_ _2\"></span>j<span class=\"_ _4\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> de con<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n                 79<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>              3.41<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                 (59<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _c7\"> </span>                    1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>              3<span class=\"_ _2\"></span>.618<span class=\"_ _2\"></span>    Ba<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> I<span class=\"_ _2\"></span>mponi<span class=\"_ _c0\"></span>bl<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> Ne<span class=\"_ _1\"></span>gati<span class=\"_ _4\"></span>va<span class=\"_ _2\"></span>s            42<span class=\"_ _2\"></span>.25<span class=\"_ _2\"></span>1 <span class=\"_ _c4\"> </span>              7.96<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                 (1<span class=\"_ _2\"></span>56<span class=\"_ _2\"></span>)<span class=\"_ _c7\"> </span>          (1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.720<span class=\"_ _2\"></span>)<span class=\"_ _c9\"> </span>            3<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.339<span class=\"_ _2\"></span>    Deducc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>nes              8.71<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                 9<span class=\"_ _2\"></span>56<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                        - <span class=\"_ _c9\"> </span>              4<span class=\"_ _2\"></span>.840<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>            1<span class=\"_ _2\"></span>4.51<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>             69<span class=\"_ _2\"></span>.261<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>62<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>             (6.33<span class=\"_ _2\"></span>1)<span class=\"_ _ca\"> </span>          (1<span class=\"_ _2\"></span>4.87<span class=\"_ _2\"></span>8)<span class=\"_ _c9\"> </span>            6<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>67<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> I<span class=\"_ _1\"></span>mpue<span class=\"_ _2\"></span>st<span class=\"_ _2\"></span>os difer<span class=\"_ _2\"></span>idos de ac<span class=\"_ _1\"></span>tivo re<span class=\"_ _2\"></span>conoc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>dos en patr<span class=\"_ _2\"></span>im<span class=\"_ _2\"></span>onio-   I<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>ume<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>os<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ero<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e cobertur<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> (Nota<span class=\"_ _2\"></span> 32<span class=\"_ _2\"></span>)              2.69<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>              1<span class=\"_ _2\"></span>.744<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>             (1<span class=\"_ _2\"></span>.963<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>                       - <span class=\"_ _c9\"> </span>              2<span class=\"_ _2\"></span>.473<span class=\"_ _2\"></span>               2.69<span class=\"_ _2\"></span>1 <span class=\"_ _c9\"> </span>              1<span class=\"_ _2\"></span>.744<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>             (1<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>96<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>                       - <span class=\"_ _c9\"> </span>              2.473<span class=\"_ _2\"></span> T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>al            71<span class=\"_ _2\"></span>.952<span class=\"_ _2\"></span> <span class=\"_ _a4\"> </span>            64<span class=\"_ _2\"></span>.149<span class=\"_ _2\"></span> Sa<span class=\"_ _1\"></span>ldo a<span class=\"_ _1\"></span>l<span class=\"_ _1be\"> </span>31/12/2021<span class=\"_ _1be\"> </span>T<span class=\"_ _1\"></span>raspa<span class=\"_ _1\"></span>sos<span class=\"_ _1\"></span> y<span class=\"_ _1be\"> </span>ot<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>Dis<span class=\"_ _1\"></span>minuci<span class=\"_ _1\"></span>ones<span class=\"_ _1be\"> </span>Aum<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>Sa<span class=\"_ _1\"></span>ldo a<span class=\"_ _1\"></span>l<span class=\"_ _1be\"> </span>01/01/2021<span class=\"_ _1be\"> </span>La <span class=\"_ _4\"></span>Ley <span class=\"_ _c0\"></span>27/20<span class=\"_ _2\"></span>14, <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>27 <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>noviembre, <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Impuesto <span class=\"_ _c0\"></span>sobre <span class=\"_ _c0\"></span>Sociedades <span class=\"_ _c0\"></span>elimin\u00f3 <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>efecto<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>1 <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>enero <span class=\"_ _c0\"></span>del<span class=\"_ _1be\"> </span>2015 <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>plazo <span class=\"_ _c0\"></span>establecido <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>compensaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>bases <span class=\"_ _4\"></span>impo<span class=\"_ _2\"></span>nibles <span class=\"_ _c0\"></span>negativas, <span class=\"_ _c0\"></span>por <span class=\"_ _4\"></span>lo <span class=\"_ _c0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>pas<span class=\"_ _2\"></span>\u00f3 <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>ser<span class=\"_ _1be\"> </span>ilimitado, y ampli\u00f3 al menos<span class=\"_ _2\"></span> a 15 a\u00f1os el p<span class=\"_ _2\"></span>lazo general de compensaci\u00f3n<span class=\"_ _2\"></span> de las deducciones<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> Los <span class=\"_ _c2\"> </span>act<span class=\"_ _2\"></span>ivos <span class=\"_ _c2\"> </span>por  im<span class=\"_ _1\"></span>puestos  di<span class=\"_ _1\"></span>feridos <span class=\"_ _c2\"> </span>se <span class=\"_ _c5\"> </span>corresponden <span class=\"_ _c5\"> </span>con <span class=\"_ _c2\"> </span>deterioros<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>sobre  activ<span class=\"_ _2\"></span>os, <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>rovisiones, <span class=\"_ _c2\"> </span>gas<span class=\"_ _2\"></span>tos<span class=\"_ _1be\"> </span>financieros <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>fiscalmente <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>esultar\u00e1n <span class=\"_ _4\"></span>deducibles <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>base <span class=\"_ _2\"></span>imponible <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Impuesto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>sobre <span class=\"_ _2\"></span>Sociedad<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>en<span class=\"_ _2\"></span> ejercicios <span class=\"_ _0\"></span>futuros, <span class=\"_ _c0\"></span>dedu<span class=\"_ _2\"></span>cciones <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>bases <span class=\"_ _0\"></span>imponibles <span class=\"_ _0\"></span>pendientes <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>aplicar/compensar<span class=\"_ _2\"></span>, <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>diferencias <span class=\"_ _c0\"></span>entre<span class=\"_ _2\"></span> amortizaciones  contables  y  fiscales  derivadas  principalmente  de <span class=\"_ _c2\"> </span>la  limitaci\u00f3n  a <span class=\"_ _c5\"> </span>la  deducibilidad  de  la<span class=\"_ _1be\"> </span>amortizaci\u00f3n contab<span class=\"_ _2\"></span>le introducida con<span class=\"_ _2\"></span> car\u00e1cter temporal p<span class=\"_ _2\"></span>ara los ejercicios 2013 y 201<span class=\"_ _2\"></span>4. <span class=\"_ _2\"></span> ENCE <span class=\"_ _cc\"> </span>s\u00f3<span class=\"_ _2\"></span>lo <span class=\"_ _cc\"> </span>reconoce <span class=\"_ _cc\"> </span>activos <span class=\"_ _cc\"> </span>por <span class=\"_ _ca\"> </span>impuesto <span class=\"_ _cc\"> </span>diferido <span class=\"_ _cc\"> </span>cuando <span class=\"_ _ca\"> </span>considera <span class=\"_ _cc\"> </span>probable <span class=\"_ _cc\"> </span>que <span class=\"_ _cc\"> </span>las <span class=\"_ _d9\"> </span>e<span class=\"_ _1\"></span>ntidades<span class=\"_ _1be\"> </span>(individualmente  o  de <span class=\"_ _c2\"> </span>forma  consolidada)  que <span class=\"_ _c5\"> </span>los <span class=\"_ _c5\"> </span>han  g<span class=\"_ _1\"></span>enerado  van  a<span class=\"_ _1\"></span>  tener <span class=\"_ _c2\"> </span>en  el <span class=\"_ _c5\"> </span>futuro  suficie<span class=\"_ _1\"></span>ntes<span class=\"_ _1be\"> </span>ganancias fiscales<span class=\"_ _2\"></span> con las qu<span class=\"_ _2\"></span>e hacerlos efectivos.<span class=\"_ _2\"></span> En <span class=\"_ _c0\"></span>cada <span class=\"_ _c0\"></span>cierre <span class=\"_ _4\"></span>contab<span class=\"_ _2\"></span>le <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>revisan <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>impuestos <span class=\"_ _c0\"></span>diferidos <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>activ<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>registra<span class=\"_ _2\"></span>dos, <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>fin <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>comp<span class=\"_ _2\"></span>robar<span class=\"_ _1be\"> </span>que <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>man<span class=\"_ _2\"></span>tienen <span class=\"_ _4\"></span>vigentes <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>que <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>sideran <span class=\"_ _4\"></span>recuperables<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>plaz<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>ap<span class=\"_ _2\"></span>roximado <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>10 <span class=\"_ _4\"></span>a\u00f1os. <span class=\"_ _4\"></span>Dichos<span class=\"_ _2\"></span> an\u00e1lisis se basan en: (i) la <span class=\"_ _1\"></span>consideraci\u00f3n de hip\u00f3tesis para concluir sobre existencia de <span class=\"_ _1\"></span>suficientes ganancias<span class=\"_ _1be\"> </span>fiscales que <span class=\"_ _1\"></span>permitan compensar dicha<span class=\"_ _2\"></span>s p\u00e9rdidas fiscales <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>coinciden con las <span class=\"_ _1\"></span>utilizadas en <span class=\"_ _1\"></span>la ejecuci\u00f3n <span class=\"_ _1\"></span>de<span class=\"_ _1be\"> </span>los tes<span class=\"_ _2\"></span>t de <span class=\"_ _2\"></span>deterioro so<span class=\"_ _2\"></span>bre activos<span class=\"_ _2\"></span> no <span class=\"_ _2\"></span>financieros <span class=\"_ _4\"></span>(v\u00e9ase N<span class=\"_ _2\"></span>ota 20); y<span class=\"_ _2\"></span> (ii) el <span class=\"_ _2\"></span>per\u00edodo<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>l\u00edmites es<span class=\"_ _2\"></span>tablecidos <span class=\"_ _2\"></span>en<span class=\"_ _1be\"> </span>la legislaci\u00f3n para la <span class=\"_ _2\"></span>recuperaci\u00f3n de los<span class=\"_ _2\"></span> cr\u00e9ditos fiscales.<span class=\"_ _2\"></span> Los <span class=\"_ _0\"></span>flujos <span class=\"_ _0\"></span>previstos <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>ermiten <span class=\"_ _c0\"></span>con<span class=\"_ _2\"></span>cluir <span class=\"_ _c0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>los <span class=\"_ _0\"></span>activos <span class=\"_ _0\"></span>por <span class=\"_ _c0\"></span>impuesto <span class=\"_ _0\"></span>diferido <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _c0\"></span>Gru<span class=\"_ _2\"></span>po <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>on, <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>su <span class=\"_ _0\"></span>mayor<span class=\"_ _1be\"> </span>parte, <span class=\"_ _4\"></span>recuperables <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>plazo <span class=\"_ _4\"></span>apro<span class=\"_ _2\"></span>ximado <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>10 <span class=\"_ _4\"></span>a\u00f1o<span class=\"_ _2\"></span>s.<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>El <span class=\"_ _4\"></span>importe <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>diferencias<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>mporales <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ases<span class=\"_ _1be\"> </span>imponibles <span class=\"_ _2\"></span>negativas <span class=\"_ _4\"></span>acreditad<span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>reconocidas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el E<span class=\"_ _2\"></span>stado <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Situaci\u00f3n <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>ciera a<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>diciembre<span class=\"_ _2\"></span> de 2022 asciende a <span class=\"ls11\">18<span class=\"ls1c\">,0</span></span> <span class=\"_ _2\"></span>millones <span class=\"_ _2\"></span><span class=\"ff6\">\u20ac</span> <span class=\"ls23\">y </span>(88,4 millones <span class=\"ff6 ls11\">\u20ac </span>al 31 <span class=\"_ _2\"></span>de diciembre de 2021)<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Con <span class=\"_ _1\"></span>fecha <span class=\"_ _bb\"></span>29 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>diciembre <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>2021 <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>public\u00f3 <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>BOE <span class=\"_ _1\"></span>la<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>Ley <span class=\"_ _bb\"></span>22/2021, <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>28 <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>diciembre, <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>Presupuestos<span class=\"_ _1be\"> </span>Generales del <span class=\"_ _2\"></span>Estado<span class=\"_ _2\"></span> para <span class=\"_ _2\"></span>el a\u00f1o <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>(LPGE) po<span class=\"_ _2\"></span>r la <span class=\"_ _2\"></span>cual s<span class=\"_ _2\"></span>e modifica <span class=\"_ _2\"></span>la Ley <span class=\"_ _2\"></span>del Impu<span class=\"_ _2\"></span>esto <span class=\"_ _2\"></span>sobre <span class=\"_ _2\"></span>Sociedades<span class=\"_ _1be\"> </span>estableciendo <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e, <span class=\"_ _2\"></span>para <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>ejercicios <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>icien <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>partir <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>enero <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2022, <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>plica <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>conc<span class=\"_ _2\"></span>epto<span class=\"_ _1be\"> </span>de  \u201ctributaci\u00f3n  m\u00ednima\u201d <span class=\"_ _c2\"> </span>en  Espa\u00f1a.  ENCE <span class=\"_ _c2\"> </span>ha  tenido  en <span class=\"_ _c2\"> </span>cuenta  esta  modificaci\u00f3n <span class=\"_ _c2\"> </span>en  el  an\u00e1lisis <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e  la<span class=\"_ _1be\"> </span>recuperabilidad de las<span class=\"_ _2\"></span> deducciones.<span class=\"_ _2\"></span> Pasivos por Impuesto<span class=\"_ _2\"></span> Diferido<span class=\"_ _1be\"> </span>Miles de<span class=\"_ _2\"></span> Euros<span class=\"_ _1be\"> </span>A\u00f1o<span class=\"_ _1\"></span> 20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>Re<span class=\"_ _2\"></span>conoci<span class=\"_ _1\"></span>dos en re<span class=\"_ _2\"></span>sultad<span class=\"_ _1\"></span>os-   Libertad de amortiz<span class=\"_ _2\"></span>aci\u00f3n (RD<span class=\"_ _1\"></span>L 4/2<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>4)                731 <span class=\"_ _d9\"> </span>                      -<span class=\"_ _1\"></span> <span class=\"_ _c9\"> </span>                    (182)<span class=\"_ _c9\"> </span>                      - <span class=\"_ _c9\"> </span>                549   G<span class=\"_ _2\"></span>astos<span class=\"_ _2\"></span> financie<span class=\"_ _1\"></span>ros                   51 <span class=\"_ _c4\"> </span>                      - <span class=\"_ _c9\"> </span>                      (16)<span class=\"_ _cc\"> </span>                      - <span class=\"_ _c9\"> </span>                   35   Ajus<span class=\"_ _2\"></span>tes de consolidaci\u00f3n y<span class=\"_ _2\"></span> otros             3.690 <span class=\"_ _ca\"> </span>             1.948 <span class=\"_ _ca\"> </span>                 (1.926)<span class=\"_ _c7\"> </span>                     2<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>             3.714             4.4<span class=\"_ _2\"></span>72 <span class=\"_ _cc\"> </span>             1.94<span class=\"_ _2\"></span>8 <span class=\"_ _c9\"> </span>                (2.1<span class=\"_ _2\"></span>24)<span class=\"_ _c8\"> </span>                     2 <span class=\"_ _c9\"> </span>             4<span class=\"_ _2\"></span>.29<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span>Re<span class=\"_ _2\"></span>conoci<span class=\"_ _1\"></span>dos en patrimon<span class=\"_ _1\"></span>io-   Revalorizaci\u00f3n suelos forestales (Nota 1<span class=\"_ _2\"></span>7.3)           13.510 <span class=\"_ _cc\"> </span>                      - <span class=\"_ _c4\"> </span>                           - <span class=\"_ _c9\"> </span>                      - <span class=\"_ _c9\"> </span>           13.510<span class=\"_ _2\"></span>    Bono convertible (Nota 30<span class=\"_ _2\"></span>)                196 <span class=\"_ _d9\"> </span>                      -<span class=\"_ _1\"></span> <span class=\"_ _c9\"> </span>                      (59)<span class=\"_ _cc\"> </span>                      - <span class=\"_ _c9\"> </span>                137   Ajus<span class=\"_ _2\"></span>tes de consolidaci\u00f3n y<span class=\"_ _2\"></span> otros                408 <span class=\"_ _d9\"> </span>             2.<span class=\"_ _1\"></span>199 <span class=\"_ _ca\"> </span>                    (629)<span class=\"_ _c9\"> </span>                      - <span class=\"_ _c9\"> </span>             1.978           14.<span class=\"_ _2\"></span>114<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>             2.1<span class=\"_ _2\"></span>99 <span class=\"_ _cc\"> </span>                    (688)<span class=\"_ _c4\"> </span>                      - <span class=\"_ _c9\"> </span>           15<span class=\"_ _2\"></span>.62<span class=\"_ _2\"></span>5<span class=\"_ _1be\"> </span>To<span class=\"_ _1\"></span>tal           18.<span class=\"_ _2\"></span>586<span class=\"_ _2\"></span> <span class=\"_ _5\"> </span>           19.92<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>Sal<span class=\"_ _1\"></span>do a<span class=\"_ _1\"></span>l<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span>/12/20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>Tra<span class=\"_ _1\"></span>spa<span class=\"_ _1\"></span>sos y<span class=\"_ _1be\"> </span>otros<span class=\"_ _1be\"> </span>Disminucio<span class=\"_ _1\"></span>nes<span class=\"_ _1be\"> </span>Aumentos<span class=\"_ _1be\"> </span>Sal<span class=\"_ _1\"></span>do a<span class=\"_ _1\"></span>l<span class=\"_ _1be\"> </span>01<span class=\"_ _2\"></span>/01/20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>33.5<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Ejercicios pendientes de<span class=\"_ _1\"></span> comprob<span class=\"_ _1\"></span>aci\u00f3n y actuacion<span class=\"_ _1\"></span>es inspectoras<span class=\"_ _1\"></span>.<span class=\"_ _1be\"> </span></span></span>Seg\u00fan las disp<span class=\"_ _2\"></span>osiciones fiscale<span class=\"_ _2\"></span>s vigentes, las<span class=\"_ _2\"></span> liquidaciones d<span class=\"_ _2\"></span>e impuestos no p<span class=\"_ _2\"></span>ueden considerars<span class=\"_ _2\"></span>e definitivas<span class=\"_ _1be\"> </span>hasta qu<span class=\"_ _2\"></span>e no han sido insp<span class=\"_ _2\"></span>eccionadas por las au<span class=\"_ _2\"></span>toridades fiscales o ha <span class=\"_ _2\"></span>transcurrid<span class=\"_ _4\"></span>o el plazo de prescrip<span class=\"_ _2\"></span>ci\u00f3n<span class=\"_ _1be\"> </span>establecido en cada <span class=\"_ _2\"></span>jurisdicci\u00f3n tribu<span class=\"_ _2\"></span>taria; cuatro a\u00f1os en Es<span class=\"_ _2\"></span>pa\u00f1a y Portugal, y cinco <span class=\"_ _2\"></span>a\u00f1os en Uruguay. <span class=\"_ _4\"></span> La  Agencia <span class=\"_ _c2\"> </span>Tributa<span class=\"_ _2\"></span>ria  inici\u00f3 <span class=\"_ _c2\"> </span>en  julio  de <span class=\"_ _c5\"> </span>2022 <span class=\"_ _c5\"> </span>un  procedimie<span class=\"_ _1\"></span>nto  de <span class=\"_ _c5\"> </span>comprobaci\u00f3n  del <span class=\"_ _c5\"> </span>Impuesto  sobre<span class=\"_ _1be\"> </span>Sociedades <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Ence <span class=\"_ _2\"></span>Energ\u00eda<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>Celulosa, <span class=\"_ _2\"></span>S.A. <span class=\"_ _2\"></span>(cabec<span class=\"_ _2\"></span>era d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Grupo <span class=\"_ _2\"></span>fiscal <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>solidado)<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>Celulosas <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e As<span class=\"_ _2\"></span>turias,<span class=\"_ _1be\"> </span>S.A. <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>Magnon G<span class=\"_ _1\"></span>reen <span class=\"_ _1\"></span>Energy, <span class=\"_ _1\"></span>S.L. por <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>ejercicios <span class=\"_ _1\"></span>2018, <span class=\"_ _1\"></span>2019 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2020. <span class=\"_ _1\"></span>Adicionalmente, <span class=\"_ _1\"></span>dicho <span class=\"_ _1\"></span>procedimiento<span class=\"_ _1be\"> </span>incluye el Impuesto s<span class=\"_ _2\"></span>obre el Valor A\u00f1ad<span class=\"_ _2\"></span>ido (IVA) <span class=\"_ _2\"></span>y Retenciones <span class=\"_ _2\"></span>de los ejercicios 2019 y 20<span class=\"_ _2\"></span>20. Todas  las <span class=\"_ _c2\"> </span>actuaciones  releva<span class=\"_ _1\"></span>ntes  del <span class=\"_ _c2\"> </span>Grupo <span class=\"_ _c2\"> </span>h<span class=\"_ _2\"></span>an <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>ido <span class=\"_ _c2\"> </span>analizadas<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>internamente <span class=\"_ _c5\"> </span>y <span class=\"_ _c2\"> </span>tambi\u00e9n  por <span class=\"_ _c2\"> </span>asesores<span class=\"_ _1be\"> </span>externos, <span class=\"_ _c0\"></span>tanto <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>este <span class=\"_ _4\"></span>ejercicio <span class=\"_ _c0\"></span>como <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>recedentes, <span class=\"_ _4\"></span>determinand<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>esta<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>actuaciones <span class=\"_ _4\"></span>h<span class=\"_ _2\"></span>an <span class=\"_ _4\"></span>sido<span class=\"_ _1be\"> </span>ajustadas <span class=\"_ _c3\"> </span>a <span class=\"_ _c2\"> </span>derecho <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>basan <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>interpretaciones <span class=\"_ _c2\"> </span>raz<span class=\"_ _2\"></span>onables<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>la <span class=\"_ _c3\"> </span>norma <span class=\"_ _c3\"> </span>tributa<span class=\"_ _2\"></span>ria. <span class=\"_ _c3\"> </span>La <span class=\"_ _c3\"> </span>existencia <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span>incertidumbres <span class=\"_ _1\"></span>fiscales <span class=\"_ _1\"></span>es <span class=\"_ _1\"></span>igualmente <span class=\"_ _bb\"></span>objeto <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>an\u00e1lisis <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>criterio <span class=\"_ _1\"></span>general <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Grupo <span class=\"_ _1\"></span>consiste <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>consid<span class=\"_ _2\"></span>erar<span class=\"_ _1be\"> </span>de <span class=\"_ _c6\"> </span>forma <span class=\"_ _c6\"> </span>prudente <span class=\"_ _c6\"> </span>d<span class=\"_ _2\"></span>icha <span class=\"_ _c6\"> </span>incertidumbre <span class=\"_ _c6\"> </span>en <span class=\"_ _c6\"> </span>la <span class=\"_ _c7\"> </span>determinaci\u00f3n <span class=\"_ _c7\"> </span>del  impu<span class=\"_ _2\"></span>esto. <span class=\"_ _c6\"> </span>ENCE <span class=\"_ _c6\"> </span>no<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>h<span class=\"_ _2\"></span>a <span class=\"_ _c6\"> </span>identificado<span class=\"_ _c0\"></span> incertidumbres fiscal<span class=\"_ _2\"></span>es que hayan<span class=\"_ _2\"></span> sido objeto de con<span class=\"_ _2\"></span>sideraci\u00f3n.<span class=\"_ _1be\"> </span> <span class=\"_ _2\"></span> 34.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Retribuci\u00f3n y otras prestaciones a los Administr<span class=\"_ _1\"></span>adores y a la Alta Direcci\u00f3n <span class=\"_ _2\"></span> </span></span>34.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Retribuciones a los <span class=\"_ _1\"></span>miembros del Con<span class=\"_ _1\"></span>sejo de Admini<span class=\"_ _1\"></span>straci\u00f3n<span class=\"_ _1be\"> </span></span></span>De <span class=\"_ _2\"></span>acuerdo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>lo <span class=\"_ _4\"></span>dis<span class=\"_ _2\"></span>puesto <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>Art. <span class=\"_ _4\"></span>42 <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>43 <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Estatutos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Sociales, <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>Consejeros, <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>dici\u00f3n <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>miembros d<span class=\"_ _2\"></span>el Consejo <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>por el <span class=\"_ _2\"></span>desempe\u00f1o <span class=\"_ _2\"></span>de la <span class=\"_ _2\"></span>funci\u00f3n<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>superv<span class=\"_ _2\"></span>isi\u00f3n y<span class=\"_ _2\"></span> decisi\u00f3n <span class=\"_ _2\"></span>colegiada <span class=\"_ _2\"></span>propia <span class=\"_ _2\"></span>de este<span class=\"_ _1be\"> </span>\u00f3rgano, <span class=\"_ _0\"></span>tienen<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>derecho <span class=\"_ _c3\"></span>a <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>ercibir <span class=\"_ _0\"></span>una <span class=\"_ _c3\"></span>asignaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>anual <span class=\"_ _c3\"></span>fija <span class=\"_ _c0\"></span>y <span class=\"_ _c3\"></span>primas <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>istencia, <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>conjunto <span class=\"_ _0\"></span>no<span class=\"_ _1be\"> </span>podr\u00e1n <span class=\"_ _c9\"> </span>exceder <span class=\"_ _c9\"> </span>de <span class=\"_ _c9\"> </span>la <span class=\"_ _cc\"> </span>cantidad<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>fijada <span class=\"_ _c9\"> </span>a <span class=\"_ _c9\"> </span>ta<span class=\"_ _2\"></span>l <span class=\"_ _c9\"> </span>efecto <span class=\"_ _c9\"> </span>por <span class=\"_ _c9\"> </span>la <span class=\"_ _cc\"> </span>Junta <span class=\"_ _c9\"> </span>General <span class=\"_ _c9\"> </span>Ordinar<span class=\"_ _2\"></span>ia <span class=\"_ _c9\"> </span>de <span class=\"_ _c9\"> </span>Accionis<span class=\"_ _2\"></span>tas,<span class=\"_ _1be\"> </span>correspondiendo <span class=\"_ _0\"></span>al <span class=\"_ _c0\"></span>Consejo <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>Administraci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>ENCE <span class=\"_ _c0\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>determinaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>cantidad <span class=\"_ _0\"></span>exacta <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>abon<span class=\"_ _c0\"></span>ar<span class=\"_ _1be\"> </span>dentro <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>dicho <span class=\"_ _4\"></span>l\u00edmite <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>istribuci\u00f3n <span class=\"_ _4\"></span>entre <span class=\"_ _4\"></span>los <span class=\"_ _c0\"></span>distintos <span class=\"_ _4\"></span>Consejeros, <span class=\"_ _4\"></span>teniend<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>cuenta <span class=\"_ _4\"></span>las <span class=\"_ _c0\"></span>funciones <span class=\"_ _4\"></span>y<span class=\"_ _1be\"> </span>responsabilid<span class=\"_ _2\"></span>ades  at<span class=\"_ _2\"></span>ribuidas  a <span class=\"_ _c6\"> </span>cada <span class=\"_ _c6\"> </span>uno,  la <span class=\"_ _c6\"> </span>pertenencia <span class=\"_ _c6\"> </span>a <span class=\"_ _14c\"> </span>comis<span class=\"_ _2\"></span>iones  d<span class=\"_ _2\"></span>entro  d<span class=\"_ _2\"></span>el  Consejo, <span class=\"_ _c6\"> </span>los <span class=\"_ _c6\"> </span>cargos<span class=\"_ _1be\"> </span>desempe\u00f1ados por cada uno de <span class=\"_ _1\"></span>ellos dentro del Consejo y las dem\u00e1s circunstancias objetivas que <span class=\"_ _1\"></span>considere<span class=\"_ _1be\"> </span>relevantes. Con <span class=\"_ _2\"></span>fecha <span class=\"_ _2\"></span>31 <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>marzo <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>J<span class=\"_ _2\"></span>unta <span class=\"_ _2\"></span>General <span class=\"_ _2\"></span>Ordinaria <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>Accionistas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Sociedad<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>ap<span class=\"_ _2\"></span>rob\u00f3 <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>Pol\u00edtica<span class=\"_ _1be\"> </span>de <span class=\"_ _1\"></span>Remuneraciones de <span class=\"_ _bb\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>Consejeros de <span class=\"_ _bb\"></span>E<span class=\"_ _2\"></span>nce <span class=\"_ _1\"></span>Energ\u00eda <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>Celulosa, S.A. <span class=\"_ _bb\"></span>par<span class=\"_ _2\"></span>a <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>periodo 2022-<span class=\"_ _1\"></span>2024 (disponible<span class=\"_ _1be\"> </span>Mi<span class=\"_ _1\"></span>les de <span class=\"_ _2\"></span>Euros<span class=\"_ _1be\"> </span>A\u00f1o 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Reconoc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>dos en r<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>sultados<span class=\"_ _1\"></span>-   Li<span class=\"_ _2\"></span>berta<span class=\"_ _2\"></span>d d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> a<span class=\"_ _2\"></span>mor<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n (RDL 4/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>04<span class=\"_ _2\"></span>)                 91<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                       - <span class=\"_ _cc\"> </span>                 (18<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _c7\"> </span>                      1<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>                 73<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>    Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> fi<span class=\"_ _c0\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros                    68<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>                       - <span class=\"_ _c9\"> </span>                   (1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)<span class=\"_ _c9\"> </span>                    (1<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>                    5<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>    A<span class=\"_ _1\"></span>j<span class=\"_ _4\"></span>us<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> de co<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>da<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n y<span class=\"_ _2\"></span> otros              3.93<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>              4<span class=\"_ _2\"></span>.42<span class=\"_ _2\"></span>3 <span class=\"_ _cc\"> </span>             (4<span class=\"_ _2\"></span>.650<span class=\"_ _2\"></span>)<span class=\"_ _c8\"> </span>                  (14<span class=\"_ _2\"></span>)<span class=\"_ _c9\"> </span>              3<span class=\"_ _2\"></span>.69<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>               4.91<span class=\"_ _2\"></span>1 <span class=\"_ _cc\"> </span>              4.42<span class=\"_ _2\"></span>3 <span class=\"_ _cc\"> </span>             (4.84<span class=\"_ _2\"></span>8)<span class=\"_ _c8\"> </span>                  (14<span class=\"_ _2\"></span>)<span class=\"_ _c9\"> </span>              4<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>47<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> Reconoc<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>dos en patr<span class=\"_ _2\"></span>imonio-   Re<span class=\"_ _1\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>or<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n s<span class=\"_ _4\"></span>uel<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.3)            13<span class=\"_ _2\"></span>.51<span class=\"_ _2\"></span>0 <span class=\"_ _c4\"> </span>                       - <span class=\"_ _cc\"> </span>                        - <span class=\"_ _c9\"> </span>                       - <span class=\"_ _c9\"> </span>            1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.51<span class=\"_ _2\"></span>0   Bono <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>onverti<span class=\"_ _4\"></span>bl<span class=\"_ _4\"></span>e (N<span class=\"_ _1\"></span>ota <span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>)              1.65<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                       - <span class=\"_ _cc\"> </span>             (1.45<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>                       - <span class=\"_ _cc\"> </span>                 19<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>    A<span class=\"_ _1\"></span>j<span class=\"_ _4\"></span>us<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> de co<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>da<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n y<span class=\"_ _2\"></span> otros              1.58<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                 1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>             (1<span class=\"_ _2\"></span>.542<span class=\"_ _2\"></span>)<span class=\"_ _c8\"> </span>                 19<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                 4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>8            16<span class=\"_ _2\"></span>.750<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>                 17<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>             (3<span class=\"_ _2\"></span>.000<span class=\"_ _2\"></span>)<span class=\"_ _ca\"> </span>                 1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>0 <span class=\"_ _c8\"> </span>            14<span class=\"_ _2\"></span>.114<span class=\"_ _2\"></span> T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>al            21<span class=\"_ _2\"></span>.661<span class=\"_ _2\"></span> <span class=\"_ _1a3\"> </span>            18<span class=\"_ _2\"></span>.586<span class=\"_ _2\"></span> Sa<span class=\"_ _1\"></span>ldo a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> 31/12/2021<span class=\"_ _1be\"> </span>T<span class=\"_ _1\"></span>raspa<span class=\"_ _1\"></span>sos<span class=\"_ _1\"></span> y<span class=\"_ _1be\"> </span>ot<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>Dis<span class=\"_ _1\"></span>minuci<span class=\"_ _1\"></span>ones<span class=\"_ _1be\"> </span>Aum<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>nt<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>Sa<span class=\"_ _1\"></span>ldo a<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> 01/01/2021<span class=\"_ _1be\"> </span>en <span class=\"_ _0\"></span>www.ence.es<span class=\"_ _2\"></span>). <span class=\"_ _0\"></span>El <span class=\"_ _c3\"></span>l\u00edmite <span class=\"_ _0\"></span>m\u00e1ximo <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>remuneraci\u00f3n <span class=\"_ _c3\"></span>anual <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>satisfacer <span class=\"_ _c3\"></span>al <span class=\"_ _0\"></span>conjunto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>ejeros <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>su<span class=\"_ _1be\"> </span>condici\u00f3n de tales, es<span class=\"_ _2\"></span>tablecido en dicha p<span class=\"_ _2\"></span>ol\u00edtica de rem<span class=\"_ _2\"></span>uneraciones es<span class=\"_ _2\"></span> de 1,9 millones de<span class=\"_ _2\"></span> euros.<span class=\"_ _2\"></span> Retribuciones po<span class=\"_ _2\"></span>r su pertenencia al Consejo<span class=\"_ _2\"></span> de Administraci\u00f3n<span class=\"_ _2\"></span> Las re<span class=\"_ _1\"></span>tribuciones devengadas <span class=\"_ _1\"></span>por los <span class=\"_ _1\"></span>mie<span class=\"_ _1\"></span>mbros del <span class=\"_ _1\"></span>Consejo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Administraci\u00f3n <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>relaci\u00f3n con <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>funciones<span class=\"_ _1be\"> </span>propias de s<span class=\"_ _2\"></span>u condici\u00f3n de consejeros en 202<span class=\"_ _2\"></span>2 y 2021 h<span class=\"_ _2\"></span>an sido:<span class=\"_ _1be\"> </span>Los <span class=\"_ _c0\"></span>Consejeros<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>no <span class=\"_ _c0\"></span>ejecutivos <span class=\"_ _c0\"></span>\u00fanicamente <span class=\"_ _c0\"></span>percib<span class=\"_ _2\"></span>en <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>retrib<span class=\"_ _2\"></span>uci\u00f3n <span class=\"_ _c0\"></span>fija <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>dietas <span class=\"_ _c0\"></span>indicadas, <span class=\"_ _c0\"></span>estando <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>todo<span class=\"_ _1be\"> </span>caso excluidos d<span class=\"_ _2\"></span>e los planes de incentivos ligad<span class=\"_ _2\"></span>os al desempe\u00f1o d<span class=\"_ _2\"></span>e la compa\u00f1\u00eda, a corto<span class=\"_ _2\"></span> o largo plazo.<span class=\"_ _4\"></span> Por <span class=\"_ _4\"></span>otra <span class=\"_ _4\"></span>parte, <span class=\"_ _4\"></span>ENCE <span class=\"_ _4\"></span>tiene <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>ntratad<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>p\u00f3liza <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>asegura <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>colectivo <span class=\"_ _4\"></span>formado <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>conjun<span class=\"_ _2\"></span>to <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> consejeros <span class=\"_ _c0\"></span>frente <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>iguientes <span class=\"_ _c0\"></span>riesgos <span class=\"_ _c0\"></span>derivados<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>accidente; <span class=\"_ _4\"></span>fall<span class=\"_ _2\"></span>ecimiento, <span class=\"_ _c0\"></span>incapacid<span class=\"_ _2\"></span>ad <span class=\"_ _c0\"></span>permanente<span class=\"_ _1be\"> </span>absoluta <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>incap<span class=\"_ _2\"></span>acidad <span class=\"_ _0\"></span>permanente <span class=\"_ _0\"></span>parcial. <span class=\"_ _c3\"></span>Adicionalmente, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Sociedad <span class=\"_ _0\"></span>ofr<span class=\"_ _4\"></span>ece <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>c<span class=\"_ _2\"></span>onsejeros <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>us<span class=\"_ _1be\"> </span>c\u00f3nyuges la p<span class=\"_ _2\"></span>osibilidad de realizar anualmente u<span class=\"_ _2\"></span>n reconocimiento m<span class=\"_ _2\"></span>\u00e9dico.<span class=\"_ _2\"></span> Durante <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>ejercicios <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>2021 <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>miembros<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Consejo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Administra<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ENCE <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>han <span class=\"_ _2\"></span>percibido<span class=\"_ _1be\"> </span>importe <span class=\"_ _c2\"> </span>algu<span class=\"_ _2\"></span>no  por <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>ertenencia <span class=\"_ _c2\"> </span>a  los <span class=\"_ _c5\"> </span>\u00f3rganos <span class=\"_ _c2\"> </span>de  administraci\u00f3n  de <span class=\"_ _c2\"> </span>otras<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>sociedad<span class=\"_ _2\"></span>es <span class=\"_ _c5\"> </span>del <span class=\"_ _c2\"> </span>Grupo<span class=\"_ _2\"></span>, <span class=\"_ _c5\"> </span>o<span class=\"_ _1be\"> </span>asociadas.<span class=\"_ _1be\"> </span>La <span class=\"_ _4\"></span>informaci\u00f3n <span class=\"_ _4\"></span>sobre <span class=\"_ _4\"></span>remunera<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _4\"></span>media <span class=\"_ _2\"></span>de <span class=\"_ _c0\"></span>consejeros <span class=\"_ _4\"></span>desglos<span class=\"_ _2\"></span>ada <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>sexo <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>incluye <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>\u201c<span class=\"_ _2\"></span>Estado <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>informaci\u00f3n no financiera <span class=\"_ _2\"></span><span class=\"ff6\">\u2013</span> <span class=\"ff6\">informe d<span class=\"_ _2\"></span>e sostenibilidad<span class=\"_ _2\"></span>\u201d que forma parte del Infor<span class=\"_ _2\"></span>me de Gesti\u00f3n.<span class=\"_ _4\"></span></span> Retribuciones po<span class=\"_ _2\"></span>r el desempe\u00f1o de fun<span class=\"_ _2\"></span>ciones ejecutivas<span class=\"_ _2\"></span> A\u00f1o 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>\u2013 Adminis<span class=\"_ _2\"></span>trador<span class=\"_ _12c\"> </span><span class=\"ff4\">Tipolog\u00eda<span class=\"_ _1be\"> </span></span>Re<span class=\"_ _1\"></span>tribuci\u00f3n<span class=\"_ _1be\"> </span>Fija<span class=\"_ _1be\"> </span>Die<span class=\"_ _1\"></span>tas y<span class=\"_ _2\"></span> Otros<span class=\"_ _1be\"> </span>Total<span class=\"_ _1be\"> </span>A\u00f1o<span class=\"_ _1be\"> </span>2021<span class=\"_ _1be\"> </span>D.<span class=\"_ _1\"></span> Fernando Abril-Martorell H<span class=\"_ _2\"></span>ern\u00e1<span class=\"_ _1\"></span>ndez<span class=\"_ _10e\"> </span>Otros<span class=\"_ _2\"></span> ex<span class=\"_ _1\"></span>ternos<span class=\"_ _a0\"> </span><span class=\"lsbd\">                   45 <span class=\"_ _ca\"> </span>              63 <span class=\"_ _ca\"> </span>            108 <span class=\"_ _17\"> </span><span class=\"lsbc\">133<span class=\"_ _1be\"> </span></span></span>D.<span class=\"_ _1\"></span> Gorka A<span class=\"_ _2\"></span>rregui Abe<span class=\"_ _1\"></span>ndivar<span class=\"_ _7d\"> </span>Dominical<span class=\"_ _185\"> </span><span class=\"lsbd\">                   45<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>              60<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>            105<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>              87<span class=\"_ _1be\"> </span></span>D.<span class=\"_ _1\"></span> Ja<span class=\"_ _1\"></span>vier Arregui Abendivar<span class=\"_ _13e\"> </span>D<span class=\"_ _1\"></span>omini<span class=\"_ _2\"></span>cal<span class=\"_ _129\"> </span><span class=\"lsbd\">                   4<span class=\"_ _2\"></span>5 <span class=\"_ _cc\"> </span>              6<span class=\"_ _2\"></span>5 <span class=\"_ _cc\"> </span>            1<span class=\"_ _2\"></span>10 <span class=\"_ _c8\"> </span>              8<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span></span>D.<span class=\"_ _1\"></span> Oscar Arregui Abe<span class=\"_ _1\"></span>ndivar<span class=\"_ _13e\"> </span>Dominical<span class=\"_ _185\"> </span><span class=\"lsbd\">                   45 <span class=\"_ _ca\"> </span>              54 <span class=\"_ _c8\"> </span>              99<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>            10<span class=\"_ _2\"></span>5<span class=\"_ _1be\"> </span></span>D.<span class=\"_ _1\"></span> Jos\u00e9<span class=\"_ _1\"></span> Ignacio Comenge<span class=\"_ _1\"></span> S\u00e1nche<span class=\"_ _1\"></span>z-Re<span class=\"_ _1\"></span>al<span class=\"_ _4a\"> </span>Dominical<span class=\"_ _185\"> </span><span class=\"lsbd\">                   45 <span class=\"_ _ca\"> </span>              50 <span class=\"_ _c8\"> </span>              95<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>            11<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span></span>D.<span class=\"_ _1\"></span> Ignac<span class=\"_ _1\"></span>io de Colmenare<span class=\"_ _1\"></span>s Brunet<span class=\"_ _69\"> </span>Ej<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>utiv<span class=\"_ _2\"></span>o<span class=\"_ _19\"> </span><span class=\"lsbd\">                1<span class=\"_ _2\"></span>35 <span class=\"_ _a0\"> </span>               -   <span class=\"_ _14c\"> </span>            13<span class=\"_ _2\"></span>5 <span class=\"_ _17\"> </span><span class=\"lsbc\">135<span class=\"_ _1be\"> </span></span></span>D.<span class=\"_ _1\"></span> V\u00edctor <span class=\"_ _2\"></span>de Urrutia Vallejo<span class=\"_ _7c\"> </span>D<span class=\"_ _1\"></span>ominical<span class=\"_ _185\"> </span><span class=\"lsbd\">                   11<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>                7 <span class=\"_ _d9\"> </span>              18<span class=\"_ _2\"></span> <span class=\"_ _8c\"> </span><span class=\"lsbc\">83<span class=\"_ _1be\"> </span></span></span>D\u00aa.<span class=\"_ _1\"></span> Rosa M<span class=\"_ _2\"></span>ar\u00eda Garc\u00eda Pi\u00f1eiro<span class=\"_ _81\"> </span>I<span class=\"_ _1\"></span>ndepe<span class=\"_ _1\"></span>ndie<span class=\"_ _1\"></span>nte<span class=\"_ _5f\"> </span><span class=\"lsbd\">                   45 <span class=\"_ _ca\"> </span>              69 <span class=\"_ _ca\"> </span>            114 <span class=\"_ _17\"> </span><span class=\"lsbc\">118<span class=\"_ _1be\"> </span></span></span>D\u00aa Miren Amaia G<span class=\"_ _2\"></span>orost<span class=\"_ _2\"></span>iza Telle<span class=\"_ _1\"></span>r\u00eda<span class=\"_ _b9\"> </span>Inde<span class=\"_ _1\"></span>pendie<span class=\"_ _1\"></span>nte<span class=\"_ _5f\"> </span><span class=\"lsbd\">                   11 <span class=\"_ _cc\"> </span>              21<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>              32 <span class=\"_ _ca\"> </span>            108<span class=\"_ _1be\"> </span></span>D\u00aa.<span class=\"_ _1\"></span> Ire<span class=\"_ _1\"></span>ne Hern\u00e1<span class=\"_ _1\"></span>ndez \u00c1lvarez<span class=\"_ _8e\"> </span>Indepe<span class=\"_ _1\"></span>ndie<span class=\"_ _1\"></span>nte<span class=\"_ _5f\"> </span><span class=\"lsbd\">                   44 <span class=\"_ _ca\"> </span>              89 <span class=\"_ _cc\"> </span>            1<span class=\"_ _2\"></span>33 <span class=\"_ _ca\"> </span>            145<span class=\"_ _2\"></span> </span>D\u00aa.<span class=\"_ _1\"></span> M<span class=\"_ _2\"></span>ar\u00eda Paz Robina Rosat<span class=\"_ _14f\"> </span>I<span class=\"_ _1\"></span>nde<span class=\"_ _1\"></span>pendie<span class=\"_ _1\"></span>nte<span class=\"_ _5f\"> </span><span class=\"lsbd\">                   44 <span class=\"_ _cc\"> </span>              6<span class=\"_ _2\"></span>5 <span class=\"_ _cc\"> </span>            1<span class=\"_ _2\"></span>09 <span class=\"_ _c8\"> </span>              72<span class=\"_ _2\"></span> </span>D\u00aa.<span class=\"_ _1\"></span> Isabel T<span class=\"_ _1\"></span>ocino Biscarolasaga<span class=\"_ _11\"> </span>Indepe<span class=\"_ _1\"></span>ndiente<span class=\"_ _5f\"> </span><span class=\"lsbd\">                   11 <span class=\"_ _cc\"> </span>              21<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>              32 <span class=\"_ _86\"> </span><span class=\"lsbc\">116<span class=\"_ _1be\"> </span></span></span>D.<span class=\"_ _1\"></span> Jos\u00e9<span class=\"_ _1\"></span> Guil<span class=\"_ _2\"></span>lermo Zub\u00eda Gui<span class=\"_ _2\"></span>nea<span class=\"_ _11a\"> </span>Otros<span class=\"_ _2\"></span> exte<span class=\"_ _1\"></span>rnos<span class=\"_ _a0\"> </span><span class=\"lsbd\">                   44<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>              7<span class=\"_ _2\"></span>3 <span class=\"_ _cc\"> </span>            11<span class=\"_ _2\"></span>7 <span class=\"_ _17\"> </span><span class=\"lsbc\">154<span class=\"_ _1be\"> </span></span></span>D\u00aa.<span class=\"_ _1\"></span> Rosal\u00eda Gil <span class=\"_ _2\"></span>Albarellos M<span class=\"_ _2\"></span>arcos<span class=\"_ _8f\"> </span>Indepe<span class=\"_ _1\"></span>ndie<span class=\"_ _1\"></span>nte<span class=\"_ _5f\"> </span><span class=\"lsbd\">                   33 <span class=\"_ _ca\"> </span>              44 <span class=\"_ _c8\"> </span>              77 <span class=\"_ _cb\"> </span>               -  </span>D\u00aa.<span class=\"_ _1\"></span> Carmen Alicia Aquerre<span class=\"_ _1\"></span>ta Ferraz<span class=\"_ _d\"> </span>Inde<span class=\"_ _1\"></span>pe<span class=\"_ _1\"></span>ndiente<span class=\"_ _5f\"> </span><span class=\"lsbd\">                   33 <span class=\"_ _cc\"> </span>              36<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>              69 <span class=\"_ _15\"> </span>               -  </span>D.<span class=\"_ _1\"></span> \u00c1ngel Agudo Valenciano<span class=\"_ _13e\"> </span>Domin<span class=\"_ _2\"></span>ical<span class=\"_ _129\"> </span><span class=\"lsbd\">                   3<span class=\"_ _2\"></span>3 <span class=\"_ _ca\"> </span>              33 <span class=\"_ _c8\"> </span>              66<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>               -  </span>D.<span class=\"_ _1\"></span> Jua<span class=\"_ _1\"></span>n Luis <span class=\"_ _2\"></span>Arregui Ciarsolo<span class=\"_ _11b\"> </span>Dominical<span class=\"_ _19\"> </span><span class=\"lsbd\">                    -   <span class=\"_ _ca\"> </span>               -   <span class=\"_ _d9\"> </span>               -   <span class=\"_ _28\"> </span><span class=\"lsbc\">11<span class=\"_ _1be\"> </span></span></span>D.<span class=\"_ _1\"></span> Jos\u00e9<span class=\"_ _1\"></span> Carlos del \u00c1lam<span class=\"_ _2\"></span>o Jim\u00e9ne<span class=\"_ _1\"></span>z<span class=\"_ _f5\"> </span>Inde<span class=\"_ _1\"></span>pendie<span class=\"_ _1\"></span>nte<span class=\"_ _170\"> </span><span class=\"lsbd\">                    -   <span class=\"_ _c8\"> </span>               -   <span class=\"_ _c8\"> </span>               -   <span class=\"_ _ce\"> </span><span class=\"lsbc\">31<span class=\"_ _1be\"> </span></span></span>D.<span class=\"_ _1\"></span> Ja<span class=\"_ _1\"></span>vier Eche<span class=\"_ _1\"></span>nique<span class=\"_ _1\"></span> Landiribar<span class=\"_ _10d\"> </span>Otr<span class=\"_ _2\"></span>os exte<span class=\"_ _1\"></span>rnos<span class=\"_ _14a\"> </span><span class=\"lsbd\">                    -   <span class=\"_ _ca\"> </span>               -   <span class=\"_ _d9\"> </span>               -   <span class=\"_ _28\"> </span><span class=\"lsbc\">25<span class=\"_ _1be\"> </span></span></span>Re<span class=\"_ _1\"></span>tos <span class=\"_ _2\"></span>Ope<span class=\"_ _1\"></span>rativos<span class=\"_ _2\"></span> XX<span class=\"_ _2\"></span>I,<span class=\"_ _1\"></span> S.L.<span class=\"_ _1b\"> </span>Domini<span class=\"_ _2\"></span>cal<span class=\"_ _19\"> </span><span class=\"lsbd\">                    -   <span class=\"_ _ca\"> </span>               -   <span class=\"_ _d9\"> </span>               -<span class=\"_ _1\"></span>   <span class=\"_ _ce\"> </span><span class=\"lsbc\">28<span class=\"_ _1be\"> </span></span></span>Turina 200<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>, S.L.<span class=\"_ _105\"> </span>Dominical<span class=\"_ _19\"> </span><span class=\"lsbd\">                    -   <span class=\"_ _c8\"> </span>               -   <span class=\"_ _c8\"> </span>               -   <span class=\"_ _ce\"> </span><span class=\"lsbc\">31<span class=\"_ _1be\"> </span></span></span>669<span class=\"_ _97\"> </span>750<span class=\"_ _51\"> </span><span class=\"ls0_1\">1<span class=\"_ _2\"></span>.4<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>9<span class=\"_ _114\"> </span>1.<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>74<span class=\"_ _1be\"> </span></span>Mil<span class=\"_ _2\"></span>es de E<span class=\"_ _1\"></span>uros<span class=\"_ _1be\"> </span>A\u00f1o 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span><div class=\"c_1 w2_1 h57 gs397\"><div class=\"t_1 m0_1 x60 h8_1 y20f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La Pol\u00edtica de Remun<span class=\"_ _2\"></span>eraciones<span class=\"_ _2\"></span> de los Consejeros<span class=\"_ _2\"></span> de Ence E<span class=\"_ _2\"></span>nerg\u00eda y Celulos<span class=\"_ _2\"></span>a, S.A. establece u<span class=\"_ _2\"></span>na retribuci\u00f3n<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y238 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">fija <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>Presidente <span class=\"_ _0\"></span>y <span class=\"_ _4\"></span>Con<span class=\"_ _2\"></span>sejero <span class=\"_ _c0\"></span>Delegado <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>664 <span class=\"_ _c0\"></span>miles <span class=\"_ _c0\"></span>\u20ac <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>retribuci\u00f3n <span class=\"_ _c0\"></span>variab<span class=\"_ _2\"></span>le <span class=\"_ _c0\"></span>anual <span class=\"_ _c0\"></span>m\u00e1xima <span class=\"_ _c0\"></span>del </div><div class=\"t_1 m0_1 x60 h8_1 y239 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">120% <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>etribuci\u00f3n <span class=\"_ _4\"></span>fija. <span class=\"_ _c0\"></span>As\u00ed <span class=\"_ _4\"></span>mismo <span class=\"_ _4\"></span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>frece <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>Presid<span class=\"_ _2\"></span>ente <span class=\"_ _2\"></span>como<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>retribuciones <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>especie; <span class=\"_ _4\"></span>veh\u00edculo </div><div class=\"t_1 m0_1 x60 h8_1 y25c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de empresa, seguro m<span class=\"_ _2\"></span>\u00e9dico, y la pos<span class=\"_ _2\"></span>ibilidad de realizar anualmente un<span class=\"_ _2\"></span> reconocimiento <span class=\"_ _2\"></span>m\u00e9dico.<span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y25d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Las <span class=\"_ _c6\"> </span>retribuciones <span class=\"_ _c6\"> </span>d<span class=\"_ _2\"></span>evengadas <span class=\"_ _c6\"> </span>por <span class=\"_ _c6\"> </span>D. <span class=\"_ _c6\"> </span>Ignacio <span class=\"_ _14c\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _14c\"> </span>Colmen<span class=\"_ _2\"></span>ares <span class=\"_ _c6\"> </span>Brunet <span class=\"_ _c6\"> </span>por <span class=\"_ _c6\"> </span>el <span class=\"_ _c6\"> </span>desempe\u00f1o <span class=\"_ _c6\"> </span>d<span class=\"_ _2\"></span>e  fun<span class=\"_ _2\"></span>ciones </div><div class=\"t_1 m0_1 x60 h8_1 y31f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">ejecutivas <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>2022 <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>2021, <span class=\"_ _c0\"></span>tan<span class=\"_ _2\"></span>to <span class=\"_ _4\"></span>retrib<span class=\"_ _2\"></span>uci\u00f3n <span class=\"_ _c0\"></span>fija <span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>mo <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>ariable, <span class=\"_ _c0\"></span>han <span class=\"_ _c0\"></span>sido <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>1.323<span class=\"_ _2\"></span> <span class=\"_ _4\"></span><span class=\"ff6\">mil<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>\u20ac <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span></span>586<span class=\"_ _2\"></span> <span class=\"_ _4\"></span><span class=\"ff6\">mil<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>\u20ac,<span class=\"_ _2\"></span> </span></div><div class=\"t_1 m0_1 x60 h8_1 y307 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">respectivamente. For<span class=\"_ _2\"></span>mando p<span class=\"_ _2\"></span>arte de su retribuci\u00f3n<span class=\"_ _2\"></span>, e<span class=\"_ _2\"></span>l Presidente y<span class=\"_ _2\"></span> Consejero Del<span class=\"_ _2\"></span>egado e<span class=\"_ _2\"></span>s beneficiario de<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y308 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">un seguro mixto d<span class=\"_ _2\"></span>e ahorro y de vida <span class=\"_ _2\"></span>y accid<span class=\"_ _2\"></span>ente (v\u00e9ase Nota 3.13).<span class=\"_ _2\"></span>  </div><div class=\"t_1 m0_1 x60 h8_1 y260 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Adicionalmente a la retrib<span class=\"_ _2\"></span>uci\u00f3n indicada,<span class=\"_ _2\"></span> el Presidente y Consejero Delegad<span class=\"_ _2\"></span>o tiene derech<span class=\"_ _2\"></span>o a un seguro de </div><div class=\"t_1 m0_1 x60 h8_1 y261 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">jubilaci\u00f3n <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>su <span class=\"_ _1\"></span>favor <span class=\"_ _bb\"></span>cuy<span class=\"_ _2\"></span>a <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>restaci\u00f3n <span class=\"_ _1\"></span>ser\u00e1 <span class=\"_ _bb\"></span>igual <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>una <span class=\"_ _1\"></span>anualidad <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>su <span class=\"_ _1\"></span>retribuci\u00f3n, <span class=\"_ _bb\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _bb\"></span>per<span class=\"_ _2\"></span>cibir\u00e1 <span class=\"_ _1\"></span>al <span class=\"_ _bb\"></span>momento<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y23c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>extinci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>su <span class=\"_ _c0\"></span>contra<span class=\"_ _2\"></span>to, <span class=\"_ _4\"></span>siempre <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>esta<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>situaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>prod<span class=\"_ _2\"></span>uzca <span class=\"_ _4\"></span>cuan<span class=\"_ _2\"></span>do <span class=\"_ _4\"></span>tenga <span class=\"_ _4\"></span>62 <span class=\"_ _4\"></span>o <span class=\"_ _c0\"></span>m\u00e1s <span class=\"_ _4\"></span>a\u00f1o<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span><span class=\"_ _4\"></span> <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>no </div><div class=\"t_1 m0_1 x60 h8_1 y262 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">derive de un cambio d<span class=\"_ _2\"></span>e control<span class=\"ff6\"></span><span class=\"ff6\">. La ap<span class=\"_ _2\"></span>ortaci\u00f3n por este concepto en 2022 ha s<span class=\"_ _2\"></span>ido de 184 miles \u20ac</span> <span class=\"_ _2\"></span>(187 miles<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y109d ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">\u20ac en 2021)<span class=\"ff4\">. </span></div><div class=\"t_1 m0_1 x60 h8_1 y264 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">De acuerdo <span class=\"_ _2\"></span>con lo <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>evisto en <span class=\"_ _2\"></span>el Plan<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>julio de <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span><span class=\"ff6\">ha <span class=\"_ _2\"></span>procedido <span class=\"_ _2\"></span>a la <span class=\"_ _2\"></span>liquidaci\u00f3n <span class=\"_ _2\"></span>del Cic<span class=\"_ _2\"></span>lo I <span class=\"_ _2\"></span>del \u201cPlan<span class=\"_ _2\"></span> </span></div><div class=\"t_1 m0_1 x60 h8_1 y265 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _0\"></span>Incentivos <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>largo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>plazo <span class=\"_ _0\"></span>ENCE <span class=\"_ _0\"></span>Energ\u00eda <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>Celulosa, <span class=\"_ _0\"></span>S.A. <span class=\"_ _0\"></span>para <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>periodo<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>2019<span class=\"_ _2\"></span>-2023 <span class=\"_ _0\"></span>(v<span class=\"_ _2\"></span>\u00e9ase <span class=\"_ _0\"></span>Nota <span class=\"_ _c3\"></span><span class=\"ls11\">12</span>). <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>l </div><div class=\"t_1 m0_1 x60 h8_1 y30b ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Presidente <span class=\"_ _2\"></span>ha <span class=\"_ _4\"></span>percibido <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>cha <span class=\"_ _2\"></span>liqu<span class=\"_ _2\"></span>idaci\u00f3n <span class=\"_ _2\"></span>59 <span class=\"_ _4\"></span>miles <span class=\"_ _2\"></span>\u20ac<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>23.712 <span class=\"_ _2\"></span>ac<span class=\"_ _2\"></span>ciones <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>ENCE<span class=\"_ _4\"></span><span class=\"ff4\"> <span class=\"_ _4\"></span>(valoradas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>77 <span class=\"_ _2\"></span>m<span class=\"_ _2\"></span>iles </span></div><div class=\"t_1 m0_1 x60 h8_1 y326 ff6 fs4 fc0_1 sc0_1 ls11 ws0_1\">\u20ac)<span class=\"ff4 ls0_1\">. </span></div><div class=\"t_1 m0_1 x60 h8_1 y268 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Por otra parte, el Presidente <span class=\"_ _1\"></span>y Consejero Delegado es beneficiario del Ci<span class=\"_ _1\"></span>clo II del \u201cPlan de <span class=\"_ _1\"></span>Incentivos<span class=\"_ _2\"></span> a largo </div><div class=\"t_1 m0_1 x60 h8_1 y269 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">plazo <span class=\"_ _2\"></span>ENCE <span class=\"_ _2\"></span>En<span class=\"_ _2\"></span>erg\u00eda y<span class=\"_ _2\"></span> Celulos<span class=\"_ _2\"></span>a, <span class=\"_ _2\"></span>S.A. <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>2019<span class=\"_ _2\"></span>-2<span class=\"_ _2\"></span>023 <span class=\"_ _2\"></span>(v\u00e9ase <span class=\"_ _2\"></span>Nota <span class=\"_ _4\"></span><span class=\"ls11\">12</span>). <span class=\"_ _2\"></span>Cons<span class=\"_ _2\"></span>iderando <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>grado <span class=\"_ _2\"></span>de </div><div class=\"t_1 m0_1 x60 h8_1 y109e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">consecuci\u00f3n de los<span class=\"_ _2\"></span> objetivos de<span class=\"_ _2\"></span><span class=\"ff6\">l plan del 100%, perc<span class=\"_ _2\"></span>ibir\u00eda 598 miles \u20ac <span class=\"_ _2\"></span>y 240.330 acciones d<span class=\"_ _2\"></span>e ENCE.<span class=\"_ _2\"></span></span> </div><div class=\"t_1 m0_1 x60 h76 y621 ff9 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Otros aspectos<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y437 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Los <span class=\"_ _4\"></span>Adminis<span class=\"_ _2\"></span>tradores <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>ENCE <span class=\"_ _4\"></span>no<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>tienen <span class=\"_ _4\"></span>conc<span class=\"_ _2\"></span>edidos <span class=\"_ _4\"></span>an<span class=\"_ _2\"></span>ticipos <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>i <span class=\"_ _4\"></span>cr\u00e9ditos <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _4\"></span>las <span class=\"_ _c0\"></span>sociedades <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>Grupo, <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>i </div><div class=\"t_1 m0_1 x60 h8_1 y26d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">han  percibido  ning\u00fan  tipo  de  indemnizaci\u00f3n<span class=\"_ _2\"></span>.  Asimismo,  en  <span class=\"ls11\">2022  </span>y  2021  los  Adminis<span class=\"_ _2\"></span>tradores  no  han </div><div class=\"t_1 m0_1 x60 h8_1 y622 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">realizado <span class=\"_ _1\"></span>con ENCE <span class=\"_ _1\"></span>o <span class=\"_ _bb\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>sus <span class=\"_ _1\"></span>filiales <span class=\"_ _bb\"></span>o<span class=\"_ _2\"></span>peraciones <span class=\"_ _1\"></span>fuera <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>giro <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>tr\u00e1fico <span class=\"_ _1\"></span>ordinario, o<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>condiciones <span class=\"_ _1\"></span>distintas </div><div class=\"t_1 m0_1 x60 h8_1 y623 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de las habitu<span class=\"_ _2\"></span>ales de mercado. </div><div class=\"t_1 m0_1 x60 h8_1 y270 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">ENCE <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>tiene <span class=\"_ _2\"></span>contra\u00edda <span class=\"_ _4\"></span>ninguna <span class=\"_ _4\"></span>obligaci\u00f3n <span class=\"_ _2\"></span>con <span class=\"_ _4\"></span>sus <span class=\"_ _2\"></span>Administ<span class=\"_ _2\"></span>rado<span class=\"_ _2\"></span>res, <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>su <span class=\"_ _4\"></span>concepto <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>tales, <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>materia </div><div class=\"t_1 m0_1 x60 h8_1 y271 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _2\"></span>pension<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>ni <span class=\"_ _4\"></span>sistemas <span class=\"_ _2\"></span>alternativ<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>seguros<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>excepto <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>caso <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>Presidente <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>Cons<span class=\"_ _2\"></span>ejero <span class=\"_ _2\"></span>Delegado </div><div class=\"t_1 m0_1 x60 h8_1 y272 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">por sus funciones<span class=\"_ _2\"></span> ejecutivas.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y421 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">En <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>ejercicio <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>han pro<span class=\"_ _1\"></span>ducido <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>siguientes <span class=\"_ _1\"></span>cambios <span class=\"_ _bb\"></span>en <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>miem<span class=\"_ _1\"></span>bros<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _bb\"></span>Con<span class=\"_ _2\"></span>sejo <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>Administraci\u00f3n<span class=\"_ _2\"></span>: </div><div class=\"t_1 m0_1 x60 h8_1 y274 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">(i) <span class=\"_ _c3\"> </span>se <span class=\"_ _c2\"> </span>incorporan <span class=\"_ _c2\"> </span>al <span class=\"_ _c3\"> </span>Con<span class=\"_ _2\"></span>sejo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>Adminis<span class=\"_ _2\"></span>traci\u00f3n <span class=\"_ _c2\"> </span>como <span class=\"_ _c3\"> </span>cons<span class=\"_ _2\"></span>ejeras <span class=\"_ _c3\"> </span>independ<span class=\"_ _2\"></span>ientes <span class=\"_ _c3\"> </span>D\u00aa. <span class=\"_ _c2\"> </span>Carmen <span class=\"_ _c3\"> </span>Aq<span class=\"_ _2\"></span>uerreta </div><div class=\"t_1 m0_1 x60 h8_1 y275 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Ferraz <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>D\u00aa. <span class=\"_ _c0\"></span>Rosal\u00eda<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>Gil<span class=\"ff6\">\u2013</span>Albarellos <span class=\"_ _c0\"></span>Ma<span class=\"_ _2\"></span>rcos, <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>como <span class=\"_ _0\"></span>consejero <span class=\"_ _c0\"></span>dominical <span class=\"_ _c0\"></span>D. <span class=\"_ _0\"></span>\u00c1ngel <span class=\"_ _c0\"></span>Agudo <span class=\"_ _c0\"></span>Valenciano<span class=\"_ _2\"></span>, <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>(ii) </div><div class=\"t_1 m0_1 x60 h8_1 y276 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">dejan <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>formar <span class=\"_ _0\"></span>part<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>Con<span class=\"_ _2\"></span>sejo <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>Administraci\u00f3n <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>consejeros <span class=\"_ _0\"></span>D. <span class=\"_ _0\"></span>Victor <span class=\"_ _c3\"></span>Urrutia <span class=\"_ _c0\"></span>V<span class=\"_ _2\"></span>allejo, <span class=\"_ _0\"></span>D\u00aa. <span class=\"_ _0\"></span>Isabe<span class=\"_ _2\"></span>l </div><div class=\"t_1 m0_1 x60 h8_1 y422 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Tocino Biscarolasaga, y<span class=\"_ _2\"></span> D\u00aa Amaia Goros<span class=\"_ _2\"></span>tiza Teller\u00eda.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y278 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">En <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>ejercicio <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>produjeron <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>siguientes <span class=\"_ _4\"></span>cambios <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>miembros <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>Consejo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>Administraci\u00f3n: </div><div class=\"t_1 m0_1 x60 h8_1 y279 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">(i) <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>incorp<span class=\"_ _2\"></span>oran <span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>Cons<span class=\"_ _2\"></span>ejo <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Administraci\u00f3n, <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>consejeros <span class=\"_ _4\"></span>dominicales, <span class=\"_ _4\"></span>D. <span class=\"_ _2\"></span>Jav<span class=\"_ _2\"></span>ier <span class=\"_ _2\"></span>Arregui <span class=\"_ _4\"></span>Abendiv<span class=\"_ _2\"></span>ar, </div><div class=\"t_1 m0_1 x60 h8_1 y27a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">D. Oscar <span class=\"_ _2\"></span>Arregui <span class=\"_ _2\"></span>Abendiv<span class=\"_ _2\"></span>ar y <span class=\"_ _2\"></span>D. Gorka <span class=\"_ _2\"></span>Arregui<span class=\"_ _2\"></span> Abendiv<span class=\"_ _2\"></span>ar y <span class=\"_ _2\"></span> <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>consejera <span class=\"_ _2\"></span>independiente, <span class=\"_ _2\"></span>D\u00aa <span class=\"_ _2\"></span>Mar\u00eda de<span class=\"_ _2\"></span> la<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y27b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Paz <span class=\"_ _1\"></span>Robina <span class=\"_ _bb\"></span>Rosat, <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>(ii) <span class=\"_ _1\"></span> <span class=\"_ _bb\"></span>dejan<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _bb\"></span>for<span class=\"_ _2\"></span>mar <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>arte <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _bb\"></span>Con<span class=\"_ _2\"></span>sejo <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>Ad<span class=\"_ _2\"></span>ministraci\u00f3n <span class=\"_ _1\"></span>los <span class=\"_ _bb\"></span>cons<span class=\"_ _2\"></span>ejeros <span class=\"_ _1\"></span>Retos <span class=\"_ _bb\"></span>Operativos<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y2f9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">XXI, S.L., <span class=\"_ _1\"></span>Turina 2000, <span class=\"_ _1\"></span>S.L., D. <span class=\"_ _1\"></span>Carlos del <span class=\"_ _1\"></span>\u00c1lamo Jim\u00e9nez, <span class=\"_ _1\"></span>D. <span class=\"_ _1\"></span>Jav<span class=\"_ _2\"></span>ier Echenique <span class=\"_ _1\"></span>Landiribar y <span class=\"_ _1\"></span>D. Juan Luis <span class=\"_ _1\"></span>Arregui </div><div class=\"t_1 m0_1 x60 h8_1 y424 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Ciarsolo.<span class=\"_ _1be\"> </span> </div></div>Durante <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>ejercicios <span class=\"_ _c0\"></span>2022 <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>2021 <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>miembros <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>cons<span class=\"_ _2\"></span>ejo <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>Administra<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _c0\"></span>no <span class=\"_ _c0\"></span>han <span class=\"_ _c0\"></span>percibido <span class=\"_ _c0\"></span>ning\u00fan<span class=\"_ _2\"></span> tipo de indemnizaci\u00f3n. Las cl\u00e1usulas<span class=\"_ _2\"></span> de indemnizaci\u00f3n de <span class=\"_ _1\"></span>los cons<span class=\"_ _2\"></span>ejeros se describen en el apartado C.1.39 el Informe Anual de Gobierno<span class=\"_ _2\"></span> Corporativ<span class=\"_ _2\"></span>o de <span class=\"_ _2\"></span>dichos <span class=\"ff6\">ejercicios<span class=\"_ _2\"></span>, disponible en \u201cwww.ence.<span class=\"_ _2\"></span>es\u201d.<span class=\"_ _1be\"> </span></span><span class=\"ff6\"> <span class=\"_ _2\"></span></span> De acuerdo con las<span class=\"_ _2\"></span> comunicaciones efectuadas por los miembros d<span class=\"_ _2\"></span>el Consejo de Administraci\u00f3n, n<span class=\"_ _2\"></span>o se han producido <span class=\"_ _c2\"> </span>du<span class=\"_ _2\"></span>rante <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>ejercicios<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>2022 <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>2021 <span class=\"_ _c2\"> </span>situaciones<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>con<span class=\"_ _2\"></span>flicto, <span class=\"_ _c2\"> </span>directo <span class=\"_ _c2\"> </span>o <span class=\"_ _c2\"> </span>indirecto, <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>ellos <span class=\"_ _c5\"> </span>o personas vinculadas <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>ellos <span class=\"_ _1\"></span>pudieran <span class=\"_ _1\"></span>tener con e<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>inter\u00e9s <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Sociedad conforme <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>previsto <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>art\u00edculo 229 de la Ley de Sociedad<span class=\"_ _2\"></span>es de Capital<span class=\"_ _2\"></span>. 34.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Retribuci\u00f3n de la Alta <span class=\"_ _1\"></span>Direcci\u00f3n  </span></span>\u00danicamente <span class=\"_ _c3\"> </span>tienen <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>consideraci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>alt<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>direcci\u00f3n <span class=\"_ _c5\"> </span>los <span class=\"_ _c2\"> </span>directores <span class=\"_ _c3\"> </span>generales <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>tienen <span class=\"_ _c2\"> </span>dependencia directa del del Pr<span class=\"_ _2\"></span>esidente y C<span class=\"_ _2\"></span>onsejero Delegado <span class=\"_ _2\"></span>o del<span class=\"_ _2\"></span> Consejo d<span class=\"_ _2\"></span>e Administraci\u00f3n<span class=\"_ _2\"></span>, junto al d<span class=\"_ _2\"></span>irector del \u00e1rea<span class=\"_ _2\"></span> de <span class=\"_ _c6\"> </span>Auditor\u00eda <span class=\"_ _c6\"> </span>Interna,<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>y <span class=\"_ _c6\"> </span>cualquier <span class=\"_ _c6\"> </span>otro <span class=\"_ _c6\"> </span>directivo <span class=\"_ _c6\"> </span>a <span class=\"_ _c6\"> </span>q<span class=\"_ _2\"></span>uien <span class=\"_ _c6\"> </span>el <span class=\"_ _14c\"> </span>Con<span class=\"_ _2\"></span>sejo <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>Administraci<span class=\"_ _2\"></span>\u00f3n <span class=\"_ _c6\"> </span>reconozca <span class=\"_ _c6\"> </span>tal<span class=\"_ _2\"></span> condici\u00f3n. Su d<span class=\"_ _2\"></span>etalle es el siguiente: <span class=\"_ _2\"></span> (i)<span class=\"ff2\"> <span class=\"_ _3d\"> </span></span>Con <span class=\"_ _2\"></span>efectos <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>partir <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>enero <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>2023 <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>incorpora <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>alta <span class=\"_ _2\"></span>Direcci\u00f3n <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>omo <span class=\"_ _2\"></span>D. <span class=\"_ _2\"></span>General <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Magnon <span class=\"_ _2\"></span>Green Energy, <span class=\"_ _4\"></span>S.L. <span class=\"_ _c0\"></span>(hoding <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Negocio <span class=\"_ _c0\"></span>Energ\u00eda <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>ENCE) <span class=\"_ _c0\"></span>D. <span class=\"_ _c0\"></span>Guillermo <span class=\"_ _4\"></span>Negro <span class=\"_ _4\"></span>Maguregui, <span class=\"_ _c0\"></span>dejando <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>formar <span class=\"_ _4\"></span>parte <span class=\"_ _c0\"></span>D. Marc G\u00f3mez Ferret. (iii)   <span class=\"_ _a0\"> </span>Causa baja de la alta Direcci\u00f3n <span class=\"lsbe\">en</span> <span class=\"ls46\">2022 </span>D\u00aa<span class=\"ls70\">. </span>Consuelo Criado <span class=\"ls5f\">(D</span>\u00aa. Comunicaci\u00f3n y Relaciones Ins<span class=\"_ _1\"></span>titucionales). Se des<span class=\"_ _2\"></span>glosan <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>continu<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>retribuciones<span class=\"_ _2\"></span> y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>otras <span class=\"_ _2\"></span>prestaciones <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>alta <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>irecci\u00f3n d<span class=\"_ _2\"></span>urante <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> ejercic<span class=\"_ _2\"></span>ios 202<span class=\"ls0_1\">2 y 2021:<span class=\"_ _2\"></span> </span>La <span class=\"_ _2\"></span>alta <span class=\"_ _4\"></span>Direcci\u00f3n <span class=\"_ _4\"></span>es <span class=\"_ _2\"></span>ben<span class=\"_ _2\"></span>eficiaria <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>un <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>eguro <span class=\"_ _2\"></span>mixto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ah<span class=\"_ _2\"></span>orro <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>vida <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>accidente<span class=\"_ _4\"></span><span class=\"lsbf\">. <span class=\"_ _2\"></span></span>Por <span class=\"_ _2\"></span>otra<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>parte, <span class=\"_ _4\"></span>ENCE ofrece <span class=\"_ _c3\"> </span>a <span class=\"_ _c2\"> </span>la <span class=\"_ _c3\"> </span>alta <span class=\"_ _c2\"> </span>direcci\u00f3n <span class=\"_ _c2\"> </span>distintas<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>retribucion<span class=\"_ _2\"></span>es <span class=\"_ _c3\"> </span>en <span class=\"_ _c2\"> </span>especie; <span class=\"_ _c3\"> </span>veh\u00edculo <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>empresa, <span class=\"_ _c2\"> </span>seguro <span class=\"_ _c2\"> </span>m\u00e9dico, <span class=\"_ _c2\"> </span>y <span class=\"_ _c3\"> </span>la<span class=\"_ _2\"></span> posibilidad d<span class=\"_ _2\"></span>e realizar anualmente un recono<span class=\"_ _2\"></span>cimiento <span class=\"_ _2\"></span>m\u00e9dico. <span class=\"_ _2\"></span> Nombre <span class=\"_ _1a4\"> </span>Cargo<span class=\"_ _1be\"> </span>D.<span class=\"_ _1\"></span> Igna<span class=\"_ _1\"></span>cio de Colme<span class=\"_ _1\"></span>nare<span class=\"_ _1\"></span>s y<span class=\"_ _2\"></span> Brunet<span class=\"_ _10\"> </span>P<span class=\"_ _2\"></span>reside<span class=\"_ _1\"></span>nte y Conseje<span class=\"_ _1\"></span>ro De<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>gado<span class=\"_ _1be\"> </span>D.<span class=\"_ _1\"></span> Alfre<span class=\"_ _1\"></span>do Avello de la Pe\u00f1a<span class=\"_ _eb\"> </span>D<span class=\"_ _1\"></span>. Gene<span class=\"_ _1\"></span>ral Finanzas y<span class=\"_ _2\"></span> De<span class=\"_ _1\"></span>sarrollo Corporativo <span class=\"_ _2\"></span>y Pat<span class=\"_ _2\"></span>rimonio <span class=\"_ _2\"></span>Forestal<span class=\"_ _1be\"> </span>D.<span class=\"_ _1\"></span> Jordi Aguil\u00f3 Jubie<span class=\"_ _1\"></span>rre<span class=\"_ _16d\"> </span>D<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>Gene<span class=\"_ _1\"></span>ral.<span class=\"_ _1\"></span> de Ce<span class=\"_ _1\"></span>lulosa<span class=\"_ _1be\"> </span>D.<span class=\"_ _1\"></span> Guillermo Negro Maguregui (i)<span class=\"_ _7a\"> </span>Dire<span class=\"_ _1\"></span>ctor Gene<span class=\"_ _1\"></span>ral de Magnon Gree<span class=\"_ _1\"></span>n Ene<span class=\"_ _1\"></span>rgy, S.L.<span class=\"_ _1\"></span> D\u00aa R<span class=\"_ _1\"></span>eye<span class=\"_ _1\"></span>s Cere<span class=\"_ _1\"></span>zo Rodr\u00edguez-Se<span class=\"_ _1\"></span>dano<span class=\"_ _6a\"> </span>Sec<span class=\"_ _1\"></span>retaria Ge<span class=\"_ _1\"></span>nera<span class=\"_ _1\"></span>l/D.Ge<span class=\"_ _1\"></span>nera<span class=\"_ _1\"></span>l de Sostenibilidad<span class=\"_ _1be\"> </span>D\u00aa Mar\u00eda Jos\u00e9<span class=\"_ _1\"></span> Zuera<span class=\"_ _1\"></span>s S<span class=\"_ _2\"></span>aludas<span class=\"_ _85\"> </span>D.Ge<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>ral Capital Hum<span class=\"_ _2\"></span>ano<span class=\"_ _1be\"> </span>D.<span class=\"_ _1\"></span> Modesto S<span class=\"_ _2\"></span>aiz Su\u00e1rez <span class=\"_ _e2\"> </span>Dire<span class=\"_ _1\"></span>ctor Comerc<span class=\"_ _1\"></span>ial y Log\u00eds<span class=\"_ _2\"></span>tica Ce<span class=\"_ _1\"></span>lulosa<span class=\"_ _1be\"> </span>D.<span class=\"_ _1\"></span> Ferna<span class=\"_ _1\"></span>ndo Gonz<span class=\"_ _2\"></span>\u00e1le<span class=\"_ _1\"></span>z-Palacios Carbajo<span class=\"_ _97\"> </span>Dire<span class=\"_ _1\"></span>ctor de<span class=\"_ _1\"></span> Planificaci\u00f3n y Control<span class=\"_ _1be\"> </span>D.<span class=\"_ _1\"></span> \u00c1ngel J<span class=\"_ _1\"></span>. Mosquera L\u00f3pe<span class=\"_ _1\"></span>z-Le<span class=\"_ _1\"></span>yton<span class=\"_ _f0\"> </span>D<span class=\"_ _1\"></span>ire<span class=\"_ _1\"></span>ctor de Auditor\u00eda Interna<span class=\"_ _1be\"> </span>Miles \u20ac<span class=\"_ _126\"> </span><span class=\"ff3 lsc0\">2022<span class=\"_ _48\"> </span>2021<span class=\"_ _1be\"> </span></span>Re<span class=\"_ _1\"></span>tribuci\u00f3n fija<span class=\"_ _11d\"> </span>1<span class=\"_ _2\"></span>.843<span class=\"_ _62\"> </span>1.75<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>tribuci\u00f3n v<span class=\"_ _2\"></span>ariable<span class=\"_ _d2\"> </span>1.169<span class=\"_ _191\"> </span><span class=\"lsc0\">120<span class=\"_ _1be\"> </span></span>Sis<span class=\"_ _2\"></span>tenas de ahorro (Nota 3.13<span class=\"_ _2\"></span>)<span class=\"_ _11\"> </span><span class=\"lsc0\">92<span class=\"_ _17\"> </span>102<span class=\"_ _1be\"> </span></span>Re<span class=\"_ _1\"></span>tribuci\u00f3n especie<span class=\"_ _1\"></span> y ot<span class=\"_ _2\"></span>ros<span class=\"_ _171\"> </span><span class=\"lsc0\">100<span class=\"_ _d\"> </span>89<span class=\"_ _1be\"> </span></span>3.<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>4<span class=\"_ _114\"> </span>2<span class=\"_ _2\"></span>.0<span class=\"_ _2\"></span>64<span class=\"_ _1be\"> </span>ILP 20<span class=\"_ _2\"></span>19<span class=\"_ _2\"></span>-20<span class=\"_ _2\"></span>23<span class=\"_ _2\"></span> (Nota 1<span class=\"_ _2\"></span>2.2)<span class=\"_ _8e\"> </span><span class=\"lsc0\">196<span class=\"_ _d\"> </span>26<span class=\"_ _1be\"> </span></span>Inde<span class=\"_ _1\"></span>mniz<span class=\"_ _2\"></span>acione<span class=\"_ _1\"></span>s<span class=\"_ _11f\"> </span><span class=\"lsc0\">654<span class=\"_ _17\"> </span>220<span class=\"_ _1be\"> </span></span>4.<span class=\"_ _2\"></span>05<span class=\"_ _2\"></span>4<span class=\"_ _114\"> </span>2<span class=\"_ _2\"></span>.3<span class=\"_ _2\"></span>10<span class=\"_ _1be\"> </span>De acuerdo <span class=\"_ _2\"></span>con lo <span class=\"_ _2\"></span>pr<span class=\"_ _2\"></span>evisto en <span class=\"_ _2\"></span>el Plan<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>julio de <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span><span class=\"ff6\">se h<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>procedido <span class=\"_ _2\"></span>a la <span class=\"_ _2\"></span>liquidaci\u00f3n <span class=\"_ _2\"></span>del Cic<span class=\"_ _2\"></span>lo I <span class=\"_ _2\"></span>del \u201cPlan<span class=\"_ _2\"></span> </span>de Incentivos a largo plazo ENCE <span class=\"_ _1\"></span>Energ\u00eda y Celulosa, S.A. para el <span class=\"_ _1\"></span>periodo 2019<span class=\"_ _2\"></span>-2023 (v\u00e9ase Nota <span class=\"ls11\">12</span>). La Alta<span class=\"_ _1be\"> </span>Direcci\u00f3n <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>percibido <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span><span class=\"ff6\">icha <span class=\"_ _4\"></span>liquid<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _2\"></span>88 <span class=\"_ _4\"></span>miles <span class=\"_ _4\"></span>\u20ac <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>35.337 <span class=\"_ _2\"></span>acciones <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>ENCE<span class=\"_ _2\"></span></span> <span class=\"_ _4\"></span>(valoradas <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>111 <span class=\"_ _4\"></span>miles<span class=\"_ _1be\"> </span>\u20ac)<span class=\"ff4 ls0_1\">.<span class=\"_ _1be\"> </span></span>Adicionalmente, <span class=\"_ _c3\"></span>la <span class=\"_ _c3\"></span>Alta <span class=\"_ _c3\"></span>Direcci\u00f3n <span class=\"_ _c3\"> </span>es <span class=\"_ _c3\"></span>beneficiaria <span class=\"_ _c3\"></span>del <span class=\"_ _c3\"></span>Ciclo <span class=\"_ _c3\"></span>II <span class=\"_ _0\"></span>del <span class=\"_ _c3\"> </span>\u201cPlan <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>Incentivos <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"></span>largo <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>lazo <span class=\"_ _c3\"></span>ENCE<span class=\"_ _1be\"> </span>Energ\u00eda <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>Celulosa,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>S.A. <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>periodo <span class=\"_ _c0\"></span>2019<span class=\"_ _2\"></span>-2023 <span class=\"_ _c0\"></span><span class=\"ff6\">y <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>\u201c</span>Plan <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>in<span class=\"_ _2\"></span>centivo <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>largo <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>lazo <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>periodo<span class=\"_ _1be\"> </span>2021<span class=\"ls0_1\">-</span>2025 <span class=\"_ _2\"></span><span class=\"ff6 ls0_1\">de <span class=\"_ _4\"></span>Magnon <span class=\"_ _4\"></span>Green <span class=\"_ _2\"></span>Energy, <span class=\"_ _4\"></span>S.L.\u201d <span class=\"_ _4\"></span><span class=\"ff4\">(v\u00e9ase <span class=\"_ _2\"></span>No<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span></span></span>12<span class=\"ls0_1\">). <span class=\"_ _2\"></span>Cons<span class=\"_ _2\"></span>iderando <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>grad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>consecuci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _1be\"> </span></span>objetivos de<span class=\"_ _2\"></span> ambos plan<span class=\"_ _2\"></span><span class=\"ls18\">es</span> del 100%, percibir\u00eda <span class=\"_ _2\"></span>1.986 <span class=\"ff6\">miles <span class=\"_ _2\"></span>\u20ac y 330.069 acciones d<span class=\"_ _2\"></span>e ENCE.<span class=\"_ _2\"></span></span> Las <span class=\"_ _c0\"></span>cl\u00e1us<span class=\"_ _2\"></span>ulas <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>indemnizaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>miembros <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>alt<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>direcci\u00f3n <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>reco<span class=\"_ _2\"></span>gen <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>apartado <span class=\"_ _0\"></span>C.1.39 <span class=\"_ _c0\"></span>el<span class=\"_ _1be\"> </span>Informe <span class=\"_ _1\"></span>Anual <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Gobierno <span class=\"_ _1\"></span>Corporativo que <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>in<span class=\"_ _2\"></span>cluye <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Informe <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>G<span class=\"_ _2\"></span>esti\u00f3n Consolidado <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>acompa\u00f1a<span class=\"_ _1be\"> </span>las Cuentas An<span class=\"_ _2\"></span>uales Consolidadas<span class=\"_ _2\"></span> del Grupo. 5.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Operaciones con empresa<span class=\"_ _1\"></span>s del grupo y <span class=\"_ _2\"></span>vinculada<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span></span></span>35.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Operaciones con socied<span class=\"_ _1\"></span>ades que conso<span class=\"_ _1\"></span>lidan po<span class=\"_ _1\"></span>r el m\u00e9todo de la<span class=\"_ _1be\"> </span></span></span>participaci\u00f3n<span class=\"_ _1be\"> </span>Los saldos man<span class=\"_ _2\"></span>tenidos con s<span class=\"_ _2\"></span>ociedades que conso<span class=\"_ _2\"></span>lidan por el m\u00e9todo de la participaci\u00f3n a<span class=\"_ _4\"></span>l 31 de diciembre<span class=\"_ _1be\"> </span>de 2022 y 2021 son lo<span class=\"_ _2\"></span>s siguientes:<span class=\"_ _2\"></span> Las <span class=\"_ _4\"></span>transaccion<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>an <span class=\"_ _4\"></span>efectuado <span class=\"_ _4\"></span>con <span class=\"_ _c0\"></span>sociedades<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>solidan <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>m\u00e9todo <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>articipaci\u00f3n<span class=\"_ _2\"></span> durante el ejercicio 2022 y<span class=\"_ _2\"></span> 2021 so<span class=\"_ _2\"></span>n las siguient<span class=\"_ _2\"></span>es:<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span> de di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>mbre de<span class=\"_ _1\"></span> 20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>Ol<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>g\u00eda<span class=\"_ _2\"></span> de Pue<span class=\"_ _1\"></span>rtol<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>no, S.L<span class=\"_ _1\"></span>.<span class=\"_ _1be\"> </span>36<span class=\"_ _ab\"> </span><span class=\"lsc2\">                     -   <span class=\"_ _c9\"> </span>                     - </span>Ca<span class=\"_ _2\"></span>pa<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> Se<span class=\"_ _1\"></span>rv<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> For<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>tal<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>, S.L<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>                      -   <span class=\"_ _ce\"> </span><span class=\"lsc1\">417<span class=\"_ _ea\"> </span>737<span class=\"_ _1be\"> </span></span>36<span class=\"_ _ea\"> </span>417<span class=\"_ _ea\"> </span>737<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> \u20ac<span class=\"_ _1be\"> </span>Cr<span class=\"_ _2\"></span>\u00e9<span class=\"_ _1\"></span>di<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span> Cor<span class=\"_ _2\"></span>to Pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>udor<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> Cor<span class=\"_ _2\"></span>to Pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>(N<span class=\"_ _1\"></span>ota<span class=\"_ _2\"></span> 26<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>cr<span class=\"_ _2\"></span>ee<span class=\"_ _1\"></span>dores<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span> Cor<span class=\"_ _2\"></span>to Pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>(N<span class=\"_ _1\"></span>ota<span class=\"_ _2\"></span> 27<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>31<span class=\"_ _2\"></span> de dicie<span class=\"_ _1\"></span>mbre de<span class=\"_ _1\"></span> 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>Ole<span class=\"_ _1\"></span>oe<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rg\u00eda de Pue<span class=\"_ _1\"></span>rtollano, S.L.<span class=\"_ _1be\"> </span>36<span class=\"_ _c1\"> </span><span class=\"lsc4\">                    -   <span class=\"_ _cc\"> </span>                    - </span>Capac<span class=\"_ _1\"></span>itaci\u00f3n de Se<span class=\"_ _1\"></span>rvicios <span class=\"_ _2\"></span>Forestales, S.L<span class=\"_ _1\"></span>.                    -   <span class=\"_ _15a\"> </span><span class=\"lsc3\">464<span class=\"_ _d4\"> </span>864<span class=\"_ _1be\"> </span></span>36<span class=\"_ _d4\"> </span>464<span class=\"_ _43\"> </span>864<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>udore<span class=\"_ _1\"></span>s a<span class=\"_ _1be\"> </span>Corto Plaz<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>(Nota 26<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Acre<span class=\"_ _1\"></span>edore<span class=\"_ _1\"></span>s a<span class=\"_ _1be\"> </span>Corto Plaz<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>(Nota 27<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Miles \u20ac<span class=\"_ _1be\"> </span>Cr\u00e9<span class=\"_ _1\"></span>ditos<span class=\"_ _2\"></span> a<span class=\"_ _1be\"> </span>Corto Plaz<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>2022<span class=\"_ _1be\"> </span>Ca<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3<span class=\"_ _2\"></span>n de Se<span class=\"_ _1\"></span>rvi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>os<span class=\"_ _4\"></span> For<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span>, S.L<span class=\"_ _bb\"></span>.                 75<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>              2<span class=\"_ _2\"></span>.79<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>757<span class=\"_ _163\"> </span><span class=\"ls0_1\">2<span class=\"_ _2\"></span>.79<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span></span>Se<span class=\"_ _1\"></span>rvi<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> Pr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>dos<span class=\"_ _1be\"> </span>Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> E<span class=\"_ _1\"></span>xp<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> \u20ac<div class=\"c_1 w2_1 h57 gs3a3\"><div class=\"t_1 m0_1 x17b h8_1 y10f3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x21 h64 y10f4 ff3 fs0_1 fc6 sc0_1 ls0_1 ws0_1\">35.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Operaciones con socios <span class=\"_ _1\"></span>minoritarios<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span></div><div class=\"t_1 m0_1 x60 h8_1 y10f5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Los saldos man<span class=\"_ _2\"></span>tenidos con <span class=\"_ _2\"></span>socios minoritarios <span class=\"_ _2\"></span>al 31 de diciembre de 2022 y<span class=\"_ _2\"></span> 2021 son<span class=\"_ _2\"></span> los siguientes:<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 xcf h8_1 y33d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xcf h8_1 y972 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x60 h8_1 ydbf ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x60 h8_1 yaf9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _c0\"></span>deuda <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>largo <span class=\"_ _c0\"></span>plazo <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>corresponde <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>un <span class=\"_ _0\"></span>pr\u00e9stamo <span class=\"_ _c0\"></span>otorgado <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>Wo<span class=\"_ _2\"></span>odpecker <span class=\"_ _4\"></span>Acq<span class=\"_ _2\"></span>uisitions<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>S.a.r.l. <span class=\"_ _c0\"></span><span class=\"ls39\">a<span class=\"_ _1be\"> </span></span><span class=\"ls39\"> </span></div><div class=\"t_1 m0_1 x60 h8_1 yafa ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Magnon <span class=\"_ _1\"></span>Green <span class=\"_ _bb\"></span>Energy, <span class=\"_ _1\"></span>S.L. <span class=\"_ _1\"></span>Durante <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>ejercicio <span class=\"_ _1\"></span>2022 <span class=\"_ _bb\"></span>se <span class=\"_ _1\"></span>ha <span class=\"_ _bb\"></span>ca<span class=\"_ _2\"></span>ncelado <span class=\"_ _1\"></span>anticipadamente <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>impo<span class=\"_ _2\"></span>rte <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>18.992<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y10f6 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">miles \u20ac<span class=\"ff4\">.<span class=\"_ _1be\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 x60 h8_1 y10f7 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Las <span class=\"_ _2\"></span>transaccion<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>han <span class=\"_ _2\"></span>efectuad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>con <span class=\"_ _4\"></span>socios <span class=\"_ _2\"></span>minorit<span class=\"_ _2\"></span>arios <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>31 d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>diciembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>022 <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>son <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y10f8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">siguientes:<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x4a h8_1 y10f9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x157 h8_1 y454 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div></div><div class=\"c_1 w189 h31b gs3a4\"><div class=\"t_1 m6d x9 h31c y10fb ff4 fs82 fc0_1 sc0_1 lsc7 ws0_1\">2021<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w18a h31d gs3a5\"><div class=\"t_1 m6d x9 h31c y10fd ff4 fs82 fc0_1 sc0_1 ls0_1 ws0_1\">Ca<span class=\"_ _4\"></span>pa<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> Se<span class=\"_ _1\"></span>rvi<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> For<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span>, S.<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. </div></div><div class=\"c_1 w189 h31d gs3a5\"><div class=\"t_1 m6d x9b h31c y10fd ff4 fs82 fc0_1 sc0_1 lsc8 ws0_1\">                 77<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>              2.10<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w189 h31e gs3a6\"><div class=\"t_1 m6d xde h31f y10fd ff3 fs82 fc0_1 sc0_1 lsc7 ws0_1\">771<span class=\"_ _f1\"> </span><span class=\"ls0_1\">2.<span class=\"_ _1\"></span>1<span class=\"_ _2\"></span>02<span class=\"_ _1be\"> </span></span></div></div><div class=\"c_1 w18b h320 gs3a7\"><div class=\"t_1 m6d xd2 h31c y10ff ff4 fs82 fc0_1 sc0_1 ls0_1 ws0_1\">Se<span class=\"_ _1\"></span>rvi<span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> </div><div class=\"t_1 m6d x47 h31c y1100 ff4 fs82 fc0_1 sc0_1 ls0_1 ws0_1\">Pr<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>dos<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w18b h320 gs3a8\"><div class=\"t_1 m6d x47 h31c y10ff ff4 fs82 fc0_1 sc0_1 ls0_1 ws0_1\">Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> </div><div class=\"t_1 m6d x40 h31c y1100 ff4 fs82 fc0_1 sc0_1 ls0_1 ws0_1\">E<span class=\"_ _1\"></span>xp<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>\u00f3n<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w18c h31d gs3a9\"><div class=\"t_1 m6d x13d h31c y10fd ff6 fs82 fc0_1 sc0_1 ls0_1 ws0_1\">Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> \u20ac<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w18d h321 gs3aa\"><div class=\"t_1 m6e x9 h322 y1103 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">31<span class=\"_ _2\"></span> de di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>em<span class=\"_ _1\"></span>bre de<span class=\"_ _1\"></span> 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w18d h323 gs3ab\"><div class=\"t_1 m6e x9 h322 y1105 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">Wo<span class=\"_ _2\"></span>odpecker Acqu<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ti<span class=\"_ _2\"></span>ons<span class=\"_ _4\"></span> S.\u00e1<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>.l<span class=\"_ _4\"></span>.<span class=\"_ _106\"> </span><span class=\"lsc9\">                   16<span class=\"_ _2\"></span>.290<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                     5<span class=\"_ _2\"></span>.63<span class=\"_ _2\"></span>0 <span class=\"_ _34\"> </span>                     -   <span class=\"_ _1\"></span>            17.84<span class=\"_ _2\"></span>3 <span class=\"_ _c8\"> </span>                 36<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span> <span class=\"_ _a0\"> </span>                     - </span><span class=\"lsc9\">  </span></div></div><div class=\"c_1 w18d h324 gs3ac\"><div class=\"t_1 m6e x9 h322 y1107 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">Sa<span class=\"_ _2\"></span>n Mi<span class=\"_ _4\"></span>guel<span class=\"_ _2\"></span> Arc<span class=\"_ _2\"></span>\u00e1<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ge<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>.</div></div><div class=\"c_1 w18d h323 gs3ad\"><div class=\"t_1 m6e x71 h322 y1109 ff4 fs83 fc0_1 sc0_1 lsc9 ws0_1\">                            -   <span class=\"_ _ca\"> </span>                            -   <span class=\"_ _c9\"> </span>                     -   <span class=\"_ _c9\"> </span>                     -   <span class=\"_ _c9\"> </span>                     -   <span class=\"_ _1\"></span>                    16<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w18d h324 gs3ac\"><div class=\"t_1 m6e x9 h322 y110a ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _1\"></span>cei<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span> Sa<span class=\"_ _4\"></span>nta<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>\u00eda<span class=\"_ _2\"></span>, S.A<span class=\"_ _1\"></span>.</div></div><div class=\"c_1 w18d h323 gs3ae\"><div class=\"t_1 m6e x71 h322 y1109 ff4 fs83 fc0_1 sc0_1 lsc9 ws0_1\">                            -   <span class=\"_ _ca\"> </span>                            -   <span class=\"_ _bb\"></span>                    3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _34\"> </span>                     -   <span class=\"_ _c9\"> </span>                     -   <span class=\"_ _4\"></span>                 70<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w18d h323 gs3af\"><div class=\"t_1 m6e x5_1 h325 y1109 ff3 fs83 fc0_1 sc0_1 lsc9 ws0_1\">                   16<span class=\"_ _2\"></span>.290<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                     5<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>63<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _43\"> </span><span class=\"lsca\">38<span class=\"_ _24\"> </span><span class=\"ls0_1\">1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.843<span class=\"_ _a\"> </span></span>363<span class=\"_ _f1\"> </span>720<span class=\"_ _1be\"> </span></span></div></div><div class=\"c_1 w18e h326 gs3b0\"><div class=\"t_1 m6e xc9 h322 y110e ff6 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> \u20ac<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w18f h327 gs3b1\"><div class=\"t_1 m6e x5d h322 y110f ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _1\"></span>cti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> </div><div class=\"t_1 m6e x43 h322 y1110 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> Lar<span class=\"_ _2\"></span>go<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m6e x43 h322 y1111 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">Pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>zo (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.2)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w18f h327 gs3b2\"><div class=\"t_1 m6e x5d h322 y110f ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _1\"></span>cti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> </div><div class=\"t_1 m6e x43 h322 y1110 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> Cor<span class=\"_ _2\"></span>to<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m6e x43 h322 y1111 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">Pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>zo (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.2)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w190 h327 gs3b3\"><div class=\"t_1 m6e x40 h322 y110f ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">De<span class=\"_ _1\"></span>udor<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span> </div><div class=\"t_1 m6e xa h322 y1110 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">Cor<span class=\"_ _2\"></span>to Pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m6e x27 h322 y1111 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">(Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>6)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w190 h327 gs3b4\"><div class=\"t_1 m6e x27 h322 y1112 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">De<span class=\"_ _1\"></span>uda<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> </div><div class=\"t_1 m6e xa h322 y1103 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">L<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>go P<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w191 h327 gs3b5\"><div class=\"t_1 m6e x27 h322 y1112 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">De<span class=\"_ _1\"></span>uda<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> </div><div class=\"t_1 m6e xa h322 y1103 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">Cor<span class=\"_ _2\"></span>to Pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w190 h327 gs3b6\"><div class=\"t_1 m6e x17f h322 y110f ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _1\"></span>cr<span class=\"_ _2\"></span>ee<span class=\"_ _1\"></span>dor<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span> </div><div class=\"t_1 m6e xa h322 y1110 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">Cor<span class=\"_ _2\"></span>to Pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m6e x27 h322 y1111 ff4 fs83 fc0_1 sc0_1 ls0_1 ws0_1\">(Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>7)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w192 h328 gs3b7\"><div class=\"t_1 m6f x9 h329 y1114 ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">31<span class=\"_ _2\"></span> de di<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>em<span class=\"_ _1\"></span>bre de<span class=\"_ _1\"></span> 20<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w192 h32a gs3b8\"><div class=\"t_1 m6f x9 h329 y1116 ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">Wo<span class=\"_ _2\"></span>odpecker Acqu<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ti<span class=\"_ _2\"></span>ons<span class=\"_ _4\"></span> S.\u00e1<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>.l<span class=\"_ _4\"></span>.<span class=\"_ _d1\"> </span><span class=\"lscb\">                   1<span class=\"_ _2\"></span>2.54<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                     8<span class=\"_ _2\"></span>.510<span class=\"_ _2\"></span> <span class=\"_ _34\"> </span>                     -   <span class=\"_ _bb\"></span>            3<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.835<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>              1<span class=\"_ _2\"></span>.26<span class=\"_ _2\"></span>1 <span class=\"_ _34\"> </span>                     - </span><span class=\"lscb\">  </span></div></div><div class=\"c_1 w192 h32b gs3b9\"><div class=\"t_1 m6f x9 h329 y1118 ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">Sa<span class=\"_ _2\"></span>n Mi<span class=\"_ _4\"></span>guel<span class=\"_ _2\"></span> Arc<span class=\"_ _2\"></span>\u00e1<span class=\"_ _4\"></span>nge<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>.</div></div><div class=\"c_1 w192 h32a gs3ba\"><div class=\"t_1 m6f xf6 h329 y1116 ff4 fs84 fc0_1 sc0_1 lscb ws0_1\">                            -   <span class=\"_ _ca\"> </span>                            -   <span class=\"_ _c9\"> </span>                     -   <span class=\"_ _c9\"> </span>                     -   <span class=\"_ _c9\"> </span>                     -   <span class=\"_ _4\"></span>                 5<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w192 h32b gs3b9\"><div class=\"t_1 m6f x9 h329 y111a ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _1\"></span>cei<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span> Sa<span class=\"_ _4\"></span>nta<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>\u00eda<span class=\"_ _2\"></span>, S.A<span class=\"_ _1\"></span>.</div></div><div class=\"c_1 w192 h32a gs3bb\"><div class=\"t_1 m6f xf6 h329 y1116 ff4 fs84 fc0_1 sc0_1 lscb ws0_1\">                            -   <span class=\"_ _ca\"> </span>                            -   <span class=\"_ _4\"></span>                 2<span class=\"_ _2\"></span>36<span class=\"_ _2\"></span> <span class=\"_ _34\"> </span>                     -   <span class=\"_ _c9\"> </span>                     -   <span class=\"_ _4\"></span>                 8<span class=\"_ _2\"></span>39<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w192 h32a gs3bc\"><div class=\"t_1 m6f x180 h32c y1116 ff3 fs84 fc0_1 sc0_1 lscb ws0_1\">                   12<span class=\"_ _2\"></span>.549<span class=\"_ _2\"></span> <span class=\"_ _ca\"> </span>                     8<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>51<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _2b\"> </span><span class=\"lscc\">236<span class=\"_ _9b\"> </span><span class=\"ls0_1\">36<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>83<span class=\"_ _2\"></span>5<span class=\"_ _e9\"> </span>1<span class=\"_ _2\"></span>.26<span class=\"_ _2\"></span>1<span class=\"_ _e9\"> </span>1.43<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span></span></span></div></div><div class=\"c_1 w193 h32d gs3bd\"><div class=\"t_1 m6f x5d h329 y111d ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _1\"></span>cti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> </div><div class=\"t_1 m6f x43 h329 y111e ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> La<span class=\"_ _2\"></span>rgo<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m6f x43 h329 y111f ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">Pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>zo (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.2)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w193 h32d gs3be\"><div class=\"t_1 m6f x5d h329 y111d ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _1\"></span>cti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> </div><div class=\"t_1 m6f x43 h329 y111e ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> Cor<span class=\"_ _2\"></span>to<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m6f x43 h329 y111f ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">Pl<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>zo (Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.2)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w194 h32d gs3bf\"><div class=\"t_1 m6f x40 h329 y111d ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">De<span class=\"_ _1\"></span>udor<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span> </div><div class=\"t_1 m6f xa h329 y111e ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">Cor<span class=\"_ _2\"></span>to Pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m6f x27 h329 y111f ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">(Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>6)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w194 h32d gs3c0\"><div class=\"t_1 m6f x27 h329 y1120 ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">De<span class=\"_ _1\"></span>uda<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> </div><div class=\"t_1 m6f xa h329 y1114 ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">L<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>go P<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w194 h32d gs3c1\"><div class=\"t_1 m6f x27 h329 y1120 ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">De<span class=\"_ _1\"></span>uda<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> </div><div class=\"t_1 m6f xa h329 y1114 ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">Cor<span class=\"_ _2\"></span>to Pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w194 h32d gs3c2\"><div class=\"t_1 m6f x17f h329 y111d ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _1\"></span>cr<span class=\"_ _2\"></span>ee<span class=\"_ _1\"></span>dor<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span> </div><div class=\"t_1 m6f xa h329 y111e ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">Cor<span class=\"_ _2\"></span>to Pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m6f x27 h329 y111f ff4 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">(Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 2<span class=\"_ _2\"></span>7)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w195 h32e gs3c3\"><div class=\"t_1 m6f xc9 h329 y1122 ff6 fs84 fc0_1 sc0_1 ls0_1 ws0_1\">Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> \u20ac<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w196 h32f gs3c4\"><div class=\"t_1 m70 x9 h330 y1124 ff4 fs85 fc0_1 sc0_1 ls0_1 ws0_1\">Wo<span class=\"_ _2\"></span>odpecker A<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>qui<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _c0\"></span>ti<span class=\"_ _2\"></span>ons<span class=\"_ _4\"></span> S.\u00e1<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>.l<span class=\"_ _4\"></span>.<span class=\"_ _20\"> </span><span class=\"lscd\">                     -   <span class=\"_ _cc\"> </span>                     -   <span class=\"_ _cc\"> </span>                     -                 1<span class=\"_ _2\"></span>.008<span class=\"_ _2\"></span> </span></div></div><div class=\"c_1 w196 h331 gs3c5\"><div class=\"t_1 m70 x9 h330 y1126 ff4 fs85 fc0_1 sc0_1 ls0_1 ws0_1\">Sa<span class=\"_ _2\"></span>n Mi<span class=\"_ _4\"></span>guel<span class=\"_ _2\"></span> Arc<span class=\"_ _2\"></span>\u00e1<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ge<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span>, S.A<span class=\"_ _1\"></span>.</div></div><div class=\"c_1 w196 h332 gs3c6\"><div class=\"t_1 m70 x8b h330 y1124 ff4 fs85 fc0_1 sc0_1 lscd ws0_1\">                     -                 2.94<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _5f\"> </span>                     -   <span class=\"_ _c9\"> </span>                     -   </div></div><div class=\"c_1 w196 h331 gs3c5\"><div class=\"t_1 m70 x9 h330 y1128 ff4 fs85 fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _1\"></span>cei<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>E<span class=\"_ _1\"></span>nerg\u00eda<span class=\"_ _2\"></span> Sa<span class=\"_ _4\"></span>nta<span class=\"_ _2\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>\u00eda<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>.</div></div><div class=\"c_1 w196 h332 gs3c7\"><div class=\"t_1 m70 x117 h330 y112a ff4 fs85 fc0_1 sc0_1 lscd ws0_1\">                 32<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>              1.95<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>                 31<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> <span class=\"_ _5f\"> </span>                     -   </div></div><div class=\"c_1 w196 h32f gs3c8\"><div class=\"t_1 m70 x105 h333 y1124 ff3 fs85 fc0_1 sc0_1 lsce ws0_1\">320<span class=\"_ _22\"> </span><span class=\"ls0_1\">4<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>89<span class=\"_ _2\"></span>7<span class=\"_ _d4\"> </span><span class=\"lsce\">315<span class=\"_ _ce\"> </span></span>1<span class=\"_ _2\"></span>.008<span class=\"_ _1be\"> </span></span></div></div><div class=\"c_1 w197 h334 gs3c9\"><div class=\"t_1 m70 x9 h330 y112d ff4 fs85 fc0_1 sc0_1 lsce ws0_1\">2022<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w198 h332 gs3ca\"><div class=\"t_1 m70 x15 h330 y112a ff6 fs85 fc0_1 sc0_1 ls0_1 ws0_1\">Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> \u20ac<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w199 h335 gs3cb\"><div class=\"t_1 m70 x12 h330 y112f ff4 fs85 fc0_1 sc0_1 ls0_1 ws0_1\">V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>nta<span class=\"_ _2\"></span>s</div></div><div class=\"c_1 w199 h335 gs3cc\"><div class=\"t_1 m70 x23 h330 y112f ff4 fs85 fc0_1 sc0_1 ls0_1 ws0_1\">Compra<span class=\"_ _4\"></span>s<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w19a h335 gs3cd\"><div class=\"t_1 m70 x27 h330 y1130 ff4 fs85 fc0_1 sc0_1 ls0_1 ws0_1\">Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m70 xa h330 y112d ff4 fs85 fc0_1 sc0_1 ls0_1 ws0_1\">Expl<span class=\"_ _4\"></span>ota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w199 h335 gs3ce\"><div class=\"t_1 m70 x12 h330 y1131 ff4 fs85 fc0_1 sc0_1 ls0_1 ws0_1\">Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> </div><div class=\"t_1 m70 xa h330 y1132 ff4 fs85 fc0_1 sc0_1 ls0_1 ws0_1\">Fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> </div><div class=\"t_1 m70 x47 h330 y112a ff4 fs85 fc0_1 sc0_1 ls0_1 ws0_1\">(N<span class=\"_ _1\"></span>ota<span class=\"_ _2\"></span> 14<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w19b h336 gs3cf\"><div class=\"t_1 m71 x9 h337 y1134 ff4 fs86 fc0_1 sc0_1 ls0_1 ws0_1\">Wo<span class=\"_ _2\"></span>odpecker A<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>qui<span class=\"_ _c0\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ti<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> S.\u00e1<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>.l<span class=\"_ _2\"></span>.<span class=\"_ _8f\"> </span><span class=\"lscf\">                     -   <span class=\"_ _cc\"> </span>                     -   <span class=\"_ _cc\"> </span>                     -   <span class=\"_ _2\"></span>              1.26<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> </span></div></div><div class=\"c_1 w19b h338 gs3d0\"><div class=\"t_1 m71 x9 h337 y1136 ff4 fs86 fc0_1 sc0_1 ls0_1 ws0_1\">Sa<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>Mi<span class=\"_ _2\"></span>guel<span class=\"_ _2\"></span> Arc<span class=\"_ _2\"></span>\u00e1<span class=\"_ _4\"></span>nge<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>.</div></div><div class=\"c_1 w19b h339 gs3d1\"><div class=\"t_1 m71 x182 h337 y1134 ff4 fs86 fc0_1 sc0_1 lscf ws0_1\">                     -                 4.46<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> <span class=\"_ _55\"> </span>                     -   <span class=\"_ _cc\"> </span>                     -<span class=\"_ _1be\"> </span>   </div></div><div class=\"c_1 w19b h338 gs3d0\"><div class=\"t_1 m71 x9 h337 y1138 ff4 fs86 fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _1\"></span>cei<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> y<span class=\"_ _2\"></span> E<span class=\"_ _1\"></span>nerg\u00eda<span class=\"_ _2\"></span> Sa<span class=\"_ _4\"></span>nta<span class=\"_ _2\"></span>mar<span class=\"_ _2\"></span>\u00eda<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>.</div></div><div class=\"c_1 w19b h339 gs3d2\"><div class=\"t_1 m71 x8b h337 y113a ff4 fs86 fc0_1 sc0_1 lscf ws0_1\">                 63<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>              2<span class=\"_ _2\"></span>.30<span class=\"_ _2\"></span>7 <span class=\"_ _d9\"> </span>                 31<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _5f\"> </span>                     -   </div></div><div class=\"c_1 w19b h336 gs3d3\"><div class=\"t_1 m71 xdf h33a y1134 ff3 fs86 fc0_1 sc0_1 lsd0 ws0_1\">638<span class=\"_ _d\"> </span><span class=\"ls0_1\">6<span class=\"_ _2\"></span>.773<span class=\"_ _8f\"> </span></span>312<span class=\"_ _d\"> </span><span class=\"ls0_1\">1<span class=\"_ _2\"></span>.261<span class=\"_ _1be\"> </span></span></div></div><div class=\"c_1 w19c h33b gs3d4\"><div class=\"t_1 m71 x47 h337 y113d ff4 fs86 fc0_1 sc0_1 ls0_1 ws0_1\">Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m71 xa h337 y113e ff4 fs86 fc0_1 sc0_1 ls0_1 ws0_1\">E<span class=\"_ _1\"></span>xp<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w19d h33b gs3d5\"><div class=\"t_1 m71 x3_1 h337 y113f ff4 fs86 fc0_1 sc0_1 ls0_1 ws0_1\">Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> </div><div class=\"t_1 m71 xa h337 y1140 ff4 fs86 fc0_1 sc0_1 ls0_1 ws0_1\">Fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> </div><div class=\"t_1 m71 x47 h337 y113a ff4 fs86 fc0_1 sc0_1 ls0_1 ws0_1\">(N<span class=\"_ _1\"></span>ota<span class=\"_ _2\"></span> 14<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w19e h33c gs3d6\"><div class=\"t_1 m71 x9 h337 y113e ff4 fs86 fc0_1 sc0_1 lsd0 ws0_1\">2021<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w19f h339 gs3d7\"><div class=\"t_1 m71 x78 h337 y113a ff6 fs86 fc0_1 sc0_1 ls0_1 ws0_1\">Mi<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>e<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span> \u20ac<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w19c h33b gs3d8\"><div class=\"t_1 m71 x3_1 h337 y1142 ff4 fs86 fc0_1 sc0_1 ls0_1 ws0_1\">V<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ntas<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w19d h33b gs3d9\"><div class=\"t_1 m71 x23 h337 y1142 ff4 fs86 fc0_1 sc0_1 ls0_1 ws0_1\">Compra<span class=\"_ _4\"></span>s<span class=\"_ _1be\"> </span></div></div>35.3<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Operaciones con ad<span class=\"_ _1\"></span>ministradores<span class=\"_ _1be\"> </span></span></span>ENCE no mantiene saldos pendientes de <span class=\"_ _1\"></span>liquidaci\u00f3n con sus Administradores al cierre <span class=\"_ _1\"></span>de los ejercicios <span class=\"ls11\">202</span>2<span class=\"_ _1be\"> </span>y <span class=\"_ _c2\"> </span><span class=\"ls11\">202<span class=\"ls0_1\">1.  Adicionalmente <span class=\"_ _c2\"> </span>EN<span class=\"_ _2\"></span>CE  no <span class=\"_ _c2\"> </span>ha  e<span class=\"_ _1\"></span>fectuado  tran<span class=\"_ _1\"></span>sacciones  con <span class=\"_ _c2\"> </span>sus  Administradores <span class=\"_ _c2\"> </span>duran<span class=\"_ _2\"></span>te  dichos<span class=\"_ _1be\"> </span></span></span>ejercicios.<span class=\"_ _1be\"> </span>36.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Medio Ambiente<span class=\"_ _1be\"> </span></span></span>El <span class=\"_ _c5\"> </span>respeto <span class=\"_ _c5\"> </span>al <span class=\"_ _c5\"> </span>medioambiente <span class=\"_ _c5\"> </span>es <span class=\"_ _c5\"> </span>inherente <span class=\"_ _c2\"> </span>al  prop\u00f3sito  de<span class=\"_ _1\"></span> <span class=\"_ _c5\"> </span>Ence <span class=\"_ _c5\"> </span>y <span class=\"_ _c2\"> </span>forma  parte <span class=\"_ _c2\"> </span>de  los <span class=\"_ _c2\"> </span>compro<span class=\"_ _2\"></span>misos  y<span class=\"_ _1be\"> </span>principios de <span class=\"_ _1\"></span>actuaci\u00f3n <span class=\"_ _1\"></span>establecidos <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el C\u00f3digo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Conducta y <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Pol\u00edtica <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Sostenibilidad de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>compa\u00f1\u00eda.<span class=\"_ _2\"></span> Este compro<span class=\"_ _2\"></span>miso de <span class=\"_ _2\"></span>Ence <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>protecci\u00f3n d<span class=\"_ _2\"></span>el m<span class=\"_ _2\"></span>edioambiente s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>materializa <span class=\"_ _2\"></span>en primer <span class=\"_ _2\"></span>lugar, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>trav\u00e9s <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>la propia activ<span class=\"_ _2\"></span>idad de la compa\u00f1\u00eda y s<span class=\"_ _2\"></span>u visi\u00f3n estrat\u00e9gica:<span class=\"_ _2\"></span> \u2713<span class=\"ff2\"> <span class=\"_ _5f\"> </span><span class=\"ff4 fc0_1\">La <span class=\"_ _c3\"> </span>activ<span class=\"_ _2\"></span>idad <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>roducci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c5\"> </span>celulosa <span class=\"_ _c2\"> </span>a  partir<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span>de <span class=\"_ _c5\"> </span>madera <span class=\"_ _c2\"> </span>de <span class=\"_ _c5\"> </span>proximidad <span class=\"_ _c2\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>con <span class=\"_ _c2\"> </span>gesti\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>forestal<span class=\"_ _1be\"> </span></span></span>sostenible <span class=\"_ _c2\"> </span>certificada <span class=\"_ _c2\"> </span>tien<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>efectos <span class=\"_ _c2\"> </span>ambientales<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>positivos<span class=\"_ _2\"></span>, <span class=\"_ _c3\"> </span>ya <span class=\"_ _c2\"> </span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c2\"> </span>pone <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>mercado <span class=\"_ _c2\"> </span>pro<span class=\"_ _2\"></span>ductos<span class=\"_ _1be\"> </span>naturales, <span class=\"_ _4\"></span>renovab<span class=\"_ _2\"></span>les <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>reciclables <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>pu<span class=\"_ _2\"></span>eden <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ustituir <span class=\"_ _4\"></span>material<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>bas<span class=\"_ _2\"></span>ados <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>combus<span class=\"_ _2\"></span>tibles <span class=\"_ _2\"></span>f\u00f3siles,<span class=\"_ _1be\"> </span>como <span class=\"_ _4\"></span>los <span class=\"_ _c0\"></span>pl\u00e1sticos. <span class=\"_ _c0\"></span>Adem\u00e1s, <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>actividad <span class=\"_ _c0\"></span>forestal <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>nce <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>s\u00f3lo <span class=\"_ _c0\"></span>contribuye <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>retirar <span class=\"_ _4\"></span>ca<span class=\"_ _2\"></span>rbono <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>atm\u00f3sfera, sino qu<span class=\"_ _2\"></span>e protege la biodiversid<span class=\"_ _2\"></span>ad y otros servicios d<span class=\"_ _2\"></span>e los ecosistemas foresta<span class=\"_ _2\"></span>les. <span class=\"_ _2\"></span> \u2713<span class=\"ff2\"> <span class=\"_ _5f\"> </span><span class=\"ff4 fc0_1\">En <span class=\"_ _0\"></span>el <span class=\"_ _c3\"> </span>dis<span class=\"_ _2\"></span>e\u00f1o <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>nuevos <span class=\"_ _c3\"></span>productos<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>E<span class=\"_ _2\"></span>nce <span class=\"_ _c3\"> </span>persigue <span class=\"_ _c3\"> </span>mejorar <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>huella <span class=\"_ _c3\"> </span>ambienta<span class=\"_ _2\"></span>l <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>sus <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>ductos <span class=\"_ _c3\"> </span>y<span class=\"_ _1be\"> </span></span></span>contribuir <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>reducir <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>impacto <span class=\"_ _2\"></span>ambienta<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>procesos <span class=\"_ _4\"></span>productivos <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>clientes. <span class=\"_ _4\"></span>Un <span class=\"_ _2\"></span>ejemplo <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>esta <span class=\"_ _c3\"></span>apuesta <span class=\"_ _c3\"> </span>es <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>desarrollo<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>pas<span class=\"_ _2\"></span>ta <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>ce<span class=\"_ _2\"></span>lulosa <span class=\"_ _c3\"> </span>no <span class=\"_ _c3\"></span>blanqueada <span class=\"_ _c3\"> </span>Naturcell <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"></span>la <span class=\"_ _c2\"> </span>b<span class=\"_ _2\"></span>iof\u00e1brica <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span>Pontevedra, <span class=\"_ _2\"></span>que al <span class=\"_ _2\"></span>no <span class=\"_ _2\"></span>requerir <span class=\"_ _2\"></span>etapa <span class=\"_ _2\"></span>de blan<span class=\"_ _2\"></span>queo <span class=\"_ _2\"></span>en su<span class=\"_ _2\"></span> produ<span class=\"_ _2\"></span>cci\u00f3n, tiene <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>consumo <span class=\"_ _2\"></span>espec\u00edfico d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>materiales, agua y<span class=\"_ _2\"></span> energ\u00eda menor que la p<span class=\"_ _2\"></span>asta est\u00e1ndar. <span class=\"_ _2\"></span> \u2713<span class=\"ff2\"> <span class=\"_ _5f\"> </span><span class=\"ff4 fc0_1\">En <span class=\"_ _2\"></span>su <span class=\"_ _4\"></span>actividad <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>generaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _4\"></span>renovab<span class=\"_ _2\"></span>le, <span class=\"_ _2\"></span>En<span class=\"_ _2\"></span>ce <span class=\"_ _2\"></span>no <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>\u00f3lo <span class=\"_ _4\"></span>contribuye <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>descarbon<span class=\"_ _4\"></span>izar <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>mix<span class=\"_ _1be\"> </span></span></span>el\u00e9ctrico <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>acional, <span class=\"_ _c0\"></span>sino <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>valorizando <span class=\"_ _c0\"></span>biomasa <span class=\"_ _c0\"></span>agr\u00edcola <span class=\"_ _c0\"></span>evita <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>emisiones <span class=\"_ _c0\"></span>contaminantes<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>difusas<span class=\"_ _1be\"> </span>que se <span class=\"_ _1\"></span>producen cuando se <span class=\"_ _1\"></span>queman <span class=\"_ _1\"></span>de f<span class=\"_ _1\"></span>orma incontrolada los restos <span class=\"_ _1\"></span>de cultivos e<span class=\"_ _1\"></span>n el <span class=\"_ _1\"></span>medio rural, <span class=\"_ _1\"></span>sin<span class=\"_ _1be\"> </span>ning\u00fan tipo d<span class=\"_ _2\"></span>e sistemas de tratamiento. Adi<span class=\"_ _2\"></span>cionalm<span class=\"_ _2\"></span>ente, movilizan<span class=\"_ _2\"></span>do biomasa foresta<span class=\"_ _2\"></span>l.<span class=\"_ _1be\"> </span>\u2713<span class=\"ff2\"> <span class=\"_ _5f\"> </span><span class=\"ff4 fc0_1\">En <span class=\"_ _c0\"></span>su <span class=\"_ _0\"></span>estrategia <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>diversificaci\u00f3n, <span class=\"_ _0\"></span>E<span class=\"_ _2\"></span>nce <span class=\"_ _0\"></span>busca <span class=\"_ _c0\"></span>activ<span class=\"_ _2\"></span>idades <span class=\"_ _0\"></span>alineadas <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>modelo <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>negocio <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span></span></span>bioeconom\u00eda <span class=\"_ _c0\"></span>circular <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span>, <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>2022, <span class=\"_ _c0\"></span>ha <span class=\"_ _c0\"></span>creado<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>filial <span class=\"_ _c0\"></span>Ence <span class=\"_ _c0\"></span>biog\u00e1s <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>producci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>biometano <span class=\"_ _4\"></span>y<span class=\"_ _1be\"> </span>fertilizantes <span class=\"_ _0\"></span>a <span class=\"_ _c3\"> </span>partir <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>residuos <span class=\"_ _c3\"></span>org\u00e1nicos. <span class=\"_ _0\"></span>Una <span class=\"_ _c3\"></span>nueva <span class=\"_ _c3\"></span>l\u00ednea <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>actividad<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>basada <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>reciclaje <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>residuos <span class=\"_ _4\"></span>agroganaderos <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>no <span class=\"_ _4\"></span>s\u00f3lo <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tribuir\u00e1 <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>olucionar <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>blema <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>gesti\u00f3n, <span class=\"_ _4\"></span>sino <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>los<span class=\"_ _1be\"> </span>transformar\u00e1 <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>produ<span class=\"_ _2\"></span>ctos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>alto <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>a\u00f1ad<span class=\"_ _2\"></span>ido <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>biocomb<span class=\"_ _2\"></span>ustibles <span class=\"_ _2\"></span>y <span class=\"_ _c0\"></span>fertilizantes <span class=\"_ _2\"></span>org\u00e1n<span class=\"_ _2\"></span>icos <span class=\"_ _2\"></span>con<span class=\"_ _1be\"> </span>menor huella ambiental q<span class=\"_ _2\"></span>ue los qu\u00edmicos. <span class=\"_ _2\"></span> Adem\u00e1s <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>contribuir <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>protecci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>medioambiente <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>trav\u00e9s <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>pia activ<span class=\"_ _2\"></span>idad, E<span class=\"_ _2\"></span>nce <span class=\"_ _2\"></span>tiene co<span class=\"_ _2\"></span>mo<span class=\"_ _1be\"> </span>principio llevar a cabo sus <span class=\"_ _1\"></span>procesos industriales con el m\u00e1xim<span class=\"_ _1\"></span>o respeto por el e<span class=\"_ _1\"></span>nt<span class=\"_ _2\"></span>orno, siguiendo la m\u00e1xima<span class=\"_ _1be\"> </span>de <span class=\"_ _c0\"></span>ir <span class=\"_ _c0\"></span>m\u00e1s <span class=\"_ _c0\"></span>all\u00e1 <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>l\u00edmites <span class=\"_ _c0\"></span>legales <span class=\"_ _0\"></span>establecidos <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>autorizaciones <span class=\"_ _c0\"></span>ambientales <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>sus <span class=\"_ _c0\"></span>instalaciones <span class=\"_ _0\"></span>y<span class=\"_ _1be\"> </span>aplicando <span class=\"_ _c0\"></span>las <span class=\"_ _4\"></span>mejores <span class=\"_ _4\"></span>t\u00e9cnica<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>dis<span class=\"_ _2\"></span>ponibles <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>mejora <span class=\"_ _4\"></span>continu<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>para <span class=\"_ _c0\"></span>reducir <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>impacto<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>ambiental <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>sus<span class=\"_ _1be\"> </span>actividades <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>t\u00e9rminos <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>consu<span class=\"_ _2\"></span>mo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>recursos, <span class=\"_ _c0\"></span>generaci\u00f3n <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>residuos, <span class=\"_ _c0\"></span>emisiones, <span class=\"_ _c0\"></span>efluentes, <span class=\"_ _c0\"></span>ruid<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>u<span class=\"_ _2\"></span> olores entre otros<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Este <span class=\"_ _c7\"> </span>compromiso <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>Ence <span class=\"_ _c7\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>traduce <span class=\"_ _c7\"> </span>en <span class=\"_ _c7\"> </span>i<span class=\"_ _2\"></span>mportantes <span class=\"_ _c4\"> </span>inversiones <span class=\"_ _c4\"> </span>para <span class=\"_ _c7\"> </span>aplicar <span class=\"_ _c4\"> </span>las <span class=\"_ _c7\"> </span>mejores <span class=\"_ _c7\"> </span>t\u00e9cnicas<span class=\"_ _2\"></span> disponibles <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>mejorar <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>eficiencia <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>procesos <span class=\"_ _4\"></span>en<span class=\"_ _2\"></span>tre <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>estacan <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>corresp<span class=\"_ _2\"></span>ondientes <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>istemas<span class=\"_ _1be\"> </span>de depuraci\u00f3n y de medida de <span class=\"_ _1\"></span>emisiones y calidad del aire <span class=\"_ _1\"></span>que contribuyen a continuar con la reducci\u00f3n de<span class=\"_ _1be\"> </span>los posib<span class=\"_ _2\"></span>les impactos ambientales y mejora en las<span class=\"_ _2\"></span> relaciones co<span class=\"_ _2\"></span>n las comunidad<span class=\"_ _2\"></span>es cercanas<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Se detallan a contin<span class=\"_ _2\"></span>uaci\u00f3n el valor d<span class=\"_ _2\"></span>e las inversiones<span class=\"_ _2\"></span> de car\u00e1cter medioambiental ejecuta<span class=\"_ _2\"></span>das en<span class=\"_ _2\"></span> 2022:<span class=\"_ _2\"></span> As\u00ed, <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>compa\u00f1\u00eda <span class=\"_ _0\"></span>busca <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>mejora <span class=\"_ _0\"></span>continu<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>desempe\u00f1o <span class=\"_ _0\"></span>ambiental <span class=\"_ _c0\"></span>impuls<span class=\"_ _2\"></span>ada <span class=\"_ _c0\"></span>por <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>alta <span class=\"_ _0\"></span>direcci\u00f3n <span class=\"_ _0\"></span>y<span class=\"_ _1be\"> </span>compartida <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>toda <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>organizaci\u00f3n. <span class=\"_ _c0\"></span>Pero <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>nce <span class=\"_ _4\"></span>es <span class=\"_ _c0\"></span>cons<span class=\"_ _2\"></span>ciente <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>huella <span class=\"_ _c0\"></span>ambiental <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>su<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>activ<span class=\"_ _2\"></span>idad<span class=\"_ _1be\"> </span>trasciende el <span class=\"_ _2\"></span>alcance op<span class=\"_ _2\"></span>erativo de <span class=\"_ _2\"></span>la compa\u00f1<span class=\"_ _2\"></span>\u00eda, por <span class=\"_ _2\"></span>lo que extiende <span class=\"_ _2\"></span>su c<span class=\"_ _4\"></span>ompromiso <span class=\"_ _2\"></span>con el medioa<span class=\"_ _2\"></span>mbiente<span class=\"_ _1be\"> </span>a lo <span class=\"_ _1\"></span>largo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>todas las <span class=\"_ _1\"></span>fases <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>su cadena <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>valor, t<span class=\"_ _1\"></span>anto en <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>actividad forestal <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>producci\u00f3n de <span class=\"_ _1\"></span>celulosa<span class=\"_ _1be\"> </span>como <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>generaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>en<span class=\"_ _2\"></span>erg\u00eda, <span class=\"_ _4\"></span>haciendo <span class=\"_ _c0\"></span>especial <span class=\"_ _4\"></span>foco <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>los <span class=\"_ _c0\"></span>potenciales <span class=\"_ _4\"></span>impactos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>ambientales <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _1be\"> </span>cadena <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>suminis<span class=\"_ _2\"></span>tro <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>trasladand<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>sus <span class=\"_ _c2\"> </span>prov<span class=\"_ _2\"></span>eedores <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>m\u00e1ximo <span class=\"_ _c2\"> </span>niv<span class=\"_ _2\"></span>el <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>exigencia <span class=\"_ _c5\"> </span>ambiental <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>las<span class=\"_ _1be\"> </span>operaciones.<span class=\"_ _1be\"> </span>Cumplimiento no<span class=\"_ _2\"></span>rmativo y mejores t\u00e9cn<span class=\"_ _2\"></span>icas disponibles<span class=\"_ _2\"></span> Aunque la ambici\u00f3n de la compa\u00f1\u00eda va m\u00e1s all\u00e1 de las obligaciones legales, el compromiso medioa<span class=\"_ _2\"></span>mbien<span class=\"_ _2\"></span>tal<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>Ence <span class=\"_ _2\"></span>pasa <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>primer <span class=\"_ _2\"></span>lugar <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>el cu<span class=\"_ _2\"></span>mplimiento <span class=\"_ _2\"></span>riguroso <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>exhaustivo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de la <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ormativa <span class=\"_ _2\"></span>vigente <span class=\"_ _2\"></span>en la <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ue<span class=\"_ _1be\"> </span>se <span class=\"_ _0\"></span>establecen <span class=\"_ _c3\"></span>los <span class=\"_ _0\"></span>requis<span class=\"_ _2\"></span>itos <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _0\"></span>deben <span class=\"_ _c3\"></span>cumplir <span class=\"_ _0\"></span>todas <span class=\"_ _c3\"></span>las <span class=\"_ _0\"></span>activ<span class=\"_ _2\"></span>idades <span class=\"_ _c3\"></span>relacionadas <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>producci\u00f3n <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>celulosa <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>generaci\u00f3n <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _4\"></span>renov<span class=\"_ _2\"></span>abl<span class=\"_ _2\"></span>e, <span class=\"_ _4\"></span>as\u00ed <span class=\"_ _4\"></span>como <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>adap<span class=\"_ _2\"></span>taci\u00f3n <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>las <span class=\"_ _4\"></span>Mejores <span class=\"_ _4\"></span>T\u00e9cnicas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Disponib<span class=\"_ _2\"></span>les<span class=\"_ _1be\"> </span>(MTD) <span class=\"_ _2\"></span>establecidas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>documentos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>BREF <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>dustria <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>pasta<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>papel <span class=\"_ _2\"></span>(<span class=\"_ _2\"></span><span class=\"ff9\">Best <span class=\"_ _4\"></span>Available <span class=\"_ _4\"></span>Thecniqu<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>in<span class=\"_ _1be\"> </span></span>the Pu<span class=\"_ _2\"></span>lp and <span class=\"_ _2\"></span>Paper <span class=\"_ _2\"></span>Industry 2014<span class=\"_ _2\"></span><span class=\"ff4\">) ap<span class=\"_ _2\"></span>robado <span class=\"_ _2\"></span>por la <span class=\"_ _2\"></span>Comisi\u00f3n<span class=\"_ _2\"></span> del <span class=\"_ _2\"></span>Medio A<span class=\"_ _2\"></span>mbiente d<span class=\"_ _2\"></span>el Parlamen<span class=\"_ _4\"></span>to E<span class=\"_ _2\"></span>uropeo<span class=\"_ _1be\"> </span></span>y las MTD conforme a la Dir<span class=\"_ _2\"></span>ectiva 2010/75/UE<span class=\"_ _2\"></span> para las grandes in<span class=\"_ _2\"></span>stalaciones d<span class=\"_ _2\"></span>e combusti\u00f3n en 2017<span class=\"_ _2\"></span><span class=\"ls1a\">. <span class=\"_ _2\"></span></span> En <span class=\"ls11\">2022<span class=\"ls0_1\"> <span class=\"_ _1\"></span>se ha continuado con <span class=\"_ _1\"></span>la ejecuci\u00f3n de los pro<span class=\"_ _1\"></span>yectos enfocados a la a<span class=\"_ _1\"></span>daptaci\u00f3n de las plantas para la<span class=\"_ _1\"></span> </span></span>implantaci\u00f3n de las<span class=\"_ _2\"></span> Mejores T\u00e9cnicas Dis<span class=\"_ _2\"></span>ponibles con el o<span class=\"_ _2\"></span>bjeto de cumplir con lo establecido en<span class=\"_ _2\"></span> el BREF de<span class=\"_ _1be\"> </span>Grandes Instalacion<span class=\"_ _2\"></span>es de Com<span class=\"_ _2\"></span>busti\u00f3n. <span class=\"_ _2\"></span>Los trabajos s<span class=\"_ _2\"></span>e han enfocado a<span class=\"_ _2\"></span>l cumplimiento d<span class=\"_ _2\"></span>e los n<span class=\"_ _2\"></span>uevos valo<span class=\"_ _2\"></span>res<span class=\"_ _1be\"> </span>l\u00edmite <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>emisi\u00f3n<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>finalizando<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>implan<span class=\"_ _2\"></span>taci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>diferentes <span class=\"_ _4\"></span>tipos <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sistemas <span class=\"_ _2\"></span>de <span class=\"_ _c0\"></span>depu<span class=\"_ _2\"></span>raci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>emisiones<span class=\"_ _1be\"> </span>seg\u00fan <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>necesidades<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e cad<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>planta <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>incorp<span class=\"_ _2\"></span>oraci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>todas <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>mejoras <span class=\"_ _2\"></span>tecno<span class=\"_ _2\"></span>l\u00f3gicas, <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>operaci\u00f3n<span class=\"_ _1be\"> </span>y <span class=\"_ _c3\"></span>gesti\u00f3n. <span class=\"_ _c3\"></span>As\u00ed, <span class=\"_ _0\"></span>du<span class=\"_ _2\"></span>rante <span class=\"_ _c3\"></span>2022 <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>Biof\u00e1brica <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>N<span class=\"_ _2\"></span>avia, <span class=\"_ _c3\"> </span>ha <span class=\"_ _0\"></span>ejecutad<span class=\"_ _2\"></span>o <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>proyecto <span class=\"_ _c3\"> </span>que, <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"></span>partir <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>2023, <span class=\"_ _c3\"> </span>le<span class=\"_ _1be\"> </span>permitir\u00e1 abatir las em<span class=\"_ _1\"></span>isiones de HCl e<span class=\"_ _1\"></span>n su caldera <span class=\"_ _1\"></span>de biomasa hasta valores <span class=\"_ _1\"></span>por debajo de<span class=\"_ _1\"></span> la propuesta del<span class=\"_ _1be\"> </span>documento BREF de GI<span class=\"_ _2\"></span>C.<span class=\"_ _1be\"> </span>Todas las <span class=\"_ _1\"></span>pla<span class=\"_ _1\"></span>ntas i<span class=\"_ _1\"></span>ndustriales de <span class=\"_ _bb\"></span>E<span class=\"_ _2\"></span>nce <span class=\"_ _1\"></span>cuentan con <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u <span class=\"_ _1\"></span>Autorizaci\u00f3n <span class=\"_ _1\"></span>Ambiental <span class=\"_ _1\"></span>Integrada (AAI) <span class=\"_ _bb\"></span>o Autorizaci\u00f3n<span class=\"_ _1be\"> </span>Sectorial, <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>se establecen <span class=\"_ _1\"></span>las condiciones <span class=\"_ _1\"></span>para <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>operaci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>instalaci\u00f3n desde <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>unto de <span class=\"_ _bb\"></span>v<span class=\"_ _2\"></span>ista<span class=\"_ _1be\"> </span>ambiental. <span class=\"_ _4\"></span>En <span class=\"_ _4\"></span>estas <span class=\"_ _4\"></span>auto<span class=\"_ _2\"></span>rizaciones <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>fijan <span class=\"_ _4\"></span>tambi<span class=\"_ _2\"></span>\u00e9n <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>valores <span class=\"_ _4\"></span>l\u00edmit<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>emisi\u00f3n <span class=\"_ _4\"></span>basado<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>mejores<span class=\"_ _1be\"> </span>t\u00e9cnicas d<span class=\"_ _2\"></span>isponibles as<span class=\"_ _2\"></span>\u00ed como los <span class=\"_ _2\"></span>planes de vigilan<span class=\"_ _2\"></span>cia para todos<span class=\"_ _2\"></span> los <span class=\"_ _2\"></span>aspect<span class=\"_ _2\"></span>os ambientale<span class=\"_ _2\"></span>s relevantes<span class=\"_ _2\"></span>. Ence<span class=\"_ _1be\"> </span>pone tod<span class=\"_ _2\"></span>as las medidas<span class=\"_ _2\"></span> a s<span class=\"_ _2\"></span>u alcance para <span class=\"_ _2\"></span>cumplir e <span class=\"_ _2\"></span>incluso mejorar <span class=\"_ _2\"></span>estos <span class=\"_ _2\"></span>valores <span class=\"_ _2\"></span>l\u00edmite fijados p<span class=\"_ _2\"></span>or la AAI <span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>informa <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>untualmente <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>administraciones <span class=\"_ _4\"></span>correspo<span class=\"_ _2\"></span>ndientes <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>su <span class=\"_ _2\"></span>ev<span class=\"_ _2\"></span>oluci\u00f3n. <span class=\"_ _4\"></span>Las <span class=\"_ _4\"></span>AAI <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>plantas <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>Ence est\u00e1n d<span class=\"_ _2\"></span>isponibles p\u00fablicamente en los registros<span class=\"_ _2\"></span> de las corresp<span class=\"_ _2\"></span>ondientes <span class=\"_ _2\"></span>comun<span class=\"_ _2\"></span>idades au<span class=\"_ _2\"></span>t\u00f3nomas.<span class=\"_ _1be\"> </span>Modelo y sistema d<span class=\"_ _2\"></span>e gesti\u00f3n ambiental<span class=\"_ _2\"></span> Los <span class=\"_ _4\"></span>principios <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>gesti\u00f3n <span class=\"_ _4\"></span>ambiental <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>Ence <span class=\"_ _4\"></span>est\u00e1n <span class=\"_ _4\"></span>recogido<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>Po<span class=\"_ _2\"></span>l\u00edtica <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Gesti\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>compa\u00f1\u00eda <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>basan <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>ir <span class=\"_ _c0\"></span>m\u00e1s <span class=\"_ _0\"></span>all\u00e1 <span class=\"_ _0\"></span>del <span class=\"_ _c0\"></span>cumplimiento <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>normativa <span class=\"_ _0\"></span>vigente, <span class=\"_ _0\"></span>aplicando<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>los <span class=\"_ _0\"></span>principios <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>revenci\u00f3n <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> precauci\u00f3n <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>siguiendo <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>rincipio <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>mejora <span class=\"_ _0\"></span>continua. <span class=\"_ _c0\"></span>As\u00ed, <span class=\"_ _c0\"></span>desde <span class=\"_ _c0\"></span>hace <span class=\"_ _c0\"></span>m\u00e1s <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>diez <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>\u00f1os, <span class=\"_ _c0\"></span>Ence <span class=\"_ _c0\"></span>aplica <span class=\"_ _c0\"></span>el<span class=\"_ _1be\"> </span>modelo <span class=\"_ _c3\"> </span>TQM <span class=\"_ _c3\"> </span>(Total <span class=\"_ _c3\"></span>Quality <span class=\"_ _c3\"> </span>Managem<span class=\"_ _2\"></span>ent) <span class=\"_ _c3\"></span>como <span class=\"_ _c3\"> </span>est\u00e1ndar <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>transformaci\u00f3n <span class=\"_ _c3\"> </span>cu<span class=\"_ _2\"></span>ltural <span class=\"_ _c3\"></span>y <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>gesti\u00f3n, <span class=\"_ _c3\"></span>que<span class=\"_ _1be\"> </span>aborda  de  forma  integrada  los  aspectos<span class=\"_ _2\"></span>  de  calidad,  seguridad  y  salud,  respeto  al <span class=\"_ _c2\"> </span>medio  ambi<span class=\"_ _2\"></span>ente  y<span class=\"_ _1be\"> </span>pr<span class=\"ls0_1\">evenci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>contaminaci\u00f3n. <span class=\"_ _4\"></span>En <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>marco <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>este <span class=\"_ _4\"></span>modelo <span class=\"_ _2\"></span>existe <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _2\"></span>Pol\u00edtica <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Medio <span class=\"_ _2\"></span>Ambiente <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span></span>Mil<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>s <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>Euros<span class=\"_ _1be\"> </span>Ne<span class=\"_ _1\"></span>gocio ce<span class=\"_ _1\"></span>lulosa<span class=\"_ _23\"> </span>1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.564<span class=\"_ _1be\"> </span>Ne<span class=\"_ _1\"></span>gocio ene<span class=\"_ _1\"></span>rg\u00eda re<span class=\"_ _1\"></span>novable<span class=\"_ _f0\"> </span>3.09<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>19<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>65<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span>que <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>efinen <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>objetivos <span class=\"_ _1\"></span>generales <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>co<span class=\"_ _2\"></span>mpa\u00f1\u00eda <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>esta <span class=\"_ _1\"></span>materia <span class=\"_ _bb\"></span>y <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>establecen <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>serie <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>Ob<span class=\"_ _2\"></span>jetivos<span class=\"_ _1be\"> </span>de Mejora Fundamental (OM<span class=\"_ _2\"></span>F) orientados a<span class=\"_ _2\"></span> disti<span class=\"_ _2\"></span>ntos vectores ambientales:<span class=\"_ _2\"></span> \u2022<span class=\"ff2\"> <span class=\"_ _b2\"> </span><span class=\"ff4\">Reducci\u00f3n d<span class=\"_ _2\"></span>el impacto oloros<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span></span></span>\u2022<span class=\"ff2\"> <span class=\"_ _b2\"> </span><span class=\"ff4\">Reducci\u00f3n d<span class=\"_ _2\"></span>el impacto ac\u00fastic<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span></span></span>\u2022<span class=\"ff2\"> <span class=\"_ _b2\"> </span><span class=\"ff4\">Reducci\u00f3n d<span class=\"_ _2\"></span>el impacto en la calida<span class=\"_ _2\"></span>d del aire<span class=\"_ _2\"></span> </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _b2\"> </span><span class=\"ff4\">Reducci\u00f3n d<span class=\"_ _2\"></span>el impacto de nues<span class=\"_ _2\"></span>tros vertidos<span class=\"_ _2\"></span> </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _b2\"> </span><span class=\"ff4\">Mejora de la efi<span class=\"_ _2\"></span>ciencia energ\u00e9<span class=\"_ _2\"></span>tica<span class=\"_ _1be\"> </span></span></span>\u2022<span class=\"ff2\"> <span class=\"_ _b2\"> </span><span class=\"ff4\">Reducci\u00f3n d<span class=\"_ _2\"></span>el consumo de ag<span class=\"_ _2\"></span>ua<span class=\"_ _2\"></span> </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _b2\"> </span><span class=\"ff4\">Reducci\u00f3n d<span class=\"_ _2\"></span>el consumo de mat<span class=\"_ _2\"></span>erias primas<span class=\"_ _2\"></span> </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _b2\"> </span><span class=\"ff4\">Reducci\u00f3n en la<span class=\"_ _2\"></span> generaci\u00f3n de resid<span class=\"_ _2\"></span>uos<span class=\"_ _2\"></span> </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _b2\"> </span><span class=\"ff4\">Mejora de los<span class=\"_ _2\"></span> Sistemas de Ges<span class=\"_ _2\"></span>ti\u00f3n </span></span>Dentro del <span class=\"_ _1\"></span>modelo TQM <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>han desarrollado los est\u00e1ndares <span class=\"_ _1\"></span>operativos (procedimientos, <span class=\"_ _1\"></span>etc.) que <span class=\"_ _1\"></span>permiten<span class=\"_ _1be\"> </span>el <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>trol <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>gesti\u00f3n <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>los <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>osib<span class=\"_ _2\"></span>les <span class=\"_ _c3\"></span>impactos <span class=\"_ _c3\"></span>ambientales <span class=\"_ _c3\"></span>mediante <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>identificaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>y <span class=\"_ _c3\"></span>gesti\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>los<span class=\"_ _1be\"> </span>riesgos  con <span class=\"_ _c2\"> </span>potencial  afecci\u00f3n  m<span class=\"_ _1\"></span>edioambiental.  En <span class=\"_ _c2\"> </span>el  marco <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>este  modelo <span class=\"_ _c5\"> </span>y <span class=\"_ _c2\"> </span>en  l\u00ednea  con <span class=\"_ _c2\"> </span>los  OMF<span class=\"_ _1be\"> </span>marcados, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>desarrollan<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>acciones <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>mejora <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ien <span class=\"_ _2\"></span>puntu<span class=\"_ _2\"></span>ales <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ien <span class=\"_ _2\"></span>para <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>gesti\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>ac<span class=\"_ _4\"></span>tividad <span class=\"_ _4\"></span>diaria <span class=\"_ _4\"></span>y<span class=\"_ _1be\"> </span>control de la estab<span class=\"_ _2\"></span>ilidad de los procesos<span class=\"_ _2\"></span>, y con ello, mejorar el desempe\u00f1o a<span class=\"_ _2\"></span>mbiental de las<span class=\"_ _2\"></span> instalacion<span class=\"_ _2\"></span>es. <span class=\"_ _2\"></span> Adem\u00e1s, <span class=\"_ _c0\"></span>Ence <span class=\"_ _c0\"></span>dispone <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>un <span class=\"_ _4\"></span>Sistema <span class=\"_ _c0\"></span>Integrado <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>Gesti\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>asegurar <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>todas <span class=\"_ _4\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>actividad<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>compa\u00f1\u00eda <span class=\"_ _c3\"></span>se <span class=\"_ _c3\"></span>realizan <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>acu<span class=\"_ _2\"></span>erdo <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"></span>su <span class=\"_ _c3\"></span>Pol\u00edtica <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>Gesti\u00f3n. <span class=\"_ _c3\"></span>El <span class=\"_ _c3\"></span>sistema <span class=\"_ _c3\"></span>est\u00e1 <span class=\"_ _c3\"></span>implantado <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>acuerdo <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>las<span class=\"_ _2\"></span> siguientes normas<span class=\"_ _2\"></span> internacionales:<span class=\"_ _2\"></span> \u2022<span class=\"ff2\"> <span class=\"_ _18e\"> </span><span class=\"ff4 fc0_1\">UNE-<span class=\"ls19\">EN</span>-ISO 9001, de gesti\u00f3<span class=\"_ _2\"></span>n de la calidad<span class=\"_ _2\"></span> </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _18e\"> </span><span class=\"ff4 fc0_1\">UNE-<span class=\"ls19\">EN</span>-ISO 14001, de gesti\u00f3<span class=\"_ _2\"></span>n medioambiental<span class=\"_ _2\"></span> </span></span>\u2022<span class=\"ff2\"> <span class=\"_ _18e\"> </span><span class=\"ff4 fc0_1\">ISO 45001, d<span class=\"_ _2\"></span>e gesti\u00f3n de la seguridad<span class=\"_ _2\"></span> y la salud en el t<span class=\"_ _2\"></span>rabaj<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span></span></span>\u2022<span class=\"ff2\"> <span class=\"_ _18e\"> </span><span class=\"ff4 fc0_1\">UNE-<span class=\"ls19\">EN</span>-ISO 50001 de g<span class=\"_ _2\"></span>esti\u00f3n de la energ\u00eda<span class=\"_ _2\"></span> </span></span>Este <span class=\"_ _cc\"> </span>sistema <span class=\"_ _cc\"> </span>est\u00e1 <span class=\"_ _cc\"> </span>certificado <span class=\"_ _cc\"> </span>por <span class=\"_ _cc\"> </span>un <span class=\"_ _cc\"> </span>organismo <span class=\"_ _cc\"> </span>acreditado <span class=\"_ _cc\"> </span>que <span class=\"_ _cc\"> </span>realiza <span class=\"_ _cc\"> </span>anualmente <span class=\"_ _cc\"> </span>la<span class=\"_ _2\"></span>s <span class=\"_ _cc\"> </span>au<span class=\"_ _2\"></span>ditor\u00edas<span class=\"_ _1be\"> </span>correspondientes. <span class=\"_ _2\"></span>En <span class=\"_ _2\"></span>2022, tr<span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>obtener la <span class=\"_ _2\"></span>certificaci\u00f3n<span class=\"_ _2\"></span> en <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>plantas <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>La Loma <span class=\"_ _2\"></span>y E<span class=\"_ _2\"></span>nemansa <span class=\"_ _2\"></span>e i<span class=\"_ _2\"></span>mplantar<span class=\"_ _1be\"> </span>y <span class=\"_ _1\"></span>certificar <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>sistema <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>planta <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Lucena, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>compa\u00f1\u00eda <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>conseguido <span class=\"_ _1\"></span>alcanzar <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>certificaci\u00f3n <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Sistema<span class=\"_ _1be\"> </span>de Gesti\u00f3n Medioambi<span class=\"_ _2\"></span>ental, conforme a la norma UNE<span class=\"_ _2\"></span>-EN<span class=\"_ _2\"></span> 14001, en todas<span class=\"_ _2\"></span> las plan<span class=\"_ _2\"></span>tas de Magnon. <span class=\"_ _2\"></span> Adem\u00e1s, <span class=\"_ _0\"></span>las <span class=\"_ _0\"></span>biof\u00e1bricas<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>Pontevedra <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>N<span class=\"_ _2\"></span>avia <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>el <span class=\"_ _c3\"> </span>centro <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>operaciones<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>energ\u00eda <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>H<span class=\"_ _2\"></span>uelva <span class=\"_ _0\"></span>fueron<span class=\"_ _1be\"> </span>pioneras en <span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>us res<span class=\"_ _1\"></span>pectivas CC<span class=\"_ _1\"></span>AA <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>adherirse <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Reglamento <span class=\"_ _1\"></span>1221/2009 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Uni\u00f3n <span class=\"_ _1\"></span>Europea <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Ecogesti\u00f3n<span class=\"_ _1be\"> </span>y Ecoa<span class=\"_ _2\"></span>uditor\u00eda <span class=\"_ _2\"></span>(EMAS). Para <span class=\"_ _2\"></span>formar <span class=\"_ _2\"></span>parte de <span class=\"_ _2\"></span>este r<span class=\"_ _2\"></span>egistro, l<span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>instalaciones <span class=\"_ _2\"></span>deben <span class=\"_ _2\"></span>realizar y <span class=\"_ _2\"></span>auditar <span class=\"_ _c0\"></span>por <span class=\"_ _2\"></span>un<span class=\"_ _1be\"> </span>organismo acreditado independiente <span class=\"_ _1\"></span>su Declaraci\u00f3n <span class=\"_ _1\"></span>Ambiental anual, docume<span class=\"_ _1\"></span>nto en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>que se <span class=\"_ _1\"></span>reportan sus<span class=\"_ _1be\"> </span>principales <span class=\"_ _ca\"> </span>indicad<span class=\"_ _2\"></span>ores <span class=\"_ _ca\"> </span>de <span class=\"_ _ca\"> </span>desempe\u00f1o <span class=\"_ _ca\"> </span>ambi<span class=\"_ _2\"></span>ental, <span class=\"_ _ca\"> </span>as\u00ed <span class=\"_ _ca\"> </span>como <span class=\"_ _c8\"> </span>sus <span class=\"_ _ca\"> </span>objetivo<span class=\"_ _2\"></span>s <span class=\"_ _ca\"> </span>anuales <span class=\"_ _ca\"> </span>y <span class=\"_ _ca\"> </span>su <span class=\"_ _ca\"> </span>niv<span class=\"_ _2\"></span>el <span class=\"_ _ca\"> </span>de<span class=\"_ _1be\"> </span>cumplimiento.<span class=\"_ _1be\"> </span>Otras certificaciones de<span class=\"_ _2\"></span> excelencia am<span class=\"_ _2\"></span>biental<span class=\"_ _1be\"> </span>El <span class=\"_ _c3\"> </span>excelente <span class=\"_ _c3\"> </span>des<span class=\"_ _2\"></span>empe\u00f1o <span class=\"_ _c3\"> </span>amb<span class=\"_ _2\"></span>iental <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>las <span class=\"_ _c3\"> </span>biof\u00e1bricas<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>En<span class=\"_ _2\"></span>ce <span class=\"_ _c3\"> </span>permite <span class=\"_ _c3\"> </span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>la <span class=\"_ _c2\"> </span>celulosa <span class=\"_ _c3\"> </span>produ<span class=\"_ _2\"></span>cida <span class=\"_ _c3\"> </span>en  El<span class=\"_ _1be\"> </span>excelente dese<span class=\"_ _2\"></span>mpe\u00f1o a<span class=\"_ _2\"></span>mbiental <span class=\"_ _2\"></span>de las <span class=\"_ _2\"></span>biof\u00e1bricas<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>Ence <span class=\"_ _2\"></span>permite qu<span class=\"_ _2\"></span>e su <span class=\"_ _2\"></span>celulosa <span class=\"_ _2\"></span>cuente <span class=\"_ _2\"></span>tambi\u00e9n d<span class=\"_ _2\"></span>esde<span class=\"_ _1be\"> </span>2014 con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>aprobaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>etiqueta <span class=\"_ _2\"></span>N<span class=\"_ _2\"></span>ordic <span class=\"_ _2\"></span>Swan<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Ecolabel <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>cumplir <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>est\u00e1ndares <span class=\"_ _2\"></span>m\u00e1s <span class=\"_ _2\"></span>exigentes<span class=\"_ _2\"></span> de <span class=\"_ _c0\"></span>respeto <span class=\"_ _0\"></span>ambiental. <span class=\"_ _0\"></span>Tras <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>riguroso <span class=\"_ _0\"></span>proceso <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>ev<span class=\"_ _2\"></span>aluaci\u00f3n <span class=\"_ _c0\"></span>del <span class=\"_ _0\"></span>impacto <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>medio <span class=\"_ _0\"></span>ambiente <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> productos <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>largo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>todo <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ciclo <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>vida, <span class=\"_ _2\"></span>esta <span class=\"_ _4\"></span>ecoetiqueta <span class=\"_ _2\"></span>garantiza <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>cumplimiento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _2\"></span>e<span class=\"_ _4\"></span>xigentes<span class=\"_ _1be\"> </span>requisitos <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"></span>materia <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>mitigaci\u00f3n <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>cambio <span class=\"_ _c3\"></span>clim\u00e1tico, <span class=\"_ _0\"></span>eficiencia <span class=\"_ _c3\"> </span>energ\u00e9tica <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"></span>uso <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>recursos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>(agu<span class=\"_ _2\"></span>a,<span class=\"_ _1be\"> </span>productos <span class=\"_ _c0\"></span>qu\u00edmicos <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>materias <span class=\"_ _4\"></span>primas<span class=\"_ _2\"></span>). <span class=\"_ _4\"></span>La <span class=\"_ _4\"></span>celulos<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>producida<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>biof\u00e1bricas <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>Ence <span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>mbi\u00e9n <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>ido<span class=\"_ _1be\"> </span>validada <span class=\"_ _0\"></span>como <span class=\"_ _0\"></span>materia <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>rima <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>acuerdo <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>D<span class=\"_ _2\"></span>ecisi\u00f3n <span class=\"_ _0\"></span>(EU) <span class=\"_ _0\"></span>2019/70 <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>Un<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>uropea <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c0\"></span>se<span class=\"_ _2\"></span> establecen <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>criterios <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>Etiqu<span class=\"_ _2\"></span>eta <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>col\u00f3gica <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>UE <span class=\"_ _4\"></span>(EU <span class=\"_ _4\"></span>Ecolabel) <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>papel <span class=\"_ _4\"></span>gr\u00e1fico, <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>apel<span class=\"_ _1be\"> </span>tis\u00fa y los pro<span class=\"_ _2\"></span>ductos de papel tis\u00fa. <span class=\"_ _2\"></span> En cuanto al desempe\u00f1o en econom\u00eda circular, en 20<span class=\"_ _2\"></span>22 Ence ha conseguido certificar todas su<span class=\"_ _2\"></span>s plantas con<span class=\"_ _1be\"> </span>el <span class=\"_ _1\"></span>sello <span class=\"_ _bb\"></span>Residuo Ce<span class=\"_ _1\"></span>ro <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>AE<span class=\"_ _2\"></span>NOR, <span class=\"_ _1\"></span>que <span class=\"_ _bb\"></span>reconoce <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>aquellas <span class=\"_ _bb\"></span>instalacion<span class=\"_ _2\"></span>es <span class=\"_ _1\"></span>refere<span class=\"_ _1\"></span>ntes e<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>gesti\u00f3n y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>valorizaci\u00f3n<span class=\"_ _1be\"> </span>de residuos q<span class=\"_ _2\"></span>ue recuperan <span class=\"_ _2\"></span>al menos el 90% de sus r<span class=\"_ _2\"></span>esiduos.<span class=\"_ _1be\"> </span>Desde <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>1. <span class=\"_ _4\"></span>Ence <span class=\"_ _4\"></span>tambi\u00e9n <span class=\"_ _4\"></span>tiene<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>implanta<span class=\"_ _2\"></span>do <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>sistema <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>gesti\u00f3n <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span>mostrar <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>sostenib<span class=\"_ _2\"></span>ilidad <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>biomasa <span class=\"_ _c7\"> </span>seg\u00fan <span class=\"_ _c6\"> </span>el <span class=\"_ _c7\"> </span>esquema <span class=\"_ _c7\"> </span>alem\u00e1n <span class=\"_ _c6\"> </span>SURE. <span class=\"_ _c7\"> </span>Este <span class=\"_ _c7\"> </span>sistema <span class=\"_ _c6\"> </span>de <span class=\"_ _c7\"> </span>certificaci\u00f3n <span class=\"_ _c6\"> </span>es<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>una <span class=\"_ _c7\"> </span>de <span class=\"_ _c6\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>herramientas<span class=\"_ _1be\"> </span>desarrolladas <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>asegurar <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>cumplimiento<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>exigenc<span class=\"_ _2\"></span>ias <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>Directiva <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>Energ\u00eda<span class=\"_ _4\"></span>s <span class=\"_ _4\"></span>Renovables <span class=\"_ _4\"></span>(UE)<span class=\"_ _1be\"> </span>2018/2001, no<span class=\"_ _2\"></span>rma euro<span class=\"_ _2\"></span>pea q<span class=\"_ _2\"></span>ue estab<span class=\"_ _2\"></span>lece exigentes<span class=\"_ _2\"></span> criteri<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>que debe <span class=\"_ _2\"></span>cumplir <span class=\"_ _2\"></span>la bioma<span class=\"_ _2\"></span>sa <span class=\"_ _2\"></span>empleada en <span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> generaci\u00f3n energ\u00e9tica. E<span class=\"_ _2\"></span>n 2022, tod<span class=\"_ _2\"></span>as las in<span class=\"_ _2\"></span>stalaciones de E<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ce cuentan con es<span class=\"_ _2\"></span>te certificad<span class=\"_ _2\"></span>o y la compa\u00f1<span class=\"_ _2\"></span>\u00eda<span class=\"_ _1be\"> </span>ha <span class=\"_ _c3\"></span>trabajado <span class=\"_ _c3\"></span>durante <span class=\"_ _c3\"></span>todo <span class=\"_ _c3\"></span>el <span class=\"_ _c3\"></span>a\u00f1o <span class=\"_ _c3\"></span>para <span class=\"_ _c3\"></span>promover <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>certificaci\u00f3n <span class=\"_ _c3\"> </span>tambi\u00e9n <span class=\"_ _c3\"></span>entre <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _c3\"></span>suministradores <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span>biomasa. Avanzando hacia la econ<span class=\"_ _2\"></span>om\u00eda circular<span class=\"_ _2\"></span> Ence contrib<span class=\"_ _2\"></span>uye a <span class=\"_ _2\"></span>avanzar hacia un<span class=\"_ _2\"></span>a econom\u00eda <span class=\"_ _2\"></span>circular poniendo <span class=\"_ _2\"></span>en el mercado <span class=\"_ _2\"></span>produ<span class=\"_ _2\"></span>ctos procedentes <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>fuentes <span class=\"_ _c0\"></span>renov<span class=\"_ _2\"></span>ables <span class=\"_ _c0\"></span>como <span class=\"_ _0\"></span>es <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>pas<span class=\"_ _2\"></span>ta <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>celulosa, <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>los <span class=\"_ _c0\"></span>clientes <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>Ence <span class=\"_ _0\"></span>utilizan <span class=\"_ _0\"></span>a <span class=\"_ _c0\"></span>su <span class=\"_ _0\"></span>vez <span class=\"_ _c0\"></span>para <span class=\"_ _0\"></span>fabricar<span class=\"_ _1be\"> </span>productos <span class=\"_ _4\"></span>finales <span class=\"_ _4\"></span>reciclables <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>biodegradables. <span class=\"_ _4\"></span>En<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>cuan<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>negocio <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>energ\u00eda, <span class=\"_ _4\"></span>En<span class=\"_ _2\"></span>ce <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>frece <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>soluci\u00f3n<span class=\"_ _1be\"> </span>para <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>gesti\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>res<span class=\"_ _2\"></span>iduos <span class=\"_ _0\"></span>agr\u00edcolas <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>forestales, <span class=\"_ _0\"></span>valorizand<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>biomas<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>para<span class=\"_ _4\"></span> <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>generaci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>energ\u00eda<span class=\"_ _1be\"> </span>renovable y circularizan<span class=\"_ _2\"></span>do estos sectores tan<span class=\"_ _2\"></span> relevantes para el medio rural<span class=\"_ _4\"></span>.<span class=\"_ _1be\"> </span>Ence <span class=\"_ _1\"></span>aplica <span class=\"_ _1\"></span>los <span class=\"_ _bb\"></span>principios <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>econom\u00eda <span class=\"_ _1\"></span>circular <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>sus<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>ropios <span class=\"_ _1\"></span>procesos <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>roductivos, <span class=\"_ _1\"></span>buscando <span class=\"_ _1\"></span>alternativas<span class=\"_ _1be\"> </span>para <span class=\"_ _c3\"> </span>reducir <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>consu<span class=\"_ _2\"></span>mo <span class=\"_ _c3\"></span>espec\u00edfico <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>material<span class=\"_ _2\"></span>es <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>para <span class=\"_ _c3\"> </span>minimizar <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>gen<span class=\"_ _2\"></span>eraci\u00f3n <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>recuperar <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>mayor<span class=\"_ _2\"></span> cantidad po<span class=\"_ _2\"></span>sible de residuos<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Mitigaci\u00f3n del camb<span class=\"_ _2\"></span>io clim\u00e1tico y hue<span class=\"_ _2\"></span>lla de carbono<span class=\"_ _2\"></span> Ence <span class=\"_ _0\"></span>contribuye <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span>mitigar <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>cambio <span class=\"_ _0\"></span>clim\u00e1tico <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span>trav\u00e9s <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>su<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>propio <span class=\"_ _0\"></span>modelo <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>ne<span class=\"_ _2\"></span>gocio. <span class=\"_ _0\"></span>Por <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _0\"></span>parte,<span class=\"_ _1be\"> </span>gracias  a <span class=\"_ _c2\"> </span>su  actividad <span class=\"_ _c2\"> </span>en  generaci\u00f3n <span class=\"_ _c2\"> </span>de  energ\u00eda <span class=\"_ _c2\"> </span>renovab<span class=\"_ _2\"></span>le, <span class=\"_ _c2\"> </span>E<span class=\"_ _2\"></span>nce <span class=\"_ _c2\"> </span>es<span class=\"_ _2\"></span>t\u00e1 <span class=\"_ _c5\"> </span>ayudando  a <span class=\"_ _c2\"> </span>cambiar <span class=\"_ _c5\"> </span>el <span class=\"_ _c2\"> </span>mode<span class=\"_ _2\"></span>lo<span class=\"_ _1be\"> </span>energ\u00e9tico  espa\u00f1ol,  aportando <span class=\"_ _c2\"> </span>u<span class=\"_ _2\"></span>n <span class=\"_ _c5\"> </span>tipo <span class=\"_ _c5\"> </span>de  energ\u00eda <span class=\"_ _c2\"> </span>como<span class=\"_ _2\"></span>  es <span class=\"_ _c2\"> </span>la  generada  con <span class=\"_ _c2\"> </span>biomasa  que  no <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>olo <span class=\"_ _c5\"> </span>es<span class=\"_ _1be\"> </span>renovable <span class=\"_ _4\"></span>sin<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>ad<span class=\"_ _2\"></span>em\u00e1s, <span class=\"_ _4\"></span>aporta<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>gestionabilidad<span class=\"_ _2\"></span>, <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>factor <span class=\"_ _c0\"></span>c<span class=\"_ _2\"></span>on <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>otras<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>tecnolog\u00edas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>generaci\u00f3n<span class=\"_ _1be\"> </span>renovable <span class=\"_ _c4\"> </span>n<span class=\"_ _2\"></span>o <span class=\"_ _c4\"> </span>cuentan<span class=\"_ _2\"></span>. <span class=\"_ _c4\"> </span>El <span class=\"_ _c4\"> </span>aprovechamiento <span class=\"_ _c9\"> </span>de <span class=\"_ _c4\"> </span>la <span class=\"_ _c9\"> </span>biomasa <span class=\"_ _c4\"> </span>excedentaria <span class=\"_ _c9\"> </span>representa <span class=\"_ _c9\"> </span>una <span class=\"_ _c4\"> </span>alternativa<span class=\"_ _1be\"> </span>energ\u00e9tica <span class=\"_ _1\"></span>sostenible con <span class=\"_ _1\"></span>gra<span class=\"_ _1\"></span>ndes ventajas <span class=\"_ _1\"></span>medioambientales, <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>reducci\u00f3n <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>emisiones <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>contribuci\u00f3n<span class=\"_ _1be\"> </span>a la transici\u00f3n <span class=\"_ _1\"></span>hacia un modelo energ\u00e9<span class=\"_ _1\"></span>tico bajo en carbono, <span class=\"_ _1\"></span>en l\u00ednea con <span class=\"_ _1\"></span>las directrices de <span class=\"_ _1\"></span>la Uni\u00f3n Europea<span class=\"_ _1be\"> </span>y con la pol\u00edtica <span class=\"_ _2\"></span>energ\u00e9tica espa\u00f1ola<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Por otra <span class=\"_ _1\"></span>parte, con <span class=\"_ _1\"></span>su negocio <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>producci\u00f3n de <span class=\"_ _1\"></span>celulosa, Ence <span class=\"_ _1\"></span>contribuye a <span class=\"_ _1\"></span>cambiar el <span class=\"_ _1\"></span>modelo de <span class=\"_ _1\"></span>consumo<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>sociedad, <span class=\"_ _2\"></span>ofreciendo <span class=\"_ _2\"></span>alt<span class=\"_ _2\"></span>ernativas <span class=\"_ _2\"></span>reno<span class=\"_ _2\"></span>vables, <span class=\"_ _2\"></span>reciclables <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>menor <span class=\"_ _2\"></span>huella <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>car<span class=\"_ _2\"></span>bono <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>produ<span class=\"_ _2\"></span>ctos<span class=\"_ _1be\"> </span>como el pl\u00e1stico.<span class=\"_ _2\"></span> Adem\u00e1s <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _4\"></span>contribu<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>trav\u00e9s <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>propio <span class=\"_ _4\"></span>modelo <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>negocio <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>compa\u00f1<span class=\"_ _2\"></span>\u00eda, <span class=\"_ _4\"></span>Ence <span class=\"_ _c0\"></span>tambi\u00e9n <span class=\"_ _4\"></span>trabaja<span class=\"_ _1be\"> </span>para redu<span class=\"_ _2\"></span>cir las <span class=\"_ _2\"></span>emisiones d<span class=\"_ _2\"></span>e gases <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>efecto inv<span class=\"_ _2\"></span>ernadero d<span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>us o<span class=\"_ _2\"></span>peraciones.<span class=\"_ _2\"></span> No <span class=\"_ _2\"></span>obstante, en <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>Ence<span class=\"_ _1be\"> </span>se <span class=\"_ _c5\"> </span>ha <span class=\"_ _c5\"> </span>visto <span class=\"_ _c5\"> </span>obligada <span class=\"_ _c2\"> </span>a  modificar <span class=\"_ _c2\"> </span>su<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>lan <span class=\"_ _c2\"> </span>de  descarbonizaci\u00f3n <span class=\"_ _c5\"> </span>por <span class=\"_ _c5\"> </span>las  circ<span class=\"_ _1\"></span>unstancias  e<span class=\"_ _1\"></span>xcepcionales  del<span class=\"_ _1be\"> </span>mercado <span class=\"_ _1\"></span>de la <span class=\"_ _1\"></span>energ\u00eda <span class=\"_ _1\"></span>derivadas del <span class=\"_ _bb\"></span>con<span class=\"_ _2\"></span>flicto e<span class=\"_ _1\"></span>n Ucrania. <span class=\"_ _1\"></span>En concreto, <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>escalada <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>prec<span class=\"_ _2\"></span>ios del <span class=\"_ _1\"></span>gas <span class=\"_ _1\"></span>natural<span class=\"_ _1be\"> </span>y <span class=\"_ _2\"></span>el p<span class=\"_ _2\"></span>otencial <span class=\"_ _2\"></span>riesgo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>disrupci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>suminis<span class=\"_ _2\"></span>tro <span class=\"_ _2\"></span>llevaron <span class=\"_ _2\"></span>a E<span class=\"_ _2\"></span>nce <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>tomar <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>decisi\u00f3n <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>diciembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2021<span class=\"_ _1be\"> </span>de <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>ustituir <span class=\"_ _c0\"></span>este <span class=\"_ _4\"></span>combu<span class=\"_ _2\"></span>stible <span class=\"_ _4\"></span>por <span class=\"_ _c0\"></span>fuel <span class=\"_ _c0\"></span>para <span class=\"_ _4\"></span>alimentar <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>hornos <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>cal <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>biof\u00e1b<span class=\"_ _2\"></span>rica <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>Navia. <span class=\"_ _c0\"></span>De <span class=\"_ _4\"></span>es<span class=\"_ _2\"></span>ta<span class=\"_ _1be\"> </span>forma <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ha <span class=\"_ _4\"></span>gara<span class=\"_ _2\"></span>ntizado <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>viabilidad <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>operaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>planta <span class=\"_ _4\"></span>pero <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>contrap<span class=\"_ _2\"></span>artida, <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>ustituci\u00f3n<span class=\"_ _1be\"> </span>de gas por fuel ha <span class=\"_ _2\"></span>provocado <span class=\"_ _2\"></span>un au<span class=\"_ _2\"></span>mento de las emision<span class=\"_ _2\"></span>es de GEI res<span class=\"_ _2\"></span>pecto al valo<span class=\"_ _2\"></span>r de 20<span class=\"_ _2\"></span>21. Este aumento<span class=\"_ _1be\"> </span>ser\u00e1 <span class=\"_ _4\"></span>coyun<span class=\"_ _2\"></span>tural <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>excepcional<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>planta <span class=\"_ _4\"></span>volv<span class=\"_ _2\"></span>er\u00e1 <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>su <span class=\"_ _4\"></span>ra<span class=\"_ _2\"></span>tio <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>e<span class=\"_ _2\"></span>misi\u00f3n <span class=\"_ _c0\"></span>est\u00e1ndar <span class=\"_ _c0\"></span>cuando <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>mercad<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>energ\u00eda recupere <span class=\"_ _2\"></span>la no<span class=\"_ _2\"></span>rmalidad. Ad<span class=\"_ _2\"></span>em\u00e1s, en <span class=\"_ _2\"></span>paralelo durante 2022 <span class=\"_ _2\"></span>se h<span class=\"_ _2\"></span>a contin<span class=\"_ _2\"></span>uado avanzando <span class=\"_ _2\"></span>en la <span class=\"_ _2\"></span>hoja<span class=\"_ _1be\"> </span>de <span class=\"_ _1\"></span>ruta <span class=\"_ _1\"></span>marcada <span class=\"_ _1\"></span>para <span class=\"_ _1\"></span>descarbonizar <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>biof\u00e1brica, <span class=\"_ _1\"></span>avanzando <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>in<span class=\"_ _2\"></span>genier\u00eda <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>proyectos <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>sus<span class=\"_ _2\"></span>tituci\u00f3n<span class=\"_ _1be\"> </span>de combustibles f\u00f3s<span class=\"_ _2\"></span>iles por combustib<span class=\"_ _2\"></span>les renovables p<span class=\"_ _2\"></span>ara comenzar su implantaci\u00f3n<span class=\"_ _2\"></span> a lo largo de 2023.<span class=\"_ _4\"></span> Gesti\u00f3n agroforestal soste<span class=\"_ _2\"></span>nible<span class=\"_ _2\"></span> Durante <span class=\"_ _c2\"> </span>el <span class=\"_ _c5\"> </span>a\u00f1o <span class=\"_ _c5\"> </span><span class=\"ls11\">2022</span>, <span class=\"_ _c2\"> </span>Ence <span class=\"_ _c2\"> </span>ha  mantenido <span class=\"_ _c2\"> </span>su  posici\u00f3n <span class=\"_ _c3\"> </span>como  prime<span class=\"_ _1\"></span>r <span class=\"_ _c2\"> </span>gestor  f<span class=\"_ _1\"></span>orestal  privado <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>actor  de<span class=\"_ _1\"></span> referencia en el mercad<span class=\"_ _2\"></span>o de producto<span class=\"_ _2\"></span>s basados en<span class=\"_ _2\"></span> la madera en Espa\u00f1a<span class=\"_ _4\"></span>.<span class=\"_ _1be\"> </span>En <span class=\"_ _0\"></span>este <span class=\"_ _c0\"></span>sentid<span class=\"_ _2\"></span>o, <span class=\"_ _0\"></span>Ence <span class=\"_ _c0\"></span>gestio<span class=\"_ _2\"></span>na <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>cadena <span class=\"_ _0\"></span>completa <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>valor <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>\u00e1rea <span class=\"_ _0\"></span>forestal <span class=\"_ _c0\"></span>(desd<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>planta<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>la<span class=\"_ _2\"></span> corta),  en  sus  montes  patri<span class=\"_ _1\"></span>moniales,  que  in<span class=\"_ _2\"></span>cluyen  montes  en  propiedad  y<span class=\"_ _1\"></span>  superficies  consorciadas  y<span class=\"_ _1be\"> </span>arrendadas  a  terceros  a  trav\u00e9s  de  sus  empresas  patrimoniales.  La  puesta  en  valor  de <span class=\"_ _c5\"> </span>las  superficies<span class=\"_ _1be\"> </span>gestionadas p<span class=\"_ _2\"></span>or Ence supone cada a\u00f1<span class=\"_ _2\"></span>o importantes inversiones<span class=\"_ _2\"></span> en el conju<span class=\"_ _2\"></span>nto del patrimonio destinad<span class=\"_ _2\"></span>as a<span class=\"_ _1be\"> </span>trabajos silv\u00edcolas, de repoblaci\u00f3n, mejora de inf<span class=\"_ _1\"></span>raes<span class=\"_ _2\"></span>tructuras y defensa contra incendios, y pago <span class=\"_ _1\"></span>de rentas.<span class=\"_ _1be\"> </span>Esta <span class=\"_ _4\"></span>producci\u00f3n <span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>versiones, <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span>marco <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ostenibilidad <span class=\"_ _4\"></span>ambiental <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>social, <span class=\"_ _4\"></span>supon<span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>importa<span class=\"_ _2\"></span>nte<span class=\"_ _1be\"> </span>aportaci\u00f3n d<span class=\"_ _2\"></span>irecta de la compa\u00f1\u00eda en el medio ru<span class=\"_ _2\"></span>ral.<span class=\"_ _2\"></span> De <span class=\"_ _ca\"> </span>forma <span class=\"_ _c8\"> </span>compl<span class=\"_ _2\"></span>ementaria <span class=\"_ _c8\"> </span>a <span class=\"_ _c8\"> </span>su <span class=\"_ _c8\"> </span>actividad <span class=\"_ _c8\"> </span>pat<span class=\"_ _2\"></span>rimonial, <span class=\"_ _ca\"> </span>En<span class=\"_ _2\"></span>ce <span class=\"_ _ca\"> </span>man<span class=\"_ _2\"></span>tiene <span class=\"_ _ca\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c8\"> </span>refuerza <span class=\"_ _ca\"> </span>s<span class=\"_ _2\"></span>u <span class=\"_ _ca\"> </span>pol\u00edtica <span class=\"_ _c8\"> </span>de<span class=\"_ _1be\"> </span>aprovision<span class=\"_ _2\"></span>amiento  de <span class=\"_ _c6\"> </span>madera <span class=\"_ _c6\"> </span>a <span class=\"_ _c6\"> </span>trav\u00e9s <span class=\"_ _c6\"> </span>de  las<span class=\"_ _2\"></span>  \u00e1reas <span class=\"_ _14c\"> </span>d<span class=\"_ _2\"></span>e  Compras <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>Madera  en <span class=\"_ _c6\"> </span>Pie <span class=\"_ _c6\"> </span>(donde <span class=\"_ _c6\"> </span>Ence  es<span class=\"_ _2\"></span> responsable d<span class=\"_ _2\"></span>e la compra al propietario, su conformidad administrativa <span class=\"_ _2\"></span>y normativa, el aprovechamiento y<span class=\"_ _1be\"> </span>el <span class=\"_ _c3\"> </span>trans<span class=\"_ _2\"></span>porte <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>madera <span class=\"_ _c2\"> </span>a <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>lanta) <span class=\"_ _c3\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>Suministro <span class=\"_ _c2\"> </span>(en <span class=\"_ _c3\"> </span>la<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>Ence <span class=\"_ _c2\"> </span>compra <span class=\"_ _c3\"> </span>dir<span class=\"_ _2\"></span>ectamente <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>madera <span class=\"_ _c2\"> </span>a<span class=\"_ _1be\"> </span>rematantes que in<span class=\"_ _2\"></span>termedian con la p<span class=\"_ _2\"></span>ropiedad).<span class=\"_ _2\"></span> En ambos ca<span class=\"_ _2\"></span>sos, gesti\u00f3n patrimonial y co<span class=\"_ _2\"></span>mpras a terceros, los<span class=\"_ _2\"></span> requisitos de gesti\u00f3n y<span class=\"_ _2\"></span> sostenibilidad son lo<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>mismos, <span class=\"_ _1\"></span>y se <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>esarrollan <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>marco del <span class=\"_ _1\"></span>Sistema <span class=\"_ _1\"></span>Integrado <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Gesti\u00f3n <span class=\"_ _1\"></span>Agroforestal <span class=\"_ _1\"></span>(SIG<span class=\"lsd1\">FA</span>)<span class=\"_ _2\"></span>, <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>tiene <span class=\"_ _1\"></span>como<span class=\"_ _1be\"> </span>bases <span class=\"_ _c2\"> </span>normativas <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>cas<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>la <span class=\"_ _c2\"> </span>madera <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>cumplimiento <span class=\"_ _c2\"> </span>legal, <span class=\"_ _c2\"> </span>y <span class=\"_ _c3\"> </span>los <span class=\"_ _c2\"> </span>est\u00e1ndares <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>Gesti\u00f3n <span class=\"_ _c2\"> </span>Forestal<span class=\"_ _1be\"> </span>Sostenible y<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>Cadena de <span class=\"_ _2\"></span>Custodia <span class=\"_ _2\"></span>de los referentes <span class=\"_ _2\"></span>FSC\u00ae,<span class=\"_ _2\"></span> con <span class=\"_ _2\"></span>n\u00fameros <span class=\"_ _2\"></span>de licencia <span class=\"_ _2\"></span>FSC\u00ae-C099970 <span class=\"_ _2\"></span>y FSC\u00ae<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>C081854 (Forest Stewards<span class=\"_ _2\"></span>hip Council\u00ae) y PE<span class=\"_ _2\"></span>FC\u00ae, con n<span class=\"_ _2\"></span>\u00fameros<span class=\"_ _2\"></span> de licencia PEFC/14-<span class=\"ls2b\">22</span>-00010 <span class=\"ls23\">y </span>PE<span class=\"_ _2\"></span>FC/14-<span class=\"ls11\">33</span>-<span class=\"_ _1be\"> </span>00001<span class=\"ls0_1\"> (Program<span class=\"_ _2\"></span>me for the End<span class=\"_ _2\"></span>orsement of Forest Certification<span class=\"_ _2\"></span> Schemes).<span class=\"_ _2\"></span> </span>La <span class=\"_ _1\"></span>Direcci\u00f3n <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>Sostenibilidad Agroforestal <span class=\"_ _1\"></span>es <span class=\"_ _bb\"></span>la <span class=\"_ _1\"></span>encargada <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>realizar <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>seguimiento <span class=\"_ _1\"></span>del <span class=\"_ _bb\"></span>c<span class=\"_ _2\"></span>umplimiento <span class=\"_ _1\"></span>legal<span class=\"_ _1be\"> </span>y normativ<span class=\"_ _2\"></span>o de <span class=\"_ _2\"></span>todas las <span class=\"_ _2\"></span>fuentes de <span class=\"_ _2\"></span>materias primas<span class=\"_ _2\"></span> para produ<span class=\"_ _2\"></span>cci\u00f3n de <span class=\"_ _2\"></span>madera y <span class=\"_ _2\"></span>energ\u00eda, y<span class=\"_ _2\"></span>a se pro<span class=\"_ _2\"></span>duzca<span class=\"_ _1be\"> </span>en superficies propias<span class=\"_ _2\"></span>, como en las d<span class=\"_ _2\"></span>e terceros (compras en p<span class=\"_ _2\"></span>ie y suministro<span class=\"_ _2\"></span>s)<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>El <span class=\"_ _c0\"></span>refuerzo <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>marco <span class=\"_ _c0\"></span>normat<span class=\"_ _2\"></span>ivo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>referencia, <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>concreto <span class=\"_ _c0\"></span>los <span class=\"_ _0\"></span>aspectos <span class=\"_ _c0\"></span>derivados <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>cumplimiento <span class=\"_ _0\"></span>del<span class=\"_ _1be\"> </span>Reglamento  EUTR  de <span class=\"_ _c2\"> </span>Diligen<span class=\"_ _2\"></span>cia  Debida <span class=\"_ _c5\"> </span>de  la <span class=\"_ _c2\"> </span>madera,  contin\u00fa<span class=\"_ _2\"></span>a  siendo  u<span class=\"_ _1\"></span>no  de <span class=\"_ _c2\"> </span>los<span class=\"_ _2\"></span>  principales <span class=\"_ _c2\"> </span>v<span class=\"_ _2\"></span>alores<span class=\"_ _1be\"> </span>sectoriales. La<span class=\"_ _2\"></span> actividad <span class=\"_ _2\"></span>de E<span class=\"_ _2\"></span>nce en este <span class=\"_ _2\"></span>sentido, sigu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>siendo el <span class=\"_ _2\"></span>impulso de <span class=\"_ _2\"></span>dicho <span class=\"_ _2\"></span>marco a lo <span class=\"_ _2\"></span>largo de <span class=\"_ _2\"></span>toda<span class=\"_ _1be\"> </span>la <span class=\"_ _2\"></span>cad<span class=\"_ _2\"></span>ena <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>Suministro, <span class=\"_ _4\"></span>garantizando <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>producci\u00f3n <span class=\"_ _4\"></span>final <span class=\"_ _4\"></span>provenga <span class=\"_ _4\"></span>siempre <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>fue<span class=\"_ _2\"></span>ntes <span class=\"_ _4\"></span>trazables <span class=\"_ _4\"></span>con<span class=\"_ _1be\"> </span>m\u00e1ximo <span class=\"_ _4\"></span>rigor <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>cumplimiento <span class=\"_ _c0\"></span>legal. <span class=\"_ _4\"></span>En <span class=\"_ _4\"></span>es<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>entido,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Ence <span class=\"_ _4\"></span>trabaja <span class=\"_ _c0\"></span>intensamente <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>to<span class=\"_ _2\"></span>dos <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>ac<span class=\"_ _2\"></span>tores<span class=\"_ _1be\"> </span>del s<span class=\"_ _2\"></span>ector <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>lograr <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>implantaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>mejores t\u00e9cnicas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de seguimiento <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>respecto, <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>transmisi\u00f3n<span class=\"_ _1be\"> </span>a <span class=\"_ _4\"></span>sus <span class=\"_ _4\"></span>colaboradores, <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>lo <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>hay <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>contacto <span class=\"_ _4\"></span>continuo <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>ellos <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>permite <span class=\"_ _4\"></span>transmitir <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>requis<span class=\"_ _2\"></span>itos<span class=\"_ _1be\"> </span>de <span class=\"_ _cc\"> </span>gesti\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>d<span class=\"_ _2\"></span>eseables <span class=\"_ _ca\"> </span>y <span class=\"_ _cc\"> </span>esp<span class=\"_ _2\"></span>erados, <span class=\"_ _ca\"> </span>in<span class=\"_ _2\"></span>cluyendo <span class=\"_ _ca\"> </span>los <span class=\"_ _ca\"> </span>aspectos <span class=\"_ _cc\"> </span>vo<span class=\"_ _2\"></span>luntarios <span class=\"_ _ca\"> </span>(esencialmente <span class=\"_ _cc\"> </span>s<span class=\"_ _2\"></span>ociales <span class=\"_ _ca\"> </span>y<span class=\"_ _1be\"> </span>ambientales) destinad<span class=\"_ _2\"></span>os a la perdu<span class=\"_ _2\"></span>rabilidad en el tiempo d<span class=\"_ _2\"></span>e las masas<span class=\"_ _2\"></span>, la minimizaci\u00f3n d<span class=\"_ _2\"></span>e los impactos<span class=\"_ _2\"></span>, de<span class=\"_ _1be\"> </span>la <span class=\"_ _0\"></span>actividad, <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>mantenim<span class=\"_ _2\"></span>iento <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iversidad <span class=\"_ _0\"></span>estructu<span class=\"_ _2\"></span>ral <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>espec\u00edfica <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>formacion<span class=\"_ _4\"></span>es <span class=\"_ _c3\"></span>forestales, <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span>fomento d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>multifuncion<span class=\"_ _2\"></span>alidad <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>bienes <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>servicios<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>innovaci\u00f3n <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tinua, <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>principios<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e extens<span class=\"_ _2\"></span>i\u00f3n<span class=\"_ _1be\"> </span>forestal al mundo ru<span class=\"_ _2\"></span>ral, la participaci\u00f3n activa <span class=\"_ _2\"></span>con los Grupos d<span class=\"_ _2\"></span>e Inter\u00e9s, y la certificaci\u00f3n<span class=\"_ _2\"></span> forestal.<span class=\"_ _4\"></span> Las mejoras<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>esta pol\u00edt<span class=\"_ _2\"></span>ica se han<span class=\"_ _2\"></span> pod<span class=\"_ _2\"></span>ido constatar <span class=\"_ _2\"></span>a trav\u00e9s d<span class=\"_ _2\"></span>el incremento pro<span class=\"_ _2\"></span>gresivo d<span class=\"_ _2\"></span>e los <span class=\"_ _2\"></span>porcentajes<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>madera <span class=\"_ _2\"></span>certifi<span class=\"_ _2\"></span>cada <span class=\"_ _2\"></span>has<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>actual <span class=\"_ _4\"></span>porcentaje <span class=\"_ _4\"></span>glob<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span><span class=\"ls11\">73%</span>. <span class=\"_ _2\"></span><span class=\"ls19\">En</span> <span class=\"_ _4\"></span>cuanto <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>activ<span class=\"_ _2\"></span>idad <span class=\"_ _2\"></span>patrimonial, <span class=\"_ _2\"></span>m\u00e1s<span class=\"_ _1be\"> </span>de un 85% de la su<span class=\"_ _2\"></span>perficie que En<span class=\"_ _2\"></span>ce gestiona est\u00e1 certificad<span class=\"_ _2\"></span>o por alguno d<span class=\"_ _2\"></span>e los esquemas<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Adem\u00e1s de promover una gesti\u00f3n forestal sostenible certificad<span class=\"_ _2\"></span>a, Ence tambi\u00e9n trabaja en la investigaci\u00f3n y<span class=\"_ _1be\"> </span>desarrollo <span class=\"_ _c6\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c6\"> </span>mejores <span class=\"_ _c7\"> </span>pr\u00e1cticas <span class=\"_ _c7\"> </span>silv\u00edcolas, <span class=\"_ _c6\"> </span>plan<span class=\"_ _2\"></span>ta <span class=\"_ _c6\"> </span>mejorada <span class=\"_ _c6\"> </span>p<span class=\"_ _2\"></span>ara <span class=\"_ _c6\"> </span>adaptars<span class=\"_ _2\"></span>e <span class=\"_ _c6\"> </span>a <span class=\"_ _c6\"> </span>las <span class=\"_ _c6\"> </span>n<span class=\"_ _2\"></span>uevas <span class=\"_ _c6\"> </span>cond<span class=\"_ _2\"></span>iciones<span class=\"_ _1be\"> </span>clim\u00e1ticas <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>m\u00e9todos <span class=\"_ _c2\"> </span>inno<span class=\"_ _2\"></span>vadores <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>lucha <span class=\"_ _c2\"> </span>biol\u00f3gica <span class=\"_ _c2\"> </span>contra <span class=\"_ _c2\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>plagas<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>y <span class=\"_ _c3\"> </span>enfermedad<span class=\"_ _2\"></span>es <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>afectan <span class=\"_ _c2\"> </span>al<span class=\"_ _1be\"> </span>eucalipto.<span class=\"_ _1be\"> </span>El  conjunto  de <span class=\"_ _c2\"> </span>actuacion<span class=\"_ _2\"></span>es <span class=\"_ _c5\"> </span>de  I+<span class=\"_ _1\"></span>D+i  que <span class=\"_ _c2\"> </span>se  desarrollan  en <span class=\"_ _c2\"> </span>el  mar<span class=\"_ _2\"></span>co  de <span class=\"_ _c2\"> </span>la  actividad  directa  de <span class=\"_ _c2\"> </span>Ence,<span class=\"_ _1be\"> </span>constituyen <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>importan<span class=\"_ _2\"></span>te s<span class=\"_ _2\"></span>oporte t\u00e9cnico <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>conocimiento <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>Ence <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>esfuerza <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>trans<span class=\"_ _2\"></span>mitir al <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ector<span class=\"_ _1be\"> </span>a <span class=\"_ _0\"></span>trav\u00e9s <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>foros,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>charlas. <span class=\"_ _0\"></span>Aspectos <span class=\"_ _0\"></span>ta<span class=\"_ _2\"></span>les <span class=\"_ _0\"></span>como <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>selvicultu<span class=\"_ _2\"></span>ra, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>selecci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>planta<span class=\"_ _2\"></span>s, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>lucha <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span>tra<span class=\"_ _1be\"> </span>plagas, <span class=\"_ _c7\"> </span>el <span class=\"_ _c7\"> </span>cumplimiento <span class=\"_ _c7\"> </span>legal <span class=\"_ _c7\"> </span>o <span class=\"_ _c7\"> </span>la <span class=\"_ _c6\"> </span>certificaci\u00f3n <span class=\"_ _c7\"> </span>forestal<span class=\"_ _2\"></span>, <span class=\"_ _c7\"> </span>son <span class=\"_ _c7\"> </span>objeto <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>transmisi\u00f3n <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>know<span class=\"_ _2\"></span>-how <span class=\"_ _c7\"> </span>a<span class=\"_ _1be\"> </span>propietarios <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>suministrado<span class=\"_ _2\"></span>res <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>al <span class=\"_ _0\"></span>sector <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>general, <span class=\"_ _0\"></span>alimentand<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>un <span class=\"_ _c3\"></span>continuo <span class=\"_ _0\"></span>debat<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>obre <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>mejora<span class=\"_ _1be\"> </span>sectorial, incluyendo<span class=\"_ _2\"></span> aqu\u00ed a la Administraci\u00f3n<span class=\"_ _2\"></span> y la sociedad<span class=\"_ _2\"></span> civil.<span class=\"_ _1be\"> </span>Otro <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>los <span class=\"_ _0\"></span>principales <span class=\"_ _0\"></span>efectos <span class=\"_ _0\"></span>beneficiosos <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>sociedad <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>act<span class=\"_ _4\"></span>ividad <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>uministro<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>madera<span class=\"_ _2\"></span>, <span class=\"_ _c0\"></span>es <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span>generaci\u00f3n <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>rentas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>empleo <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>mundo <span class=\"_ _4\"></span>ru<span class=\"_ _2\"></span>ral, <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tribuyendo <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>vertebraci\u00f3n <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>territorio <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>\u00e1reas<span class=\"_ _1be\"> </span>donde <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>actividad<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>productoras <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>teria <span class=\"_ _2\"></span>prima <span class=\"_ _4\"></span>constitu<span class=\"_ _2\"></span>yen <span class=\"_ _2\"></span>una <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>principales <span class=\"_ _2\"></span>fuentes<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ingres<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>social. <span class=\"_ _2\"></span>Es<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>aporte <span class=\"_ _4\"></span>econ\u00f3mico <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>Ence <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>econom\u00eda <span class=\"_ _4\"></span>rural, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>enfoca <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>olo <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>trav\u00e9s <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>desarrollo <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _1be\"> </span>negocio <span class=\"_ _c0\"></span>directo, <span class=\"_ _0\"></span>sino <span class=\"_ _0\"></span>median<span class=\"_ _2\"></span>te <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>necesario <span class=\"_ _0\"></span>aporte <span class=\"_ _0\"></span>a <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>mejora <span class=\"_ _0\"></span>funcional <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>su <span class=\"_ _c0\"></span>ento<span class=\"_ _4\"></span>rn<span class=\"_ _2\"></span>o: <span class=\"_ _c0\"></span>financiaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de<span class=\"_ _2\"></span> grupos <span class=\"_ _c6\"> </span>de  certificaci\u00f3n<span class=\"_ _2\"></span>,  b<span class=\"_ _2\"></span>onificaci\u00f3n  d<span class=\"_ _2\"></span>e  planta,<span class=\"_ _2\"></span>  tran<span class=\"_ _2\"></span>smisi\u00f3n <span class=\"_ _c6\"> </span>de  kno<span class=\"_ _2\"></span>w<span class=\"_ _2\"></span>-how  a <span class=\"_ _c6\"> </span>prop<span class=\"_ _2\"></span>ietarios <span class=\"_ _c6\"> </span>y <span class=\"_ _c6\"> </span>empresas<span class=\"_ _1be\"> </span>forestales, ap<span class=\"_ _2\"></span>oyo <span class=\"_ _2\"></span>al cumplimiento <span class=\"_ _2\"></span>normativo <span class=\"_ _2\"></span>de prop<span class=\"_ _2\"></span>ietarios y empresas <span class=\"_ _2\"></span>de s<span class=\"_ _2\"></span>ervicios, etc. con<span class=\"_ _2\"></span> el o<span class=\"_ _2\"></span>bjeto de<span class=\"_ _1be\"> </span>lograr <span class=\"_ _c3\"></span>un <span class=\"_ _c3\"></span>aut\u00e9ntico <span class=\"_ _c3\"></span>desarroll<span class=\"_ _2\"></span>o <span class=\"_ _c3\"></span>sectorial <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>partir <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>las <span class=\"_ _0\"></span>b<span class=\"_ _2\"></span>ases <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c3\"></span>se <span class=\"_ _c3\"></span>fijan <span class=\"_ _0\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>pol\u00edticas <span class=\"_ _c3\"> </span>ambientales <span class=\"_ _c3\"></span>y<span class=\"_ _1be\"> </span>sociales del grupo<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>En este sentido, Ence promueve el desarrollo de los entornos en los que opera la compa\u00f1\u00eda<span class=\"_ _2\"></span>, potenciando la<span class=\"_ _1be\"> </span>compra <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>madera <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>cal <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>Galicia, <span class=\"_ _2\"></span>Astu<span class=\"_ _2\"></span>rias, <span class=\"_ _2\"></span>Cantabr<span class=\"_ _2\"></span>ia <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Pa\u00eds <span class=\"_ _2\"></span>Vasco. <span class=\"_ _2\"></span>El <span class=\"_ _2\"></span>hecho <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e co<span class=\"_ _2\"></span>mprar <span class=\"_ _2\"></span>madera <span class=\"_ _2\"></span>loca<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>no<span class=\"_ _1be\"> </span>s\u00f3lo <span class=\"_ _4\"></span>contribuy<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>generar <span class=\"_ _4\"></span>valor <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>entorno <span class=\"_ _4\"></span>pr\u00f3ximo, <span class=\"_ _4\"></span>sino <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>reduce <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>tran<span class=\"_ _2\"></span>sportes <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>reduce <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>huella<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>carb<span class=\"_ _2\"></span>ono <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>alcance <span class=\"_ _4\"></span>3 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>uestra <span class=\"_ _4\"></span>actividad<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>A <span class=\"_ _2\"></span>lo <span class=\"_ _4\"></span>largo <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>2022, <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>han<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>realizado <span class=\"_ _4\"></span>com<span class=\"_ _2\"></span>pras <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>unos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>1.700<span class=\"_ _1be\"> </span>propietarios  forestales <span class=\"_ _c2\"> </span>y  casi<span class=\"_ _1\"></span>  <span class=\"ls11\">200</span> <span class=\"_ _c2\"> </span>suminis<span class=\"_ _2\"></span>tradores. <span class=\"_ _c5\"> </span>De <span class=\"_ _c2\"> </span>estos  proveedores, <span class=\"_ _c2\"> </span>m\u00e1s  del  <span class=\"ls11\">85<span class=\"_ _1\"></span><span class=\"ls0_1\">% <span class=\"_ _c2\"> </span>son<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>peque\u00f1os<span class=\"_ _2\"></span> </span></span>propietarios y s<span class=\"_ _2\"></span>uministradores, lo q<span class=\"_ _2\"></span>ue demuestra el apoy<span class=\"_ _2\"></span>o de Ence a las peque\u00f1as<span class=\"_ _2\"></span> empresas.<span class=\"_ _4\"></span> Adicionalmente<span class=\"ls1c\">, <span class=\"_ _1\"></span><span class=\"ls0_1\">Ence mantiene <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>participaci\u00f3n e<span class=\"_ _1\"></span>n las <span class=\"_ _1\"></span>prin<span class=\"_ _1\"></span>cipales asociaciones <span class=\"_ _1\"></span>sectoriales, bien <span class=\"_ _1\"></span>como <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>ocio<span class=\"_ _1be\"> </span></span></span>(Asociaci\u00f3n Monte Ind<span class=\"_ _2\"></span>ustria, Aspapel, Cluster de la M<span class=\"_ _2\"></span>adera de Galicia, Mesa Forestal de FADE, Rematan<span class=\"_ _2\"></span>tes<span class=\"_ _1be\"> </span>de <span class=\"_ _c2\"> </span>Lugo\u2026), <span class=\"_ _c2\"> </span>bien <span class=\"_ _c2\"> </span>como <span class=\"_ _c2\"> </span>o<span class=\"_ _2\"></span>bservad<span class=\"_ _2\"></span>or, <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>las <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>par<span class=\"_ _2\"></span>ticipando <span class=\"_ _c2\"> </span>ac<span class=\"_ _2\"></span><span class=\"ff4\">tivamente <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>debates, <span class=\"_ _c5\"> </span>desarrollo <span class=\"_ _c2\"> </span>de<span class=\"_ _1be\"> </span></span>herramientas <span class=\"_ _c0\"></span>normativas <span class=\"_ _c0\"></span>o <span class=\"_ _c0\"></span>t\u00e9cnicas, <span class=\"_ _c0\"></span>o <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>fomento <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>uevos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>requis<span class=\"_ _2\"></span>itos <span class=\"_ _c0\"></span>alineados <span class=\"_ _c0\"></span>con <span class=\"_ _4\"></span>sus<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>pol\u00edticas <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>sostenibilidad<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Gesti\u00f3n de la sosten<span class=\"_ _2\"></span>ibilidad de la biomasa<span class=\"_ _2\"></span> En 2022<span class=\"_ _1\"></span>, <span class=\"_ _1\"></span>Ence <span class=\"_ _1\"></span>mantiene <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>refuerza <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>posici\u00f3n <span class=\"_ _1\"></span>como <span class=\"_ _1\"></span>comprador <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>referencia <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>biomasa <span class=\"_ _1\"></span>agr\u00edcola <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>forestal<span class=\"_ _1be\"> </span>para <span class=\"_ _c7\"> </span>uso <span class=\"_ _c7\"> </span>energ\u00e9tico<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>p<span class=\"_ _2\"></span>ara <span class=\"_ _c7\"> </span>el <span class=\"_ _c7\"> </span>suministro <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>sus<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>p<span class=\"_ _2\"></span>lantas, <span class=\"_ _c7\"> </span>tanto <span class=\"_ _c7\"> </span>las <span class=\"_ _c7\"> </span>Plantas<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>Independientes, <span class=\"_ _c7\"> </span>como<span class=\"_ _4\"></span> <span class=\"_ _c7\"> </span>las<span class=\"_ _1be\"> </span>biof\u00e1bricas. <span class=\"_ _2\"></span>En <span class=\"_ _2\"></span>este sentid<span class=\"_ _2\"></span>o, Ence <span class=\"_ _2\"></span>asegura q<span class=\"_ _2\"></span>ue el s<span class=\"_ _2\"></span>uministro <span class=\"_ _2\"></span>de biomas<span class=\"_ _2\"></span>a a <span class=\"_ _2\"></span>sus in<span class=\"_ _2\"></span>stalaciones cumple <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span><span class=\"ls14\">s<span class=\"_ _1be\"> </span></span>requisitos de s<span class=\"_ _2\"></span>ostenibilidad necesarios<span class=\"_ _2\"></span>, trabajand<span class=\"_ _2\"></span>o para ello con los<span class=\"_ _2\"></span> est\u00e1ndares v<span class=\"_ _2\"></span>oluntarios que s<span class=\"_ _2\"></span>e detallan<span class=\"_ _1be\"> </span>a continuaci\u00f3n<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>En<span class=\"ls0_1\"> <span class=\"_ _c4\"> </span>relaci\u00f3n <span class=\"_ _c4\"> </span>a <span class=\"_ _c4\"> </span>la <span class=\"_ _c4\"> </span>biomasa <span class=\"_ _c4\"> </span>agr\u00edcola, <span class=\"_ _c4\"> </span>en <span class=\"_ _c4\"> </span>2022 <span class=\"_ _c4\"> </span>Ence<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>ha <span class=\"_ _c4\"> </span>seguido <span class=\"_ _c4\"> </span>d<span class=\"_ _2\"></span>esarrollando <span class=\"_ _c4\"> </span>el <span class=\"_ _c4\"> </span>marco <span class=\"_ _c4\"> </span>operat<span class=\"_ _2\"></span>ivo <span class=\"_ _c4\"> </span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span></span>implantaci\u00f3n <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"></span>Dec\u00e1logo <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _c3\"></span>la <span class=\"_ _c3\"> </span>Sostenibilidad<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>Biomasa <span class=\"_ _c3\"></span>lanzado <span class=\"_ _c3\"></span>en <span class=\"_ _c3\"></span>2017, <span class=\"_ _c3\"> </span>contando <span class=\"_ _c3\"></span>ya <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na<span class=\"_ _1be\"> </span>sistem\u00e1tica afianzad<span class=\"_ _2\"></span>a de seguimiento y evaluaci\u00f3n d<span class=\"_ _2\"></span>e indicadores, y un plan progresivo de implanta<span class=\"_ _2\"></span>ci\u00f3n de<span class=\"_ _1be\"> </span>los mismos, enmarcado<span class=\"_ _2\"></span> en el plan Director <span class=\"_ _2\"></span>de Sostenibilidad d<span class=\"_ _2\"></span>e la Compa\u00f1\u00eda<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span>Adem\u00e1s,  este <span class=\"_ _c5\"> </span>a\u00f1o  Ence <span class=\"_ _c5\"> </span>ha  renovado  la  ce<span class=\"_ _1\"></span>rtificaci\u00f3n  de  todas  sus <span class=\"_ _c5\"> </span>instalaciones  (biof\u00e1bricas  y  plantas<span class=\"_ _1be\"> </span>independientes) <span class=\"_ _2\"></span>con el <span class=\"_ _2\"></span>esquema <span class=\"_ _2\"></span>Sure, qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>da <span class=\"_ _2\"></span>conformidad <span class=\"_ _2\"></span>a los <span class=\"_ _2\"></span>requisitos <span class=\"_ _2\"></span>establecidos p<span class=\"_ _2\"></span>or la <span class=\"_ _2\"></span>Directiva de<span class=\"_ _1be\"> </span>Energ\u00edas  Renovables  (UE)  2018/2001. <span class=\"_ _14c\"> </span>E<span class=\"_ _2\"></span>sta  normativa  europe<span class=\"_ _2\"></span>a  establece  diversos  criterios  que  deben<span class=\"_ _1be\"> </span>cumplir <span class=\"_ _cc\"> </span>todas <span class=\"_ _cc\"> </span>las <span class=\"_ _cc\"> </span>biomasas <span class=\"_ _cc\"> </span>emplead<span class=\"_ _2\"></span>as <span class=\"_ _cc\"> </span>en <span class=\"_ _cc\"> </span>el <span class=\"_ _cc\"> </span>sector <span class=\"_ _cc\"> </span>de <span class=\"_ _cc\"> </span>la <span class=\"_ _cc\"> </span>bioenerg\u00eda, <span class=\"_ _cc\"> </span>enfocad<span class=\"_ _2\"></span>os <span class=\"_ _cc\"> </span>a <span class=\"_ _cc\"> </span>garantizar <span class=\"_ _cc\"> </span>su<span class=\"_ _1be\"> </span>sostenibilidad<span class=\"_ _2\"></span>, un correcto balance de masas, la reducci\u00f3n de <span class=\"_ _1\"></span>las emisiones de gases de efecto invernadero<span class=\"_ _1be\"> </span>y la eficiencia energ\u00e9tica.<span class=\"_ _2\"></span> La <span class=\"_ _c3\"> </span>planta <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>M\u00e9rida <span class=\"_ _c3\"> </span>fue <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>primera <span class=\"_ _c3\"> </span>instalaci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"></span>la <span class=\"_ _c3\"> </span>compa<span class=\"_ _2\"></span>\u00f1\u00eda <span class=\"_ _c3\"> </span>en <span class=\"_ _c2\"> </span>obtener <span class=\"_ _c3\"></span>la <span class=\"_ _c3\"></span>certificaci\u00f3n <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"> </span>Grupo <span class=\"_ _c3\"></span>y<span class=\"_ _1be\"> </span>tambi\u00e9n la primera en Europ<span class=\"_ _2\"></span>a bajo el esquema Sure, garantizand<span class=\"_ _2\"></span>o de esta forma la plena sostenib<span class=\"_ _2\"></span>ilidad de<span class=\"_ _1be\"> </span>la biomasa con<span class=\"_ _2\"></span>sumida en sus proceso<span class=\"_ _2\"></span>s. El <span class=\"_ _4\"></span>proceso <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>certificaci\u00f3n <span class=\"_ _4\"></span>Sure <span class=\"_ _c0\"></span>implica <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>forma <span class=\"_ _4\"></span>tran<span class=\"_ _2\"></span>sversal <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>todo <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>ceso <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>gesti\u00f3n <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>biomasa,<span class=\"_ _1be\"> </span>desde <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>origen <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>la <span class=\"_ _c2\"> </span>misma <span class=\"_ _c3\"> </span>(parcela <span class=\"_ _c2\"> </span>agr\u00edcola, <span class=\"_ _c3\"> </span>monte <span class=\"_ _c2\"> </span>o <span class=\"_ _c2\"> </span>industria), <span class=\"_ _c2\"> </span>la <span class=\"_ _c3\"> </span>propia <span class=\"_ _c2\"> </span>cadena <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>uministros, <span class=\"_ _c3\"> </span>la<span class=\"_ _1be\"> </span>log\u00edstica <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>planta<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>parques <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>oducci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _c0\"></span>renovable. <span class=\"_ _4\"></span>Todo<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>engranado <span class=\"_ _c0\"></span>para <span class=\"_ _4\"></span>alcan<span class=\"_ _2\"></span>zar <span class=\"_ _4\"></span>el<span class=\"_ _1be\"> </span>m\u00e1ximo de eficiencia.<span class=\"_ _2\"></span> En <span class=\"_ _2\"></span><span class=\"ls0_1\">2022, <span class=\"_ _4\"></span>adem\u00e1s<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>enovar <span class=\"_ _4\"></span>esta <span class=\"_ _4\"></span>certificaci\u00f3n <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>instalaciones <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>En<span class=\"_ _2\"></span>ce, <span class=\"_ _2\"></span>se<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>hecho <span class=\"_ _4\"></span>hincap<span class=\"_ _2\"></span>i\u00e9 <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>otra<span class=\"_ _2\"></span> </span>l\u00ednea de trabajo importante e<span class=\"_ _1\"></span>n referencia a <span class=\"_ _1\"></span>la certificaci\u00f3n Sure: la certificaci\u00f3n de la cad<span class=\"_ _1\"></span>ena de suministro.<span class=\"_ _1be\"> </span>Para <span class=\"_ _1\"></span>dar <span class=\"_ _1\"></span>cumplimiento <span class=\"_ _bb\"></span>a lo <span class=\"_ _bb\"></span>disp<span class=\"_ _2\"></span>uesto <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>Directiva <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>trasposici\u00f3n <span class=\"_ _1\"></span>espa\u00f1ola, <span class=\"_ _1\"></span>Ence <span class=\"_ _bb\"></span>no <span class=\"_ _1\"></span>solo <span class=\"_ _1\"></span>debe <span class=\"_ _1\"></span>acometer<span class=\"_ _1be\"> </span>la certifi<span class=\"_ _1\"></span>caci\u00f3n de <span class=\"_ _1\"></span>sus plantas, <span class=\"_ _1\"></span>sino que <span class=\"_ _1\"></span>toda <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>cadena de <span class=\"_ _1\"></span>suministro <span class=\"_ _1\"></span>ha de <span class=\"_ _1\"></span>ser <span class=\"_ _1\"></span>certificada, <span class=\"_ _1\"></span>logrand<span class=\"_ _2\"></span>o con ello<span class=\"_ _1\"></span> conseguir los h<span class=\"_ _2\"></span>itos de consumo de b<span class=\"_ _2\"></span>iomasa certificada que <span class=\"_ _2\"></span>requiere la normativa. <span class=\"_ _4\"></span> Por <span class=\"_ _2\"></span>\u00faltimo, <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>mencionad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>anteriormente, <span class=\"_ _2\"></span>Ence <span class=\"_ _2\"></span>contribuy<span class=\"_ _2\"></span>e a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>sociedad <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>trav\u00e9s <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>actividad<span class=\"_ _1be\"> </span>de suminis<span class=\"_ _2\"></span>tro <span class=\"_ _2\"></span>de materias <span class=\"_ _2\"></span>primas, <span class=\"_ _2\"></span>entre ellas <span class=\"_ _2\"></span>la biomas<span class=\"_ _2\"></span>a, mediante <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>generaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>rentas<span class=\"_ _2\"></span> y empleo <span class=\"_ _2\"></span>en el<span class=\"_ _1be\"> </span>mundo rural. <span class=\"_ _2\"></span>En este sentid<span class=\"_ _2\"></span>o, a lo largo d<span class=\"_ _2\"></span>e 2022 el suministro<span class=\"_ _2\"></span> de biomasa <span class=\"_ _2\"></span>ha involu<span class=\"_ _2\"></span>crado a un total d<span class=\"_ _2\"></span>e m\u00e1s<span class=\"_ _1be\"> </span>de <span class=\"ls11\">800</span> proveedores <span class=\"_ _2\"></span>entre propietarios<span class=\"_ _2\"></span>, suministra<span class=\"_ _2\"></span>dores, transportistas y<span class=\"_ _2\"></span> contratas de aprovechamiento. <span class=\"_ _4\"></span> Negocio Celulosa<span class=\"_ _2\"></span> Biof\u00e1brica de <span class=\"_ _2\"></span>Navia<span class=\"ff4 fc0_1\"> </span>La Biof\u00e1brica de Navia inici\u00f3 en <span class=\"_ _1\"></span>2019 un proyecto de m<span class=\"_ _1\"></span>ejora y optimizaci\u00f3n tecnol\u00f3gica de las instalaciones<span class=\"_ _1be\"> </span>que <span class=\"_ _4\"></span>incluye <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>implantaci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>mejoras <span class=\"_ _4\"></span>t\u00e9<span class=\"_ _2\"></span>cnicas <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>isponibles <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>una <span class=\"_ _4\"></span>parte <span class=\"_ _c0\"></span>importante <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>los <span class=\"_ _4\"></span>proceso<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>productivos<span class=\"_ _2\"></span>  q<span class=\"_ _1\"></span>ue  supone  un <span class=\"_ _c2\"> </span>incremento  de  producci\u00f3n  de <span class=\"_ _c2\"> </span>80.00<span class=\"_ _2\"></span>0  tAD <span class=\"_ _c2\"> </span>as<span class=\"_ _2\"></span>\u00ed  como <span class=\"_ _c5\"> </span>la  mejora <span class=\"_ _c5\"> </span>del  actual<span class=\"_ _1be\"> </span>comportamiento <span class=\"_ _2\"></span>ambienta<span class=\"_ _2\"></span>l d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>insta<span class=\"_ _2\"></span>laciones, <span class=\"_ _2\"></span>basad<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>en la <span class=\"_ _2\"></span>optimizaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>tecnol\u00f3gica <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>recta <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>equipos<span class=\"_ _1be\"> </span>y <span class=\"_ _4\"></span>sistemas <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>lo <span class=\"_ _4\"></span>largo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>todo <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>proceso, <span class=\"_ _4\"></span>enfocada <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>mej<span class=\"_ _2\"></span>ora <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>comp<span class=\"_ _2\"></span>ortamiento <span class=\"_ _4\"></span>amb<span class=\"_ _2\"></span>iental <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>ociado <span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>las <span class=\"_ _2\"></span>mejores <span class=\"_ _4\"></span>t\u00e9cnicas <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>ponibles. <span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Desde <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>ejecuci\u00f3n <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>proyecto, <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>han <span class=\"_ _4\"></span>ido <span class=\"_ _2\"></span>consolidando <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>resultad<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>de  mejora  ambiental <span class=\"_ _c6\"> </span>evidenci\u00e1nd<span class=\"_ _2\"></span>ose  mejoras  ambiental<span class=\"_ _2\"></span>es  en  la  calid<span class=\"_ _2\"></span>ad  del  efluente <span class=\"_ _14c\"> </span>l\u00edqu<span class=\"_ _2\"></span>ido  y  en <span class=\"_ _14c\"> </span>la<span class=\"_ _1be\"> </span>reducci\u00f3n de emision<span class=\"_ _2\"></span>es de par\u00e1metros s<span class=\"_ _2\"></span>ignificativos. <span class=\"_ _2\"></span> En <span class=\"_ _0\"></span>cuanto <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>volumen <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>vertido <span class=\"_ _0\"></span>El <span class=\"_ _0\"></span>Plan <span class=\"_ _c0\"></span>Director <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>Sos<span class=\"_ _2\"></span>tenibilidad <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>En<span class=\"_ _2\"></span>ce <span class=\"_ _c0\"></span>contempla <span class=\"_ _c0\"></span>como <span class=\"_ _0\"></span>prioridad<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>a<span class=\"_ _1be\"> </span>gesti\u00f3n y mejora de la huella de agua, de la compa\u00f1\u00eda, tanto a nivel de consumo d<span class=\"_ _2\"></span>e recursos h\u00eddricos como<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>calidad <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>sus <span class=\"_ _2\"></span>efluentes. <span class=\"_ _2\"></span>As\u00ed, <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>las b<span class=\"_ _2\"></span>iof\u00e1bricas <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>vienen <span class=\"_ _2\"></span>estableciendo <span class=\"_ _2\"></span>objetivos <span class=\"_ _2\"></span>anuales <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>re<span class=\"_ _4\"></span>ducci\u00f3n<span class=\"_ _1be\"> </span>del <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>sumo <span class=\"_ _4\"></span>espec\u00edfico <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ag<span class=\"_ _2\"></span>ua <span class=\"_ _4\"></span>(m3/t <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>celulos<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>producida) <span class=\"_ _4\"></span>desd<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>hace <span class=\"_ _4\"></span>varios<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>a\u00f1os. <span class=\"_ _4\"></span>En <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>biof\u00e1b<span class=\"_ _2\"></span>rica <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>Navia, <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>2022 <span class=\"_ _c0\"></span>tambi\u00e9n <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>han <span class=\"_ _c0\"></span>puesto <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>marcha <span class=\"_ _0\"></span>ambicioso <span class=\"_ _c0\"></span>plan <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>mejora <span class=\"_ _0\"></span>operacional <span class=\"_ _c0\"></span>para <span class=\"_ _0\"></span>conseguir<span class=\"_ _1be\"> </span>reducir <span class=\"_ _c7\"> </span>el <span class=\"_ _c7\"> </span>con<span class=\"_ _2\"></span>sumo <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>a<span class=\"_ _2\"></span>gua, <span class=\"_ _c7\"> </span>s<span class=\"_ _2\"></span>iendo <span class=\"_ _c7\"> </span>las <span class=\"_ _c4\"> </span>princi<span class=\"_ _2\"></span>pales <span class=\"_ _c7\"> </span>iniciat<span class=\"_ _2\"></span>ivas: <span class=\"_ _c7\"> </span>cierres <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>circuito<span class=\"_ _2\"></span>s, <span class=\"_ _c4\"> </span>reutilizaci\u00f3n <span class=\"_ _c4\"> </span>de<span class=\"_ _1be\"> </span>condensados<span class=\"_ _2\"></span>, <span class=\"_ _c0\"></span>recuperaci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>agu<span class=\"_ _2\"></span>as <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>contra <span class=\"_ _0\"></span>lavados<span class=\"ls1c\">, <span class=\"_ _0\"></span></span>reutilizaci\u00f3n <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>agua <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>scrubbers, <span class=\"_ _0\"></span>etc, <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>este<span class=\"_ _1be\"> </span>modo, <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>cierre <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"></span>a\u00f1o, <span class=\"_ _c3\"></span>se <span class=\"_ _0\"></span>ha <span class=\"_ _c3\"> </span>logrado <span class=\"_ _c3\"> </span>una <span class=\"_ _c3\"> </span>reducci\u00f3n <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>14% <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"></span>relaci\u00f3n <span class=\"_ _c3\"></span>al <span class=\"_ _0\"></span>ra<span class=\"_ _2\"></span>tio <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>umo <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>a\u00f1o<span class=\"_ _1be\"> </span>anterior. En <span class=\"_ _2\"></span>cuan<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>calidad <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>vertido, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>han <span class=\"_ _2\"></span>implementado <span class=\"_ _4\"></span>mejoras<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>Planta <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>tratamiento <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>efluentes<span class=\"_ _1be\"> </span>para <span class=\"_ _4\"></span>mejorar <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>depuraci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>las <span class=\"_ _c0\"></span>aguas <span class=\"_ _4\"></span>median<span class=\"_ _2\"></span>te <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>optimizaci\u00f3n <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>sistema <span class=\"_ _c0\"></span>biol\u00f3gico <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>sis<span class=\"_ _2\"></span>tema <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>refrigeraci\u00f3n <span class=\"_ _c3\"> </span>existentes, <span class=\"_ _c3\"> </span>adem\u00e1s <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"></span>mejorar <span class=\"_ _c3\"> </span>los <span class=\"_ _c3\"></span>sistemas <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>aireaci\u00f3n <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>refrigeraci\u00f3n. <span class=\"_ _c3\"> </span>Asimismo, <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>ha<span class=\"_ _1be\"> </span>consolidado el <span class=\"_ _1\"></span>funcionamiento <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>nuevo sistema <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>tratamiento <span class=\"_ _1\"></span>primario <span class=\"_ _1\"></span>de efluentes constituido por <span class=\"_ _1\"></span>un<span class=\"_ _1\"></span>a<span class=\"_ _1be\"> </span>nueva <span class=\"_ _c3\"></span>unidad <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>flotaci\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>aire<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>disuelto <span class=\"_ _c3\"></span>(DAF) <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ustituci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>decan<span class=\"_ _2\"></span>tador <span class=\"_ _c3\"></span>primario <span class=\"_ _c3\"> </span>existente <span class=\"_ _c3\"></span>que<span class=\"_ _1be\"> </span>permite realizar <span class=\"_ _2\"></span>una s<span class=\"_ _2\"></span>eparaci\u00f3n d<span class=\"_ _2\"></span>e las part\u00edcu<span class=\"_ _2\"></span>las en suspensi\u00f3n <span class=\"_ _2\"></span>del efluente <span class=\"_ _2\"></span>a tra<span class=\"_ _2\"></span>tar mediante la <span class=\"_ _2\"></span>inyecci\u00f3n<span class=\"_ _1be\"> </span>de  microburbujas  de <span class=\"_ _c5\"> </span>aire,  de <span class=\"_ _c2\"> </span>modo  que  los  s\u00f3lidos <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>e  adhieren <span class=\"_ _c2\"> </span>a  las  microburbujas  en <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>u  recorrido<span class=\"_ _1\"></span> ascendente flotando hacia el sistema separador superior, y que ha supuesto una reducci\u00f3n significativa del<span class=\"_ _1be\"> </span>ratio de s\u00f3lidos<span class=\"_ _2\"></span> totales en efluente de vertid<span class=\"_ _2\"></span>o final de la Biof\u00e1b<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ica por tonelada <span class=\"_ _2\"></span>de pasta producida.  <span class=\"_ _2\"></span> En <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>roceso <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>roducci\u00f3n <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>celulosa <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>g<span class=\"_ _2\"></span>eneran <span class=\"_ _4\"></span>compuesto<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>reducidos <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>azufre <span class=\"_ _4\"></span>que, <span class=\"_ _4\"></span>si <span class=\"_ _4\"></span>no <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>tratan<span class=\"_ _1be\"> </span>adecuadamente, pueden p<span class=\"_ _2\"></span>rovocar impactos<span class=\"_ _2\"></span> olorosos en<span class=\"_ _2\"></span> las inmediaciones de las planta<span class=\"_ _2\"></span>s. Consciente de la<span class=\"_ _1be\"> </span>importancia <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>gestion<span class=\"_ _2\"></span>ar <span class=\"_ _0\"></span>ad<span class=\"_ _2\"></span>ecuadamente <span class=\"_ _c3\"></span>este <span class=\"_ _0\"></span>as<span class=\"_ _2\"></span>pecto <span class=\"_ _c3\"></span>ambiental <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _c3\"></span>mantener <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>licencia <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ocial <span class=\"_ _0\"></span>para<span class=\"_ _1be\"> </span>operar, Ence fij\u00f3 como prioridad reducir al m\u00e1ximo el impacto oloroso de sus biof\u00e1bricas y puso en marcha<span class=\"_ _1be\"> </span>hace <span class=\"_ _c0\"></span>ya <span class=\"_ _c0\"></span>m\u00e1s <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>diez <span class=\"_ _c0\"></span>a\u00f1os<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>Plan <span class=\"_ _0\"></span>Olor <span class=\"_ _c0\"></span>Cero. <span class=\"_ _c0\"></span>Gracias <span class=\"_ _0\"></span>a <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>act<span class=\"_ _4\"></span>uaciones <span class=\"_ _c0\"></span>enmarcad<span class=\"_ _2\"></span>as <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>dicho<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>plan <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>h<span class=\"_ _2\"></span>an<span class=\"_ _1be\"> </span>conseguido <span class=\"_ _c0\"></span>reducir <span class=\"_ _c0\"></span>m\u00e1s <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>un <span class=\"_ _c0\"></span>99% <span class=\"_ _c0\"></span>las <span class=\"_ _4\"></span>emision<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>lorosas <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>ambas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>iof\u00e1bricas, <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>ero <span class=\"_ _4\"></span>Ence <span class=\"_ _c0\"></span>sigue <span class=\"_ _c0\"></span>fijando<span class=\"_ _1be\"> </span>objetivos de redu<span class=\"_ _2\"></span>cci\u00f3n cada a\u00f1o.<span class=\"_ _2\"></span> En 2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>seguido <span class=\"_ _1\"></span>avanzando <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>este <span class=\"_ _1\"></span>aspecto <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>biof\u00e1brica de <span class=\"_ _1\"></span>Navia <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>ha desarrollado <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>pro<span class=\"_ _2\"></span>yecto<span class=\"_ _1be\"> </span>para <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>control <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>focos <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>olor <span class=\"_ _2\"></span>difus<span class=\"_ _2\"></span>os, <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>medidas <span class=\"_ _4\"></span>tales <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ab<span class=\"_ _2\"></span>atimiento <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>olor <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>entorno <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el<span class=\"_ _1be\"> </span>DAF <span class=\"_ _2\"></span>(un<span class=\"_ _2\"></span>idad <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>flotaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>ire <span class=\"_ _2\"></span>dis<span class=\"_ _2\"></span>uelto <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>sis<span class=\"_ _2\"></span>tema <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>tratamiento <span class=\"_ _4\"></span>primario<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>efluentes) <span class=\"_ _4\"></span>mediante<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n<span class=\"_ _1be\"> </span>aditivo antio<span class=\"_ _2\"></span>lor, la mejora del control operacional d<span class=\"_ _2\"></span>e planta de tratamiento de efluentes y la instalaci\u00f3n<span class=\"_ _2\"></span> de<span class=\"_ _1be\"> </span>nuevos <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>medidores <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>SH2 <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _0\"></span>ento<span class=\"_ _2\"></span>rno, <span class=\"_ _c3\"></span>y <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>desarrollo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>modelo <span class=\"_ _c3\"></span>matem\u00e1tico <span class=\"_ _c3\"> </span>predictivo <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>olor.<span class=\"_ _1be\"> </span>Adem\u00e1s, s<span class=\"_ _2\"></span>e han <span class=\"_ _2\"></span>aprobad<span class=\"_ _2\"></span>o las <span class=\"_ _2\"></span>inversion<span class=\"_ _2\"></span>es y <span class=\"_ _2\"></span>se h<span class=\"_ _2\"></span>a puesto<span class=\"_ _2\"></span> en <span class=\"_ _2\"></span>marcha <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>ingenier\u00eda<span class=\"_ _2\"></span> para <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>capo<span class=\"_ _2\"></span>tado d<span class=\"_ _2\"></span>el DAF<span class=\"_ _1be\"> </span>para <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>mejora <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>abatimiento <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>vah<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>arqueta <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>mezcla <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>neutralizaci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>efluentes <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>entrada <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>depuradora,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>fueron <span class=\"_ _4\"></span>dos <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>pu<span class=\"_ _2\"></span>ntos <span class=\"_ _4\"></span>identificados <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>mayor <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span>sorci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>olores<span class=\"_ _1be\"> </span>difusos. Gr<span class=\"ls0_1\">acias <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>estas <span class=\"_ _4\"></span>iniciativas <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>mejora <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>operaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>control <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>cesos, <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>2022 <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>han <span class=\"_ _4\"></span>conseguido<span class=\"_ _1be\"> </span></span>importantes <span class=\"_ _2\"></span>mejoras <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>indicadores<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e o<span class=\"_ _2\"></span>lor, <span class=\"_ _2\"></span>reduci\u00e9ndose <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span><span class=\"ls11\">65%</span> <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>minutos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>olor <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>biof\u00e1brica<span class=\"_ _1be\"> </span>de Navia respecto a<span class=\"_ _2\"></span>l a\u00f1o 2021. <span class=\"_ _2\"></span> En julio <span class=\"_ _1\"></span>del a\u00f1o <span class=\"_ _1\"></span>2022, la Biof\u00e1brica de <span class=\"_ _1\"></span>Navia ha <span class=\"_ _1\"></span>renovado su ce<span class=\"_ _1\"></span>rtificado en el <span class=\"_ _1\"></span>sistema de gesti\u00f3n de <span class=\"_ _1\"></span>acuerdo<span class=\"_ _1be\"> </span>a los <span class=\"_ _1\"></span>requerimientos establecidos en e<span class=\"_ _1\"></span>l Reglamento de <span class=\"_ _1\"></span>Residuo Cero <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>AENOR, siendo una de <span class=\"_ _1\"></span>las prim<span class=\"_ _1\"></span>eras<span class=\"_ _1be\"> </span>empresas <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>Espa\u00f1<span class=\"_ _2\"></span>a <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>obtener <span class=\"_ _c2\"> </span>este <span class=\"_ _c5\"> </span>certificado <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>unos<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>rat<span class=\"_ _2\"></span>ios <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>v<span class=\"_ _2\"></span>alorizaci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>ce<span class=\"_ _2\"></span>rca <span class=\"_ _c2\"> </span>del <span class=\"_ _c2\"> </span>97%. <span class=\"_ _c2\"> </span>Es<span class=\"_ _2\"></span>ta<span class=\"_ _1be\"> </span>certificaci\u00f3n, <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>u<span class=\"_ _2\"></span>ne <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>ya <span class=\"_ _c0\"></span>dis<span class=\"_ _2\"></span>ponibles <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>consolidadas <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>auditor\u00edas <span class=\"_ _0\"></span>externas <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Siste<span class=\"_ _2\"></span>ma <span class=\"_ _c0\"></span>Integrado <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>Gesti\u00f3n (SIG), <span class=\"_ _1\"></span>sin la <span class=\"_ _1\"></span>existencia de <span class=\"_ _1\"></span>ninguna no <span class=\"_ _1\"></span>conformidad en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>proceso y <span class=\"_ _1\"></span>avalando la exce<span class=\"_ _1\"></span>lencia ambiental<span class=\"_ _2\"></span> hacia la que estamos<span class=\"_ _2\"></span> encaminados.<span class=\"_ _2\"></span> Asimismo,  en  mayo  de  2022, <span class=\"_ _c5\"> </span>La  Biof\u00e1brica  fue  auditada  satisfactoriamente  para  la <span class=\"_ _c5\"> </span>renovaci\u00f3n  de  la<span class=\"_ _1be\"> </span>certificaci\u00f3n de <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>sistema de <span class=\"_ _1\"></span>Gesti\u00f3n <span class=\"_ _1\"></span>Ambiental conforme <span class=\"_ _1\"></span>a los <span class=\"_ _1\"></span>requisitos <span class=\"_ _1\"></span>de la <span class=\"_ _1\"></span>norma <span class=\"_ _1\"></span>ISO <span class=\"_ _1\"></span>14001/2015, as\u00ed<span class=\"_ _1be\"> </span>como <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>verificaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>frente <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>requ<span class=\"_ _2\"></span>isitos <span class=\"_ _0\"></span>establecidos <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>Reglamento<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>N\u00ba122<span class=\"_ _2\"></span>1/2009 <span class=\"_ _0\"></span>del <span class=\"_ _c0\"></span>Parlam<span class=\"_ _2\"></span>ento<span class=\"_ _1be\"> </span>Europeo <span class=\"_ _c2\"> </span>y <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c3\"> </span>Consejo, <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>Gesti\u00f3n <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>Auditor\u00eda <span class=\"_ _c2\"> </span>Medioambientales<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>(EMAS<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>III) <span class=\"_ _c2\"> </span>Reglamen<span class=\"_ _2\"></span>to <span class=\"_ _c3\"> </span>1505/2017 <span class=\"_ _c2\"> </span>y<span class=\"_ _2\"></span> Reglamento <span class=\"_ _bd\"> </span>2026/2018 <span class=\"_ _bd\"> </span>que <span class=\"_ _bd\"> </span>modifica <span class=\"_ _d9\"> </span>al <span class=\"_ _bd\"> </span>primero, <span class=\"_ _bd\"> </span>y <span class=\"_ _bd\"> </span>verificada <span class=\"_ _bd\"> </span>la <span class=\"_ _d9\"> </span>D<span class=\"_ _2\"></span>eclaraci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _bd\"> </span>Ambiental <span class=\"_ _bd\"> </span>2021,<span class=\"_ _1be\"> </span>demostr\u00e1ndose la conformidad<span class=\"_ _2\"></span> de dicha declaraci\u00f3n y cumplimiento de requisitos de ambos Reglamentos,<span class=\"_ _1be\"> </span>sin <span class=\"_ _c7\"> </span>destacar <span class=\"_ _c7\"> </span>\u00e1reas <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>especial <span class=\"_ _c7\"> </span>atenci\u00f3n <span class=\"_ _c7\"> </span>des<span class=\"_ _2\"></span>tacando <span class=\"_ _c7\"> </span>la <span class=\"_ _c7\"> </span>clara <span class=\"_ _c7\"> </span>apu<span class=\"_ _2\"></span>esta <span class=\"_ _c7\"> </span>por <span class=\"_ _c7\"> </span>la <span class=\"_ _c7\"> </span>Mejora <span class=\"_ _c7\"> </span>continua <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>la<span class=\"_ _1be\"> </span>organizaci\u00f3n y su determinaci<span class=\"_ _2\"></span>\u00f3n en el cump<span class=\"_ _2\"></span>limiento legal y adaptaci\u00f3n a los mejores est\u00e1ndares d<span class=\"_ _2\"></span>el sector<span class=\"_ _1be\"> </span>(BREF), <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>estacando <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>logro <span class=\"_ _4\"></span>en<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>articipaci\u00f3n <span class=\"_ _4\"></span>activa <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>toda <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>organiza<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>contr<span class=\"_ _2\"></span>ol <span class=\"_ _4\"></span>ambiental <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>mejora, dando s<span class=\"_ _2\"></span>us frutos a n<span class=\"_ _2\"></span>ivel de resultados.<span class=\"_ _2\"></span> La <span class=\"_ _2\"></span>eficiencia ener<span class=\"_ _2\"></span>g\u00e9tica es <span class=\"_ _2\"></span>otra<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>prioridad<span class=\"_ _2\"></span>es en <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>gesti\u00f3n <span class=\"_ _2\"></span>ambiental <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la biof\u00e1b<span class=\"_ _2\"></span>rica <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Navia. <span class=\"_ _2\"></span>Es por<span class=\"_ _1be\"> </span>ello q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>en s<span class=\"_ _2\"></span>eptiembre <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>22 <span class=\"_ _2\"></span>Ence <span class=\"_ _2\"></span>Navia <span class=\"_ _2\"></span>mantiene<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>certificaci\u00f3n <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>siste<span class=\"_ _2\"></span>ma <span class=\"_ _2\"></span>de g<span class=\"_ _2\"></span>esti\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>energ\u00eda<span class=\"_ _1be\"> </span>de acuerdo a la norma interna<span class=\"_ _1\"></span>cional ISO 50001. La <span class=\"_ _1\"></span>certificaci\u00f3n permite implantar una pol\u00edtica energ\u00e9tica y<span class=\"_ _1be\"> </span>a <span class=\"_ _4\"></span>gestio<span class=\"_ _2\"></span>nar <span class=\"_ _c0\"></span>adecuadamente <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>asp<span class=\"_ _2\"></span>ectos <span class=\"_ _4\"></span>energ\u00e9ticos <span class=\"_ _c0\"></span>deriv<span class=\"_ _2\"></span>ados <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>actividad <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>iof\u00e1brica <span class=\"_ _c0\"></span>lo <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _4\"></span>se<span class=\"_ _1be\"> </span>traduce en un a<span class=\"_ _2\"></span>horro real y cuantificable del cos<span class=\"_ _2\"></span>te energ\u00e9tico<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span> Desde <span class=\"_ _4\"></span>2021, <span class=\"_ _c0\"></span>La <span class=\"_ _4\"></span>Biof\u00e1b<span class=\"_ _2\"></span>rica <span class=\"_ _4\"></span>tie<span class=\"_ _2\"></span>ne <span class=\"_ _4\"></span>implantado <span class=\"_ _c0\"></span>un <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>istema <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>gesti\u00f3n <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _4\"></span>demostrar <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>so<span class=\"_ _2\"></span>stenibilidad <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>biomasa <span class=\"_ _c6\"> </span>seg\u00fan <span class=\"_ _c6\"> </span>el <span class=\"_ _c6\"> </span>esq<span class=\"_ _2\"></span>uema <span class=\"_ _c6\"> </span>alem\u00e1n <span class=\"_ _c6\"> </span>SURE. <span class=\"_ _c7\"> </span>Este <span class=\"_ _c6\"> </span>sistema <span class=\"_ _c7\"> </span>de <span class=\"_ _c6\"> </span>certificaci\u00f3n <span class=\"_ _c6\"> </span>es <span class=\"_ _c6\"> </span>una <span class=\"_ _c6\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _14c\"> </span>l<span class=\"_ _2\"></span>as <span class=\"_ _c6\"> </span>herramientas<span class=\"_ _1be\"> </span>desarrolladas <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _2\"></span>asegurar <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>cumplimiento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>exi<span class=\"_ _2\"></span>gencias <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Directiva <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Ener<span class=\"_ _2\"></span>g\u00edas <span class=\"_ _2\"></span>Renovables <span class=\"_ _2\"></span>(UE)<span class=\"_ _1be\"> </span>2018/<span class=\"ls0_1\">2001 <span class=\"_ _c6\"> </span>(RED <span class=\"_ _c6\"> </span>II), <span class=\"_ _c6\"> </span>n<span class=\"_ _2\"></span>orma <span class=\"_ _c6\"> </span>europea <span class=\"_ _c6\"> </span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c6\"> </span>establece <span class=\"_ _c6\"> </span>exig<span class=\"_ _2\"></span>entes <span class=\"_ _c6\"> </span>criterios <span class=\"_ _c6\"> </span>que <span class=\"_ _c6\"> </span>deb<span class=\"_ _2\"></span>e <span class=\"_ _c6\"> </span>cumplir <span class=\"_ _c6\"> </span>la <span class=\"_ _c6\"> </span>biomas<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span></span>empleada en la generaci\u00f3n en<span class=\"_ _2\"></span>erg\u00e9tica. <span class=\"_ _2\"></span> El seguimiento y la<span class=\"_ _1\"></span> mejora de <span class=\"_ _1\"></span>los par\u00e1metros de <span class=\"_ _1\"></span>emisi\u00f3n es otro de <span class=\"_ _1\"></span>los objetivos <span class=\"_ _1\"></span>de la ges<span class=\"_ _1\"></span>ti\u00f3n ambiental de<span class=\"_ _1\"></span> la <span class=\"_ _2\"></span>compa\u00f1\u00eda <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>todas <span class=\"_ _4\"></span>sus <span class=\"_ _2\"></span>instalaciones. <span class=\"_ _4\"></span>En <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>biof\u00e1brica <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Navia <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>disponen <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>istemas <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>medici\u00f3n <span class=\"_ _2\"></span>en<span class=\"_ _1be\"> </span>continuo <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>monitorizar los<span class=\"_ _2\"></span> principa<span class=\"_ _2\"></span>les par\u00e1metros<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>emisi\u00f3n<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>asegurar <span class=\"_ _2\"></span>no s<span class=\"_ _2\"></span>\u00f3lo qu<span class=\"_ _2\"></span>e no <span class=\"_ _2\"></span>se su<span class=\"_ _2\"></span>peran los<span class=\"_ _1be\"> </span>l\u00edmites d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>emisi\u00f3n <span class=\"_ _2\"></span>establecid<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>autorizaci\u00f3n<span class=\"_ _2\"></span> amb<span class=\"_ _2\"></span>iental <span class=\"_ _2\"></span>sin<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>que, <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>acuerd<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>sistema integ<span class=\"_ _2\"></span>rado <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>gesti\u00f3n basad<span class=\"_ _2\"></span>o en la mejora contin<span class=\"_ _2\"></span>ua, se puedan mejorar p<span class=\"_ _2\"></span>aulatinamente. <span class=\"_ _4\"></span> En 2022, <span class=\"_ _1\"></span>Ence ha <span class=\"_ _1\"></span>continuado trabajando en <span class=\"_ _1\"></span>la im<span class=\"_ _1\"></span>plantaci\u00f3n de las <span class=\"_ _1\"></span>MTD, <span class=\"_ _1\"></span>enfoc\u00e1ndos<span class=\"_ _2\"></span>e e<span class=\"_ _1\"></span>n la im<span class=\"_ _1\"></span>plantaci\u00f3n de<span class=\"_ _1be\"> </span>diferentes tip<span class=\"_ _2\"></span>os d<span class=\"_ _2\"></span>e sistemas<span class=\"_ _2\"></span> de depur<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _2\"></span>de em<span class=\"_ _2\"></span>isiones <span class=\"_ _2\"></span>seg\u00fan las<span class=\"_ _2\"></span> necesidad<span class=\"_ _2\"></span>es de <span class=\"_ _2\"></span>cada <span class=\"_ _2\"></span>planta, du<span class=\"_ _2\"></span>rante el<span class=\"_ _1be\"> </span>presente a\u00f1o<span class=\"_ _2\"></span> la <span class=\"_ _2\"></span>Biof\u00e1brica de N<span class=\"_ _2\"></span>avia, <span class=\"_ _2\"></span>ha ejecutado <span class=\"_ _2\"></span>el proyecto q<span class=\"_ _2\"></span>ue, a p<span class=\"_ _2\"></span>artir del 2023, <span class=\"_ _2\"></span>le permitir\u00e1 ab<span class=\"_ _2\"></span>atir las<span class=\"_ _1be\"> </span>emisiones de HCl en su ca<span class=\"_ _2\"></span>ldera de biomas<span class=\"_ _2\"></span>a a valores p<span class=\"_ _2\"></span>or de la propuesta d<span class=\"_ _2\"></span>el do<span class=\"_ _2\"></span>cumento BREF de GI<span class=\"_ _2\"></span>C.<span class=\"_ _1be\"> </span>En <span class=\"_ _4\"></span>relaci\u00f3n <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>emisiones <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>Hornos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>Cal, <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>biof\u00e1brica <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Nav<span class=\"_ _2\"></span>ia <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>como <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>nsecuencia <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>las<span class=\"_ _1be\"> </span>circunstancias <span class=\"_ _4\"></span>excepcionales <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>mercado <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _4\"></span>derivadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _4\"></span>conflicto <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>Ucrania <span class=\"_ _4\"></span>(la <span class=\"_ _4\"></span>escalada <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>precios del <span class=\"_ _1\"></span>gas natural <span class=\"_ _1\"></span>y el <span class=\"_ _1\"></span>pot<span class=\"_ _1\"></span>encial rie<span class=\"_ _1\"></span>sgo de <span class=\"_ _1\"></span>disrupci\u00f3n de <span class=\"_ _1\"></span>suministro) se <span class=\"_ _1\"></span>sustituy\u00f3 el <span class=\"_ _1\"></span>gas <span class=\"_ _1\"></span>natural utilizado<span class=\"_ _1be\"> </span>en <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>hornos <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>cal <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>fuel <span class=\"_ _2\"></span>para <span class=\"_ _4\"></span>garantizar <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>viab<span class=\"_ _2\"></span>ilidad <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>eraci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>planta,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>sin <span class=\"_ _2\"></span>embargo <span class=\"_ _4\"></span>aplico<span class=\"_ _1be\"> </span>importantes <span class=\"_ _0\"></span>mejoras <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>contr<span class=\"_ _2\"></span>oles <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>pro<span class=\"_ _2\"></span>ceso, <span class=\"_ _c0\"></span>par<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>mante<span class=\"_ _2\"></span>ner <span class=\"_ _c3\"></span>y <span class=\"_ _c0\"></span>disminu<span class=\"_ _2\"></span>ir <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>emisiones <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>sus <span class=\"_ _0\"></span>principales<span class=\"_ _1be\"> </span>emisiones a la atm\u00f3s<span class=\"_ _2\"></span>fera.<span class=\"_ _1be\"> </span>Biof\u00e1brica de Ponte<span class=\"_ _2\"></span>vedra<span class=\"_ _1be\"> </span>1<span class=\"_ _1be\"> </span>Para la biof\u00e1brica <span class=\"_ _2\"></span>de Pontevedra<span class=\"_ _2\"></span>, la convivencia <span class=\"_ _2\"></span>y el respeto a las comunidad<span class=\"_ _2\"></span>es en las que se emplazan s<span class=\"_ _2\"></span>us<span class=\"_ _1be\"> </span>instalaciones <span class=\"_ _2\"></span>son u<span class=\"_ _2\"></span>na prioridad <span class=\"_ _2\"></span>estrat\u00e9gica par<span class=\"_ _2\"></span>a garantiz<span class=\"_ _2\"></span>ar la licencia <span class=\"_ _2\"></span>social p<span class=\"_ _2\"></span>ara op<span class=\"_ _2\"></span>erar. Por ello, <span class=\"_ _2\"></span>entre los<span class=\"_ _1be\"> </span>objetivos ambientales prioritarios, <span class=\"_ _1\"></span>Ence enfoca <span class=\"_ _1\"></span>sus <span class=\"_ _1\"></span>esfuerzos en <span class=\"_ _1\"></span>aquellos aspectos que <span class=\"_ _1\"></span>pueden <span class=\"_ _1\"></span>afectar a <span class=\"_ _1\"></span>las<span class=\"_ _1be\"> </span>comunidades  vecinas,  tales  como <span class=\"_ _c2\"> </span>el  impacto  ac\u00fastico,  la  calidad <span class=\"_ _c5\"> </span>del  aire  o <span class=\"_ _c5\"> </span>el  impacto  oloroso  de <span class=\"_ _c2\"> </span>la<span class=\"_ _1be\"> </span>biof\u00e1brica. De esta manera, se <span class=\"_ _1\"></span>contin\u00faa trabajando en el Plan Olor <span class=\"_ _1\"></span>Cero, gracias al cual<span class=\"_ _1\"></span> se ha <span class=\"_ _1\"></span>conseguido reducir un <span class=\"ls11\">25</span> % <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>n\u00famero <span class=\"_ _c0\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>minuto<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>olor <span class=\"_ _c0\"></span>respecto <span class=\"_ _c0\"></span>al <span class=\"_ _c0\"></span>mismo <span class=\"_ _c0\"></span>periodo <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>a\u00f1o <span class=\"_ _c0\"></span>pasado<span class=\"_ _2\"></span>. <span class=\"_ _4\"></span>De <span class=\"_ _c0\"></span>esta <span class=\"_ _c0\"></span>forma, <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>contin\u00faa<span class=\"_ _1be\"> </span>avanzand<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>la m<span class=\"_ _1\"></span>ejora <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>la perce<span class=\"_ _1\"></span>pci\u00f3n <span class=\"_ _1\"></span>olorosa, <span class=\"_ _1\"></span>consiguiendo <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>reducci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>m\u00e1s<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>99% <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>emisiones<span class=\"_ _1be\"> </span>olorosas d<span class=\"_ _2\"></span>e los focos canalizad<span class=\"_ _2\"></span>os des<span class=\"_ _2\"></span>de el inicio del proyecto en el a<span class=\"_ _2\"></span>\u00f1o 2010.<span class=\"_ _2\"></span> La  gesti\u00f3n  responsable  de  los  recursos  h\u00eddricos<span class=\"_ _2\"></span>  es  otra  de  las  principales  prioridades  en  materia  de<span class=\"_ _1be\"> </span>sostenibilidad<span class=\"_ _2\"></span>, y <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>consecuencia, se trabaja <span class=\"_ _1\"></span>tanto para <span class=\"_ _1\"></span>mejorar <span class=\"_ _1\"></span>la ef<span class=\"_ _1\"></span>iciencia en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>consumo como <span class=\"_ _1\"></span>la calidad<span class=\"_ _1be\"> </span>de <span class=\"_ _c3\"> </span>sus <span class=\"_ _c2\"> </span>efluentes. <span class=\"_ _c3\"> </span>As<span class=\"_ _2\"></span>\u00ed, <span class=\"_ _c3\"> </span>aplicando <span class=\"_ _c2\"> </span>la <span class=\"_ _c3\"> </span>metodo<span class=\"_ _2\"></span>log\u00eda <span class=\"_ _c3\"> </span>TQM<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>ajustes<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>proceso <span class=\"_ _c2\"> </span>que <span class=\"_ _c3\"> </span>permiten <span class=\"_ _c3\"> </span>mejorar <span class=\"_ _c2\"> </span>la<span class=\"_ _1be\"> </span>eficiencia <span class=\"_ _0\"></span>y <span class=\"_ _c3\"> </span>maximizar <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>reu<span class=\"_ _2\"></span>tilizaci\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>agua, <span class=\"_ _c3\"></span>se <span class=\"_ _0\"></span>ha <span class=\"_ _c3\"></span>alcanzado <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>a\u00f1<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>2022 <span class=\"_ _c3\"></span>un <span class=\"_ _0\"></span>nu<span class=\"_ _2\"></span>evo <span class=\"_ _0\"></span>hit<span class=\"_ _4\"></span>o <span class=\"_ _c3\"></span>al <span class=\"_ _0\"></span>haber<span class=\"_ _1be\"> </span>conseguido un consumo de 27,7 m\u00b3 por tonelada de pasta, siendo nuevamente el menor consumo de agua<span class=\"_ _1be\"> </span>por tonelada d<span class=\"_ _2\"></span>e pasta de la historia de la<span class=\"_ _2\"></span> biof\u00e1b<span class=\"_ _2\"></span>rica. Debido <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>excepcionales <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>ndiciones <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>equ\u00eda <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>sufrido <span class=\"_ _2\"></span>Galicia<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>pasado <span class=\"_ _2\"></span>veran<span class=\"_ _2\"></span>o<span class=\"ls1c\">, <span class=\"_ _2\"></span></span>la <span class=\"_ _2\"></span>biof\u00e1brica <span class=\"_ _2\"></span>se<span class=\"_ _1be\"> </span>ha visto obligada <span class=\"ls15\">a </span>s<span class=\"_ _1\"></span>uspender temporalmente <span class=\"ls1f\">la</span> actividad por la falta de agua <span class=\"_ _1\"></span>en el <span class=\"_ _1\"></span>r\u00edo L\u00e9rez. Esta situaci\u00f3n<span class=\"_ _1be\"> </span>se vio tambi\u00e9n impactada por <span class=\"_ _1\"></span>los incidentes registrados en las infraestructuras de captaci\u00f3n originados <span class=\"_ _1\"></span>por<span class=\"_ _1be\"> </span>1 <span class=\"fs89\">Debi<span class=\"_ _2\"></span>do a<span class=\"_ _2\"></span> las <span class=\"_ _2\"></span>circunstancias<span class=\"_ _2\"></span> exce<span class=\"_ _2\"></span>pcionales<span class=\"_ _2\"></span> en la<span class=\"_ _2\"></span> bi<span class=\"_ _2\"></span>of\u00e1brica <span class=\"_ _2\"></span>de Po<span class=\"_ _2\"></span>ntevedra c<span class=\"_ _2\"></span>ausadas<span class=\"_ _2\"></span> por <span class=\"_ _2\"></span>la falt<span class=\"_ _2\"></span>a de<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>gua <span class=\"_ _2\"></span>del r\u00edo <span class=\"_ _2\"></span>L\u00e9r<span class=\"_ _2\"></span>ez y <span class=\"_ _2\"></span>que oc<span class=\"_ _2\"></span>asion\u00f3<span class=\"_ _2\"></span> la <span class=\"_ _2\"></span>parad<span class=\"_ _2\"></span>a<span class=\"_ _1be\"> </span></span>de la f\u00e1brica durant<span class=\"_ _2\"></span>e 4 meses, los d<span class=\"_ _2\"></span>atos reflejados<span class=\"_ _2\"></span> se refieren al p<span class=\"_ _2\"></span>eriodo compren<span class=\"_ _2\"></span>dido entre lo<span class=\"_ _2\"></span>s meses de ene<span class=\"_ _2\"></span>ro y julio y del m<span class=\"_ _2\"></span>es de diciem<span class=\"_ _2\"></span>bre<span class=\"fs4\">.<span class=\"_ _1be\"> </span></span>las inundaciones sufridas<span class=\"_ _2\"></span> en la galer\u00eda <span class=\"_ _1\"></span>por la que transcurren. <span class=\"_ _2\"></span><span class=\"lsd1\">Se</span> estab<span class=\"_ _2\"></span>leci\u00f3 un plan de contingencia que ha<span class=\"_ _1be\"> </span>permitido operar la f\u00e1b<span class=\"_ _2\"></span>rica en aus<span class=\"_ _2\"></span>encia de agua fresca<span class=\"_ _2\"></span><span class=\"ls1a\">. </span> La so<span class=\"_ _2\"></span>luci\u00f3n dis<span class=\"_ _2\"></span>e\u00f1ada <span class=\"_ _2\"></span>est\u00e1 <span class=\"_ _2\"></span>plenamente alineada <span class=\"_ _2\"></span>con la <span class=\"_ _2\"></span>econ<span class=\"_ _2\"></span>om\u00eda circular,<span class=\"_ _2\"></span> ya <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se bas<span class=\"_ _2\"></span>a en <span class=\"_ _2\"></span>la reutilizaci\u00f3n<span class=\"_ _2\"></span> del <span class=\"_ _0\"></span>agu<span class=\"_ _2\"></span>a <span class=\"_ _c3\"></span>procedente <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>cercana <span class=\"_ _c2\"> </span>estaci\u00f3n <span class=\"_ _c3\"> </span>depuradora <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>aguas <span class=\"_ _c3\"></span>residuales <span class=\"_ _c3\"></span>urbanas <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>Placeres <span class=\"_ _c3\"></span>y <span class=\"_ _c3\"></span>del<span class=\"_ _1be\"> </span>tratamiento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>efluente <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>vertido <span class=\"_ _2\"></span>para <span class=\"_ _4\"></span>su <span class=\"_ _2\"></span>reutilizaci\u00f3n <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>el p<span class=\"_ _2\"></span>roceso <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>prod<span class=\"_ _2\"></span>ucci\u00f3n<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>As\u00ed<span class=\"ls1c\">, <span class=\"_ _2\"></span></span>como <span class=\"_ _2\"></span>soluci\u00f3n<span class=\"_ _2\"></span> temporal <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>excepcional, <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>agua<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>residual <span class=\"_ _2\"></span>depu<span class=\"_ _2\"></span>rada, <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>lugar d<span class=\"_ _2\"></span>e v<span class=\"_ _2\"></span>erterse al <span class=\"_ _4\"></span>mar d<span class=\"_ _2\"></span>esde <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>dos <span class=\"_ _2\"></span>depu<span class=\"_ _2\"></span>radoras<span class=\"_ _1be\"> </span>(municipal e industrial), una vez <span class=\"_ _1\"></span>tratada y acondicionada, es reutilizada por la biof\u00e1brica para la <span class=\"_ _1\"></span>producci\u00f3n<span class=\"_ _1be\"> </span>de <span class=\"_ _1\"></span>celulosa. <span class=\"_ _1\"></span>Esta <span class=\"_ _1\"></span>soluci\u00f3n <span class=\"_ _1\"></span>permitir\u00eda <span class=\"_ _bb\"></span>a <span class=\"_ _1\"></span>ENCE, <span class=\"_ _1\"></span>una <span class=\"_ _1\"></span>vez <span class=\"_ _1\"></span>adecuadas <span class=\"_ _1\"></span>sus <span class=\"_ _1\"></span>infraestructuras <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>captaci\u00f3n, <span class=\"_ _1\"></span>continuar<span class=\"_ _1\"></span> con sus operacion<span class=\"_ _2\"></span>es de manera regular s<span class=\"_ _2\"></span>i se produjeran<span class=\"_ _2\"></span> en el futuro nuevas s<span class=\"_ _2\"></span>ituaciones de sequ\u00eda.  <span class=\"_ _4\"></span> Referente <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>vertido <span class=\"_ _c0\"></span>l\u00edquido<span class=\"_ _2\"></span>, <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>biof\u00e1b<span class=\"_ _2\"></span>rica <span class=\"_ _4\"></span>Pontevedra <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>a\u00f1o <span class=\"_ _4\"></span>2022 <span class=\"_ _c0\"></span>mantiene <span class=\"_ _4\"></span>los <span class=\"_ _c0\"></span>resultados <span class=\"_ _c0\"></span>alcanzados<span class=\"_ _1be\"> </span>a\u00f1os <span class=\"_ _c0\"></span>an<span class=\"_ _2\"></span>teriores. <span class=\"_ _c0\"></span>Todos <span class=\"_ _0\"></span>los <span class=\"_ _c0\"></span>par\u00e1metros<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>eflu<span class=\"_ _2\"></span>ente <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>lanta <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>sit\u00faan <span class=\"_ _0\"></span>muy <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>debaj<span class=\"_ _2\"></span>o <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>l\u00edmit<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>fijados en <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>AAI, entre <span class=\"_ _2\"></span>los q<span class=\"_ _2\"></span>ue cabe <span class=\"_ _2\"></span>destacar <span class=\"_ _2\"></span>la DQ<span class=\"_ _2\"></span>O <span class=\"_ _2\"></span>(Dem<span class=\"_ _2\"></span>anda <span class=\"_ _2\"></span>Qu\u00edmica d<span class=\"_ _2\"></span>e Ox\u00edgeno<span class=\"_ _2\"></span>), prin<span class=\"_ _2\"></span>cipal medida <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>la <span class=\"_ _2\"></span>calidad <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>efluente, <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>mejor\u00f3 <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>58 <span class=\"_ _4\"></span>% el <span class=\"_ _2\"></span>l\u00edmite <span class=\"_ _2\"></span>marcado<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>la au<span class=\"_ _2\"></span>torizaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>vertido, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>itu\u00e1ndose en<span class=\"_ _1be\"> </span>2,9 kg/tAD, frente al <span class=\"_ _2\"></span>m\u00e1ximo estab<span class=\"_ _2\"></span>lecido <span class=\"ls18\">en</span> 7 kg/tAD.<span class=\"_ _2\"></span> La <span class=\"_ _4\"></span>ev<span class=\"_ _2\"></span>oluci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>este <span class=\"_ _c0\"></span>dato <span class=\"_ _0\"></span>confirma <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>av<span class=\"_ _2\"></span>ances <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>biof\u00e1bric<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>h<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>logra<span class=\"_ _2\"></span>do <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>calidad <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>efluente<span class=\"_ _1be\"> </span>final <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>as\u00ed <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>DQO <span class=\"_ _c3\"></span>de <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>nce <span class=\"_ _0\"></span>Pontevedra <span class=\"_ _c3\"></span>mejora <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>un <span class=\"_ _c3\"> </span><span class=\"ls11\">85</span>% <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>rango <span class=\"_ _0\"></span>superior <span class=\"_ _c3\"></span>de <span class=\"_ _c0\"></span>referencia <span class=\"_ _c3\"> </span>que <span class=\"_ _0\"></span>marca <span class=\"_ _c3\"></span>la<span class=\"_ _1be\"> </span>normativa europea BRE<span class=\"_ _2\"></span>F de mejores pr\u00e1cticas<span class=\"_ _2\"></span> ambientale<span class=\"_ _2\"></span>s del sector de la celulos<span class=\"_ _2\"></span>a para este par<span class=\"_ _2\"></span>\u00e1metro<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> El <span class=\"_ _c0\"></span>modelo <span class=\"_ _0\"></span>prod<span class=\"_ _2\"></span>uctivo <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>En<span class=\"_ _2\"></span>ce <span class=\"_ _c0\"></span>es <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>ejemplo <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>circularidad<span class=\"_ _2\"></span>, <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>se <span class=\"_ _0\"></span>basa <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>apr<span class=\"_ _2\"></span>ovechamiento <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>materias <span class=\"_ _2\"></span>primas <span class=\"_ _2\"></span>renov<span class=\"_ _2\"></span>ables <span class=\"_ _2\"></span>(madera <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>biomasa) <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>apli<span class=\"_ _2\"></span>ca <span class=\"_ _2\"></span>procesos <span class=\"_ _2\"></span>pro<span class=\"_ _2\"></span>ductivos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ciclo <span class=\"_ _2\"></span>cerrad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>que<span class=\"_ _1be\"> </span>se recuperan la mayor\u00eda de lo<span class=\"_ _1\"></span>s materiales utilizados. Adem\u00e1s, dado que las <span class=\"_ _1\"></span>materias primas empleadas son<span class=\"_ _1\"></span> naturales <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>renovables, <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>gran <span class=\"_ _c0\"></span>mayor\u00eda <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>residuos <span class=\"_ _4\"></span>que <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>generan <span class=\"_ _4\"></span>en <span class=\"_ _c3\"></span>biof\u00e1brica <span class=\"_ _c0\"></span>son <span class=\"_ _c0\"></span>recuperables <span class=\"_ _4\"></span>y<span class=\"_ _1be\"> </span>valorizables <span class=\"_ _4\"></span>mediante <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>elaboraci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>tecnosuelos<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>Esto <span class=\"_ _2\"></span>permite <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>biof\u00e1b<span class=\"_ _2\"></span>rica <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Po<span class=\"_ _2\"></span>ntevedra <span class=\"_ _2\"></span>revalid<span class=\"_ _2\"></span>ar<span class=\"_ _1be\"> </span>la <span class=\"_ _c2\"> </span>certificaci\u00f3n  <span class=\"ff9\">Residuo <span class=\"_ _c2\"> </span>Cero <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>AEN<span class=\"_ _2\"></span>OR</span>, <span class=\"_ _c2\"> </span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c2\"> </span>reconoce <span class=\"_ _c2\"> </span>a <span class=\"_ _c5\"> </span>las <span class=\"_ _c2\"> </span>organ<span class=\"_ _2\"></span>izaciones <span class=\"_ _c2\"> </span>que <span class=\"_ _c5\"> </span>valorizan <span class=\"_ _c2\"> </span>las  di<span class=\"_ _1\"></span>stintas<span class=\"_ _1be\"> </span>fracciones de residuos q<span class=\"_ _2\"></span>ue generan, y evita<span class=\"_ _2\"></span>n as\u00ed su dep\u00f3sito <span class=\"_ _2\"></span>en vertedero. La<span class=\"_ _2\"></span> biof\u00e1brica de Pontev<span class=\"_ _2\"></span>edra fue<span class=\"_ _1be\"> </span>la <span class=\"_ _2\"></span>primera <span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>talaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>En<span class=\"_ _2\"></span>ce <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>seguir <span class=\"_ _2\"></span>este <span class=\"_ _4\"></span>certificad<span class=\"_ _2\"></span>o. <span class=\"_ _2\"></span>En <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>a\u00f1o <span class=\"_ _4\"></span>2022 <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ratio <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>valo<span class=\"_ _2\"></span>rizaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>los<span class=\"_ _1be\"> </span>residuos s<span class=\"_ _2\"></span>e sit\u00faa por encima d<span class=\"_ _2\"></span>el <span class=\"ls11\">99</span> <span class=\"ls1e\">%.</span> Al <span class=\"_ _0\"></span>igual <span class=\"_ _c3\"></span>que <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>generaci\u00f3n <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>residuos<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>enfoque <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>econom\u00eda<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>circular <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>aplica <span class=\"_ _c3\"></span>Ence <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>su <span class=\"_ _0\"></span>modelo<span class=\"_ _2\"></span> productivo  persigue <span class=\"_ _c3\"> </span>redu<span class=\"_ _2\"></span>cir <span class=\"_ _c2\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>emisiones  a <span class=\"_ _c3\"> </span>la  atm\u00f3sfera. <span class=\"_ _c2\"> </span>Por <span class=\"_ _c2\"> </span>ello,  e<span class=\"_ _1\"></span>l <span class=\"_ _c2\"> </span>se<span class=\"_ _2\"></span>guimiento <span class=\"_ _c2\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>la <span class=\"_ _c5\"> </span>mejora <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>los<span class=\"_ _2\"></span> par\u00e1metros <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>emisi\u00f3n <span class=\"_ _c2\"> </span>es <span class=\"_ _c2\"> </span>otro<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>objetivos<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>gesti\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>ambiental <span class=\"_ _c2\"> </span>de  la <span class=\"_ _c3\"> </span>biof\u00e1b<span class=\"_ _2\"></span>rica. <span class=\"_ _c2\"> </span>Para <span class=\"_ _c2\"> </span>ello <span class=\"_ _c2\"> </span>se<span class=\"_ _1be\"> </span>disponen <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>sistemas <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>medici\u00f3n <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>continuo <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _4\"></span>monitorizar <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>principales <span class=\"_ _c0\"></span>par\u00e1metros <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>emisi\u00f3n <span class=\"_ _4\"></span>y<span class=\"_ _1be\"> </span>asegurar <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>no <span class=\"_ _4\"></span>s\u00f3lo <span class=\"_ _4\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>uperan <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>l\u00edmites <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>emisi\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>esta<span class=\"_ _2\"></span>blecidos <span class=\"_ _c0\"></span><span class=\"ls13\">de</span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Autorizaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>mbiental<span class=\"_ _1be\"> </span>Integrada, <span class=\"_ _4\"></span>sino <span class=\"_ _2\"></span>que, <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>acuerdo <span class=\"_ _2\"></span>al <span class=\"_ _c0\"></span>sistema <span class=\"_ _2\"></span>integrado <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>gesti\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>basado <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>mejora <span class=\"_ _4\"></span>contin<span class=\"_ _2\"></span>ua, <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>puedan<span class=\"_ _1be\"> </span>mejorar paulatinamente.<span class=\"_ _2\"></span> La <span class=\"_ _c5\"> </span>biof\u00e1brica  de <span class=\"_ _c2\"> </span>Ence  en <span class=\"_ _c2\"> </span>Pontevedra  es <span class=\"_ _c2\"> </span>autosu<span class=\"_ _2\"></span>ficiente <span class=\"_ _c2\"> </span>des<span class=\"_ _2\"></span>de <span class=\"_ _c5\"> </span>el <span class=\"_ _c2\"> </span>pu<span class=\"_ _2\"></span>nto <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>vis<span class=\"_ _2\"></span>ta <span class=\"_ _c2\"> </span>energ\u00e9tico  ya <span class=\"_ _c2\"> </span>que  se<span class=\"_ _1\"></span> autoabas<span class=\"_ _2\"></span>tece <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>enovable<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>generan<span class=\"_ _2\"></span>do <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>100 <span class=\"_ _4\"></span>% <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>energ\u00eda <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span><span class=\"ls14\">se</span> <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>sume. <span class=\"_ _4\"></span>Con <span class=\"_ _4\"></span>esta<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>energ\u00eda<span class=\"_ _1be\"> </span>renovable, producida a partir de <span class=\"_ _1\"></span>la biomasa, Ence Pontevedra contrib<span class=\"_ _2\"></span>uye a re<span class=\"_ _1\"></span>ducir la intensidad energ\u00e9tica<span class=\"_ _1\"></span> y <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>huella <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>carbono, <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>tiempo <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>ayuda <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>la consecuci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>objetivos <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>descarbonizaci\u00f3n <span class=\"_ _1\"></span>marcados<span class=\"_ _1be\"> </span>desde la Comisi\u00f3n E<span class=\"_ _2\"></span>uropea. <span class=\"_ _2\"></span> El compromiso <span class=\"_ _1\"></span>de Ence <span class=\"_ _1\"></span>con la sostenibilidad ambiental <span class=\"_ _1\"></span>se evidencia <span class=\"_ _1\"></span>tambi\u00e9n en <span class=\"_ _1\"></span>la ce<span class=\"_ _1\"></span>rtificaci\u00f3n<span class=\"_ _4\"></span> de <span class=\"_ _1\"></span>la norma<span class=\"_ _1be\"> </span>ISO <span class=\"_ _c2\"> </span>50001 <span class=\"_ _c2\"> </span>implantada<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>biof\u00e1brica <span class=\"_ _c5\"> </span>de <span class=\"_ _c3\"> </span>Pon<span class=\"_ _2\"></span>tevedra. <span class=\"_ _c2\"> </span>Dicha <span class=\"_ _c2\"> </span>certificaci\u00f3n, <span class=\"_ _c5\"> </span>acredita <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>Ence <span class=\"_ _c2\"> </span>como <span class=\"_ _c2\"> </span>una<span class=\"_ _1be\"> </span>organizaci\u00f3n  qu<span class=\"_ _2\"></span>e  desarrolla  un  enfoqu<span class=\"_ _2\"></span>e  sistem\u00e1tico  con  respecto <span class=\"_ _14c\"> </span>al <span class=\"_ _c6\"> </span>rendimiento,  la  ad<span class=\"_ _2\"></span>quisici\u00f3n  y  el<span class=\"_ _1be\"> </span>consumo <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>energ\u00eda<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>durante <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>proceso <span class=\"_ _0\"></span>prod<span class=\"_ _2\"></span>uctivo, <span class=\"_ _0\"></span>poniendo <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>valor <span class=\"_ _c3\"> </span>la <span class=\"_ _0\"></span>excelencia <span class=\"_ _0\"></span>ambiental <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span>biof\u00e1brica.<span class=\"_ _1be\"> </span>El cambio <span class=\"_ _1\"></span>clim\u00e1tico es <span class=\"_ _1\"></span>una de <span class=\"_ _1\"></span>las grandes <span class=\"_ _1\"></span>amenazas medioambientales a <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>que se <span class=\"_ _1\"></span>enfrenta el <span class=\"_ _1\"></span>planet<span class=\"_ _2\"></span>a y <span class=\"_ _1\"></span>un<span class=\"_ _1\"></span> reto para <span class=\"_ _1\"></span>las industrias, los gobiernos y <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>sociedad en <span class=\"_ _1\"></span>general<span class=\"_ _2\"></span>. En <span class=\"_ _1\"></span>un contexto <span class=\"_ _1\"></span>como el <span class=\"_ _1\"></span>actual, marcado por<span class=\"_ _1be\"> </span>una <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ituaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>crisis <span class=\"_ _4\"></span>mundial<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>adop<span class=\"_ _2\"></span>tar <span class=\"_ _2\"></span>una <span class=\"_ _4\"></span>visi\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>ponga <span class=\"_ _4\"></span>al <span class=\"_ _2\"></span>medio<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ambient<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>centro<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>toma<span class=\"_ _1be\"> </span>de <span class=\"_ _2\"></span>decisiones <span class=\"_ _4\"></span>es <span class=\"_ _2\"></span>clave <span class=\"_ _4\"></span>para <span class=\"_ _2\"></span>lo<span class=\"_ _2\"></span>grar <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ambio <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ositivo <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>transformador <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>\u00ed <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>Uni\u00f3n <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ropea, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>trav<span class=\"_ _2\"></span>\u00e9s <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>los  objetivos <span class=\"_ _c2\"> </span>de  la <span class=\"_ _c2\"> </span>Agenda  2030 <span class=\"_ _c2\"> </span>se  ha <span class=\"_ _c2\"> </span>prop<span class=\"_ _2\"></span>uesto  cumplir <span class=\"_ _c2\"> </span>unas<span class=\"_ _2\"></span>  m<span class=\"_ _1\"></span>etas  ambiciosas <span class=\"_ _c2\"> </span>sobre <span class=\"_ _c5\"> </span>el <span class=\"_ _c2\"> </span>cli<span class=\"_ _2\"></span>ma <span class=\"_ _c2\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>la<span class=\"_ _1be\"> </span>biodiversidad<span class=\"_ _2\"></span>, Dentro  de <span class=\"_ _c2\"> </span>este  contexto,  el <span class=\"_ _c5\"> </span>modelo  de <span class=\"_ _c2\"> </span>negocio  de  E<span class=\"_ _1\"></span>nce  Pontevedra  <span class=\"ff6\">\u201cEnce  Advance<span class=\"_ _1\"></span>d\u201d,  basado  en<span class=\"_ _1\"></span>  el<span class=\"_ _1\"></span> </span>aprovechamiento de <span class=\"_ _1\"></span>recursos<span class=\"_ _2\"></span> naturales <span class=\"_ _1\"></span>renovables para la <span class=\"_ _1\"></span>generaci\u00f3n de <span class=\"_ _1\"></span>bioenerg\u00eda y <span class=\"_ _1\"></span>bioproducto<span class=\"_ _2\"></span>s,<span class=\"_ _4\"></span> cobr<span class=\"_ _1\"></span>a<span class=\"_ _1be\"> </span>especial <span class=\"_ _4\"></span>rel<span class=\"_ _2\"></span>evancia <span class=\"_ _c0\"></span>al <span class=\"_ _c0\"></span>ofrec<span class=\"ls18\">er<span class=\"_ _2\"></span></span> <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>sociedad<span class=\"_ _2\"></span>, <span class=\"_ _c0\"></span>productos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>naturales <span class=\"_ _c0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>vez, <span class=\"_ _c0\"></span>son <span class=\"_ _c0\"></span>baj<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>emisiones <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>carbono, adem\u00e1s<span class=\"_ _2\"></span> de promover el desarrollo d<span class=\"_ _2\"></span>el entorno rural.<span class=\"_ _2\"></span> La <span class=\"_ _0\"></span>celulosa <span class=\"_ _c3\"> </span>Naturcell <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>ise\u00f1ada <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>des<span class=\"_ _2\"></span>arrollada <span class=\"_ _0\"></span>en <span class=\"_ _c3\"> </span>la <span class=\"_ _0\"></span>biof\u00e1brica <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>Pontevedra <span class=\"_ _0\"></span>repre<span class=\"_ _4\"></span>senta <span class=\"_ _c3\"></span>un <span class=\"_ _0\"></span>ejemplo <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>econom\u00eda <span class=\"_ _c3\"></span>circular <span class=\"_ _c3\"></span>y <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>trans<span class=\"_ _2\"></span>ici\u00f3n <span class=\"_ _0\"></span>ecol\u00f3gica <span class=\"_ _c3\"> </span>hacia <span class=\"_ _c3\"> </span>un <span class=\"_ _c3\"></span>nuevo <span class=\"_ _c3\"></span>modelo <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>umo. <span class=\"_ _c3\"></span>Se <span class=\"_ _0\"></span>tr<span class=\"_ _2\"></span>ata <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _c3\"></span>fibra<span class=\"_ _1be\"> </span>natural, <span class=\"_ _d9\"> </span>renovable, <span class=\"_ _d9\"> </span>biodegradable <span class=\"_ _d9\"> </span>y <span class=\"_ _d9\"> </span>muy <span class=\"_ _d9\"> </span>vers\u00e1til, <span class=\"_ _d9\"> </span>proveniente <span class=\"_ _d9\"> </span>de <span class=\"_ _d9\"> </span>una <span class=\"_ _d9\"> </span>producci\u00f3n <span class=\"_ _d9\"> </span>sostenible <span class=\"_ _d9\"> </span>y<span class=\"_ _1\"></span> medioambientalmente <span class=\"_ _c2\"> </span>respe<span class=\"_ _2\"></span>tuosa. <span class=\"_ _c2\"> </span>Es <span class=\"_ _c2\"> </span>una <span class=\"_ _c2\"> </span>celu<span class=\"_ _2\"></span>losa <span class=\"_ _c2\"> </span>no <span class=\"_ _c2\"> </span>blanqueada,<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>que <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>ermite, <span class=\"_ _c3\"> </span>elaborar <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>apel <span class=\"_ _c2\"> </span>tis\u00fa <span class=\"_ _c3\"> </span>y<span class=\"_ _1be\"> </span>papeles <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>p<span class=\"_ _2\"></span>ackaging <span class=\"_ _c7\"> </span>no <span class=\"_ _c4\"> </span>blanqueados, <span class=\"_ _c7\"> </span>adem\u00e1s <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>la <span class=\"_ _c7\"> </span>producci\u00f3n <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>bolsas, <span class=\"_ _c7\"> </span>p<span class=\"_ _2\"></span>latos <span class=\"_ _c7\"> </span>y <span class=\"_ _c7\"> </span>envases <span class=\"_ _c7\"> </span>para<span class=\"_ _1be\"> </span>alimentaci\u00f3n, <span class=\"_ _c0\"></span>dando <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>paso <span class=\"_ _4\"></span>adelan<span class=\"_ _2\"></span>te <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>materia <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>ostenibilidad, <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>menor <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>sumo <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>madera,<span class=\"_ _1be\"> </span>agua y<span class=\"_ _2\"></span> energ\u00eda <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>su p<span class=\"_ _2\"></span>roceso <span class=\"_ _2\"></span>de fabricaci\u00f3n<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>reducci\u00f3<span class=\"_ _2\"></span>n de <span class=\"_ _2\"></span>la hu<span class=\"_ _2\"></span>ella d<span class=\"_ _2\"></span>e carbono<span class=\"_ _2\"></span>, prop<span class=\"_ _2\"></span>orcionando <span class=\"_ _2\"></span>una<span class=\"_ _1be\"> </span>alternativa renovab<span class=\"_ _2\"></span>le y de origen natural al u<span class=\"_ _2\"></span>so d<span class=\"_ _2\"></span>e fibras sint\u00e9ticas y p<span class=\"_ _2\"></span>l\u00e1sticos.<span class=\"_ _1be\"> </span>Ence <span class=\"_ _2\"></span>Energ\u00eda <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>C<span class=\"_ _2\"></span>elulosa, <span class=\"_ _2\"></span>S.A. <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>uscribi\u00f3 <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>2016 <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span>Pacto <span class=\"_ _4\"></span>Ambiental <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Conve<span class=\"_ _4\"></span>nio <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>C<span class=\"_ _2\"></span>olaboraci\u00f3n <span class=\"_ _4\"></span>con <span class=\"_ _2\"></span>la<span class=\"_ _1be\"> </span>Conseller\u00eda <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Medio <span class=\"_ _4\"></span>Ambien<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>Xunta <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>Galicia, <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>que <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>compromet\u00eda, <span class=\"_ _4\"></span>entre <span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>tros, <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>mejorar<span class=\"_ _1be\"> </span>la <span class=\"_ _2\"></span>calidad <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>vid<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>Gallegos, <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>especial <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>habitan<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>entorno <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>R\u00eda <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>Pontevedra<span class=\"_ _4\"></span><span class=\"ls65\">,<span class=\"_ _1be\"> </span></span>asumiendo <span class=\"_ _c6\"> </span>unos<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>compromisos<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>que <span class=\"_ _c6\"> </span>supon\u00edan <span class=\"_ _c6\"> </span>aco<span class=\"_ _2\"></span>meter  i<span class=\"_ _2\"></span>nversiones <span class=\"_ _c6\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>contribuciones <span class=\"_ _c6\"> </span>por <span class=\"_ _c6\"> </span>un<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>importe<span class=\"_ _1be\"> </span>conjunto <span class=\"_ _4\"></span>m\u00e1ximo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>176 <span class=\"_ _2\"></span>mill<span class=\"_ _2\"></span>ones <span class=\"_ _4\"></span>\u20ac<span class=\"ff4 ls8a\">; <span class=\"_ _c0\"></span><span class=\"ls0_1\">proyectos <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>inversi\u00f3n <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>mejora <span class=\"_ _4\"></span>medioambiental <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>creaci\u00f3n<span class=\"_ _1be\"> </span></span></span>de <span class=\"_ _1\"></span>empleo <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>biof\u00e1brica de <span class=\"_ _1\"></span>Pontevedra <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>61 <span class=\"_ _1\"></span>millones <span class=\"_ _1\"></span>\u20ac, <span class=\"ff4\">inversi\u00f3n ya <span class=\"_ _1\"></span>ejecutada <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>ejercicios <span class=\"_ _1\"></span>anteriores,<span class=\"_ _1be\"> </span></span>creaci\u00f3n de <span class=\"_ _1\"></span>3 <span class=\"_ _1\"></span>nuevos centros de <span class=\"_ _1\"></span>bioenerg\u00eda <span class=\"_ _1\"></span>y construcci\u00f3n de <span class=\"_ _1\"></span>una instalaci\u00f3n de generaci\u00f3n de <span class=\"_ _1\"></span>energ\u00eda <span class=\"_ _1\"></span>con<span class=\"_ _1be\"> </span>biomasa  en  G<span class=\"_ _1\"></span>alicia  con  una <span class=\"_ _c5\"> </span>inversi\u00f3n  prevista  de <span class=\"_ _c5\"> </span>20  m<span class=\"_ _1\"></span>illones  \u20ac  y <span class=\"_ _c2\"> </span>74  millones  \u20ac,  respectivamente,  y<span class=\"_ _1be\"> </span>contribuciones <span class=\"_ _4\"></span>orientad<span class=\"_ _2\"></span>as <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>mejora <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>calidad<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>vid<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>galle<span class=\"_ _2\"></span>gos <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>21 <span class=\"_ _4\"></span>millon<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>\u20ac, <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>\u00ed <span class=\"_ _4\"></span>como <span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> puesta en marcha <span class=\"_ _2\"></span>de  un <span class=\"_ _2\"></span>programa marco p<span class=\"_ _2\"></span>ara hacer par<span class=\"_ _2\"></span>t\u00edcipe a la po<span class=\"_ _2\"></span>blaci\u00f3n del entorno<span class=\"_ _2\"></span> de la R\u00eda Ga<span class=\"_ _2\"></span>llega<span class=\"_ _1be\"> </span>de <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>b<span class=\"_ _2\"></span>eneficios <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>su<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>pol\u00edtica <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>responsab<span class=\"_ _2\"></span>ilidad <span class=\"_ _4\"></span>social <span class=\"_ _4\"></span>corporativ<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>una <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>otaci\u00f3n <span class=\"_ _4\"></span>anu<span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>hasta 3 millones \u20ac,<span class=\"_ _2\"></span> durante el periodo d<span class=\"_ _2\"></span>e 60 a\u00f1os de la co<span class=\"_ _2\"></span>ncesi\u00f3n (Pac<span class=\"_ _2\"></span><span class=\"ff4\">to So<span class=\"_ _2\"></span>cial). </span>Negocio Energ\u00eda Ren<span class=\"_ _2\"></span>ovable Durante <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1o <span class=\"_ _2\"></span>2022, <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el \u00e1rea <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>trabajado <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>diferentes <span class=\"_ _2\"></span>objetivos <span class=\"_ _2\"></span>ambientales <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>Objetiv<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>Mejora Ambiental <span class=\"_ _1\"></span>utilizando como herramienta metodolog\u00eda TQM. <span class=\"_ _1\"></span>Entre ellos, se <span class=\"_ _1\"></span>establecieron objetivos en<span class=\"_ _2\"></span> e<span class=\"_ _1\"></span>l \u00e1rea<span class=\"_ _1be\"> </span>de <span class=\"_ _4\"></span>Sistema <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>Gesti\u00f3n <span class=\"_ _4\"></span>Medio<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Ambiental, <span class=\"_ _c0\"></span>consigui\u00e9ndos<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>septiembre <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>ertificaci\u00f3n <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>nivel <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>grup<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>dicho<span class=\"_ _2\"></span> sistema conforme a la no<span class=\"_ _2\"></span>rma UNE 14.0001. Se estableciero<span class=\"_ _2\"></span>n tambi\u00e9n objetiv<span class=\"_ _2\"></span>os de reducci\u00f3n de consumos de agua,<span class=\"_ _1be\"> </span>de <span class=\"_ _4\"></span>mejora <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>gesti\u00f3n <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>re<span class=\"_ _2\"></span>siduos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>reducci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>ruidos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>revis<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>an\u00e1lis<span class=\"_ _2\"></span>is <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>ri<span class=\"_ _2\"></span>esgos <span class=\"_ _4\"></span>amb<span class=\"_ _2\"></span>ientales <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>los<span class=\"_ _1be\"> </span>diferentes centros d<span class=\"_ _2\"></span>e operaciones. <span class=\"_ _2\"></span> Durante <span class=\"ls11\">2022<span class=\"_ _2\"></span></span> se ha contin<span class=\"_ _2\"></span>uado <span class=\"_ _2\"></span>igualmente con la <span class=\"_ _2\"></span>participaci\u00f3n<span class=\"_ _2\"></span> de esta \u00e1rea de<span class=\"_ _2\"></span> negocio e<span class=\"_ _2\"></span>n proyectos t<span class=\"_ _2\"></span>ransversales<span class=\"_ _1be\"> </span>como <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>Fiabilid<span class=\"_ _2\"></span>ad <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>Medida <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>Datos <span class=\"_ _c3\"> </span>Medioambientales<span class=\"_ _2\"></span>, <span class=\"_ _c3\"> </span>an\u00e1lisis <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>cuan<span class=\"_ _2\"></span>tificaci\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>impactos <span class=\"_ _0\"></span>del <span class=\"_ _c3\"> </span>cambio<span class=\"_ _1be\"> </span>clim\u00e1tico y evaluaci\u00f3n d<span class=\"_ _2\"></span>el alineamiento d<span class=\"_ _2\"></span>e nuestras a<span class=\"_ _2\"></span>ctividades con los crit<span class=\"_ _2\"></span>erios de taxonom\u00eda verde.<span class=\"_ _4\"></span> An\u00e1lisis de Riesgos Ambienta<span class=\"_ _2\"></span>les<span class=\"_ _2\"></span> Durante 2022<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>realizado <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>actualizaci\u00f3n de <span class=\"_ _1\"></span>lo<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>An\u00e1lisis <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Riesgos <span class=\"_ _1\"></span>Ambientales <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>las <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>lantas <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Huelva, <span class=\"_ _1\"></span>M\u00e9rida<span class=\"_ _1be\"> </span>y <span class=\"_ _c2\"> </span>Biollano <span class=\"_ _c2\"> </span>tras <span class=\"_ _c2\"> </span>algu<span class=\"_ _2\"></span>nas <span class=\"_ _c2\"> </span>modificaciones <span class=\"_ _c2\"> </span>rea<span class=\"_ _2\"></span>lizadas <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>plantas. <span class=\"_ _c2\"> </span>Esto<span class=\"_ _2\"></span>s <span class=\"_ _c2\"> </span>an\u00e1lisis <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>riesgos<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>amb<span class=\"_ _2\"></span>ientales <span class=\"_ _c2\"> </span>son <span class=\"_ _c2\"> </span>una<span class=\"_ _1be\"> </span>herramienta que permite identificar las potenciales situ<span class=\"_ _2\"></span>aciones de emergencia y escenarios de mayor impacto. Tras<span class=\"_ _1be\"> </span>la realizaci\u00f3n de estos an\u00e1lisis, Ence toma <span class=\"_ _1\"></span>las medidas pertinentes de prevenci\u00f3n y mitigaci\u00f3n de riesgos e <span class=\"_ _1\"></span>impactos<span class=\"_ _1be\"> </span>a trav\u00e9s de s<span class=\"_ _2\"></span>us diferentes herramientas de gesti\u00f3n<span class=\"_ _2\"></span> ambiental.  <span class=\"_ _4\"></span> Econom\u00eda <span class=\"_ _2\"></span>Circular<span class=\"_ _1be\"> </span>Durante <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>puesto <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>marcha <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>Magnon <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span>equipo <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>trabajo <span class=\"_ _2\"></span>esp<span class=\"_ _2\"></span>ec\u00edfico <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>estudiar <span class=\"_ _4\"></span>e <span class=\"_ _2\"></span>impulsar<span class=\"_ _1be\"> </span>alternativas de gesti\u00f3n sostenible a los residuos generados du<span class=\"_ _2\"></span>rante la operaci\u00f3n de las plantas. Mediante el mismo,<span class=\"_ _1be\"> </span>se <span class=\"_ _c3\"> </span>persigue <span class=\"_ _c3\"> </span>optimizar<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>la <span class=\"_ _c3\"> </span>gesti\u00f3n <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>los <span class=\"_ _c2\"> </span>residuos, <span class=\"_ _c3\"></span>desde <span class=\"_ _c3\"> </span>un <span class=\"_ _c3\"> </span>punto <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>vista <span class=\"_ _c3\"> </span>hol\u00edstico, <span class=\"_ _c3\"> </span>basad<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>conocimiento<span class=\"_ _1be\"> </span>profundo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>sus <span class=\"_ _c0\"></span>caracter\u00edsticas <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>aptitu<span class=\"_ _2\"></span>des <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>dotarlos <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>nuevas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>op<span class=\"_ _2\"></span>ortunidades <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>diferentes <span class=\"_ _c0\"></span>procesos, <span class=\"_ _c0\"></span>tanto<span class=\"_ _1be\"> </span>dentro de nuestra<span class=\"_ _2\"></span>s instalaciones co<span class=\"_ _2\"></span>mo en otras de terc<span class=\"_ _2\"></span>eros<span class=\"_ _2\"></span>. Se vienen aplicando p<span class=\"_ _2\"></span>rincipios<span class=\"_ _2\"></span> como el de prevenc<span class=\"_ _2\"></span>i\u00f3n en la <span class=\"_ _2\"></span>producci\u00f3n d<span class=\"_ _2\"></span>e residuos y d<span class=\"_ _2\"></span>e reutilizaci\u00f3n y fomenta<span class=\"_ _2\"></span>ndo<span class=\"_ _1be\"> </span>los <span class=\"_ _c3\"> </span>mecanismos <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>imbiosis <span class=\"_ _c3\"> </span>empresarial <span class=\"_ _c2\"> </span>y <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>circularida<span class=\"_ _2\"></span>d <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>las <span class=\"_ _c2\"> </span>materias. <span class=\"_ _c2\"> </span>Todo <span class=\"_ _c3\"> </span>ello <span class=\"_ _c2\"> </span>para <span class=\"_ _c3\"> </span>cons<span class=\"_ _2\"></span>eguir <span class=\"_ _c3\"></span>incidir <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span>manera <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ositiva <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>reducci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>consu<span class=\"_ _2\"></span>mos <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>recursos <span class=\"_ _4\"></span>nat<span class=\"_ _2\"></span>urales, <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>isminuci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>emision<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>ociadas <span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span>los  procesos<span class=\"_ _2\"></span>  y,  en  d<span class=\"_ _2\"></span>efinitiva,  la <span class=\"_ _14c\"> </span>redu<span class=\"_ _2\"></span>cci\u00f3n  de <span class=\"_ _14c\"> </span>la <span class=\"_ _c6\"> </span>huella <span class=\"_ _c6\"> </span>del  proceso <span class=\"_ _14c\"> </span>in<span class=\"_ _2\"></span>dustrial  en <span class=\"_ _14c\"> </span>g<span class=\"_ _2\"></span>eneral  y,<span class=\"_ _2\"></span>  en  particular, <span class=\"_ _14c\"> </span>la<span class=\"_ _1be\"> </span>sostenibilidad<span class=\"_ _2\"></span> de la generaci\u00f3n de energ\u00eda a p<span class=\"_ _2\"></span>artir de b<span class=\"_ _2\"></span>iomas<span class=\"_ _2\"></span>a cada vez de man<span class=\"_ _2\"></span>era m\u00e1s eficiente.<span class=\"_ _2\"></span> Ence <span class=\"_ _c2\"> </span>mantiene  la <span class=\"_ _c3\"> </span>realizaci\u00f3n  de <span class=\"_ _c3\"> </span>estud<span class=\"_ _2\"></span>ios <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>colabora<span class=\"_ _2\"></span>ciones <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>entidades <span class=\"_ _c5\"> </span>especializadas, <span class=\"_ _c2\"> </span>como  por<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span>ejemplo <span class=\"_ _c2\"> </span>el<span class=\"_ _2\"></span> Consejo <span class=\"_ _c4\"> </span>Superior <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>Investigaciones <span class=\"_ _c4\"> </span>Cient\u00edficas, <span class=\"_ _c4\"> </span>CSIC, <span class=\"_ _c4\"> </span>p<span class=\"_ _2\"></span>ara <span class=\"_ _c4\"> </span>seguir <span class=\"_ _c7\"> </span>explora<span class=\"_ _2\"></span>ndo <span class=\"_ _c4\"> </span>las <span class=\"_ _c4\"> </span>aptitud<span class=\"_ _2\"></span>es <span class=\"_ _c7\"> </span>de <span class=\"_ _c4\"> </span>los <span class=\"_ _c4\"> </span>residuos<span class=\"_ _c0\"></span> producidos<span class=\"_ _2\"></span> p<span class=\"_ _1\"></span>or la <span class=\"_ _1\"></span>combusti\u00f3n <span class=\"_ _1\"></span>de biomasa <span class=\"_ _1\"></span>de Magnon <span class=\"_ _1\"></span>en dif<span class=\"_ _1\"></span>erentes <span class=\"_ _1\"></span>aplicaciones, como <span class=\"_ _1\"></span>pueden ser <span class=\"_ _1\"></span>la generaci\u00f3n <span class=\"_ _1\"></span>de<span class=\"_ _1be\"> </span>suelos artificiales y/o <span class=\"_ _2\"></span>tecnosuelos, mejoras<span class=\"_ _2\"></span> de materiales de con<span class=\"_ _2\"></span>strucci\u00f3n y a<span class=\"_ _2\"></span>ditivos de resinas, entre otro<span class=\"_ _2\"></span>s.<span class=\"_ _2\"></span> En cu<span class=\"_ _2\"></span>anto al <span class=\"_ _2\"></span>desempe\u00f1o <span class=\"_ _2\"></span>en econ<span class=\"_ _2\"></span>om\u00eda <span class=\"_ _2\"></span>circular, <span class=\"_ _2\"></span>en 2<span class=\"_ _2\"></span>022 Enc<span class=\"_ _2\"></span>e ha <span class=\"_ _2\"></span>conseguido <span class=\"_ _2\"></span>certificar <span class=\"_ _2\"></span>todas <span class=\"_ _2\"></span>sus p<span class=\"_ _2\"></span>lantas con<span class=\"_ _2\"></span> el s<span class=\"_ _2\"></span>ello<span class=\"_ _1be\"> </span>Residuo <span class=\"_ _4\"></span>Cero <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>AEN<span class=\"_ _2\"></span>OR, <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>reconoce <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>aquellas <span class=\"_ _4\"></span>ins<span class=\"_ _2\"></span>talaciones <span class=\"_ _2\"></span>referentes <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>gesti\u00f3n <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>valorizaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>residuos<span class=\"_ _1be\"> </span>que recuperan al menos el 90<span class=\"_ _2\"></span>% de sus res<span class=\"_ _2\"></span>iduos. <span class=\"_ _2\"></span> Centro de Oper<span class=\"_ _2\"></span>aciones de Huelva<span class=\"_ _2\"></span> El centro de operaciones de <span class=\"_ _1\"></span>Huelva es un exponente en la producci\u00f3n de e<span class=\"_ _1\"></span>nerg\u00eda renovable con biomasa al<span class=\"_ _1be\"> </span>albergar dos d<span class=\"_ _2\"></span>e los principale<span class=\"_ _2\"></span>s centros de gen<span class=\"_ _2\"></span>eraci\u00f3n de <span class=\"_ _2\"></span>energ\u00eda con las<span class=\"_ _2\"></span> plantas d<span class=\"_ _2\"></span>e HU41, H<span class=\"_ _2\"></span>U50 y <span class=\"_ _2\"></span>la<span class=\"_ _2\"></span> nueva<span class=\"_ _1be\"> </span>planta HU46<span class=\"ls1a\">. <span class=\"ls6e\">  </span></span> En materia <span class=\"_ _2\"></span>ambiental, <span class=\"_ _2\"></span>todos<span class=\"_ _2\"></span> lo<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>par\u00e1metros <span class=\"_ _2\"></span>de vertido <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>instalaci\u00f3n<span class=\"_ _2\"></span> duran<span class=\"_ _2\"></span>te este <span class=\"_ _4\"></span>a\u00f1o, <span class=\"_ _2\"></span>tanto <span class=\"_ _2\"></span>el caudal,<span class=\"_ _2\"></span> como <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>principales <span class=\"_ _4\"></span>indicado<span class=\"_ _2\"></span>res <span class=\"_ _2\"></span>que <span class=\"_ _4\"></span>caracterizan <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>calida<span class=\"_ _2\"></span>d <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>efluente, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>mantien<span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>debaj<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _1be\"> </span>l\u00edmites establecidos en la AAI.<span class=\"_ _2\"></span> Se <span class=\"_ _1\"></span>han continuado los proyectos <span class=\"_ _1\"></span>de m<span class=\"_ _1\"></span>ejora en los <span class=\"_ _1\"></span>\u00e1mbitos de <span class=\"_ _1\"></span>calidad del <span class=\"_ _1\"></span>aire <span class=\"_ _1\"></span>y emisiones ac\u00fasticas para <span class=\"_ _1\"></span>los<span class=\"_ _1be\"> </span>cuales, <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>trav\u00e9s <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>Objetivos <span class=\"_ _bb\"></span>Fun<span class=\"_ _2\"></span>damentales <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>Mejora<span class=\"_ _2\"></span>, <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>iguen <span class=\"_ _1\"></span>desarrollado <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>ejecuta<span class=\"_ _2\"></span>do <span class=\"_ _1\"></span>planes <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>acci\u00f3n<span class=\"_ _1be\"> </span>para reducir las emision<span class=\"_ _2\"></span>es de part\u00edculas<span class=\"_ _2\"></span> difusas. Durante el <span class=\"_ _1\"></span>a\u00f1o 2022<span class=\"_ _1\"></span> se <span class=\"_ _1\"></span>ha con<span class=\"_ _1\"></span>stru<span class=\"_ _2\"></span>ido una <span class=\"_ _1\"></span>nueva <span class=\"_ _1\"></span>planta fotovoltaica <span class=\"_ _1\"></span>que permitir\u00e1 <span class=\"_ _1\"></span>reducir consumos <span class=\"_ _1\"></span>de re<span class=\"_ _1\"></span>d<span class=\"_ _1be\"> </span>y mejorar en los rendi<span class=\"_ _2\"></span>mientos de la plan<span class=\"_ _2\"></span>ta. Con estas<span class=\"_ _2\"></span> instalaciones se cub<span class=\"_ _2\"></span>ren parte de los <span class=\"_ _2\"></span>consumos<span class=\"_ _2\"></span> de las<span class=\"_ _1be\"> </span>instalaciones a<span class=\"_ _2\"></span>uxiliares y se mejora la eficiencia del co<span class=\"_ _2\"></span>mplejo. <span class=\"_ _2\"></span> Finalmente, <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>lo <span class=\"_ _1\"></span>que <span class=\"_ _bb\"></span>respect<span class=\"_ _2\"></span>a <span class=\"_ _1\"></span>al <span class=\"_ _bb\"></span>desmantelamiento <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>i<span class=\"_ _2\"></span>nstalacion<span class=\"_ _2\"></span>es <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _bb\"></span>prod<span class=\"_ _2\"></span>ucci\u00f3n <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _bb\"></span>celulosa,<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>du<span class=\"_ _2\"></span>rante<span class=\"_ _1be\"> </span>2022<span class=\"ls0_1\"> <span class=\"_ _1\"></span><span class=\"ls14\">se<span class=\"ls0_1\"> <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>finalizado <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>proyecto, destacando tan<span class=\"_ _1\"></span>to <span class=\"_ _1\"></span>su <span class=\"_ _1\"></span>cumplimiento <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>seguridad de <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>personas <span class=\"_ _1\"></span>como<span class=\"_ _1be\"> </span></span></span></span>su <span class=\"_ _1\"></span>desempe\u00f1o <span class=\"_ _1\"></span>ambiental <span class=\"_ _bb\"></span>esp<span class=\"_ _2\"></span>ecialmente <span class=\"_ _1\"></span>relacionado <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>las <span class=\"_ _bb\"></span>emisiones difusas, <span class=\"_ _1\"></span>rui<span class=\"_ _1\"></span>dos <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>gesti\u00f3n de <span class=\"_ _bb\"></span>residuos. En relaci\u00f3n con los residuos cab<span class=\"_ _2\"></span>e destacar el es<span class=\"_ _2\"></span>tudio realizado p<span class=\"_ _2\"></span>ara la utilizaci\u00f3n de las cenizas de la planta<span class=\"_ _1be\"> </span>de Huelva <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>sus<span class=\"_ _2\"></span>tituyente de <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>del ce<span class=\"_ _2\"></span>mento <span class=\"_ _2\"></span>en la <span class=\"_ _2\"></span>pas<span class=\"_ _2\"></span>ta de <span class=\"_ _2\"></span>relleno usad<span class=\"_ _2\"></span>a en <span class=\"_ _2\"></span>explota<span class=\"_ _c0\"></span>ciones mineras<span class=\"_ _1be\"> </span>subterr\u00e1neas.  \u00c9ste <span class=\"_ _c3\"> </span>es  un <span class=\"_ _c2\"> </span>claro <span class=\"_ _c2\"> </span>ejemplo <span class=\"_ _c2\"> </span>de <span class=\"_ _c5\"> </span>colaboraci\u00f3n  con <span class=\"_ _c3\"> </span>o<span class=\"_ _2\"></span>tras <span class=\"_ _c2\"> </span>empresas<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>en <span class=\"_ _c5\"> </span>materia <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>econo<span class=\"_ _2\"></span>m\u00eda<span class=\"_ _1be\"> </span>circular, <span class=\"_ _2\"></span>donde <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>valoriza<span class=\"_ _2\"></span> un <span class=\"_ _2\"></span>residuo, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e reducen <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>costes de <span class=\"_ _2\"></span>gesti\u00f3n <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> se <span class=\"_ _2\"></span>sus<span class=\"_ _2\"></span>tituye a <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>materia <span class=\"_ _2\"></span>prima<span class=\"_ _1be\"> </span>por lo que evita u<span class=\"_ _2\"></span>na degradaci\u00f3n del<span class=\"_ _2\"></span> medio natural.<span class=\"_ _2\"></span> Centro de Oper<span class=\"_ _2\"></span>aciones de M\u00e9rida<span class=\"_ _2\"></span> Durante <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>primer <span class=\"_ _0\"></span>semestre <span class=\"_ _c3\"></span>de <span class=\"_ _c0\"></span>2022 <span class=\"_ _c3\"></span>M\u00e9rida <span class=\"_ _0\"></span>mantiene <span class=\"_ _0\"></span>su<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>niveles <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>cu<span class=\"_ _2\"></span>mplimiento <span class=\"_ _0\"></span>ambiental <span class=\"_ _0\"></span>tanto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>en<span class=\"_ _1be\"> </span>vertidos como emisiones. <span class=\"_ _2\"></span> En <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>instalaciones <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>ha <span class=\"_ _c0\"></span>realizado <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>ampliaci\u00f3n <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>mejora <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>almacenamiento <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>bi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>masa <span class=\"_ _c0\"></span>permitiendo<span class=\"_ _1be\"> </span>aumentar <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>capacidad<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>recepci\u00f3n <span class=\"_ _c5\"> </span>de <span class=\"_ _c3\"> </span>b<span class=\"_ _2\"></span>iomasa <span class=\"_ _c2\"> </span>y <span class=\"_ _c5\"> </span>reduciendo <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>emis<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>part\u00edcula<span class=\"_ _2\"></span>s <span class=\"_ _c2\"> </span>difusas<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>los<span class=\"_ _1be\"> </span>trasiegos internos<span class=\"_ _2\"></span> de materiales. La <span class=\"_ _0\"></span>planta <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>M\u00e9rida <span class=\"_ _0\"></span>h<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>logrado <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>ob<span class=\"_ _2\"></span>jetivo <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>reducci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>cons<span class=\"_ _2\"></span>umo <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>agua <span class=\"_ _0\"></span>establecido <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>2022 <span class=\"_ _c0\"></span>con<span class=\"_ _1be\"> </span>diferentes <span class=\"_ _0\"></span>mejoras <span class=\"_ _c0\"></span>realizadas <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>torres <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>refrigeraci\u00f3n <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>otras <span class=\"_ _0\"></span>partes <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>proceso <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>generaci\u00f3n <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span>energ\u00eda. En  relaci\u00f3n  con<span class=\"_ _2\"></span>  los  residu<span class=\"_ _2\"></span>os,  cabe  d<span class=\"_ _2\"></span>estacar  que  des<span class=\"_ _2\"></span>de  nov<span class=\"_ _2\"></span>iembre  del  2022 <span class=\"_ _c7\"> </span>se  ha <span class=\"_ _c6\"> </span>participad<span class=\"_ _2\"></span>o  en  la<span class=\"_ _1be\"> </span>restauraci\u00f3n <span class=\"_ _cc\"> </span>de <span class=\"_ _c9\"> </span>un<span class=\"_ _2\"></span>a <span class=\"_ _c9\"> </span>explotaci\u00f3n <span class=\"_ _cc\"> </span>pr\u00f3xima <span class=\"_ _cc\"> </span>con <span class=\"_ _c9\"> </span>las <span class=\"_ _cc\"> </span>cenizas <span class=\"_ _cc\"> </span>de <span class=\"_ _c9\"> </span>fondo <span class=\"_ _cc\"> </span>de <span class=\"_ _c9\"> </span>cald<span class=\"_ _2\"></span>era <span class=\"_ _c9\"> </span>de <span class=\"_ _ca\"> </span><span class=\"ls1f\">la</span> <span class=\"_ _cc\"> </span>instalaci\u00f3n,<span class=\"_ _1be\"> </span>experimentada <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>bu<span class=\"_ _2\"></span>ena <span class=\"_ _0\"></span>acogida <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>ad<span class=\"_ _2\"></span>ministraci\u00f3n <span class=\"_ _0\"></span>as\u00ed <span class=\"_ _0\"></span>como <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>op<span class=\"_ _2\"></span>timizaci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>lo<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>resultado<span class=\"_ _2\"></span>s <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span>restauraci\u00f3n, <span class=\"_ _c4\"> </span>la <span class=\"_ _c7\"> </span>propuesta<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>del <span class=\"_ _c7\"> </span>Equi<span class=\"_ _2\"></span>po <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>Valorizaci\u00f3n <span class=\"_ _c7\"> </span>es <span class=\"_ _c4\"> </span>replicar <span class=\"_ _c7\"> </span>esta <span class=\"_ _c7\"> </span>actu<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _c7\"> </span>en<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>otros <span class=\"_ _c4\"> </span>espacios<span class=\"_ _1be\"> </span>degradados <span class=\"_ _2\"></span>cercanos <span class=\"_ _2\"></span>a otras P<span class=\"_ _2\"></span>lantas <span class=\"_ _2\"></span>del grupo, <span class=\"_ _2\"></span>como ya <span class=\"_ _2\"></span>estamos h<span class=\"_ _2\"></span>aciendo en <span class=\"_ _2\"></span>Puertollano.<span class=\"_ _4\"></span><span class=\"ls8d\">  </span>Otro <span class=\"_ _2\"></span>proyecto<span class=\"_ _1be\"> </span>en <span class=\"_ _2\"></span>el qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>participad<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>cenizas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Planta <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>M\u00e9rida <span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>BIO<span class=\"_ _4\"></span>-ECOMATTER, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>rata <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>dise\u00f1o<span class=\"_ _1be\"> </span>un mortero sin cemento y<span class=\"_ _2\"></span> sin arena fab<span class=\"_ _2\"></span>ricado a partir d<span class=\"_ _2\"></span>e cenizas de comb<span class=\"_ _2\"></span>us<span class=\"_ _2\"></span>ti\u00f3n de la planta d<span class=\"_ _2\"></span>e biomasa.<span class=\"_ _1be\"> </span>Centro de Oper<span class=\"_ _2\"></span>aciones de Enemansa <span class=\"_ _2\"></span> Durante <span class=\"_ _c2\"> </span>2022 <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>materia <span class=\"_ _c2\"> </span>ambienta<span class=\"_ _2\"></span>l <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>tra<span class=\"_ _2\"></span>bajo <span class=\"_ _c5\"> </span>en <span class=\"_ _c3\"> </span>la <span class=\"_ _c5\"> </span>planta <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>E<span class=\"_ _2\"></span>nemansa <span class=\"_ _c2\"> </span>ha <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>tinuado <span class=\"_ _c2\"> </span>centrando <span class=\"_ _c2\"> </span>el<span class=\"_ _1be\"> </span>esfuerzo en la r<span class=\"_ _2\"></span>educci\u00f3n del impacto a<span class=\"_ _2\"></span>c\u00fastico, y emision<span class=\"_ _2\"></span>es a la <span class=\"_ _2\"></span>atm\u00f3sfera de part\u00edculas d<span class=\"_ _2\"></span>ifusas<span class=\"_ _2\"></span>, adem\u00e1s de<span class=\"_ _1be\"> </span>optimizar a\u00fan m\u00e1s<span class=\"_ _2\"></span> si cabe la calidad del efluente l\u00edquid<span class=\"_ _2\"></span>o. <span class=\"_ _2\"></span> La  planta <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>e  encuentra <span class=\"_ _c2\"> </span>ad<span class=\"_ _2\"></span>aptada  a  la<span class=\"_ _1\"></span>s  Mejores <span class=\"_ _c2\"> </span>T\u00e9cnicas  Disponibles  de  la<span class=\"_ _1\"></span>s  Grandes <span class=\"_ _c2\"> </span>In<span class=\"_ _2\"></span>stalacion<span class=\"_ _4\"></span>es  de<span class=\"_ _1\"></span> Combusti\u00f3n destacand<span class=\"_ _2\"></span>o su <span class=\"_ _1\"></span>avanzado sistema de depuraci\u00f3n de emisiones de <span class=\"_ _1\"></span>NOX denominado Sistema de<span class=\"_ _1\"></span> Reducci\u00f3n Catal\u00edtica. <span class=\"_ _2\"></span> Centro de Oper<span class=\"_ _2\"></span>aciones de La Loma<span class=\"_ _2\"></span> Durante <span class=\"_ _0\"></span><span class=\"ls11\">2022</span> <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>ha <span class=\"_ _c3\"></span>continuado <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>proyecto <span class=\"_ _0\"></span>de <span class=\"_ _c3\"> </span>modificaci\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>punto<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>vertido<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>egregaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span>efluentes.<span class=\"_ _1be\"> </span>En <span class=\"_ _c0\"></span>relaci\u00f3n <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>emisiones, <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>sensib<span class=\"_ _2\"></span>ilizada <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>situaci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>calid<span class=\"_ _2\"></span>ad <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>aire <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>municipio <span class=\"_ _c0\"></span>pr\u00f3<span class=\"_ _2\"></span>ximo <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span>Villanueva  del  Arzob<span class=\"_ _2\"></span>ispo,  la  planta  mantiene  unos <span class=\"_ _14c\"> </span>res<span class=\"_ _2\"></span>ultados  excelentes  en  la  emisi\u00f3n <span class=\"_ _c6\"> </span>de  part\u00edculas<span class=\"_ _1be\"> </span>provenientes  de <span class=\"_ _c2\"> </span>la  caldera <span class=\"_ _c2\"> </span>de  biomasa.  Destacan <span class=\"_ _c5\"> </span>la  me<span class=\"_ _1\"></span>jora  en <span class=\"_ _c2\"> </span>todos<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>los <span class=\"_ _c5\"> </span>par\u00e1metros  ambientales <span class=\"_ _c2\"> </span>de<span class=\"_ _1be\"> </span>emisiones, vertidos y<span class=\"_ _2\"></span> gesti\u00f3n de residuos. <span class=\"_ _2\"></span> Al igual <span class=\"_ _2\"></span>que la <span class=\"_ _2\"></span>planta <span class=\"_ _2\"></span>de E<span class=\"_ _2\"></span>nemansa,<span class=\"_ _2\"></span> La <span class=\"_ _2\"></span>Loma s<span class=\"_ _2\"></span>e encuentra<span class=\"_ _2\"></span> adap<span class=\"_ _2\"></span>tada <span class=\"_ _2\"></span>a las <span class=\"_ _2\"></span>Mejores <span class=\"_ _2\"></span>T\u00e9cnicas <span class=\"_ _2\"></span>Disponibles <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>Grandes Instalaciones <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Combusti\u00f3n <span class=\"_ _1\"></span>destacando su <span class=\"_ _bb\"></span>avan<span class=\"_ _2\"></span>zado <span class=\"_ _1\"></span>sistema <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>depuraci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>em<span class=\"_ _1\"></span>isiones de <span class=\"_ _1\"></span>NOX<span class=\"_ _1\"></span> por Reducci\u00f3n Cata<span class=\"_ _2\"></span>l\u00edtica.<span class=\"_ _1be\"> </span>Centro de Oper<span class=\"_ _2\"></span>aciones de Lucena <span class=\"_ _2\"></span> Todos <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>resultado<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>mediciones <span class=\"_ _4\"></span>reglamentarias<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>as <span class=\"_ _4\"></span>emisiones <span class=\"_ _2\"></span>atmosf\u00e9r<span class=\"_ _2\"></span>icas <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>par\u00e1metros <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>vertido <span class=\"_ _2\"></span>de la plan<span class=\"_ _2\"></span>ta de Lu<span class=\"_ _2\"></span>cena se <span class=\"_ _2\"></span>encuentran en <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>dentro de los <span class=\"_ _2\"></span>l\u00edmites estab<span class=\"_ _2\"></span>lecidos en la <span class=\"_ _2\"></span>Autorizaci\u00f3n<span class=\"_ _1be\"> </span>Ambiental Integrada. <span class=\"_ _2\"></span> Durante <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>rimer <span class=\"_ _2\"></span>semestre <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>2022 <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>ha <span class=\"_ _4\"></span>avanzado <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>proyecto <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>cambio <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>ubicaci\u00f3n <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>unto <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span>vertido solicitado<span class=\"_ _2\"></span> por la administraci\u00f3n. <span class=\"_ _2\"></span> Este <span class=\"_ _1\"></span>a\u00f1o <span class=\"_ _1\"></span>tambi\u00e9n <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>ha <span class=\"_ _1\"></span>realizado <span class=\"_ _bb\"></span>la integraci\u00f3n <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>planta <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>sistema <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>gesti\u00f3n <span class=\"_ _1\"></span>ambiental <span class=\"_ _1\"></span>incluy\u00e9ndose<span class=\"_ _1be\"> </span>dentro de dicho certificado<span class=\"_ _2\"></span> y obteniendo a<span class=\"_ _2\"></span>dem\u00e1s el Certificado<span class=\"_ _2\"></span> de Residuo Cero. <span class=\"_ _2\"></span> Centro de Oper<span class=\"_ _2\"></span>aciones de B<span class=\"_ _2\"></span>iollano (Puertollano). <span class=\"_ _2\"></span> En <span class=\"_ _4\"></span>materia <span class=\"_ _4\"></span>ambiental<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>20<span class=\"_ _2\"></span>22 <span class=\"_ _4\"></span>e<span class=\"ls1f\">l <span class=\"_ _4\"></span></span>trabajo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>tinuado <span class=\"_ _4\"></span>cen<span class=\"_ _2\"></span>trad<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span><span class=\"ls18\">en</span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>reducci\u00f3n <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>mantenimiento <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span>mejora <span class=\"_ _c6\"> </span>en <span class=\"_ _c6\"> </span>emision<span class=\"_ _2\"></span>es <span class=\"_ _c6\"> </span>a <span class=\"_ _c6\"> </span>la <span class=\"_ _c6\"> </span>a<span class=\"_ _2\"></span>tm\u00f3sfera. <span class=\"_ _c6\"> </span>S<span class=\"_ _2\"></span>e  h<span class=\"_ _2\"></span>a <span class=\"_ _c6\"> </span>mantenido<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>la <span class=\"_ _c6\"> </span>certificaci\u00f3n <span class=\"_ _c7\"> </span>de <span class=\"_ _c6\"> </span>residuo <span class=\"_ _c6\"> </span>C<span class=\"_ _2\"></span>ero <span class=\"_ _c6\"> </span>por <span class=\"_ _c6\"> </span>AENOR<span class=\"_ _1be\"> </span>garantizando q<span class=\"_ _2\"></span>ue el m\u00e1ximo de nu<span class=\"_ _2\"></span>estros residuos <span class=\"_ _2\"></span>se v<span class=\"_ _2\"></span>aloriza. Se <span class=\"_ _c6\"> </span>ha <span class=\"_ _c7\"> </span>mantenido <span class=\"_ _c6\"> </span>as<span class=\"_ _2\"></span>imismo <span class=\"_ _c7\"> </span>el <span class=\"_ _c6\"> </span>Si<span class=\"_ _2\"></span>stema <span class=\"_ _c7\"> </span>de <span class=\"_ _c6\"> </span>Gesti\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>M<span class=\"_ _2\"></span>edio <span class=\"_ _c6\"> </span>Ambiental <span class=\"_ _c7\"> </span>como <span class=\"_ _c6\"> </span>herra<span class=\"_ _2\"></span>mien<span class=\"_ _2\"></span>ta <span class=\"_ _c6\"> </span>clave <span class=\"_ _c7\"> </span>de <span class=\"_ _c6\"> </span>la<span class=\"_ _1be\"> </span>instalaci\u00f3n, destacando las f<span class=\"_ _1\"></span>ormaciones y <span class=\"_ _1\"></span>acciones de <span class=\"_ _1\"></span>sensibilizaci\u00f3n ambiental <span class=\"_ _1\"></span>llevadas a cabo <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>la planta<span class=\"_ _1\"></span> tanto para <span class=\"_ _2\"></span>personal propio de Ence como para <span class=\"_ _2\"></span>subcontra<span class=\"_ _2\"></span>tas.<span class=\"_ _1be\"> </span>Cabe <span class=\"_ _1\"></span>destacar <span class=\"_ _1\"></span>tambi\u00e9n <span class=\"_ _bb\"></span>todo<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>trabajo <span class=\"_ _1\"></span>realizado <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>la planta <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>Biollano <span class=\"_ _bb\"></span>par<span class=\"_ _2\"></span>a <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>implan<span class=\"_ _2\"></span>taci\u00f3n <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>optimizaci\u00f3n de herramientas d<span class=\"_ _2\"></span>e gesti\u00f3n ambiental como las<span class=\"_ _2\"></span> observaciones p<span class=\"_ _2\"></span>reventivas d<span class=\"_ _2\"></span>e medio ambiente. <span class=\"_ _2\"></span> 37.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Hechos posteriores </span></span>El <span class=\"_ _4\"></span>d\u00eda <span class=\"_ _4\"></span>8 <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>marzo <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>2023 <span class=\"_ _4\"></span>h<span class=\"_ _2\"></span>an <span class=\"_ _4\"></span>sido <span class=\"_ _4\"></span>notificadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>sentencias<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Tribunal <span class=\"_ _4\"></span>Sup<span class=\"_ _2\"></span>remo <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>f<span class=\"_ _2\"></span>echa <span class=\"_ _4\"></span>6 <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e marzo de 2023, que estiman los  re<span class=\"_ _1\"></span>cursos de casaci\u00f3n interpuestos por la Sociedad contra las sentencias de la <span class=\"_ _2\"></span>Au<span class=\"_ _2\"></span>diencia <span class=\"_ _4\"></span>Nacional <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>15 <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ju<span class=\"_ _2\"></span>lio <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>021, <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ictadas <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span> <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>cedimientos <span class=\"_ _4\"></span>iniciados,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>resp<span class=\"_ _2\"></span>ectivament<span class=\"_ _4\"></span>e, por Greenpeace Espa\u00f1a y <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Ayuntamiento de Pontevedra <span class=\"_ _1\"></span>en relaci\u00f3n <span class=\"_ _1\"></span>con la pr\u00f3rroga <span class=\"_ _1\"></span>de la <span class=\"_ _1\"></span>concesi\u00f3n sobre los terrenos de d<span class=\"_ _2\"></span>ominio p\u00fablico mar\u00edtimo<span class=\"_ _2\"></span>-terrestre en los<span class=\"_ _2\"></span> que se ubica la <span class=\"_ _2\"></span>biof\u00e1brica de Pontev<span class=\"_ _2\"></span>edra.<span class=\"_ _2\"></span> Ambas <span class=\"_ _c0\"></span>sentencias<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Tribun<span class=\"_ _2\"></span>al <span class=\"_ _c0\"></span>Supremo <span class=\"_ _c0\"></span>declaran<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>nulas <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>citadas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>sentencias <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>Audiencia <span class=\"_ _c0\"></span>Nacional <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> confirman <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>legalid<span class=\"_ _2\"></span>ad <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _0\"></span>pr\u00f3rroga <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>cesi\u00f3n <span class=\"_ _c0\"></span>y, <span class=\"_ _c0\"></span>por <span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>nto, <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>plaz<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>duraci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>60 <span class=\"_ _c0\"></span>a\u00f1os <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la misma, el cual que se compu<span class=\"_ _2\"></span>ta desd<span class=\"_ _2\"></span>e el d\u00eda de s<span class=\"_ _2\"></span>olicitud de la p<span class=\"_ _2\"></span>r\u00f3rroga (v\u00e9as<span class=\"_ _2\"></span>e Nota 7).  Por <span class=\"_ _c3\"> </span>otra <span class=\"_ _c2\"> </span>parte, <span class=\"_ _c3\"> </span>e<span class=\"_ _2\"></span>l <span class=\"_ _c3\"> </span>Consejo <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>Administraci\u00f3n <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>ENCE <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>su <span class=\"_ _c3\"> </span>sesi\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>fecha <span class=\"_ _c3\"> </span>31 <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>marzo <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>2023 <span class=\"_ _c2\"> </span>ha propuesto <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>aprobaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>J<span class=\"_ _2\"></span>unta <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Accionistas <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>plan <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>incentiv<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>largo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>plazo <span class=\"_ _4\"></span>dirigido <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>directivos, incluido <span class=\"_ _2\"></span><span class=\"ff6\">el <span class=\"_ _2\"></span>President<span class=\"_ _2\"></span>e y <span class=\"_ _2\"></span>Con<span class=\"_ _2\"></span>sejero <span class=\"_ _2\"></span>Delegado <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>Sociedad,<span class=\"_ _2\"></span> y<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>otros <span class=\"_ _2\"></span>empleados <span class=\"_ _2\"></span>del <span class=\"_ _4\"></span>Grupo <span class=\"_ _2\"></span>Ence <span class=\"_ _2\"></span>(el <span class=\"_ _2\"></span>\u201cPlan\u201d).<span class=\"_ _c0\"></span></span> El <span class=\"_ _2\"></span>Plan <span class=\"_ _2\"></span>permite <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>beneficiarios <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>mismo <span class=\"_ _2\"></span>percibir, <span class=\"_ _2\"></span>transcurrido <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n determinado <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>eriodo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>tiempo, <span class=\"_ _2\"></span>un incentivo <span class=\"_ _c0\"></span>pagad<span class=\"_ _2\"></span>ero <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>accion<span class=\"_ _2\"></span>es <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>En<span class=\"_ _2\"></span>ce <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>met\u00e1lico,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>iempre <span class=\"_ _c0\"></span>que<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>cu<span class=\"_ _2\"></span>mplan <span class=\"_ _c0\"></span>determinad<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>objetivo<span class=\"_ _2\"></span>s plurianuales d<span class=\"_ _2\"></span>e la Sociedad y se re\u00fanan lo<span class=\"_ _2\"></span>s requisitos previstos p<span class=\"_ _2\"></span>ara ello en el Reglamento del Plan<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>  Inicialmente ser\u00e1n p<span class=\"_ _2\"></span>otenciales beneficiarios del Plan de Incentivo los principa<span class=\"_ _2\"></span>les directivos de la Socied<span class=\"_ _2\"></span>ad y otro <span class=\"_ _c3\"> </span>personal <span class=\"_ _c3\"> </span>clave <span class=\"_ _c3\"> </span>que, <span class=\"_ _c3\"> </span>bien <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"> </span>sus <span class=\"_ _c3\"> </span>respons<span class=\"_ _2\"></span>abilidades <span class=\"_ _c3\"></span>o <span class=\"_ _c3\"></span>por <span class=\"_ _c3\"></span>su <span class=\"_ _c3\"></span>perfil, <span class=\"_ _c3\"></span>tengan <span class=\"_ _c3\"> </span>capacidad <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>influir <span class=\"_ _c3\"> </span>de manera <span class=\"_ _c0\"></span>directa <span class=\"_ _c0\"></span>sobre <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>\u00e9xito <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>planes <span class=\"_ _c0\"></span>estrat\u00e9gicos.<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>El <span class=\"_ _c0\"></span>Plan <span class=\"_ _c0\"></span>tendr\u00e1 <span class=\"_ _c0\"></span>una <span class=\"_ _c0\"></span>dura<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>5 <span class=\"_ _c0\"></span>a\u00f1<span class=\"_ _2\"></span>os, <span class=\"_ _c0\"></span>esto <span class=\"_ _c0\"></span>es, desde <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>1/1/2023 <span class=\"_ _c0\"></span>hasta <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>31/12/2027 <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>dividir\u00e1 <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>3 <span class=\"_ _c0\"></span>ciclos <span class=\"_ _c0\"></span>anuales <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>olapados <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>3 <span class=\"_ _4\"></span>a\u00f1<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>uraci\u00f3n cada uno de <span class=\"_ _1\"></span>ellos <span class=\"_ _1\"></span>independientes entre s\u00ed. <span class=\"_ _1\"></span>El n\u00famero <span class=\"_ _1\"></span>concreto de <span class=\"_ _1\"></span>acciones de <span class=\"_ _1\"></span>Ence que, dentro <span class=\"_ _1\"></span>del m<span class=\"_ _1\"></span>\u00e1ximo establecido,  ser\u00e1  objeto  de  entrega  a <span class=\"_ _c5\"> </span>los  beneficiarios  del  Plan  a  la  f<span class=\"_ _1\"></span>inalizaci\u00f3n  de  ca<span class=\"_ _2\"></span>da  ciclo  estar\u00e1 condicionado  al  cumplimiento  de <span class=\"_ _c2\"> </span>objetivo<span class=\"_ _2\"></span>s  financieros, <span class=\"_ _c2\"> </span>no  financieros  y <span class=\"_ _c5\"> </span>de  creaci\u00f3n <span class=\"_ _c2\"> </span>de  valor  para  el<span class=\"_ _1\"></span> accionista.  Con  fecha  28  de  marzo <span class=\"_ _c6\"> </span>de  2023,  Magnon <span class=\"_ _c6\"> </span>Green  Energy  S.L.  ha  completado <span class=\"_ _c6\"> </span>la  venta  d<span class=\"_ _2\"></span>e  una  planta fotovoltaica <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>constru<span class=\"_ _2\"></span>cci\u00f3n, <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>localidad <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>And\u00fajar <span class=\"_ _4\"></span>(Ja\u00e9n), <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>una <span class=\"_ _c0\"></span>capacidad <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>100 <span class=\"_ _c0\"></span>MW<span class=\"_ _2\"></span>,<span class=\"ff2 fs1\"> <span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>h<span class=\"_ _2\"></span>a </span>supuesto el cobro de 27,7 <span class=\"ffd\">millones \u20ac (v\u00e9ase Nota 1)</span>.<span class=\"ff4 fs4\"> </span>No <span class=\"_ _c3\"></span>se <span class=\"_ _0\"></span>h<span class=\"_ _2\"></span>an <span class=\"_ _c3\"></span>producido<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>otros <span class=\"_ _c3\"> </span>hechos <span class=\"_ _c3\"></span>destacables <span class=\"_ _c3\"> </span>desde <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"></span>31 <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>iciembre <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>2022, <span class=\"_ _c3\"> </span>adi<span class=\"_ _2\"></span>cionales <span class=\"_ _c3\"></span>a <span class=\"_ _c3\"></span>los <span class=\"_ _0\"></span>y<span class=\"_ _2\"></span>a desglosados<span class=\"_ _2\"></span> en estas cuentas<span class=\"_ _2\"></span> anuales cons<span class=\"_ _2\"></span>olidadas, que impliqu<span class=\"_ _2\"></span>en su mod<span class=\"_ _2\"></span>ificaci\u00f3n.<span class=\"ff2 fs1\"> <span class=\"_ _1a5\"> </span></span><div class=\"c_1 w2_1 h57 gs3f7\"><div class=\"t_1 m0_1 xe h3_1 y121e ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y121f ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y1220 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y1221 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y10f4 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x187 h347 y1222 ff2 fs14 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x187 h5b y1223 ff7 fs14 fc0_1 sc0_1 ls0_1 ws0_1\">Anex<span class=\"_ _bb\"></span>o I - Per\u00edmetro de consolidaci\u00f3n<span class=\"ff3 fs3\"> </span></div><div class=\"t_1 m0_1 xe h3_1 ybd4 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y1224 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y1225 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y1226 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 yc92 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y1227 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y1228 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 ya8b ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y3a3 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y121b ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y763 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y63d ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y1229 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y11f6 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 yc26 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y122a ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y122b ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y6b1 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 ya8d ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y694 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div></div><div class=\"c_1 w2_1 h57 gs3f9\"><div class=\"t_1 m0_1 x60 h8_1 y20f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">A continuaci\u00f3n se <span class=\"_ _1\"></span>detalla <span class=\"_ _1\"></span>el porcentaje <span class=\"_ _1\"></span>de participaci\u00f3n directa <span class=\"_ _1\"></span>o indirecta <span class=\"_ _1\"></span>que Ence <span class=\"_ _1\"></span>Energ\u00eda y Ce<span class=\"_ _1\"></span>lulosa, S.A. </div><div class=\"t_1 m0_1 x60 h8_1 y210 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">mantiene en las s<span class=\"_ _2\"></span>ociedades de sus<span class=\"_ _2\"></span> ramas de negocio a <span class=\"_ _2\"></span>31 de diciembre de 202<span class=\"_ _2\"></span>2 y<span class=\"_ _2\"></span> 2021: </div><div class=\"t_1 m0_1 x188 h8_1 y122d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div></div><div class=\"c_1 w1a3 h349 gs3fa\"><div class=\"t_1 m73 x189 h34a y122f ff4 fs8a fc0_1 sc0_1 lsd3 ws0_1\">2022<span class=\"_ _30\"> </span>2021<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs3fb\"><div class=\"t_1 m73 x9 h34b y122f ff3 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Negocio de celulosa-<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34c gs3fc\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Celulosas de Ast<span class=\"_ _2\"></span>urias, S.A.U. (a)<span class=\"_ _1a6\"> </span>Celulosas de Ast<span class=\"_ _2\"></span>urias, S.A.U. (a)<span class=\"_ _ff\"> </span>Producci\u00f3n celulosa y<span class=\"_ _2\"></span> ene<span class=\"_ _1\"></span>rg\u00eda el\u00e9<span class=\"_ _1\"></span>ctrica<span class=\"_ _ff\"> </span><span class=\"lsd3\">100<span class=\"_ _139\"> </span>100<span class=\"_ _24\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34d gs3fd\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Silvas<span class=\"_ _2\"></span>ur Agroforest<span class=\"_ _2\"></span>al, S.A.U.<span class=\"_ _1\"></span> (a)<span class=\"_ _8f\"> </span>Be<span class=\"_ _1\"></span>atriz de Bobadilla, 14<span class=\"_ _2\"></span> (Madrid)<span class=\"_ _19\"> </span>Gesti\u00f3n pat<span class=\"_ _2\"></span>rimon<span class=\"_ _2\"></span>io forestal<span class=\"_ _10d\"> </span><span class=\"lsd3\">100<span class=\"_ _139\"> </span>100<span class=\"_ _24\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34c gs3fe\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ibe<span class=\"_ _1\"></span>rsilv<span class=\"_ _2\"></span>a, S.A.U.<span class=\"_ _38\"> </span>Ct<span class=\"_ _2\"></span>ra A-50<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span> Km<span class=\"_ _2\"></span> 7,5 <span class=\"_ _2\"></span>(Huelva)<span class=\"_ _3a\"> </span>Servicios <span class=\"_ _2\"></span>forestales<span class=\"_ _1f\"> </span><span class=\"lsd3\">100<span class=\"_ _139\"> </span>100<span class=\"_ _24\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34d gs3ff\"><div class=\"t_1 m73 x9 h34a y1235 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Norte Forestal, S.A.U. (a)<span class=\"_ _e3\"> </span>Beatriz de Bobadilla, 14<span class=\"_ _2\"></span> (Madrid)<span class=\"_ _19\"> </span>Gesti\u00f3n pat<span class=\"_ _2\"></span>rimon<span class=\"_ _2\"></span>io forestal<span class=\"_ _10d\"> </span><span class=\"lsd3\">100<span class=\"_ _139\"> </span>100<span class=\"_ _24\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34e gs400\"><div class=\"t_1 m73 x9 h34a y1237 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Investigaci\u00f3n y <span class=\"_ _2\"></span>De<span class=\"_ _1\"></span>sarrollo, S.A.U. </div></div><div class=\"c_1 w1a4 h34e gs401\"><div class=\"t_1 m73 x9 h34a y1238 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Maris<span class=\"_ _2\"></span>ma de  Louriz<span class=\"_ _2\"></span>\u00e1n s/<span class=\"_ _2\"></span>n </div><div class=\"t_1 m73 x9 h34a y1_1 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">(Pontevedra)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a5 h34e gs402\"><div class=\"t_1 m73 x9 h34a y1238 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Investigaci\u00f3n y <span class=\"_ _2\"></span>desarrollo de nuevos </div><div class=\"t_1 m73 x9 h34a y1_1 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">materiales productos<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>procesos<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34e gs400\"><div class=\"t_1 m73 x18a h34a y1237 ff4 fs8a fc0_1 sc0_1 lsd3 ws0_1\">100<span class=\"_ _139\"> </span>100<span class=\"_ _24\"> </span><span class=\"ls0_1\">I.G.<span class=\"_ _1be\"> </span></span></div></div><div class=\"c_1 w1a3 h34d gs403\"><div class=\"t_1 m73 x9 h34a y123a ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Liptoflor , S.A. (a)<span class=\"_ _1a7\"> </span>Lisboa (Port<span class=\"_ _2\"></span>ugal)<span class=\"_ _116\"> </span>Compraventa de madera<span class=\"_ _15c\"> </span><span class=\"lsd3\">100<span class=\"_ _12a\"> </span>100<span class=\"_ _24\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs404\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Sierras Calmas<span class=\"_ _2\"></span>, S.A.<span class=\"_ _196\"> </span>Montevideo (Uruguay)<span class=\"_ _10\"> </span>I<span class=\"_ _1\"></span>nactiva<span class=\"_ _4f\"> </span><span class=\"lsd3\">100<span class=\"_ _139\"> </span>100<span class=\"_ _24\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs405\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Maderas As<span class=\"_ _2\"></span>erradas del Litoral, S.A.<span class=\"_ _4a\"> </span>M<span class=\"_ _2\"></span>ontevideo (Uruguay)<span class=\"_ _10\"> </span>Ina<span class=\"_ _1\"></span>ctiva<span class=\"_ _111\"> </span>-<span class=\"_ _86\"> </span>-<span class=\"_ _4a\"> </span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a6 h34f gs406\"><div class=\"t_1 m73 x9 h34a y123e ff6 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Las Pl\u00e9yades Uruguay, S<span class=\"_ _2\"></span>.A. \u2013<span class=\"_ _1\"></span> Sucursal en </div><div class=\"t_1 m73 x9 h34a y123f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Argentina<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34f gs406\"><div class=\"t_1 m73 x72 h34a y1240 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Mont<span class=\"_ _2\"></span>evideo (Uruguay)<span class=\"_ _42\"> </span>Inactiv<span class=\"_ _2\"></span>a<span class=\"_ _4f\"> </span><span class=\"lsd3\">100<span class=\"_ _139\"> </span>100<span class=\"_ _24\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs407\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Las Pl\u00e9yades Uruguay, S<span class=\"_ _2\"></span>.A.<span class=\"_ _143\"> </span>M<span class=\"_ _2\"></span>ontevideo (Uruguay)<span class=\"_ _10\"> </span>Inac<span class=\"_ _1\"></span>tiva<span class=\"_ _16\"> </span><span class=\"lsd3\">100<span class=\"_ _139\"> </span>100<span class=\"_ _24\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h350 gs408\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Servicios Corpor<span class=\"_ _2\"></span>ativos<span class=\"_ _2\"></span>, S.L.U.<span class=\"_ _ce\"> </span>Bea<span class=\"_ _1\"></span>triz<span class=\"_ _2\"></span> de Bobadilla, 14 (M<span class=\"_ _2\"></span>adrid)<span class=\"_ _19\"> </span>I<span class=\"_ _1\"></span>nactiva<span class=\"_ _4f\"> </span><span class=\"lsd3\">100<span class=\"_ _139\"> </span>100<span class=\"_ _24\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs409\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Capacitaci\u00f3n de Se<span class=\"_ _1\"></span>rvicios<span class=\"_ _2\"></span> Forestales, S.L.<span class=\"_ _185\"> </span>Curtis <span class=\"_ _2\"></span>(La Coru\u00f1a)<span class=\"_ _e3\"> </span>T<span class=\"_ _1\"></span>rabajos forestales<span class=\"_ _d3\"> </span><span class=\"lsd3\">25<span class=\"_ _84\"> </span>25<span class=\"_ _9b\"> </span></span>M.P.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34f gs40a\"><div class=\"t_1 m73 x9 h34a y1240 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Biog\u00e1s, S.L.<span class=\"_ _13c\"> </span>Be<span class=\"_ _1\"></span>atriz d<span class=\"_ _2\"></span>e Bobadilla,<span class=\"_ _1\"></span> 14<span class=\"_ _2\"></span> (Madrid)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a5 h34f gs40b\"><div class=\"t_1 m73 x9 h34a y1245 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Producci\u00f3n y <span class=\"_ _2\"></span>venta de biog\u00e1s y<span class=\"_ _2\"></span> </div><div class=\"t_1 m73 x9 h34a y123f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">fertilizantes<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34f gs40a\"><div class=\"t_1 m73 x18a h34a y1240 ff4 fs8a fc0_1 sc0_1 lsd3 ws0_1\">100<span class=\"_ _b\"> </span><span class=\"ls0_1\">-<span class=\"_ _4a\"> </span>I.G.<span class=\"_ _1be\"> </span></span></div></div><div class=\"c_1 w1a3 h34f gs40c\"><div class=\"t_1 m73 x9 h34a y1247 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">BioCH4 <span class=\"_ _2\"></span>De<span class=\"_ _1\"></span>velopments, S.L.<span class=\"_ _d5\"> </span>Be<span class=\"_ _1\"></span>atriz d<span class=\"_ _2\"></span>e Boba<span class=\"_ _1\"></span>dilla, 14<span class=\"_ _2\"></span> (Madrid)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a5 h34f gs40d\"><div class=\"t_1 m73 x9 h34a y1248 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">De<span class=\"_ _1\"></span>sarrollo y<span class=\"_ _2\"></span> const<span class=\"_ _2\"></span>rucci\u00f3n plantas <span class=\"_ _2\"></span>de </div><div class=\"t_1 m73 x9 h34a y123f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">biogas<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34f gs40c\"><div class=\"t_1 m73 x2f h34a y1247 ff4 fs8a fc0_1 sc0_1 lsd3 ws0_1\">60<span class=\"_ _9b\"> </span><span class=\"ls0_1\">-<span class=\"_ _4a\"> </span>I.<span class=\"_ _1\"></span>G.<span class=\"_ _1be\"> </span></span></div></div><div class=\"c_1 w1a3 h349 gs40e\"><div class=\"t_1 m73 x9 h34b y122f ff3 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Negocio de ene<span class=\"_ _2\"></span>rg\u00eda renova<span class=\"_ _1\"></span>ble-<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34d gs40f\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Magnon G<span class=\"_ _2\"></span>ree<span class=\"_ _1\"></span>n Energy, S.L.<span class=\"_ _1\"></span> (a)<span class=\"_ _f0\"> </span>Beatriz de Bobadilla, 14<span class=\"_ _2\"></span> (Madrid)<span class=\"_ _19\"> </span>Holding <span class=\"_ _2\"></span>y gesti\u00f3n<span class=\"_ _2\"></span> de biomasa<span class=\"_ _83\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _3a\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34c gs410\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Celulosa Ene<span class=\"_ _1\"></span>rg\u00eda, S.A.U. (a<span class=\"_ _1\"></span>)<span class=\"_ _161\"> </span>Arm<span class=\"_ _2\"></span>ental s/<span class=\"_ _2\"></span>n 33<span class=\"_ _2\"></span>71<span class=\"_ _2\"></span>0-Navia (As<span class=\"_ _2\"></span>turias<span class=\"_ _2\"></span>)<span class=\"_ _bd\"> </span>P<span class=\"_ _2\"></span>roducci\u00f3n y v<span class=\"_ _2\"></span>enta de ene<span class=\"_ _1\"></span>rg\u00eda el\u00e9<span class=\"_ _1\"></span>ctrica<span class=\"_ _ff\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _46\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34d gs411\"><div class=\"t_1 m73 x9 h34a y123a ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Ene<span class=\"_ _1\"></span>rg\u00eda Hu<span class=\"_ _2\"></span>elva, S.L.<span class=\"_ _1\"></span>U. (a)<span class=\"_ _106\"> </span>Bea<span class=\"_ _1\"></span>triz<span class=\"_ _2\"></span> de Bobadilla, 14 (M<span class=\"_ _2\"></span>adrid)<span class=\"_ _19\"> </span>Producci\u00f3n y venta de ene<span class=\"_ _1\"></span>rg\u00eda el\u00e9<span class=\"_ _1\"></span>ctrica<span class=\"_ _ff\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _3a\"> </span></span>I.<span class=\"_ _1\"></span>G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs412\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Ene<span class=\"_ _1\"></span>rg\u00eda Extremadura, S.L.<span class=\"_ _1\"></span>U. (a)<span class=\"_ _8\"> </span>Beatriz de Bobadilla, 14 (M<span class=\"_ _2\"></span>adrid)<span class=\"_ _19\"> </span>Producci\u00f3n y venta de ene<span class=\"_ _1\"></span>rg\u00eda el\u00e9<span class=\"_ _1\"></span>ctrica<span class=\"_ _ff\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _3a\"> </span></span>I.<span class=\"_ _1\"></span>G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34c gs413\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Ene<span class=\"_ _1\"></span>rg\u00eda Hu<span class=\"_ _2\"></span>elva Dos, S.L.<span class=\"_ _1\"></span>U. (a)<span class=\"_ _ce\"> </span>Bea<span class=\"_ _1\"></span>triz<span class=\"_ _2\"></span> de Bobadilla, 14 (M<span class=\"_ _2\"></span>adrid)<span class=\"_ _19\"> </span>Producci\u00f3n y venta de ene<span class=\"_ _1\"></span>rg\u00eda el\u00e9<span class=\"_ _1\"></span>ctrica<span class=\"_ _ff\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _3a\"> </span></span>I.<span class=\"_ _1\"></span>G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34d gs414\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ene<span class=\"_ _1\"></span>rg\u00eda de la Loma, S.A. (a)<span class=\"_ _d5\"> </span>Villanueva del Arzobis<span class=\"_ _2\"></span>po (Ja\u00e9<span class=\"_ _1\"></span>n)<span class=\"_ _107\"> </span>Producci\u00f3n y <span class=\"_ _2\"></span>venta de ene<span class=\"_ _1\"></span>rg\u00eda el\u00e9<span class=\"_ _1\"></span>ctrica<span class=\"_ _ed\"> </span>3<span class=\"_ _2\"></span>2,67<span class=\"_ _185\"> </span>3<span class=\"_ _2\"></span>2,67<span class=\"_ _f7\"> </span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs415\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ene<span class=\"_ _1\"></span>rg\u00edas de la M<span class=\"_ _2\"></span>ancha Ene<span class=\"_ _1\"></span>man, S.A. (a)<span class=\"_ _7\"> </span>Villart<span class=\"_ _2\"></span>a de San Juan (Ciudad Re<span class=\"_ _1\"></span>al)<span class=\"_ _ec\"> </span>P<span class=\"_ _2\"></span>roducci\u00f3n y v<span class=\"_ _2\"></span>enta de e<span class=\"_ _1\"></span>nerg\u00eda e<span class=\"_ _1\"></span>l\u00e9ctrica<span class=\"_ _ed\"> </span>3<span class=\"_ _2\"></span>4,89<span class=\"_ _185\"> </span>3<span class=\"_ _2\"></span>4,89<span class=\"_ _84\"> </span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34c gs416\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Ene<span class=\"_ _1\"></span>rg\u00eda Puertollano, S.L.U. (a)<span class=\"_ _e9\"> </span>Bea<span class=\"_ _1\"></span>triz<span class=\"_ _2\"></span> de Bobadilla, 14 (M<span class=\"_ _2\"></span>adrid)<span class=\"_ _19\"> </span>Producci\u00f3n y venta de ene<span class=\"_ _1\"></span>rg\u00eda el\u00e9<span class=\"_ _1\"></span>ctrica<span class=\"_ _ff\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _3a\"> </span></span>I.<span class=\"_ _1\"></span>G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h351 gs417\"><div class=\"t_1 m73 x9 h34a y1240 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Bioene<span class=\"_ _1\"></span>rg\u00eda Santamar\u00eda, S.A (a)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a4 h351 gs418\"><div class=\"t_1 m73 x9 h34a y123e ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Camino V<span class=\"_ _2\"></span>iejo de B<span class=\"_ _1\"></span>enamej\u00ed,<span class=\"_ _1\"></span> s/<span class=\"_ _2\"></span>n,  </div><div class=\"t_1 m73 x9 h34a y123f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Luce<span class=\"_ _1\"></span>na (Cordoba)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h351 gs417\"><div class=\"t_1 m73 xd h34a y1240 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Producci\u00f3n y <span class=\"_ _2\"></span>venta de ene<span class=\"_ _1\"></span>rg\u00eda el\u00e9<span class=\"_ _1\"></span>ctrica<span class=\"_ _10e\"> </span>35<span class=\"_ _2\"></span>,7<span class=\"_ _7\"> </span>35<span class=\"_ _2\"></span>,7<span class=\"_ _12d\"> </span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h350 gs419\"><div class=\"t_1 m73 x9 h34a y1235 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ancen Solar VI, S.L.U.<span class=\"_ _1\"></span> <span class=\"_ _7d\"> </span>Beatriz de Bobadilla, 14<span class=\"_ _2\"></span> (Madrid)<span class=\"_ _19\"> </span>(*<span class=\"_ _1\"></span>**<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _3a\"> </span></span>I.<span class=\"_ _1\"></span>G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs41a\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ancen Solar II,<span class=\"_ _1\"></span> S.L.U. <span class=\"_ _dd\"> </span>Be<span class=\"_ _1\"></span>atriz <span class=\"_ _2\"></span>de Bobadilla,<span class=\"_ _1\"></span> 14<span class=\"_ _2\"></span> (Madrid<span class=\"_ _2\"></span>)<span class=\"_ _30\"> </span>(***<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _46\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs41b\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Ene<span class=\"_ _1\"></span>rg\u00eda Este, S.L.U.<span class=\"_ _1a8\"> </span>Be<span class=\"_ _1\"></span>atriz <span class=\"_ _2\"></span>de Bobadilla,<span class=\"_ _1\"></span> 14<span class=\"_ _2\"></span> (M<span class=\"_ _2\"></span>adrid)<span class=\"_ _30\"> </span>(***<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _3a\"> </span></span>I.<span class=\"_ _1\"></span>G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h350 gs41c\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Ene<span class=\"_ _1\"></span>rg\u00eda Extremadura 2, S.L.U.<span class=\"_ _17c\"> </span>Beatriz de Bobadilla, 14 <span class=\"_ _2\"></span>(Madrid)<span class=\"_ _19\"> </span>(*<span class=\"_ _1\"></span>**<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _46\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs41d\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Sost<span class=\"_ _2\"></span>enibilidad y Econom\u00ed<span class=\"_ _2\"></span>a Circular, S.L.<span class=\"_ _1\"></span>U.<span class=\"_ _3d\"> </span>Beatriz de Bobadilla, 14 (M<span class=\"_ _2\"></span>adrid)<span class=\"_ _19\"> </span>Gesti\u00f3n de residuos <span class=\"_ _2\"></span>no peligrosos<span class=\"_ _12\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _46\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs41e\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Ene<span class=\"_ _1\"></span>rg\u00eda Celta, S.L.<span class=\"_ _1\"></span>U. <span class=\"_ _ac\"> </span>Beatriz de Bobadilla, 14 (M<span class=\"_ _2\"></span>adrid)<span class=\"_ _19\"> </span>(*<span class=\"_ _1\"></span>*<span class=\"_ _1\"></span>*)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _46\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h350 gs41f\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Ene<span class=\"_ _1\"></span>rg\u00eda Casti<span class=\"_ _2\"></span>lla y Le\u00f3n, S.L.U.<span class=\"_ _22\"> </span>Bea<span class=\"_ _1\"></span>triz<span class=\"_ _2\"></span> de Bobadilla, 14 (M<span class=\"_ _2\"></span>adrid)<span class=\"_ _19\"> </span>(<span class=\"_ _1\"></span>**<span class=\"_ _1\"></span>*)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _46\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs420\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Ene<span class=\"_ _1\"></span>rg\u00eda Casti<span class=\"_ _2\"></span>lla y Le\u00f3n Dos, S.L.U.<span class=\"_ _ff\"> </span>Be<span class=\"_ _1\"></span>atriz de Bobadilla, 14<span class=\"_ _2\"></span> (Madrid)<span class=\"_ _19\"> </span>(*<span class=\"_ _1\"></span>**<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _3a\"> </span></span>I.<span class=\"_ _1\"></span>G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h350 gs421\"><div class=\"t_1 m73 x9 h34a y123a ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Ene<span class=\"_ _1\"></span>rg\u00eda Pam<span class=\"_ _2\"></span>i, S.L.U.<span class=\"_ _1a9\"> </span>Be<span class=\"_ _1\"></span>atriz <span class=\"_ _2\"></span>de Bobadilla,<span class=\"_ _1\"></span> 14<span class=\"_ _2\"></span> (M<span class=\"_ _2\"></span>adrid)<span class=\"_ _30\"> </span>(***<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _3a\"> </span></span>I.<span class=\"_ _1\"></span>G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs422\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Biomasa C\u00f3rdoba, S.L.U<span class=\"_ _162\"> </span>Beatriz d<span class=\"_ _2\"></span>e Boba<span class=\"_ _1\"></span>dilla, 14<span class=\"_ _2\"></span> (Madrid)<span class=\"_ _19\"> </span>(**<span class=\"_ _1\"></span>*<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _3a\"> </span></span>I.<span class=\"_ _1\"></span>G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs423\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Lepe<span class=\"_ _1\"></span> 40 <span class=\"_ _2\"></span>Solar, S.L.U. <span class=\"_ _194\"> </span>Be<span class=\"_ _1\"></span>atriz de Bobadilla, 14 <span class=\"_ _2\"></span>(Madrid)<span class=\"_ _19\"> </span>(*<span class=\"_ _1\"></span>**<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _46\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h350 gs424\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Huelva 1<span class=\"_ _2\"></span>0 S<span class=\"_ _2\"></span>olar, S.L.U<span class=\"_ _1aa\"> </span>Be<span class=\"_ _1\"></span>atriz <span class=\"_ _2\"></span>de Bobadilla,<span class=\"_ _1\"></span> 14<span class=\"_ _2\"></span> (M<span class=\"_ _2\"></span>adrid)<span class=\"_ _30\"> </span>(***<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _3a\"> </span></span>I.<span class=\"_ _1\"></span>G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs425\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">And\u00fajar 10<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span>Solar, S.L.U.<span class=\"_ _e3\"> </span>Beatriz de Bobadilla, 14 <span class=\"_ _2\"></span>(Madrid)<span class=\"_ _19\"> </span>(*<span class=\"_ _1\"></span>**<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _46\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs426\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ancen Solar III<span class=\"_ _1\"></span>, S.L.<span class=\"_ _1\"></span>U.<span class=\"_ _dd\"> </span>Beatriz de Bobadilla, 14 (M<span class=\"_ _2\"></span>adrid)<span class=\"_ _19\"> </span>(*<span class=\"_ _1\"></span>*<span class=\"_ _1\"></span>*)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _46\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h350 gs427\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Granada 13<span class=\"_ _2\"></span>3 S<span class=\"_ _2\"></span>olar, S.L.U.<span class=\"_ _8e\"> </span>Be<span class=\"_ _1\"></span>atriz de Bobadilla, 14 (M<span class=\"_ _2\"></span>adrid)<span class=\"_ _19\"> </span>(*<span class=\"_ _1\"></span>**<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _46\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs428\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Sevilla 90<span class=\"_ _2\"></span> Sol<span class=\"_ _2\"></span>ar, S.L.<span class=\"_ _1\"></span>U.<span class=\"_ _1aa\"> </span>Beatriz de Bobadilla, 14 (M<span class=\"_ _2\"></span>adrid)<span class=\"_ _19\"> </span>(*<span class=\"_ _1\"></span>**<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _46\"> </span></span>I.G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h350 gs429\"><div class=\"t_1 m73 x9 h34a y1235 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ancen Solar IV, S.L.U.<span class=\"_ _13e\"> </span>Be<span class=\"_ _1\"></span>atriz de Bobadilla, 14<span class=\"_ _2\"></span> (Madrid)<span class=\"_ _19\"> </span>(*<span class=\"_ _1\"></span>**<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _3a\"> </span></span>I.<span class=\"_ _1\"></span>G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs42a\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ancen Solar V, S.L.U.<span class=\"_ _80\"> </span>Be<span class=\"_ _1\"></span>atriz d<span class=\"_ _2\"></span>e Bobadilla,<span class=\"_ _1\"></span> 14<span class=\"_ _2\"></span> (Madrid)<span class=\"_ _19\"> </span>(**<span class=\"_ _1\"></span>*<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _3a\"> </span></span>I.<span class=\"_ _1\"></span>G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h349 gs42b\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Ence<span class=\"_ _1\"></span> Ene<span class=\"_ _1\"></span>rg\u00eda Puertollano 2<span class=\"_ _2\"></span>, S.L.U.<span class=\"_ _14\"> </span>Be<span class=\"_ _1\"></span>atriz d<span class=\"_ _2\"></span>e Bobadilla,<span class=\"_ _1\"></span> 14<span class=\"_ _2\"></span> (Madrid)<span class=\"_ _19\"> </span>(**<span class=\"_ _1\"></span>*<span class=\"_ _1\"></span>)<span class=\"_ _11c\"> </span><span class=\"lsd3\">51<span class=\"_ _84\"> </span>51<span class=\"_ _3a\"> </span></span>I.<span class=\"_ _1\"></span>G.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34d gs42c\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Oleoe<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rg\u00eda de Puertollano, S.L.<span class=\"_ _f3\"> </span>A<span class=\"_ _2\"></span>rruzafa, 21 <span class=\"_ _2\"></span>(C\u00f3rdoba)<span class=\"_ _42\"> </span>Pr<span class=\"_ _2\"></span>oducci\u00f3n y v<span class=\"_ _2\"></span>enta de e<span class=\"_ _1\"></span>nerg\u00eda e<span class=\"_ _1\"></span>l\u00e9ctrica<span class=\"_ _ed\"> </span>15<span class=\"_ _2\"></span>,30<span class=\"_ _154\"> </span><span class=\"lsd3\">15<span class=\"_ _9b\"> </span></span>M<span class=\"_ _2\"></span>.P.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h34c gs42d\"><div class=\"t_1 m73 x9 h34a y122f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">(a) Cue<span class=\"_ _1\"></span>ntas <span class=\"_ _2\"></span>anuales auditadas<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a3 h352 gs42e\"><div class=\"t_1 m73 x9 h34a y1269 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">(c) D<span class=\"_ _1\"></span>urante 202<span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>Fuerzas Energ\u00e9ticas Sur Europa XXIX, S.L. se ha fusionado con Ence Ene<span class=\"_ _1\"></span>rg\u00eda Puertollano, S.L.U.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a7 h34c gs42f\"><div class=\"t_1 m73 x9 h34a y126b ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">(**<span class=\"_ _1\"></span>*<span class=\"_ _1\"></span>) Actualmente en fase de<span class=\"_ _1\"></span> tram<span class=\"_ _2\"></span>itaci\u00f3n adm<span class=\"_ _2\"></span>inist<span class=\"_ _2\"></span>rativa d<span class=\"_ _2\"></span>e nue<span class=\"_ _1\"></span>vas <span class=\"_ _2\"></span>plantas <span class=\"_ _2\"></span>de ge<span class=\"_ _1\"></span>nerac<span class=\"_ _1\"></span>i\u00f3n de ene<span class=\"_ _1\"></span>rg\u00eda renovable.<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a7 h34d gs430\"><div class=\"t_1 m73 x9 h34a y126b ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">(**<span class=\"_ _1\"></span>) Variaciones del pe<span class=\"_ _1\"></span>r\u00edmetro d<span class=\"_ _2\"></span>urante el e<span class=\"_ _1\"></span>jerc<span class=\"_ _1\"></span>icio 20<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span> (ver Nota 6<span class=\"_ _2\"></span>).<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a7 h353 gs431\"><div class=\"t_1 m73 x9 h34a y126e ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">(**<span class=\"_ _1\"></span>*<span class=\"_ _1\"></span>*) Ca<span class=\"_ _1\"></span>mbio <span class=\"_ _2\"></span>de denominaci\u00f3n en 202<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a7 h34d gs432\"><div class=\"t_1 m73 x9 h34a y1270 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">(b) M\u00e9todo de consolid<span class=\"_ _2\"></span>aci\u00f3n:  I.G. (integraci\u00f3n global); M<span class=\"_ _2\"></span>.P. (M\u00e9todo de participaci\u00f3n)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a7 h34c gs433\"><div class=\"t_1 m73 x9 h34a y126b ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">(*)<span class=\"_ _1\"></span> Variaciones del per\u00edmetro durant<span class=\"_ _2\"></span>e e<span class=\"_ _1\"></span>l eje<span class=\"_ _1\"></span>rcicio 202<span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>(ver Nota 6).<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a8 h354 gs434\"><div class=\"t_1 m73 xa h34a y1273 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">% de participaci\u00f3n </div><div class=\"t_1 m73 x40 h34a y1274 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">directa o indirecta<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a9 h355 gs435\"><div class=\"t_1 m73 xa h34a y1275 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">M\u00e9todo de </div><div class=\"t_1 m73 x17f h34a y1276 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">cosolidaci\u00f3n </div><div class=\"t_1 m73 x3a h34a y1237 ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">(b)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a5 h355 gs436\"><div class=\"t_1 m73 x9 h34a y123f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Activi<span class=\"_ _2\"></span>dad<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a4 h355 gs437\"><div class=\"t_1 m73 x9 h34a y123f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Domicilio<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w1a6 h355 gs3fa\"><div class=\"t_1 m73 x9 h34a y123f ff4 fs8a fc0_1 sc0_1 ls0_1 ws0_1\">Sociedad </div></div><div class=\"c_1 w2_1 h57 gs439\"><div class=\"t_1 m0_1 x60 h8_1 y20f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x60 h8_1 yb00 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y1277 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y1278 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y1279 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y127a ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x187 h5b yec6 ff7 fs14 fc0_1 sc0_1 ls0_1 ws0_1\">Anex<span class=\"_ _bb\"></span>o II \u2013 Estados financieros por Negocios<span class=\"ff3\"> </span></div><div class=\"t_1 m0_1 xe h3_1 y127b ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x187 h5b y2a6 ff3 fs14 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xe h3_1 y241 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div></div>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1ab\"> </span><span class=\"ff3\">Ne<span class=\"_ _2\"></span>goci<span class=\"_ _1\"></span>o Ce<span class=\"_ _2\"></span>lulos<span class=\"_ _1\"></span>a<span class=\"_ _b2\"> </span>N<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>goc<span class=\"_ _1\"></span>io E<span class=\"_ _1\"></span>ner<span class=\"_ _2\"></span>g\u00eda<span class=\"_ _1be\"> </span></span>Ajustes y<span class=\"_ _1be\"> </span>El<span class=\"_ _1\"></span>iminac<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ones<span class=\"_ _1be\"> </span>TOT<span class=\"_ _1\"></span>AL C<span class=\"_ _2\"></span>ON<span class=\"_ _2\"></span>SOL<span class=\"_ _2\"></span>ID<span class=\"_ _1\"></span>ADO<span class=\"_ _10a\"> </span>Ne<span class=\"_ _2\"></span>goci<span class=\"_ _1\"></span>o Ce<span class=\"_ _2\"></span>lulos<span class=\"_ _1\"></span>a<span class=\"_ _b2\"> </span>N<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>goc<span class=\"_ _1\"></span>io E<span class=\"_ _1\"></span>ner<span class=\"_ _2\"></span>g\u00eda<span class=\"_ _1be\"> </span>Ajustes y<span class=\"_ _1be\"> </span>El<span class=\"_ _1\"></span>iminac<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>ones<span class=\"_ _1be\"> </span>TOT<span class=\"_ _1\"></span>AL C<span class=\"_ _2\"></span>ON<span class=\"_ _2\"></span>SOL<span class=\"_ _2\"></span>ID<span class=\"_ _1\"></span>AD<span class=\"_ _1be\"> </span>ACTI<span class=\"_ _1\"></span>VO N<span class=\"_ _2\"></span>O C<span class=\"_ _2\"></span>ORR<span class=\"_ _1\"></span>IE<span class=\"_ _1\"></span>NTE<span class=\"_ _1\"></span>:<span class=\"_ _1be\"> </span>A<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vo i<span class=\"_ _4\"></span>nta<span class=\"_ _2\"></span>ngi<span class=\"_ _4\"></span>bl<span class=\"_ _4\"></span>e-    Fond<span class=\"_ _2\"></span>o de comerci<span class=\"_ _4\"></span>o<span class=\"_ _19d\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _170\"> </span>                          -   <span class=\"_ _c1\"> </span>                          -   <span class=\"_ _c1\"> </span>                                -   <span class=\"_ _74\"> </span>                          -   <span class=\"_ _8c\"> </span></span>  1.4<span class=\"_ _2\"></span>93<span class=\"_ _2\"></span>   <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _6a\"> </span></span>  1.49<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>      O<span class=\"_ _2\"></span>tros<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _4\"></span> i<span class=\"_ _4\"></span>nta<span class=\"_ _2\"></span>ngi<span class=\"_ _4\"></span>bl<span class=\"_ _4\"></span>es<span class=\"_ _29\"> </span> <span class=\"_ _2\"></span> 15<span class=\"_ _2\"></span>.61<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>   <span class=\"_ _191\"> </span>  35<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _c1\"> </span><span class=\"lsd4\">            (1<span class=\"_ _2\"></span>2.71<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)   <span class=\"_ _43\"> </span></span>  3<span class=\"_ _2\"></span>7.9<span class=\"_ _2\"></span>06<span class=\"_ _2\"></span>   <span class=\"_ _f5\"> </span>  <span class=\"_ _2\"></span>13<span class=\"_ _2\"></span>.16<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>  <span class=\"_ _97\"> </span> <span class=\"_ _2\"></span> 36<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _c1\"> </span><span class=\"lsd4\">            (1<span class=\"_ _2\"></span>3.28<span class=\"_ _2\"></span>7)   <span class=\"_ _d4\"> </span></span>  36<span class=\"_ _2\"></span>.445<span class=\"_ _2\"></span>  Pr<span class=\"_ _2\"></span>opi<span class=\"_ _4\"></span>eda<span class=\"_ _2\"></span>d, pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ta y <span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>qui<span class=\"_ _4\"></span>po<span class=\"_ _1ac\"> </span>  60<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.37<span class=\"_ _2\"></span>2  <span class=\"_ _2\"></span> <span class=\"_ _24\"> </span>  38<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.02<span class=\"_ _2\"></span>0   <span class=\"_ _14a\"> </span><span class=\"lsd4\">               (8<span class=\"_ _2\"></span>.516<span class=\"_ _2\"></span>)   <span class=\"_ _12\"> </span></span>  9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.876<span class=\"_ _2\"></span>   <span class=\"_ _90\"> </span>  4<span class=\"_ _2\"></span>36<span class=\"_ _2\"></span>.85<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _24\"> </span>  45<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.29<span class=\"_ _2\"></span>7  <span class=\"_ _2\"></span> <span class=\"_ _14a\"> </span><span class=\"lsd4\">               (9.59<span class=\"_ _2\"></span>2)   <span class=\"_ _12\"> </span></span> <span class=\"_ _2\"></span> 88<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.56<span class=\"_ _2\"></span>1  A<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _4\"></span> bi<span class=\"_ _4\"></span>ol<span class=\"_ _4\"></span>\u00f3gi<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>os<span class=\"_ _1ad\"> </span>  60<span class=\"_ _2\"></span>.37<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>   <span class=\"_ _f3\"> </span>  1<span class=\"_ _2\"></span>56<span class=\"_ _2\"></span>   <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _43\"> </span></span> <span class=\"_ _2\"></span> 60<span class=\"_ _2\"></span>.53<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _f5\"> </span>  5<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.582<span class=\"_ _2\"></span>   <span class=\"_ _f3\"> </span>  1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>0   <span class=\"_ _149\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _f3\"> </span></span> <span class=\"_ _2\"></span> 59<span class=\"_ _2\"></span>.72<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>  A<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> a<span class=\"_ _4\"></span> l<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>go pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo-<span class=\"_ _1be\"> </span>Ca<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>ra<span class=\"_ _4\"></span> de va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>res  11<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.52<span class=\"_ _2\"></span>8  <span class=\"_ _2\"></span> <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _ab\"> </span>          (1<span class=\"_ _2\"></span>12<span class=\"_ _2\"></span>.52<span class=\"_ _2\"></span>8)   <span class=\"_ _c1\"> </span>                                -   <span class=\"_ _a\"> </span></span> <span class=\"_ _2\"></span> 11<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.52<span class=\"_ _2\"></span>8   <span class=\"_ _149\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _ab\"> </span>          (11<span class=\"_ _2\"></span>2.52<span class=\"_ _2\"></span>8)   <span class=\"_ _149\"> </span>                                -  </span>I<span class=\"_ _2\"></span>nvers<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>onta<span class=\"_ _2\"></span>bi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>da<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span> el<span class=\"_ _2\"></span> m\u00e9<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>odo d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n  39<span class=\"_ _2\"></span>   <span class=\"_ _4e\"> </span>  1<span class=\"_ _2\"></span>   <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _4d\"> </span></span>  4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _161\"> </span>  25<span class=\"_ _2\"></span>   <span class=\"_ _4e\"> </span>  1<span class=\"_ _2\"></span>   <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _4d\"> </span></span>  2<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>  Cr\u00e9di<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> empresa<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span> del<span class=\"_ _2\"></span> gru<span class=\"_ _2\"></span>po y a<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>da<span class=\"_ _2\"></span>s  18<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>   <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _c1\"> </span>            (1<span class=\"_ _2\"></span>8.57<span class=\"_ _2\"></span>5)   <span class=\"_ _149\"> </span>                                -   <span class=\"_ _13d\"> </span></span>  3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.342<span class=\"_ _2\"></span>   <span class=\"_ _149\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _170\"> </span>            (3<span class=\"_ _2\"></span>8.34<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)   <span class=\"_ _c1\"> </span>                                -  </span>De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>dos<span class=\"_ _4\"></span> de co<span class=\"_ _2\"></span>bertura<span class=\"_ _4\"></span> <span class=\"_ _3f\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _15a\"> </span></span>  3<span class=\"_ _2\"></span>.33<span class=\"_ _2\"></span>1   <span class=\"_ _149\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _aa\"> </span></span>  3<span class=\"_ _2\"></span>.33<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _74\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _c1\"> </span>                          -   <span class=\"_ _c1\"> </span>                          -   <span class=\"_ _c1\"> </span>                                -  </span>Otra<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>vers<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es fi<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>era<span class=\"_ _2\"></span>s<span class=\"_ _1ae\"> </span>  20<span class=\"_ _2\"></span>.75<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>   <span class=\"_ _191\"> </span>  1<span class=\"_ _2\"></span>2.06<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>   <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _43\"> </span></span> <span class=\"_ _2\"></span> 32<span class=\"_ _2\"></span>.81<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _f5\"> </span>  1<span class=\"_ _2\"></span>4.5<span class=\"_ _2\"></span>60<span class=\"_ _2\"></span>   <span class=\"_ _191\"> </span>  1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.920<span class=\"_ _2\"></span>   <span class=\"_ _149\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _f3\"> </span></span>  <span class=\"_ _2\"></span>26<span class=\"_ _2\"></span>.48<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span> A<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>mpues<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span> di<span class=\"_ _4\"></span>feri<span class=\"_ _4\"></span>dos<span class=\"_ _19f\"> </span>  30.5<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>   <span class=\"_ _191\"> </span>  1<span class=\"_ _2\"></span>9.3<span class=\"_ _2\"></span>94<span class=\"_ _2\"></span>   <span class=\"_ _8c\"> </span>  3<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _43\"> </span>  <span class=\"_ _2\"></span>53<span class=\"_ _2\"></span>.09<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>  <span class=\"_ _f5\"> </span>  2<span class=\"_ _2\"></span>0.1<span class=\"_ _2\"></span>06<span class=\"_ _2\"></span>   <span class=\"_ _191\"> </span>  2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.123<span class=\"_ _2\"></span>   <span class=\"_ _8c\"> </span>  <span class=\"_ _2\"></span>3.33<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>   <span class=\"_ _43\"> </span> <span class=\"_ _2\"></span> 45<span class=\"_ _2\"></span>.56<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>    86<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.766<span class=\"_ _2\"></span>   <span class=\"_ _24\"> </span>  4<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>8.96<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>   <span class=\"_ _ab\"> </span><span class=\"lsd4\">          (1<span class=\"_ _2\"></span>49<span class=\"_ _2\"></span>.140<span class=\"_ _2\"></span>)   <span class=\"_ _92\"> </span></span>  1<span class=\"_ _2\"></span>.17<span class=\"_ _2\"></span>1.59<span class=\"_ _2\"></span>1  <span class=\"_ _2\"></span> <span class=\"_ _a\"> </span>  6<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>5.16<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _24\"> </span>  5<span class=\"_ _2\"></span>28<span class=\"_ _2\"></span>.545<span class=\"_ _2\"></span>   <span class=\"_ _170\"> </span><span class=\"lsd4\">          (17<span class=\"_ _2\"></span>0.41<span class=\"_ _2\"></span>5)   <span class=\"_ _4a\"> </span></span>  1.05<span class=\"_ _2\"></span>3.29<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span> ACTI<span class=\"_ _1\"></span>VO CO<span class=\"_ _2\"></span>RR<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>ENTE<span class=\"_ _1\"></span>:<span class=\"_ _1be\"> </span>Exi<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _174\"> </span>  80<span class=\"_ _2\"></span>.48<span class=\"_ _2\"></span>6   <span class=\"_ _191\"> </span>  2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.86<span class=\"_ _2\"></span>0  <span class=\"_ _2\"></span> <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _12\"> </span></span>  1<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>.34<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _f5\"> </span>  5<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.59<span class=\"_ _2\"></span>8   <span class=\"_ _191\"> </span>  1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.09<span class=\"_ _2\"></span>5   <span class=\"_ _149\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _43\"> </span></span>  65<span class=\"_ _2\"></span>.69<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>  De<span class=\"_ _1\"></span>udor<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>ome<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> y o<span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>uent<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>ob<span class=\"_ _2\"></span>ra<span class=\"_ _4\"></span>r<span class=\"_ _1af\"> </span>  39<span class=\"_ _2\"></span>.65<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _191\"> </span>  3<span class=\"_ _2\"></span>9.18<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>   <span class=\"_ _c1\"> </span><span class=\"lsd4\">            (2<span class=\"_ _2\"></span>9.21<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)   <span class=\"_ _43\"> </span></span>  4<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.623<span class=\"_ _2\"></span>   <span class=\"_ _8f\"> </span>  59.7<span class=\"_ _2\"></span>68<span class=\"_ _2\"></span>   <span class=\"_ _191\"> </span>  3<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.673<span class=\"_ _2\"></span>   <span class=\"_ _149\"> </span><span class=\"lsd4\">            (17.48<span class=\"_ _2\"></span>3)   <span class=\"_ _d4\"> </span></span>  78<span class=\"_ _2\"></span>.958<span class=\"_ _2\"></span>  A<span class=\"_ _1\"></span>dmi<span class=\"_ _2\"></span>ni<span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>tra<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> P<span class=\"_ _2\"></span>\u00fabl<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> deudor<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _c\"> </span>  19.72<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _8c\"> </span>  1<span class=\"_ _2\"></span>.28<span class=\"_ _2\"></span>8 <span class=\"_ _2\"></span>  <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _43\"> </span></span>  2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.01<span class=\"_ _2\"></span>0   <span class=\"_ _8f\"> </span>  10<span class=\"_ _2\"></span>.413<span class=\"_ _2\"></span>   <span class=\"_ _8c\"> </span> <span class=\"_ _2\"></span> 5.48<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _43\"> </span></span> <span class=\"_ _2\"></span> 15<span class=\"_ _2\"></span>.89<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>  I<span class=\"_ _2\"></span>mpuesto s<span class=\"_ _4\"></span>obr<span class=\"_ _2\"></span>e be<span class=\"_ _1\"></span>nefi<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>, deudor  6.7<span class=\"_ _2\"></span>61<span class=\"_ _2\"></span>   <span class=\"_ _8c\"> </span>  1<span class=\"_ _2\"></span>.26<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>   <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _d1\"> </span></span>  8<span class=\"_ _2\"></span>.02<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>   <span class=\"_ _42\"> </span>  1<span class=\"_ _2\"></span>.50<span class=\"_ _2\"></span>7   <span class=\"_ _f3\"> </span>  3<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span>  <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _d1\"> </span></span>  1<span class=\"_ _2\"></span>.84<span class=\"_ _2\"></span>2  A<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> a<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>to pl<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>zo-    Cr<span class=\"_ _2\"></span>\u00e9di<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span> em<span class=\"_ _1\"></span>pres<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> del<span class=\"_ _2\"></span> gr<span class=\"_ _2\"></span>upo<span class=\"_ _2\"></span> y a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>da<span class=\"_ _4\"></span>s  38<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _20\"> </span> <span class=\"_ _2\"></span> 45<span class=\"_ _2\"></span>   <span class=\"_ _170\"> </span><span class=\"lsd4\">                  (39<span class=\"_ _2\"></span>8)   <span class=\"_ _81\"> </span></span>  36<span class=\"_ _2\"></span>   <span class=\"_ _74\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _20\"> </span></span>  3<span class=\"_ _2\"></span>6  <span class=\"_ _2\"></span> <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _4d\"> </span></span>  3<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>  De<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>dos<span class=\"_ _4\"></span> de co<span class=\"_ _2\"></span>bertura<span class=\"_ _1b0\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _15a\"> </span></span>  <span class=\"_ _2\"></span>2.57<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _d1\"> </span></span>  2<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _74\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _c1\"> </span>                          -   <span class=\"_ _c1\"> </span>                          -   <span class=\"_ _c1\"> </span>                                -  </span>Otra<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>vers<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es fi<span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>era<span class=\"_ _2\"></span>s<span class=\"_ _b8\"> </span>  9.87<span class=\"_ _2\"></span>0   <span class=\"_ _aa\"> </span>  2<span class=\"_ _2\"></span>8  <span class=\"_ _2\"></span> <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _d1\"> </span></span>  9<span class=\"_ _2\"></span>.89<span class=\"_ _2\"></span>8   <span class=\"_ _8f\"> </span>  15<span class=\"_ _2\"></span>.107<span class=\"_ _2\"></span>   <span class=\"_ _4e\"> </span>  8<span class=\"_ _2\"></span>   <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _43\"> </span></span>  1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.11<span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span> Efe<span class=\"_ _1\"></span>cti<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span> y otros<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> l<span class=\"_ _2\"></span>\u00edq<span class=\"_ _2\"></span>ui<span class=\"_ _4\"></span>dos<span class=\"_ _4\"></span> equi<span class=\"_ _4\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>es<span class=\"_ _31\"> </span>  2<span class=\"_ _2\"></span>78<span class=\"_ _2\"></span>.37<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _24\"> </span>  13<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.53<span class=\"_ _2\"></span>7 <span class=\"_ _2\"></span>  <span class=\"_ _c1\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _12\"> </span></span>  4<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>2.91<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>   <span class=\"_ _90\"> </span>  31<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.49<span class=\"_ _2\"></span>6   <span class=\"_ _191\"> </span>  6<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.46<span class=\"_ _2\"></span>8   <span class=\"_ _149\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _163\"> </span></span>  3<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.964<span class=\"_ _2\"></span>  Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ente<span class=\"_ _1\"></span>s<span class=\"_ _a5\"> </span>  1.8<span class=\"_ _2\"></span>74<span class=\"_ _2\"></span>   <span class=\"_ _f3\"> </span>  4<span class=\"_ _2\"></span>08<span class=\"_ _2\"></span>   <span class=\"_ _149\"> </span><span class=\"lsd4\">                          -   <span class=\"_ _aa\"> </span></span>  2<span class=\"_ _2\"></span>.28<span class=\"_ _2\"></span>2   <span class=\"_ _10\"> </span>  2.19<span class=\"_ _2\"></span>1   <span class=\"_ _149\"> </span><span class=\"lsd4\">                    (14)   <span class=\"_ _c1\"> </span>                          -   <span class=\"_ _6a\"> </span></span>  2.17<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>    43<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.128<span class=\"_ _2\"></span>   <span class=\"_ _24\"> </span>  2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>1.19<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _c1\"> </span><span class=\"lsd4\">            (29<span class=\"_ _2\"></span>.612<span class=\"_ _2\"></span>)   <span class=\"_ _12\"> </span></span>  6<span class=\"_ _2\"></span>08<span class=\"_ _2\"></span>.71<span class=\"_ _2\"></span>5  <span class=\"_ _2\"></span> <span class=\"_ _a\"> </span>  4<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>1.08<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _24\"> </span>  11<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.083<span class=\"_ _2\"></span>   <span class=\"_ _149\"> </span><span class=\"lsd4\">            (17.483<span class=\"_ _2\"></span>)   <span class=\"_ _12\"> </span></span>  5<span class=\"_ _2\"></span>59<span class=\"_ _2\"></span>.68<span class=\"_ _2\"></span>0  TOT<span class=\"_ _1\"></span>AL A<span class=\"_ _2\"></span>CTI<span class=\"_ _1\"></span>VO<span class=\"_ _93\"> </span>  1.298<span class=\"_ _2\"></span>.89<span class=\"_ _2\"></span>4   <span class=\"_ _24\"> </span> <span class=\"_ _2\"></span> 66<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.164<span class=\"_ _2\"></span>   <span class=\"_ _170\"> </span><span class=\"lsd4\">          (17<span class=\"_ _2\"></span>8.752<span class=\"_ _2\"></span>)   <span class=\"_ _92\"> </span></span>  <span class=\"_ _2\"></span>1.78<span class=\"_ _2\"></span>0.30<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _28\"> </span>  1<span class=\"_ _2\"></span>.15<span class=\"_ _2\"></span>6.24<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _24\"> </span>  6<span class=\"_ _2\"></span>44<span class=\"_ _2\"></span>.628<span class=\"_ _2\"></span>   <span class=\"_ _170\"> </span><span class=\"lsd4\">          (18<span class=\"_ _2\"></span>7.89<span class=\"_ _2\"></span>8)   <span class=\"_ _4a\"> </span></span>  1.61<span class=\"_ _2\"></span>2.97<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span> 2021<span class=\"_ _1be\"> </span>EST<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>DO<span class=\"_ _2\"></span>S D<span class=\"_ _2\"></span>E SITUA<span class=\"_ _1\"></span>CI\u00d3<span class=\"_ _2\"></span>N FI<span class=\"_ _2\"></span>NANCIERA CONSO<span class=\"_ _2\"></span>LID<span class=\"_ _2\"></span>ADOS PO<span class=\"_ _2\"></span>R<span class=\"_ _2\"></span> NEGOCI<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>S AL 31<span class=\"_ _2\"></span> DE D<span class=\"_ _2\"></span>ICI<span class=\"_ _2\"></span>EMB<span class=\"_ _2\"></span>RE DE 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> Y 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span>ENCE<span class=\"_ _2\"></span> E<span class=\"_ _2\"></span>NERG\u00cdA Y CE<span class=\"_ _2\"></span>LUL<span class=\"_ _1\"></span>OSA,<span class=\"_ _1\"></span> S.A<span class=\"_ _1\"></span>. Y SOC<span class=\"_ _2\"></span>IEDADE<span class=\"_ _2\"></span>S DE<span class=\"_ _2\"></span>PE<span class=\"_ _2\"></span>NDIENTES<span class=\"_ _1be\"> </span>2022<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es d<span class=\"_ _2\"></span>e E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _180\"> </span><span class=\"ff3\">Ne<span class=\"_ _2\"></span>gocio Celulosa<span class=\"_ _14a\"> </span>N<span class=\"_ _2\"></span>egocio E<span class=\"_ _1\"></span>ner<span class=\"_ _2\"></span>g\u00eda<span class=\"_ _1be\"> </span></span>Ajustes y<span class=\"_ _1be\"> </span>Eli<span class=\"_ _1\"></span>minac<span class=\"_ _1\"></span>iones<span class=\"_ _1be\"> </span>TOT<span class=\"_ _1\"></span>AL<span class=\"_ _2\"></span> CON<span class=\"_ _2\"></span>SOL<span class=\"_ _2\"></span>ID<span class=\"_ _1\"></span>ADO<span class=\"_ _185\"> </span>Ne<span class=\"_ _2\"></span>gocio Celulosa<span class=\"_ _14a\"> </span>N<span class=\"_ _2\"></span>egocio E<span class=\"_ _1\"></span>ner<span class=\"_ _2\"></span>g\u00eda<span class=\"_ _1be\"> </span>Ajustes y<span class=\"_ _1be\"> </span>Eli<span class=\"_ _1\"></span>minac<span class=\"_ _1\"></span>iones<span class=\"_ _1be\"> </span>TOT<span class=\"_ _1\"></span>AL<span class=\"_ _2\"></span> CON<span class=\"_ _2\"></span>SOL<span class=\"_ _2\"></span>ID<span class=\"_ _1\"></span>ADO<span class=\"_ _1be\"> </span>PATR<span class=\"_ _1\"></span>IM<span class=\"_ _1\"></span>ONIO N<span class=\"_ _2\"></span>ET<span class=\"_ _1\"></span>O:<span class=\"_ _1be\"> </span>Ca<span class=\"_ _2\"></span>pi<span class=\"_ _4\"></span>tal<span class=\"_ _4\"></span> s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _e6\"> </span>  221<span class=\"_ _2\"></span>.64<span class=\"_ _2\"></span>5   <span class=\"_ _8a\"> </span>  2<span class=\"_ _2\"></span>2.60<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">            (22<span class=\"_ _2\"></span>.604<span class=\"_ _2\"></span>)   <span class=\"_ _4a\"> </span></span>  22<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.645<span class=\"_ _2\"></span>   <span class=\"_ _ce\"> </span>  22<span class=\"_ _2\"></span>1.6<span class=\"_ _2\"></span>45<span class=\"_ _2\"></span>   <span class=\"_ _12d\"> </span>  <span class=\"_ _2\"></span>22<span class=\"_ _2\"></span>.60<span class=\"_ _2\"></span>4   <span class=\"_ _5c\"> </span><span class=\"lsd6\">            (2<span class=\"_ _2\"></span>2.60<span class=\"_ _2\"></span>4)   <span class=\"_ _4a\"> </span></span>  2<span class=\"_ _2\"></span>21<span class=\"_ _2\"></span>.64<span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span> Pr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span> de em<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n <span class=\"_ _b3\"> </span>  17<span class=\"_ _2\"></span>0.7<span class=\"_ _2\"></span>76<span class=\"_ _2\"></span>   <span class=\"_ _12d\"> </span>  4<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.95<span class=\"_ _2\"></span>5   <span class=\"_ _5c\"> </span><span class=\"lsd6\">            (4<span class=\"_ _2\"></span>8.95<span class=\"_ _2\"></span>5)   <span class=\"_ _4a\"> </span></span>  1<span class=\"_ _2\"></span>70<span class=\"_ _2\"></span>.77<span class=\"_ _2\"></span>6 <span class=\"_ _2\"></span>  <span class=\"_ _28\"> </span>  1<span class=\"_ _2\"></span>70<span class=\"_ _2\"></span>.77<span class=\"_ _2\"></span>6 <span class=\"_ _2\"></span>  <span class=\"_ _12d\"> </span>  4<span class=\"_ _2\"></span>8.9<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">            (48<span class=\"_ _2\"></span>.955<span class=\"_ _2\"></span>)   <span class=\"_ _4a\"> </span></span>  1<span class=\"_ _2\"></span>70<span class=\"_ _2\"></span>.77<span class=\"_ _2\"></span>6  Reserva<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _1a4\"> </span>  11<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.887<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">            (3<span class=\"_ _2\"></span>1.75<span class=\"_ _2\"></span>2)   <span class=\"_ _8b\"> </span></span>  6<span class=\"_ _2\"></span>.87<span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>  <span class=\"_ _8c\"> </span>  <span class=\"_ _2\"></span>94<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>7   <span class=\"_ _ce\"> </span>  22<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.596<span class=\"_ _2\"></span>   <span class=\"_ _12d\"> </span> <span class=\"_ _2\"></span> 10<span class=\"_ _2\"></span>.96<span class=\"_ _2\"></span>4   <span class=\"_ _5c\"> </span><span class=\"lsd6\">            (1<span class=\"_ _2\"></span>0.96<span class=\"_ _2\"></span>4)   <span class=\"_ _4a\"> </span></span>  2<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>5.59<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>  Di<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>dendo a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _1ae\"> </span><span class=\"lsd6\">            (6<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.553<span class=\"_ _2\"></span>)   <span class=\"_ _55\"> </span>                          -   <span class=\"_ _5c\"> </span>                          -   <span class=\"_ _55\"> </span>                  (6<span class=\"_ _2\"></span>6.55<span class=\"_ _2\"></span>3)   <span class=\"_ _103\"> </span>                          -   <span class=\"_ _55\"> </span>                          -   <span class=\"_ _5c\"> </span>                          -   <span class=\"_ _55\"> </span>                                -  </span>Di<span class=\"_ _2\"></span>ferenci<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> de con<span class=\"_ _2\"></span>vers<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1b2\"> </span>  1  <span class=\"_ _2\"></span> <span class=\"_ _55\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _5c\"> </span>                          -   <span class=\"_ _11\"> </span></span>  1   <span class=\"_ _ef\"> </span>  9<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _55\"> </span>                          -   <span class=\"_ _11\"> </span></span>  9  <span class=\"_ _2\"></span> Acci<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> pr<span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> - de l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> So<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>eda<span class=\"_ _2\"></span>d Domi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nte<span class=\"_ _44\"> </span><span class=\"lsd6\">            (1<span class=\"_ _2\"></span>2.95<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)   <span class=\"_ _55\"> </span>                          -   <span class=\"_ _5c\"> </span>                          -   <span class=\"_ _55\"> </span>                  (1<span class=\"_ _2\"></span>2.95<span class=\"_ _2\"></span>8)   <span class=\"_ _103\"> </span>            (12<span class=\"_ _2\"></span>.296<span class=\"_ _2\"></span>)   <span class=\"_ _55\"> </span>                          -   <span class=\"_ _5c\"> </span>                          -   <span class=\"_ _55\"> </span>                  (1<span class=\"_ _2\"></span>2.29<span class=\"_ _2\"></span>6)  </span>Ajus<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> en pa<span class=\"_ _2\"></span>tri<span class=\"_ _4\"></span>moni<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> por<span class=\"_ _2\"></span> va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _152\"> </span> <span class=\"_ _2\"></span> 40<span class=\"_ _2\"></span>.32<span class=\"_ _2\"></span>7   <span class=\"_ _86\"> </span>  5.2<span class=\"_ _2\"></span>37<span class=\"_ _2\"></span>   <span class=\"_ _5f\"> </span><span class=\"lsd6\">               (2.566<span class=\"_ _2\"></span>)   <span class=\"_ _8c\"> </span></span>  4<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.998<span class=\"_ _2\"></span>   <span class=\"_ _163\"> </span>  3<span class=\"_ _2\"></span>5.36<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _5f\"> </span><span class=\"lsd6\">               (2.182<span class=\"_ _2\"></span>)   <span class=\"_ _15a\"> </span></span>  69<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>   <span class=\"_ _d\"> </span>  33.8<span class=\"_ _2\"></span>75<span class=\"_ _2\"></span>  Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>ns<span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>ume<span class=\"_ _1\"></span>ntos<span class=\"_ _2\"></span> de pa<span class=\"_ _2\"></span>tri<span class=\"_ _4\"></span>moni<span class=\"_ _2\"></span>o n<span class=\"_ _2\"></span>et<span class=\"_ _1\"></span>o <span class=\"_ _4f\"> </span>  3<span class=\"_ _2\"></span>.75<span class=\"_ _2\"></span>3  <span class=\"_ _2\"></span> <span class=\"_ _55\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _5c\"> </span>                          -   <span class=\"_ _f1\"> </span></span>  3<span class=\"_ _2\"></span>.75<span class=\"_ _2\"></span>3   <span class=\"_ _2e\"> </span>  9.8<span class=\"_ _2\"></span>97<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _55\"> </span>                          -   <span class=\"_ _a\"> </span></span>  9.89<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>  Otra<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>orta<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span> de s<span class=\"_ _2\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>os<span class=\"_ _110\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _72\"> </span></span> <span class=\"_ _2\"></span> 17<span class=\"_ _2\"></span>0.5<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>   <span class=\"_ _55\"> </span><span class=\"lsd6\">          (170<span class=\"_ _2\"></span>.517<span class=\"_ _2\"></span>)   <span class=\"_ _5c\"> </span>                                -   <span class=\"_ _10a\"> </span>                          -   <span class=\"_ _51\"> </span></span>  17<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.517<span class=\"_ _2\"></span>   <span class=\"_ _55\"> </span><span class=\"lsd6\">          (170<span class=\"_ _2\"></span>.51<span class=\"_ _2\"></span>7)   <span class=\"_ _5c\"> </span>                                -  </span>Bene<span class=\"_ _1\"></span>fi<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o/ <span class=\"_ _2\"></span>(P\u00e9rdi<span class=\"_ _4\"></span>da<span class=\"_ _2\"></span>) c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>da<span class=\"_ _2\"></span>do <span class=\"_ _2\"></span>del<span class=\"_ _2\"></span> ejerc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _38\"> </span>  2<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>3.4<span class=\"_ _2\"></span>96<span class=\"_ _2\"></span>   <span class=\"_ _8b\"> </span>  4<span class=\"_ _2\"></span>.54<span class=\"_ _2\"></span>2 <span class=\"_ _2\"></span>  <span class=\"_ _5f\"> </span><span class=\"lsd6\">                  (8<span class=\"_ _2\"></span>18<span class=\"_ _2\"></span>)   <span class=\"_ _4a\"> </span></span>  2<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>.22<span class=\"_ _2\"></span>0   <span class=\"_ _10a\"> </span><span class=\"lsd6\">          (18<span class=\"_ _2\"></span>3.38<span class=\"_ _2\"></span>7)   <span class=\"_ _5c\"> </span>            (25<span class=\"_ _2\"></span>.546<span class=\"_ _2\"></span>)   <span class=\"_ _12d\"> </span></span>  1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.524<span class=\"_ _2\"></span>   <span class=\"_ _55\"> </span><span class=\"lsd6\">                (190<span class=\"_ _2\"></span>.409<span class=\"_ _2\"></span>)  </span>Patrim<span class=\"_ _2\"></span>onio net<span class=\"_ _2\"></span>o atr<span class=\"_ _2\"></span>ibuible a la<span class=\"_ _1\"></span> Soc<span class=\"_ _1\"></span>iedad Dominante<span class=\"_ _14b\"> </span>  71<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.374<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  2<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>.103<span class=\"_ _2\"></span>   <span class=\"_ _55\"> </span><span class=\"lsd6\">          (238<span class=\"_ _2\"></span>.588)   <span class=\"_ _4a\"> </span></span>  7<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>.88<span class=\"_ _2\"></span>9   <span class=\"_ _ce\"> </span>  53<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.026<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  2<span class=\"_ _2\"></span>08<span class=\"_ _2\"></span>.136<span class=\"_ _2\"></span>   <span class=\"_ _55\"> </span><span class=\"lsd6\">          (234<span class=\"_ _2\"></span>.502)   <span class=\"_ _4a\"> </span></span>  5<span class=\"_ _2\"></span>12<span class=\"_ _2\"></span>.66<span class=\"_ _2\"></span>0  Inter<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ses minor<span class=\"_ _2\"></span>itarios<span class=\"_ _18c\"> </span>  4<span class=\"_ _2\"></span>00<span class=\"_ _2\"></span>   <span class=\"_ _8b\"> </span>  <span class=\"_ _2\"></span>8.83<span class=\"_ _2\"></span>1   <span class=\"_ _51\"> </span>  1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>8.01<span class=\"_ _2\"></span>8  <span class=\"_ _2\"></span> <span class=\"_ _4a\"> </span>  11<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.249<span class=\"_ _2\"></span>   <span class=\"_ _103\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _48\"> </span></span> <span class=\"_ _2\"></span> 10<span class=\"_ _2\"></span>.429<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  1<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>.42<span class=\"_ _2\"></span>9   <span class=\"_ _4a\"> </span>  1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>2.85<span class=\"_ _2\"></span>8 <span class=\"_ _2\"></span> TOT<span class=\"_ _1\"></span>AL<span class=\"_ _2\"></span> PATRI<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>ON<span class=\"_ _2\"></span>IO NET<span class=\"_ _1\"></span>O<span class=\"_ _1b3\"> </span>  71<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.774<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  2<span class=\"_ _2\"></span>28<span class=\"_ _2\"></span>.934<span class=\"_ _2\"></span>   <span class=\"_ _55\"> </span><span class=\"lsd6\">          (130<span class=\"_ _2\"></span>.570)   <span class=\"_ _4a\"> </span></span>  8<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>8.13<span class=\"_ _2\"></span>8   <span class=\"_ _ce\"> </span>  53<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.026<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  2<span class=\"_ _2\"></span>18<span class=\"_ _2\"></span>.565<span class=\"_ _2\"></span>   <span class=\"_ _55\"> </span><span class=\"lsd6\">          (132<span class=\"_ _2\"></span>.073)   <span class=\"_ _4a\"> </span></span>  6<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>.51<span class=\"_ _2\"></span>8  PASIVO NO<span class=\"_ _2\"></span> CORRI<span class=\"_ _1\"></span>ENTE<span class=\"_ _1\"></span>:<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>Obl<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ga<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es y <span class=\"_ _2\"></span>otros<span class=\"_ _4\"></span> va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>es n<span class=\"_ _2\"></span>egoci<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>es<span class=\"_ _14b\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _12d\"> </span></span> <span class=\"_ _2\"></span> 78<span class=\"_ _2\"></span>.43<span class=\"_ _2\"></span>6   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _d\"> </span></span>  78<span class=\"_ _2\"></span>.436<span class=\"_ _2\"></span>   <span class=\"_ _ce\"> </span>  12<span class=\"_ _2\"></span>5.5<span class=\"_ _2\"></span>67<span class=\"_ _2\"></span>   <span class=\"_ _12d\"> </span>  <span class=\"_ _2\"></span>92<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>7   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _4a\"> </span></span>  2<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>.67<span class=\"_ _2\"></span>4  Deuda<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>on enti<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>es d<span class=\"_ _2\"></span>e cr\u00e9di<span class=\"_ _4\"></span>to<span class=\"_ _35\"> </span>  8<span class=\"_ _2\"></span>6.9<span class=\"_ _2\"></span>60<span class=\"_ _2\"></span>   <span class=\"_ _12d\"> </span>  4<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.45<span class=\"_ _2\"></span>4   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _4a\"> </span></span>  1<span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>.41<span class=\"_ _2\"></span>4   <span class=\"_ _163\"> </span>  9<span class=\"_ _2\"></span>9.30<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>   <span class=\"_ _12d\"> </span>  7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.047<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _4a\"> </span></span>  16<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.352<span class=\"_ _2\"></span>  Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>eros<span class=\"_ _af\"> </span>  76<span class=\"_ _2\"></span>.22<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>  <span class=\"_ _8b\"> </span>  1<span class=\"_ _2\"></span>.03<span class=\"_ _2\"></span>6   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _d\"> </span></span>  77.2<span class=\"_ _2\"></span>57<span class=\"_ _2\"></span>   <span class=\"_ _2b\"> </span> <span class=\"_ _2\"></span> 64<span class=\"_ _2\"></span>.49<span class=\"_ _2\"></span>7   <span class=\"_ _8c\"> </span>  74<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _8c\"> </span></span>  6<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.243<span class=\"_ _2\"></span>  I<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>ume<span class=\"_ _1\"></span>ntos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>va<span class=\"_ _4\"></span>dos<span class=\"_ _165\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _5c\"> </span>                          -   <span class=\"_ _55\"> </span>                          -   <span class=\"_ _5c\"> </span>                                -   <span class=\"_ _10a\"> </span>                          -   <span class=\"_ _8b\"> </span></span>  2<span class=\"_ _2\"></span>.16<span class=\"_ _2\"></span>1  <span class=\"_ _2\"></span> <span class=\"_ _55\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _a\"> </span></span>  2.16<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>  Subvenc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es<span class=\"_ _fd\"> </span>  5.78<span class=\"_ _2\"></span>3  <span class=\"_ _2\"></span> <span class=\"_ _15a\"> </span>  6<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _f1\"> </span></span>  6<span class=\"_ _2\"></span>.40<span class=\"_ _2\"></span>8   <span class=\"_ _2e\"> </span>  4.1<span class=\"_ _2\"></span>13<span class=\"_ _2\"></span>   <span class=\"_ _15a\"> </span>  7<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>6   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _f1\"> </span></span> <span class=\"_ _2\"></span> 4.87<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>  Pa<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> po<span class=\"_ _2\"></span>r i<span class=\"_ _4\"></span>mpues<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span> di<span class=\"_ _4\"></span>feri<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _21\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _55\"> </span>                          -   <span class=\"_ _55\"> </span>                          -   <span class=\"_ _5c\"> </span>                                -   <span class=\"_ _10a\"> </span>                          -   <span class=\"_ _55\"> </span>                          -   <span class=\"_ _5c\"> </span>                          -   <span class=\"_ _55\"> </span>                                -  </span>Pr<span class=\"_ _2\"></span>ovi<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>go pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _b1\"> </span>  <span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>.88<span class=\"_ _2\"></span>1   <span class=\"_ _8c\"> </span>  10<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _55\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _d\"> </span></span>  27<span class=\"_ _2\"></span>.98<span class=\"_ _2\"></span>3   <span class=\"_ _163\"> </span>  5<span class=\"_ _2\"></span>1.1<span class=\"_ _2\"></span>47<span class=\"_ _2\"></span>   <span class=\"_ _f1\"> </span>  78  <span class=\"_ _2\"></span> <span class=\"_ _55\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _d\"> </span></span>  51<span class=\"_ _2\"></span>.225<span class=\"_ _2\"></span>  Peri<span class=\"_ _4\"></span>odi<span class=\"_ _4\"></span>fi<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>go pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1b0\"> </span>  11<span class=\"_ _2\"></span>   <span class=\"_ _8b\"> </span>  <span class=\"_ _2\"></span>3.23<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _55\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _a\"> </span></span>  3.24<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _11a\"> </span> <span class=\"_ _2\"></span> 11<span class=\"_ _2\"></span>   <span class=\"_ _8b\"> </span>  2<span class=\"_ _2\"></span>.24<span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span>  <span class=\"_ _55\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _a\"> </span></span>  2.25<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>  Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>no c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s<span class=\"_ _3f\"> </span>  32<span class=\"_ _2\"></span>.39<span class=\"_ _2\"></span>2   <span class=\"_ _8a\"> </span>  7<span class=\"_ _2\"></span>1.95<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _4a\"> </span></span>  10<span class=\"_ _2\"></span>4.34<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _2b\"> </span>  1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.59<span class=\"_ _2\"></span>4   <span class=\"_ _8a\"> </span>  65<span class=\"_ _2\"></span>.02<span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span>  <span class=\"_ _55\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _d\"> </span></span>  84<span class=\"_ _2\"></span>.61<span class=\"_ _2\"></span>9  Deuda<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>on empres<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>grup<span class=\"_ _2\"></span>o y a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>da<span class=\"_ _2\"></span>s<span class=\"_ _1f\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _12d\"> </span></span> <span class=\"_ _2\"></span> 36<span class=\"_ _2\"></span>.41<span class=\"_ _2\"></span>8   <span class=\"_ _5c\"> </span><span class=\"lsd6\">            (1<span class=\"_ _2\"></span>8.57<span class=\"_ _2\"></span>5)   <span class=\"_ _d\"> </span></span>  17<span class=\"_ _2\"></span>.84<span class=\"_ _2\"></span>3   <span class=\"_ _103\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _12d\"> </span></span>  7<span class=\"_ _2\"></span>5.1<span class=\"_ _2\"></span>77<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">            (38<span class=\"_ _2\"></span>.342<span class=\"_ _2\"></span>)   <span class=\"_ _d\"> </span></span>  36.8<span class=\"_ _2\"></span>35<span class=\"_ _2\"></span>    22<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.248<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  2<span class=\"_ _2\"></span>35<span class=\"_ _2\"></span>.251<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">            (18<span class=\"_ _2\"></span>.575<span class=\"_ _2\"></span>)   <span class=\"_ _4a\"> </span></span>  44<span class=\"_ _2\"></span>5.92<span class=\"_ _2\"></span>4   <span class=\"_ _ce\"> </span>  36<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.234<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  3<span class=\"_ _2\"></span>08<span class=\"_ _2\"></span>.352<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">            (38<span class=\"_ _2\"></span>.342<span class=\"_ _2\"></span>)   <span class=\"_ _4a\"> </span></span>  63<span class=\"_ _2\"></span>4.24<span class=\"_ _2\"></span>4  <span class=\"_ _2\"></span> PASIVO CORRI<span class=\"_ _1\"></span>ENTE<span class=\"_ _1\"></span>:<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>Obl<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>ga<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es y <span class=\"_ _2\"></span>otros<span class=\"_ _4\"></span> va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>es n<span class=\"_ _2\"></span>egoci<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>es<span class=\"_ _1b4\"> </span>  63<span class=\"_ _2\"></span>.30<span class=\"_ _2\"></span>0  <span class=\"_ _2\"></span> <span class=\"_ _55\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _5c\"> </span>                          -   <span class=\"_ _8c\"> </span></span>  <span class=\"_ _2\"></span>63<span class=\"_ _2\"></span>.30<span class=\"_ _2\"></span>0   <span class=\"_ _103\"> </span><span class=\"ff3 lsd6\">                          -   <span class=\"_ _55\"> </span>                          -   <span class=\"_ _5c\"> </span>                          -   <span class=\"_ _55\"> </span>                                -  </span>Deuda<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>on enti<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>es d<span class=\"_ _2\"></span>e cr\u00e9di<span class=\"_ _4\"></span>to<span class=\"_ _126\"> </span>  8.685<span class=\"_ _2\"></span>   <span class=\"_ _8a\"> </span>  27<span class=\"_ _2\"></span>.09<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>  <span class=\"_ _55\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _d\"> </span></span>  35<span class=\"_ _2\"></span>.77<span class=\"_ _2\"></span>6   <span class=\"_ _2e\"> </span>  6.2<span class=\"_ _2\"></span>08<span class=\"_ _2\"></span>   <span class=\"_ _12d\"> </span>  2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.406<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _d\"> </span></span>  35.6<span class=\"_ _2\"></span>14<span class=\"_ _2\"></span>  Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>eros<span class=\"_ _af\"> </span>  11<span class=\"_ _2\"></span>.35<span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span>  <span class=\"_ _15a\"> </span>  6<span class=\"_ _2\"></span>61<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _8c\"> </span></span>  1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.01<span class=\"_ _2\"></span>6   <span class=\"_ _2e\"> </span>  9.98<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>   <span class=\"_ _15a\"> </span>  3<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>1   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _d\"> </span></span>  10.3<span class=\"_ _2\"></span>66<span class=\"_ _2\"></span>  I<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>ume<span class=\"_ _1\"></span>ntos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>va<span class=\"_ _4\"></span>dos<span class=\"_ _1b5\"> </span>  35<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _55\"> </span>                          -   <span class=\"_ _8f\"> </span></span>  3<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>8   <span class=\"_ _2e\"> </span>  6.98<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _8b\"> </span>  2<span class=\"_ _2\"></span>.61<span class=\"_ _2\"></span>2   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _a\"> </span></span>  9.59<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>  Deuda<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> vi<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>to pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _153\"> </span>  1<span class=\"_ _2\"></span>2   <span class=\"_ _8c\"> </span>  74<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _5f\"> </span><span class=\"lsd6\">                  (3<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>8)   <span class=\"_ _8f\"> </span></span>  <span class=\"_ _2\"></span>36<span class=\"_ _2\"></span>3  <span class=\"_ _2\"></span> <span class=\"_ _ef\"> </span>  3<span class=\"_ _2\"></span>   <span class=\"_ _8b\"> </span>  1<span class=\"_ _2\"></span>.25<span class=\"_ _2\"></span>8  <span class=\"_ _2\"></span> <span class=\"_ _55\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _a\"> </span></span>  1.26<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>  Acreedores<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> y o<span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>uenta<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>r<span class=\"_ _1a7\"> </span>  2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>8.52<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  15<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.627<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">            (2<span class=\"_ _2\"></span>9.20<span class=\"_ _2\"></span>9)   <span class=\"_ _4a\"> </span></span>  3<span class=\"_ _2\"></span>45<span class=\"_ _2\"></span>.94<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _28\"> </span>  2<span class=\"_ _2\"></span>07<span class=\"_ _2\"></span>.45<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>   <span class=\"_ _12d\"> </span>  7<span class=\"_ _2\"></span>0.3<span class=\"_ _2\"></span>99<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">            (17<span class=\"_ _2\"></span>.483<span class=\"_ _2\"></span>)   <span class=\"_ _4a\"> </span></span>  2<span class=\"_ _2\"></span>60<span class=\"_ _2\"></span>.36<span class=\"_ _2\"></span>9  I<span class=\"_ _2\"></span>mpuesto s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>e be<span class=\"_ _1\"></span>nefi<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span>, a<span class=\"_ _2\"></span>cr<span class=\"_ _2\"></span>eedor<span class=\"_ _3b\"> </span>  13<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _55\"> </span>                          -   <span class=\"_ _42\"> </span></span>  1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>   <span class=\"_ _11a\"> </span>  <span class=\"_ _2\"></span>22<span class=\"_ _2\"></span>   <span class=\"_ _b9\"> </span> <span class=\"_ _2\"></span> 56<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _42\"> </span></span>  78<span class=\"_ _2\"></span>  Adm<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>ni<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>tra<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es P<span class=\"_ _2\"></span>\u00fabl<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ee<span class=\"_ _1\"></span>dora<span class=\"_ _4\"></span>s<span class=\"_ _f8\"> </span>  5.9<span class=\"_ _2\"></span>28<span class=\"_ _2\"></span>   <span class=\"_ _8b\"> </span>  <span class=\"_ _2\"></span>2.85<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _55\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _a\"> </span></span>  8.78<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>   <span class=\"_ _33\"> </span>  6<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _8b\"> </span>  9<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>7   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _d\"> </span></span>  15.5<span class=\"_ _2\"></span>78<span class=\"_ _2\"></span>  Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>cor<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>es<span class=\"_ _19f\"> </span>  1.93<span class=\"_ _2\"></span>0   <span class=\"_ _86\"> </span>  4.96<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _f1\"> </span></span>  6<span class=\"_ _2\"></span>.892<span class=\"_ _2\"></span>   <span class=\"_ _d1\"> </span>  2<span class=\"_ _2\"></span>23<span class=\"_ _2\"></span>   <span class=\"_ _8b\"> </span>  1<span class=\"_ _2\"></span>.30<span class=\"_ _2\"></span>5  <span class=\"_ _2\"></span> <span class=\"_ _55\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _a\"> </span></span>  1.52<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>  Pr<span class=\"_ _2\"></span>ovi<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>to pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _b1\"> </span>  3<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.767<span class=\"_ _2\"></span>   <span class=\"_ _86\"> </span>  3.03<span class=\"_ _2\"></span>3 <span class=\"_ _2\"></span>  <span class=\"_ _55\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _d\"> </span></span>  42<span class=\"_ _2\"></span>.80<span class=\"_ _2\"></span>0   <span class=\"_ _163\"> </span>  1<span class=\"_ _2\"></span>6.10<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>   <span class=\"_ _8b\"> </span>  2<span class=\"_ _2\"></span>.71<span class=\"_ _2\"></span>7   <span class=\"_ _5c\"> </span><span class=\"lsd6\">                          -   <span class=\"_ _d\"> </span></span>  18<span class=\"_ _2\"></span>.822<span class=\"_ _2\"></span>    34<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.872<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  1<span class=\"_ _2\"></span>95<span class=\"_ _2\"></span>.979<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">            (29<span class=\"_ _2\"></span>.607<span class=\"_ _2\"></span>)   <span class=\"_ _4a\"> </span></span>  51<span class=\"_ _2\"></span>6.24<span class=\"_ _2\"></span>4   <span class=\"_ _ce\"> </span>  25<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.980<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  1<span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>.711<span class=\"_ _2\"></span>   <span class=\"_ _5c\"> </span><span class=\"lsd6\">            (17<span class=\"_ _2\"></span>.483<span class=\"_ _2\"></span>)   <span class=\"_ _4a\"> </span></span>  35<span class=\"_ _2\"></span>3.20<span class=\"_ _2\"></span>8  <span class=\"_ _2\"></span> TOT<span class=\"_ _1\"></span>AL<span class=\"_ _2\"></span> PATRI<span class=\"_ _1\"></span>M<span class=\"_ _1\"></span>ON<span class=\"_ _2\"></span>IO NET<span class=\"_ _1\"></span>O Y <span class=\"_ _2\"></span>PASIVO<span class=\"_ _f4\"> </span>  1<span class=\"_ _2\"></span>.298<span class=\"_ _2\"></span>.894<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  6<span class=\"_ _2\"></span>60<span class=\"_ _2\"></span>.164<span class=\"_ _2\"></span>   <span class=\"_ _55\"> </span><span class=\"lsd6\">          (178<span class=\"_ _2\"></span>.752<span class=\"_ _2\"></span>)   <span class=\"_ _8a\"> </span></span>  <span class=\"_ _2\"></span>1.78<span class=\"_ _2\"></span>0.30<span class=\"_ _2\"></span>6  <span class=\"_ _2\"></span> <span class=\"_ _9e\"> </span> <span class=\"_ _2\"></span> 1.15<span class=\"_ _2\"></span>6.24<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span>  <span class=\"_ _51\"> </span>  64<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.628<span class=\"_ _2\"></span>   <span class=\"_ _55\"> </span><span class=\"lsd6\">          (187<span class=\"_ _2\"></span>.898)   <span class=\"_ _24\"> </span></span>  1.61<span class=\"_ _2\"></span>2.97<span class=\"_ _2\"></span>0  <span class=\"_ _2\"></span> ENCE <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NERG\u00cdA Y CELULOSA<span class=\"_ _1\"></span>, S.A<span class=\"_ _1\"></span>. Y SOCIED<span class=\"_ _2\"></span>ADES D<span class=\"_ _2\"></span>EP<span class=\"_ _2\"></span>ENDIENTES<span class=\"_ _1be\"> </span>2021<span class=\"_ _1be\"> </span>EST<span class=\"_ _1\"></span>ADOS D<span class=\"_ _2\"></span>E SITUA<span class=\"_ _1\"></span>CI\u00d3<span class=\"_ _2\"></span>N FI<span class=\"_ _2\"></span>NANCIERA CONSOLI<span class=\"_ _2\"></span>DADO<span class=\"_ _2\"></span>S POR<span class=\"_ _2\"></span> NEGOCI<span class=\"_ _2\"></span>O<span class=\"_ _2\"></span>S AL 31 <span class=\"_ _2\"></span>DE DI<span class=\"_ _2\"></span>CI<span class=\"_ _2\"></span>EMBR<span class=\"_ _2\"></span>E DE 20<span class=\"_ _2\"></span>22<span class=\"_ _2\"></span> Y 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>2022<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es d<span class=\"_ _2\"></span>e E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span>Ne<span class=\"_ _2\"></span>gocio<span class=\"_ _1be\"> </span>Celulosa<span class=\"_ _1be\"> </span>Ne<span class=\"_ _2\"></span>gocio<span class=\"_ _1be\"> </span>Energ\u00eda<span class=\"_ _1be\"> </span>Ajustes y<span class=\"_ _1be\"> </span>Eli<span class=\"_ _1\"></span>minac<span class=\"_ _1\"></span>iones<span class=\"_ _1be\"> </span>TOT<span class=\"_ _1\"></span>AL<span class=\"_ _2\"></span> CON<span class=\"_ _2\"></span>SOL<span class=\"_ _2\"></span>ID<span class=\"_ _1\"></span>ADO<span class=\"_ _1be\"> </span>Ne<span class=\"_ _2\"></span>gocio<span class=\"_ _1be\"> </span>Celulosa<span class=\"_ _1be\"> </span>Ne<span class=\"_ _2\"></span>gocio E<span class=\"_ _1\"></span>ner<span class=\"_ _2\"></span>g\u00eda<span class=\"_ _1be\"> </span>Ajustes y<span class=\"_ _1be\"> </span>Eli<span class=\"_ _1\"></span>minac<span class=\"_ _1\"></span>iones<span class=\"_ _1be\"> </span>TOT<span class=\"_ _1\"></span>AL<span class=\"_ _2\"></span> CON<span class=\"_ _2\"></span>SOL<span class=\"_ _2\"></span>ID<span class=\"_ _1\"></span>ADO<span class=\"_ _1be\"> </span>Ope<span class=\"_ _2\"></span>raci<span class=\"_ _1\"></span>ones continuadas<span class=\"_ _1\"></span>:<span class=\"_ _1be\"> </span>I<span class=\"_ _2\"></span>ngr<span class=\"_ _2\"></span>esos<span class=\"_ _4\"></span> or<span class=\"_ _2\"></span>di<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os  71<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.875<span class=\"_ _2\"></span>   <span class=\"_ _10f\"> </span>  2<span class=\"_ _2\"></span>94<span class=\"_ _2\"></span>.30<span class=\"_ _2\"></span>8  <span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span><span class=\"lsd8\">             (3<span class=\"_ _2\"></span>.809<span class=\"_ _2\"></span>)   <span class=\"_ _d8\"> </span></span>  1.0<span class=\"_ _2\"></span>03<span class=\"_ _2\"></span>.37<span class=\"_ _2\"></span>4   <span class=\"_ _12d\"> </span>  66<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.611<span class=\"_ _2\"></span>   <span class=\"_ _ed\"> </span>  1<span class=\"_ _2\"></span>54<span class=\"_ _2\"></span>.88<span class=\"_ _2\"></span>4   <span class=\"_ _c6\"> </span><span class=\"lsd8\">              (2.82<span class=\"_ _2\"></span>0)   <span class=\"_ _ed\"> </span></span>  81<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.675<span class=\"_ _2\"></span> Resul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>opera<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> de co<span class=\"_ _2\"></span>bertura           (20<span class=\"_ _2\"></span>.343<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>                       -   <span class=\"_ _14c\"> </span>                         -   <span class=\"_ _c5\"> </span>            (2<span class=\"_ _2\"></span>0.34<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)   <span class=\"_ _129\"> </span>         (8<span class=\"_ _2\"></span>8.16<span class=\"_ _2\"></span>6)   <span class=\"_ _c4\"> </span>                         -   <span class=\"_ _c4\"> </span>                         -   <span class=\"_ _c4\"> </span>           (8<span class=\"_ _2\"></span>8.16<span class=\"_ _2\"></span>6) Var<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> de e<span class=\"_ _1\"></span>xi<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>tenci<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de prod<span class=\"_ _2\"></span>uc<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span> te<span class=\"_ _1\"></span>rmi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>dos<span class=\"_ _4\"></span> y en cu<span class=\"_ _2\"></span>rs<span class=\"_ _4\"></span>o de fa<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ca<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _16d\"> </span>  3<span class=\"_ _2\"></span>.567<span class=\"_ _2\"></span>   <span class=\"_ _c4\"> </span><span class=\"lsd8\">                       -   <span class=\"_ _14c\"> </span>                         -   <span class=\"_ _114\"> </span></span>  3<span class=\"_ _2\"></span>.56<span class=\"_ _2\"></span>7 <span class=\"_ _2\"></span>  <span class=\"_ _1c\"> </span>  9<span class=\"_ _2\"></span>.04<span class=\"_ _2\"></span>8 <span class=\"_ _2\"></span>  <span class=\"_ _c4\"> </span><span class=\"lsd8\">                         -   <span class=\"_ _c4\"> </span>                         -   <span class=\"_ _72\"> </span></span>  <span class=\"_ _2\"></span>9.04<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> Tra<span class=\"_ _2\"></span>ba<span class=\"_ _2\"></span>j<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> efe<span class=\"_ _1\"></span>ctua<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> po<span class=\"_ _2\"></span>r el<span class=\"_ _2\"></span> Gr<span class=\"_ _2\"></span>upo p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>movi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o  5.8<span class=\"_ _2\"></span>59<span class=\"_ _2\"></span>   <span class=\"_ _8\"> </span>  98<span class=\"_ _2\"></span>   <span class=\"_ _14c\"> </span><span class=\"lsd8\">                         -   <span class=\"_ _114\"> </span></span>  5<span class=\"_ _2\"></span>.95<span class=\"_ _2\"></span>7   <span class=\"_ _28\"> </span>  4<span class=\"_ _2\"></span>.08<span class=\"_ _2\"></span>5   <span class=\"_ _9e\"> </span>  6<span class=\"_ _2\"></span>19<span class=\"_ _2\"></span>   <span class=\"_ _c4\"> </span><span class=\"lsd8\">                         -   <span class=\"_ _51\"> </span></span>  4<span class=\"_ _2\"></span>.70<span class=\"_ _2\"></span>4 Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>ngr<span class=\"_ _2\"></span>esos<span class=\"_ _4\"></span> de expl<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>tac<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n  13<span class=\"_ _2\"></span>.20<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>  <span class=\"_ _154\"> </span>  2<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>9 <span class=\"_ _2\"></span>  <span class=\"_ _c6\"> </span><span class=\"lsd8\">             (1<span class=\"_ _2\"></span>.211<span class=\"_ _2\"></span>)   <span class=\"_ _154\"> </span></span>  <span class=\"_ _2\"></span>13<span class=\"_ _2\"></span>.99<span class=\"_ _2\"></span>9   <span class=\"_ _28\"> </span>  5<span class=\"_ _2\"></span>.56<span class=\"_ _2\"></span>3   <span class=\"_ _157\"> </span>  1<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.447<span class=\"_ _2\"></span>   <span class=\"_ _14c\"> </span><span class=\"lsd8\">              (1<span class=\"_ _2\"></span>.444<span class=\"_ _2\"></span>)   <span class=\"_ _157\"> </span></span>  2<span class=\"_ _2\"></span>1.56<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> Subvenc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>de ca<span class=\"_ _2\"></span>pi<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> tr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>feri<span class=\"_ _4\"></span>da<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>tad<span class=\"_ _2\"></span>os  7.5<span class=\"_ _2\"></span>74<span class=\"_ _2\"></span>   <span class=\"_ _12a\"> </span>  2.19<span class=\"_ _2\"></span>7   <span class=\"_ _c6\"> </span><span class=\"lsd8\">                         -   <span class=\"_ _114\"> </span></span>  9.7<span class=\"_ _2\"></span>71<span class=\"_ _2\"></span>   <span class=\"_ _28\"> </span>  5.13<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  1<span class=\"_ _2\"></span>.229<span class=\"_ _2\"></span>   <span class=\"_ _c4\"> </span><span class=\"lsd8\">                         -   <span class=\"_ _51\"> </span></span>  6<span class=\"_ _2\"></span>.36<span class=\"_ _2\"></span>7 I<span class=\"_ _2\"></span>ngr<span class=\"_ _2\"></span>esos<span class=\"_ _4\"></span> en l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>vent<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> de s<span class=\"_ _2\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>edad<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>depe<span class=\"_ _1\"></span>ndi<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s                         -   <span class=\"_ _c4\"> </span>                       -   <span class=\"_ _c5\"> </span>                         -   <span class=\"_ _14c\"> </span>                          -   <span class=\"_ _185\"> </span>                       -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _c4\"> </span>                         -   <span class=\"_ _c4\"> </span>                         - Subtotal<span class=\"_ _4\"></span> I<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>gres<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> de Expl<span class=\"_ _2\"></span>ota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _13\"> </span>  7<span class=\"_ _2\"></span>22<span class=\"_ _2\"></span>.73<span class=\"_ _2\"></span>3  <span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>  2<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>8.61<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _c7\"> </span><span class=\"lsd8\">             (5.02<span class=\"_ _2\"></span>0)   <span class=\"_ _d8\"> </span></span>  1<span class=\"_ _2\"></span>.016<span class=\"_ _2\"></span>.32<span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span>  <span class=\"_ _48\"> </span>  6<span class=\"_ _2\"></span>03<span class=\"_ _2\"></span>.27<span class=\"_ _2\"></span>9   <span class=\"_ _ed\"> </span>  1<span class=\"_ _2\"></span>74<span class=\"_ _2\"></span>.17<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _14c\"> </span><span class=\"lsd8\">              (4.26<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>)   <span class=\"_ _ec\"> </span></span> <span class=\"_ _2\"></span> 77<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.194<span class=\"_ _2\"></span> Aprovi<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ona<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>os         (31<span class=\"_ _2\"></span>1.31<span class=\"_ _2\"></span>9)   <span class=\"_ _c4\"> </span>         (9<span class=\"_ _2\"></span>2.74<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)   <span class=\"_ _7b\"> </span><span class=\"ls0_1\">  3<span class=\"_ _2\"></span>.80<span class=\"_ _2\"></span>8  <span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span></span>         (40<span class=\"_ _2\"></span>0.25<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>)   <span class=\"_ _169\"> </span>       (29<span class=\"_ _2\"></span>5.24<span class=\"_ _2\"></span>9)   <span class=\"_ _c4\"> </span>           (7<span class=\"_ _2\"></span>3.47<span class=\"_ _2\"></span>2)   <span class=\"_ _51\"> </span><span class=\"ls0_1\">  2<span class=\"_ _2\"></span>.82<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span>  <span class=\"_ _c6\"> </span></span>         (3<span class=\"_ _2\"></span>65<span class=\"_ _2\"></span>.90<span class=\"_ _2\"></span>1)<span class=\"_ _1be\"> </span>Gas<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> de pers<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>l           (75<span class=\"_ _2\"></span>.388<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>         (17<span class=\"_ _2\"></span>.803<span class=\"_ _2\"></span>)   <span class=\"_ _14c\"> </span>                         -   <span class=\"_ _14c\"> </span>            (93<span class=\"_ _2\"></span>.191<span class=\"_ _2\"></span>)   <span class=\"_ _129\"> </span>         (7<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.585<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>           (13<span class=\"_ _2\"></span>.586<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>                         -   <span class=\"_ _c4\"> </span>           (84<span class=\"_ _2\"></span>.171<span class=\"_ _2\"></span>) Dotac<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n a<span class=\"_ _4\"></span> l<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>morti<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>nmovi<span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>do           (52<span class=\"_ _2\"></span>.071<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>         (40<span class=\"_ _2\"></span>.221<span class=\"_ _2\"></span>)   <span class=\"_ _24\"> </span><span class=\"ls0_1\">  92<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _14c\"> </span></span>            (91<span class=\"_ _2\"></span>.370<span class=\"_ _2\"></span>)   <span class=\"_ _185\"> </span>         (47.83<span class=\"_ _2\"></span>2)   <span class=\"_ _c9\"> </span>           (36.73<span class=\"_ _2\"></span>8)   <span class=\"_ _51\"> </span><span class=\"ls0_1\">  2<span class=\"_ _2\"></span>.67<span class=\"_ _2\"></span>3 <span class=\"_ _2\"></span>  <span class=\"_ _c4\"> </span></span>           (81<span class=\"_ _2\"></span>.897<span class=\"_ _2\"></span>) Ag<span class=\"_ _1\"></span>otami<span class=\"_ _2\"></span>ento de l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span> for<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>tal             (6.96<span class=\"_ _2\"></span>0)   <span class=\"_ _c4\"> </span>                 (3<span class=\"_ _2\"></span>0)   <span class=\"_ _14c\"> </span>                         -   <span class=\"_ _c7\"> </span>              (6.99<span class=\"_ _2\"></span>0)   <span class=\"_ _185\"> </span>         (11.43<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)   <span class=\"_ _c6\"> </span>                 (1<span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>                         -   <span class=\"_ _c4\"> </span>           (11<span class=\"_ _2\"></span>.560<span class=\"_ _2\"></span>) Det<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> de va<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r y<span class=\"_ _2\"></span> res<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>dos<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> ena<span class=\"_ _2\"></span>j<span class=\"_ _2\"></span>ena<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> del<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>nmovi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>do  18<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.503<span class=\"_ _2\"></span>   <span class=\"_ _c9\"> </span><span class=\"lsd8\">         (41.33<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)   <span class=\"_ _24\"> </span></span>  72<span class=\"_ _2\"></span>8   <span class=\"_ _30\"> </span>  1<span class=\"_ _2\"></span>43<span class=\"_ _2\"></span>.89<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _169\"> </span><span class=\"lsd8\">       (19<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.441<span class=\"_ _2\"></span>)   <span class=\"_ _14c\"> </span>              (1.05<span class=\"_ _2\"></span>8)   <span class=\"_ _c4\"> </span>                         -   <span class=\"_ _c7\"> </span>         (19<span class=\"_ _2\"></span>3.49<span class=\"_ _2\"></span>9) </span>Det<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o d<span class=\"_ _2\"></span>e val<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>br<span class=\"_ _2\"></span>e ac<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros  19<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _14c\"> </span><span class=\"lsd8\">                    (8)   <span class=\"_ _14c\"> </span>                         -   <span class=\"_ _8\"> </span></span>  18<span class=\"_ _2\"></span>3  <span class=\"_ _2\"></span> <span class=\"_ _129\"> </span><span class=\"lsd8\">                 (7<span class=\"_ _2\"></span>8)   <span class=\"_ _c7\"> </span>                 (25<span class=\"_ _2\"></span>7)   <span class=\"_ _c9\"> </span>                         -   <span class=\"_ _c6\"> </span>                 (33<span class=\"_ _2\"></span>5)<span class=\"_ _1be\"> </span></span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> de expl<span class=\"_ _2\"></span>ota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n         (21<span class=\"_ _2\"></span>3.36<span class=\"_ _2\"></span>6)   <span class=\"_ _c4\"> </span>         (7<span class=\"_ _2\"></span>8.20<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)   <span class=\"_ _7b\"> </span><span class=\"ls0_1\">  1<span class=\"_ _2\"></span>.21<span class=\"_ _2\"></span>1  <span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span></span>         (29<span class=\"_ _2\"></span>0.36<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)   <span class=\"_ _169\"> </span>       (14<span class=\"_ _2\"></span>4.09<span class=\"_ _2\"></span>0)   <span class=\"_ _c4\"> </span>           (6<span class=\"_ _2\"></span>9.07<span class=\"_ _2\"></span>1)   <span class=\"_ _51\"> </span><span class=\"ls0_1\">  1<span class=\"_ _2\"></span>.44<span class=\"_ _2\"></span>4 <span class=\"_ _2\"></span>  <span class=\"_ _c6\"> </span></span>         (2<span class=\"_ _2\"></span>11<span class=\"_ _2\"></span>.71<span class=\"_ _2\"></span>7)<span class=\"_ _1be\"> </span>Subtotal<span class=\"_ _4\"></span> Ga<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span> de Expl<span class=\"_ _2\"></span>ota<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1b6\"> </span><span class=\"lsd8\">         (47<span class=\"_ _2\"></span>4.41<span class=\"_ _2\"></span>0)   <span class=\"_ _c7\"> </span>       (27<span class=\"_ _2\"></span>0.35<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)   <span class=\"_ _7b\"> </span></span>  6<span class=\"_ _2\"></span>.66<span class=\"_ _2\"></span>9  <span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span><span class=\"lsd8\">         (73<span class=\"_ _2\"></span>8.09<span class=\"_ _2\"></span>1)   <span class=\"_ _169\"> </span>       (7<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>1.70<span class=\"_ _2\"></span>5)   <span class=\"_ _c7\"> </span>         (19<span class=\"_ _2\"></span>4.31<span class=\"_ _2\"></span>2)   <span class=\"_ _51\"> </span></span>  6<span class=\"_ _2\"></span>.93<span class=\"_ _2\"></span>7  <span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span><span class=\"lsd8\">         (9<span class=\"_ _2\"></span>49<span class=\"_ _2\"></span>.080<span class=\"_ _2\"></span>) </span>BE<span class=\"_ _1\"></span>NEFICI<span class=\"_ _1\"></span>O/<span class=\"_ _2\"></span> (P\u00c9R<span class=\"_ _1\"></span>DI<span class=\"_ _1\"></span>DA) DE<span class=\"_ _1\"></span> EXPLOTACI\u00d3N  24<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.323<span class=\"_ _2\"></span>   <span class=\"_ _30\"> </span>  2<span class=\"_ _2\"></span>8.26<span class=\"_ _2\"></span>2  <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>  1<span class=\"_ _2\"></span>.64<span class=\"_ _2\"></span>9   <span class=\"_ _30\"> </span>  2<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>8.23<span class=\"_ _2\"></span>4  <span class=\"_ _2\"></span> <span class=\"_ _169\"> </span><span class=\"lsd8\">       (15<span class=\"_ _2\"></span>8.426<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>           (20<span class=\"_ _2\"></span>.133)   <span class=\"_ _51\"> </span></span>  2<span class=\"_ _2\"></span>.673<span class=\"_ _2\"></span>   <span class=\"_ _c7\"> </span><span class=\"lsd8\">         (17<span class=\"_ _2\"></span>5.886<span class=\"_ _2\"></span>) </span>Ing<span class=\"_ _1\"></span>re<span class=\"_ _2\"></span>sos fina<span class=\"_ _1\"></span>nci<span class=\"_ _1\"></span>er<span class=\"_ _2\"></span>os-<span class=\"_ _1be\"> </span>De par<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>pa<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span> en i<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>trument<span class=\"_ _1\"></span>os<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e patri<span class=\"_ _4\"></span>moni<span class=\"_ _4\"></span>o -<span class=\"_ _1be\"> </span>De t<span class=\"_ _1\"></span>erceros                         -   <span class=\"_ _c4\"> </span>                       -   <span class=\"_ _c5\"> </span>                         -   <span class=\"_ _14c\"> </span>                          -   <span class=\"_ _d4\"> </span><span class=\"ls0_1\">  40<span class=\"_ _2\"></span>   <span class=\"_ _c4\"> </span></span>                         -   <span class=\"_ _c4\"> </span>                         -   <span class=\"_ _92\"> </span><span class=\"ls0_1\">  4<span class=\"_ _2\"></span>0 </span>De val<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> negoci<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>bl<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> y otros<span class=\"_ _4\"></span> i<span class=\"_ _4\"></span>ns<span class=\"_ _2\"></span>tr<span class=\"_ _2\"></span>ume<span class=\"_ _1\"></span>ntos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>De par<span class=\"_ _2\"></span>tes v<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s  1.0<span class=\"_ _2\"></span>22<span class=\"_ _2\"></span>   <span class=\"_ _c4\"> </span><span class=\"lsd8\">                       -   <span class=\"_ _c7\"> </span>             (1.02<span class=\"_ _2\"></span>2)   <span class=\"_ _14c\"> </span>                          -   <span class=\"_ _1c\"> </span></span>  1<span class=\"_ _2\"></span>.24<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _c4\"> </span><span class=\"lsd8\">                         -   <span class=\"_ _14c\"> </span>              (1.24<span class=\"_ _2\"></span>6)   <span class=\"_ _c4\"> </span>                         - </span>De t<span class=\"_ _1\"></span>erceros  89<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _f7\"> </span>  1<span class=\"_ _2\"></span>92<span class=\"_ _2\"></span>   <span class=\"_ _14c\"> </span><span class=\"lsd8\">                         -   <span class=\"_ _114\"> </span></span>  1<span class=\"_ _2\"></span>.08<span class=\"_ _2\"></span>8 <span class=\"_ _2\"></span>  <span class=\"_ _1c\"> </span>  4<span class=\"_ _2\"></span>.83<span class=\"_ _2\"></span>5 <span class=\"_ _2\"></span>  <span class=\"_ _51\"> </span>  1.75<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>   <span class=\"_ _c4\"> </span><span class=\"lsd8\">                         -   <span class=\"_ _51\"> </span></span>  6.5<span class=\"_ _2\"></span>93<span class=\"_ _1be\"> </span>Ga<span class=\"_ _1\"></span>stos financ<span class=\"_ _1\"></span>ieros-<span class=\"_ _1be\"> </span>Por<span class=\"_ _2\"></span> deuda<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>on pa<span class=\"_ _4\"></span>rtes<span class=\"_ _2\"></span> vi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>da<span class=\"_ _2\"></span>s                         -   <span class=\"_ _c5\"> </span>            (2<span class=\"_ _2\"></span>.031<span class=\"_ _2\"></span>)   <span class=\"_ _e\"> </span><span class=\"ls0_1\">  1.02<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _c7\"> </span></span>              (1.00<span class=\"_ _2\"></span>9)   <span class=\"_ _185\"> </span>                       -   <span class=\"_ _c5\"> </span>              (2<span class=\"_ _2\"></span>.507<span class=\"_ _2\"></span>)   <span class=\"_ _51\"> </span><span class=\"ls0_1\">  1.2<span class=\"_ _2\"></span>46<span class=\"_ _2\"></span>   <span class=\"_ _14c\"> </span></span>              (1<span class=\"_ _2\"></span>.261<span class=\"_ _2\"></span>) Por<span class=\"_ _2\"></span> deuda<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>on tercero<span class=\"_ _2\"></span>s           (11<span class=\"_ _2\"></span>.823<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>         (14<span class=\"_ _2\"></span>.512<span class=\"_ _2\"></span>)   <span class=\"_ _14c\"> </span>                         -   <span class=\"_ _14c\"> </span>            (26<span class=\"_ _2\"></span>.335<span class=\"_ _2\"></span>)   <span class=\"_ _129\"> </span>         (1<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>.678<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>           (11<span class=\"_ _2\"></span>.165<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>                         -   <span class=\"_ _c4\"> </span>           (26<span class=\"_ _2\"></span>.843<span class=\"_ _2\"></span>) Var<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> en e<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span> v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zon<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>bl<span class=\"_ _4\"></span>e de<span class=\"_ _1\"></span> i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumentos <span class=\"_ _2\"></span>fi<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ero<span class=\"_ _2\"></span>s                         -   <span class=\"_ _84\"> </span><span class=\"ls0_1\"> <span class=\"_ _2\"></span> 30<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>   <span class=\"_ _14c\"> </span></span>                         -   <span class=\"_ _8\"> </span><span class=\"ls0_1\">  301<span class=\"_ _2\"></span>   <span class=\"_ _185\"> </span></span>                       -   <span class=\"_ _72\"> </span><span class=\"ls0_1\">  1<span class=\"_ _2\"></span>.15<span class=\"_ _2\"></span>8  <span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span></span>                         -   <span class=\"_ _72\"> </span><span class=\"ls0_1\">  <span class=\"_ _2\"></span>1.15<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> </span>Di<span class=\"_ _2\"></span>ferenc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> de ca<span class=\"_ _4\"></span>mbi<span class=\"_ _2\"></span>o  1.3<span class=\"_ _2\"></span>60<span class=\"_ _2\"></span>   <span class=\"_ _c4\"> </span><span class=\"lsd8\">                 (4<span class=\"_ _2\"></span>5)   <span class=\"_ _14c\"> </span>                         -   <span class=\"_ _114\"> </span></span>  1<span class=\"_ _2\"></span>.31<span class=\"_ _2\"></span>5  <span class=\"_ _2\"></span> <span class=\"_ _1c\"> </span>  3<span class=\"_ _2\"></span>.69<span class=\"_ _2\"></span>7  <span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span><span class=\"lsd8\">                   (30<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>                         -   <span class=\"_ _72\"> </span></span> <span class=\"_ _2\"></span> 3.66<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> Det<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>o y <span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do po<span class=\"_ _2\"></span>r ena<span class=\"_ _2\"></span>j<span class=\"_ _4\"></span>enac<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> de i<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>trument<span class=\"_ _1\"></span>os<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ero<span class=\"_ _2\"></span>s                         -   <span class=\"_ _c4\"> </span>                       -   <span class=\"_ _c5\"> </span>                         -   <span class=\"_ _14c\"> </span>                          -   <span class=\"_ _185\"> </span>                       -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _c4\"> </span>                         -   <span class=\"_ _c4\"> </span>                         - RE<span class=\"_ _1\"></span>SU<span class=\"_ _1\"></span>LTADO FINAN<span class=\"_ _2\"></span>CIER<span class=\"_ _1\"></span>O POSIT<span class=\"_ _1\"></span>IVO/ (N<span class=\"_ _2\"></span>EGAT<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>VO)             (8.545<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>         (16.09<span class=\"_ _2\"></span>5)   <span class=\"_ _14c\"> </span>                         -   <span class=\"_ _14c\"> </span>            (24<span class=\"_ _2\"></span>.640)   <span class=\"_ _132\"> </span>            (5.860<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>           (10.78<span class=\"_ _2\"></span>6)   <span class=\"_ _c4\"> </span>                         -   <span class=\"_ _c4\"> </span>           (16<span class=\"_ _2\"></span>.646<span class=\"_ _2\"></span>) Resul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do d<span class=\"_ _2\"></span>e so<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>eda<span class=\"_ _2\"></span>des<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>gra<span class=\"_ _2\"></span>da<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span> po<span class=\"_ _2\"></span>r el<span class=\"_ _2\"></span> m\u00e9t<span class=\"_ _1\"></span>odo d<span class=\"_ _2\"></span>e l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n<span class=\"_ _2f\"> </span><span class=\"lsd8\">                     (5)   <span class=\"_ _c7\"> </span>                       -   <span class=\"_ _14c\"> </span>                         -   <span class=\"_ _c6\"> </span>                      (5<span class=\"_ _2\"></span>)   <span class=\"_ _18e\"> </span>                    (7<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>                         -   <span class=\"_ _c4\"> </span>                         -   <span class=\"_ _14c\"> </span>                      (7) </span>BE<span class=\"_ _1\"></span>NEFICI<span class=\"_ _1\"></span>O/<span class=\"_ _2\"></span> (P\u00c9R<span class=\"_ _1\"></span>DI<span class=\"_ _1\"></span>DA) ANTES D<span class=\"_ _1\"></span>E I<span class=\"_ _1\"></span>MPU<span class=\"_ _1\"></span>ES<span class=\"_ _1\"></span>TOS  23<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.773<span class=\"_ _2\"></span>   <span class=\"_ _30\"> </span>  1<span class=\"_ _2\"></span>2.16<span class=\"_ _2\"></span>7  <span class=\"_ _2\"></span> <span class=\"_ _7b\"> </span>  1<span class=\"_ _2\"></span>.64<span class=\"_ _2\"></span>9   <span class=\"_ _30\"> </span>  2<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>3.58<span class=\"_ _2\"></span>9  <span class=\"_ _2\"></span> <span class=\"_ _169\"> </span><span class=\"lsd8\">       (16<span class=\"_ _2\"></span>4.293<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>           (30<span class=\"_ _2\"></span>.919)   <span class=\"_ _51\"> </span></span>  2<span class=\"_ _2\"></span>.673<span class=\"_ _2\"></span>   <span class=\"_ _c7\"> </span><span class=\"lsd8\">         (19<span class=\"_ _2\"></span>2.539<span class=\"_ _2\"></span>) </span>I<span class=\"_ _2\"></span>mpuesto s<span class=\"_ _4\"></span>obr<span class=\"_ _2\"></span>e be<span class=\"_ _1\"></span>nefi<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>os  3.7<span class=\"_ _2\"></span>23<span class=\"_ _2\"></span>   <span class=\"_ _14c\"> </span><span class=\"lsd8\">            (8<span class=\"_ _2\"></span>.243<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>                (14<span class=\"_ _2\"></span>3)   <span class=\"_ _c7\"> </span>              (4.66<span class=\"_ _2\"></span>3)   <span class=\"_ _185\"> </span>         (19<span class=\"_ _2\"></span>.094<span class=\"_ _2\"></span>)   <span class=\"_ _51\"> </span></span>  6.3<span class=\"_ _2\"></span>41<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  3<span class=\"_ _2\"></span>.333<span class=\"_ _2\"></span>   <span class=\"_ _14c\"> </span><span class=\"lsd8\">              (9<span class=\"_ _2\"></span>.420<span class=\"_ _2\"></span>) </span>RE<span class=\"_ _1\"></span>SU<span class=\"_ _1\"></span>LTADO DEL EJE<span class=\"_ _1\"></span>RCI<span class=\"_ _1\"></span>CIO PROCED<span class=\"_ _1\"></span>ENTE<span class=\"_ _1\"></span> DE OPER<span class=\"_ _1\"></span>ACIONES CONTINUAD<span class=\"_ _1\"></span>AS  24<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.496<span class=\"_ _2\"></span>   <span class=\"_ _12a\"> </span>  3.924<span class=\"_ _2\"></span>   <span class=\"_ _e\"> </span>  1<span class=\"_ _2\"></span>.506<span class=\"_ _2\"></span>   <span class=\"_ _30\"> </span>  2<span class=\"_ _2\"></span>48<span class=\"_ _2\"></span>.926<span class=\"_ _2\"></span>   <span class=\"_ _169\"> </span><span class=\"lsd8\">       (1<span class=\"_ _2\"></span>83<span class=\"_ _2\"></span>.387<span class=\"_ _2\"></span>)   <span class=\"_ _c7\"> </span>           (2<span class=\"_ _2\"></span>4.57<span class=\"_ _2\"></span>8)   <span class=\"_ _51\"> </span></span>  6.00<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _c6\"> </span><span class=\"lsd8\">         (2<span class=\"_ _2\"></span>01<span class=\"_ _2\"></span>.959<span class=\"_ _2\"></span>) </span>Resul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do a<span class=\"_ _4\"></span>tri<span class=\"_ _2\"></span>b<span class=\"_ _2\"></span>ui<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>o a<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>ntereses<span class=\"_ _2\"></span> mi<span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> pr<span class=\"_ _2\"></span>oc<span class=\"_ _2\"></span>ede<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span> de Opera<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>nua<span class=\"_ _4\"></span>da<span class=\"_ _2\"></span>s                         -   <span class=\"_ _84\"> </span><span class=\"ls0_1\"> <span class=\"_ _2\"></span> 61<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>   <span class=\"_ _c6\"> </span></span>             (2<span class=\"_ _2\"></span>.324<span class=\"_ _2\"></span>)   <span class=\"_ _c7\"> </span>              (1.70<span class=\"_ _2\"></span>6)   <span class=\"_ _185\"> </span>                       -   <span class=\"_ _c6\"> </span>                 (96<span class=\"_ _2\"></span>8)   <span class=\"_ _157\"> </span><span class=\"ls0_1\">  1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.518<span class=\"_ _2\"></span>   <span class=\"_ _157\"> </span>  1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.550<span class=\"_ _2\"></span> </span>RE<span class=\"_ _1\"></span>SU<span class=\"_ _1\"></span>LTADO DEL EJE<span class=\"_ _1\"></span>RCI<span class=\"_ _1\"></span>CIO ATR<span class=\"_ _1\"></span>I<span class=\"_ _1\"></span>BU<span class=\"_ _1\"></span>IB<span class=\"_ _1\"></span>LE A L<span class=\"_ _2\"></span>A SOCIED<span class=\"_ _1\"></span>AD DOMI<span class=\"_ _1\"></span>NAN<span class=\"_ _2\"></span>TE<span class=\"_ _1\"></span> (*)  24<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.496<span class=\"_ _2\"></span>   <span class=\"_ _12a\"> </span>  4.542<span class=\"_ _2\"></span>   <span class=\"_ _c4\"> </span><span class=\"lsd8\">                (8<span class=\"_ _2\"></span>18<span class=\"_ _2\"></span>)   <span class=\"_ _30\"> </span></span>  24<span class=\"_ _2\"></span>7.22<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span>  <span class=\"_ _169\"> </span><span class=\"lsd8\">       (18<span class=\"_ _2\"></span>3.387<span class=\"_ _2\"></span>)   <span class=\"_ _c4\"> </span>           (25<span class=\"_ _2\"></span>.546<span class=\"_ _2\"></span>)   <span class=\"_ _e4\"> </span></span>  1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.524<span class=\"_ _2\"></span>   <span class=\"_ _c7\"> </span><span class=\"lsd8\">         (190<span class=\"_ _2\"></span>.409<span class=\"_ _2\"></span>) </span>(*) Integra<span class=\"_ _2\"></span>me<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span> pr<span class=\"_ _2\"></span>oc<span class=\"_ _2\"></span>ede<span class=\"_ _1\"></span>nte<span class=\"_ _1\"></span> de opera<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>nti<span class=\"_ _2\"></span>nua<span class=\"_ _4\"></span>da<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>2022<span class=\"_ _1be\"> </span>EST<span class=\"_ _1\"></span>ADO D<span class=\"_ _2\"></span>E RESULT<span class=\"_ _1\"></span>ADO CO<span class=\"_ _2\"></span>NSOLI<span class=\"_ _2\"></span>DADO<span class=\"_ _2\"></span> PO<span class=\"_ _2\"></span>R NEGO<span class=\"_ _2\"></span>CIO<span class=\"_ _2\"></span>S D<span class=\"_ _2\"></span>E LOS EJERCI<span class=\"_ _2\"></span>CIO<span class=\"_ _2\"></span>S 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _2\"></span> Y 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span>2021<span class=\"_ _1be\"> </span>ENCE<span class=\"_ _2\"></span> E<span class=\"_ _2\"></span>NERG\u00cdA Y CELULOSA<span class=\"_ _1\"></span>, S.A<span class=\"_ _1\"></span>. Y SOCIED<span class=\"_ _2\"></span>ADES D<span class=\"_ _2\"></span>EP<span class=\"_ _2\"></span>ENDIENTES<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> de Euros<span class=\"_ _1be\"> </span>Ne<span class=\"_ _2\"></span>gocio<span class=\"_ _1be\"> </span>Celulosa<span class=\"_ _1be\"> </span>Ne<span class=\"_ _2\"></span>gocio<span class=\"_ _1be\"> </span>Energ\u00eda<span class=\"_ _1be\"> </span>Ajustes y<span class=\"_ _1be\"> </span>Eli<span class=\"_ _1\"></span>minaci<span class=\"_ _1\"></span>ones<span class=\"_ _1be\"> </span>TOT<span class=\"_ _1\"></span>AL<span class=\"_ _2\"></span> CON<span class=\"_ _2\"></span>SOLIDADO<span class=\"_ _1be\"> </span>Ne<span class=\"_ _2\"></span>gocio<span class=\"_ _1be\"> </span>Celulosa<span class=\"_ _1be\"> </span>Ne<span class=\"_ _2\"></span>gocio<span class=\"_ _1be\"> </span>Energ\u00eda<span class=\"_ _1be\"> </span>Ajustes y<span class=\"_ _1be\"> </span>Eli<span class=\"_ _1\"></span>minaci<span class=\"_ _1\"></span>ones<span class=\"_ _1be\"> </span>TOT<span class=\"_ _1\"></span>AL<span class=\"_ _2\"></span> CON<span class=\"_ _2\"></span>SOLIDADO<span class=\"_ _1be\"> </span>FLUJOS DE<span class=\"_ _1\"></span> EFECT<span class=\"_ _1\"></span>IVO DE LAS ACTI<span class=\"_ _1\"></span>VIDADE<span class=\"_ _1\"></span>S DE E<span class=\"_ _1\"></span>XPLOTACI\u00d3N:<span class=\"_ _1be\"> </span>Bene<span class=\"_ _1\"></span>fi<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o c<span class=\"_ _2\"></span>ons<span class=\"_ _4\"></span>ol<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>da<span class=\"_ _2\"></span>do a<span class=\"_ _4\"></span>nte<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> de i<span class=\"_ _2\"></span>mpues<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span> de ac<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>da<span class=\"_ _2\"></span>des<span class=\"_ _2\"></span> or<span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>ri<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _e5\"> </span>239<span class=\"_ _2\"></span>.77<span class=\"_ _2\"></span>3 <span class=\"_ _10e\"> </span>1<span class=\"_ _2\"></span>2.1<span class=\"_ _2\"></span>67<span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>  1.64<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _3d\"> </span>  2<span class=\"_ _2\"></span>53<span class=\"_ _2\"></span>.589<span class=\"_ _2\"></span>   <span class=\"_ _154\"> </span>(1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>4.29<span class=\"_ _2\"></span>3)<span class=\"_ _109\"> </span>(30<span class=\"_ _2\"></span>.91<span class=\"_ _2\"></span>9)<span class=\"_ _9b\"> </span>  2.67<span class=\"_ _2\"></span>3   <span class=\"_ _a0\"> </span><span class=\"lsda\">        (19<span class=\"_ _2\"></span>2.53<span class=\"_ _2\"></span>9)  </span>Ajus<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> del<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>esul<span class=\"_ _4\"></span>tad<span class=\"_ _2\"></span>o del<span class=\"_ _2\"></span> eferci<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o-   Am<span class=\"_ _1\"></span>orti<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> del<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>nmovi<span class=\"_ _4\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>zad<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>59<span class=\"_ _2\"></span>.031<span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>40<span class=\"_ _2\"></span>.25<span class=\"_ _2\"></span>1 <span class=\"_ _e\"> </span>(9<span class=\"_ _2\"></span>22<span class=\"_ _2\"></span>)<span class=\"_ _154\"> </span>  9<span class=\"_ _2\"></span>8.36<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _12d\"> </span>5<span class=\"_ _2\"></span>9.26<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _e4\"> </span>3<span class=\"_ _2\"></span>6.8<span class=\"_ _2\"></span>68<span class=\"_ _2\"></span> <span class=\"_ _c1\"> </span><span class=\"lsda\">            (2<span class=\"_ _2\"></span>.673<span class=\"_ _2\"></span>)   <span class=\"_ _12a\"> </span></span>  93<span class=\"_ _2\"></span>.457<span class=\"_ _2\"></span>     Var<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n pr<span class=\"_ _2\"></span>ovi<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nes <span class=\"_ _2\"></span>y otros<span class=\"_ _4\"></span> ga<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> di<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>tri<span class=\"_ _4\"></span>bui<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span> (neto) <span class=\"_ _cd\"> </span>23<span class=\"_ _2\"></span>.44<span class=\"_ _2\"></span>9 <span class=\"_ _7b\"> </span>2.10<span class=\"_ _2\"></span>0 <span class=\"_ _149\"> </span><span class=\"lsda\">                  -   <span class=\"_ _ec\"> </span></span>  2<span class=\"_ _2\"></span>5.5<span class=\"_ _2\"></span>49<span class=\"_ _2\"></span>   <span class=\"_ _17\"> </span>(49<span class=\"_ _2\"></span>4)<span class=\"_ _156\"> </span>2<span class=\"_ _2\"></span>.06<span class=\"_ _2\"></span>4 <span class=\"_ _170\"> </span><span class=\"lsda\">                        -   <span class=\"_ _114\"> </span></span>  1<span class=\"_ _2\"></span>.57<span class=\"_ _2\"></span>0     Det<span class=\"_ _1\"></span>eri<span class=\"_ _2\"></span>or<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e val<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> y r<span class=\"_ _2\"></span>esul<span class=\"_ _4\"></span>tad<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> del<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>nmovi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>do ma<span class=\"_ _2\"></span>teri<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>, i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>materi<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>ero<span class=\"_ _12d\"> </span>(1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>4.50<span class=\"_ _2\"></span>2)<span class=\"_ _12a\"> </span>41.22<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> <span class=\"_ _170\"> </span><span class=\"lsda\">          (72<span class=\"_ _2\"></span>7)   <span class=\"_ _5f\"> </span></span>    (144<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>4)   <span class=\"_ _156\"> </span>19<span class=\"_ _2\"></span>2.44<span class=\"_ _2\"></span>1 <span class=\"_ _72\"> </span>1.05<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> <span class=\"_ _170\"> </span><span class=\"lsda\">                        -   <span class=\"_ _19\"> </span></span>  1<span class=\"_ _2\"></span>93<span class=\"_ _2\"></span>.499<span class=\"_ _2\"></span>     Val<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> de aj<span class=\"_ _4\"></span>us<span class=\"_ _2\"></span>te por des<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> (merca<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span> el\u00e9ctr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>o)<span class=\"_ _112\"> </span>1<span class=\"_ _2\"></span>4.5<span class=\"_ _2\"></span>04<span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>10<span class=\"_ _2\"></span>.446<span class=\"_ _2\"></span> <span class=\"_ _c1\"> </span><span class=\"lsda\">                  -   <span class=\"_ _ed\"> </span></span>  24<span class=\"_ _2\"></span>.950<span class=\"_ _2\"></span>   <span class=\"_ _62\"> </span>  24.14<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _132\"> </span>  6<span class=\"_ _2\"></span>4.97<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>   <span class=\"_ _34\"> </span><span class=\"lsda\">                        -   <span class=\"_ _12a\"> </span></span>  89.1<span class=\"_ _2\"></span>18<span class=\"_ _2\"></span>     Ga<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span> e i<span class=\"_ _2\"></span>ngres<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>eros<span class=\"_ _2\"></span> (n<span class=\"_ _2\"></span>et<span class=\"_ _1\"></span>o)<span class=\"_ _b1\"> </span>8.594<span class=\"_ _2\"></span> <span class=\"_ _10e\"> </span>16<span class=\"_ _2\"></span>.04<span class=\"_ _2\"></span>9 <span class=\"_ _149\"> </span><span class=\"lsda\">                  -   <span class=\"_ _ec\"> </span></span>  24<span class=\"_ _2\"></span>.64<span class=\"_ _2\"></span>3   <span class=\"_ _8b\"> </span>7.24<span class=\"_ _2\"></span>4 <span class=\"_ _157\"> </span>1<span class=\"_ _2\"></span>0.75<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _170\"> </span><span class=\"lsda\">                        -   <span class=\"_ _12a\"> </span></span>  18<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>1     Subvenc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es tra<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>feri<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>esu<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>dos<span class=\"_ _2\"></span> <span class=\"_ _193\"> </span>(5<span class=\"_ _2\"></span>27<span class=\"_ _2\"></span>)<span class=\"_ _156\"> </span>(14<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _a1\"> </span><span class=\"lsda\">                  -   <span class=\"_ _107\"> </span></span>(6<span class=\"_ _2\"></span>68<span class=\"_ _2\"></span>)<span class=\"_ _87\"> </span>(61<span class=\"_ _2\"></span>5)<span class=\"_ _f7\"> </span>(28<span class=\"_ _2\"></span>3)<span class=\"_ _a1\"> </span><span class=\"lsda\">                        -   <span class=\"_ _cb\"> </span>                (89<span class=\"_ _2\"></span>8)  </span>(79<span class=\"_ _2\"></span>.451<span class=\"_ _2\"></span>)<span class=\"_ _30\"> </span>1<span class=\"_ _2\"></span>09<span class=\"_ _2\"></span>.930<span class=\"_ _2\"></span> <span class=\"_ _ab\"> </span><span class=\"lsda\">       (1.649<span class=\"_ _2\"></span>)   <span class=\"_ _103\"> </span></span>2<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.830<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span>28<span class=\"_ _2\"></span>1.97<span class=\"_ _2\"></span>8 <span class=\"_ _30\"> </span>11<span class=\"_ _2\"></span>5.44<span class=\"_ _2\"></span>2 <span class=\"_ _149\"> </span><span class=\"lsda\">            (2.673)   <span class=\"_ _154\"> </span></span>3<span class=\"_ _2\"></span>94<span class=\"_ _2\"></span>.747<span class=\"_ _2\"></span>                  -   <span class=\"_ _cb\"> </span>                   -   <span class=\"_ _137\"> </span>                     -   <span class=\"_ _34\"> </span>                   -  Cambios en e<span class=\"_ _2\"></span>l ca<span class=\"_ _1\"></span>pital c<span class=\"_ _1\"></span>ircula<span class=\"_ _1\"></span>nte<span class=\"_ _2\"></span>-<span class=\"_ _1be\"> </span>Exi<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tenci<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _1b7\"> </span>(24<span class=\"_ _2\"></span>.283<span class=\"_ _2\"></span>)<span class=\"_ _30\"> </span>(10<span class=\"_ _2\"></span>.291<span class=\"_ _2\"></span>)<span class=\"_ _a1\"> </span><span class=\"lsda\">                  -   <span class=\"_ _a0\"> </span>       (34.57<span class=\"_ _2\"></span>4)   <span class=\"_ _51\"> </span></span>(1<span class=\"_ _2\"></span>1.49<span class=\"_ _2\"></span>7)<span class=\"_ _139\"> </span>(2.02<span class=\"_ _2\"></span>5)<span class=\"_ _a1\"> </span><span class=\"lsda\">                        -   <span class=\"_ _a0\"> </span>          (13<span class=\"_ _2\"></span>.522<span class=\"_ _2\"></span>)  </span>Deudores<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>ome<span class=\"_ _1\"></span>rc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> y otra<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>cuenta<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>obr<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>r<span class=\"_ _18\"> </span>8.182<span class=\"_ _2\"></span> <span class=\"_ _48\"> </span><span class=\"lsdb\">617 <span class=\"_ _185\"> </span></span>  1<span class=\"_ _2\"></span>1.7<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>   <span class=\"_ _ed\"> </span>  20.5<span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>(43<span class=\"_ _2\"></span>.121<span class=\"_ _2\"></span>)<span class=\"_ _12a\"> </span>(6<span class=\"_ _2\"></span>.28<span class=\"_ _2\"></span>6)<span class=\"_ _a1\"> </span><span class=\"lsda\">                        -   <span class=\"_ _a0\"> </span>          (49<span class=\"_ _2\"></span>.407<span class=\"_ _2\"></span>)  </span>I<span class=\"_ _2\"></span>nvers<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _4\"></span>nci<span class=\"_ _4\"></span>era<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>otros<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _4\"></span> c<span class=\"_ _2\"></span>orr<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>entes<span class=\"_ _16f\"> </span>2<span class=\"_ _2\"></span>.35<span class=\"_ _2\"></span>7 <span class=\"_ _ab\"> </span><span class=\"lsda\">             (20<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span>                  -   <span class=\"_ _10e\"> </span></span>  2<span class=\"_ _2\"></span>.337<span class=\"_ _2\"></span>   <span class=\"_ _3a\"> </span>2<span class=\"_ _2\"></span>.37<span class=\"_ _2\"></span>7 <span class=\"_ _149\"> </span><span class=\"lsda\">                   -   <span class=\"_ _a0\"> </span>                        -   <span class=\"_ _51\"> </span></span>  <span class=\"_ _2\"></span>2.37<span class=\"_ _2\"></span>7  <span class=\"_ _2\"></span> Acreedores<span class=\"_ _2\"></span> comerc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>, otra<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> cu<span class=\"_ _2\"></span>ent<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>gar<span class=\"_ _2\"></span>, y otra<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> deuda<span class=\"_ _2\"></span>s<span class=\"_ _192\"> </span>10.71<span class=\"_ _2\"></span>6 <span class=\"_ _10e\"> </span>8<span class=\"_ _2\"></span>0.2<span class=\"_ _2\"></span>76<span class=\"_ _2\"></span> <span class=\"_ _c1\"> </span>    (<span class=\"_ _2\"></span>11<span class=\"_ _2\"></span>.731<span class=\"_ _2\"></span>)   <span class=\"_ _ed\"> </span>  79<span class=\"_ _2\"></span>.26<span class=\"_ _2\"></span>1   <span class=\"_ _8a\"> </span>29<span class=\"_ _2\"></span>.25<span class=\"_ _2\"></span>9 <span class=\"_ _e4\"> </span>(2.26<span class=\"_ _2\"></span>1)<span class=\"_ _a1\"> </span><span class=\"lsda\">                        -   <span class=\"_ _12a\"> </span></span>  26<span class=\"_ _2\"></span>.998<span class=\"_ _2\"></span>       (3.02<span class=\"_ _2\"></span>8)   <span class=\"_ _117\"> </span>  7<span class=\"_ _2\"></span>0.58<span class=\"_ _2\"></span>2   <span class=\"_ _5f\"> </span><span class=\"lsda\">                  -   <span class=\"_ _ec\"> </span></span>  6<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.554<span class=\"_ _2\"></span>   <span class=\"_ _18e\"> </span><span class=\"lsda\">       (22.98<span class=\"_ _2\"></span>2)   <span class=\"_ _5f\"> </span></span>     (10.57<span class=\"_ _2\"></span>2)   <span class=\"_ _34\"> </span><span class=\"lsda\">                        -   <span class=\"_ _a0\"> </span>          (3<span class=\"_ _2\"></span>3.554<span class=\"_ _2\"></span>)  </span>                 -   <span class=\"_ _cb\"> </span>                   -   <span class=\"_ _137\"> </span>                     -   <span class=\"_ _34\"> </span>                   -  Ot<span class=\"_ _2\"></span>ros flujos de efe<span class=\"_ _2\"></span>ctivo de las a<span class=\"_ _1\"></span>ctivida<span class=\"_ _1\"></span>des de<span class=\"_ _2\"></span> explot<span class=\"_ _2\"></span>ac<span class=\"_ _1\"></span>i\u00f3n-   Pa<span class=\"_ _2\"></span>gos<span class=\"_ _4\"></span> de i<span class=\"_ _2\"></span>ntereses<span class=\"_ _2\"></span> netos (i<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>uy<span class=\"_ _2\"></span>e ac<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>or d<span class=\"_ _2\"></span>erechos<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e us<span class=\"_ _2\"></span>o)     (6<span class=\"_ _2\"></span>.276<span class=\"_ _2\"></span>)   <span class=\"_ _a0\"> </span>     (1<span class=\"_ _2\"></span>7.01<span class=\"_ _2\"></span>8)  <span class=\"_ _2\"></span> <span class=\"_ _5f\"> </span><span class=\"lsda\">                  -   <span class=\"_ _15\"> </span>       (23<span class=\"_ _2\"></span>.294<span class=\"_ _2\"></span>)   <span class=\"_ _132\"> </span>         (6<span class=\"_ _2\"></span>.920)   <span class=\"_ _5f\"> </span></span>     (12<span class=\"_ _2\"></span>.28<span class=\"_ _2\"></span>1)   <span class=\"_ _34\"> </span><span class=\"lsda\">                        -   <span class=\"_ _34\"> </span>          (19.20<span class=\"_ _2\"></span>1)  </span>   Cobr<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e di<span class=\"_ _2\"></span>vi<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>endos<span class=\"_ _2\"></span>                  -   <span class=\"_ _cb\"> </span>                   -   <span class=\"_ _34\"> </span>                  -   <span class=\"_ _a0\"> </span>                     -   <span class=\"_ _87\"> </span><span class=\"ls0_1\">  40<span class=\"_ _2\"></span>   <span class=\"_ _5f\"> </span></span>                   -   <span class=\"_ _cb\"> </span>                        -   <span class=\"_ _97\"> </span><span class=\"ls0_1\">  4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>  </span>   Pa<span class=\"_ _2\"></span>gos<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>mpues<span class=\"_ _2\"></span>to s<span class=\"_ _2\"></span>obr<span class=\"_ _2\"></span>e bene<span class=\"_ _1\"></span>fi<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>os   (13<span class=\"_ _2\"></span>.93<span class=\"_ _2\"></span>4)   <span class=\"_ _34\"> </span><span class=\"lsda\">       (8<span class=\"_ _2\"></span>.640)   <span class=\"_ _5f\"> </span>                  -   <span class=\"_ _cb\"> </span>       (22<span class=\"_ _2\"></span>.574<span class=\"_ _2\"></span>)   <span class=\"_ _132\"> </span>         (1.28<span class=\"_ _2\"></span>1)   <span class=\"_ _a0\"> </span>        (6.878<span class=\"_ _2\"></span>)   <span class=\"_ _a0\"> </span>                        -   <span class=\"_ _5f\"> </span>            (8.159<span class=\"_ _2\"></span>)  </span>   Pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>n de retri<span class=\"_ _2\"></span>bu<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>\u00f3n a<span class=\"_ _2\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>rgo<span class=\"_ _2\"></span> pl<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zo y<span class=\"_ _2\"></span> otros<span class=\"_ _2\"></span>          (42<span class=\"_ _2\"></span>6)   <span class=\"_ _cb\"> </span>                   -   <span class=\"_ _5f\"> </span>                  -   <span class=\"_ _34\"> </span>            (42<span class=\"_ _2\"></span>6)   <span class=\"_ _18e\"> </span>                     -   <span class=\"_ _5f\"> </span>             (41)   <span class=\"_ _a0\"> </span>                        -   <span class=\"_ _34\"> </span>                  (41<span class=\"_ _2\"></span>)     (20<span class=\"_ _2\"></span>.63<span class=\"_ _2\"></span>6)   <span class=\"_ _a0\"> </span>     (2<span class=\"_ _2\"></span>5.6<span class=\"_ _2\"></span>58<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span><span class=\"ff3 lsda\">                  -   <span class=\"_ _15\"> </span><span class=\"ff4\">       (4<span class=\"_ _2\"></span>6.29<span class=\"_ _2\"></span>4)   <span class=\"_ _132\"> </span></span>         (8<span class=\"_ _2\"></span>.161)   <span class=\"_ _5f\"> </span><span class=\"ls0_1\">     (19<span class=\"_ _2\"></span>.200<span class=\"_ _2\"></span>)   <span class=\"_ _a0\"> </span></span>                        -   <span class=\"_ _34\"> </span>          (27<span class=\"_ _2\"></span>.361)  </span>                 -   <span class=\"_ _cb\"> </span>                   -   <span class=\"_ _137\"> </span>                     -   <span class=\"_ _34\"> </span>                   -  Flujos netos de<span class=\"_ _2\"></span> efe<span class=\"_ _2\"></span>ctivo de activida<span class=\"_ _1\"></span>des de<span class=\"_ _2\"></span> explot<span class=\"_ _2\"></span>ac<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _104\"> </span><span class=\"ff4\">  13<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.658<span class=\"_ _2\"></span>   <span class=\"_ _a1\"> </span>  167<span class=\"_ _2\"></span>.02<span class=\"_ _2\"></span>1   <span class=\"_ _5f\"> </span><span class=\"lsda\">                  -   <span class=\"_ _3d\"> </span></span>  30<span class=\"_ _2\"></span>3.67<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _156\"> </span></span>  8<span class=\"_ _2\"></span>6.54<span class=\"_ _2\"></span>2   <span class=\"_ _169\"> </span>  54<span class=\"_ _2\"></span>.751<span class=\"_ _2\"></span>   <span class=\"_ _34\"> </span><span class=\"lsda\">                        -   <span class=\"_ _19\"> </span></span>  14<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.293<span class=\"_ _2\"></span>  FLUJOS DE<span class=\"_ _1\"></span> EFECT<span class=\"_ _1\"></span>IVO DE LAS ACTI<span class=\"_ _1\"></span>VIDADE<span class=\"_ _1\"></span>S DE I<span class=\"_ _1\"></span>NVERSI<span class=\"_ _1\"></span>\u00d3N:<span class=\"_ _1be\"> </span>Pagos<span class=\"_ _1\"></span> por inve<span class=\"_ _2\"></span>rsiones:<span class=\"_ _1be\"> </span>Pr<span class=\"_ _2\"></span>opi<span class=\"_ _2\"></span>eda<span class=\"_ _2\"></span>, pl<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ta y <span class=\"_ _2\"></span>equi<span class=\"_ _2\"></span>po y a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _4\"></span> bi<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>\u00f3gi<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>os<span class=\"_ _35\"> </span>   (41<span class=\"_ _2\"></span>.69<span class=\"_ _2\"></span>6)   <span class=\"_ _a0\"> </span>     (1<span class=\"_ _2\"></span>0.11<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span><span class=\"lsda\">                  -   <span class=\"_ _15\"> </span>       (5<span class=\"_ _2\"></span>1.80<span class=\"_ _2\"></span>9)   <span class=\"_ _18e\"> </span>       (49<span class=\"_ _2\"></span>.908<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span></span>     (18.36<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>)   <span class=\"_ _34\"> </span><span class=\"lsda\">                        -   <span class=\"_ _a0\"> </span>          (68<span class=\"_ _2\"></span>.275<span class=\"_ _2\"></span>)  </span>Activ<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> i<span class=\"_ _4\"></span>ntan<span class=\"_ _2\"></span>gi<span class=\"_ _2\"></span>bl<span class=\"_ _2\"></span>es<span class=\"_ _1ab\"> </span>     (<span class=\"_ _2\"></span>2.75<span class=\"_ _2\"></span>8)  <span class=\"_ _2\"></span> <span class=\"_ _5f\"> </span><span class=\"lsda\">          (300)   <span class=\"_ _5f\"> </span>                  -   <span class=\"_ _a0\"> </span>         (3.058<span class=\"_ _2\"></span>)   <span class=\"_ _132\"> </span>         (2<span class=\"_ _2\"></span>.553<span class=\"_ _2\"></span>)   <span class=\"_ _a0\"> </span>           (1<span class=\"_ _2\"></span>56<span class=\"_ _2\"></span>)   <span class=\"_ _a0\"> </span>                        -   <span class=\"_ _5f\"> </span>            (2.709)  </span>Activ<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>eros<span class=\"_ _1b8\"> </span>  18<span class=\"_ _2\"></span>0  <span class=\"_ _2\"></span> <span class=\"_ _cb\"> </span><span class=\"lsda\">                   -   <span class=\"_ _5f\"> </span>                  -   <span class=\"_ _51\"> </span></span>  18<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _169\"> </span><span class=\"lsda\">            (3<span class=\"_ _2\"></span>30<span class=\"_ _2\"></span>)   <span class=\"_ _9b\"> </span></span>  2<span class=\"_ _2\"></span>   <span class=\"_ _34\"> </span><span class=\"lsda\">                        -   <span class=\"_ _cb\"> </span>                (32<span class=\"_ _2\"></span>8)  </span>(44<span class=\"_ _2\"></span>.274<span class=\"_ _2\"></span>)<span class=\"_ _ed\"> </span>(1<span class=\"_ _2\"></span>0.41<span class=\"_ _2\"></span>3)<span class=\"_ _a1\"> </span><span class=\"lsda\">                  -   <span class=\"_ _185\"> </span></span>(54<span class=\"_ _2\"></span>.687<span class=\"_ _2\"></span>)<span class=\"_ _24\"> </span>(52.79<span class=\"_ _2\"></span>1)<span class=\"_ _109\"> </span>(18.52<span class=\"_ _2\"></span>1)<span class=\"_ _3d\"> </span><span class=\"lsda\">                      -     <span class=\"_ _19\"> </span></span>(71.31<span class=\"_ _2\"></span>2)<span class=\"_ _1be\"> </span>Cobros por<span class=\"_ _2\"></span> desinver<span class=\"_ _2\"></span>siones:<span class=\"_ _1be\"> </span>Em<span class=\"_ _1\"></span>pres<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del<span class=\"_ _2\"></span> Grupo<span class=\"_ _2\"></span> y Aso<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>s<span class=\"_ _b3\"> </span><span class=\"lsdb\">400 <span class=\"_ _5c\"> </span><span class=\"lsda\">                   -   <span class=\"_ _5f\"> </span>                  -   <span class=\"_ _78\"> </span></span>400<span class=\"_ _1be\"> </span></span>Pr<span class=\"_ _2\"></span>opi<span class=\"_ _2\"></span>eda<span class=\"_ _2\"></span>, pl<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ta y <span class=\"_ _2\"></span>equi<span class=\"_ _2\"></span>po<span class=\"_ _1b9\"> </span><span class=\"lsdb\">3 <span class=\"_ _14a\"> </span><span class=\"lsda\">                   -   <span class=\"_ _34\"> </span>                  -   <span class=\"_ _e9\"> </span></span>3 <span class=\"_ _14\"> </span>409 <span class=\"_ _c1\"> </span><span class=\"lsda\">                   -   <span class=\"_ _a0\"> </span>                        -   <span class=\"_ _9b\"> </span></span></span>  <span class=\"_ _2\"></span>40<span class=\"_ _2\"></span>9  Activ<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>eros<span class=\"_ _96\"> </span><span class=\"lsda\">                 -   <span class=\"_ _139\"> </span></span>  3<span class=\"_ _2\"></span>80<span class=\"_ _2\"></span>   <span class=\"_ _5f\"> </span><span class=\"lsda\">                  -   <span class=\"_ _51\"> </span></span>  38<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _156\"> </span>  1<span class=\"_ _2\"></span>3.26<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span>  <span class=\"_ _19\"> </span>  5<span class=\"_ _2\"></span>.54<span class=\"_ _2\"></span>9   <span class=\"_ _34\"> </span><span class=\"lsda\">          (13<span class=\"_ _2\"></span>.260<span class=\"_ _2\"></span>)   <span class=\"_ _114\"> </span></span>  5.54<span class=\"_ _2\"></span>9  <span class=\"_ _2\"></span> 403 <span class=\"_ _51\"> </span><span class=\"ls0_1\">  3<span class=\"_ _2\"></span>80<span class=\"_ _2\"></span>   <span class=\"_ _5f\"> </span><span class=\"lsda\">                  -   <span class=\"_ _78\"> </span></span></span>783 <span class=\"_ _8\"> </span><span class=\"ls0_1\">1<span class=\"_ _2\"></span>3.66<span class=\"_ _2\"></span>9 <span class=\"_ _12a\"> </span>  5.549<span class=\"_ _2\"></span>   <span class=\"_ _34\"> </span><span class=\"lsda\">          (13.260<span class=\"_ _2\"></span>)   <span class=\"_ _48\"> </span></span>5.95<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span></span>Flujos netos de<span class=\"_ _2\"></span> efe<span class=\"_ _2\"></span>ctivo de activida<span class=\"_ _1\"></span>des de<span class=\"_ _2\"></span> inversi\u00f3n<span class=\"_ _113\"> </span>(4<span class=\"_ _2\"></span>3.87<span class=\"_ _2\"></span>1)<span class=\"_ _30\"> </span>(10.03<span class=\"_ _2\"></span>3)<span class=\"_ _a3\"> </span><span class=\"lsda\">                  -   <span class=\"_ _129\"> </span></span>(53<span class=\"_ _2\"></span>.904<span class=\"_ _2\"></span>)<span class=\"_ _24\"> </span>(39.12<span class=\"_ _2\"></span>2)<span class=\"_ _19\"> </span>(1<span class=\"_ _2\"></span>2.97<span class=\"_ _2\"></span>2)<span class=\"_ _a1\"> </span><span class=\"lsda\">          (13.260<span class=\"_ _2\"></span>)   <span class=\"_ _e4\"> </span></span>(6<span class=\"_ _2\"></span>5.35<span class=\"_ _2\"></span>4)<span class=\"_ _1be\"> </span>FLUJOS DE<span class=\"_ _1\"></span> EFECT<span class=\"_ _1\"></span>IVO DE LAS ACTI<span class=\"_ _1\"></span>VIDADE<span class=\"_ _1\"></span>S DE FI<span class=\"_ _1\"></span>NAN<span class=\"_ _2\"></span>CIACI\u00d3N:<span class=\"_ _1be\"> </span>Cobros (pagos) por instrum<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ntos de<span class=\"_ _2\"></span> patrim<span class=\"_ _2\"></span>onio:   Tra<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>cc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>nes <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>pa<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es no<span class=\"_ _2\"></span> domi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>ntes                 -   <span class=\"_ _cb\"> </span>                   -   <span class=\"_ _34\"> </span>                  -   <span class=\"_ _a0\"> </span>                     -   <span class=\"_ _169\"> </span>            (24<span class=\"_ _2\"></span>2)   <span class=\"_ _5f\"> </span>                   -   <span class=\"_ _a0\"> </span>                        -   <span class=\"_ _cb\"> </span>                (2<span class=\"_ _2\"></span>42<span class=\"_ _2\"></span>)     Adqui<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n d<span class=\"_ _2\"></span>e in<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>trumentos d<span class=\"_ _2\"></span>e patri<span class=\"_ _4\"></span>moni<span class=\"_ _2\"></span>o p<span class=\"_ _2\"></span>rop<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>o   (47<span class=\"_ _2\"></span>.62<span class=\"_ _2\"></span>9)   <span class=\"_ _a0\"> </span><span class=\"lsda\">                   -   <span class=\"_ _5f\"> </span>                  -<span class=\"_ _1\"></span>   <span class=\"_ _cb\"> </span>       (4<span class=\"_ _2\"></span>7.62<span class=\"_ _2\"></span>9)   <span class=\"_ _51\"> </span><span class=\"ls0_1\">(54<span class=\"_ _2\"></span>.926<span class=\"_ _2\"></span>)<span class=\"_ _a3\"> </span></span>                   -   <span class=\"_ _a0\"> </span>                        -   <span class=\"_ _a0\"> </span>          (54<span class=\"_ _2\"></span>.926<span class=\"_ _2\"></span>)  </span>   Ena<span class=\"_ _2\"></span>j<span class=\"_ _2\"></span>enac<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n de i<span class=\"_ _2\"></span>ns<span class=\"_ _4\"></span>trument<span class=\"_ _1\"></span>os<span class=\"_ _2\"></span> de pa<span class=\"_ _2\"></span>tri<span class=\"_ _4\"></span>moni<span class=\"_ _2\"></span>o pr<span class=\"_ _2\"></span>opi<span class=\"_ _4\"></span>o  47<span class=\"_ _2\"></span>.76<span class=\"_ _2\"></span>1   <span class=\"_ _a0\"> </span><span class=\"lsda\">                   -   <span class=\"_ _34\"> </span>                  -   <span class=\"_ _ed\"> </span></span>  47<span class=\"_ _2\"></span>.761<span class=\"_ _2\"></span>   <span class=\"_ _12d\"> </span>5<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.989<span class=\"_ _2\"></span> <span class=\"_ _d7\"> </span><span class=\"lsda\">                 -     <span class=\"_ _34\"> </span>                      -     <span class=\"_ _109\"> </span></span>  5<span class=\"_ _2\"></span>2.98<span class=\"_ _2\"></span>9  <span class=\"_ _2\"></span> 132 <span class=\"_ _14a\"> </span><span class=\"lsda\">                   -   <span class=\"_ _34\"> </span>                  -   <span class=\"_ _48\"> </span></span>132 <span class=\"_ _8\"> </span><span class=\"ls0_1\">(2.179<span class=\"_ _2\"></span>)<span class=\"_ _10f\"> </span><span class=\"lsda\">                 -     <span class=\"_ _34\"> </span>                      -     <span class=\"_ _157\"> </span></span>(2<span class=\"_ _2\"></span>.179<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></span>Cobros (pagos) por instrum<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>ntos de<span class=\"_ _2\"></span> pasiv<span class=\"_ _1\"></span>o financ<span class=\"_ _1\"></span>iero:  Pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> vi<span class=\"_ _4\"></span>nc<span class=\"_ _2\"></span>ul<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s  19<span class=\"_ _2\"></span>.37<span class=\"_ _2\"></span>8   <span class=\"_ _a0\"> </span>     (3<span class=\"_ _2\"></span>8.37<span class=\"_ _2\"></span>0) <span class=\"_ _2\"></span>  <span class=\"_ _5f\"> </span><span class=\"lsda\">                  -   <span class=\"_ _15\"> </span>       (1<span class=\"_ _2\"></span>8.992<span class=\"_ _2\"></span>)   <span class=\"_ _18e\"> </span>                     -   <span class=\"_ _34\"> </span>                   -   <span class=\"_ _34\"> </span>                        -   <span class=\"_ _a0\"> </span>                        -  </span>  Emis<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n d<span class=\"_ _2\"></span>e obl<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es, neto de gas<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span> de for<span class=\"_ _2\"></span>mal<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n   (65<span class=\"_ _2\"></span>.28<span class=\"_ _2\"></span>0)   <span class=\"_ _a0\"> </span>     (1<span class=\"_ _2\"></span>3.9<span class=\"_ _2\"></span>99<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span><span class=\"lsda\">                  -   <span class=\"_ _15\"> </span>       (7<span class=\"_ _2\"></span>9.27<span class=\"_ _2\"></span>9)   <span class=\"_ _18e\"> </span>       (2<span class=\"_ _2\"></span>5.749<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span>                   -   <span class=\"_ _a0\"> </span>                        -   <span class=\"_ _a0\"> </span>          (25<span class=\"_ _2\"></span>.749<span class=\"_ _2\"></span>)  </span>  Aum<span class=\"_ _1\"></span>ento (di<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>nuc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n) deuda<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span> ent<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>es d<span class=\"_ _2\"></span>e cr\u00e9di<span class=\"_ _2\"></span>to, neto de<span class=\"_ _1\"></span> ga<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span> de forma<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>\u00f3n     (9<span class=\"_ _2\"></span>.962<span class=\"_ _2\"></span>)   <span class=\"_ _a0\"> </span>     (2<span class=\"_ _2\"></span>9.40<span class=\"_ _2\"></span>0)  <span class=\"_ _2\"></span> <span class=\"_ _5f\"> </span><span class=\"lsda\">                  -   <span class=\"_ _15\"> </span>       (39<span class=\"_ _2\"></span>.362<span class=\"_ _2\"></span>)   <span class=\"_ _169\"> </span></span>  <span class=\"_ _2\"></span>  (13<span class=\"_ _2\"></span>8.6<span class=\"_ _2\"></span>43<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span>     (27<span class=\"_ _2\"></span>.248<span class=\"_ _2\"></span>)   <span class=\"_ _34\"> </span><span class=\"lsda\">                        -   <span class=\"_ _cb\"> </span>        (1<span class=\"_ _2\"></span>65.89<span class=\"_ _2\"></span>1)  </span>  Aum<span class=\"_ _1\"></span>ento (di<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>nuc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n) de otra<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>eudas<span class=\"_ _4\"></span>      (8<span class=\"_ _2\"></span>.062<span class=\"_ _2\"></span>)   <span class=\"_ _a0\"> </span><span class=\"lsda\">                   -   <span class=\"_ _34\"> </span>                  -   <span class=\"_ _34\"> </span>         (8.062<span class=\"_ _2\"></span>)   <span class=\"_ _132\"> </span>         (6.51<span class=\"_ _2\"></span>7)   <span class=\"_ _5f\"> </span>                   -   <span class=\"_ _a0\"> </span>                        -   <span class=\"_ _34\"> </span>            (6<span class=\"_ _2\"></span>.517<span class=\"_ _2\"></span>)  </span>  Pa<span class=\"_ _2\"></span>gos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por<span class=\"_ _2\"></span> Derechos<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e us<span class=\"_ _2\"></span>o s<span class=\"_ _2\"></span>ob<span class=\"_ _2\"></span>re a<span class=\"_ _2\"></span>cti<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span>s     (4<span class=\"_ _2\"></span>.722<span class=\"_ _2\"></span>)   <span class=\"_ _34\"> </span><span class=\"lsda\">       (1.16<span class=\"_ _2\"></span>9)   <span class=\"_ _5f\"> </span>                  -   <span class=\"_ _a0\"> </span>         (5.891<span class=\"_ _2\"></span>)   <span class=\"_ _132\"> </span>         (4<span class=\"_ _2\"></span>.145)   <span class=\"_ _34\"> </span>           (96<span class=\"_ _2\"></span>9)   <span class=\"_ _34\"> </span>                        -   <span class=\"_ _34\"> </span>            (5<span class=\"_ _2\"></span>.114<span class=\"_ _2\"></span>)  </span>  Subvenc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ones<span class=\"_ _2\"></span> r<span class=\"_ _2\"></span>eci<span class=\"_ _2\"></span>bi<span class=\"_ _4\"></span>da<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>net<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>s  2.19<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>   <span class=\"_ _cb\"> </span><span class=\"lsda\">                   -   <span class=\"_ _5f\"> </span>                  -   <span class=\"_ _10e\"> </span></span>  2<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>6   <span class=\"_ _92\"> </span>  2<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>   <span class=\"_ _5f\"> </span><span class=\"lsda\">                   -   <span class=\"_ _a0\"> </span>                        -   <span class=\"_ _9b\"> </span></span>  22<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>  (66<span class=\"_ _2\"></span>.452<span class=\"_ _2\"></span>)<span class=\"_ _ed\"> </span>(8<span class=\"_ _2\"></span>2.93<span class=\"_ _2\"></span>8)<span class=\"_ _a1\"> </span><span class=\"lsda\">                  -   <span class=\"_ _14e\"> </span></span>(149<span class=\"_ _2\"></span>.390<span class=\"_ _2\"></span>)<span class=\"_ _156\"> </span>(17<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.834<span class=\"_ _2\"></span>)<span class=\"_ _19\"> </span>(28<span class=\"_ _2\"></span>.217<span class=\"_ _2\"></span>)<span class=\"_ _b2\"> </span><span class=\"lsda\">                        -   <span class=\"_ _30\"> </span></span>(20<span class=\"_ _2\"></span>3.05<span class=\"_ _2\"></span>1)<span class=\"_ _1be\"> </span>Pagos<span class=\"_ _1\"></span> por dividendos y r<span class=\"_ _2\"></span>em<span class=\"_ _2\"></span>uner<span class=\"_ _2\"></span>aci<span class=\"_ _1\"></span>ones de<span class=\"_ _2\"></span> otr<span class=\"_ _2\"></span>os instr<span class=\"_ _2\"></span>ume<span class=\"_ _2\"></span>ntos de<span class=\"_ _2\"></span> patr<span class=\"_ _2\"></span>imonio<span class=\"_ _1be\"> </span>Di<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>dendos<span class=\"_ _2\"></span> Empres<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> de Grupo   (66<span class=\"_ _2\"></span>.58<span class=\"_ _2\"></span>7)   <span class=\"_ _a0\"> </span><span class=\"lsda\">                   -   <span class=\"_ _5f\"> </span>                  -<span class=\"_ _1\"></span>   <span class=\"_ _cb\"> </span>       (6<span class=\"_ _2\"></span>6.58<span class=\"_ _2\"></span>7)   <span class=\"_ _18e\"> </span>                     -   <span class=\"_ _34\"> </span><span class=\"ls0_1\">  <span class=\"_ _2\"></span>   (13<span class=\"_ _2\"></span>.26<span class=\"_ _2\"></span>0)   <span class=\"_ _139\"> </span>  13<span class=\"_ _2\"></span>.260<span class=\"_ _2\"></span>   <span class=\"_ _34\"> </span></span>                        -  </span>Di<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>dendos<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> mi<span class=\"_ _2\"></span>nor<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>tar<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>os                 -   <span class=\"_ _34\"> </span>          (9<span class=\"_ _2\"></span>81<span class=\"_ _2\"></span>)   <span class=\"_ _34\"> </span>                  -   <span class=\"_ _5f\"> </span>            (981<span class=\"_ _2\"></span>)   <span class=\"_ _117\"> </span>                     -   <span class=\"_ _5f\"> </span><span class=\"ls0_1\">     (13<span class=\"_ _2\"></span>.365<span class=\"_ _2\"></span>)   <span class=\"_ _34\"> </span></span>                        -   <span class=\"_ _a0\"> </span>          (1<span class=\"_ _2\"></span>3.36<span class=\"_ _2\"></span>5)     (66<span class=\"_ _2\"></span>.587<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span><span class=\"lsda\">          (981)   <span class=\"_ _5f\"> </span>                  -   <span class=\"_ _15\"> </span>       (6<span class=\"_ _2\"></span>7.568<span class=\"_ _2\"></span>)   <span class=\"_ _117\"> </span>                     -   <span class=\"_ _5f\"> </span></span>     (26<span class=\"_ _2\"></span>.625)  <span class=\"_ _2\"></span> <span class=\"_ _12a\"> </span>  1<span class=\"_ _2\"></span>3.26<span class=\"_ _2\"></span>0   <span class=\"_ _34\"> </span><span class=\"lsda\">          (13<span class=\"_ _2\"></span>.365)  </span>Flujos netos de<span class=\"_ _2\"></span> efe<span class=\"_ _2\"></span>ctivo de activida<span class=\"_ _1\"></span>des de<span class=\"_ _2\"></span> fina<span class=\"_ _1\"></span>ncia<span class=\"_ _1\"></span>ci<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _1ba\"> </span> (13<span class=\"_ _2\"></span>2.90<span class=\"_ _2\"></span>7)   <span class=\"_ _a0\"> </span>     (8<span class=\"_ _2\"></span>3.91<span class=\"_ _2\"></span>9)   <span class=\"_ _5f\"> </span><span class=\"lsda\">                  -   <span class=\"_ _34\"> </span></span>    (2<span class=\"_ _2\"></span>16<span class=\"_ _2\"></span>.826<span class=\"_ _2\"></span>)   <span class=\"_ _129\"> </span>    (17<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.013<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span>     (54.84<span class=\"_ _2\"></span>2)   <span class=\"_ _139\"> </span>  13<span class=\"_ _2\"></span>.260<span class=\"_ _2\"></span>   <span class=\"_ _cb\"> </span><span class=\"lsda\">        (2<span class=\"_ _2\"></span>18<span class=\"_ _2\"></span>.595)  </span>AUM<span class=\"_ _1\"></span>ENTO/DISM<span class=\"_ _1\"></span>INU<span class=\"_ _1\"></span>CI\u00d3N N<span class=\"_ _2\"></span>ET<span class=\"_ _1\"></span>A DEL EFECT<span class=\"_ _1\"></span>IVO O EQUI<span class=\"_ _1\"></span>VAL<span class=\"_ _2\"></span>ENTES<span class=\"_ _d2\"> </span>   (40.12<span class=\"_ _2\"></span>0)  <span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>  7<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.069 <span class=\"_ _2\"></span>  <span class=\"_ _5f\"> </span><span class=\"lsda\">                  -<span class=\"_ _1\"></span>   <span class=\"_ _ed\"> </span><span class=\"ls0_1\">  32.94<span class=\"_ _2\"></span>9   <span class=\"_ _129\"> </span>    (1<span class=\"_ _2\"></span>29<span class=\"_ _2\"></span>.593<span class=\"_ _2\"></span>)   <span class=\"_ _5f\"> </span>     (13<span class=\"_ _2\"></span>.063)  <span class=\"_ _2\"></span> <span class=\"_ _a0\"> </span></span>                        -   <span class=\"_ _a0\"> </span>        (142<span class=\"_ _2\"></span>.656)  </span>Efe<span class=\"_ _1\"></span>cti<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span> y equi<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> c<span class=\"_ _2\"></span>omi<span class=\"_ _2\"></span>enzo del p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>od<span class=\"_ _2\"></span>o<span class=\"_ _152\"> </span>  3<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>8.49<span class=\"_ _2\"></span>6  <span class=\"_ _2\"></span> <span class=\"_ _ed\"> </span>61.46<span class=\"_ _2\"></span>8 <span class=\"_ _149\"> </span><span class=\"lsda\">                  -   <span class=\"_ _3d\"> </span></span>  379<span class=\"_ _2\"></span>.96<span class=\"_ _2\"></span>4   <span class=\"_ _114\"> </span>4<span class=\"_ _2\"></span>48<span class=\"_ _2\"></span>.08<span class=\"_ _2\"></span>9 <span class=\"_ _157\"> </span>7<span class=\"_ _2\"></span>4.53<span class=\"_ _2\"></span>1 <span class=\"_ _c1\"> </span><span class=\"lsda\">                        -   <span class=\"_ _19\"> </span></span>  52<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.620<span class=\"_ _2\"></span>  Efe<span class=\"_ _1\"></span>cti<span class=\"_ _2\"></span>vo<span class=\"_ _2\"></span> y equi<span class=\"_ _2\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el p<span class=\"_ _2\"></span>eri<span class=\"_ _2\"></span>odo<span class=\"_ _1bb\"> </span>  27<span class=\"_ _2\"></span>8.3<span class=\"_ _2\"></span>76<span class=\"_ _2\"></span>   <span class=\"_ _a1\"> </span>  134<span class=\"_ _2\"></span>.53<span class=\"_ _2\"></span>7   <span class=\"_ _5f\"> </span><span class=\"lsda\">                  -   <span class=\"_ _3d\"> </span></span>  41<span class=\"_ _2\"></span>2.91<span class=\"_ _2\"></span>3   <span class=\"_ _ff\"> </span>  31<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.496<span class=\"_ _2\"></span>   <span class=\"_ _132\"> </span>  6<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.468<span class=\"_ _2\"></span>   <span class=\"_ _34\"> </span><span class=\"lsda\">                        -   <span class=\"_ _19\"> </span></span>  37<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.964<span class=\"_ _2\"></span>  ENCE<span class=\"_ _2\"></span> ENE<span class=\"_ _2\"></span>RG\u00cdA Y CELULOSA, S.<span class=\"_ _1\"></span>A.<span class=\"_ _1\"></span> Y SOC<span class=\"_ _2\"></span>IEDAD<span class=\"_ _2\"></span>ES D<span class=\"_ _2\"></span>EPE<span class=\"_ _2\"></span>NDIENTES<span class=\"_ _1be\"> </span>2022<span class=\"_ _1be\"> </span>2021<span class=\"_ _1be\"> </span>EST<span class=\"_ _1\"></span>ADO D<span class=\"_ _2\"></span>E FLUJO<span class=\"_ _2\"></span>S DE EFECTIVO CO<span class=\"_ _2\"></span>NSOLI<span class=\"_ _2\"></span>DADO<span class=\"_ _2\"></span> PO<span class=\"_ _2\"></span>R NEGO<span class=\"_ _2\"></span>CIO<span class=\"_ _2\"></span>S CO<span class=\"_ _2\"></span>RR<span class=\"_ _2\"></span>ESPONDI<span class=\"_ _2\"></span>ENT<span class=\"_ _1\"></span>ES A LOS EJERCI<span class=\"_ _2\"></span>CIO<span class=\"_ _2\"></span>S 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>2 Y <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>21<div class=\"c_1 w2_1 h57 gs43b\"><div class=\"t_1 m0_1 x4f h3_1 y13b2 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x4f h3_1 y13b3 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x187 h5b y13b4 ff7 fs14 fc0_1 sc0_1 ls0_1 ws0_1\">Anex<span class=\"_ _bb\"></span>o I<span class=\"_ _2\"></span><span class=\"lsdc\">II</span> - Marco regula<span class=\"_ _1\"></span>torio del sector </div><div class=\"t_1 m0_1 x187 h5b y13b5 ff7 fs14 fc0_1 sc0_1 ls0_1 ws0_1\">energ<span class=\"_ _1\"></span>\u00e9tico<span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 xe h3_1 y13b6 ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> <span class=\"_ _10a\"> </span> <span class=\"_ _103\"> </span> <span class=\"_ _103\"> </span> <span class=\"_ _103\"> </span> <span class=\"_ _10a\"> </span> <span class=\"_ _103\"> </span> </div><div class=\"t_1 m0_1 xe h3_1 y11cd ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> <span class=\"_ _1a5\"> </span> </div></div><div class=\"c_1 w2_1 h57 gs43d\"><div class=\"t_1 m0_1 x21 h8_1 y1ec ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Este <span class=\"_ _1\"></span>apartado <span class=\"_ _1\"></span>recoge <span class=\"_ _bb\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>aspectos <span class=\"_ _1\"></span>que <span class=\"_ _bb\"></span>se <span class=\"_ _1\"></span>han <span class=\"_ _1\"></span>considerado <span class=\"_ _bb\"></span>m\u00e1s<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>destacables <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>la re<span class=\"_ _1\"></span>gulaci\u00f3n energ\u00e9tica <span class=\"_ _1\"></span>vigente </div><div class=\"t_1 m0_1 x21 h8_1 y13b8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">en Espa\u00f1a y a<span class=\"_ _2\"></span>plicable a la actividad d<span class=\"_ _2\"></span>esarrollada por el Grupo E<span class=\"_ _2\"></span>NCE. </div><div class=\"t_1 m0_1 x21 h65 y13b9 ff8 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Uni\u00f3n Europea </div><div class=\"t_1 m0_1 x21 h76 y13ba ff9 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Ley Clim\u00e1tica </div><div class=\"t_1 m0_1 x21 h8_1 y13bb ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El 9 de julio de 2021 se pub<span class=\"_ _2\"></span>lic\u00f3 el Reglamento (UE) 2021/1119, de 30/06/21, <span class=\"_ _2\"></span>por el que se establece el marco </div><div class=\"t_1 m0_1 x21 h8_1 y2a2 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">para <span class=\"_ _2\"></span>lograr <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>neutralidad<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>clim<span class=\"ff6\">\u00e1tica <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>2050 <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>nivel <span class=\"_ _4\"></span>europeo. <span class=\"_ _2\"></span>Esta <span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>rma, <span class=\"_ _2\"></span>conocida <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>\u201cLey <span class=\"_ _4\"></span>Clim\u00e1tica\u201d <span class=\"_ _2\"></span>fija<span class=\"_ _2\"></span> </span></div><div class=\"t_1 m0_1 x21 h8_1 y2a3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">un objetivo d<span class=\"_ _2\"></span>e reducci\u00f3n de emisiones de GEI <span class=\"_ _2\"></span>a 2030 del 55<span class=\"_ _2\"></span>% vs. 1990.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13bc ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _0\"></span>\u201cLey <span class=\"_ _0\"></span>Clim\u00e1tica\u201d <span class=\"_ _0\"></span>establece <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>Comisi\u00f3n <span class=\"_ _0\"></span>propo<span class=\"_ _2\"></span>ndr\u00e1 <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>2024 <span class=\"_ _c0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>objetivo <span class=\"_ _0\"></span>para <span class=\"_ _0\"></span>2040 <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>presu<span class=\"_ _2\"></span>puesto </div><div class=\"t_1 m0_1 x21 h8_1 y2a5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">indicativo <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>carb<span class=\"_ _2\"></span>ono <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>ara <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>periodo <span class=\"_ _c2\"> </span>2030<span class=\"_ _2\"></span>-2050, <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>sea <span class=\"_ _c2\"> </span>cons<span class=\"_ _2\"></span>istente <span class=\"_ _c3\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>una <span class=\"_ _c2\"> </span>senda <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>incremento <span class=\"_ _c2\"> </span>de </div><div class=\"t_1 m0_1 x21 h8_1 y2a6 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">temperatura global de +<span class=\"_ _2\"></span>1,5 \u00baC. </div><div class=\"t_1 m0_1 x21 h76 yf80 ffb fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Paquetes Legislativo<span class=\"_ _2\"></span> \u201cPacto Verde Eu<span class=\"_ _2\"></span>ropeo\u201d <span class=\"_ _2\"></span>\u2013<span class=\"ff9\"> Delivering Green<span class=\"_ _2\"></span> Deal </span></div><div class=\"t_1 m0_1 x21 h8_1 y13bd ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _c7\"> </span>Comisi\u00f3n <span class=\"_ _c7\"> </span>Europea <span class=\"_ _c7\"> </span>hizo <span class=\"_ _c4\"> </span>p\u00fablico, <span class=\"_ _c7\"> </span>el <span class=\"_ _c7\"> </span>14/07/2021 <span class=\"_ _c7\"> </span>y <span class=\"_ _c7\"> </span>el <span class=\"_ _c4\"> </span>15/12/202<span class=\"_ _2\"></span>1, <span class=\"_ _c7\"> </span>sendos <span class=\"_ _c7\"> </span>paq<span class=\"_ _2\"></span>uetes <span class=\"_ _c7\"> </span>legislativos, <span class=\"_ _c7\"> </span>que </div><div class=\"t_1 m0_1 x21 h8_1 y478 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">constituyen <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>propu<span class=\"_ _2\"></span>esta <span class=\"_ _c0\"></span>regulato<span class=\"_ _2\"></span>ria <span class=\"_ _0\"></span>para <span class=\"_ _0\"></span>reducir <span class=\"_ _0\"></span>las <span class=\"_ _0\"></span>emisiones <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>55% <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>2030 <span class=\"_ _0\"></span>vs. <span class=\"_ _0\"></span>1990 <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>t\u00e9rminos </div><div class=\"t_1 m0_1 x21 h8_1 y13be ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">establecidos por <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>\u201cLey <span class=\"_ _1\"></span>Clim\u00e1tica\u201d. <span class=\"_ _1\"></span>Las <span class=\"_ _1\"></span>normas <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>tramitar\u00e1n <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>largo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>pr\u00f3ximos <span class=\"_ _1\"></span>dos <span class=\"_ _1\"></span>a\u00f1os, <span class=\"_ _1\"></span>enfoc\u00e1n<span class=\"ff4\">d<span class=\"_ _2\"></span>ose </span></div><div class=\"t_1 m0_1 x21 h8_1 y13bf ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">sus propuesta<span class=\"_ _2\"></span>s sobre los siguientes as<span class=\"_ _2\"></span>pectos:<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x57 h77 ya54 ffe fs4 fc0_1 sc0_1 ls0_1 ws0_1\">-<span class=\"ff2\"> <span class=\"_ _d7\"> </span><span class=\"ff4\">Reglas <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"> </span>mercado <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>erechos <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>emisi\u00f3n <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>CO2 <span class=\"_ _c3\"> </span>par<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>reducir <span class=\"_ _c3\"> </span>emisiones <span class=\"_ _c3\"> </span>61% <span class=\"_ _c3\"> </span>v<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>2005 <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>los </span></span></div><div class=\"t_1 m0_1 xa3 h8_1 y13c0 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">llamados \u201csectores E<span class=\"_ _2\"></span>U<span class=\"ff4\">-</span>ETS\u201d; incluy<span class=\"_ _2\"></span>e ahora al tran<span class=\"_ _2\"></span>sporte mar\u00edtimo, al terrestre y a la ed<span class=\"_ _2\"></span>ificaci\u00f3n.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 x57 h77 y13c1 ffe fs4 fc0_1 sc0_1 ls0_1 ws0_1\">-<span class=\"ff2\"> <span class=\"_ _d7\"> </span><span class=\"ff4\">Mecanismo de aju<span class=\"_ _2\"></span>ste en front<span class=\"_ _2\"></span>era para traslad<span class=\"_ _2\"></span>ar el precio de CO2 a las impo<span class=\"_ _2\"></span>rtaciones.<span class=\"_ _2\"></span> </span></span></div><div class=\"t_1 m0_1 x57 h77 yaf9 ffe fs4 fc0_1 sc0_1 ls0_1 ws0_1\">-<span class=\"ff2\"> <span class=\"_ _d7\"> </span><span class=\"ff4\">Objetivos  nacionales<span class=\"_ _2\"></span>  y  n<span class=\"_ _1\"></span>ormas  espec\u00edficas  para  reducir  em<span class=\"_ _1\"></span>isiones  40%  vs.  2005  en  a<span class=\"_ _1\"></span>gricultura, </span></span></div><div class=\"t_1 m0_1 xa3 h8_1 yafa ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">transporte y<span class=\"_ _2\"></span> edificaci\u00f3n. </div><div class=\"t_1 m0_1 x57 h77 y1175 ffe fs4 fc0_1 sc0_1 ls0_1 ws0_1\">-<span class=\"ff2\"> <span class=\"_ _d7\"> </span><span class=\"ff4\">Incremento del ob<span class=\"_ _2\"></span>jetivo de renov<span class=\"_ _2\"></span>ables hasta el 40% en 2030.<span class=\"_ _4\"></span> </span></span></div><div class=\"t_1 m0_1 x57 h77 y13c2 ffe fs4 fc0_1 sc0_1 ls0_1 ws0_1\">-<span class=\"ff2\"> <span class=\"_ _d7\"> </span><span class=\"ff4\">Mayor e<span class=\"_ _1\"></span>ficiencia <span class=\"_ _1\"></span>energ\u00e9tica con <span class=\"_ _1\"></span>objetivos <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>ahorro <span class=\"_ _bb\"></span>en energ\u00eda <span class=\"_ _1\"></span>primaria <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>final <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>39%<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>36% <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>2030 </span></span></div><div class=\"t_1 m0_1 xa3 h8_1 y13c3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">respectivamente, vs. escenar<span class=\"_ _2\"></span>io tendencial.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x57 h77 y13c4 ffe fs4 fc0_1 sc0_1 ls0_1 ws0_1\">-<span class=\"ff2\"> <span class=\"_ _d7\"> </span><span class=\"ff4\">Descarbonizaci\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>stock <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>edificios <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>2050 <span class=\"_ _0\"></span>(2030 <span class=\"_ _c0\"></span>par<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>nuevos); <span class=\"_ _0\"></span>prohibici\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>incentivos </span></span></div><div class=\"t_1 m0_1 xa3 h8_1 yc41 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">financieros para la<span class=\"_ _2\"></span> instalaci\u00f3n de calderas<span class=\"_ _2\"></span> de gas desd<span class=\"_ _2\"></span>e 2027. </div><div class=\"t_1 m0_1 x57 h77 y534 ffe fs4 fc0_1 sc0_1 ls0_1 ws0_1\">-<span class=\"ff2\"> <span class=\"_ _d7\"> </span><span class=\"ff6\">Impuestos energ\u00e9ticos co<span class=\"_ _2\"></span>herentes<span class=\"_ _2\"></span> con el principio \u201cq<span class=\"_ _2\"></span>uien contamina, p<span class=\"_ _2\"></span>aga\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span></div><div class=\"t_1 m0_1 x57 h77 y13c5 ffe fs4 fc0_1 sc0_1 ls0_1 ws0_1\">-<span class=\"ff2\"> <span class=\"_ _d7\"> </span><span class=\"ff4\">Potenciaci\u00f3n <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>infraestruc<span class=\"_ _2\"></span>tura <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>recarga <span class=\"_ _4\"></span>para <span class=\"_ _c0\"></span>veh\u00edculos <span class=\"_ _4\"></span>limpios<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>ciud<span class=\"_ _2\"></span>ades, <span class=\"_ _4\"></span>prin<span class=\"_ _2\"></span>cipales <span class=\"_ _4\"></span>redes </span></span></div><div class=\"t_1 m0_1 xa3 h8_1 y6cb ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">viarias, pu<span class=\"_ _2\"></span>ertos y aeropuertos.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x57 h77 y13c6 ffe fs4 fc0_1 sc0_1 ls0_1 ws0_1\">-<span class=\"ff2\"> <span class=\"_ _d7\"> </span><span class=\"ff4\">100% nuevos turis<span class=\"_ _2\"></span>mos y furgonetas<span class=\"_ _2\"></span> cero emisiones en 2035<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span> </span></span></div><div class=\"t_1 m0_1 x57 h77 y2f8 ffe fs4 fc0_1 sc0_1 ls0_1 ws0_1\">-<span class=\"ff2\"> <span class=\"_ _d7\"> </span><span class=\"ff4\">Descarbonizaci\u00f3n gra<span class=\"_ _2\"></span>dual de buq<span class=\"_ _2\"></span>ues y aeronaves.<span class=\"_ _2\"></span> </span></span></div><div class=\"t_1 m0_1 x57 h77 y13c7 ffe fs4 fc0_1 sc0_1 ls0_1 ws0_1\">-<span class=\"ff2\"> <span class=\"_ _d7\"> </span><span class=\"ff4\">Reglamento y Directiva d<span class=\"_ _2\"></span>e gas e h<span class=\"_ _2\"></span>idr\u00f3geno:<span class=\"_ _2\"></span> </span></span></div><div class=\"t_1 m0_1 xa3 h77 y13c8 ffc fs4 fc0_1 sc0_1 ls0_1 ws0_1\">\u25aa<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff6\">Armonizaci\u00f3n del mercado <span class=\"_ _2\"></span>retail <span class=\"_ _2\"></span>de gas<span class=\"_ _2\"></span> a lo <span class=\"_ _2\"></span>establecido en el <span class=\"_ _2\"></span>\u201cPaquete <span class=\"_ _2\"></span>de Energ\u00eda <span class=\"_ _2\"></span>Limpia\u201d <span class=\"_ _2\"></span>para </span></span></div><div class=\"t_1 m0_1 xc9 h8_1 y13c9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">electricidad; </div><div class=\"t_1 m0_1 xa3 h77 y13ca ffc fs4 fc0_1 sc0_1 ls0_1 ws0_1\">\u25aa<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff6\">Exigir a los gases \u201cb<span class=\"_ _2\"></span>ajos en carbono\u201d un ahorro d<span class=\"_ _2\"></span>e emisiones del 70% vs referencia f\u00f3s<span class=\"_ _2\"></span>il;<span class=\"_ _2\"></span><span class=\"ff4\"> </span></span></span></div></div>Facilitar el acceso al sistema gas<span class=\"_ _2\"></span>ista de los gases reno<span class=\"_ _2\"></span>vables y \u201cbajos en ca<span class=\"_ _2\"></span>rbono\u201d;<span class=\"_ _2\"></span><span class=\"ff4\"> </span>\u25aa<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Nuevas normas para el mercad<span class=\"_ _2\"></span>o de hidr\u00f3geno<span class=\"_ _2\"></span> </span></span>-<span class=\"ff2\"> <span class=\"_ _d7\"> </span><span class=\"ff4\">Eliminar las fugas<span class=\"_ _2\"></span> de metano asociad<span class=\"_ _2\"></span>as<span class=\"_ _2\"></span> al sector energ\u00e9tico en la UE<span class=\"_ _2\"></span>. </span></span>-<span class=\"ff2\"> <span class=\"_ _d7\"> </span><span class=\"ff4\">Con <span class=\"_ _c0\"></span>vistas <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>emisiones <span class=\"_ _c0\"></span>netas <span class=\"_ _c0\"></span>nulas <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>2050, <span class=\"_ _c0\"></span>fomento <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>bsorcion<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>CO2 <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>sustituci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>CO2 </span></span>f\u00f3sil que alimenta procesos<span class=\"_ _2\"></span> industria<span class=\"_ _2\"></span>les por CO2 procedente de b<span class=\"_ _2\"></span>iomasa, residuos<span class=\"_ _2\"></span> o atm\u00f3sfera.<span class=\"_ _2\"></span> Espa\u00f1a La Comisi\u00f3n <span class=\"_ _1\"></span>Nacional de <span class=\"_ _1\"></span>Mercado y <span class=\"_ _1\"></span>Competencia (C<span class=\"_ _1\"></span>NMC) es un <span class=\"_ _1\"></span>organismo in<span class=\"_ _1\"></span>dependiente del <span class=\"_ _1\"></span>Gobierno y <span class=\"_ _1\"></span>est\u00e1 sujeto a <span class=\"_ _1\"></span>control parlamentario. <span class=\"_ _1\"></span>Este organismo <span class=\"_ _1\"></span>tiene <span class=\"_ _1\"></span>las funciones <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>regulaci\u00f3n del <span class=\"_ _1\"></span>mercado <span class=\"_ _1\"></span>y la <span class=\"_ _1\"></span>supervisi\u00f3n, y <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>virtud <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Real <span class=\"_ _2\"></span>Decr<span class=\"_ _2\"></span>eto-Ley <span class=\"_ _2\"></span>1/20<span class=\"_ _2\"></span>19, <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>11 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>enero, <span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span>mbi\u00e9n <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>competencia <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>artir <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>a\u00f1o <span class=\"_ _2\"></span>202<span class=\"_ _2\"></span>0 p<span class=\"_ _2\"></span>ara fijar  la  metodolog\u00eda  de  re<span class=\"_ _1\"></span>tribuci\u00f3n<span class=\"_ _2\"></span>,  los  peajes  y  la<span class=\"_ _1\"></span>s  condiciones  de  acceso  a  las  red<span class=\"_ _1\"></span>es  de  transporte  y distribuci\u00f3n d<span class=\"_ _2\"></span>e electricidad y gas.<span class=\"_ _2\"></span> Los <span class=\"_ _2\"></span>agentes <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>as<span class=\"_ _2\"></span>eguran del <span class=\"_ _2\"></span>correcto <span class=\"_ _2\"></span>funcion<span class=\"_ _2\"></span>amiento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>mercado <span class=\"_ _2\"></span>el\u00e9ctrico<span class=\"_ _4\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>Espa\u00f1a <span class=\"_ _2\"></span>son<span class=\"_ _2\"></span>; 1) <span class=\"_ _2\"></span>Operad<span class=\"_ _2\"></span>or del <span class=\"_ _2\"></span>sistema <span class=\"_ _4\"></span>(OS): <span class=\"_ _2\"></span>Red <span class=\"_ _2\"></span>El\u00e9ctric<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Esp<span class=\"_ _2\"></span>a\u00f1a, <span class=\"_ _2\"></span>S.A. <span class=\"_ _2\"></span>ejerce <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>actividades <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>gestor <span class=\"_ _2\"></span>del <span class=\"_ _4\"></span>transporte <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>operador <span class=\"_ _2\"></span>del sistema. OS es responsab<span class=\"_ _2\"></span>le de gestionar los mercados d<span class=\"_ _2\"></span>e ajuste que garantizan el contin<span class=\"_ _2\"></span>uo equilibrio entre la demanda y <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>ge<span class=\"_ _1\"></span>neraci\u00f3n de <span class=\"_ _1\"></span>energ\u00eda, <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2) <span class=\"_ _1\"></span>Operador <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>mercado (OM): <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Operador <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Mercado Ib\u00e9rico <span class=\"_ _bb\"></span>(OMI<span class=\"_ _2\"></span>) es <span class=\"_ _4\"></span>resp<span class=\"_ _2\"></span>onsable <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>funcionamiento <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>M<span class=\"_ _2\"></span>ercado <span class=\"_ _4\"></span>Ib<span class=\"_ _2\"></span>\u00e9rico <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>electricidad <span class=\"_ _c0\"></span>(MIBE<span class=\"_ _2\"></span>L) <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>gestiona <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>mercados diarios, intra<span class=\"_ _2\"></span>diarios, y a plazo de la pen\u00edns<span class=\"_ _2\"></span>ula ib\u00e9r<span class=\"_ _2\"></span>ica (integra E<span class=\"_ _2\"></span>spa\u00f1a y Portugal). <span class=\"_ _2\"></span> La <span class=\"_ _4\"></span>Ley <span class=\"_ _4\"></span>24/2013, <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>26 <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>diciembre <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Sector <span class=\"_ _4\"></span>El\u00e9ctri<span class=\"_ _2\"></span>co, <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>sustituy<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>ley <span class=\"_ _4\"></span>54/1997 <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Sector <span class=\"_ _4\"></span>El\u00e9ctrico,<span class=\"_ _2\"></span> establece <span class=\"_ _c0\"></span>como <span class=\"_ _c0\"></span>prin<span class=\"_ _2\"></span>cipio <span class=\"_ _c0\"></span>rector <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>rincipio <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>sos<span class=\"_ _2\"></span>tenibilidad <span class=\"_ _c0\"></span>econ\u00f3<span class=\"_ _2\"></span>mica <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>financiera <span class=\"_ _0\"></span>del <span class=\"_ _c0\"></span>sistema <span class=\"_ _0\"></span>el\u00e9ctrico, lim<span class=\"ls0_1\">itando los d<span class=\"_ _2\"></span>esajustes por d\u00e9ficit de ingresos<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span> </span>Al <span class=\"_ _c0\"></span>regirse <span class=\"_ _c0\"></span>por <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>principio <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>sostenibilidad<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>econ\u00f3mica <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>fi<span class=\"_ _2\"></span>nanciera <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>istema <span class=\"_ _c0\"></span>el\u00e9ctri<span class=\"_ _2\"></span>co, <span class=\"_ _c0\"></span>cu<span class=\"_ _2\"></span>alquier <span class=\"_ _c0\"></span>medida regulatoria <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>provoque un <span class=\"_ _1\"></span>aumento <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>gastos <span class=\"_ _1\"></span>o <span class=\"_ _1\"></span>una re<span class=\"_ _1\"></span>ducci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>ingresos del <span class=\"_ _bb\"></span>sistema el\u00e9ct<span class=\"_ _2\"></span>rico <span class=\"_ _1\"></span>debe incorporar <span class=\"_ _c0\"></span>una <span class=\"_ _c0\"></span>reducci\u00f3n <span class=\"_ _c0\"></span>equivalente <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>otra<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>partidas <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>costes <span class=\"_ _c0\"></span>o <span class=\"_ _c0\"></span>un <span class=\"_ _4\"></span>in<span class=\"_ _2\"></span>cremento <span class=\"_ _4\"></span>equivalent<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>ingresos que <span class=\"_ _4\"></span>as<span class=\"_ _2\"></span>egure <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>equilibrio <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>sis<span class=\"_ _2\"></span>tema. <span class=\"_ _4\"></span>Por <span class=\"_ _c0\"></span>lo <span class=\"_ _c0\"></span>tanto, <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>descarta <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>sibilidad <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>una <span class=\"_ _c0\"></span>nueva <span class=\"_ _4\"></span>acu<span class=\"_ _2\"></span>mulaci\u00f3n <span class=\"_ _c0\"></span>de d\u00e9ficit, para <span class=\"_ _2\"></span>lo q<span class=\"_ _2\"></span>ue se <span class=\"_ _2\"></span>establece <span class=\"_ _2\"></span>adicionalm<span class=\"_ _2\"></span>ente la <span class=\"_ _2\"></span>obligaci\u00f3n <span class=\"_ _2\"></span>de revis<span class=\"_ _2\"></span>ar de <span class=\"_ _2\"></span>forma auto<span class=\"_ _2\"></span>m\u00e1tica, desd<span class=\"_ _2\"></span>e 2014 en adelante, <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>peajes <span class=\"_ _0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>c\u00e1nones <span class=\"_ _c3\"></span>si <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>esequilibrios <span class=\"_ _0\"></span>temporales <span class=\"_ _c3\"></span>entre <span class=\"_ _0\"></span>los <span class=\"_ _c3\"></span>ingresos <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>los <span class=\"_ _0\"></span>gastos <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>istema el\u00e9ctrico superan 1) el 2%<span class=\"_ _1\"></span> de los ingresos estimados del <span class=\"_ _1\"></span>sistema en un ejercicio, o bien <span class=\"_ _1\"></span>2) la deuda acumulada por <span class=\"_ _2\"></span>desaj<span class=\"_ _2\"></span>ustes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ejercicios <span class=\"_ _4\"></span>anteriores <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>pod<span class=\"_ _2\"></span>r\u00e1 <span class=\"_ _2\"></span>superar <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>5% <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>ingresos <span class=\"_ _2\"></span>estimados <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>sistema <span class=\"_ _4\"></span>para <span class=\"_ _2\"></span>el ejercicio. El <span class=\"_ _c2\"> </span>28 <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>diciembre <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>2012  se <span class=\"_ _c3\"> </span>public\u00f3 <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>Ley <span class=\"_ _c2\"> </span>15/2012, <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>27 <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>diciembre, <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>medid<span class=\"_ _2\"></span>as <span class=\"_ _c2\"> </span>fiscales <span class=\"_ _c2\"> </span>par<span class=\"_ _4\"></span>a <span class=\"_ _c2\"> </span>la sostenibilidad<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>energ\u00e9tica qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>afectaba, <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>efectos <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>artir <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2013, <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> to<span class=\"_ _2\"></span>das <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>talaciones <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>produ<span class=\"_ _2\"></span>cci\u00f3n de energ\u00eda el\u00e9ctrica en E<span class=\"_ _2\"></span>spa\u00f1a. Tod<span class=\"_ _2\"></span>as las ins<span class=\"_ _2\"></span>talaciones del grupo EN<span class=\"_ _2\"></span>CE quedaron sujeta<span class=\"_ _2\"></span>s al impuesto sobre el valor <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>prod<span class=\"_ _2\"></span>ucci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _4\"></span>el\u00e9ctrica, <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>impone <span class=\"_ _4\"></span>un <span class=\"_ _2\"></span>grav<span class=\"_ _2\"></span>amen <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>7% <span class=\"_ _4\"></span>sobre <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ingresos <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>venta de energ\u00eda el\u00e9ctrica.<span class=\"_ _2\"></span> Con fecha 12 de<span class=\"_ _2\"></span> julio de 2<span class=\"_ _2\"></span>013 se pub<span class=\"_ _2\"></span>lic\u00f3 el Real Decr<span class=\"_ _2\"></span>eto-l<span class=\"_ _2\"></span>ey 9/2013, por el q<span class=\"_ _2\"></span>ue se ad<span class=\"_ _2\"></span>optan medidas u<span class=\"_ _2\"></span>rgentes para <span class=\"_ _4\"></span>garan<span class=\"_ _2\"></span>tizar <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>estabilidad <span class=\"_ _4\"></span>financiera <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>siste<span class=\"_ _2\"></span>ma <span class=\"_ _4\"></span>el\u00e9ctrico. <span class=\"_ _c0\"></span>Este <span class=\"_ _4\"></span>RDL <span class=\"_ _4\"></span>introd<span class=\"_ _2\"></span>ujo <span class=\"_ _4\"></span>cambios <span class=\"_ _c0\"></span>sustanciales <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el marco <span class=\"_ _4\"></span>ju<span class=\"_ _2\"></span>r\u00eddico <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>econ\u00f3mico <span class=\"_ _c0\"></span>aplicable <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>derog\u00f3, <span class=\"_ _4\"></span>entre <span class=\"_ _c0\"></span>otros, <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>Real <span class=\"_ _c0\"></span>Decreto <span class=\"_ _4\"></span>661/2<span class=\"_ _2\"></span>007, <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>25 <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>mayo, <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>el Real Decreto 6/2009, de 30 de a<span class=\"_ _2\"></span>bril, a los que estaban a<span class=\"_ _2\"></span>cogidas, en cuanto a marco retribu<span class=\"_ _2\"></span>tiv<span class=\"_ _2\"></span>o de apoyo a las energ\u00edas renovables s<span class=\"_ _2\"></span>e refiere, las ins<span class=\"_ _2\"></span>talaciones de producci\u00f3n<span class=\"_ _2\"></span> el\u00e9ctrica de ENCE ubicad<span class=\"_ _2\"></span>as en Esp<span class=\"_ _2\"></span>a\u00f1a. <span class=\"_ _2\"></span> Este <span class=\"_ _c0\"></span>marco <span class=\"_ _4\"></span>re<span class=\"_ _2\"></span>gulatorio <span class=\"_ _c0\"></span>estableci\u00f3 <span class=\"_ _c0\"></span>que, <span class=\"_ _c0\"></span>adicional<span class=\"_ _2\"></span>mente <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>retribuci\u00f3n <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>venta <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>energ\u00eda <span class=\"_ _c0\"></span>generada valorada al precio del mercado, las in<span class=\"_ _1\"></span>stalaciones podr\u00e1n percibir una retribuci\u00f3n especifica compuesta por un t\u00e9rmino <span class=\"_ _2\"></span>por <span class=\"_ _4\"></span>unidad <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>potencia <span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>talada <span class=\"_ _4\"></span>(retribuci\u00f3n <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>versi\u00f3n), <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>cubra, <span class=\"_ _2\"></span>cu<span class=\"_ _2\"></span>ando <span class=\"_ _2\"></span>proceda, <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>costes de inversi\u00f3n d<span class=\"_ _2\"></span>e una instalaci\u00f3n tip<span class=\"_ _2\"></span>o que no pu<span class=\"_ _2\"></span>eden ser recupera<span class=\"_ _2\"></span>dos<span class=\"_ _2\"></span> por la venta d<span class=\"_ _2\"></span>e la energ\u00eda y un t\u00e9rmino a la operaci\u00f3n (retribuci\u00f3n a<span class=\"_ _2\"></span> la op<span class=\"_ _2\"></span>eraci\u00f3n) que cubra, en s<span class=\"_ _2\"></span>u caso, la<span class=\"_ _2\"></span> diferencia entre los cos<span class=\"_ _2\"></span>tes de explotaci\u00f3n<span class=\"_ _2\"></span> y los ingresos p<span class=\"_ _2\"></span>or la participaci\u00f3n en el mercado d<span class=\"_ _2\"></span>e dicha instalaci\u00f3n<span class=\"_ _2\"></span> tipo. <span class=\"_ _2\"></span> Para el <span class=\"_ _2\"></span>c\u00e1lculo de <span class=\"_ _2\"></span>dicha <span class=\"_ _2\"></span>retribuci\u00f3n <span class=\"_ _2\"></span>espec\u00edfica se con<span class=\"_ _2\"></span>siderar\u00e1n, <span class=\"_ _2\"></span>para una <span class=\"_ _2\"></span>instalaci\u00f3n tip<span class=\"_ _2\"></span>o, a lo <span class=\"_ _2\"></span>largo de s<span class=\"_ _2\"></span>u vida \u00fatil <span class=\"_ _c0\"></span>regulatoria <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>referencia <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>actividad <span class=\"_ _c0\"></span>realizada <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>una <span class=\"_ _0\"></span>empresa <span class=\"_ _c0\"></span>eficiente <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>bie<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>gestion<span class=\"_ _2\"></span>ada: <span class=\"_ _c0\"></span>a) <span class=\"_ _0\"></span>los ingresos <span class=\"_ _4\"></span>est\u00e1<span class=\"_ _2\"></span>ndar <span class=\"_ _4\"></span>por <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>venta <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>energ\u00eda <span class=\"_ _4\"></span>generada<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>valorada <span class=\"_ _c0\"></span>al <span class=\"_ _4\"></span>precio <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>mercado <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>producci\u00f3n,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>b) <span class=\"_ _4\"></span>los costes est\u00e1nd<span class=\"_ _2\"></span>ar de explotaci\u00f3n y<span class=\"_ _2\"></span> c) el valor est\u00e1ndar<span class=\"_ _2\"></span> de la inversi\u00f3n inicial (VNA). <span class=\"_ _4\"></span> Con <span class=\"_ _c0\"></span>estos <span class=\"_ _0\"></span>par\u00e1metros, <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>retende <span class=\"_ _c0\"></span>cubrir <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>costes <span class=\"_ _0\"></span>que <span class=\"_ _c0\"></span>permitan <span class=\"_ _0\"></span>competir <span class=\"_ _c0\"></span>a <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>ins<span class=\"_ _2\"></span>talaciones <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>n<span class=\"_ _2\"></span>ivel <span class=\"_ _c0\"></span>de igualdad <span class=\"_ _4\"></span>con <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>tecnolog\u00edas <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>mercado <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>posibiliten <span class=\"_ _4\"></span>obtener <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>rentabilidad<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>razonable. Dicha  rentabilidad  razonable  tendr\u00eda <span class=\"_ _c2\"> </span>como  referencia,  antes  de  impuestos,  el <span class=\"_ _c2\"> </span>rendimiento  medio  en  el mercado <span class=\"_ _c6\"> </span>secundar<span class=\"_ _2\"></span>io <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>las <span class=\"_ _c6\"> </span>Ob<span class=\"_ _2\"></span>ligaciones <span class=\"_ _c6\"> </span>del <span class=\"_ _c6\"> </span>Estad<span class=\"_ _2\"></span>o <span class=\"_ _c6\"> </span>a <span class=\"_ _c6\"> </span>diez<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>a\u00f1o<span class=\"_ _2\"></span>s <span class=\"_ _c6\"> </span>aplicando <span class=\"_ _c6\"> </span>el <span class=\"_ _c6\"> </span>dif<span class=\"_ _2\"></span>erencial <span class=\"_ _c6\"> </span>adecuado. <span class=\"_ _c7\"> </span>La disposici\u00f3n <span class=\"_ _c9\"> </span>adicion<span class=\"_ _2\"></span>al <span class=\"_ _c9\"> </span>primera <span class=\"_ _c4\"> </span>del <span class=\"_ _c9\"> </span>Real <span class=\"_ _c9\"> </span>Decreto<span class=\"_ _2\"></span>-ley <span class=\"_ _c9\"> </span>9/2013 <span class=\"_ _c9\"> </span>fij\u00f3 <span class=\"_ _c9\"> </span>el <span class=\"_ _c4\"> </span>di<span class=\"_ _2\"></span>ferencial <span class=\"_ _c9\"> </span>adecuado <span class=\"_ _c9\"> </span>para <span class=\"_ _c9\"> </span>aquellas instalaciones <span class=\"_ _4\"></span>acogida<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>r\u00e9gimen <span class=\"_ _2\"></span>econ\u00f3mi<span class=\"_ _2\"></span>co <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>rimado <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>300 <span class=\"_ _4\"></span>puntos <span class=\"_ _4\"></span>b\u00e1s<span class=\"_ _2\"></span>icos, <span class=\"_ _2\"></span>todo <span class=\"_ _4\"></span>ello, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>in <span class=\"_ _2\"></span>perjuicio <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>una posible revisi\u00f3n<span class=\"_ _2\"></span> cada seis a\u00f1os.<span class=\"_ _2\"></span> El <span class=\"_ _4\"></span>10 <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>jun<span class=\"_ _2\"></span>io <span class=\"_ _2\"></span>201<span class=\"_ _2\"></span>4, <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>public\u00f3 <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>Real <span class=\"_ _4\"></span>Decreto <span class=\"_ _4\"></span>4<span class=\"_ _2\"></span>13/2014 <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>regula <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>activida<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>producci\u00f3n <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e energ\u00eda  el\u00e9ctrica  a <span class=\"_ _c6\"> </span>partir  de <span class=\"_ _c6\"> </span>fuentes  de  en<span class=\"_ _2\"></span>erg\u00eda  renovab<span class=\"_ _2\"></span>les,  cogeneraci\u00f3n  y <span class=\"_ _14c\"> </span>res<span class=\"_ _2\"></span>iduos<span class=\"_ _2\"></span>,  que  establece  la metodolog\u00eda <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>r\u00e9gimen <span class=\"_ _4\"></span>retributiv<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>espec\u00edfic<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>que<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ser\u00e1 <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>ap<span class=\"_ _2\"></span>licaci\u00f3n <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>stalaciones <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>alcan<span class=\"_ _2\"></span>cen <span class=\"_ _2\"></span>el nivel <span class=\"_ _c3\"> </span>m\u00ednimo <span class=\"_ _c3\"> </span>neces<span class=\"_ _2\"></span>ario <span class=\"_ _c3\"> </span>para <span class=\"_ _c3\"> </span>cubrir <span class=\"_ _c3\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>costes <span class=\"_ _c3\"> </span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>les <span class=\"_ _c3\"></span>permitan <span class=\"_ _c3\"> </span>comp<span class=\"_ _2\"></span>etir <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>igualdad<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>resto<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"> </span>las tecnolog\u00edas. <span class=\"_ _2\"></span>Co<span class=\"_ _2\"></span>mo <span class=\"_ _2\"></span>desarro<span class=\"_ _2\"></span>llo <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>mismo, <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>20 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>junio <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2014 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>miti\u00f3 <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>Orden <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>efini<span class=\"_ _4\"></span>tiva <span class=\"_ _4\"></span>IET <span class=\"_ _2\"></span>1045/201<span class=\"_ _2\"></span>4 que <span class=\"_ _c6\"> </span>contiene <span class=\"_ _c7\"> </span>los <span class=\"_ _c6\"> </span>p<span class=\"_ _2\"></span>ar\u00e1metros <span class=\"_ _c6\"> </span>retribu<span class=\"_ _2\"></span>tivos <span class=\"_ _c6\"> </span>finales <span class=\"_ _c7\"> </span>aplicables <span class=\"_ _c7\"> </span>a <span class=\"_ _c6\"> </span>todas <span class=\"_ _c7\"> </span>las <span class=\"_ _c6\"> </span>instalacion<span class=\"_ _2\"></span>es <span class=\"_ _c6\"> </span>renovables, <span class=\"_ _c7\"> </span>tanto existentes como futuras<span class=\"_ _2\"></span>. El nuevo modelo resultan<span class=\"_ _2\"></span>te define la retribuci\u00f3n<span class=\"_ _2\"></span> de los activos aplicable desd<span class=\"_ _2\"></span>e el 14 de julio de 2013, como con<span class=\"_ _2\"></span>secuencia d<span class=\"_ _2\"></span>el RD-L 9/2013.<span class=\"_ _2\"></span> Seg\u00fan <span class=\"_ _4\"></span>lo <span class=\"_ _c0\"></span>establecido <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>R<span class=\"_ _2\"></span>eal <span class=\"_ _4\"></span>Decreto <span class=\"_ _c0\"></span>413/2014, <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>det<span class=\"_ _2\"></span>erminan <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>er\u00edodos <span class=\"_ _4\"></span>regulatorios<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>seis <span class=\"_ _4\"></span>a\u00f1<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>sub<span class=\"_ _4\"></span>-<span class=\"_ _1be\"> </span>periodos <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>tres<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>a\u00f1os. <span class=\"_ _c0\"></span>Los <span class=\"_ _c0\"></span>par\u00e1metros <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>remuneraci\u00f3n <span class=\"_ _c0\"></span>re<span class=\"_ _2\"></span>lacionados <span class=\"_ _0\"></span>con <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>previsiones <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>precios <span class=\"_ _c0\"></span>de mercado <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ueden <span class=\"_ _4\"></span>revis<span class=\"_ _2\"></span>arse <span class=\"_ _4\"></span>cada <span class=\"_ _4\"></span>tres <span class=\"_ _4\"></span>a\u00f1o<span class=\"_ _2\"></span>s, <span class=\"_ _4\"></span>incorporando<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>desv\u00edos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>producidos <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>sub<span class=\"_ _2\"></span>per\u00edodo. <span class=\"_ _4\"></span>Cada <span class=\"_ _4\"></span>seis a\u00f1os se podr\u00e1n <span class=\"_ _1\"></span>revisar los <span class=\"_ _1\"></span>par\u00e1metros est\u00e1ndares de <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>instalaciones<span class=\"_ _2\"></span>; <span class=\"_ _1\"></span>excepto el valor <span class=\"_ _1\"></span>de inversi\u00f3n inicial <span class=\"_ _1\"></span>y la vida <span class=\"_ _2\"></span>\u00fatil <span class=\"_ _2\"></span>regulatoria <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>perm<span class=\"_ _2\"></span>anecer\u00e1n <span class=\"_ _2\"></span>invariables <span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>larg<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>vida <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>talaciones. <span class=\"_ _2\"></span>Igualmente<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>cada seis <span class=\"_ _c3\"> </span>a\u00f1os <span class=\"_ _c2\"> </span>se <span class=\"_ _c3\"> </span>podr\u00e1 <span class=\"_ _c3\"> </span>revisar <span class=\"_ _c2\"> </span>el <span class=\"_ _0\"></span>tip<span class=\"_ _2\"></span>o <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"> </span>inter\u00e9s <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>retribu<span class=\"_ _2\"></span>ci\u00f3n, <span class=\"_ _c3\"> </span>pero <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>\u00f3lo <span class=\"_ _c3\"> </span>para <span class=\"_ _c3\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>retribuciones <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>futuro. <span class=\"_ _c3\"> </span>La<span class=\"_ _2\"></span> retribuci\u00f3n <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>operaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>tecnolog\u00eda <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ue d<span class=\"_ _2\"></span>epende de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>precios<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del combu<span class=\"_ _2\"></span>stible s<span class=\"_ _4\"></span>e <span class=\"_ _2\"></span>puede <span class=\"_ _2\"></span>aju<span class=\"_ _2\"></span>star al menos una vez <span class=\"_ _2\"></span>al a\u00f1o.  Este <span class=\"_ _c0\"></span>sistema <span class=\"_ _4\"></span>retribu<span class=\"_ _2\"></span>tivo <span class=\"_ _4\"></span>se <span class=\"_ _c0\"></span>basa <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>una <span class=\"_ _c0\"></span>rentabilidad <span class=\"_ _c0\"></span>razonable <span class=\"_ _c0\"></span>a <span class=\"_ _4\"></span>las <span class=\"_ _c0\"></span>inversion<span class=\"_ _2\"></span>es, <span class=\"_ _4\"></span>que <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>define <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>bas<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>la media d<span class=\"_ _2\"></span>el rend<span class=\"_ _2\"></span>imiento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>Obligaciones <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>Es<span class=\"_ _2\"></span>tado <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>diez <span class=\"_ _2\"></span>a\u00f1os <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>mercado <span class=\"_ _2\"></span>secundario <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>24 meses<span class=\"_ _c0\"></span> previos <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>mes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>mayo <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>a\u00f1o an<span class=\"_ _2\"></span>terior <span class=\"_ _2\"></span>al del <span class=\"_ _2\"></span>inicio <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>periodo <span class=\"_ _2\"></span>regulatorio <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>crementada <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>diferencial, que <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>tablece <span class=\"_ _2\"></span>inicial<span class=\"_ _2\"></span>mente <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>300 <span class=\"_ _4\"></span>puntos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>b\u00e1sicos <span class=\"_ _4\"></span>para <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>prim<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>per\u00edod<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>regulato<span class=\"_ _2\"></span>rio <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>finalizado <span class=\"_ _4\"></span>el 31 de diciembre d<span class=\"_ _2\"></span>e 2019, es decir, 7,<span class=\"_ _2\"></span>398% antes d<span class=\"_ _2\"></span>e impuestos<span class=\"_ _2\"></span>. Esta rentab<span class=\"_ _2\"></span>ilidad razonable se calcul\u00f3 a p<span class=\"_ _2\"></span>artir del Valor Neto Actualizad<span class=\"_ _2\"></span>o (VNA) que se reconoci\u00f3 inicialmente para cad<span class=\"_ _2\"></span>a instalaci\u00f3n tipo acogida el r\u00e9gimen especial. Una <span class=\"_ _1\"></span>vez determinados los im<span class=\"_ _1\"></span>portes correspondientes al <span class=\"_ _1\"></span>VNA inicial y el <span class=\"_ _1\"></span>resto de <span class=\"_ _1\"></span>los par\u00e1metros a los que se <span class=\"_ _1\"></span>hace <span class=\"_ _1\"></span>referencia en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Real <span class=\"_ _1\"></span>Decreto se <span class=\"_ _1\"></span>procedi\u00f3 al <span class=\"_ _1\"></span>c\u00e1lculo de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>retribuci\u00f3n a <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>inversi\u00f3n de <span class=\"_ _1\"></span>acuerdo <span class=\"_ _1\"></span>con la metodolog\u00eda que se recog<span class=\"_ _2\"></span>e en el Anexo VII del c<span class=\"_ _2\"></span>itado Real<span class=\"_ _2\"></span> Decreto.<div class=\"c_1 w2_1 h57 gs43f\"><div class=\"t_1 m0_1 x21 h8_1 y1ec ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">En <span class=\"_ _1\"></span>relaci\u00f3n <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>la <span class=\"_ _1\"></span>retribuci\u00f3n <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>operaci\u00f3n <span class=\"_ _1\"></span>(Ro), <span class=\"_ _bb\"></span>de conformidad <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>regulaci\u00f3n contenida <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>RD <span class=\"_ _1\"></span>413/2014, </div><div class=\"t_1 m0_1 x21 h8_1 y13b8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">para <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>der <span class=\"_ _2\"></span>fijar <span class=\"_ _2\"></span>ex <span class=\"_ _4\"></span>ante <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>retribuci\u00f3n <span class=\"_ _2\"></span>espec\u00edfica <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>percibir\u00e1 <span class=\"_ _4\"></span>cada <span class=\"_ _4\"></span>tipo <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>instalaci\u00f3n <span class=\"_ _2\"></span>durante <span class=\"_ _4\"></span>cada <span class=\"_ _4\"></span>a\u00f1o <span class=\"_ _2\"></span>del </div><div class=\"t_1 m0_1 x21 h8_1 y13d5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">semiperiodo <span class=\"_ _0\"></span>o <span class=\"_ _c3\"></span>periodo <span class=\"_ _0\"></span>regulatorio <span class=\"_ _c3\"> </span>es <span class=\"_ _0\"></span>necesario <span class=\"_ _c3\"> </span>realizar <span class=\"_ _0\"></span>estimaciones <span class=\"_ _c2\"> </span>a <span class=\"_ _c3\"></span>futuro <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>los <span class=\"_ _c0\"></span>precios <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>mercado </div><div class=\"t_1 m0_1 x21 h8_1 y13d6 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">el\u00e9ctrico <span class=\"_ _c0\"></span>(en <span class=\"_ _0\"></span>adelante <span class=\"_ _0\"></span>\u201cprecio <span class=\"_ _0\"></span>Pool\u201d). <span class=\"_ _0\"></span>Estas <span class=\"_ _0\"></span>estimaciones <span class=\"_ _c0\"></span>son<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>revisadas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>transcurrid<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>tres <span class=\"_ _c0\"></span>a\u00f1<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>del <span class=\"_ _0\"></span>periodo </div><div class=\"t_1 m0_1 x21 h8_1 y13d7 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">regulatorio, esto es, a<span class=\"_ _2\"></span>l finalizar el semiperiodo regulatorio, cu<span class=\"_ _2\"></span>antificando cual h<span class=\"_ _2\"></span>abr\u00eda sido la Ro para cad<span class=\"_ _2\"></span>a a\u00f1<span class=\"_ _4\"></span><span class=\"lsdd\">o </span></div><div class=\"t_1 m0_1 x21 h8_1 y13d8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del semiperiodo si se h<span class=\"_ _2\"></span>ubieran considerad<span class=\"_ _2\"></span>o los precios pool reales del a\u00f1o. <span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13d9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _c5\"> </span>RD <span class=\"_ _c2\"> </span>413/2014  establece <span class=\"_ _c2\"> </span>en  su <span class=\"_ _c2\"> </span>art\u00edculo  22 <span class=\"_ _c2\"> </span>un <span class=\"_ _c2\"> </span>mecanis<span class=\"_ _2\"></span>mo <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>aju<span class=\"_ _2\"></span>ste <span class=\"_ _c2\"> </span>para  ser <span class=\"_ _c2\"> </span>aplicado  al<span class=\"_ _1\"></span> <span class=\"_ _c2\"> </span>final  de <span class=\"_ _c2\"> </span>cada </div><div class=\"t_1 m0_1 x21 h8_1 y13da ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">semiperiodo <span class=\"_ _4\"></span>regulatorio <span class=\"_ _4\"></span>cuyo <span class=\"_ _4\"></span>objetivo <span class=\"_ _4\"></span>es, <span class=\"_ _4\"></span>mediante <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>definici\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>unos <span class=\"_ _4\"></span>l\u00edm<span class=\"_ _2\"></span>ites <span class=\"_ _4\"></span>su<span class=\"_ _2\"></span>periores <span class=\"_ _4\"></span>e <span class=\"_ _2\"></span>inferiores <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>la </div><div class=\"t_1 m0_1 x21 h8_1 y13db ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">estimaci\u00f3n del p<span class=\"_ _2\"></span>recio Pool, ge<span class=\"_ _2\"></span>nerar en c\u00f3mputo<span class=\"_ _2\"></span> anual un s<span class=\"_ _2\"></span>aldo pos<span class=\"_ _2\"></span>itivo o negativo<span class=\"_ _2\"></span>, que se denomina <span class=\"_ _2\"></span>VAJDM </div><div class=\"t_1 m0_1 x21 h8_1 y13dc ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">en el precio del mercad<span class=\"_ _2\"></span>o, y que se compensar\u00e1 <span class=\"_ _2\"></span>a lo largo de la v<span class=\"_ _2\"></span>ida \u00fatil de la instalaci\u00f3n<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13dd ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">En  concreto, <span class=\"_ _c2\"> </span>el <span class=\"_ _c5\"> </span>RD <span class=\"_ _c2\"> </span>413/2<span class=\"_ _2\"></span>014 <span class=\"_ _c2\"> </span>esta<span class=\"_ _2\"></span>blece, <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>ara <span class=\"_ _c5\"> </span>cada <span class=\"_ _c2\"> </span>a\u00f1<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>del <span class=\"_ _c5\"> </span>semiperiodo <span class=\"_ _c5\"> </span>regulatorio,  dos <span class=\"_ _c2\"> </span>l\u00edmites  anuales </div><div class=\"t_1 m0_1 x21 h8_1 y9a8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">superiores (LS1 y LS2<span class=\"_ _2\"></span>) y dos<span class=\"_ _2\"></span> l\u00edmites anuales inferior<span class=\"_ _2\"></span>es (LI1 y L<span class=\"_ _2\"></span>I2) respecto del p<span class=\"_ _2\"></span>recio del p<span class=\"_ _2\"></span>ool estimado para <span class=\"_ _2\"></span>el </div><div class=\"t_1 m0_1 x21 h8_1 y13de ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">c\u00e1lculo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>retribuci\u00f3n <span class=\"_ _2\"></span>espe<span class=\"_ _2\"></span>c\u00edfica. E<span class=\"_ _2\"></span>stos <span class=\"_ _2\"></span>l\u00edmites <span class=\"_ _2\"></span>definen <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>banda <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e des<span class=\"_ _2\"></span>viaci\u00f3n <span class=\"_ _2\"></span>m\u00ednima (entre <span class=\"_ _2\"></span>LI<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>LS1) <span class=\"_ _2\"></span>y </div><div class=\"t_1 m0_1 x21 h8_1 y13df ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">una <span class=\"_ _4\"></span>banda <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>esviaci\u00f3n <span class=\"_ _4\"></span>m\u00e1xima <span class=\"_ _2\"></span>(entre <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>banda <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>desviaci\u00f3n <span class=\"_ _4\"></span>m\u00ednima <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>l\u00edmites <span class=\"_ _4\"></span>LI2 <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>LS2). <span class=\"_ _4\"></span>El <span class=\"_ _4\"></span>VAJDM <span class=\"_ _4\"></span>se </div><div class=\"t_1 m0_1 x21 h8_1 y13e0 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">calcula  en <span class=\"_ _c2\"> </span>fun<span class=\"_ _2\"></span>ci\u00f3n  de <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>\u00f3nde  se <span class=\"_ _c5\"> </span>sit\u00fae  anualmente <span class=\"_ _c5\"> </span>el <span class=\"_ _c5\"> </span>precio  del <span class=\"_ _c2\"> </span>pool  final  respecto <span class=\"_ _c5\"> </span>de  e<span class=\"_ _1\"></span>stas  bandas  de </div><div class=\"t_1 m0_1 x21 h8_1 y13e1 ff4 fs4 fc0_1 sc0_1 ls13 ws0_1\">de<span class=\"ls0_1\">sviaci\u00f3n, de acuerdo a<span class=\"_ _2\"></span> las f\u00f3rmulas recogidas en el cita<span class=\"_ _2\"></span>do RD 413/2<span class=\"_ _2\"></span>014.<span class=\"_ _2\"></span> </span></div><div class=\"t_1 m0_1 x21 h8_1 y13f4 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Si el precio del pool final anu<span class=\"_ _2\"></span>al efectivamente registrado se sit\u00fa<span class=\"_ _2\"></span>a dentro de la banda de desviaci\u00f3n m\u00ednima, el </div><div class=\"t_1 m0_1 x21 h8_1 y13e2 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">VAJDM es <span class=\"_ _2\"></span>nulo. <span class=\"_ _2\"></span>Si el p<span class=\"_ _2\"></span>recio del p<span class=\"_ _2\"></span>ool final <span class=\"_ _2\"></span>se s<span class=\"_ _2\"></span>it\u00faa fuera <span class=\"_ _2\"></span>de las <span class=\"_ _2\"></span>bandas <span class=\"_ _4\"></span>de des<span class=\"_ _2\"></span>viaci\u00f3n m\u00ednima, <span class=\"_ _2\"></span>pero <span class=\"_ _2\"></span>entre \u00e9stas </div><div class=\"t_1 m0_1 x21 h8_1 y13e3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">y <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>ban<span class=\"_ _2\"></span>das <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>esviaci\u00f3n <span class=\"_ _2\"></span>m\u00e1xima, <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>VAJDM <span class=\"_ _4\"></span>ser\u00e1 <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>mitad <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>diferencia <span class=\"_ _2\"></span>entre <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>l\u00edmites <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>banda <span class=\"_ _4\"></span>de </div><div class=\"t_1 m0_1 x21 h8_1 y13e4 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">desviaci\u00f3n <span class=\"_ _4\"></span>m\u00ednima <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>l <span class=\"_ _2\"></span>precio<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>final. <span class=\"_ _2\"></span>Po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>\u00faltimo, <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>precio <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>ool <span class=\"_ _2\"></span>final <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>sit\u00faa <span class=\"_ _4\"></span>m\u00e1s <span class=\"_ _2\"></span>all<span class=\"_ _2\"></span>\u00e1 <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>alores<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>que </div><div class=\"t_1 m0_1 x21 h8_1 y13c0 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">delimitan las <span class=\"_ _2\"></span>bandas<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>desviaci\u00f3n <span class=\"_ _2\"></span>m\u00e1xima, el V<span class=\"_ _2\"></span>AJDM s<span class=\"_ _2\"></span>er\u00e1 <span class=\"_ _2\"></span>la totalida<span class=\"_ _2\"></span>d de <span class=\"_ _2\"></span>la d<span class=\"_ _2\"></span>iferencia entre <span class=\"_ _2\"></span>los l\u00edmites <span class=\"_ _2\"></span>de la </div><div class=\"t_1 m0_1 x21 h8_1 y6a5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">banda <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>esviaci\u00f3n <span class=\"_ _4\"></span>m\u00e1xima <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>precio <span class=\"_ _4\"></span>final <span class=\"_ _4\"></span>incrementado <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>emisuma <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>valores <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>delimitan <span class=\"_ _4\"></span>la </div><div class=\"t_1 m0_1 x21 h8_1 y507 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">banda de d<span class=\"_ _2\"></span>esviaci\u00f3n m\u00e1xima.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13f5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _1\"></span>valor <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>ajuste <span class=\"_ _1\"></span>VAJDM <span class=\"_ _1\"></span>calculado <span class=\"_ _1\"></span>conforme <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>dispuesto <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>citad<span class=\"_ _2\"></span>o <span class=\"_ _1\"></span>art\u00edculo <span class=\"_ _1\"></span>22 <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>RD <span class=\"_ _bb\"></span>413/2014 se <span class=\"_ _1\"></span>liquida </div><div class=\"t_1 m0_1 x21 h8_1 y13f6 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">modificando al <span class=\"_ _2\"></span>alza<span class=\"_ _2\"></span> o <span class=\"_ _2\"></span>a la<span class=\"_ _2\"></span> baj<span class=\"_ _2\"></span>a, s<span class=\"_ _2\"></span>eg\u00fan correspo<span class=\"_ _2\"></span>nda, el <span class=\"_ _2\"></span>valor<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>la r<span class=\"_ _2\"></span>etribuci\u00f3n p<span class=\"_ _2\"></span>or inv<span class=\"_ _2\"></span>ersi\u00f3n <span class=\"_ _2\"></span>(Rinv) qu<span class=\"_ _2\"></span>e ser\u00e1<span class=\"_ _2\"></span> de </div><div class=\"t_1 m0_1 x21 h8_1 y1d5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">aplicaci\u00f3n a lo largo <span class=\"_ _2\"></span>de la vida regulat<span class=\"_ _2\"></span>oria restante de la ins<span class=\"_ _2\"></span>talaci\u00f3n. <span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13f7 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Una vez que las<span class=\"_ _2\"></span> instalaciones superen la v<span class=\"_ _2\"></span>ida \u00fatil regulatoria dejar\u00e1n d<span class=\"_ _2\"></span>e percibir la retribuci\u00f3n a la in<span class=\"_ _2\"></span>versi\u00f3n y </div><div class=\"t_1 m0_1 x21 h8_1 y13f8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">la <span class=\"_ _c2\"> </span>retribuci\u00f3n <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>op<span class=\"_ _2\"></span>eraci\u00f3n. <span class=\"_ _c2\"> </span>Asimismo, <span class=\"_ _c2\"> </span>las<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>instalaciones <span class=\"_ _c5\"> </span>que <span class=\"_ _c2\"> </span>estando <span class=\"_ _c2\"> </span>dentro<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>su <span class=\"_ _c2\"> </span>vida <span class=\"_ _c2\"> </span>\u00fa<span class=\"_ _2\"></span>til <span class=\"_ _c2\"> </span>regulatoria<span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13f9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">hubieran <span class=\"_ _2\"></span>obtenido la <span class=\"_ _2\"></span>rentabilidad razo<span class=\"_ _2\"></span>nable prevista <span class=\"_ _2\"></span>para ellas, <span class=\"_ _2\"></span>tendr\u00e1n una <span class=\"_ _2\"></span>retribuci\u00f3n <span class=\"_ _2\"></span>a la inv<span class=\"_ _2\"></span>ersi\u00f3n igual <span class=\"_ _2\"></span>a </div><div class=\"t_1 m0_1 x21 h8_1 y13fa ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">cero. </div><div class=\"t_1 m0_1 x21 h8_1 y13fb ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _c6\"> </span>principio<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>de <span class=\"_ _c7\"> </span>rentabilidad <span class=\"_ _c6\"> </span>razonable <span class=\"_ _c7\"> </span>contenido <span class=\"_ _c6\"> </span>en <span class=\"_ _c7\"> </span>el <span class=\"_ _c6\"> </span>Real <span class=\"_ _c6\"> </span>Decreto <span class=\"_ _c7\"> </span>se <span class=\"_ _c6\"> </span>plan<span class=\"_ _2\"></span>tea <span class=\"_ _c6\"> </span>como <span class=\"_ _c6\"> </span>un <span class=\"_ _c7\"> </span>principio <span class=\"_ _c7\"> </span>de </div><div class=\"t_1 m0_1 x21 h8_1 y13fc ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">rentabilidad <span class=\"_ _c4\"> </span>m\u00ednima, <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>for<span class=\"_ _2\"></span>ma <span class=\"_ _c7\"> </span>que <span class=\"_ _c4\"> </span>no <span class=\"_ _c9\"> </span>se <span class=\"_ _c7\"> </span>con<span class=\"_ _2\"></span>templa <span class=\"_ _c7\"> </span>e<span class=\"_ _2\"></span>n <span class=\"_ _c7\"> </span>\u00e9l <span class=\"_ _c4\"> </span>ninguna <span class=\"_ _c4\"> </span>obligaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>de <span class=\"_ _c4\"> </span>devoluci\u00f3n <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>las </div><div class=\"t_1 m0_1 x21 h8_1 y511 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">compensaciones <span class=\"_ _2\"></span>recibidas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>caso<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e la <span class=\"_ _2\"></span>renta<span class=\"_ _2\"></span>bilidad o<span class=\"_ _2\"></span>btenida <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>el tit<span class=\"_ _2\"></span>ular <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la ins<span class=\"_ _2\"></span>talaci\u00f3n <span class=\"_ _2\"></span>supere </div><div class=\"t_1 m0_1 x21 h8_1 y13fd ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">la  rentabilidad  prevista <span class=\"_ _c2\"> </span>en  la <span class=\"_ _c5\"> </span>regulaci\u00f3n,  con <span class=\"_ _c5\"> </span>la  exce<span class=\"_ _1\"></span>pci\u00f3n  de  dos <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>upuestos  concretos<span class=\"_ _2\"></span>;  a) <span class=\"_ _c2\"> </span>en  el  \u00faltimo </div><div class=\"t_1 m0_1 x21 h8_1 y13fe ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">semiperiodo en el <span class=\"_ _1\"></span>que la instalaci\u00f3n tipo alcanza el final de <span class=\"_ _1\"></span>su vida regulatoria y <span class=\"_ _1\"></span>b) si se <span class=\"_ _1\"></span>produjera la salida del </div><div class=\"t_1 m0_1 x21 h8_1 y13ff ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">r\u00e9gimen <span class=\"_ _2\"></span>retributivo <span class=\"_ _2\"></span>antes <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e finalizar <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>ida <span class=\"_ _2\"></span>regulatoria <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la in<span class=\"_ _2\"></span>stalaci\u00f3n. <span class=\"_ _2\"></span>En <span class=\"_ _2\"></span>estos <span class=\"_ _2\"></span>casos<span class=\"_ _2\"></span>, el <span class=\"_ _2\"></span>importe <span class=\"_ _2\"></span>m\u00e1ximo </div><div class=\"t_1 m0_1 x21 h8_1 y1400 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _2\"></span>devolu<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _2\"></span>ser\u00eda <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>correspond<span class=\"_ _2\"></span>iente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>saldos <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>ajustes <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>egativos <span class=\"_ _2\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>surgieran <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>semiperiodo <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>n </div><div class=\"t_1 m0_1 x21 h8_1 y1401 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">el que se produjeran<span class=\"_ _2\"></span> dichas circunsta<span class=\"_ _2\"></span>ncias. </div><div class=\"t_1 m0_1 x21 h8_1 y1402 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _c7\"> </span>Orden <span class=\"_ _c7\"> </span>IET/1045/2014, <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>16 <span class=\"_ _c6\"> </span>de <span class=\"_ _c7\"> </span>junio <span class=\"_ _c7\"> </span>2014, <span class=\"_ _c7\"> </span>desarroll\u00f3 <span class=\"_ _c7\"> </span>el <span class=\"_ _c7\"> </span>Real <span class=\"_ _c6\"> </span>Decreto <span class=\"_ _c7\"> </span>413/201<span class=\"_ _2\"></span>4 <span class=\"_ _c6\"> </span>esta<span class=\"_ _2\"></span>bleciendo <span class=\"_ _c7\"> </span>la </div><div class=\"t_1 m0_1 x21 h8_1 y1403 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">clasificaci\u00f3n <span class=\"_ _c6\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c6\"> </span>las <span class=\"_ _c7\"> </span>instalaciones <span class=\"_ _c6\"> </span>tip<span class=\"_ _2\"></span>o <span class=\"_ _c6\"> </span>en <span class=\"_ _c6\"> </span>funci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>la <span class=\"_ _c6\"> </span>tecnolog\u00eda <span class=\"_ _c7\"> </span>y <span class=\"_ _c6\"> </span>potencia <span class=\"_ _c7\"> </span>instalada, <span class=\"_ _c7\"> </span>aprobando <span class=\"_ _c6\"> </span>los </div><div class=\"t_1 m0_1 x21 h8_1 y1404 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">par\u00e1metros de <span class=\"_ _bb\"></span>remuneraci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>para <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>instalaciones <span class=\"_ _1\"></span>tipo e<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>funcionamiento. <span class=\"_ _1\"></span>La <span class=\"_ _1\"></span>Orden <span class=\"_ _1\"></span>ETU/130/2017 <span class=\"_ _1\"></span>actualiz\u00f3 </div></div><div class=\"c_1 w2_1 h57 gs43f\"><div class=\"t_1 m0_1 x21 h8_1 y1ec ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">los p<span class=\"_ _2\"></span>ar\u00e1metros de remuneraci<span class=\"_ _2\"></span>\u00f3n p<span class=\"_ _2\"></span>ara el periodo <span class=\"_ _2\"></span>2017<span class=\"_ _2\"></span>-2019 y<span class=\"_ _2\"></span> public\u00f3 <span class=\"_ _2\"></span>el Valor d<span class=\"_ _2\"></span>e Ajuste por <span class=\"_ _2\"></span>Desviaciones <span class=\"_ _2\"></span>del </div><div class=\"t_1 m0_1 x21 h8_1 y13b8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">periodo 2014-<span class=\"ls11\">2016.<span class=\"_ _2\"></span></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13b9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">En el <span class=\"_ _1\"></span>a\u00f1o 2015 <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>public\u00f3 la <span class=\"_ _1\"></span>Resoluci\u00f3n <span class=\"_ _1\"></span>de 18 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>diciembre de <span class=\"_ _1\"></span>2015, <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la Secretar\u00eda <span class=\"_ _1\"></span>de Estado de <span class=\"_ _1\"></span>Energ\u00eda, <span class=\"_ _1\"></span>por </div><div class=\"t_1 m0_1 x21 h8_1 y1405 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">la  que  se  esta<span class=\"_ _2\"></span>blecen  los  criterios <span class=\"_ _14c\"> </span>p<span class=\"_ _2\"></span>ara  participar <span class=\"_ _14c\"> </span>en <span class=\"_ _c6\"> </span>los  servicios  de <span class=\"_ _14c\"> </span>aj<span class=\"_ _2\"></span>uste  de<span class=\"_ _2\"></span>l <span class=\"_ _c6\"> </span>sistema  y  se  aprueban </div><div class=\"t_1 m0_1 x21 h8_1 y1406 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">determinados procedim<span class=\"_ _2\"></span>ientos d<span class=\"_ _2\"></span>e pruebas y<span class=\"_ _2\"></span> procedimientos de operaci\u00f3n<span class=\"_ _2\"></span> para su a<span class=\"_ _2\"></span>daptaci\u00f3n al Real D<span class=\"_ _2\"></span>ecreto </div><div class=\"t_1 m0_1 x21 h8_1 y1407 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">413/2014, <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>6 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>junio, <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>regula <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>actividad <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>prod<span class=\"_ _2\"></span>ucci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>energ\u00eda <span class=\"_ _1\"></span>el\u00e9ctrica <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>partir <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>fuentes </div><div class=\"t_1 m0_1 x21 h8_1 y13d9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _0\"></span>energ\u00eda <span class=\"_ _0\"></span>renovab<span class=\"_ _2\"></span>les, <span class=\"_ _0\"></span>cogeneraci\u00f3n <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>residu<span class=\"_ _2\"></span>os. <span class=\"_ _0\"></span>Dicha <span class=\"_ _0\"></span>Resoluci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ha <span class=\"_ _0\"></span>sido <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>ap<span class=\"_ _2\"></span>licaci\u00f3n <span class=\"_ _c0\"></span>a <span class=\"_ _c3\"></span>partir <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>10 <span class=\"_ _0\"></span>de </div><div class=\"t_1 m0_1 x21 h8_1 y13da ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">febrero de <span class=\"_ _2\"></span>2016 <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>permite <span class=\"_ _2\"></span>participar <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>servicios <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ajuste <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>sistema, <span class=\"_ _2\"></span>percibiendo <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>corresp<span class=\"_ _2\"></span>ondientes </div><div class=\"t_1 m0_1 x21 h8_1 y13db ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">ingresos, <span class=\"_ _c7\"> </span>a <span class=\"_ _c6\"> </span>las <span class=\"_ _c6\"> </span>instalacion<span class=\"_ _2\"></span>es <span class=\"_ _c6\"> </span>renovables <span class=\"_ _c7\"> </span>consideradas <span class=\"_ _c7\"> </span>aptas <span class=\"_ _c7\"> </span>y <span class=\"_ _c6\"> </span>que <span class=\"_ _c6\"> </span>su<span class=\"_ _2\"></span>peren <span class=\"_ _c6\"> </span>las <span class=\"_ _c6\"> </span>pru<span class=\"_ _2\"></span>ebas <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>habilita<span class=\"_ _2\"></span>ci\u00f3n </div><div class=\"t_1 m0_1 x21 h8_1 y13dc ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">establecidas para <span class=\"_ _2\"></span>cada uno de estos servicios. Determinadas in<span class=\"_ _2\"></span>stalaciones de generaci\u00f3n d<span class=\"_ _2\"></span>e energ\u00eda incluidas </div><div class=\"t_1 m0_1 x21 h8_1 y1408 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">en <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>N<span class=\"_ _2\"></span>egocio <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>Energ\u00eda <span class=\"_ _c2\"> </span>Ren<span class=\"_ _2\"></span>ovable <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>ENCE <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>articipan <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>Servicios <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>Ajus<span class=\"_ _2\"></span>te <span class=\"_ _c2\"> </span>del <span class=\"_ _c2\"> </span>Sistema <span class=\"_ _c2\"> </span>El\u00e9ctr<span class=\"_ _4\"></span>ico </div><div class=\"t_1 m0_1 x21 h8_1 yb3a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">regulados en los<span class=\"_ _2\"></span> Procedimientos Op<span class=\"_ _2\"></span>erativos 7.2 y 7.3 d<span class=\"_ _2\"></span>e Red El\u00e9ctrica de Espa\u00f1<span class=\"_ _2\"></span>a.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13de ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _1\"></span>Real <span class=\"_ _bb\"></span>Decreto<span class=\"_ _2\"></span>-ley <span class=\"_ _bb\"></span>15/2<span class=\"_ _2\"></span>018, <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>5 de <span class=\"_ _bb\"></span>octubre, <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>medidas <span class=\"_ _1\"></span>ur<span class=\"_ _1\"></span>gentes <span class=\"_ _1\"></span>para <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>transici\u00f3n e<span class=\"_ _1\"></span>nerg\u00e9tica <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>la protecci\u00f3n </div><div class=\"t_1 m0_1 x21 h8_1 y13df ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>consumidores <span class=\"_ _4\"></span>inclu\u00eda, <span class=\"_ _2\"></span>entre <span class=\"_ _4\"></span>otras, <span class=\"_ _4\"></span>dos <span class=\"_ _4\"></span>medidas <span class=\"_ _4\"></span>con <span class=\"_ _2\"></span>i<span class=\"_ _2\"></span><span class=\"ff6\">mpacto <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>ENCE; <span class=\"_ _4\"></span>1) <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>exoneraba <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>\u201cImpuesto<span class=\"_ _2\"></span> </span></div><div class=\"t_1 m0_1 x21 h8_1 y13e0 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">sobre el Valor de la Prod<span class=\"_ _2\"></span>ucci\u00f3n de Energ\u00eda E<span class=\"_ _2\"></span>l\u00e9ctrica\u201d durante seis meses (octub<span class=\"_ _2\"></span>re 2018 <span class=\"_ _2\"></span>\u2013<span class=\"ff4\"> marzo 2019), y 2) <span class=\"_ _2\"></span>se </span></div><div class=\"t_1 m0_1 x21 h8_1 y13e1 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">modificaba <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Ley <span class=\"_ _4\"></span>38/1992, <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>28 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>diciembre, <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Impues<span class=\"_ _2\"></span>tos <span class=\"_ _4\"></span>Especiales, <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>exon<span class=\"_ _2\"></span>erar <span class=\"_ _2\"></span>del <span class=\"_ _4\"></span>Impuesto <span class=\"_ _4\"></span>s<span class=\"_ _4\"></span>obre </div><div class=\"t_1 m0_1 x21 h8_1 y9ac ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Hidrocarburos<span class=\"_ _2\"></span> a los productos energ\u00e9ticos d<span class=\"_ _2\"></span>estinados a<span class=\"_ _2\"></span> la generaci\u00f3n de electricidad.<span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13e2 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _2\"></span>Real <span class=\"_ _2\"></span>Decreto-ley <span class=\"_ _2\"></span>17/2019, <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>22 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>noviembre, <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ue s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>adoptan <span class=\"_ _2\"></span>medidas<span class=\"_ _2\"></span> u<span class=\"_ _2\"></span>rgentes <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>necesaria </div><div class=\"t_1 m0_1 x21 h8_1 y13e3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">adaptaci\u00f3n de <span class=\"_ _1\"></span>par\u00e1metros retributivos que <span class=\"_ _1\"></span>afectan <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>sistema el\u00e9ctrico y <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>se da<span class=\"_ _1\"></span> respuesta <span class=\"_ _1\"></span>al proces<span class=\"_ _1\"></span>o </div><div class=\"t_1 m0_1 x21 h8_1 y13e4 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de cese d<span class=\"_ _2\"></span>e actividad<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>centrales <span class=\"_ _2\"></span>t\u00e9rmicas de <span class=\"_ _2\"></span>generaci\u00f3n, <span class=\"_ _2\"></span>esta<span class=\"_ _2\"></span>blece que e<span class=\"_ _2\"></span>l valo<span class=\"_ _2\"></span>r de <span class=\"_ _2\"></span>la ren<span class=\"_ _2\"></span>tabilidad <span class=\"_ _2\"></span>razonable </div><div class=\"t_1 m0_1 x21 h8_1 y13c0 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">aplicable para el c\u00e1lculo de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>retribuci\u00f3n espec\u00edfica que corresponde percibir a <span class=\"_ _1\"></span>estas instalaciones, duran<span class=\"_ _2\"></span>te el </div><div class=\"t_1 m0_1 x21 h8_1 y6a5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">periodo <span class=\"_ _2\"></span>regulatorio <span class=\"_ _2\"></span>comprendido <span class=\"_ _2\"></span>entre <span class=\"_ _2\"></span>2020<span class=\"_ _2\"></span>-2025, <span class=\"_ _2\"></span>ser\u00e1 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>7,09%. <span class=\"_ _2\"></span>Asimismo, <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>excepci\u00f3n, <span class=\"_ _2\"></span>esta <span class=\"_ _2\"></span>norma </div><div class=\"t_1 m0_1 x21 h8_1 y507 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">prev\u00e9 <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>mantenimi<span class=\"_ _2\"></span>ento <span class=\"_ _2\"></span>opcion<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>actu<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>valor <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>rentabilidad <span class=\"_ _2\"></span>razo<span class=\"_ _2\"></span>nable <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>7,398% <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>urante <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>eriodo </div><div class=\"t_1 m0_1 x21 h8_1 y13e5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">comprendido entre <span class=\"_ _2\"></span>2020-<span class=\"ls11\">203<span class=\"_ _2\"></span></span>1, en instalaciones<span class=\"_ _2\"></span> que tuvieran recono<span class=\"_ _2\"></span>cida retribuci\u00f3n pri<span class=\"_ _2\"></span>mada a la entra<span class=\"_ _2\"></span>da en </div><div class=\"t_1 m0_1 x21 h8_1 y509 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">vigor <span class=\"_ _2\"></span>del <span class=\"_ _4\"></span>Real <span class=\"_ _2\"></span>Decreto-ley <span class=\"_ _4\"></span>9/2013, <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>12 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ju<span class=\"_ _2\"></span>lio, <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>adop<span class=\"_ _2\"></span>tan <span class=\"_ _2\"></span>medidas <span class=\"_ _4\"></span>urgentes <span class=\"_ _2\"></span>para <span class=\"_ _4\"></span>garantizar <span class=\"_ _2\"></span>la </div><div class=\"t_1 m0_1 x21 h8_1 y50a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">estabilidad <span class=\"_ _2\"></span>financiera del <span class=\"_ _2\"></span>sistema el\u00e9ctrico, <span class=\"_ _2\"></span>siempre <span class=\"_ _2\"></span>y cuan<span class=\"_ _2\"></span>do s<span class=\"_ _2\"></span>e c<span class=\"_ _2\"></span>umplan<span class=\"_ _2\"></span> una <span class=\"_ _2\"></span>serie de <span class=\"_ _2\"></span>requisitos<span class=\"_ _2\"></span>. A <span class=\"_ _2\"></span>todas las </div><div class=\"t_1 m0_1 x21 h8_1 y1409 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">instalaciones d<span class=\"_ _2\"></span>e ENCE le es de ap<span class=\"_ _2\"></span>licaci\u00f3n la rentabilidad<span class=\"_ _2\"></span> del 7,398%.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13e8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">En n<span class=\"_ _2\"></span>oviembre de 2019 s<span class=\"_ _2\"></span>e pub<span class=\"_ _2\"></span>lic\u00f3 la <span class=\"_ _2\"></span>Circular 4/2019, <span class=\"_ _2\"></span>por la <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se modifica <span class=\"_ _2\"></span>la metodolog\u00ed<span class=\"_ _2\"></span>a de <span class=\"_ _2\"></span>retribuci\u00f3n <span class=\"_ _2\"></span>del </div><div class=\"t_1 m0_1 x21 h8_1 y140a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">operador del sistema el\u00e9ctri<span class=\"_ _2\"></span>co, a<span class=\"_ _2\"></span>s\u00ed como los<span class=\"_ _2\"></span> precios a repercutir a los<span class=\"_ _2\"></span> agentes para su fin<span class=\"_ _2\"></span>anciaci\u00f3n.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13fa ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Con <span class=\"_ _4\"></span>fecha <span class=\"_ _2\"></span>24 <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>enero <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>2020, <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>CNMC <span class=\"_ _4\"></span>publica <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Circul<span class=\"_ _2\"></span>ar <span class=\"_ _2\"></span>3/2020, <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>esta<span class=\"_ _2\"></span>blece <span class=\"_ _2\"></span>la <span class=\"_ _c0\"></span>metodolog\u00eda </div><div class=\"t_1 m0_1 x21 h8_1 y140b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">para el <span class=\"_ _2\"></span>c\u00e1lculo d<span class=\"_ _2\"></span>e los p<span class=\"_ _2\"></span>eajes de tran<span class=\"_ _2\"></span>sporte y <span class=\"_ _2\"></span>distribuci\u00f3n <span class=\"_ _2\"></span>de electricidad, <span class=\"_ _2\"></span>y se <span class=\"_ _4\"></span>elimina el <span class=\"_ _2\"></span>peaje a <span class=\"_ _2\"></span>la generaci\u00f3n </div><div class=\"t_1 m0_1 x21 h8_1 y140c ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">establecido has<span class=\"_ _2\"></span>ta ese momento de 0,5 \u20ac/MWh<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 x21 h8_1 y511 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La Orden <span class=\"_ _1\"></span>TED/171/2020 re<span class=\"_ _1\"></span>visa los <span class=\"_ _1\"></span>par\u00e1metros retributivos <span class=\"_ _1\"></span>para la <span class=\"_ _1\"></span>estimaci\u00f3n de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>retribuci\u00f3n re<span class=\"_ _1\"></span>gulada de <span class=\"_ _1\"></span>las </div><div class=\"t_1 m0_1 x21 h8_1 y13fd ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">renovables <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>cogeneraci\u00f3n <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>periodo <span class=\"_ _bb\"></span>r<span class=\"_ _2\"></span>egulatorio <span class=\"_ _1\"></span>2020<span class=\"_ _2\"></span>-2022 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>publica <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Valor <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>Ajuste por <span class=\"_ _bb\"></span>Desviacion<span class=\"_ _2\"></span>es </div><div class=\"t_1 m0_1 x21 h8_1 y13fe ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del <span class=\"_ _0\"></span>periodo <span class=\"_ _0\"></span>2017-2019. <span class=\"_ _0\"></span>Es<span class=\"_ _2\"></span>ta <span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>rden <span class=\"_ _0\"></span>aumenta <span class=\"_ _0\"></span>las <span class=\"_ _0\"></span>ho<span class=\"_ _2\"></span>ras <span class=\"_ _c0\"></span>equivalentes<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>las <span class=\"_ _0\"></span>instalaciones <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>biomasa <span class=\"_ _0\"></span>desde </div><div class=\"t_1 m0_1 x21 h8_1 y140d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">6.500 horas a 7.500 h<span class=\"_ _2\"></span>oras. </div><div class=\"t_1 m0_1 x21 h8_1 y140e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _2\"></span>Real <span class=\"_ _2\"></span>Decr<span class=\"_ _2\"></span>eto <span class=\"_ _2\"></span>Ley <span class=\"_ _2\"></span>23/20<span class=\"_ _2\"></span>20, <span class=\"_ _4\"></span>reconoce <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>papel <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>electrificaci\u00f3n <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>necesidad <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>ntener <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>equ<span class=\"_ _2\"></span>ilibrio </div><div class=\"t_1 m0_1 x21 h8_1 y140f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">financiero <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>ector, <span class=\"_ _c3\"></span>estableciendo <span class=\"_ _c3\"> </span>un <span class=\"_ _c3\"> </span>amplio <span class=\"_ _c3\"></span>paquete <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>medidas. <span class=\"_ _c3\"> </span>En <span class=\"_ _c3\"> </span>cuanto <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>las <span class=\"_ _c3\"></span>renovables, <span class=\"_ _c3\"></span>(i) <span class=\"_ _0\"></span>toma </div><div class=\"t_1 m0_1 x21 h8_1 y1402 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">medidas con<span class=\"_ _2\"></span>tra la <span class=\"_ _2\"></span>gran <span class=\"_ _2\"></span>cantidad<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>solicitudes <span class=\"_ _2\"></span>de ac<span class=\"_ _2\"></span>ceso, <span class=\"_ _2\"></span>(ii) simplif<span class=\"_ _2\"></span>ica las <span class=\"_ _2\"></span>tramitacion<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>administrativas<span class=\"_ _2\"></span>, (iii) </div><div class=\"t_1 m0_1 x21 h8_1 y1403 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">permite <span class=\"_ _0\"></span>revis<span class=\"_ _2\"></span>ar <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>plan<span class=\"_ _2\"></span>ificaci\u00f3n <span class=\"_ _c3\"></span>del <span class=\"_ _c3\"></span>transporte <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>conexi\u00f3n <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>stalaciones <span class=\"_ _c3\"> </span>cr\u00edticas <span class=\"_ _c3\"></span>para <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>transici\u00f3n </div><div class=\"t_1 m0_1 x21 h8_1 y1404 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">energ\u00e9tica, (iv) habilita la hibridaci\u00f3n de <span class=\"_ _1\"></span>tecnolog\u00edas, y (v) crea <span class=\"_ _1\"></span>un nuevo modelo retributivo regulado para <span class=\"_ _1\"></span>las </div></div><div class=\"c_1 w2_1 h57 gs442\"><div class=\"t_1 m0_1 x21 h8_1 y1ec ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">subastas <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>energ\u00edas <span class=\"_ _c3\"> </span>renovables. <span class=\"_ _c2\"> </span>La <span class=\"_ _c3\"> </span>retribuci\u00f3n <span class=\"_ _c2\"> </span>para <span class=\"_ _c3\"> </span>nuevas <span class=\"_ _c3\"> </span>instalacion<span class=\"_ _2\"></span>es <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>determinar\u00e1 <span class=\"_ _c3\"> </span>a <span class=\"_ _c2\"> </span>trav\u00e9s <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>un </div><div class=\"t_1 m0_1 x21 h8_1 y13b8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">proceso de concurrencia <span class=\"_ _2\"></span>competitiva.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13b9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Entre <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>ormativa <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>desarrollo <span class=\"_ _c3\"></span>del <span class=\"_ _c3\"></span>Real <span class=\"_ _0\"></span>D<span class=\"_ _2\"></span>ecreto <span class=\"_ _c3\"> </span>Ley <span class=\"_ _c3\"></span>23/2020, <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"></span>noviembre <span class=\"_ _c3\"></span>se <span class=\"_ _c3\"></span>publica <span class=\"_ _c3\"></span>el <span class=\"_ _c3\"></span>Real <span class=\"_ _0\"></span>Decr<span class=\"_ _2\"></span>eto </div><div class=\"t_1 m0_1 x21 h8_1 y1405 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">960/2020, po<span class=\"_ _2\"></span>r el q<span class=\"_ _2\"></span>ue se <span class=\"_ _2\"></span>regula <span class=\"_ _2\"></span>el r\u00e9gi<span class=\"_ _2\"></span>men jur\u00eddico <span class=\"_ _2\"></span>y e<span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>n\u00f3mico d<span class=\"_ _2\"></span>e energ\u00edas <span class=\"_ _2\"></span>renovables<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>ara ins<span class=\"_ _2\"></span>talaciones <span class=\"_ _2\"></span>de </div><div class=\"t_1 m0_1 x21 h8_1 y1406 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">producci\u00f3n de energ\u00eda el<span class=\"_ _2\"></span>\u00e9ctrica, bas<span class=\"_ _2\"></span>ado en el reconocimiento a<span class=\"_ _2\"></span> largo plazo d<span class=\"_ _2\"></span>e un precio por la energ\u00eda.<span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y1411 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> El <span class=\"_ _c3\"> </span>nuevo <span class=\"_ _c3\"> </span>marco <span class=\"_ _c3\"> </span>retribu<span class=\"_ _2\"></span>tivo <span class=\"_ _c3\"></span>que <span class=\"_ _c3\"> </span>desarrolla <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>enomina <span class=\"_ _c3\"></span>R\u00e9gimen <span class=\"_ _c3\"></span>Econ\u00f3mico <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>Energ\u00edas<span class=\"_ _2\"></span>  Renovables <span class=\"_ _c3\"></span>(en </div><div class=\"t_1 m0_1 x21 h8_1 yf7e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">adelante, <span class=\"_ _1\"></span>\"REER\") <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>resulta<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>aplicaci\u00f3n <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>in<span class=\"_ _1\"></span>stalaciones q<span class=\"_ _1\"></span>ue <span class=\"_ _1\"></span>utilicen <span class=\"_ _bb\"></span>como <span class=\"_ _1\"></span>energ\u00eda <span class=\"_ _1\"></span>primaria <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>energ\u00eda <span class=\"_ _bb\"></span>solar, </div><div class=\"t_1 m0_1 x21 h8_1 y1412 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">e\u00f3lica, geot\u00e9rmica o hidrot\u00e9rmica <span class=\"_ _1\"></span>as\u00ed como determinadas centrales hidroel\u00e9ctricas o de ge<span class=\"_ _1\"></span>neraci\u00f3n mediante </div><div class=\"t_1 m0_1 x21 h8_1 y1413 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">biomasa  (as<span class=\"_ _2\"></span>\u00ed  como  a  aq<span class=\"_ _2\"></span>uellas  con<span class=\"_ _2\"></span>stituidas  p<span class=\"_ _2\"></span>or  diferentes  tecnolog\u00edas <span class=\"_ _14c\"> </span>o<span class=\"_ _2\"></span>  que  disp<span class=\"_ _2\"></span>ongan  de  sistemas <span class=\"_ _c6\"> </span>de </div><div class=\"t_1 m0_1 x21 h8_1 y1414 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">almacenamiento).<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y1415 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La percepci\u00f3n <span class=\"_ _1\"></span>de los <span class=\"_ _1\"></span>derechos econ\u00f3micos del <span class=\"_ _1\"></span>REER se basa e<span class=\"_ _1\"></span>n un <span class=\"_ _1\"></span>mecanismo de <span class=\"_ _1\"></span>subas<span class=\"_ _2\"></span>ta y <span class=\"_ _1\"></span>est\u00e1 condicionada </div><div class=\"t_1 m0_1 x21 h8_1 y9c3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">a <span class=\"_ _2\"></span>que <span class=\"_ _4\"></span>las <span class=\"_ _2\"></span>instalaciones <span class=\"_ _4\"></span>sean <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>resulta<span class=\"_ _2\"></span>do <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>una <span class=\"_ _4\"></span>nuev<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>inversi\u00f3n <span class=\"_ _4\"></span>realizada <span class=\"_ _2\"></span>con <span class=\"_ _4\"></span>posterioridad <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>celebraci\u00f3n </div><div class=\"t_1 m0_1 x21 h8_1 y3df ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>subas<span class=\"_ _2\"></span>ta <span class=\"_ _1\"></span>(las <span class=\"_ _bb\"></span>instalacion<span class=\"_ _2\"></span>es <span class=\"_ _bb\"></span>existen<span class=\"_ _2\"></span>tes <span class=\"_ _1\"></span>que <span class=\"_ _bb\"></span>lleven a<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>cabo <span class=\"_ _bb\"></span>una <span class=\"_ _1\"></span>modificaci\u00f3n <span class=\"_ _1\"></span>o <span class=\"_ _bb\"></span>ampliaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>po<span class=\"_ _2\"></span>dr\u00e1n <span class=\"_ _1\"></span>benefici<span class=\"_ _1\"></span>arse </div><div class=\"t_1 m0_1 x21 h8_1 y1416 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del <span class=\"_ _0\"></span>REER <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>parte <span class=\"_ _0\"></span>corres<span class=\"_ _2\"></span>pondiente <span class=\"_ _0\"></span>a <span class=\"_ _c3\"> </span>la <span class=\"_ _0\"></span>nu<span class=\"_ _2\"></span>eva <span class=\"_ _0\"></span>invers<span class=\"_ _2\"></span>i\u00f3n, <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>iempre <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>esta<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>\u00faltima <span class=\"_ _c3\"></span>resu<span class=\"_ _4\"></span>lte <span class=\"_ _0\"></span>deter<span class=\"_ _2\"></span>minable </div><div class=\"t_1 m0_1 x21 h8_1 y54f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">mediante <span class=\"_ _c3\"></span>equipos <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>m<span class=\"_ _2\"></span>edida). <span class=\"_ _c3\"></span>Con <span class=\"_ _0\"></span>car\u00e1<span class=\"_ _2\"></span>cter <span class=\"_ _0\"></span>g<span class=\"_ _2\"></span>eneral, <span class=\"_ _c3\"></span>su <span class=\"_ _c3\"></span>percepci\u00f3n <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>er\u00e1 <span class=\"_ _c3\"></span>incompatible <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>r\u00e9gi<span class=\"_ _2\"></span>men </div><div class=\"t_1 m0_1 x21 h8_1 y1417 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">retributivo espec\u00edfico u otra<span class=\"_ _2\"></span>s ayudas<span class=\"_ _2\"></span> otorgadas con<span class=\"_ _2\"></span> la misma finalidad y para <span class=\"_ _2\"></span>la misma inversi\u00f3n.<span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y1418 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Por <span class=\"_ _4\"></span>Ord<span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>Ministra <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>Trans<span class=\"_ _2\"></span>ici\u00f3n <span class=\"_ _c0\"></span>Ecol\u00f3<span class=\"_ _2\"></span>gica <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>Reto <span class=\"_ _c0\"></span>D<span class=\"_ _2\"></span>emogr\u00e1fico <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>egular\u00e1 <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>mecanis<span class=\"_ _2\"></span>mo <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>subas<span class=\"_ _2\"></span>ta </div><div class=\"t_1 m0_1 x21 h8_1 y1419 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">para el otorgamiento del REE<span class=\"_ _2\"></span>R, que podr\u00e1<span class=\"_ _2\"></span> incluir las tecnolog\u00edas, con<span class=\"_ _2\"></span>diciones y garant\u00edas para <span class=\"_ _2\"></span>participar en la </div><div class=\"t_1 m0_1 x21 h8_1 y141a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">subasta,  e<span class=\"_ _1\"></span>l <span class=\"_ _c2\"> </span>produ<span class=\"_ _2\"></span>cto <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>subastar<span class=\"_ _2\"></span>, <span class=\"_ _c2\"> </span>as\u00ed  como <span class=\"_ _c3\"> </span>los <span class=\"_ _c5\"> </span>par\u00e1metros <span class=\"_ _c2\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>resto <span class=\"_ _c5\"> </span>de  los <span class=\"_ _c2\"> </span>elementos <span class=\"_ _c2\"> </span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c2\"> </span>configuran  y<span class=\"_ _1\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y119b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">concretan <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>r\u00e9gimen <span class=\"_ _c3\"> </span>e<span class=\"_ _2\"></span>con\u00f3mico <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>energ\u00edas <span class=\"_ _c2\"> </span>renovab<span class=\"_ _2\"></span>les.<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>La <span class=\"_ _c3\"> </span>adju<span class=\"_ _2\"></span>dicaci\u00f3n <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>los <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>erechos <span class=\"_ _c3\"> </span>retributiv<span class=\"_ _2\"></span>os <span class=\"_ _c3\"> </span>se </div><div class=\"t_1 m0_1 x21 h8_1 y141b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">realizar\u00e1 mediante el m\u00e9tod<span class=\"_ _2\"></span>o de subas<span class=\"_ _2\"></span>ta a sobre cerrado, co<span class=\"_ _2\"></span>nforme a un mecanis<span class=\"_ _2\"></span>mo de pago s<span class=\"_ _2\"></span>eg\u00fan oferta<span class=\"_ _4\"></span>, y </div><div class=\"t_1 m0_1 x21 h8_1 y141c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">e<span class=\"fff fs1\">l producto <span class=\"_ _1\"></span>objeto de <span class=\"_ _1\"></span>las subastas <span class=\"_ _1\"></span>ser\u00e1 la <span class=\"_ _1\"></span>potencia in<span class=\"_ _1\"></span>stalada, l<span class=\"_ _1\"></span>a energ\u00eda <span class=\"_ _1\"></span>el\u00e9ctrica o <span class=\"_ _1\"></span>una combi<span class=\"_ _1\"></span>naci\u00f3n de amba<span class=\"_ _1\"></span>s y la<span class=\"_ _1\"></span> </span></div><div class=\"t_1 m0_1 x21 h8_1 y3a3 fff fs1 fc0_1 sc0_1 ls0_1 ws0_1\">variable de oferta consistir\u00e1 en el precio por unidad de energ\u00eda el\u00e9ctrica expresado en euro<span class=\"_ _1\"></span>s/MWh.<span class=\"_ _2\"></span><span class=\"ff4 fs4\"> </span></div><div class=\"t_1 m0_1 x21 h8_1 y24c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">En <span class=\"_ _1\"></span>diciembre <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>pub<span class=\"_ _2\"></span>lica <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Orden <span class=\"_ _bb\"></span>TED/<span class=\"_ _2\"></span>1161/2020, <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>di<span class=\"_ _2\"></span>ciembre,<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>que <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>regula <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>primer <span class=\"_ _1\"></span>mecanismo </div><div class=\"t_1 m0_1 x21 h8_1 y24d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _2\"></span>subasta <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>otorgamiento <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>r\u00e9gimen <span class=\"_ _2\"></span>econ\u00f3mico <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>energ\u00edas <span class=\"_ _2\"></span>renovab<span class=\"_ _2\"></span>les <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>establece el <span class=\"_ _2\"></span>cal<span class=\"_ _2\"></span>endario </div><div class=\"t_1 m0_1 x21 h8_1 yaba ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">indicativo para <span class=\"_ _2\"></span>el periodo 2020-2025. P<span class=\"_ _2\"></span>ara 2020 se fija u<span class=\"_ _2\"></span>n objetivo m\u00ednimo d<span class=\"_ _2\"></span>e 3.000 MW.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y141d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El  Real <span class=\"_ _c2\"> </span>Decreto  1106/2<span class=\"_ _2\"></span>020,  de  15 <span class=\"_ _c2\"> </span>de  diciembre,  por  e<span class=\"_ _1\"></span>l  que  se <span class=\"_ _c2\"> </span>regula  el  Estatuto  de <span class=\"_ _c2\"> </span>los<span class=\"_ _2\"></span>  consumidores </div><div class=\"t_1 m0_1 x21 h8_1 y141e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">electrointensivos<span class=\"_ _2\"></span>  establece <span class=\"_ _c2\"> </span>los<span class=\"_ _2\"></span>  requisitos <span class=\"_ _c5\"> </span>y  el <span class=\"_ _c2\"> </span>procedimiento  para  obtener <span class=\"_ _c5\"> </span>el <span class=\"_ _c5\"> </span>certificado  de <span class=\"_ _c5\"> </span>consumidor </div><div class=\"t_1 m0_1 x21 h8_1 y141f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">electrointensivo. <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>ste <span class=\"_ _2\"></span>certific<span class=\"_ _2\"></span>ado <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>sido <span class=\"_ _4\"></span>obtenido <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>dos <span class=\"_ _4\"></span>biof<span class=\"_ _2\"></span>\u00e1b<span class=\"_ _2\"></span>ricas <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Grupo, <span class=\"_ _4\"></span>permite <span class=\"_ _4\"></span>acceder <span class=\"_ _4\"></span>a </div><div class=\"t_1 m0_1 x21 h8_1 yabd ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">las ayudas d<span class=\"_ _2\"></span>el mecanismo de compensaci\u00f3n d<span class=\"_ _2\"></span>efinidas en el T\u00edtulo <span class=\"_ _2\"></span>III de dicho Real Decret<span class=\"_ _2\"></span>o 2020.<span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y318 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">En <span class=\"_ _0\"></span>el <span class=\"_ _c3\"></span>RD <span class=\"_ _0\"></span>1055/2014, <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>12 <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>diciembre, <span class=\"_ _c3\"></span>se <span class=\"_ _0\"></span>cre\u00f3 <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _0\"></span>mecanismo <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>compensaci\u00f3n <span class=\"_ _c3\"> </span>de <span class=\"_ _0\"></span>costes <span class=\"_ _c3\"></span>para <span class=\"_ _0\"></span>ciertos </div><div class=\"t_1 m0_1 x21 h8_1 y319 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">sectores indus<span class=\"_ _2\"></span>triales<span class=\"ls1c\">, </span>que da cobertura<span class=\"_ _2\"></span> a nuestro N<span class=\"_ _2\"></span>egocio Celulosa<span class=\"_ _2\"></span><span class=\"ls1a\">. </span> </div><div class=\"t_1 m0_1 x21 h8_1 y40c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La resoluci\u00f3n<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>18 de <span class=\"_ _2\"></span>marzo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2021, de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Comisi\u00f3n <span class=\"_ _2\"></span>Nacional <span class=\"_ _2\"></span>de los<span class=\"_ _2\"></span> Mercados <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>la Competencia, <span class=\"_ _2\"></span>estab<span class=\"_ _2\"></span>lece </div><div class=\"t_1 m0_1 x21 h8_1 y1420 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">los valores <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los <span class=\"_ _bb\"></span>peajes<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>acceso <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>redes <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>transporte <span class=\"_ _bb\"></span>y distribuci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>electricidad <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>aplicaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>partir </div><div class=\"t_1 m0_1 x21 h8_1 y31b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del 1 <span class=\"_ _2\"></span>de junio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2021. A <span class=\"_ _2\"></span>trav\u00e9s <span class=\"_ _2\"></span>de la <span class=\"_ _2\"></span>Resoluci\u00f3n <span class=\"_ _2\"></span>de 16 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>diciembre de <span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>de la <span class=\"_ _2\"></span>Comis<span class=\"_ _2\"></span>i\u00f3n N<span class=\"_ _2\"></span>acional d<span class=\"_ _2\"></span>e los </div><div class=\"t_1 m0_1 x21 h8_1 y31c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Mercados <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>Competenc<span class=\"_ _2\"></span>ia, <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>establecen <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>valo<span class=\"_ _2\"></span>res <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>l<span class=\"_ _2\"></span>os <span class=\"_ _0\"></span>peajes <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>acceso <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>las <span class=\"_ _0\"></span>redes <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>tra<span class=\"_ _2\"></span>nsporte <span class=\"_ _0\"></span>y </div><div class=\"t_1 m0_1 x21 h8_1 y150 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">distribuci\u00f3n d<span class=\"_ _2\"></span>e electricidad de ap<span class=\"_ _2\"></span>licaci\u00f3n a partir del 1 d<span class=\"_ _2\"></span>e enero de 2022.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y1421 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La Orden <span class=\"_ _1\"></span>TED/371/2021, de <span class=\"_ _1\"></span>19 de <span class=\"_ _1\"></span>abril, establece <span class=\"_ _1\"></span>los precios de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>cargos del <span class=\"_ _1\"></span>sistema el\u00e9ctrico <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>de los <span class=\"_ _1\"></span>pagos </div><div class=\"t_1 m0_1 x21 h8_1 y1422 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">por <span class=\"_ _2\"></span>capacidad <span class=\"_ _2\"></span>q<span class=\"_ _2\"></span>ue res<span class=\"_ _2\"></span>ultan de <span class=\"_ _2\"></span>aplicaci\u00f3n <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>artir <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>de ju<span class=\"_ _2\"></span>nio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2021. <span class=\"_ _2\"></span>La <span class=\"_ _2\"></span>Orden <span class=\"_ _2\"></span>TED/1484/2021, <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e 28 <span class=\"_ _2\"></span>de<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w2_1 h57 gs444\"><div class=\"t_1 m0_1 x21 h8_1 y1ec ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">diciembre, <span class=\"_ _c0\"></span>establece <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>precios <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>l<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>cargos <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>istema <span class=\"_ _c0\"></span>el\u00e9ctrico <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>diversos <span class=\"_ _c0\"></span>costes <span class=\"_ _c0\"></span>regulad<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>istema </div><div class=\"t_1 m0_1 x21 h8_1 y13b8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">el\u00e9ctrico para el ejercicio 20<span class=\"_ _2\"></span>22. </div><div class=\"t_1 m0_1 x21 h8_1 y13b9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">A <span class=\"_ _2\"></span>tra<span class=\"_ _2\"></span>v\u00e9s <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>res<span class=\"_ _2\"></span>oluci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>25 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>marzo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>2021, <span class=\"_ _4\"></span>conjunta<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Direcci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>G<span class=\"_ _2\"></span>eneral <span class=\"_ _2\"></span>de <span class=\"_ _c0\"></span>Pol\u00edtica <span class=\"_ _4\"></span>Energ\u00e9tica <span class=\"_ _4\"></span>y </div><div class=\"t_1 m0_1 x21 h8_1 y1405 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Minas <span class=\"_ _2\"></span>y de <span class=\"_ _2\"></span>la Oficina <span class=\"_ _2\"></span>Espa\u00f1<span class=\"_ _2\"></span>ola de <span class=\"_ _2\"></span>Cambio <span class=\"_ _2\"></span>C<span class=\"_ _2\"></span>lim\u00e1tico, s<span class=\"_ _2\"></span>e pub<span class=\"_ _2\"></span>lica el Acu<span class=\"_ _2\"></span>erdo d<span class=\"_ _2\"></span>el Consejo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Ministros <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>16 de </div><div class=\"t_1 m0_1 x21 h8_1 y1406 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">marzo de <span class=\"_ _1\"></span>2021, por <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>que se <span class=\"_ _1\"></span>adopta la versi\u00f3n <span class=\"_ _1\"></span>final del <span class=\"_ _1\"></span>Plan Nacional <span class=\"_ _1\"></span>Integrado de <span class=\"_ _1\"></span>Energ\u00eda y <span class=\"_ _1\"></span>Clima <span class=\"_ _1\"></span>2021<span class=\"_ _2\"></span>-203<span class=\"_ _2\"></span>0 </div><div class=\"t_1 m0_1 x21 h8_1 y1407 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">(PNIEC). En \u00e9l se fijan los objetivos a 2030; <span class=\"_ _1\"></span>23% de reducci\u00f3n en las emisiones de gases de efecto invernadero </div><div class=\"t_1 m0_1 x21 h8_1 y13d9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">respecto <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>niveles <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>1990, <span class=\"_ _2\"></span>42% <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>renovables<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>us<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>final <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>energ\u00eda, <span class=\"_ _4\"></span>39,5% <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>mejora <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>eficiencia<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13da ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">energ\u00e9tica, mix <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>generaci\u00f3n con 74% <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>energ\u00edas renovables, y <span class=\"_ _1\"></span>6 <span class=\"_ _1\"></span>GW <span class=\"_ _1\"></span>de nuevo <span class=\"_ _1\"></span>almacenamiento. Asimismo, </div><div class=\"t_1 m0_1 x21 h8_1 y13db ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">se <span class=\"_ _c3\"> </span>define <span class=\"_ _c3\"></span>el <span class=\"_ _c3\"> </span>calendario <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>ci<span class=\"_ _2\"></span>erre <span class=\"_ _c3\"></span>ordenado <span class=\"_ _c3\"> </span>nuclear <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>esta<span class=\"_ _2\"></span>blece <span class=\"_ _c3\"></span>como <span class=\"_ _c3\"></span>objetivo <span class=\"_ _c3\"> </span>5 <span class=\"_ _c3\"> </span>millones<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"> </span>veh\u00edculos </div><div class=\"t_1 m0_1 x21 h8_1 y13dc ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">el\u00e9ctricos en 2030.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13dd ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _2\"></span>Ley <span class=\"_ _4\"></span>7/2021, <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>20 <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>may<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>Cambio <span class=\"_ _2\"></span>Clim\u00e1tico <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>Trans<span class=\"_ _2\"></span>ici\u00f3n <span class=\"_ _2\"></span>Energ\u00e9tica <span class=\"_ _4\"></span>fija <span class=\"_ _2\"></span>objetivos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>clim\u00e1ticos <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>l\u00ednea </div><div class=\"t_1 m0_1 x21 h8_1 y9a8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">con <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>PNIE<span class=\"_ _2\"></span>C <span class=\"_ _2\"></span>que <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>revisar\u00e1n <span class=\"_ _4\"></span>e<span class=\"_ _2\"></span>n <span class=\"_ _4\"></span>2023 <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>s\u00f3<span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>podr\u00e1n <span class=\"_ _4\"></span>ser <span class=\"_ _2\"></span>modificados<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>alza, <span class=\"_ _4\"></span>establece <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>mecanismos </div><div class=\"t_1 m0_1 x21 h8_1 y13de ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de adecuaci\u00f3n del sector el\u00e9ctrico para incrementar la participaci\u00f3n de consumidores, la inversi\u00f3n en energ\u00eda </div><div class=\"t_1 m0_1 x21 h8_1 y13df ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">renovable, <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>generaci\u00f3n <span class=\"_ _4\"></span>distribuida,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>almacenamiento, <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>aprovechamiento<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>redes <span class=\"_ _4\"></span>el\u00e9ctricas, <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>para </div><div class=\"t_1 m0_1 x21 h8_1 y13e0 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">promover <span class=\"_ _c0\"></span>centra<span class=\"_ _2\"></span>les <span class=\"_ _c0\"></span>hidro<span class=\"_ _2\"></span>el\u00e9ctricas <span class=\"_ _0\"></span>reversibles. <span class=\"_ _c0\"></span>Se <span class=\"_ _0\"></span>consolida <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>ap<span class=\"_ _2\"></span>ortaci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>450 <span class=\"_ _c0\"></span>millones <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>euros <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e </div><div class=\"t_1 m0_1 x21 h8_1 y13e1 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">ingresos <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ubastas <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>CO2 <span class=\"_ _4\"></span>al <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>ector <span class=\"_ _2\"></span>el\u00e9ctrico <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>fomento <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>electrificaci\u00f3n <span class=\"_ _4\"></span>as<span class=\"_ _2\"></span>\u00ed <span class=\"_ _2\"></span>como <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>promoci\u00f3n <span class=\"_ _4\"></span>de </div><div class=\"t_1 m0_1 x21 h8_1 y9ac ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">sistemas de calefacci\u00f3n c<span class=\"_ _2\"></span>ero emisiones.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13e2 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _0\"></span>Real <span class=\"_ _c3\"></span>Decreto-Ley <span class=\"_ _0\"></span>12/2021, <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>24 <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>ju<span class=\"_ _2\"></span>nio, <span class=\"_ _0\"></span>por <span class=\"_ _c3\"></span>el <span class=\"_ _c0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>adop<span class=\"_ _2\"></span>tan <span class=\"_ _0\"></span>medidas <span class=\"_ _c3\"></span>urgentes <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>\u00e1mb<span class=\"_ _2\"></span>ito <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la </div><div class=\"t_1 m0_1 x21 h8_1 y13e3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">fiscalidad <span class=\"_ _4\"></span>energ\u00e9tica <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>materia <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>generaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>energ\u00eda <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>sobre <span class=\"_ _4\"></span>gesti\u00f3n <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>canon <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>regulaci\u00f3n <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13e4 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">tarifa de <span class=\"_ _1\"></span>utilizaci\u00f3n del <span class=\"_ _1\"></span>agua, <span class=\"_ _1\"></span>suspende durante <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>tercer <span class=\"_ _1\"></span>trimestre el <span class=\"_ _1\"></span>Impuesto <span class=\"_ _1\"></span>sobre el <span class=\"_ _1\"></span>Valor de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Producci\u00f3n </div><div class=\"t_1 m0_1 x21 h8_1 y13c0 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de Energ\u00eda El\u00e9ctrica del 7%. El 16 de <span class=\"_ _1\"></span>septiembre de 2021 entr\u00f3 en vigor el Real Decreto-l<span class=\"_ _2\"></span>ey 17/2021, de 14 de </div><div class=\"t_1 m0_1 x21 h8_1 y6a5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">septiembre, <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>medidas <span class=\"_ _0\"></span>u<span class=\"_ _2\"></span>rgentes <span class=\"_ _0\"></span>para <span class=\"_ _0\"></span>mitiga<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>impacto <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>escalada <span class=\"_ _c3\"></span>de <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>recios <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>gas <span class=\"_ _0\"></span>natural <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>los </div><div class=\"t_1 m0_1 x21 h8_1 y507 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">mercados  minoristas  de <span class=\"_ _c2\"> </span>gas  y  ele<span class=\"_ _1\"></span>ctricidad<span class=\"_ _2\"></span> por  el <span class=\"_ _c5\"> </span>que  se <span class=\"_ _c2\"> </span>pro<span class=\"_ _2\"></span>rroga  hasta <span class=\"_ _c5\"> </span>el <span class=\"_ _c5\"> </span>31  de <span class=\"_ _c2\"> </span>diciembre  de  2021 <span class=\"_ _c2\"> </span>la<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13e5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">suspens<span class=\"_ _2\"></span>i\u00f3n temporal <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>imp<span class=\"_ _2\"></span>uesto <span class=\"_ _2\"></span>establecida <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Real <span class=\"_ _2\"></span>Decreto<span class=\"_ _4\"></span>-ley 12/<span class=\"_ _2\"></span>2021, <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>24 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ju<span class=\"_ _2\"></span>nio<span class=\"ls1c\">, <span class=\"_ _2\"></span><span class=\"ls23\">y <span class=\"_ _2\"></span></span></span>establece <span class=\"_ _2\"></span>la </div><div class=\"t_1 m0_1 x21 h8_1 y509 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">reducci\u00f3n <span class=\"_ _2\"></span>del <span class=\"_ _4\"></span>impuesto<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>espec<span class=\"_ _2\"></span>ial <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>obre <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>electricidad<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>desde <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>5,1<span class=\"_ _2\"></span>1% <span class=\"_ _2\"></span>hasta <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>0,5% <span class=\"_ _2\"></span>has<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>31<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>diciembre<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y50a ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de 2021, <span class=\"_ _1\"></span>con tipos <span class=\"_ _1\"></span>m\u00ednimos de 0,5 <span class=\"_ _1\"></span>\u20ac/MWh para <span class=\"_ _1\"></span>industriales<span class=\"_ _2\"></span> y <span class=\"_ _1\"></span>1 <span class=\"_ _1\"></span>\u20ac/MWh para el <span class=\"_ _1\"></span>resto. Tras diversas pr\u00f3rrogas, </div><div class=\"t_1 m0_1 x21 h8_1 y1409 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">el <span class=\"_ _4\"></span>RDL <span class=\"_ _c0\"></span>11/2022 <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>rorroga <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>tip<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>reducido <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>Impuesto<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Especial <span class=\"_ _c0\"></span>sobre <span class=\"_ _4\"></span>la<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>Electricidad<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>0,5%<span class=\"_ _4\"></span> <span class=\"_ _c0\"></span>hasta <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e </div><div class=\"t_1 m0_1 x21 h8_1 y1423 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">diciembre de 2022.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13e9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El Real Decreto 148/2021 aprueba la<span class=\"_ _2\"></span> metodolog\u00eda para asignar los cargos (primas a las renov<span class=\"_ _2\"></span>ables, d\u00e9ficits de </div><div class=\"t_1 m0_1 x21 h8_1 y13ea ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">tarifa hist\u00f3ricos y <span class=\"_ _1\"></span>sobrecostes <span class=\"_ _1\"></span>extra peninsulares) entre <span class=\"_ _1\"></span>los d<span class=\"_ _1\"></span>iferentes consumidores, en <span class=\"_ _1\"></span>t\u00e9rm<span class=\"_ _1\"></span>inos de <span class=\"_ _1\"></span>potencia<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y6ab ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">contratada (\u20ac/kW) y<span class=\"_ _2\"></span> de energ\u00eda <span class=\"_ _2\"></span>consumida (\u20ac/kWh<span class=\"_ _2\"></span>). Este RD co<span class=\"_ _2\"></span>mplementa a la m<span class=\"_ _2\"></span>etodolog\u00eda<span class=\"_ _4\"></span><span class=\"ff4\"> para calcular los<span class=\"_ _2\"></span> </span></div><div class=\"t_1 m0_1 x21 h8_1 y13eb ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">peajes de transporte y distribuci\u00f3n, a partir <span class=\"_ _1\"></span>de la retribuci\u00f3n de las <span class=\"_ _1\"></span>redes de cada ejercicio, competencia de la </div><div class=\"t_1 m0_1 x21 h8_1 y1424 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">CNMC, y <span class=\"_ _1\"></span>que se <span class=\"_ _1\"></span>aprob\u00f3 en <span class=\"_ _1\"></span>enero de <span class=\"_ _1\"></span>2020. Ambas metodolog\u00edas pueden re<span class=\"_ _1\"></span>visarse cada 6 <span class=\"_ _1\"></span>a\u00f1os, y podr\u00eda <span class=\"_ _1\"></span>fijarse </div><div class=\"t_1 m0_1 x21 h8_1 y1425 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">un periodo d<span class=\"_ _2\"></span>e hasta 4 a\u00f1os para<span class=\"_ _2\"></span> aplicar gradualmente los<span class=\"_ _2\"></span> precios resultantes<span class=\"_ _2\"></span> con las n<span class=\"_ _2\"></span>uevas metodolog\u00edas<span class=\"_ _2\"></span>. </div><div class=\"t_1 m0_1 x21 h8_1 y13ed ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _4\"></span>Real <span class=\"_ _c0\"></span>Decreto<span class=\"_ _2\"></span>-ley <span class=\"_ _4\"></span>6/<span class=\"_ _2\"></span>2022, <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>29 <span class=\"_ _4\"></span>de <span class=\"_ _0\"></span>marzo, <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>adop<span class=\"_ _2\"></span>tan <span class=\"_ _c0\"></span>medidas <span class=\"_ _c0\"></span>urgentes <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>marco <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Plan </div><div class=\"t_1 m0_1 x21 h8_1 y13ee ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Nacional  de  re<span class=\"_ _1\"></span>spuesta  a <span class=\"_ _c5\"> </span>las <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>secuencias  econ\u00f3micas  y <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>ociales  de <span class=\"_ _c2\"> </span>la  guerra <span class=\"_ _c5\"> </span>en  Ucrania <span class=\"_ _c2\"> </span>(en  adelante </div><div class=\"t_1 m0_1 x21 h8_1 y541 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">RDL6/2022) <span class=\"_ _c3\"> </span>incluye <span class=\"_ _c2\"> </span>entre <span class=\"_ _c3\"></span>sus <span class=\"_ _c3\"> </span>dis<span class=\"_ _2\"></span>posiciones, <span class=\"_ _c3\"> </span>medidas <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>agilizaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>ara <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>implantaci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"></span>proyectos <span class=\"_ _c3\"> </span>de </div><div class=\"t_1 m0_1 x21 h8_1 y13ef ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">generaci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>energ\u00eda <span class=\"_ _c2\"> </span>el\u00e9ctr<span class=\"_ _2\"></span>ica <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>origen <span class=\"_ _c2\"> </span>renovable, <span class=\"_ _c2\"> </span>medidas<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>fiscales <span class=\"_ _c2\"> </span>destinadas<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>a <span class=\"_ _c2\"> </span>paliar <span class=\"_ _c2\"> </span>la <span class=\"_ _c2\"> </span>escalada <span class=\"_ _c5\"> </span>de </div><div class=\"t_1 m0_1 x21 h8_1 y13f0 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">precios <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>electricid<span class=\"_ _2\"></span>ad, <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>son <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>pr\u00f3rroga <span class=\"_ _4\"></span>hasta <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>30 <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>jun<span class=\"_ _2\"></span>io <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>2022 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>suspensi\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>impuesto </div><div class=\"t_1 m0_1 x21 h8_1 y13f1 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">sobre <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>valor <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>la <span class=\"_ _1\"></span>producci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>energ\u00eda <span class=\"_ _1\"></span>el\u00e9ctrica <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>mantenimiento <span class=\"_ _1\"></span>hasta <span class=\"_ _bb\"></span>dicha<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>fecha <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>tip<span class=\"_ _2\"></span>os <span class=\"_ _1\"></span>reducidos </div><div class=\"t_1 m0_1 x21 h8_1 y13f2 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del im<span class=\"_ _1\"></span>puesto sobre el <span class=\"_ _1\"></span>valor a\u00f1adido y <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>impuesto especial sobre <span class=\"_ _1\"></span>la electricidad, <span class=\"_ _1\"></span>medidas destinadas<span class=\"_ _2\"></span> a <span class=\"_ _1\"></span>aliviar </div><div class=\"t_1 m0_1 x21 h8_1 y13f3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">la <span class=\"_ _4\"></span>situaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>industria <span class=\"_ _4\"></span>provoc<span class=\"_ _2\"></span>ada <span class=\"_ _4\"></span>por <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>precio <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>gas <span class=\"_ _4\"></span>natural, <span class=\"_ _c0\"></span>entre <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>estaca <span class=\"_ _4\"></span>un <span class=\"_ _4\"></span>mecanismo <span class=\"_ _c0\"></span>de </div></div><div class=\"c_1 w2_1 h57 gs446\"><div class=\"t_1 m0_1 x21 h8_1 y1ec ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">apoyo <span class=\"_ _c7\"> </span>para <span class=\"_ _c7\"> </span>garantizar <span class=\"_ _c7\"> </span>la <span class=\"_ _c6\"> </span>competitividad<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>de <span class=\"_ _c6\"> </span>la <span class=\"_ _c7\"> </span>industria <span class=\"_ _c7\"> </span>electrointensiva <span class=\"_ _c7\"> </span>y <span class=\"_ _c7\"> </span>la <span class=\"_ _c7\"> </span>concesi\u00f3n <span class=\"_ _c7\"> </span>de <span class=\"_ _c7\"> </span>un <span class=\"_ _c7\"> </span>cr\u00e9dito </div><div class=\"t_1 m0_1 x21 h8_1 y13b8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">extraordinario destin<span class=\"_ _2\"></span>ado a financiar la compens<span class=\"_ _2\"></span>aci\u00f3n de peajes, l\u00edn<span class=\"_ _2\"></span>eas de ayuda a<span class=\"_ _4\"></span> la industria gas<span class=\"_ _2\"></span> intensiva.  </div><div class=\"t_1 m0_1 x21 h8_1 y13b9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Se <span class=\"_ _c2\"> </span>esta<span class=\"_ _2\"></span>blece <span class=\"_ _c2\"> </span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>el  bono <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>ocial <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>er\u00e1 <span class=\"_ _c5\"> </span>asumido  por <span class=\"_ _c2\"> </span>los  s<span class=\"_ _1\"></span>ujetos <span class=\"_ _c5\"> </span>del <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>ector <span class=\"_ _c2\"> </span>el\u00e9ctrico  que <span class=\"_ _c2\"> </span>participan<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>en <span class=\"_ _c2\"> </span>las </div><div class=\"t_1 m0_1 x21 h8_1 y1405 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">actividades <span class=\"_ _122\"> </span>destinadas<span class=\"_ _2\"></span> <span class=\"_ _bd\"> </span>al <span class=\"_ _bd\"> </span>s<span class=\"_ _2\"></span>uministro <span class=\"_ _122\"> </span>de <span class=\"_ _bd\"> </span>energ\u00eda <span class=\"_ _122\"> </span>el\u00e9ctrica <span class=\"_ _122\"> </span>(producci\u00f3n, <span class=\"_ _bd\"> </span>tra<span class=\"_ _2\"></span>nsporte, <span class=\"_ _122\"> </span>distribuci\u00f3n <span class=\"_ _122\"> </span>y </div><div class=\"t_1 m0_1 x21 h8_1 y1406 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">comercializaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _c0\"></span>el\u00e9ctrica), <span class=\"_ _4\"></span>as\u00ed <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>co<span class=\"_ _2\"></span>nsumidores <span class=\"_ _4\"></span>directos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>m<span class=\"_ _2\"></span>ercado, <span class=\"_ _4\"></span> <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>establece <span class=\"_ _4\"></span>la </div><div class=\"t_1 m0_1 x21 h8_1 y1407 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">obligaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>reducci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>intensid<span class=\"_ _2\"></span>ad <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>las emision<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>de gases <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e efecto <span class=\"_ _2\"></span>invernad<span class=\"_ _2\"></span>ero <span class=\"_ _2\"></span>durante <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ciclo <span class=\"_ _2\"></span>de </div><div class=\"t_1 m0_1 x21 h8_1 y1427 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">vida de los co<span class=\"_ _2\"></span>mbustibles, y se introdu<span class=\"_ _2\"></span>cen modificaciones en d<span class=\"_ _2\"></span>iv<span class=\"_ _2\"></span>ersas normas<span class=\"_ _2\"></span> sectoriales.  </div><div class=\"t_1 m0_1 x21 h8_1 y1412 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Entre <span class=\"_ _0\"></span>las <span class=\"_ _0\"></span>medidas <span class=\"_ _c3\"></span>adoptadas <span class=\"_ _c0\"></span>por <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>icho <span class=\"_ _0\"></span>RDL6/2022 <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>mayor <span class=\"_ _0\"></span>impacto <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>act<span class=\"_ _2\"></span>ividad <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _0\"></span>destaca <span class=\"_ _0\"></span>la </div><div class=\"t_1 m0_1 x21 h8_1 y1413 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">revisi\u00f3n de los p<span class=\"_ _2\"></span>ar\u00e1metros retributiv<span class=\"_ _2\"></span>os establecidos<span class=\"_ _2\"></span> en la Orden TED/171/2020, d<span class=\"_ _2\"></span>e 24 de febrero:<span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x66 h77 y1428 ffa fs4 fc0_1 sc0_1 ls0_1 ws0_1\">\u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Se utilizar\u00e1<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>hip\u00f3tesis<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>c\u00e1lculo <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>alores <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>par\u00e1metros<span class=\"_ _2\"></span> v<span class=\"_ _2\"></span>igentes <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>fecha <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>rada <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>vigor </span></span></div><div class=\"t_1 m0_1 x63 h8_1 y1429 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del RDL <span class=\"_ _2\"></span>6/2022, a <span class=\"_ _2\"></span>excepci\u00f3n de <span class=\"_ _2\"></span>la estimaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>ingresos por la <span class=\"_ _2\"></span>venta d<span class=\"_ _2\"></span>e la energ\u00eda d<span class=\"_ _2\"></span>urante el resto<span class=\"_ _2\"></span> de </div><div class=\"t_1 m0_1 x63 h8_1 y142a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">la <span class=\"_ _2\"></span>vida <span class=\"_ _4\"></span>\u00fatil <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>alorada <span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>precio <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>mercado, <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>par<span class=\"_ _2\"></span>\u00e1metros <span class=\"_ _2\"></span>retributiv<span class=\"_ _2\"></span>os <span class=\"_ _2\"></span>dire<span class=\"_ _4\"></span>ctamente <span class=\"_ _2\"></span>rel<span class=\"_ _2\"></span>acionados<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>con </div><div class=\"t_1 m0_1 x63 h8_1 y142b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">\u00e9stos y,<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>para <span class=\"_ _1\"></span>aquellas <span class=\"_ _1\"></span>instalaciones tipo <span class=\"_ _1\"></span>cuyos <span class=\"_ _1\"></span>costes <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>xplotaci\u00f3n <span class=\"_ _1\"></span>dependan esencialmente <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>precio<span class=\"_ _1\"></span> </div><div class=\"t_1 m0_1 x63 h8_1 y33e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del combustible, el precio de <span class=\"_ _2\"></span>dicho combus<span class=\"_ _2\"></span>tible y el precio de los d<span class=\"_ _2\"></span>erechos de emisi\u00f3n de CO2.<span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x66 h77 y80c ffa fs4 fc0_1 sc0_1 ls0_1 ws0_1\">\u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">El <span class=\"_ _c3\"> </span>precio <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>mercad<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>para <span class=\"_ _c2\"> </span>estim<span class=\"_ _2\"></span>ar <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>futuros <span class=\"_ _c2\"> </span>ingresos <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>explotaci\u00f3n <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>calcular\u00e1 <span class=\"_ _c3\"> </span>co<span class=\"_ _2\"></span>mo <span class=\"_ _c3\"> </span>la <span class=\"_ _c2\"> </span>media </span></span></div><div class=\"t_1 m0_1 x63 h8_1 y80d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">aritm\u00e9tica de las cotizaciones de los contratos de futuros anuales, negociados en <span class=\"_ _1\"></span>el mercado de futuros<span class=\"_ _1\"></span> </div><div class=\"t_1 m0_1 x63 h8_1 y26a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _2\"></span>el<span class=\"_ _2\"></span>ectricidad <span class=\"_ _4\"></span>organizado <span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>OMIP<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>esde <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>1 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>junio <span class=\"_ _4\"></span>al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>30 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>novie<span class=\"_ _2\"></span>mbre <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>a\u00f1o <span class=\"_ _4\"></span>ant<span class=\"_ _4\"></span>erior <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>inicio </div><div class=\"t_1 m0_1 x63 h8_1 y26b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del semiperiodo para el qu<span class=\"_ _2\"></span>e se estima el precio del m<span class=\"_ _2\"></span>ercado.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x66 h77 y9ae ffa fs4 fc0_1 sc0_1 ls0_1 ws0_1\">\u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">La <span class=\"_ _2\"></span>estimaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>precio <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>combustibles <span class=\"_ _4\"></span>f\u00f3siles <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>dos <span class=\"_ _4\"></span>semestres <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>2022 <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>llevar\u00e1 <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>cabo </span></span></div><div class=\"t_1 m0_1 x63 h8_1 ya8b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">considerando <span class=\"_ _4\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>variaciones<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>semestrales <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>coste <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>materias <span class=\"_ _4\"></span>primas <span class=\"_ _4\"></span>y,<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>su <span class=\"_ _2\"></span>cas<span class=\"_ _2\"></span>o, <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>peajes </div><div class=\"t_1 m0_1 x63 h8_1 yab9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de acceso previstos en la Orden IET/1345/2015, de 2 de julio, por la que se <span class=\"_ _1\"></span>establece la metodolog\u00eda de </div><div class=\"t_1 m0_1 x63 h8_1 y4b2 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">actualizaci\u00f3n de la retrib<span class=\"_ _2\"></span>uci\u00f3n a la op<span class=\"_ _2\"></span>eraci\u00f3n de las ins<span class=\"_ _2\"></span>talaciones con r\u00e9gimen retributivo<span class=\"_ _2\"></span> espec\u00edfico.<span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x66 h77 y792 ffa fs4 fc0_1 sc0_1 ls0_1 ws0_1\">\u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">El <span class=\"_ _1\"></span>semiperiodo <span class=\"_ _1\"></span>regulatorio 2020-2022 <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>subdivide en <span class=\"_ _1\"></span>dos; <span class=\"_ _1\"></span>semiperiodo <span class=\"_ _1\"></span>2020<span class=\"_ _2\"></span>-2021 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>semiperiodo 2022. </span></span></div><div class=\"t_1 m0_1 x63 h8_1 y142c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Para <span class=\"_ _4\"></span>calcular <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>valor <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>ajuste <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>desv<span class=\"_ _2\"></span>iaciones <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>precio <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>mercado <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>a\u00f1<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>2020 <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>2021 <span class=\"_ _c0\"></span>se </div><div class=\"t_1 m0_1 x63 h8_1 y618 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">determina <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>valor <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>precio <span class=\"_ _0\"></span>medio <span class=\"_ _0\"></span>anual <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>mercado <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>33,94 <span class=\"_ _c0\"></span>\u20ac/M<span class=\"_ _2\"></span>Wh <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>ara <span class=\"_ _c0\"></span>e<span class=\"_ _4\"></span><span class=\"ff4\">l <span class=\"_ _c0\"></span>a\u00f1<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>2020 <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>111,90 </span></div><div class=\"t_1 m0_1 x63 h8_1 y619 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">\u20ac/MWh  para  e<span class=\"_ _1\"></span>l  a\u00f1o <span class=\"_ _c5\"> </span>2021.  <span class=\"ff4\">As\u00ed  mismo  se <span class=\"_ _c2\"> </span>estab<span class=\"_ _2\"></span>lece  necesario  corregir <span class=\"_ _c2\"> </span>dicho  precio  medio  con <span class=\"_ _c5\"> </span>los </span></div><div class=\"t_1 m0_1 x63 h8_1 y34a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">coeficientes de apun<span class=\"_ _2\"></span>tamiento de cad<span class=\"_ _2\"></span>a tecnolog\u00eda.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y915 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _c0\"></span>RDL6/2022 <span class=\"_ _c0\"></span>da <span class=\"_ _c0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>mandato <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>se <span class=\"_ _c0\"></span>publique <span class=\"_ _c0\"></span>una <span class=\"_ _c0\"></span>Orden <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>periodo <span class=\"_ _c0\"></span>menor <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>dos <span class=\"_ _c0\"></span>meses <span class=\"_ _0\"></span>desd<span class=\"_ _4\"></span>e <span class=\"_ _c0\"></span>la </div><div class=\"t_1 m0_1 x21 h8_1 y142d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">publicaci\u00f3n del <span class=\"_ _1\"></span>Re<span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>Decreto-Ley, donde <span class=\"_ _bb\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>defina <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>par\u00e1metros <span class=\"_ _1\"></span>Retributivos <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>In<span class=\"_ _1\"></span>stalaciones <span class=\"_ _1\"></span>Tipo; <span class=\"_ _1\"></span>costes </div><div class=\"t_1 m0_1 x21 h8_1 y142e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de explotaci\u00f3n, ingresos<span class=\"_ _2\"></span> de explotaci\u00f3n, etc. <span class=\"_ _2\"></span>para el nuevo semiperiodo<span class=\"_ _2\"></span> 2022. <span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y142f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Entre <span class=\"_ _4\"></span>las <span class=\"_ _c0\"></span>medidas <span class=\"_ _4\"></span>adopta<span class=\"_ _2\"></span>das <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>mayor <span class=\"_ _4\"></span>impact<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>activida<span class=\"_ _2\"></span>d <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>ENCE <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>dicha <span class=\"_ _c0\"></span>Propuesta <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>Orden, <span class=\"_ _4\"></span>se </div><div class=\"t_1 m0_1 x21 h8_1 y1430 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">establece un pool regulatorio para el <span class=\"_ _1\"></span>ejercicio 2022 <span class=\"ff6\">de 121,92 \u20ac/MWh, as\u00ed como las nuevas bandas superior e </span></div><div class=\"t_1 m0_1 x21 h8_1 y61c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">inferior  aplicables.  Adicion<span class=\"_ _2\"></span>almente,  esta <span class=\"_ _14c\"> </span>Pro<span class=\"_ _2\"></span>puesta  de  Orden  in<span class=\"_ _2\"></span>corpora  el  coeficiente  de  ap<span class=\"_ _2\"></span>untamiento </div><div class=\"t_1 m0_1 x21 h8_1 y61d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">aplicable <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cada <span class=\"_ _2\"></span>instalaci\u00f3n <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>as\u00ed <span class=\"_ _2\"></span>como <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>nuevos <span class=\"_ _2\"></span>valores <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Retribuci\u00f3n <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Inversi\u00f3n <span class=\"_ _2\"></span>aplicab<span class=\"_ _2\"></span>les </div><div class=\"t_1 m0_1 x21 h8_1 y11da ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">en dicho ejercicio. <span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13c8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El Real Decreto-Ley 10/2022, de 13 de mayo, por el que se establece con <span class=\"_ _1\"></span>car\u00e1cter temporal un mecanismo de </div><div class=\"t_1 m0_1 x21 h8_1 y13c9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">ajuste de <span class=\"_ _bb\"></span>cos<span class=\"_ _2\"></span>tes <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>producci\u00f3n <span class=\"_ _1\"></span>para la <span class=\"_ _bb\"></span>redu<span class=\"_ _2\"></span>cci\u00f3n <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>precio <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>electricidad <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>mercado <span class=\"_ _1\"></span>mayorista, incluye </div><div class=\"t_1 m0_1 x21 h8_1 y11f1 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">entre <span class=\"_ _4\"></span>sus <span class=\"_ _c0\"></span>disposiciones <span class=\"_ _c0\"></span>un <span class=\"_ _4\"></span>mecanismo <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>aju<span class=\"_ _2\"></span>ste <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>cos<span class=\"_ _2\"></span>tes <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>pro<span class=\"_ _2\"></span>ducci\u00f3n <span class=\"_ _4\"></span>para <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>reducci\u00f3n <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>precio <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la </div><div class=\"t_1 m0_1 x21 h8_1 y1431 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">electricidad <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>mercado <span class=\"_ _c2\"> </span>mayorista. <span class=\"_ _c5\"> </span>Para <span class=\"_ _c2\"> </span>ello <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>establece <span class=\"_ _c3\"> </span>un <span class=\"_ _c2\"> </span>ajus<span class=\"_ _2\"></span>te <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>cos<span class=\"_ _2\"></span>te <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>pro<span class=\"_ _2\"></span>ducci\u00f3n <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>las </div></div><div class=\"c_1 w2_1 h57 gs448\"><div class=\"t_1 m0_1 x21 h8_1 y1ec ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">tecnolog\u00edas <span class=\"_ _2\"></span>f\u00f3siles marginales, <span class=\"_ _2\"></span>igual para <span class=\"_ _2\"></span>todas ellas, q<span class=\"_ _2\"></span>ue se d<span class=\"_ _2\"></span>etermina como la <span class=\"_ _2\"></span>dif<span class=\"_ _2\"></span>erencia<span class=\"_ _2\"></span> entre <span class=\"_ _2\"></span>un precio <span class=\"_ _2\"></span>de </div><div class=\"t_1 m0_1 x21 h8_1 y13b8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">referencia <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>gas <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>precio <span class=\"_ _c0\"></span>efectivo <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>mercado <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>pot <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>gas <span class=\"_ _4\"></span>natural <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>cada <span class=\"_ _4\"></span>d\u00eda. <span class=\"_ _4\"></span>El <span class=\"_ _c0\"></span>mecanismo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>aju<span class=\"_ _2\"></span>ste </div><div class=\"t_1 m0_1 x21 h8_1 y13d5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">resultar\u00e1 de aplicaci\u00f3n<span class=\"_ _2\"></span> durante 12 meses, con<span class=\"_ _2\"></span> el l\u00edmite del d\u00eda 31 de mayo d<span class=\"_ _2\"></span>e 2023.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y1405 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">En <span class=\"_ _c0\"></span>este <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>entido, <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>titulares <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>unidades <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>ad<span class=\"_ _2\"></span>quisici\u00f3n <span class=\"_ _c0\"></span>podr\u00e1n <span class=\"_ _c0\"></span>resultar <span class=\"_ _c0\"></span>exentos <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>pago<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>coste <span class=\"_ _c0\"></span>del </div><div class=\"t_1 m0_1 x21 h8_1 y1406 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">ajuste, por aquella <span class=\"_ _1\"></span>parte de <span class=\"_ _1\"></span>su e<span class=\"_ _1\"></span>nerg\u00eda que se <span class=\"_ _1\"></span>encuentre sujeta <span class=\"_ _1\"></span>a instrumentos de <span class=\"_ _1\"></span>cobertura a plazo, <span class=\"_ _1\"></span>firmados </div><div class=\"t_1 m0_1 x21 h8_1 y1407 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">con <span class=\"_ _c3\"></span>anterioridad <span class=\"_ _c3\"> </span>al <span class=\"_ _0\"></span>26 <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>abril <span class=\"_ _0\"></span>de <span class=\"_ _c3\"> </span>2022, <span class=\"_ _c3\"> </span>siendo <span class=\"_ _c3\"> </span>aplicable <span class=\"_ _c3\"></span>esta <span class=\"_ _c3\"></span>situaci\u00f3n <span class=\"_ _0\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>nuestras <span class=\"_ _c3\"></span>biof\u00e1bricas <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>Nav<span class=\"_ _2\"></span>ia <span class=\"_ _0\"></span>y </div><div class=\"t_1 m0_1 x21 h8_1 y1427 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Pontevedra. </div><div class=\"t_1 m0_1 x21 h8_1 y1412 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Entre las<span class=\"_ _2\"></span> medidas <span class=\"_ _2\"></span>adoptadas con <span class=\"_ _2\"></span>mayor impacto <span class=\"_ _2\"></span>en la <span class=\"_ _2\"></span>actividad d<span class=\"_ _2\"></span>e ENCE d<span class=\"_ _2\"></span>estaca la rev<span class=\"_ _2\"></span>isi\u00f3n de los <span class=\"_ _2\"></span>apartados </div><div class=\"t_1 m0_1 x21 h8_1 y1413 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">3\u00ba <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>4\u00ba <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>art\u00edculo <span class=\"_ _1\"></span>22 <span class=\"_ _bb\"></span>del Real <span class=\"_ _1\"></span>De<span class=\"_ _1\"></span>creto 413/2014 <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>ob<span class=\"_ _2\"></span>jetivo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>incentive <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>exposici\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la energ\u00eda<span class=\"_ _1\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y1414 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del <span class=\"_ _4\"></span>RECORE <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>los <span class=\"_ _4\"></span>mercados<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>plazo. <span class=\"_ _c0\"></span>Dicha <span class=\"_ _4\"></span>modificaci\u00f3n <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>upone <span class=\"_ _4\"></span>sustituir <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>referencia <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>precio <span class=\"_ _c0\"></span>medio <span class=\"_ _4\"></span>anual </div><div class=\"t_1 m0_1 x21 h8_1 y13dd ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del <span class=\"_ _0\"></span>mercado <span class=\"_ _0\"></span>diario <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>intrad<span class=\"_ _2\"></span>iario <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>determinaci\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _c3\"></span>Valor <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>Ajuste <span class=\"_ _0\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _0\"></span>Desviaciones <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>Precio <span class=\"_ _0\"></span>de </div><div class=\"t_1 m0_1 x21 h8_1 y9a8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Mercado, <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>valor <span class=\"_ _1\"></span>medio <span class=\"_ _1\"></span>ponderado <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>u<span class=\"_ _2\"></span>na <span class=\"_ _1\"></span>ce<span class=\"_ _1\"></span>sta <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>precios que <span class=\"_ _bb\"></span>tiene <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>consideraci\u00f3n <span class=\"_ _bb\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>precios<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>anuales </div><div class=\"t_1 m0_1 x21 h8_1 y13de ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del mercado diario e in<span class=\"_ _2\"></span>tradiario y p<span class=\"_ _2\"></span>recios de los mercados de futuro<span class=\"_ _2\"></span>s anuales, t<span class=\"_ _2\"></span>rimestrales y mensuales.<span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y1416 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El Real <span class=\"_ _1\"></span>Decreto-ley 11/2022, de <span class=\"_ _1\"></span>25 de <span class=\"_ _1\"></span>junio, por e<span class=\"_ _1\"></span>l que <span class=\"_ _1\"></span>se adoptan y se <span class=\"_ _1\"></span>prorro<span class=\"_ _2\"></span>gan determinadas medidas <span class=\"_ _1\"></span>para </div><div class=\"t_1 m0_1 x21 h8_1 y54f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">responder <span class=\"_ _2\"></span>a las <span class=\"_ _2\"></span>consecuencias <span class=\"_ _2\"></span>econ\u00f3micas y<span class=\"_ _2\"></span> sociales d<span class=\"_ _2\"></span>e la guerra <span class=\"_ _2\"></span>en Ucrania,<span class=\"_ _2\"></span> para <span class=\"_ _2\"></span>hacer frente a <span class=\"_ _2\"></span>situacion<span class=\"_ _2\"></span>es </div><div class=\"t_1 m0_1 x21 h8_1 y1417 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _c0\"></span>vu<span class=\"_ _2\"></span>lnerabilidad <span class=\"_ _c0\"></span>social <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>econ\u00f3<span class=\"_ _2\"></span>mica, <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>para <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>recuperaci\u00f3n <span class=\"_ _0\"></span>econ\u00f3mica <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>so<span class=\"_ _2\"></span>cial <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>isla <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>La <span class=\"_ _c0\"></span>Palma <span class=\"_ _0\"></span>(en </div><div class=\"t_1 m0_1 x21 h8_1 y13f4 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">adelant<span class=\"ff6\">e, <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>\u201cRDL <span class=\"_ _0\"></span>11/20<span class=\"_ _2\"></span>22\u201d) <span class=\"_ _0\"></span>incorpo<span class=\"_ _2\"></span>ra, <span class=\"_ _0\"></span>entre <span class=\"_ _0\"></span>otras <span class=\"_ _0\"></span>medidas<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>aplicaci\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>tipo <span class=\"_ _0\"></span>impo<span class=\"_ _2\"></span>sitivo <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>0,5% <span class=\"_ _0\"></span>del </span></div><div class=\"t_1 m0_1 x21 h8_1 y13e2 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Impuesto Especial sobre la Electricidad<span class=\"_ _2\"></span> y la suspensi\u00f3n temporal del Impuesto sobre el valor de la producci\u00f3n </div><div class=\"t_1 m0_1 x21 h8_1 y13e3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _4\"></span>el<span class=\"_ _2\"></span>\u00e9ctrica, <span class=\"_ _4\"></span>amba<span class=\"_ _2\"></span>s <span class=\"_ _4\"></span>has<span class=\"_ _2\"></span>ta <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>diciembre <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>2022, <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>modificaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>base <span class=\"_ _c0\"></span>imponible <span class=\"_ _4\"></span>del </div><div class=\"t_1 m0_1 x21 h8_1 y13e4 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Impuesto <span class=\"_ _c2\"> </span>al  Valor <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>la  Producci\u00f3n <span class=\"_ _c2\"> </span>de  la <span class=\"_ _c3\"> </span>Energ\u00eda  El\u00e9ctrica <span class=\"_ _c2\"> </span>cuand<span class=\"_ _2\"></span>o <span class=\"_ _c2\"> </span>se  re<span class=\"_ _1\"></span>alicen <span class=\"_ _c2\"> </span>o<span class=\"_ _2\"></span>peraciones  e<span class=\"_ _1\"></span>ntre <span class=\"_ _c2\"> </span>partes<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13c0 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">vinculadas<span class=\"_ _2\"></span>. </div><div class=\"t_1 m0_1 x21 h8_1 y141c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La Orden <span class=\"_ _2\"></span>TED/989/2022, <span class=\"_ _2\"></span>de 11 <span class=\"_ _2\"></span>de octub<span class=\"_ _2\"></span>re, <span class=\"_ _2\"></span>establece n<span class=\"_ _2\"></span>uevas instalaciones<span class=\"_ _2\"></span> tipo p<span class=\"_ _2\"></span>ara el <span class=\"_ _2\"></span>mantenimiento de <span class=\"_ _2\"></span>los </div><div class=\"t_1 m0_1 x21 h8_1 y1432 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">par\u00e1metros <span class=\"_ _2\"></span>retributivos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>establecidos <span class=\"_ _2\"></span>median<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>Orden <span class=\"_ _2\"></span>TE<span class=\"_ _2\"></span>D/171/2020, <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>24 <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e f<span class=\"_ _2\"></span>ebrero, <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>alores <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la </div><div class=\"t_1 m0_1 x21 h8_1 y13f5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">retribuci\u00f3n <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>operaci\u00f3n <span class=\"_ _4\"></span>correspondientes <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>segundo <span class=\"_ _4\"></span>semestre <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>atural <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>a\u00f1o <span class=\"_ _2\"></span>2020 <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>primer <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>emestre </div><div class=\"t_1 m0_1 x21 h8_1 y13f6 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">natural <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1o <span class=\"_ _4\"></span>2021, <span class=\"_ _2\"></span>ap<span class=\"_ _2\"></span>licables <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>determinad<span class=\"_ _2\"></span>as <span class=\"_ _2\"></span>ins<span class=\"_ _2\"></span>talaciones <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>produ<span class=\"_ _2\"></span>cci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _4\"></span>el\u00e9ctrica <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>partir <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e </div><div class=\"t_1 m0_1 x21 h8_1 y1d5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">fuentes de energ\u00eda renov<span class=\"_ _2\"></span>ables, cogeneraci\u00f3n y res<span class=\"_ _2\"></span>iduos<span class=\"_ _2\"></span>. </div><div class=\"t_1 m0_1 x21 h8_1 y13f7 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _c3\"> </span>Orden <span class=\"_ _c2\"> </span>TED/990/2022, <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>11 <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>o<span class=\"_ _2\"></span>ctubre, <span class=\"_ _c3\"> </span>po<span class=\"_ _2\"></span>r <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>que <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>establecen <span class=\"_ _c3\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>par\u00e1metros <span class=\"_ _c2\"> </span>retributivos <span class=\"_ _c2\"> </span>para <span class=\"_ _c3\"> </span>el </div><div class=\"t_1 m0_1 x21 h8_1 y13f8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">periodo <span class=\"_ _c3\"> </span>comp<span class=\"_ _2\"></span>rendido <span class=\"_ _c3\"> </span>entre <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>1 <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>octubre <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>2018 <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>30 <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>junio <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>2019 <span class=\"_ _c3\"> </span>como <span class=\"_ _c3\"> </span>con<span class=\"_ _2\"></span>secuencia <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>la </div><div class=\"t_1 m0_1 x21 h8_1 y13f9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">disposici\u00f3n adicional octava del <span class=\"_ _1\"></span>Real <span class=\"_ _1\"></span>Decreto<span class=\"_ _2\"></span>-ley 15/2018, de <span class=\"_ _1\"></span>5 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>octubre, revisa los valores <span class=\"_ _1\"></span>de la <span class=\"_ _1\"></span>retribuci\u00f3n </div><div class=\"t_1 m0_1 x21 h8_1 y13fa ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">a la operaci\u00f3n corresp<span class=\"_ _2\"></span>ondientes al p<span class=\"_ _2\"></span>rimer semestr<span class=\"_ _2\"></span><span class=\"ls18\">e </span>del a\u00f1o 2019.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13fb ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _c9\"> </span>Orden <span class=\"_ _c9\"> </span>TED<span class=\"_ _2\"></span>/995/2022, <span class=\"_ _cc\"> </span>de <span class=\"_ _c9\"> </span>14 <span class=\"_ _c9\"> </span>de <span class=\"_ _c9\"> </span>octu<span class=\"_ _2\"></span>bre, <span class=\"_ _c9\"> </span>estab<span class=\"_ _2\"></span>lece <span class=\"_ _c9\"> </span>los <span class=\"_ _c9\"> </span>valo<span class=\"_ _2\"></span>res <span class=\"_ _c9\"> </span>de <span class=\"_ _c9\"> </span>la <span class=\"_ _c9\"> </span>r<span class=\"_ _2\"></span>etribuci\u00f3n <span class=\"_ _cc\"> </span>a <span class=\"_ _c9\"> </span>la <span class=\"_ _c9\"> </span>operaci\u00f3n<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13fc ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">correspondientes  al <span class=\"_ _c3\"> </span>segun<span class=\"_ _2\"></span>do <span class=\"_ _c2\"> </span>semestre <span class=\"_ _c2\"> </span>nat<span class=\"_ _2\"></span>ural <span class=\"_ _c2\"> </span>del <span class=\"_ _c5\"> </span>a\u00f1o <span class=\"_ _c2\"> </span>2021, <span class=\"_ _c2\"> </span>ap<span class=\"_ _2\"></span>licables <span class=\"_ _c2\"> </span>a  determ<span class=\"_ _1\"></span>inadas  instalaciones <span class=\"_ _c2\"> </span>de </div><div class=\"t_1 m0_1 x21 h8_1 y1433 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">producci\u00f3n de energ\u00eda el<span class=\"_ _2\"></span>\u00e9ctrica a partir <span class=\"_ _2\"></span>de fuentes<span class=\"_ _2\"></span> de energ\u00eda renovab<span class=\"_ _2\"></span>les, cogeneraci\u00f3n y<span class=\"_ _2\"></span> residuos.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y1434 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _4\"></span>Orden <span class=\"_ _c0\"></span>TED/1232/2022, <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>2 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>dici<span class=\"_ _2\"></span>embre, <span class=\"_ _4\"></span>actualiza <span class=\"_ _c0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>par\u00e1metros <span class=\"_ _c0\"></span>retributivos <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>instalacion<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>tipo </div><div class=\"t_1 m0_1 x21 h8_1 y1435 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">aplicables <span class=\"_ _0\"></span>a <span class=\"_ _c3\"> </span>determinadas <span class=\"_ _c3\"></span>instalaciones <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>producci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>energ\u00eda <span class=\"_ _0\"></span>el<span class=\"_ _2\"></span>\u00e9ctrica <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span>partir <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>fuen<span class=\"_ _4\"></span>tes <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>energ\u00eda </div><div class=\"t_1 m0_1 x21 h8_1 y1436 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">renovables, <span class=\"_ _2\"></span>cogeneraci\u00f3n <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>re<span class=\"_ _2\"></span>siduos, <span class=\"_ _4\"></span>recogidos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el an<span class=\"_ _2\"></span>exo <span class=\"_ _2\"></span>I <span class=\"_ _2\"></span>de la <span class=\"_ _2\"></span>Ord<span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>TED/171/2020, <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>24 d<span class=\"_ _2\"></span>e f<span class=\"_ _2\"></span>ebrero, <span class=\"_ _2\"></span>y </div><div class=\"t_1 m0_1 x21 h8_1 y140e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">en <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>anexo <span class=\"_ _0\"></span>I <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>Ord<span class=\"_ _2\"></span>en <span class=\"_ _c0\"></span>TE<span class=\"_ _2\"></span>D/989/2022, <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>11 <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>octub<span class=\"_ _2\"></span>re<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>efectos <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _c0\"></span>ap<span class=\"_ _2\"></span>licaci\u00f3n <span class=\"_ _0\"></span>al <span class=\"_ _0\"></span>a\u00f1o <span class=\"_ _c0\"></span>2022<span class=\"_ _2\"></span><span class=\"ls1c\">, <span class=\"_ _0\"></span></span>dando </div><div class=\"t_1 m0_1 x21 h8_1 y140f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">cumplimiento <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>lo <span class=\"_ _4\"></span>previsto <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>art\u00edculo <span class=\"_ _4\"></span>5.1 <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Real <span class=\"_ _4\"></span>Decreto-ley <span class=\"_ _4\"></span>6/2022, <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>cons<span class=\"_ _2\"></span>ecuencias <span class=\"_ _4\"></span>econ\u00f3micas <span class=\"_ _4\"></span>y </div><div class=\"t_1 m0_1 x21 h8_1 y1402 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">sociales <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>guerra <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>Ucra<span class=\"_ _2\"></span>nia<span class=\"_ _2\"></span>. <span class=\"_ _4\"></span>Dicha <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>ormativa <span class=\"_ _4\"></span>conf<span class=\"_ _2\"></span>irma <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>valor <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>recio <span class=\"_ _4\"></span>medio <span class=\"_ _c0\"></span>anu<span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>mercad<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>en </div><div class=\"t_1 m0_1 x21 h8_1 y1403 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">33,94 \u20ac/MWh <span class=\"_ _1\"></span>para el <span class=\"_ _1\"></span>a\u00f1o <span class=\"_ _1\"></span>2020 y <span class=\"_ _1\"></span>111,90 <span class=\"_ _1\"></span>\u20ac/MWh para <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>a\u00f1o 2021<span class=\"ff4\">, <span class=\"_ _1\"></span>fija <span class=\"_ _1\"></span>el Pool <span class=\"_ _1\"></span>regulatorio para <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>en 121,92 </span></div></div><div class=\"c_1 w2_1 h57 gs44a\"><div class=\"t_1 m0_1 x21 h8_1 y1ec ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">\u20ac/MWh<span class=\"ff4\">, <span class=\"_ _1\"></span>determina <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>VNA <span class=\"_ _1\"></span>as\u00ed <span class=\"_ _1\"></span>como <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>retribuci\u00f3n <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>inv<span class=\"_ _2\"></span>ersi\u00f3n <span class=\"_ _1\"></span>(Rinv) <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cada <span class=\"_ _1\"></span>instalaci\u00f3n <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>para <span class=\"_ _bb\"></span>el ejercicio </span></div><div class=\"t_1 m0_1 x21 h8_1 y13b8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">2022, y fij<span class=\"ls15\">a </span>los valo<span class=\"_ _2\"></span>res de la retribuci\u00f3n a<span class=\"_ _2\"></span> la operaci\u00f3n <span class=\"_ _2\"></span>aplicables dura<span class=\"_ _2\"></span>nte el primer semestre de 2022.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y13b9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Considerando <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>ichos v<span class=\"_ _2\"></span>alores de <span class=\"_ _2\"></span>pool <span class=\"_ _2\"></span>regulatorio, <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>retribuci\u00f3n <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>operaci\u00f3n <span class=\"_ _2\"></span>(Ro) <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>todas <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>instalaciones </div><div class=\"t_1 m0_1 x21 h8_1 y1405 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del Gru<span class=\"_ _2\"></span>po, <span class=\"_ _2\"></span>excepto <span class=\"_ _2\"></span>C\u00f3rdoba <span class=\"_ _4\"></span>13 MW<span class=\"_ _2\"></span>-<span class=\"_ _2\"></span><span class=\"ff6\">Gas <span class=\"_ _2\"></span>tienen <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>Ro <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cero <span class=\"_ _2\"></span>\u20ac <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ejer<span class=\"_ _2\"></span>cicio 2<span class=\"_ _2\"></span>022. <span class=\"_ _2\"></span>Asimismo, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>reducen<span class=\"_ _2\"></span> </span></div><div class=\"t_1 m0_1 x21 h8_1 y1406 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">los valores d<span class=\"_ _2\"></span>e Rinv. </div><div class=\"t_1 m0_1 x21 h8_1 y1411 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _c6\"> </span>Orden <span class=\"_ _c7\"> </span>TED/1295/2022, <span class=\"_ _c7\"> </span>de <span class=\"_ _c6\"> </span>22 <span class=\"_ _c6\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c6\"> </span>diciembre, <span class=\"_ _c6\"> </span>establec<span class=\"_ _2\"></span>e <span class=\"_ _c6\"> </span>los <span class=\"_ _c7\"> </span>valores <span class=\"_ _c6\"> </span>de <span class=\"_ _c7\"> </span>la <span class=\"_ _c6\"> </span>retribuci\u00f3n <span class=\"_ _c6\"> </span>a <span class=\"_ _c7\"> </span>la <span class=\"_ _c6\"> </span>operaci\u00f3n </div><div class=\"t_1 m0_1 x21 h8_1 yf7e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">correspondientes  al <span class=\"_ _c3\"> </span>segun<span class=\"_ _2\"></span>do <span class=\"_ _c2\"> </span>semestre <span class=\"_ _c2\"> </span>nat<span class=\"_ _2\"></span>ural <span class=\"_ _c2\"> </span>del <span class=\"_ _c5\"> </span>a\u00f1o <span class=\"_ _c2\"> </span>2022, <span class=\"_ _c2\"> </span>ap<span class=\"_ _2\"></span>licables <span class=\"_ _c2\"> </span>a  determ<span class=\"_ _1\"></span>inadas  instalaciones <span class=\"_ _c2\"> </span>de </div><div class=\"t_1 m0_1 x21 h8_1 y1412 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">producci\u00f3n de energ\u00eda el<span class=\"_ _2\"></span>\u00e9ctrica a partir <span class=\"_ _2\"></span>de fuentes de energ\u00eda r<span class=\"_ _2\"></span>eno<span class=\"_ _2\"></span>vables, cogeneraci\u00f3n <span class=\"_ _2\"></span>y residuos<span class=\"_ _2\"></span>. </div><div class=\"t_1 m0_1 x21 h8_1 y1195 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El Real <span class=\"_ _2\"></span>Decreto-ley <span class=\"_ _2\"></span>20/2022, <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>27 de <span class=\"_ _2\"></span>diciembre, <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>medidas<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>respuesta <span class=\"_ _2\"></span>a las <span class=\"_ _2\"></span>consecuencias econ\u00f3<span class=\"_ _2\"></span>micas y </div><div class=\"t_1 m0_1 x21 h8_1 y1437 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">sociales de <span class=\"_ _1\"></span>la G<span class=\"_ _1\"></span>uerra de <span class=\"_ _1\"></span>Ucrania, incorpora entre <span class=\"_ _1\"></span>otras <span class=\"_ _1\"></span>medidas, la <span class=\"_ _1\"></span>pr\u00f3rroga hasta <span class=\"_ _1\"></span>el 31 <span class=\"_ _1\"></span>de<span class=\"_ _1\"></span> diciem<span class=\"_ _1\"></span>bre de <span class=\"_ _1\"></span>2023, </div><div class=\"t_1 m0_1 x21 h8_1 y1415 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>ap<span class=\"_ _2\"></span>licaci\u00f3n <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>tipo <span class=\"_ _c3\"> </span>impositiv<span class=\"_ _2\"></span>o <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>0,5 <span class=\"_ _c3\"> </span>% <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"> </span>impuesto <span class=\"_ _c3\"> </span>especial <span class=\"_ _c3\"> </span>sobre <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"></span>electricidad, <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>sus<span class=\"_ _2\"></span>pensi\u00f3n </div><div class=\"t_1 m0_1 x21 h8_1 y9c3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">temporal del Impuesto s<span class=\"_ _2\"></span>obre el valo<span class=\"_ _2\"></span>r de la producci\u00f3n d<span class=\"_ _2\"></span>e la energ\u00eda el\u00e9ctrica<span class=\"_ _2\"></span>. </div><div class=\"t_1 m0_1 x21 h8_1 y2a9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _c5\"> </span>28 <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>dicie<span class=\"_ _2\"></span>mbre <span class=\"_ _c2\"> </span>de  2022  se <span class=\"_ _c2\"> </span>public\u00f3  la  Propuesta <span class=\"_ _c2\"> </span>de  Orden <span class=\"_ _c2\"> </span>por  la <span class=\"_ _c2\"> </span>qu<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>e  actualizan <span class=\"_ _c5\"> </span>los <span class=\"_ _c5\"> </span>par\u00e1metros </div><div class=\"t_1 m0_1 x21 h8_1 y1197 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">retributivos  aplicables <span class=\"_ _c2\"> </span>a <span class=\"_ _c5\"> </span>determinadas  instalaciones <span class=\"_ _c2\"> </span>de <span class=\"_ _c5\"> </span>producci\u00f3n  de <span class=\"_ _c2\"> </span>energ\u00eda  e<span class=\"_ _1\"></span>l\u00e9ctrica, <span class=\"_ _c5\"> </span>a <span class=\"_ _c2\"> </span>efectos  de <span class=\"_ _c2\"> </span>su </div><div class=\"t_1 m0_1 x21 h8_1 y1438 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">aplicaci\u00f3n al semiperiodo reg<span class=\"_ _2\"></span>ulatorio que tiene s<span class=\"_ _2\"></span>u inicio el 1 de enero de 20<span class=\"_ _2\"></span>23<span class=\"_ _2\"></span><span class=\"ls1a\">. </span> </div><div class=\"t_1 m0_1 x21 h8_1 y1199 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Esta <span class=\"_ _c3\"> </span>orden <span class=\"_ _0\"></span>act<span class=\"_ _2\"></span>ualiza <span class=\"_ _0\"></span>los <span class=\"_ _c3\"> </span>par\u00e1metros <span class=\"_ _c3\"></span>retribu<span class=\"_ _2\"></span>tivos <span class=\"_ _c3\"> </span>para <span class=\"_ _0\"></span>el <span class=\"_ _c3\"> </span>semiperiodo <span class=\"_ _c3\"> </span>regulatorio <span class=\"_ _c3\"></span>comprendido <span class=\"_ _c3\"></span>entre <span class=\"_ _c3\"></span>1 <span class=\"_ _0\"></span>de </div><div class=\"t_1 m0_1 x21 h8_1 y119a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">enero de 2023 <span class=\"_ _1\"></span>y 31 de <span class=\"_ _1\"></span>diciembre de 2025, re<span class=\"_ _1\"></span>visando<span class=\"_ _2\"></span> las e<span class=\"_ _1\"></span>stimaciones de los ingresos est\u00e1ndar por <span class=\"_ _1\"></span>la venta de<span class=\"_ _1\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y1439 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">energ\u00eda <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>mercado <span class=\"_ _4\"></span>y <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>par\u00e1metros <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>irectamente <span class=\"_ _4\"></span>relac<span class=\"_ _2\"></span>ionados <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>\u00e9stos <span class=\"_ _4\"></span>y, <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>a<span class=\"_ _2\"></span>quellas <span class=\"_ _c0\"></span>instalaciones </div><div class=\"t_1 m0_1 x21 h8_1 y358 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">tipo  cuyos  costes <span class=\"_ _c2\"> </span>de  explotaci\u00f3n  dependan  esencialmente  del <span class=\"_ _c2\"> </span>precio  del  combustible,  la <span class=\"_ _c2\"> </span>revisi\u00f3n<span class=\"_ _2\"></span>  de <span class=\"_ _c2\"> </span>la </div><div class=\"t_1 m0_1 x21 h8_1 y143a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">evoluci\u00f3n de los co<span class=\"_ _2\"></span>stes de los combus<span class=\"_ _2\"></span>tibles. </div><div class=\"t_1 m0_1 x21 h8_1 y143b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Los valores <span class=\"_ _bb\"></span>del precio <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>ercado estimado (Pool <span class=\"_ _bb\"></span>regulat<span class=\"_ _2\"></span>orio) para <span class=\"_ _1\"></span>los <span class=\"_ _bb\"></span>a\u00f1<span class=\"_ _2\"></span>os <span class=\"_ _1\"></span>2023, <span class=\"_ _1\"></span>2024 <span class=\"_ _1\"></span>y <span class=\"_ _bb\"></span>2025 quedan <span class=\"_ _1\"></span>fijados </div><div class=\"t_1 m0_1 x21 h8_1 y143c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">en <span class=\"ff6\">207,88 \u20ac/MWh, 129,66 \u20ac/MWh y 78,19 <span class=\"_ _1\"></span>\u20ac/MWh.<span class=\"ff4\"> Igualmente, se incluyen los coeficientes de apuntamiento </span></span></div><div class=\"t_1 m0_1 x21 h8_1 y143d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">aplicables <span class=\"_ _2\"></span>a los <span class=\"_ _2\"></span>precios regulatorios<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>los ejercicios <span class=\"_ _2\"></span>2020, 2021 y<span class=\"_ _2\"></span> 2022. Con<span class=\"_ _2\"></span>siderando <span class=\"_ _2\"></span>dichos v<span class=\"_ _2\"></span>alores de p<span class=\"_ _4\"></span>oo<span class=\"_ _2\"></span>l </div><div class=\"t_1 m0_1 x21 h8_1 y143e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">regulatorio, la <span class=\"_ _2\"></span>retribuci\u00f3n <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la o<span class=\"_ _2\"></span>peraci\u00f3n (Ro) <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>todas <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>instalaciones <span class=\"_ _2\"></span>del Gru<span class=\"_ _2\"></span>po, excep<span class=\"_ _2\"></span>to C\u00f3rdob<span class=\"_ _2\"></span>a 13 <span class=\"_ _2\"></span>MW<span class=\"_ _4\"></span>-<span class=\"_ _1be\"> </span></div><div class=\"t_1 m0_1 x21 h8_1 y143f ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Gas tienen una Ro <span class=\"_ _2\"></span>de cero \u20ac en el ejercicio 2022<span class=\"_ _2\"></span>. Asimismo, <span class=\"_ _2\"></span>se reducen los valo<span class=\"_ _2\"></span>res de Rinv.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 x21 h8_1 y1440 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Los <span class=\"_ _c0\"></span>impactos <span class=\"_ _0\"></span>netos <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _0\"></span>aplicaci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>esta <span class=\"_ _c0\"></span>normat<span class=\"_ _2\"></span>iva <span class=\"_ _0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>Estado <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>Resultado <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>ejercicio <span class=\"_ _c0\"></span>2022 <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>han </div><div class=\"t_1 m0_1 x21 h8_1 y6aa ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">estimado <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>mejora <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>aproximadamente <span class=\"_ _c0\"></span>8 <span class=\"_ _c0\"></span>millones <span class=\"_ _0\"></span>\u20ac, <span class=\"_ _c0\"></span>al <span class=\"_ _c0\"></span>compensars<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>redu<span class=\"_ _2\"></span>cci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>los <span class=\"_ _c0\"></span>valores <span class=\"_ _c0\"></span>de </div><div class=\"t_1 m0_1 x21 h8_1 y1441 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">retribuci\u00f3n <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>la <span class=\"_ _2\"></span>op<span class=\"_ _2\"></span>eraci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>uestras <span class=\"_ _4\"></span>instalaciones <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>cero <span class=\"_ _4\"></span>(impacto <span class=\"_ _2\"></span>ne<span class=\"_ _2\"></span>gativo <span class=\"_ _2\"></span>estimado<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>108 <span class=\"_ _2\"></span>millon<span class=\"_ _c0\"></span><span class=\"ff6\">es <span class=\"_ _2\"></span>\u20ac) <span class=\"_ _4\"></span>y </span></div><div class=\"t_1 m0_1 x21 h8_1 y1442 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">otros ef<span class=\"_ _1\"></span>ectos <span class=\"_ _1\"></span>con im<span class=\"_ _1\"></span>pactos, con <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>menor <span class=\"_ _1\"></span>valor <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>ajuste <span class=\"_ _1\"></span>por <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>esviaciones (Vajdm) <span class=\"_ _1\"></span>negativo <span class=\"_ _1\"></span>(impacto <span class=\"_ _1\"></span>positivo </div><div class=\"t_1 m0_1 x21 h8_1 y1443 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">estimado en <span class=\"ff6\">115 millon<span class=\"_ _2\"></span>es \u20ac).</span> </div><div class=\"t_1 m0_1 x21 h8_1 y1444 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El estab<span class=\"_ _2\"></span>lecimiento de un<span class=\"_ _2\"></span> precio <span class=\"_ _2\"></span>Pool regulatorio <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>2022 superior <span class=\"_ _2\"></span>a los <span class=\"_ _2\"></span>costes d<span class=\"_ _2\"></span>e explotaci\u00f3n <span class=\"_ _4\"></span>est\u00e1<span class=\"_ _2\"></span>ndar <span class=\"_ _2\"></span>en las </div><div class=\"t_1 m0_1 x21 h8_1 y1445 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">instalaciones <span class=\"_ _c3\"></span>del <span class=\"_ _0\"></span>Grupo <span class=\"_ _c3\"></span>provoca <span class=\"_ _0\"></span>que <span class=\"_ _c3\"> </span>la <span class=\"_ _0\"></span>Retribu<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>Operaci\u00f3n <span class=\"_ _0\"></span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _0\"></span>ejerc<span class=\"_ _2\"></span>icio <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>que <span class=\"_ _0\"></span>se <span class=\"_ _c3\"></span>produce <span class=\"_ _0\"></span>esta </div><div class=\"t_1 m0_1 x21 h8_1 y1446 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">situaci\u00f3n  sea <span class=\"_ _c2\"> </span>nula  ya  que <span class=\"_ _c2\"> </span>los  costes <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>explotaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _c5\"> </span>se  encuentran <span class=\"_ _c5\"> </span>efectivamente  cubiertos <span class=\"_ _c5\"> </span>por <span class=\"_ _c5\"> </span>el <span class=\"_ _c2\"> </span>po<span class=\"_ _2\"></span>ol </div><div class=\"t_1 m0_1 x21 h8_1 y1447 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">regulatorio (se prev\u00e9 qu<span class=\"_ _2\"></span>e esta situaci\u00f3n s<span class=\"_ _2\"></span>e producir\u00e1 en 2023 y 2024 en todas las ins<span class=\"_ _2\"></span>talaciones de generaci\u00f3n </div><div class=\"t_1 m0_1 x21 h8_1 y1448 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del Grupo a excepci\u00f3n de <span class=\"_ _1\"></span>C\u00f3rdoba 13 MW)<span class=\"ls1a\">. </span>Adicionalmente, el difere<span class=\"_ _1\"></span>ncial en exceso entre el Pool regulatorio </div><div class=\"t_1 m0_1 x21 h8_1 y1449 ff4 fs4 fc0_1 sc0_1 ls23 ws0_1\">y <span class=\"ls0_1\">los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>costes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>explotaci\u00f3n <span class=\"_ _4\"></span>est\u00e1<span class=\"_ _2\"></span>ndar <span class=\"_ _2\"></span>genera <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>ajus<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>negativo <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>VNA <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>secuente<span class=\"_ _2\"></span>mente <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>Rinv <span class=\"_ _2\"></span>de </span></div><div class=\"t_1 m0_1 x21 h8_1 y144a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">la <span class=\"_ _2\"></span>instalaci\u00f3n <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>lo <span class=\"_ _2\"></span>largo<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>vida <span class=\"_ _2\"></span>regulatoria <span class=\"_ _2\"></span>restan<span class=\"_ _2\"></span>te<span class=\"_ _2\"></span>. <span class=\"_ _2\"></span>De <span class=\"_ _2\"></span>acuerdo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>no<span class=\"_ _2\"></span>rmativa <span class=\"_ _2\"></span>conta<span class=\"_ _2\"></span>ble, <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>diferencia </div><div class=\"t_1 m0_1 x21 h8_1 y144b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del criterio aplicable al <span class=\"_ _2\"></span>Vajdm, este diferencial no d<span class=\"_ _2\"></span>a lugar al reconocimi<span class=\"_ _2\"></span>ento de un pas<span class=\"_ _2\"></span>ivo.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y144c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Se detalla a continuaci\u00f3<span class=\"_ _2\"></span>n las retribuciones<span class=\"_ _2\"></span> aplicables a las<span class=\"_ _2\"></span> instalaciones que gestio<span class=\"_ _2\"></span>na ENCE: </div></div>(*)  <span class=\"_ _122\"> </span>Datos de Rinv y VNA <span class=\"_ _1\"></span>del ejercicio 2022 recogidos en la Orden T<span class=\"_ _1\"></span>ED/1232/2022, de 2 de <span class=\"_ _1\"></span>diciembre. Datos<span class=\"_ _2\"></span> del <span class=\"_ _c6\"> </span>ejercicio <span class=\"_ _c6\"> </span>2023 <span class=\"_ _c6\"> </span>recogidos<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>en <span class=\"_ _c6\"> </span>la <span class=\"_ _c7\"> </span>Propuesta <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>Orden <span class=\"_ _c6\"> </span>p<span class=\"_ _2\"></span>or <span class=\"_ _c6\"> </span>la <span class=\"_ _c6\"> </span>que <span class=\"_ _c6\"> </span>se <span class=\"_ _c6\"> </span>actualizan<span class=\"_ _4\"></span> <span class=\"_ _c6\"> </span>los <span class=\"_ _c6\"> </span>par\u00e1metros<span class=\"_ _1be\"> </span>retributivos ap<span class=\"_ _2\"></span>licables a determinadas ins<span class=\"_ _2\"></span>talaciones de producci\u00f3n de energ\u00eda el\u00e9ctrica,<span class=\"_ _2\"></span> a efectos de su<span class=\"_ _1be\"> </span>aplicaci\u00f3n al semiperiodo reg<span class=\"_ _2\"></span>ulatorio que tiene s<span class=\"_ _2\"></span>u inicio el 1 de enero de 20<span class=\"_ _2\"></span>23<span class=\"_ _2\"></span> La<span class=\"ls0_1\">s <span class=\"_ _c0\"></span>insta<span class=\"_ _2\"></span>laciones <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>ENCE <span class=\"_ _c0\"></span>v<span class=\"_ _2\"></span>enden <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>energ\u00eda <span class=\"_ _c0\"></span>generada <span class=\"_ _0\"></span>a <span class=\"_ _c0\"></span>trav\u00e9s <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>contratos<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>bilat<span class=\"_ _2\"></span>erales <span class=\"_ _c0\"></span>o <span class=\"_ _c0\"></span>bien <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>tra<span class=\"_ _2\"></span>v\u00e9s <span class=\"_ _c0\"></span>del<span class=\"_ _1be\"> </span></span>\u201cPool\u201d<span class=\"ff4\">. <span class=\"_ _4\"></span>En <span class=\"_ _4\"></span>este <span class=\"_ _4\"></span>\u00faltimo <span class=\"_ _4\"></span>cas<span class=\"_ _2\"></span>o<span class=\"ls1c\">, <span class=\"_ _4\"></span></span>Magnon <span class=\"_ _4\"></span>Green <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>nergy, <span class=\"_ _4\"></span>S.L. <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>ct\u00faa <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>efectos <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>inter<span class=\"_ _2\"></span>mediaci\u00f3n <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>representaci\u00f3n<span class=\"_ _4\"></span> </span>de las insta<span class=\"_ _2\"></span>laciones del Grupo.<span class=\"ff2 fs1\"> <span class=\"_ _1a5\"> </span> </span>2022<span class=\"_ _11c\"> </span>2023<span class=\"_ _1be\"> </span>I<span class=\"_ _1\"></span>nstala<span class=\"_ _1\"></span>c<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _1be\"> </span>Ro<span class=\"_ _1be\"> </span>(\u20ac/<span class=\"_ _2\"></span>MWh)<span class=\"_ _1be\"> </span>Ri<span class=\"_ _1\"></span>nv<span class=\"_ _1be\"> </span>(M<span class=\"_ _1\"></span>iles \u20ac)<span class=\"_ _1be\"> </span>VN<span class=\"_ _2\"></span>A<span class=\"_ _1be\"> </span>(M<span class=\"_ _1\"></span>iles \u20ac)<span class=\"_ _1be\"> </span>Ro<span class=\"_ _1be\"> </span>(\u20ac/<span class=\"_ _2\"></span>MWh)<span class=\"_ _1be\"> </span>Ri<span class=\"_ _1\"></span>nv<span class=\"_ _1be\"> </span>(M<span class=\"_ _1\"></span>iles \u20ac)<span class=\"_ _1be\"> </span>VN<span class=\"_ _2\"></span>A<span class=\"_ _1be\"> </span>(M<span class=\"_ _1\"></span>iles \u20ac)<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>wa<span class=\"_ _2\"></span>bl<span class=\"_ _4\"></span>e e<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rgy-<span class=\"_ _1be\"> </span>Hue<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>va<span class=\"_ _4\"></span> -  5<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> MW<span class=\"_ _f8\"> </span>-<span class=\"_ _14e\"> </span>1<span class=\"_ _2\"></span>0,4<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>0<span class=\"_ _170\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,97<span class=\"_ _2\"></span>1<span class=\"_ _12b\"> </span>-<span class=\"_ _12a\"> </span>3<span class=\"_ _2\"></span>,20<span class=\"_ _2\"></span>8<span class=\"_ _10f\"> </span>7<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,78<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span>Hue<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>va<span class=\"_ _4\"></span> - 4<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> MW<span class=\"_ _1bc\"> </span>-<span class=\"_ _19\"> </span>5,5<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>3<span class=\"_ _18e\"> </span>2<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,32<span class=\"_ _2\"></span>9<span class=\"_ _161\"> </span>-<span class=\"_ _ea\"> </span>-<span class=\"_ _109\"> </span>4<span class=\"_ _2\"></span>,1<span class=\"_ _2\"></span>93<span class=\"_ _1be\"> </span>M\u00e9<span class=\"_ _1\"></span>ri<span class=\"_ _c0\"></span>da<span class=\"_ _4\"></span> - 2<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span>MW<span class=\"_ _35\"> </span>-<span class=\"_ _19\"> </span>4,74<span class=\"_ _2\"></span>4<span class=\"_ _132\"> </span>4<span class=\"_ _2\"></span>8,9<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>4<span class=\"_ _161\"> </span>-<span class=\"_ _139\"> </span>1<span class=\"_ _2\"></span>,99<span class=\"_ _2\"></span>7<span class=\"_ _10f\"> </span>3<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,90<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span>Ja<span class=\"_ _2\"></span>\u00e9n - 16<span class=\"_ _2\"></span> MW<span class=\"_ _9a\"> </span>-<span class=\"_ _19\"> </span>2<span class=\"_ _2\"></span>,55<span class=\"_ _2\"></span>5<span class=\"_ _18e\"> </span>1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,22<span class=\"_ _2\"></span>6<span class=\"_ _12b\"> </span>-<span class=\"_ _90\"> </span>-<span class=\"_ _10a\"> </span>4,62<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span>Ci<span class=\"_ _4\"></span>ud<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>d<span class=\"_ _2\"></span> Re<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> - <span class=\"_ _2\"></span>16<span class=\"_ _2\"></span> MW<span class=\"_ _173\"> </span>-<span class=\"_ _19\"> </span>2,5<span class=\"_ _2\"></span>55<span class=\"_ _132\"> </span>1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,22<span class=\"_ _2\"></span>6<span class=\"_ _161\"> </span>-<span class=\"_ _ea\"> </span>-<span class=\"_ _109\"> </span>4<span class=\"_ _2\"></span>,6<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span>C\u00f3r<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>ba<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>- 1<span class=\"_ _2\"></span>4 MW<span class=\"_ _2\"></span> - Bi<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span>mas<span class=\"_ _c0\"></span>a<span class=\"_ _f2\"> </span>-<span class=\"_ _19\"> </span>2,2<span class=\"_ _2\"></span>34<span class=\"_ _132\"> </span>1<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>,79<span class=\"_ _2\"></span>1<span class=\"_ _161\"> </span>-<span class=\"_ _ea\"> </span>-<span class=\"_ _109\"> </span>9<span class=\"_ _2\"></span>,18<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span>C\u00f3r<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>ba<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>- 1<span class=\"_ _2\"></span>3 MW<span class=\"_ _2\"></span> - Ga<span class=\"_ _4\"></span>s<span class=\"_ _1bd\"> </span><span class=\"lsdf\">161<span class=\"_ _10b\"> </span></span>-<span class=\"_ _12\"> </span>-<span class=\"_ _aa\"> </span><span class=\"lsdf\">287<span class=\"_ _90\"> </span></span>-<span class=\"_ _2b\"> </span>-<span class=\"_ _1be\"> </span>Puertol<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>no<span class=\"_ _2\"></span> bi<span class=\"_ _4\"></span>oma<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>- 5<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> MW<span class=\"_ _d6\"> </span>-<span class=\"_ _10b\"> </span>-<span class=\"_ _95\"> </span>-<span class=\"_ _143\"> </span>-<span class=\"_ _90\"> </span>-<span class=\"_ _2b\"> </span>-<span class=\"_ _1be\"> </span>Hue<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>va<span class=\"_ _4\"></span> 4<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> MW<span class=\"_ _130\"> </span>-<span class=\"_ _10b\"> </span>-<span class=\"_ _12\"> </span>-<span class=\"_ _161\"> </span>-<span class=\"_ _90\"> </span>-<span class=\"_ _2b\"> </span>-<span class=\"_ _1be\"> </span>Pulp-<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span> - 3<span class=\"_ _2\"></span>7 <span class=\"_ _2\"></span>MW<span class=\"_ _124\"> </span>-<span class=\"_ _19\"> </span>6,11<span class=\"_ _2\"></span>7<span class=\"_ _132\"> </span>5<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>,88<span class=\"_ _2\"></span>1<span class=\"_ _161\"> </span>-<span class=\"_ _9b\"> </span><span class=\"lsdf\">180<span class=\"_ _3d\"> </span></span>3<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>,41<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>N<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span> - 4<span class=\"_ _2\"></span>0 <span class=\"_ _2\"></span>MW<span class=\"_ _124\"> </span>-<span class=\"_ _10b\"> </span>-<span class=\"_ _12\"> </span>-<span class=\"_ _143\"> </span>-<span class=\"_ _ea\"> </span>-<span class=\"_ _14\"> </span>-<span class=\"_ _1be\"> </span>Pon<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>dra<span class=\"_ _4\"></span> - 3<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> MW<span class=\"_ _104\"> </span>-<span class=\"_ _19\"> </span>1<span class=\"_ _2\"></span>,2<span class=\"_ _2\"></span>61<span class=\"_ _132\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>,35<span class=\"_ _2\"></span>9<span class=\"_ _161\"> </span>-<span class=\"_ _ea\"> </span>-<span class=\"_ _109\"> </span>5<span class=\"_ _2\"></span>,64<span class=\"_ _2\"></span>9",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-1": {
   "value": "1.  Actividad del Grupo  Ence Energ\u00eda y Celulosa, S.A. (en adelante \u201cla Sociedad Dominante\u201d) se constituy\u00f3 en el a\u00f1o 1968 y tiene ubicado su domicilio social en la Calle Beatriz de Bobadilla, 14 de Madrid (Espa\u00f1a). Anteriormente utiliz\u00f3 las denominaciones Empresa Nacional de Celulosas, S.A. hasta el a\u00f1o 1999 y Grupo Empresarial ENCE, S.A. hasta el a\u00f1o 2012.  Su objeto social, de acuerdo a lo establecido en sus estatutos, consiste en: a)   la fabricaci\u00f3n de pastas celul\u00f3sicas y derivados de estas, obtenci\u00f3n de productos y elementos necesarios para aqu\u00e9llas y aprovechamiento de los subproductos resultantes de ambas; b)   la producci\u00f3n por cualquier medio, venta y utilizaci\u00f3n de energ\u00eda el\u00e9ctrica, as\u00ed como de otras fuentes de energ\u00eda,  y  de  las  materias  o  energ\u00edas  primarias  necesarias  para  su  generaci\u00f3n,  de  acuerdo  con  las posibilidades previstas en la legislaci\u00f3n vigente; y su comercializaci\u00f3n, compraventa y suministro, bajo cualquiera de las modalidades permitidas por la ley.  c)   el cultivo, explotaci\u00f3n y aprovechamiento de bosques y masas forestales, trabajos de forestaci\u00f3n, y realizaci\u00f3n de trabajos y servicios especializados de tipo forestal. La preparaci\u00f3n y transformaci\u00f3n de productos  forestales.  El  aprovechamiento  y  explotaci\u00f3n  mercantil  y  comercializaci\u00f3n  en  todos  los \u00f3rdenes  de  los  productos  forestales  (incluyendo  biomasa  y  cultivos  energ\u00e9ticos  forestales),  sus derivados y subproductos. Estudios y proyectos forestales; d)   el proyecto, promoci\u00f3n, desarrollo, construcci\u00f3n, operaci\u00f3n y mantenimiento, de las instalaciones a que se refiere los apartados a), b) y c) anteriores. Ence  Energ\u00eda  y  Celulosa,  S.A.  y  su  Grupo  de  empresas  (en  adelante  \u201cGrupo\u201d,  \u201cENCE\u201d  o  \u201cGrupo  Ence\u201d) desarrolla su actividad en torno a dos negocios: Negocio \u201cCelulosa\u201d- Comprende la producci\u00f3n de celulosa a partir de madera de eucalipto, tipos BEKP (Bleached Eucalyptus Kraft Pulp) con calidades de blanqueo ECF (libre de cloro elemental) y TCF (totalmente libre de cloro), y UEKP (Un- bleached Eucalyptus Kraft Pulp).  Para  llevar  a  cabo  esta  actividad,  el  Grupo  dispone  de  2  biof\u00e1bricas  ubicadas  en  Espa\u00f1a,  en  Asturias  y Pontevedra, con una capacidad nominal conjunta de, aproximadamente, 1.200.000 toneladas anuales. Ambas plantas tienen implantado el proceso Kraft para la producci\u00f3n de celulosa. Este proceso productivo incluye la cogeneraci\u00f3n de energ\u00eda el\u00e9ctrica utilizando la parte de la madera que no puede transformarse en celulosa; lignina/biomasa. La capacidad nominal instalada de generaci\u00f3n de energ\u00eda el\u00e9ctrica integrada en las biof\u00e1bricas de celulosa de Asturias y Pontevedra es de 111 megavatios. Asimismo, el Grupo gestiona en la Pen\u00ednsula Ib\u00e9rica una superficie patrimonial  total de 60.870 hect\u00e1reas productivas, de las que 43.215 hect\u00e1reas son en propiedad.  Negocio \u201cEnerg\u00eda renovable\u201d- ENCE  ha  desarrollado  y  adquirido  diversos  proyectos  de  generaci\u00f3n  de  energ\u00eda  el\u00e9ctrica  con  biomasa  procedente  de  subproductos  agroforestales  como  actividad  independiente  y  separada  de  su  negocio  celul\u00f3sico. La capacidad de generaci\u00f3n de energ\u00eda el\u00e9ctrica renovable, actualmente en operaci\u00f3n, es de 266 MW de acuerdo con el siguiente detalle: Ubicaci\u00f3n  Potencia  MW Vida  Regulatoria  Huelva  50 2037 Huelva  41 2028 Huelva  46 2045 M\u00e9rida  20 2039 Ja\u00e9n  16 2027 Ciudad Real  16 2027 C\u00f3rdoba  14 2031 C\u00f3rdoba  13 2030 Ciudad Real  50 2045 Adicionalmente, el Grupo est\u00e1 llevando a cabo la tramitaci\u00f3n administrativa de 3 proyectos de generaci\u00f3n de  energ\u00eda  renovable  con  biomasa,  con  una  potencia  agregada  de  140  MW  renovables,  para  los  que  ya  se  dispone de acceso a red y localizaciones aseguradas. Se ha completado la tramitaci\u00f3n de uno de ellos y se  espera completarla en los dos restantes durante el primer semestre de 2023. As\u00ed mismo, ENCE tiene previsto  continuar promoviendo nuevos proyectos de generaci\u00f3n de energ\u00eda fotovoltaica con el fin de continuar con  la diversificaci\u00f3n de tecnolog\u00edas renovables.  Por otra parte, en diciembre de 2021 Magnon Green Energy, S.L., holding del negocio Energ\u00eda Renovable firm\u00f3  un acuerdo para la venta a terceros de 5 activos fotovoltaicos, con una potencia prevista de 373 MW, y que  actualmente est\u00e1n en fase de tramitaci\u00f3n. La venta se perfeccionar\u00e1 una vez se haya iniciado la construcci\u00f3n  de los proyectos (v\u00e9ase nota 6), estim\u00e1ndose que ese hito se alcanzar\u00e1 en el conjunto de los proyectos entre  el 2023 y el 1\u00ba semestre de 2024.  Otros-  Durante el ejercicio 2022 se ha iniciado la actividad de producci\u00f3n de gas renovable (Biometano) a partir de subproductos  agr\u00edcolas  y  ganaderos  para  su  inyecci\u00f3n  a  la  red  de  gas  natural,  mediante  la  tramitaci\u00f3n  administrativa de distintos proyectos.  Asimismo,  ENCE  ha  iniciado  la  actividad  de  operaci\u00f3n  de  calderas  de  biomasa  para  reemplazar  equipos alimentados con combustibles f\u00f3siles en instalaciones industriales, que con esta medida reducen su factura  de derechos de emisi\u00f3n.  ENCE complet\u00f3 en diciembre de 2020 la venta de una participaci\u00f3n minoritaria, del 49%, en el capital de  Magnon  Green  Energy,  S.L.  (anteriormente  Ence  Energ\u00eda,  S.L.),  holding  del  negocio  Energ\u00eda  Renovable  a  Ancala Partners.  En la p\u00e1gina web www.ence.es pueden consultarse los estatutos sociales y otra informaci\u00f3n p\u00fablica de ENCE.  La totalidad de las acciones de la Sociedad Dominante est\u00e1n representadas mediante anotaciones en cuenta  y est\u00e1n admitidas a negociaci\u00f3n oficial en las Bolsas de Valores Espa\u00f1olas y en el Sistema de Interconexi\u00f3n Burs\u00e1til Espa\u00f1ol (Mercado Continuo). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-498": {
   "value": "Ence Energ\u00eda y Celulosa, S.A. (en adelante \u201cla Sociedad Dominante\u201d) ",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-515": {
   "value": "Ence Energ\u00eda y Celulosa, S.A.",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-520": {
   "value": "Ence Energ\u00eda y Celulosa, S.A.",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-511": {
   "value": "S.A",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-499": {
   "value": "Calle Beatriz de Bobadilla, 14 de Madrid",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-500": {
   "value": "(Espa\u00f1a)",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-512": {
   "value": "(Espa\u00f1a)",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-516": {
   "value": "(Espa\u00f1a)",
   "dimensions": {
    "concept": "ifrs-full:PrincipalPlaceOfBusiness",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-496": {
   "value": "Anteriormente utiliz\u00f3 las denominaciones Empresa Nacional de Celulosas, S.A. hasta el a\u00f1o 1999 y Grupo Empresarial ENCE, S.A. hasta el a\u00f1o 2012.",
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    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  },
  "fact-497": {
   "value": "Su objeto social, de acuerdo a lo establecido en sus estatutos, consiste en: a)   la fabricaci\u00f3n de pastas celul\u00f3sicas y derivados de estas, obtenci\u00f3n de productos y elementos necesarios para aqu\u00e9llas y aprovechamiento de los subproductos resultantes de ambas; b)   la producci\u00f3n por cualquier medio, venta y utilizaci\u00f3n de energ\u00eda el\u00e9ctrica, as\u00ed como de otras fuentes de energ\u00eda,  y  de  las  materias  o  energ\u00edas  primarias  necesarias  para  su  generaci\u00f3n,  de  acuerdo  con  las posibilidades previstas en la legislaci\u00f3n vigente; y su comercializaci\u00f3n, compraventa y suministro, bajo cualquiera de las modalidades permitidas por la ley.  c)   el cultivo, explotaci\u00f3n y aprovechamiento de bosques y masas forestales, trabajos de forestaci\u00f3n, y realizaci\u00f3n de trabajos y servicios especializados de tipo forestal. La preparaci\u00f3n y transformaci\u00f3n de productos  forestales.  El  aprovechamiento  y  explotaci\u00f3n  mercantil  y  comercializaci\u00f3n  en  todos  los \u00f3rdenes  de  los  productos  forestales  (incluyendo  biomasa  y  cultivos  energ\u00e9ticos  forestales),  sus derivados y subproductos. Estudios y proyectos forestales; d)   el proyecto, promoci\u00f3n, desarrollo, construcci\u00f3n, operaci\u00f3n y mantenimiento, de las instalaciones a que se refiere los apartados a), b) y c) anteriores. Ence  Energ\u00eda  y  Celulosa,  S.A.  y  su  Grupo  de  empresas  (en  adelante  \u201cGrupo\u201d,  \u201cENCE\u201d  o  \u201cGrupo  Ence\u201d) desarrolla su actividad en torno a dos negocios: Negocio \u201cCelulosa\u201d- Comprende la producci\u00f3n de celulosa a partir de madera de eucalipto, tipos BEKP (Bleached Eucalyptus Kraft Pulp) con calidades de blanqueo ECF (libre de cloro elemental) y TCF (totalmente libre de cloro), y UEKP (Un- bleached Eucalyptus Kraft Pulp).  Para  llevar  a  cabo  esta  actividad,  el  Grupo  dispone  de  2  biof\u00e1bricas  ubicadas  en  Espa\u00f1a,  en  Asturias  y Pontevedra, con una capacidad nominal conjunta de, aproximadamente, 1.200.000 toneladas anuales. Ambas plantas tienen implantado el proceso Kraft para la producci\u00f3n de celulosa. Este proceso productivo incluye la cogeneraci\u00f3n de energ\u00eda el\u00e9ctrica utilizando la parte de la madera que no puede transformarse en celulosa; lignina/biomasa. La capacidad nominal instalada de generaci\u00f3n de energ\u00eda el\u00e9ctrica integrada en las biof\u00e1bricas de celulosa de Asturias y Pontevedra es de 111 megavatios.  Asimismo, el Grupo gestiona en la Pen\u00ednsula Ib\u00e9rica una superficie patrimonial  total de 60.870 hect\u00e1reas productivas, de las que 43.215 hect\u00e1reas son en propiedad.  Negocio \u201cEnerg\u00eda renovable\u201d- ENCE  ha  desarrollado  y  adquirido  diversos  proyectos  de  generaci\u00f3n  de  energ\u00eda  el\u00e9ctrica  con  biomasa  procedente  de  subproductos  agroforestales  como  actividad  independiente  y  separada  de  su  negocio  celul\u00f3sico. La capacidad de generaci\u00f3n de energ\u00eda el\u00e9ctrica renovable, actualmente en operaci\u00f3n, es de 266 MW de acuerdo con el siguiente detalle:   Ubicaci\u00f3n  Potencia  MW Vida  Regulatoria  Huelva  50 2037 Huelva  41 2028 Huelva  46 2045 M\u00e9rida  20 2039 Ja\u00e9n  16 2027 Ciudad Real  16 2027 C\u00f3rdoba  14 2031 C\u00f3rdoba  13 2030 Ciudad Real  50 2045   Adicionalmente, el Grupo est\u00e1 llevando a cabo la tramitaci\u00f3n administrativa de 3 proyectos de generaci\u00f3n de  energ\u00eda  renovable  con  biomasa,  con  una  potencia  agregada  de  140  MW  renovables,  para  los  que  ya  se  dispone de acceso a red y localizaciones aseguradas. Se ha completado la tramitaci\u00f3n de uno de ellos y se  espera completarla en los dos restantes durante el primer semestre de 2023. As\u00ed mismo, ENCE tiene previsto  continuar promoviendo nuevos proyectos de generaci\u00f3n de energ\u00eda fotovoltaica con el fin de continuar con  la diversificaci\u00f3n de tecnolog\u00edas renovables.  Por otra parte, en diciembre de 2021 Magnon Green Energy, S.L., holding del negocio Energ\u00eda Renovable firm\u00f3  un acuerdo para la venta a terceros de 5 activos fotovoltaicos, con una potencia prevista de 373 MW, y que  actualmente est\u00e1n en fase de tramitaci\u00f3n. La venta se perfeccionar\u00e1 una vez se haya iniciado la construcci\u00f3n  de los proyectos (v\u00e9ase nota 6), estim\u00e1ndose que ese hito se alcanzar\u00e1 en el conjunto de los proyectos entre  el 2023 y el 1\u00ba semestre de 2024.  Otros-  Durante el ejercicio 2022 se ha iniciado la actividad de producci\u00f3n de gas renovable (Biometano) a partir de subproductos  agr\u00edcolas  y  ganaderos  para  su  inyecci\u00f3n  a  la  red  de  gas  natural,  mediante  la  tramitaci\u00f3n  administrativa de distintos proyectos.  Asimismo,  ENCE  ha  iniciado  la  actividad  de  operaci\u00f3n  de  calderas  de  biomasa  para  reemplazar  equipos alimentados con combustibles f\u00f3siles en instalaciones industriales, que con esta medida reducen su factura  de derechos de emisi\u00f3n.   ENCE complet\u00f3 en diciembre de 2020 la venta de una participaci\u00f3n minoritaria, del 49%, en el capital de  Magnon  Green  Energy,  S.L.  (anteriormente  Ence  Energ\u00eda,  S.L.),  holding  del  negocio  Energ\u00eda  Renovable  a  Ancala Partners.  En la p\u00e1gina web www.ence.es pueden consultarse los estatutos sociales y otra informaci\u00f3n p\u00fablica de ENCE.  La totalidad de las acciones de la Sociedad Dominante est\u00e1n representadas mediante anotaciones en cuenta  y est\u00e1n admitidas a negociaci\u00f3n oficial en las Bolsas de Valores Espa\u00f1olas y en el Sistema de Interconexi\u00f3n Burs\u00e1til Espa\u00f1ol (Mercado Continuo). ",
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    "entity": "scheme:95980020140005309084",
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  "fact-611": {
   "value": "2.  Bases de presentaci\u00f3n y principios de consolidaci\u00f3n  2.1  Bases de presentaci\u00f3n  Las cuentas anuales consolidadas de Ence Energ\u00eda y Celulosa, S.A. del ejercicio 2022 se han elaborado a partir  de los registros contables y de las cuentas anuales de dicha sociedad, y las de las sociedades integrantes del  Grupo  y  han sido preparadas  de  acuerdo  al  marco  normativo  de  informaci\u00f3n  financiera que  resulta  de  aplicaci\u00f3n y, en particular, de acuerdo con las Normas Internacionales de Informaci\u00f3n Financiera adoptadas  por la Uni\u00f3n Europea (NIIF-UE) conforme a lo dispuesto en el Reglamento (CE) n\u00ba 1606/2002 del Parlamento  y del Consejo Europeo y dem\u00e1s disposiciones del marco normativo de informaci\u00f3n financiera que resulta de  aplicaci\u00f3n, de forma que muestran la imagen fiel del patrimonio y de la situaci\u00f3n financiera del Grupo al 31  de diciembre de 2022 y de los resultados de sus operaciones, de los cambios en el patrimonio neto y de los  flujos de efectivo consolidados que se han generado en el Grupo durante el ejercicio anual terminado en  dicha fecha.  Las cuentas anuales consolidadas del Grupo del ejercicio 2022 formuladas por los Administradores de la Sociedad  Dominante  se  someter\u00e1n  a  la  aprobaci\u00f3n  de  su  Junta  General  Ordinaria  de  Accionistas,  estim\u00e1ndose que ser\u00e1n aprobadas sin ninguna modificaci\u00f3n. Por su parte, las cuentas anuales consolidadas  del Grupo del ejercicio 2021 fueron aprobadas por la Junta General de Accionistas de la Sociedad Dominante  el 31 de marzo de 2022.  En la nota 3 se resumen las pol\u00edticas contables y criterios de valoraci\u00f3n m\u00e1s significativos que han sido  aplicados en la elaboraci\u00f3n de estas cuentas anuales consolidadas. El  Euro  es  la  moneda  funcional  y  de  presentaci\u00f3n  de  la  Sociedad  Dominante.  Las  cuentas  anuales  consolidadas se expresan por tanto en euros.  2.2  Principios de consolidaci\u00f3n  En el Anexo I se incluye un detalle de las sociedades dependientes, negocios conjuntos y asociadas de ENCE,  as\u00ed como el m\u00e9todo de consolidaci\u00f3n o valoraci\u00f3n aplicado y otra informaci\u00f3n referente a las mismas. Sociedades dependientes  Se  consideran  sociedades  dependientes  aquellas  sobre  las  que  ENCE,  directa  o  indirectamente,  ejerce  control. Dicho control se manifiesta, en general aunque no \u00fanicamente, por la propiedad, directa o indirecta,  de al menos el 50% o m\u00e1s de los derechos pol\u00edticos de las entidades participadas. El Grupo ENCE considera  que mantiene el control en una sociedad cuando posee derechos sustantivos en vigor que le proporcionan  la capacidad de dirigir las actividades relevantes y est\u00e1 expuesto, o tiene derecho, a rendimientos variables  procedentes de su implicaci\u00f3n en la sociedad y tiene la capacidad de influir en esos rendimientos a trav\u00e9s  de su poder sobre esta. Estas sociedades se han consolidado por el m\u00e9todo de \u201cIntegraci\u00f3n Global\u201d Los ingresos, gastos y flujos de efectivo de las entidades dependientes se incluyen en las cuentas anuales  consolidadas desde la fecha de adquisici\u00f3n, que es aquella, en la que el Grupo obtiene efectivamente el  control de las mismas. Las entidades dependientes se excluyen de la consolidaci\u00f3n desde la fecha en la que  se pierde el control sobre ellas.  En el proceso de consolidaci\u00f3n, las transacciones y saldos mantenidos entre sociedades dependientes y los  beneficios o p\u00e9rdidas no realizados han sido eliminados. Las participaciones no dominantes se reconocen en el momento inicial por un importe equivalente a su  participaci\u00f3n proporcional de los activos netos identificables reconocidos a la fecha de la toma de control.  Las participaciones no dominantes en el patrimonio y en los resultados de las sociedades dependientes  integradas globalmente se presentan bajo la denominaci\u00f3n de \u201cIntereses minoritarios\u201d, dentro del cap\u00edtulo \u201cPatrimonio Neto\u201d del Estado de Situaci\u00f3n Financiera consolidado, y del cap\u00edtulo \u201cResultado atribuido a  intereses minoritarios\u201d del Estado de Resultado consolidado. Los cambios en la participaci\u00f3n de una sociedad dependiente que no dan lugar a una p\u00e9rdida de control, se  contabilizan  como transacciones  de  patrimonio,  es decir, que cualquier resultado obtenido  se reconoce  directamente en el patrimonio.  Cuando se produce la p\u00e9rdida de control de una empresa del Grupo, tiene lugar la baja de sus activos y  pasivos,  as\u00ed  como de otros componentes  de patrimonio y  de cualquier participaci\u00f3n  no  dominante  que  pudiera existir. Las plusval\u00edas o minusval\u00edas resultantes se reconocen en el Estado de Resultado consolidado.  Las participaciones que se mantengan en las filiales sobre las que se hubiera perdido el control se valoran  por su valor razonable en la fecha en la que esta circunstancia hubiera tenido lugar, siendo \u00e9ste el valor de  coste a efectos de su valoraci\u00f3n posterior.  Inversiones registradas por el m\u00e9todo de la participaci\u00f3n  Las inversiones registradas por el m\u00e9todo de la participaci\u00f3n incluyen las inversiones en empresas asociadas,  as\u00ed como en negocios conjuntos. Se consideran asociadas aquellas sociedades sobre las que ENCE, directa o indirectamente, ejerce influencia significativa. La influencia significativa es el poder de intervenir en las decisiones de pol\u00edtica financiera y de  explotaci\u00f3n de una entidad, sin que suponga la existencia de control o de control conjunto sobre la misma.  Generalmente viene acompa\u00f1ado por una participaci\u00f3n de entre un 20% y un 50% de los derechos de voto de la entidad.  Las inversiones en entidades asociadas y las inversiones en negocios conjuntos se registran por el m\u00e9todo  de la participaci\u00f3n desde la fecha en la que se ejerce influencia significativa, o bien, el control conjunto. En  este sentido, estas inversiones se reconocen inicialmente por su coste de adquisici\u00f3n. El exceso entre el coste de la inversi\u00f3n y el porcentaje correspondiente al Grupo en los valores razonables  de los activos netos identificables se registra como fondo de comercio, que se incluye en el valor contable  de la inversi\u00f3n. El defecto, una vez evaluados los importes del coste de la inversi\u00f3n y la identificaci\u00f3n y  valoraci\u00f3n  de  los  activos  netos  de  la  asociada,  se  registra  como  un  ingreso  en  la  determinaci\u00f3n  de  la  participaci\u00f3n del inversor en los resultados de la asociada del ejercicio en que se ha adquirido. La participaci\u00f3n del Grupo en los beneficios o p\u00e9rdidas de las entidades asociadas obtenidas desde la fecha  de adquisici\u00f3n se registra como un aumento o disminuci\u00f3n del valor de las inversiones con abono o cargo al  ep\u00edgrafe \"Resultado de sociedades integradas por el m\u00e9todo de la participaci\u00f3n\" del Estado de Resultado  consolidado. Las distribuciones de dividendos se registran como minoraciones del valor de las inversiones.  Asimismo, se ajusta el valor de la inversi\u00f3n para reflejar la proporci\u00f3n de aquellos cambios en el patrimonio neto de estas sociedades que no se han reconocido en sus resultados. Conversi\u00f3n de estados financieros Los resultados y la posici\u00f3n financiera de todas las entidades del Grupo cuya moneda funcional sea distinta  de la moneda de presentaci\u00f3n se convierten a  euro del siguiente modo; los activos y pasivos al tipo de  cambio de cierre en la fecha del Estado de Situaci\u00f3n Financiera, el patrimonio a tipo de cambio hist\u00f3rico, y  los ingresos y gastos al tipo de cambio medio del periodo de devengo. Las diferencias de cambio resultantes  se reconocen en \u201cOtro Resultado Global\u201d, y se imputar\u00e1n a la cuenta de resultados en el periodo en el que  se lleve a cabo la enajenaci\u00f3n de la inversi\u00f3n.  Las sociedades del Grupo no se ubican en pa\u00edses de econom\u00eda hiperinflacionaria. Homogeneizaci\u00f3n y otros  La consolidaci\u00f3n de las entidades que conforman el per\u00edmetro de consolidaci\u00f3n ha sido realizada a partir de  sus cuentas anuales individuales que son preparadas conforme al Plan General de Contabilidad Espa\u00f1ol para  aquellas  sociedades  residentes  en  Espa\u00f1a  y  conforme  a  su  propia  normativa  local  para  el  resto  de  participadas.  Las pol\u00edticas contables de las sociedades dependientes se han adaptado a las pol\u00edticas contables del Grupo.  As\u00ed mismo, las cuentas anuales o estados financieros de las sociedades dependientes utilizados en el proceso  de consolidaci\u00f3n est\u00e1n referidos a la misma fecha de presentaci\u00f3n, 31 de diciembre, y mismo periodo que  los de la Sociedad dominante.  En las transacciones entre sociedades consolidadas se eliminan los resultados por operaciones internas,  difiri\u00e9ndose hasta que se realizan frente a terceros ajenos al Grupo.  Los trabajos efectuados por el Grupo para su propio inmovilizado se reconocen por su coste de producci\u00f3n  elimin\u00e1ndose los resultados intragrupo. En la Nota 6 se presentan los cambios habidos en los ejercicios 2022 y 2021 en el conjunto de las sociedades consolidadas por integraci\u00f3n global y por el m\u00e9todo de la participaci\u00f3n. En las correspondientes notas de  esta Memoria consolidada, bajo el t\u00edtulo \u201cVariaciones del per\u00edmetro\u201d, se muestran los efectos relevantes de  las incorporaciones y salidas de sociedades en el per\u00edmetro de consolidaci\u00f3n.   2.3  Comparaci\u00f3n de la informaci\u00f3n y estacionalidad de las  transacciones  La  informaci\u00f3n  contenida  en esta memoria  referida  al  ejercicio  2021  se  presenta  \u00fanicamente a  efectos  comparativos.  A efectos de comparabilidad se deben tener en consideraci\u00f3n asimismo las variaciones en el per\u00edmetro de  consolidaci\u00f3n detalladas en la Nota 6.  Dadas las actividades a las que se dedican las sociedades del Grupo, las transacciones del mismo no cuentan  con  un  car\u00e1cter  c\u00edclico  o  estacional.  No  obstante,  las  actividades  de  producci\u00f3n  de  pasta  celul\u00f3sica  y  generaci\u00f3n energ\u00eda renovable requieren de paradas por periodos que oscilan entre 10 y 15 d\u00edas para efectuar  labores de mantenimiento.  2.4  Principales decisiones relativas a las NIIF  En relaci\u00f3n con la presentaci\u00f3n de las cuentas anuales consolidadas y resto de informaci\u00f3n contenida en la  memoria  consolidada,  el  Grupo  adopt\u00f3  las  siguientes  decisiones;  1)  el  Estado  de  Situaci\u00f3n  Financiera  consolidado se presenta distinguiendo entre partidas corrientes (corto plazo) y no corrientes (largo plazo),  2)  el  Estado  de  Resultado  consolidado  se  presenta  por  naturaleza,  y  3)  el  Estado  de  Flujos  de  Efectivo  consolidado se presenta siguiendo el m\u00e9todo indirecto.  2.5  Cambios en estimaciones y pol\u00edticas contables y correcci\u00f3n de  errores fundamentales  El efecto de cualquier cambio  en las estimaciones contables se  registra prospectivamente,  en el mismo  apartado del Estado de Resultado  consolidado en que se encuentra registrado el gasto o ingreso con la  estimaci\u00f3n anterior.  Por su parte, los cambios en pol\u00edticas  contables  y correcci\u00f3n de errores  fundamentales se registran del  siguiente modo siempre que su impacto sea significativo; el efecto acumulado al inicio del ejercicio se ajusta  en el ep\u00edgrafe de reservas y el efecto del propio ejercicio se registra en el Estado de Resultado consolidado  del ejercicio. En estos casos se re-expresan los datos financieros del ejercicio comparativo presentado junto  al ejercicio en curso. Al 31 de diciembre de 2022 y 2021 no se han producido cambios significativos en pol\u00edticas contables, excepto  por los efectos de lo indicado en la nota 2.6 siguiente, ni ha sido necesario efectuar correcciones de errores.  2.6  Normas e interpretaciones efectivas en el presente per\u00edodo  Las pol\u00edticas contables utilizadas en la preparaci\u00f3n de estas Cuentas anuales consolidadas coinciden con las  utilizadas  en  el  ejercicio  anual  terminado  el 31  de  diciembre  de  2021,  excepto por  la  aplicaci\u00f3n de  las  siguientes normas emitidas por el IASB (International Accounting Standards Board) y adoptadas por la Uni\u00f3n  Europea para su aplicaci\u00f3n en Europa a partir del 1 de enero de 2022:  Norma Contenido Modificaciones de normas- Modificaci\u00f3n a la NIIF 3 Referencia al Marco Conceptual (publicada en mayo de 2020) Se actualiza la NIIF 3 para alinear las definiciones de activo y pasivo en una combinaci\u00f3n de negocios con las contenidas en el marco conceptual. Modificaci\u00f3n a la NIC 16 Ingresos obtenidos antes del uso previsto (publicada en mayo de 2020)  La  modificaci\u00f3n  proh\u00edbe  deducir  del  coste  de  un inmovilizado material cualquier ingreso obtenido de la venta de los art\u00edculos producidos mientras la entidad est\u00e1 preparando el activo para su uso previsto. Modificaci\u00f3n a la NIC 37 Contratos onerosos \u2013 Coste de cumplir un contrato (publicada en mayo de 2020) La modificaci\u00f3n explica que el coste directo de cumplir un contrato comprende los costes  incrementales de cumplir ese contrato y una asignaci\u00f3n de otros costes que se relacionan directamente con el cumplimiento del contrato. Mejoras a las NIIF Ciclo 2018-2020 (publicada en mayo de 2020) Modificaciones menores a la NIIF 1, NIIF 9, NIIF 16 y NIC 41. Estas  normas  no han tenido un  impacto  significativo  sobre  estas cuentas anuales  consolidadas. En este sentido, la modificaci\u00f3n de NIC-16 relativa a los ingresos obtenidos en el periodo de pruebas, modifica una pol\u00edtica contable del Grupo, si bien, no hay en 2022 ni en 2021 ingresos que cumplan estos requisitos y, por tanto, se hayan deducido del coste de la inversi\u00f3n. 2.7  Normas e interpretaciones emitidas no vigentes A  la  fecha  de  formulaci\u00f3n  de  estas  cuentas  anuales  consolidadas,  las  normas  e  interpretaciones  m\u00e1s significativas que hab\u00edan sido publicadas por el IASB, pero no hab\u00edan entrado a\u00fan en vigor, bien porque no han sido a\u00fan adoptadas por la Uni\u00f3n Europea, o bien, porque su fecha de efectividad es posterior a la fecha de formulaci\u00f3n, son: Aplicaci\u00f3n a Norma Contenido Partir de Modificaciones de normas - Modificaci\u00f3n a la NIC 1 Desglose de pol\u00edticas contables (publicada en febrero de 2021) Modificaciones  que  permiten  a  las  entidades  identificar adecuadamente  la  informaci\u00f3n  sobre  pol\u00edticas  contables materiales  que  debe  ser  desglosada  en  los  estados financieros. 1 de enero de 202 Modificaci\u00f3n a la NIC 8 Definici\u00f3n de estimaci\u00f3n contable (publicada en febrero de 2021) Modificaciones  y  aclaraciones  sobre  qu\u00e9  debe  entenderse como un cambio de una estimaci\u00f3n contable. 1 de enero de 202 Modificaci\u00f3n a la NIC 12 Impuestos diferidos derivados de activos y pasivos que resultan de una \u00fanica transacci\u00f3n (publicada en mayo de 2021)  Modificaci\u00f3n a la NIIF 17 Contratos de Seguros \u2013 Aplicaci\u00f3n inicial de la NIIF 17 y NIIF 9. Informaci\u00f3n comparativa (publicada en diciembre de 2021) Nuevas normas \u2013 NIIF 17 Contratos de seguros Clarificaciones  sobre  c\u00f3mo  las  entidades  deben  registrar  el impuesto  diferido  que  se  genera  en  operaciones  como arrendamientos y obligaciones por desmantelamiento. Modificaci\u00f3n de los requisitos de transici\u00f3n de la NIIF 17 para las aseguradoras que aplican la NIIF 17 y la NIIF 9 por primera vez al mismo tiempo. Reemplaza  la  NIIF  4  y  recoge  los  principios  de  registro, valoraci\u00f3n,  presentaci\u00f3n  y  desglose  de  los  contratos  de seguros  con  el  objetivo  de  que  la  entidad  proporcione informaci\u00f3n relevante y fiable que permita a los usuarios de la  informaci\u00f3n  financiera  determinar  el  efecto  que  los contratos de seguros tienen en los estados financieros. 1 de enero de 202 1 de enero de 202 1 de enero de 202 El Grupo est\u00e1 llevando a cabo un an\u00e1lisis del impacto que estas nuevas normas puedan tener sobre estas cuentas anuales consolidadas en caso de ser adoptadas, si bien, no se esperan impactos significativos de su aplicaci\u00f3n. 2.8  Conflicto Rusia-Ucrania Con  fecha  24  de  febrero  de  2022 se  inici\u00f3  el conflicto  b\u00e9lico entre  Rusia  y  Ucrania.  Este conflicto  est\u00e1 afectando  de  forma  significativa  a  los  mercados  econ\u00f3micos y financieros  globales,  y a  sus  condiciones macroecon\u00f3micas.  Uno  de  los  sectores  m\u00e1s afectados  es  el  sector  energ\u00e9tico,  con  un  incremento  muy significativo en el precio del petr\u00f3leo y el gas que ha ocasionado a su vez elevados precios en el mercado el\u00e9ctrico y mucha volatilidad.  En este escenario, ENCE est\u00e1 haciendo un seguimiento continuo del estado y evoluci\u00f3n de la situaci\u00f3n actual generada por la crisis al objeto de gestionar los riesgos potenciales. La prioridad se ha centrado en limitar y reducir el impacto del incremento de los precios de las materias primas y de la crisis energ\u00e9tica, incrementos  que afectan a determinados insumos utilizados en el proceso productivo y fletes, as\u00ed como la adopci\u00f3n de  medidas de defensa y controles internos para la protecci\u00f3n de nuestras infraestructuras digitales. En el caso de la energ\u00eda el\u00e9ctrica, el Negocio Celulosa de ENCE es autosuficiente ya que la energ\u00eda el\u00e9ctrica generada  en nuestras biof\u00e1bricas es superior a la energ\u00eda consumida. Por su parte, el Negocio Energ\u00eda tambi\u00e9n es  excedentario energ\u00e9ticamente al ser su actividad la generaci\u00f3n de energ\u00eda el\u00e9ctrica de fuentes renovables.  Adicionalmente  se est\u00e1 llevando  a cabo un seguimiento  cercano de nuestros  principales  clientes con  el  objetivo de identificar su afecci\u00f3n por la crisis energ\u00e9tica y adoptar acciones comerciales alternativas en caso  de ser necesario. El Grupo no tiene contrapartes, ni por la parte de suministro ni por la de ventas, eventualmente afectadas por las sanciones, ni mantiene operaciones ni tiene formalizados contratos de suministro vinculados a Rusia.   En un escenario en constante evoluci\u00f3n, caracterizado tambi\u00e9n por una gran incertidumbre regulatoria y un  contexto  de  precios  elevados  y  vol\u00e1tiles,  ENCE  realiza  un  seguimiento  constante  de  las  variables  macroecon\u00f3micas y de negocio para disponer en tiempo real de la mejor estimaci\u00f3n de los potenciales  impactos en los flujos de efectivo futuro. Adicionalmente, la solidez financiera de ENCE y su escaso nivel de  endeudamiento act\u00faan como una medida mitigadora de los riesgos derivados de esta situaci\u00f3n. 3.  Pol\u00edticas contables  Las principales pol\u00edticas contables utilizadas en la elaboraci\u00f3n de estas cuentas anuales, de conformidad con  lo establecido en las Normas Internacionales de Informaci\u00f3n Financiera e interpretaciones adoptadas por la  Uni\u00f3n Europea (NIIF-UE), se detallan a continuaci\u00f3n:  3.1  Combinaciones de negocio  Las combinaciones de negocios en las que el Grupo adquiere el control de uno o varios negocios se registran  por el m\u00e9todo de adquisici\u00f3n de acuerdo a lo dispuesto en la NIIF 3 Combinaciones de Negocio.  El m\u00e9todo de adquisici\u00f3n implica, con car\u00e1cter general, el registro, en la fecha en la que ENCE obtiene el  control  del  negocio  adquirido,  de  los  activos  adquiridos,  los  pasivos  asumidos,  los  instrumentos  de  patrimonio neto emitidos, y cualquier contraprestaci\u00f3n contingente que dependa de hechos futuros o del  cumplimiento de ciertas condiciones, por su valor razonable a dicha fecha, siempre y cuando este valor  pueda ser medido de forma fiable. Los costes relacionados con la adquisici\u00f3n se reconocen como gastos  cuando se incurre en ellos.  La diferencia positiva  existente entre la contraprestaci\u00f3n  transferida por la  participaci\u00f3n  adquirida, y el  importe neto de los activos adquiridos y pasivos asumidos, que incluye los pasivos contingentes, junto con  el valor razonable de la participaci\u00f3n que pudiera tenerse previamente en el negocio adquirido, se registra  en el ep\u00edgrafe \u201cFondo de comercio\u201d. Si dicha diferencia fuera negativa, se reconocer\u00eda directamente como  un mayor resultado del ejercicio.  Si la combinaci\u00f3n de negocios s\u00f3lo se puede determinar de forma provisional, los activos netos identificables  se  registran  inicialmente  por  sus  valores  provisionales,  reconociendo  los  ajustes  efectuados  durante  el  periodo de valoraci\u00f3n definitiva, que como m\u00e1ximo es de 1 a\u00f1o desde la fecha de adquisici\u00f3n, como si \u00e9stos se hubieran conocido en  la fecha de  adquisici\u00f3n, re-expresando, en su  caso, las cifras  comparativas del  ejercicio  anterior.  En  cualquier  caso,  los  ajustes  a  los  valores  provisionales  \u00fanicamente  incorporan  informaci\u00f3n relativa a los hechos y circunstancias que exist\u00edan en la fecha de adquisici\u00f3n y que, de haber sido conocidos, hubieran afectado a los importes reconocidos en dicha fecha. Transcurrido dicho periodo, s\u00f3lo se realizan ajustes a la valoraci\u00f3n inicial como la correcci\u00f3n de un error. Los fondos de comercio s\u00f3lo se reconocen cuando han sido adquiridos a t\u00edtulo oneroso y no se amortizan. En su lugar, son revisados anualmente mediante estudios para verificar que no exista deterioro del valor asignado inicialmente, reconoci\u00e9ndose p\u00e9rdidas por el deterioro de valor si el valor recuperable es inferior al valor asignado inicialmente. El valor recuperable se determina en base al valor actual de los flujos futuros esperados de las unidades generadoras de efectivo a las que se asigna cada uno de los fondos de comercio, descontados a una tasa que considera los riesgos espec\u00edficos de cada uno de los activos. Una vez reconocida la  p\u00e9rdida  por  deterioro  de  un  fondo  de  comercio,  \u00e9sta  no  revierte  en  los  ejercicios  futuros.  Estas valoraciones son realizadas de forma interna y se ofrecen detalles sobre la metodolog\u00eda de c\u00e1lculo aplicada en la Nota 3.5. Adicionalmente a lo indicado anteriormente, los fondos de comercio asociados a plantas de generaci\u00f3n de energ\u00eda renovable se recuperan, de forma lineal, en los a\u00f1os de vida regulatoria restante de las plantas de las que son titulares. En este sentido, el fondo de comercio se deteriora para recoger as\u00ed el efecto de la reducci\u00f3n en la vida regulatoria restante de las plantas con el paso del tiempo.  El Grupo reconoce las participaciones no dominantes en una entidad adquirida por su participaci\u00f3n en los activos netos identificables de la entidad. 3.2  Otros activos intangibles Los  derechos  incluidos  en  este  ep\u00edgrafe  del  Estado  de  Situaci\u00f3n  Financiera, principalmente  aplicaciones inform\u00e1ticas, gastos de desarrollo, y derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica, se registran inicialmente a su coste de adquisici\u00f3n o producci\u00f3n. Tras su reconocimiento inicial, se valoran al coste de adquisici\u00f3n, deducidas la amortizaci\u00f3n acumulada y cualquier p\u00e9rdida por deterioro de valor (v\u00e9ase Nota 3.5).  Los activos intangibles del Grupo tienen la consideraci\u00f3n de intangibles con vida \u00fatil definida y se amortizan siguiendo el m\u00e9todo lineal a lo largo de su vida \u00fatil estimada, considerando el periodo durante el cual se prev\u00e9 que generar\u00e1n ingresos. Gastos de I+D - Los gastos de investigaci\u00f3n se reconocen como gasto en el ejercicio en el que incurre en ellos.  Por  su  parte,  los  gastos  de  desarrollo  se  reconocen  como  activo  cuando  su  coste  es  identificable  por proyecto, y es probable que el proyecto vaya a tener \u00e9xito a nivel t\u00e9cnico y comercial. Los gastos que no re\u00fanen estos requisitos se reconocen como un gasto en el ejercicio en que se incurren. Estos costes capitalizados se amortizan linealmente en 5 a\u00f1os, o bien en el plazo en que se prevea que generar\u00e1n ingresos si este plazo es superior, con el l\u00edmite de 10 a\u00f1os. Aplicaciones inform\u00e1ticas- El Grupo registra en esta cuenta los costes de adquisici\u00f3n de programas inform\u00e1ticos, as\u00ed como el coste de licencias con vigencia plurianual. Asimismo, se reconocen como activos intangibles los costes directamente relacionados con el desarrollo interno de programas inform\u00e1ticos, siempre que su coste sea claramente identificable por proyecto, y sea probable que vayan a generar beneficios econ\u00f3micos a futuro para el Grupo. El resto de los costes internos y externos asociados al mantenimiento y desarrollo de software se imputan a resultados en el ejercicio en que se incurren. La amortizaci\u00f3n de las aplicaciones inform\u00e1ticas se realiza aplicando el m\u00e9todo lineal durante un per\u00edodo de 5 a\u00f1os, a contar desde la entrada en explotaci\u00f3n de cada programa.  Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica- Los derechos de generaci\u00f3n que permiten a una instalaci\u00f3n de generaci\u00f3n de energ\u00eda operar en el r\u00e9gimen retributivo especial regulado en el Real Decreto 413/2014, de 6 de junio, por el que se regula la actividad de producci\u00f3n  de  energ\u00eda  el\u00e9ctrica  a  partir  de  fuentes  de  energ\u00eda  renovable,  cogeneraci\u00f3n  y  residuos, adquiridos a terceros, se registran por su coste de adquisici\u00f3n, o bien, por el coste incurrido en su obtenci\u00f3n, y se amortizan en los a\u00f1os de vida \u00fatil regulatoria de las instalaciones de generaci\u00f3n de energ\u00eda renovable en las que se utilizan. 3.3  Propiedad, planta y equipo Estos activos se valoran al precio de adquisici\u00f3n o coste de producci\u00f3n, deducidas las amortizaciones y los deterioros de valor, si los hubiera (v\u00e9ase Nota 3.5). El coste de adquisici\u00f3n incluye, en su caso, los siguientes conceptos: \u2022  Los intereses devengados durante el periodo de construcci\u00f3n, siempre que este per\u00edodo sea superior a 1 a\u00f1o,  y  relativos  a  la  financiaci\u00f3n  atribuible  al  activo  productivo.  La  tasa  de  inter\u00e9s  utilizada  es  la correspondiente a la financiaci\u00f3n espec\u00edfica o, de no existir, la tasa media de financiaci\u00f3n del Grupo (v\u00e9ase Nota 29). \u2022  Los  trabajos  realizados  por  el  Grupo  para  su  propio  inmovilizado  material  se  registran  al  coste acumulado que resulta de a\u00f1adir a los costes externos los costes internos, principalmente costes de personal,  materiales  de  almac\u00e9n  y  otros  costes  operativos.  Durante  el  ejercicio  2022  el  importe registrado por este concepto asciende a 250 miles \u20ac (747 miles \u20ac en 2021), y se registra dentro del ep\u00edgrafe \u201cTrabajos realizados por el Grupo para su inmovilizado\u201d del Estado de Resultado consolidado.  \u2022  En caso de que el Grupo est\u00e9 obligado a desmantelar sus instalaciones y rehabilitar el lugar donde se asientan,  el  valor  estimado  de  dichos  costes  se  incorpora  al  valor  en  libros  del  activo  por  su  valor presente,  con  abono  al  ep\u00edgrafe  \u201cProvisiones\u201d  del  Estado  de  Situaci\u00f3n  Financiera  consolidado.  Los cambios posteriores en la evaluaci\u00f3n de las obligaciones por desmantelamiento se a\u00f1aden o deducen del valor neto contable del activo correspondiente en el periodo en el que se producen.  A este respecto, \u00fanicamente se estima que se incurrir\u00e1 en este tipo de costes en relaci\u00f3n a la biof\u00e1brica de  Pontevedra  asentada  en  terrenos  de  dominio  p\u00fablico  disponibles  a  trav\u00e9s  de  una  concesi\u00f3n administrativa (V\u00e9ase Nota 7). \u2022  Con anterioridad a la fecha de transici\u00f3n a la normativa contable internacional (1 de enero de 2004), el Grupo ENCE actualiz\u00f3 el valor de sus terrenos registrados en el ep\u00edgrafe \u201cPropiedad, planta y equipo\u201d del Estado de Situaci\u00f3n Financiera consolidado a su valor de mercado en ese momento (v\u00e9ase Nota 17), habi\u00e9ndose  considerado  el  importe  de  dicha  actualizaci\u00f3n  como  parte  del  coste  de  los  activos  de acuerdo con lo establecido por la NIIF 1. Los  costes  de  ampliaci\u00f3n,  modernizaci\u00f3n  o  mejoras  que  representan  un  aumento  de  la  productividad, capacidad, eficiencia o un alargamiento de la vida \u00fatil de los bienes se capitalizan como mayor coste de los correspondientes activos. ENCE sigue el criterio de traspasar la obra en curso al inmovilizado en explotaci\u00f3n una vez finalizado el correspondiente periodo de prueba. Por su parte, los gastos de conservaci\u00f3n y mantenimiento incurridos durante el ejercicio se cargan al Estado  de Resultado consolidado. Las sustituciones de elementos del inmovilizado material susceptibles de capitalizaci\u00f3n suponen la baja del  valor  contable  de  los  elementos  sustituidos.  En  aquellos  casos  en  los  que  el  coste  de  los  elementos  sustituidos no haya sido amortizado de forma independiente y no fuese practicable determinar el valor  contable de los mismos, se utiliza el coste de la sustituci\u00f3n como indicativo del coste de los elementos en el  momento de su adquisici\u00f3n o construcci\u00f3n. Po su parte, el beneficio o la p\u00e9rdida que se produce en la  enajenaci\u00f3n de los elementos sustituidos se determina por diferencia en entre el importe percibido por la venta y el valor en libros del activo enajenado. Amortizaciones y deterioros  Durante  el  ejercicio  2022  el  Grupo  amortiza  su  inmovilizado  material  siguiendo  el  m\u00e9todo  lineal,  distribuyendo el coste de los activos entre los a\u00f1os de vida \u00fatil estimada, de acuerdo con el siguiente detalle: El Grupo revisa peri\u00f3dicamente el valor residual, la vida \u00fatil y el m\u00e9todo de amortizaci\u00f3n del inmovilizado material. Las modificaciones en los criterios inicialmente establecidos se reconocen como un  cambio de  estimaci\u00f3n.  El Grupo reestim\u00f3 en 2021 la vida \u00fatil de los activos productivos del negocio Celulosa, como consecuencia  de las inversiones realizadas y los aumentos de capacidad de producci\u00f3n realizadas, por el personal t\u00e9cnico  de ENCE que ha sido asistido por un experto independiente. Como resultado de dicha revisi\u00f3n la vida \u00fatil  estimada del ep\u00edgrafe \u201cInstalaciones t\u00e9cnicas \u2013 otras instalaciones\u201d se sit\u00faa en el rango 12-20 a\u00f1os y la  correspondiente al ep\u00edgrafe \u201cMaquinaria\u201d si sit\u00faa en el rango 8-20 a\u00f1os (v\u00e9ase Nota 4).  Asimismo, el Grupo ha restimado, con efectos desde el 1 de enero de 2023, el per\u00edodo durante el cual se  espera razonablemente consumir los beneficios econ\u00f3micos inherentes a las instalaciones de generaci\u00f3n  de energ\u00eda con biomasa de Ja\u00e9n 16 MW, Ciudad Real 16 MW y Huelva 41 MW (v\u00e9ase Nota 20). Como  resultado de dicha restimaci\u00f3n, se estima que su vida \u00fatil econ\u00f3mica se terminar\u00e1 en 2023-2024.  Los  terrenos  se  registran  de  forma  independiente  de  los  edificios  o  instalaciones  que  puedan  estar  asentadas sobre los mismos y se entiende que tienen una vida \u00fatil indefinida y, por tanto, no son objeto de  amortizaci\u00f3n. Con  car\u00e1cter  general,  las  inversiones  en  edificaciones  construidas  en  terrenos  cedidos  en  r\u00e9gimen  concesional se registran en la cuenta \u201cConstrucciones\u201d. Dicho coste, junto con el del resto de instalaciones  fijas ubicadas en los terrenos concesionados se amortiza en funci\u00f3n de su vida \u00fatil, estableci\u00e9ndose como  l\u00edmite el periodo restante de vigencia de la concesi\u00f3n. Id\u00e9ntico tratamiento se aplica a las inversiones en las  Porcentaje A\u00f1os de Vida Porcentaje A\u00f1os de Vida Amortizaci\u00f3n \u00datil Estimada Amortizaci\u00f3n \u00datil Estimada Construcciones 2%-3% 33-50 2%-3% 33-50 Instalaciones t\u00e9cnicas Plantas de generaci\u00f3n con biomasa 4% 25 4% 25 Otras instalaciones 5%-8,3%  12-20 5%-8,3%  12-20 Maquinaria 5%-12,5% 8-20 5%-12,5% 8-20 Utillaje y mobiliario 8,3%-12,5% 8-12 8,3%-12,5% 8-12 Equipos procesos de informaci\u00f3n 20% 5 20% 5 Elementos transporte 10% 10 10% 10 Otro inmovilizado material 10% 10 10% 10 A\u00f1o 2021 A\u00f1o 2022 instalaciones de generaci\u00f3n de energ\u00eda el\u00e9ctrica, siendo el l\u00edmite establecido la vida \u00fatil regulatoria si no se  espera obtener beneficios econ\u00f3micos m\u00e1s all\u00e1 de dicho periodo.  Las sociedades del Grupo eval\u00faan peri\u00f3dicamente, y al menos al cierre de cada ejercicio, si existen indicios  de deterioro de alg\u00fan activo o conjunto de activos del inmovilizado con objeto de proceder en su caso, tal  como se indica en el apartado 3.5 de la presente nota, al deterioro o reversi\u00f3n del mismo para ajustar su  valor neto contable a su valor recuperable,  sin  superar  en  ning\u00fan  caso  las  reversiones a los deterioros  previos  realizados.  Los  deterioros  de  valor  se  reconocen,  con  cargo  al  ep\u00edgrafe  \u201cDeterioros  de  valor  y  resultados por enajenaci\u00f3n de inmovilizado\u201d. 3.4  Activos biol\u00f3gicos  El Grupo cultiva diversas especies forestales, principalmente eucaliptos de las especies Globulus y Nitens,  utilizadas como materia prima en los procesos productivos de ENCE, o bien, para su venta a terceros. En este  sentido, se consideran activos biol\u00f3gicos los vuelos forestales. Los suelos forestales se valoran de acuerdo  con la NIC 16 \u201cPropiedad, planta y equipo\u201d y se registran en dicho ep\u00edgrafe del Estado de Situaci\u00f3n Financiera  consolidado (v\u00e9ase Nota 3.3). El Grupo valora sus activos biol\u00f3gicos a su coste de adquisici\u00f3n o producci\u00f3n, deducidos el agotamiento  forestal as\u00ed como, en su caso, las p\u00e9rdidas por deterioro de valor.  La inversi\u00f3n en el patrimonio forestal se valora imputando todos los costes directamente incurridos en la  adquisici\u00f3n y desarrollo de \u00e9ste; alquileres, limpieza y preparaci\u00f3n de terrenos, plantaciones, fertilizaciones,  cuidado y conservaci\u00f3n, etc. Asimismo, al tratarse de activos que necesitan m\u00e1s de 1 a\u00f1o para estar en  condiciones de uso, se incorporan como mayor valor del activo los gastos financieros devengados hasta el  momento  de  la  corta,  por  la  parte  de  la  inversi\u00f3n  que  se  considera  financiada  con  recursos  ajenos (actualmente poco representativa). La tasa de inter\u00e9s utilizada es la tasa media de financiaci\u00f3n del Grupo  (v\u00e9ase Nota 29).  El tiempo que transcurre desde que se lleva a cabo la plantaci\u00f3n de un eucaliptal en la pen\u00ednsula ib\u00e9rica  hasta que econ\u00f3micamente es recomendable su destoconado y posterior replantaci\u00f3n es variable en funci\u00f3n  de la especie. As\u00ed, en la especie Globulus, este per\u00edodo es de aproximadamente 35-40 a\u00f1os ya que el \u00e1rbol rebrota tras su corta de forma eficiente al menos 2 veces tras su aprovechamiento. En este sentido, los  costes incurridos en el desarrollo de los activos biol\u00f3gicos se agrupan en dos categor\u00edas; costes de ciclo,  categor\u00eda  que  incluye  los  costes  incurridos,  principalmente  asociados  al  proceso  de  plantaci\u00f3n  y  que  contribuir\u00e1n al desarrollo del activo biol\u00f3gico durante el ciclo completo de 35-40 a\u00f1os, y costes de turno que  son aquellos que contribuyen al desarrollo de los activos biol\u00f3gicos en el turno en que se encuentran hasta  el momento del aprovechamiento-corta. Por su parte, en la especie Nitens los periodos de turno y ciclo  coinciden en el rango  de 11-15 a\u00f1os, al no producirse un rebrote eficiente, por lo que todos los  costes  considerados en su desarrollo son considerados costes de turno.  En el momento de la recolecci\u00f3n del vuelo forestal se reduce el valor del activo a trav\u00e9s de la cuenta \u201cActivos  biol\u00f3gicos \u2013 agotamiento de la reserva forestal\u201d y se reconoce un gasto en el ep\u00edgrafe \u201cAgotamiento de la  reserva forestal\u201d del Estado de Resultado consolidado por el coste incurrido en su producci\u00f3n. La cuant\u00eda de dicha reducci\u00f3n se corresponde con el 100% de los costes de turno incurridos, as\u00ed como la parte proporcional  de los costes de ciclo estimada considerando el n\u00famero de turnos previstos en el ciclo. Asimismo, cuando el  vuelo  forestal  llega  al  final  de  su  ciclo  productivo  se  da  de  baja  \u00edntegramente  el  valor  del  activo  y  su  agotamiento forestal acumulado. No existe un mercado activo del Eucalipto en Espa\u00f1a, y las caracter\u00edsticas de las transacciones que se llevan  a  cabo  no  han  permitido  hasta  la  fecha  identificar  referencias  de  precio  de  mercado  v\u00e1lidas  para  su  extrapolaci\u00f3n al patrimonio forestal de ENCE. Por otra parte, la aplicaci\u00f3n de los m\u00e9todos alternativos que  plantea  NIIF  13  para  determinar  el  valor  razonable,  no  ha  permitido  cuantificar  con  fiabilidad  el  valor  razonable de los activos biol\u00f3gicos, debido entre otros factores, a las asunciones y estimaciones que se deben llevar a cabo y al impacto que las mismas tienen en los resultados de la cuantificaci\u00f3n. Por todo ello, el Grupo no valora sus activos biol\u00f3gicos a valor razonable.  ENCE ha desarrollado un modelo de valoraci\u00f3n de su patrimonio forestal a partir del descuento de los flujos  futuros previstos, que no se ha considerado lo suficientemente fiable para ser utilizado en la valoraci\u00f3n a  valor razonable de los activos biol\u00f3gicos, si bien, su utilizaci\u00f3n consistente en el tiempo s\u00ed permite identificar  rangos de valor y tendencias que se tienen en consideraci\u00f3n al evaluar la existencia de posibles deterioros  de valor en los activos biol\u00f3gicos.  El  valor  en  libros  de  los  activos  biol\u00f3gicos  recogido  en  las  cuentas  anuales  consolidadas  de  ENCE correspondientes al ejercicio 2022 no difiere de forma significativa del valor razonable que resultar\u00eda del  ejercicio de valoraci\u00f3n realizado a partir del descuento de flujos futuros previstos, siguiendo la metodolog\u00eda  descrita en la Nota 3.5, y considerando precios de venta de la madera alineados con los precios actuales de  venta en el caso de madera que tiene como destino su venta a terceros, y con los precios de compra de las  plantas de producci\u00f3n de celulosa en el caso de madera del patrimonio forestal con ese destino. 3.5  Deterioro de valor de activos no financieros  El Grupo ENCE revisa, al menos a la fecha de cierre de cada ejercicio, el valor de sus activos no financieros,  entre los que se incluyen loa activos materiales, los activos por derecho de uso, el fondo de comercio junto a los otros activos intangibles y los activos biol\u00f3gicos, para determinar si existe alg\u00fan indicio de que dichos  activos hayan sufrido una p\u00e9rdida por deterioro, y por tanto el valor que se espera recuperar de su uso o  disposici\u00f3n es inferior a su valor en libros.  ENCE  utiliza  tanto  fuentes  de  informaci\u00f3n  internas  como  externas  para  evaluar  posibles  indicios  de  deterioro.  Entre  las  fuentes  externas  se  consideran  disminuciones  del  valor  de  mercado  considerando  transacciones comparables, la evoluci\u00f3n de los precios a  futuro de la celulosa y la energ\u00eda renovable, o  posibles cambios futuros adversos en el entorno legal, econ\u00f3mico o tecnol\u00f3gico que pudieran poner de  manifiesto una p\u00e9rdida del valor recuperable de sus activos. Por su parte, internamente se eval\u00faa si se ha producido un deterioro f\u00edsico u obsolescencia de los activos, o si el rendimiento del activo es peor de lo  esperado.  En  caso  de  existir  indicios  de  deterioro,  se  lleva  a  cabo  una  estimaci\u00f3n  del  importe  recuperable,  para  determinar, en su caso, el importe del deterioro. El importe recuperable es el mayor entre el valor razonable  minorado por el coste de su venta y el valor \u201cen uso\u201d. En el caso de los fondos de comercio ENCE realiza de  forma sistem\u00e1tica el an\u00e1lisis de recuperabilidad al menos anualmente. Los valores \u201cen uso\u201d se determinan para cada Unidad Generadora de Efectivo (UGE). El fondo de comercio  adquirido en una combinaci\u00f3n de negocios se distribuye entre cada una de las UGE que se benefician de las  sinergias de la combinaci\u00f3n de negocios. Para determinar el valor en uso de los activos sometidos a test de deterioro, se estima el valor actual de los  flujos netos de caja originados por cada UGE a los que se asocian los mismos, exceptuando aquellos flujos  relacionados  con pagos  o  cobros  de operaciones  de  financiaci\u00f3n y  los  pagos por el impuesto  sobre  los  beneficios, as\u00ed como aqu\u00e9llos que se deriven de mejoras o reformas futuras previstas para los activos de las  citadas unidades generadoras de efectivo. Una  UGE  puede  contener  un  activo  por  derecho  de  uso  y  un  pasivo  por  arrendamiento.  En  el  test  de  deterioro, el pasivo se recoge al determinar el importe recuperable de la UGE, si se determina que en caso  de disponer de la UGE, el comprador deber\u00eda asumir el pasivo por arrendamiento. En este sentido, si el valor  recuperable se determina usando el valor en uso, el valor del pasivo por arrendamiento minora el valor en uso. Por su parte, si el valor recuperable se determina utilizando el valor razonable menos los costes de  venta, el valor recuperable se determina como el valor que se obtendr\u00eda por la disposici\u00f3n de los activos de  la UGE y los pasivos vinculados a los derechos de uso. El pasivo se descuenta utilizando la tasa de inter\u00e9s  impl\u00edcita del contrato de arrendamiento. Los flujos de caja estimados se obtienen de las proyecciones realizadas por la Direcci\u00f3n de cada una de las  UGE, que en general utilizan periodos de 3-5 a\u00f1os, excepto cuando las caracter\u00edsticas del negocio aconsejan  periodos superiores. Las tasas de crecimiento y las variaciones en precios y costes directos se basan en los  compromisos contractuales firmes, la informaci\u00f3n p\u00fablica disponible, as\u00ed como en las previsiones sectoriales  y la experiencia de ENCE. Adicionalmente, se realizan an\u00e1lisis de sensibilidad en relaci\u00f3n con los crecimientos  de ingresos, m\u00e1rgenes de  explotaci\u00f3n  y tasas de descuento, con el fin de prever el impacto de futuros  cambios en estas variables (v\u00e9ase Nota 14).  Para actualizar los flujos de efectivo se utiliza una tasa de descuento que incluye las evaluaciones actuales  del mercado sobre el valor temporal del dinero y los riesgos espec\u00edficos de cada UGE.  En el caso de las plantas de generaci\u00f3n de energ\u00eda renovable encuadradas en el Negocio Energ\u00eda, en las que  se puede prever con cierto grado de fiabilidad sus flujos tanto en la fase de construcci\u00f3n como de explotaci\u00f3n  (activos  con  producci\u00f3n  estable,  amplias  series  hist\u00f3ricas  en  la  informaci\u00f3n  de  mercado  y  costes  de  explotaci\u00f3n con poca volatilidad), se realiza una proyecci\u00f3n de los flujos de caja esperados hasta el final de  la vida \u00fatil regulatoria de cada planta, y el valor residual no es significativo. Por su parte, las proyecciones de  flujos de caja esperados en activos biol\u00f3gicos abarcan un ciclo productivo que puede alcanzar hasta 40 a\u00f1os  e igualmente no se considera valor residual.  Si se estima que el importe recuperable de un activo es inferior a su valor en libros, \u00e9ste \u00faltimo se reduce a  su  importe  recuperable  reconociendo  la  minoraci\u00f3n  de  valor  correspondiente  a  trav\u00e9s  del  ep\u00edgrafe  \u201cDeterioros de valor y resultados por enajenaci\u00f3n de inmovilizado\u201d del Estado de Resultado  consolidado.  Las p\u00e9rdidas por deterioro son reversibles, excepto las correspondientes a los fondos de comercio. Cuando una p\u00e9rdida de valor revierte posteriormente, el importe en libros de la UGE se incrementa a la  estimaci\u00f3n revisada de su importe recuperable, pero de tal modo que el importe en libros incrementado no  supere  el  importe  en  libros  que  se  habr\u00eda  determinado de  no  haberse  reconocido  ninguna  p\u00e9rdida  por  deterioro de valor para la UGE en ejercicios anteriores. 3.6  Arrendamientos  ENCE act\u00faa como arrendatario y concesionario de determinados activos, principalmente suelo industrial y  forestal, equipamiento industrial y veh\u00edculos.  Los arrendamientos se reconocen al inicio del arrendamiento, como un activo por el derecho de uso y el  correspondiente pasivo por el valor presente de las cuotas de arrendamiento pendientes de pago.  En  la  determinaci\u00f3n  del  plazo  de  arrendamiento,  se  considera  la  duraci\u00f3n  inicial  del  contrato  de  arrendamiento, as\u00ed como las pr\u00f3rrogas que se espera razonablemente que se van a producir y cuyo ejercicio  es discrecional para ENCE. En  la  determinaci\u00f3n  del  pasivo  por  el  derecho  de  uso  se  considera  el  valor  presente  de  las  cuotas  de  arrendamiento pendientes de pago, menos cualquier incentivo recibido por el arrendamiento, m\u00e1s los pagos  variables que dependen de un \u00edndice o tasa, los importes que se espera pagar por garant\u00eda de valor residual,  el  precio  de  la  opci\u00f3n  de  compra  si  se  prev\u00e9  que  se  ejercitar\u00e1  y  los  pagos  por  indemnizaciones  por  cancelaci\u00f3n  de  contrato,  siempre  que  el  plazo  de  arrendamiento  refleje  el  ejercicio  de  la  opci\u00f3n  de cancelaci\u00f3n. Las cuotas son actualizadas considerando la tasa incremental de endeudamiento estimada, que  es la que tendr\u00eda que pagar un arrendatario al inicio del arrendamiento por un pr\u00e9stamo similar en cuanto a  importe,  plazo  y  garant\u00edas.  El  Grupo  utiliza  diferentes  tasas  de  descuento  en  funci\u00f3n  de  los  plazos  de  arrendamiento, siendo las tasas aplicadas entre un 1,8% y un 7,4%. Tras el reconocimiento inicial, el Grupo valora el pasivo por arrendamiento increment\u00e1ndolo por el gasto  financiero  devengado,  disminuy\u00e9ndolo  por los  pagos realizados  y  reestimando  el  valor contable  por  las  modificaciones del arrendamiento o para reflejar las actualizaciones de los pagos fijos en sustancia. Por su parte, el activo por el derecho de uso se valora inicialmente al valor resultante de a\u00f1adir al valor del  pasivo por arrendamiento, los pagos de incentivos liquidados antes del inicio del arrendamiento, los costes  directos  incurridos  en  el  arrendamiento,  y  en  su  caso,  la  estimaci\u00f3n  de  los  costes  a  incurrir  en  el  desmantelamiento del activo (coste inicial), menos cualquier incentivo recibido. Posteriormente, se registra  al valor inicial, menos la amortizaci\u00f3n acumulada y cualquier p\u00e9rdida por deterioro de valor de acuerdo con  NIC-16- Propiedad, planta y equipo (v\u00e9anse Notas 3.2 y 3.5).  En la determinaci\u00f3n del gasto por amortizaci\u00f3n, los activos por derechos de uso se amortizar\u00e1n linealmente  en su vida \u00fatil estimada, o bien, en el plazo de arrendamiento, si este \u00faltimo es menor. Si se transfiere la  propiedad al arrendatario o es pr\u00e1cticamente cierto que el arrendatario ejercitar\u00e1 la opci\u00f3n de compra, se  amortizar\u00e1 durante la vida \u00fatil del activo. Los pagos asociados con arrendamientos a corto plazo (inferiores a 12 meses) y arrendamientos de activos  de  escaso  valor  se  reconocen  directamente  como  un  gasto  en  resultados  de  acuerdo  a  su  devengo.  Asimismo, las rentas contingentes sujetas a la ocurrencia de un evento espec\u00edfico y las cuotas variables que  dependen de los ingresos o del uso del activo subyacente, residuales en los contratos suscritos por ENCE, se  registran en el momento en el que se incurren, en el ep\u00edgrafe \u201cServicios exteriores-Arrendamientos\u201d del  Estado de Resultado consolidado en lugar de formar parte del pasivo del arrendamiento. El pasivo por arrendamiento se revaluar\u00e1 siempre que existan modificaciones posteriores al contrato que  alteren  el  plazo  del  arrendamiento  o  bien  el  alcance  del  contrato  (cambios  en  los  pagos  futuros  por  actualizaci\u00f3n  de  los  \u00edndices  indicados  en  el  contrato,  modificaciones  de  cuotas  futuras,  cambios  en  las  expectativas de ejercicio de la opci\u00f3n de compra, etc). En esta situaci\u00f3n, el Grupo registrar\u00e1 las restimaciones  del pasivo como un ajuste al activo por derecho de uso, hasta que \u00e9ste se reduce a cero, y posteriormente  en resultados.  Ocasionalmente  ENCE  subarrienda  maquinaria  forestal  previamente  arrendada.  En  estas  situaciones,  se  analiza  si  se  han  transferido  al  subarrendatario  los  riesgos  y  beneficios  asociados  al  activo  objeto  del  subarriendo. En esa situaci\u00f3n, se da de baja en cuentas el activo por derecho de uso y se reconoce un activo  financiero correspondiente a la inversi\u00f3n neta en el subarrendamiento. ENCE clasifica los activos por derecho de uso atendiendo a la naturaleza del activo arrendado, en el ep\u00edgrafe \u201cPropiedad,  planta  y  equipo\u201d  del  Estado  de  Situaci\u00f3n  Financiera  consolidado,  y  clasifica  el  pasivo  por  arrendamiento en el ep\u00edgrafe \u201cDeuda financiera \u2013 Otros pasivos financieros\u201d del pasivo a largo y corto plazo  del Estado de Situaci\u00f3n Financiera consolidado. 3.7  Activos y pasivos financieros  ENCE valora y clasifica sus instrumentos financieros de acuerdo con NIIF-9 Instrumentos Financieros. En este  sentido:  Activos financieros En el momento de reconocimiento inicial, ENCE valora un activo financiero a su valor razonable, valor que  incluye  los  costes  de  la  transacci\u00f3n  que  sean  directamente  atribuibles  a  la  adquisici\u00f3n  del  activo.  Excepcionalmente,  los  costes  de  transacci\u00f3n  correspondientes  a  activos  financieros  valorados  a  valor  razonable con cambios en resultados se imputan directamente a resultados. Con  posterioridad  a  su  reconocimiento  inicial,  ENCE  clasifica  sus  activos  financieros  en  las  siguientes  categor\u00edas; 1) a coste amortizado, 2) a valor razonable con cambios en resultados, o bien, 3) a valor razonable  con  cambios  en  otro  resultado  global.  La  clasificaci\u00f3n  depende  del  modelo  de  negocio  de  ENCE  para gestionar los activos financieros y los t\u00e9rminos contractuales de los flujos de efectivo:  i.  Coste amortizado usando el m\u00e9todo del tipo de inter\u00e9s efectivo: se clasifican en esta categor\u00eda los activos que se mantienen para el cobro de flujos de efectivo previstos en el contrato, y esos flujos de  efectivo representan s\u00f3lo cobros de principal e intereses.  Una ganancia o p\u00e9rdida en una inversi\u00f3n que se valore a coste amortizado y no sea parte de una relaci\u00f3n  de cobertura se reconoce en el resultado del ejercicio cuando el activo se da de baja o se deteriora. Los  ingresos por intereses de estos activos financieros se reconocen como ingresos financieros en el Estado  de Resultado consolidado de acuerdo a su devengo, aplicando el m\u00e9todo del tipo de inter\u00e9s efectivo. En  esta  categor\u00eda  se  incluyen  \u201cDeudores  comerciales  y  otras  cuentas  a  cobrar\u201d,  \u201cOtras  inversiones  financieras\u201d, \u201cy \u201cEfectivo y otros activos l\u00edquidos equivalentes\u201d, principalmente. El ep\u00edgrafe \u201cEfectivo y otros  activos  l\u00edquidos  equivalentes\u201d  recoge  saldos  en  tesorer\u00eda  e  inversiones  a  corto  plazo  de  gran  liquidez que son f\u00e1cilmente convertibles en efectivo, con vencimientos originales de un m\u00e1ximo de tres  meses, y que est\u00e1n sujetos a un riesgo de cambio de valor poco significativo.  Las cuentas por cobrar a deudores comerciales propias del tr\u00e1fico habitual del Grupo se registran por su  valor nominal, dado que su vencimiento es en general inferior a doce meses, corregido por las p\u00e9rdidas  crediticias esperadas. En este cap\u00edtulo se ha seguido el modelo simplificado de p\u00e9rdida esperada basado  en la experiencia hist\u00f3rica de p\u00e9rdidas crediticias. ii.  Valor razonable con cambios en resultados: dentro de esta categor\u00eda se incluyen los derivados que no cumplen las condiciones para considerarse como de cobertura de acuerdo con NIIF 9 \u2013 Instrumentos  Financieros, los activos financieros que otras normas establezcan que deben valorarse a valor razonable  con cargo a resultados, tales como las contraprestaciones contingentes en combinaciones de negocios  y aquellos activos financieros que de valorarse de otra forma generar\u00edan una asimetr\u00eda contable.  Los cambios que se produzcan en su valor razonable se imputan cuando se producen en los ep\u00edgrafes  \u201cGastos  financieros\u201d,  \u201cIngresos  financieros\u201d  o  \u201cVariaci\u00f3n  en  el  valor  razonable  de  instrumentos financieros\u201d, seg\u00fan corresponda, del Estado de Resultado consolidado. Los costes de transacci\u00f3n directamente atribuibles a la compra o emisi\u00f3n de este tipo de activos se  reconocen como un gasto en el Estado de Resultado consolidado a medida que se incurre en ellos. iii.  Activos financieros a valor razonable con cambios en otro resultado global: el Grupo no tiene activos  clasificados en esta categor\u00eda.  En el caso de participaciones en sociedades no cotizadas, poco relevantes, dado que el valor razonable  no siempre es posible determinarlo de forma fiable, se valoran por su coste de adquisici\u00f3n, corregido por las evidencias de deterioro que pudieran existir. Durante los ejercicios 2022 y 2021 no se han producido reclasificaciones de activos financieros entre las  categor\u00edas definidas en los p\u00e1rrafos previos.  Las compras y ventas de activos financieros se contabilizan utilizando la fecha de negociaci\u00f3n.  Deterioros de valor- ENCE eval\u00faa sobre una base prospectiva las p\u00e9rdidas de cr\u00e9dito esperadas de sus activos valorados a coste  amortizado. En este sentido, ENCE aplica el enfoque general de c\u00e1lculo de la p\u00e9rdida esperada a sus activos  financieros a largo plazo, excepto los saldos comerciales y otras cuentas a cobrar sin componente financiero  significativo para los que aplica un enfoque simplificado. Bajo el enfoque general, se consideran las p\u00e9rdidas crediticias esperadas en los pr\u00f3ximos doce meses, salvo  que el riesgo de cr\u00e9dito se haya incrementado de forma significativa desde su reconocimiento inicial, en cuyo caso se considerar\u00e1n las p\u00e9rdidas esperadas durante la vida del activo. En la evaluaci\u00f3n de un cambio  significativo en el riesgo de cr\u00e9dito se utilizan variaciones de la calificaci\u00f3n crediticia obtenida de fuentes de  mercado externas. Bajo el enfoque simplificado, se consideran las p\u00e9rdidas crediticias esperadas durante la vida del activo. Este  enfoque se basa en la experiencia hist\u00f3rica de p\u00e9rdidas, y exige que las p\u00e9rdidas esperadas de las cuentas a  cobrar se reconozcan en el momento del reconocimiento del derecho de cr\u00e9dito. Para ello se ha adoptado  una soluci\u00f3n que permite calcular la p\u00e9rdida crediticia esperada de forma colectiva utilizando una matriz de  provisiones calculada en base a la experiencia de p\u00e9rdidas crediticias hist\u00f3rica ajustada por informaci\u00f3n  prospectiva  disponible.  Esta  matriz  tiene  en  consideraci\u00f3n  la  calificaci\u00f3n  crediticia  otorgada  por  la  aseguradora de cr\u00e9dito de ENCE, y el modelo incorpora como un umbral de m\u00e1s de 180 d\u00edas en mora para  la consideraci\u00f3n de que se ha producido un impago definitivo. Estos criterios son aplicados en ausencia de  otras evidencias objetivas de incumplimiento, como puedan ser las situaciones concursales, etc.  Las dotaciones y reversiones de las correcciones valorativas por deterioro de valor de saldos comerciales a  cobrar se registran en el ep\u00edgrafe \u201cDeterioro de valor sobre activos financieros\u201d del Estado de Resultado  consolidado.  Registro de bajas -  El Grupo reconoce la baja de los activos financieros cuando expiran o se han cedido los derechos sobre los  flujos de efectivo del correspondiente activo financiero y se han transferido sustancialmente los riesgos y  beneficios inherentes a su propiedad. La baja de un activo financiero implica el reconocimiento en el Estado  de Resultado consolidado de la diferencia existente entre su valor contable y la suma de la contraprestaci\u00f3n recibida, neta de gastos de la transacci\u00f3n, incluy\u00e9ndose los activos obtenidos o pasivos asumidos y cualquier  p\u00e9rdida o ganancia diferida en otro resultado global.  En  este  sentido,  el  Grupo  en  funci\u00f3n  de  las  necesidades  coyunturales  de  tesorer\u00eda  realiza  cesiones  de  cr\u00e9ditos de clientes a entidades financieras (factoring) y podr\u00e1 llevar a cabo titulizaciones de activos. En estas  cesiones  de  derechos  de  cobro  se  transmiten  sustancialmente  los  riesgos  y  beneficios  inherentes  a  las cuentas a cobrar, as\u00ed como  el control sobre \u00e9stas, sin que existan pactos de recompra suscritos con las  entidades de cr\u00e9dito (cesiones sin recurso). Consecuentemente, de acuerdo con los criterios establecidos  por las NIIF, se dan de baja del Estado de Situaci\u00f3n Financiera consolidado los saldos a cobrar de deudores  vendidos en las condiciones indicadas. Por el contrario, el Grupo no da de baja los activos financieros, y reconoce un pasivo financiero por un  importe igual a la contraprestaci\u00f3n recibida, en las cesiones de activos financieros en las que se retenga  sustancialmente los riesgos y beneficios inherentes a su propiedad.  Pasivos financieros  Son pasivos financieros aquellos d\u00e9bitos y partidas a pagar que tiene el Grupo y que se han originado en la  compra de bienes y servicios por operaciones de tr\u00e1fico de la empresa, o tambi\u00e9n aquellos que, sin tener un  origen comercial, no pueden ser considerados como instrumentos financieros derivados, principalmente,  deudas con entidades de cr\u00e9dito, bonos emitidos, etc. ENCE clasifica sus pasivos financieros en las siguientes categor\u00edas, con posterioridad a su reconocimiento inicial; 1) a coste amortizado, y 2) a valor razonable con cambios en resultados. En esta \u00faltima categor\u00eda se  recogen b\u00e1sicamente las contraprestaciones contingentes que se puedan originar en las combinaciones de  negocios, as\u00ed como los instrumentos financieros derivados que no son designados como instrumentos de  cobertura de acuerdo con NIIF 9 \u2013 Instrumentos Financieros.  ENCE da de baja un pasivo financiero o una parte del mismo cuando ha cumplido con la obligaci\u00f3n contenida  en el pasivo o bien est\u00e9 legalmente dispensado de la responsabilidad principal contenida en el pasivo.  Obligaciones, bonos y deudas con entidades de cr\u00e9dito-  Los pr\u00e9stamos, obligaciones y similares se registran inicialmente a valor razonable, valor que normalmente  coincide con el efectivo recibido, neto de los costes incurridos en la transacci\u00f3n. En periodos posteriores, la  totalidad de estas deudas se valora a su coste amortizado, utilizando el m\u00e9todo del tipo de inter\u00e9s efectivo.  Los gastos financieros as\u00ed como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el  Estado de Resultado consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo . En la emisi\u00f3n de bonos convertibles, ENCE analiza si se trata de una emisi\u00f3n de instrumentos financieros  compuestos, o por el contrario, se trata de la emisi\u00f3n de un pasivo. En la emisi\u00f3n de instrumentos financieros  compuestos con componentes de pasivo y patrimonio, el componente de patrimonio se determina por el  importe residual que se obtiene, despu\u00e9s de deducir del valor razonable del instrumento en su conjunto, el  importe del componente de pasivo. Por su parte, el componente de pasivo se determina estimando el valor  razonable  de  un  instrumento  similar  en  la  fecha  de  emisi\u00f3n,  que  no  lleve  asociado  el  componente  de  patrimonio.  Los  costes  de  transacci\u00f3n  relacionados  con  la  emisi\u00f3n  de  los  instrumentos  financieros  compuestos se distribuyen en funci\u00f3n del valor contable relativo de cada uno de los componentes en el  momento de la clasificaci\u00f3n.  Las operaciones de refinanciaci\u00f3n de deuda financiera se contabilizan como una cancelaci\u00f3n del pasivo  financiero original y el reconocimiento de un nuevo pasivo financiero, siempre que los instrumentos tengan  condiciones sustancialmente diferentes. Esto se produce cuando el valor actual de los flujos de efectivo  descontados bajo las nuevas condiciones, incluyendo cualquier comisi\u00f3n pagada neta de cualquier comisi\u00f3n  recibida, y utilizando para hacer el descuento el tipo de inter\u00e9s efectivo original, difiere al menos en un 10%  del valor actual descontado de los flujos de efectivo que todav\u00eda resten del pasivo financiero original. Por su  parte,  los  costes  de  estructuraci\u00f3n  pendientes  de  imputar  a  resultados  de  la  financiaci\u00f3n  cancelada  se  imputan \u00edntegramente a resultados en el momento de la cancelaci\u00f3n. Si la operaci\u00f3n de refinanciaci\u00f3n no cumple los criterios descritos para registrarse como una cancelaci\u00f3n del pasivo  financiero  original,  los  flujos  modificados  se  descuentan  al  tipo  de  inter\u00e9s  efectivo  original, reconociendo en resultados cualquier diferencia  con el valor  contable previo. Los gastos financieros, as\u00ed como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el Estado de Resultado  consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo. La recompras de instrumentos de deuda implica que la deuda queda extinguida, incluso en el caso de que el  emisor intente revenderlo en un futuro inmediato. Acreedores comerciales y otras cuentas a pagar-  Los  acreedores  comerciales  y  otras  cuentas  a  pagar  derivados  de  operaciones  comerciales  son  pasivos  financieros que en su mayor parte presentan vencimiento a corto plazo y no devengan intereses. Estos saldos  se registran inicialmente a su valor razonable y posteriormente a su coste amortizado. El Grupo tiene contratadas con diversas entidades financieras operaciones de confirming para la gesti\u00f3n del pago a los proveedores. Los pasivos comerciales cuya liquidaci\u00f3n se encuentra gestionada por las entidades  financieras se muestran en la partida de \u201cacreedores comerciales y otras cuentas a pagar\u201d, y se clasifican en  el Estado de Flujos de Efectivo consolidado como flujos de explotaci\u00f3n, en la medida en que ENCE s\u00f3lo haya  cedido la gesti\u00f3n de pago a las entidades financieras, manteni\u00e9ndose como obligado primario al pago de las  deudas frente a los acreedores comerciales (confirming sin recurso). En caso de que el obligado primario sea una entidad financiera, estas cesiones se tratan como deudas con entidades de cr\u00e9dito. Instrumentos de Patrimonio  Un  instrumento  de  patrimonio  representa  una  participaci\u00f3n  residual  en  el  patrimonio  de  la  Sociedad Dominante, una vez deducidos todos sus pasivos.  Los instrumentos de capital emitidos por ENCE se registran en el patrimonio neto por el importe recibido,  neto de los gastos de emisi\u00f3n.  Las acciones propias que adquiere ENCE se registran a su coste de adquisici\u00f3n, y se presentan minorando el  patrimonio neto. Los resultados derivados de la compra, venta, emisi\u00f3n o amortizaci\u00f3n de los instrumentos  del patrimonio propio se reconocen directamente en patrimonio neto, sin que en ning\u00fan caso se registre  resultado alguno en el Estado de Resultado consolidado. La amortizaci\u00f3n de acciones de ENCE, da lugar a una reducci\u00f3n de capital por el importe del nominal de  dichas acciones y la diferencia positiva o negativa entre el precio de adquisici\u00f3n y el nominal de las acciones  se carga o abona a cuentas de reservas.  Los dividendos a cuenta del resultado del ejercicio, as\u00ed como los dividendos complementarios pagados por  ENCE minoran el Patrimonio Neto en el momento de su aprobaci\u00f3n. 3.8  Instrumentos financieros derivados  Las actividades del Grupo lo exponen principalmente a riesgos financieros y de mercado derivados de; 1) las  variaciones de los tipos de cambio d\u00f3lar/euro que afectan principalmente a sus ventas de celulosa al cotizar  el precio de la pasta de papel en el mercado internacional en d\u00f3lares, 2) las propias variaciones de tipo de  cambio por las ventas en divisa, 3) las variaciones en el precio de la celulosa, del fuel-oil, el gas y la energ\u00eda el\u00e9ctrica, y 4) la evoluci\u00f3n de los tipos de inter\u00e9s. Para cubrir estas exposiciones el Grupo  puede utilizar instrumentos financieros derivados. No es pol\u00edtica de ENCE contratar instrumentos financieros derivados  con fines especulativos. Estos  instrumentos  financieros  se  valoran  en  todo  momento  a  su  valor  razonable,  registr\u00e1ndose  las  variaciones en el ep\u00edgrafe \u201cInstrumentos financieros derivados\u201d del pasivo del Estado de Situaci\u00f3n Financiera  consolidado si son negativas, y como \u201cActivos financieros \u2013 Derivados de cobertura\u201d si son positivas.  Los beneficios o p\u00e9rdidas de dichas fluctuaciones se registran en el Estado de Resultado consolidado como  un resultado financiero, salvo que el derivado o una parte del mismo haya sido designado como instrumento  de cobertura y \u00e9sta sea altamente efectiva, en cuyo caso su registro es el siguiente:  1.  Coberturas de valor razonable: el elemento cubierto se valora por su valor razonable al igual que el instrumento de cobertura, registr\u00e1ndose las variaciones de valor de ambos en el Estado de Resultado  consolidado.  2.  Coberturas de flujos de efectivo: la parte eficaz de los cambios en el valor razonable de los derivados  que se designan y califican como coberturas de flujos de efectivo se reconoce en el ep\u00edgrafe \u201cAjustes  en  patrimonio  por  valoraci\u00f3n\u201d  del  \u201cEstado  de  Resultado  Global  consolidado\u201d.  La  ganancia  o  la p\u00e9rdida relacionada con la parte ineficaz se reconoce inmediatamente en el Estado de Resultado  consolidado, en el ep\u00edgrafe \u201cVariaci\u00f3n en valor razonable de instrumentos financieros\u201d.  Cuando  los  contratos  de  opci\u00f3n  se  usan  para  cubrir  transacciones  previstas,  el  grupo  eval\u00faa  si  dichas  transacciones son altamente probables, y en ese caso designa s\u00f3lo el valor intr\u00ednseco del contrato de opci\u00f3n  como instrumento de cobertura. Los cambios en el valor temporal de los contratos de opci\u00f3n que est\u00e1n  relacionados con la partida cubierta se reconocen dentro del Estado de Resultado Global consolidado. Al inicio de la cobertura, ENCE designa y documenta formalmente las relaciones de cobertura, as\u00ed como el objetivo y la estrategia que asume con respecto a las mismas. La documentaci\u00f3n incluye la identificaci\u00f3n del  instrumento de cobertura, la partida cubierta, la naturaleza del riesgo cubierto y la forma en la que se mide  la eficacia de la cobertura.  Igualmente, al inicio de la cobertura y de forma continua en cada cierre ENCE eval\u00faa si la cobertura es eficaz.  Dicha  eficacia  se  verifica  a  trav\u00e9s  de  los  \u201ctest  de  eficacia\u201d  donde  se  chequea  si  es  esperable  prospectivamente que los cambios en el valor razonable o en los flujos de efectivo de la partida cubierta  (atribuibles al riesgo cubierto) se compensen razonablemente con los correspondientes al instrumento de  cobertura.  El  valor  razonable  de  los  derivados  incluye  el  ajuste  de  riesgo  de  cr\u00e9dito  de  forma  que  sus  variaciones son consideradas en la medici\u00f3n de la eficacia. El Grupo realiza una evaluaci\u00f3n cualitativa de la eficacia, siempre que las condiciones fundamentales del  instrumento y de la partida cubierta coincidan. Cuando las condiciones fundamentales no son plenamente  coincidentes,  el  Grupo  utiliza  un  derivado  hipot\u00e9tico  con  condiciones  fundamentales  equivalentes  a  la  partida cubierta para evaluar y medir la ineficacia. ENCE interrumpe la relaci\u00f3n de cobertura de forma prospectiva s\u00f3lo cuando toda o parte de la relaci\u00f3n de  cobertura deja de cumplir los requisitos cualificados. Esto incluye las situaciones en las que el instrumento de cobertura expira, es vendido, o ejercido, el objetivo de gesti\u00f3n del riesgo ha cambiado, el efecto del riesgo  de cr\u00e9dito domina los cambios de valor, el instrumento de cobertura llega a vencimiento o es liquidado, o  deja de existir el subyacente cubierto. A estos efectos, la sustituci\u00f3n o renovaci\u00f3n de un instrumento de  cobertura no es una expiraci\u00f3n o finalizaci\u00f3n, siempre que  la  operaci\u00f3n  sea consistente con el objetivo  documentado de gesti\u00f3n de riesgo del Grupo. En  las  coberturas  de  los  flujos  de  efectivo,  tras  la  interrupci\u00f3n  de  la  relaci\u00f3n  de  cobertura,  el  importe  acumulado en Otro Resultado Global no se reconoce en resultados hasta que la transacci\u00f3n prevista tenga lugar. As\u00ed mismo, los importes acumulados en Otro Resultado Global se reclasifican como ingresos o gastos  financieros cuando el Grupo no espera que la transacci\u00f3n prevista vaya a producirse. Los derivados impl\u00edcitos en otros  instrumentos  financieros son contabilizados separadamente cuando el  Grupo considera que sus caracter\u00edsticas y riesgos no est\u00e1n estrechamente relacionados con los instrumentos  financieros en los que se encuentran impl\u00edcitos, siempre que el instrumento financiero en cuesti\u00f3n en su  conjunto no est\u00e9 siendo contabilizado a valor razonable con cambios en resultados. ENCE no tiene derivados  impl\u00edcitos que sean objeto de contabilidad separada.  Valor razonable de los instrumentos financieros derivados El valor razonable de los distintos instrumentos financieros se determina utilizando la siguiente jerarqu\u00eda  establecida en NIIF 13: \u2022  Nivel 1: por observaci\u00f3n directa de la cotizaci\u00f3n en mercados activos, de activos y pasivos id\u00e9nticos.  \u2022  Nivel 2: empleando inputs disponibles en mercados activos, diferentes a los precios de cotizaci\u00f3n, que  son aplicables a los activos y pasivos, tanto directa como indirectamente. \u2022  Nivel 3: utilizando t\u00e9cnicas de valoraci\u00f3n que incluyen inputs que no est\u00e1n disponibles en mercados  activos.  La determinaci\u00f3n del valor razonable para cada uno de los principales instrumentos financieros derivados  se lleva a cabo con el asesoramiento de expertos en este tipo de instrumentos financieros, a partir de datos  facilitados por agencias de informaci\u00f3n o datos de organismos oficiales, del siguiente modo:  \u2022  El valor razonable de las permutas de tipo de inter\u00e9s es calculado como el valor actualizado a tipos de  inter\u00e9s de mercado del diferencial de tipos del contrato de permuta. Dicha actualizaci\u00f3n se lleva a cabo  a partir de las curvas de tipos swap a largo plazo.  \u2022  En  el  caso  de  los  contratos  de  tipo  de  cambio  a  futuro,  su  valoraci\u00f3n  se  determina  utilizando  las  cotizaciones  del  contado  del  tipo  de  cambio  y  las  curvas  de  tipos  de  inter\u00e9s  a  plazo  de  las  divisas  implicadas, as\u00ed como el empleo de la volatilidad impl\u00edcita hasta el vencimiento.  \u2022  El  valor  razonable  de  los  contratos  de  compraventa  de  elementos  no  financieros  a  los  que  es  de  aplicaci\u00f3n la NIIF 9 (precio de la celulosa y precio de la energ\u00eda principalmente) se calcula a partir de la  mejor estimaci\u00f3n de las curvas futuras de precios de dichos elementos no financieros, existente en la  fecha de cierre, utilizando, en la medida de lo posible, los precios establecidos en los mercados a plazo.  En la utilizaci\u00f3n de estos modelos de valoraci\u00f3n se tienen en cuenta los riesgos que el activo o pasivo lleva  asociados, entre ellos el riesgo de cr\u00e9dito tanto de la contraparte (Credit Value Adjustment) como de la  propia entidad (Debit Value Adjustment). El riesgo de cr\u00e9dito se calcula de acuerdo con los par\u00e1metros  exposici\u00f3n, probabilidad de incumplimiento y severidad.  Los valores obtenidos utilizando estas t\u00e9cnicas son contrastados con las entidades financieras con las que  ENCE tiene contratados estos instrumentos financieros. De  acuerdo  con  dicha  normativa,  las  valoraciones  a  valor  razonable  realizadas  sobre  los  diferentes  instrumentos financieros derivados quedan encuadradas en el Nivel 2 de la jerarqu\u00eda de valores razonables  establecida por la NIIF 13 en todos los casos, excepto en el caso de las coberturas del precio de la celulosa y las contraprestaciones contingentes que surgen en combinaciones de negocios que quedan encuadradas en  el Nivel 3 de la jerarqu\u00eda (v\u00e9ase Nota 4). Adicionalmente, hay que tener en consideraci\u00f3n que los ajustes por riesgo de cr\u00e9dito utilizan entradas de Nivel 3, si bien, tras valorar dichos ajustes se concluye que su impacto  en la valoraci\u00f3n de los instrumentos financieros derivados no es significativo. 3.9  Clasificaci\u00f3n entre corriente y no corriente  En  el  Estado  de  Situaci\u00f3n  Financiera  consolidado,  los  activos  y  pasivos  se  clasifican  en  funci\u00f3n  de  sus  vencimientos, es decir, como corrientes aquellos con vencimiento igual o inferior a doce meses y como no  corrientes los de vencimiento superior a dicho per\u00edodo.  El efectivo y otros medios l\u00edquidos equivalentes se clasifica como corriente, excepto en aquellos casos en los  que no puedan ser intercambiados o utilizados para cancelar un pasivo, al menos dentro de los doces meses  siguientes a la fecha de cierre.  En la clasificaci\u00f3n de los pasivos a largo plazo, ENCE eval\u00faa si tiene un derecho incondicional a la fecha de  cierre para aplazar la liquidaci\u00f3n de los pasivos durante los doce meses siguientes a la fecha de cierre. 3.10 Existencias  Las existencias de materias primas se valoran al coste de adquisici\u00f3n, que incluye el importe consignado en  factura m\u00e1s todos los costes en que se incurre hasta que el bien est\u00e1 en las instalaciones de ENCE. Las  existencias de productos terminados y en curso de fabricaci\u00f3n se valoran al coste de producci\u00f3n que se  determina  incorporando  el  coste  de  los  materiales,  mano  de  obra,  y  gastos  directos  y  generales  de  fabricaci\u00f3n.  En la asignaci\u00f3n de valor a sus inventarios el Grupo utiliza el m\u00e9todo del coste medio ponderado.  El Grupo realiza deterioros de sus existencias, con cargo a resultados de explotaci\u00f3n, para ajustar su valor al  valor  estimado  de  realizaci\u00f3n,  cuando  \u00e9ste  es  inferior  al  valor  de  coste.  Cuando  las  circunstancias  que  previamente causaron la correcci\u00f3n de valor dejan de existir se procede a revertir dichos deterioros. Derechos de emisi\u00f3n de gases de efecto invernadero para uso propio-  Los derechos de emisi\u00f3n adquiridos, y cuyo destino es fundamentalmente su utilizaci\u00f3n en los procesos  productivos del Grupo, se registran como existencias y se valoran inicialmente por su precio de adquisici\u00f3n,  calculado mediante el m\u00e9todo del precio medio ponderado.  Los  derechos  de  emisi\u00f3n  recibidos  a  t\u00edtulo  gratuito,  conforme  al  r\u00e9gimen  de  comercio  de  derechos  de  emisi\u00f3n para el periodo 2022-2025, se reconocen a su valor venal, registr\u00e1ndose como contrapartida y por  el mismo importe, una subvenci\u00f3n de capital. Dicha subvenci\u00f3n se imputa a resultados a medida que se  consumen los derechos de emisi\u00f3n recibidos.  Por el consumo de derechos realizado a lo largo del ejercicio se registra un gasto en la l\u00ednea \u201cOtros Gastos  de explotaci\u00f3n\u201d del Estado de Resultado consolidado, reconociendo una provisi\u00f3n cuyo importe se calcula  en funci\u00f3n de los derechos consumidos, valorados por su coste de adquisici\u00f3n que se corresponde con el  valor en libros para aquellos derechos que se posean al cierre del periodo, con el valor de compra establecido  en los contratos de compra a plazo disponibles, y con el valor de mercado al cierre del periodo para el resto  de derechos. Cuando los derechos de emisi\u00f3n consumidos se entregan a las autoridades, se dan de baja del Estado de  Situaci\u00f3n Financiera consolidado tanto las existencias de derechos como la provisi\u00f3n constituida asociada a  los consumos. 3.11 Subvenciones  Las subvenciones de capital no reintegrables, asociadas a inversiones en activos productivos, se valoran por  el valor razonable del importe concedido, neto de los costes incurridos para su obtenci\u00f3n, y se reconocen  cuando se han cumplido los requisitos asociados a su concesi\u00f3n. Estas subvenciones se imputan a resultados  en el ep\u00edgrafe \u201cSubvenciones de capital transferidas al resultado del ejercicio\u201d en proporci\u00f3n a la dotaci\u00f3n a  la  amortizaci\u00f3n  efectuada  en  el  per\u00edodo  para  los  elementos  subvencionados  o,  en  su  caso,  cuando  se  produzca su enajenaci\u00f3n o correcci\u00f3n valorativa por deterioro . Por su parte, las subvenciones de explotaci\u00f3n se imputan a resultados en el ep\u00edgrafe \u201cOtros ingresos de  explotaci\u00f3n\u201d en el momento en que se conceden, excepto si se conceden para financiar gastos espec\u00edficos,  en cuyo caso la imputaci\u00f3n se realizar\u00e1 a medida que se devenguen los gastos subvencionados.  Los  pr\u00e9stamos  subvencionados  sin  inter\u00e9s  o  a  un  tipo  de  inter\u00e9s  inferior  al  de  mercado,  otorgados  principalmente para financiar proyectos de I+D+i e inversiones productivas, se registran inicialmente a su  valor razonable en el ep\u00edgrafe \u201cOtros pasivos financieros\u201d del Estado de Situaci\u00f3n Financiera consolidado. La  diferencia entre el importe recibido por el pr\u00e9stamo y su  valor  razonable se  registra inicialmente  en  el  ep\u00edgrafe \u201cSubvenciones\u201d del Estado de Situaci\u00f3n Financiera consolidado, imput\u00e1ndose a resultados en el  ep\u00edgrafe  \u201cSubvenciones  de  capital  transferidas  al  resultado  del  ejercicio\u201d  a  medida  que  los  activos  financiados con dicho pr\u00e9stamo se amortizan.  3.12 Provisiones y contingencias  ENCE recoge provisiones para hacer frente a obligaciones presentes, ya sean legales o impl\u00edcitas, que tienen  su origen en sucesos ya acaecidos, siempre que sea probable que vaya a ser necesaria una salida de recursos  para liquidarlas, y que su importe se pueda estimar razonablemente.  Su dotaci\u00f3n se efect\u00faa al nacimiento de la responsabilidad o de la obligaci\u00f3n, con cargo al ep\u00edgrafe del Estado  de Resultado consolidado que corresponda seg\u00fan la naturaleza de la obligaci\u00f3n, y por el valor presente de  la misma cuando el efecto de esta actualizaci\u00f3n resulte material. La variaci\u00f3n de la provisi\u00f3n correspondiente  a la actualizaci\u00f3n financiera de cada ejercicio se registra en el ep\u00edgrafe \u201cGastos financieros\u201d del Estado de  Resultado consolidado.  Las provisiones, que se cuantifican teniendo en  consideraci\u00f3n la mejor informaci\u00f3n disponible sobre las  consecuencias del suceso en el que traen su causa, son reestimadas con ocasi\u00f3n de cada cierre contable (v\u00e9ase Nota 4).  Los pasivos contingentes constituyen obligaciones posibles con terceras partes y obligaciones existentes que  no son reconocidas bien porque no es probable que se produzca una salida de flujos econ\u00f3micos requerida  para cancelar dicha obligaci\u00f3n, o bien porque el importe de la salida de flujos no puede ser estimado de  forma fiable.  Los pasivos contingentes no se reconocen en las cuentas anuales, sino que se informa sobre los mismos en la memoria, en la medida en que no sean considerados como remotos. Indemnizaciones por cese De acuerdo con la reglamentaci\u00f3n laboral vigente, ENCE est\u00e1 obligado al pago de indemnizaciones a los  empleados  con  los  que,  bajo  determinadas  condiciones,  rescinda  sus  relaciones  laborales.  Las  indemnizaciones por cese se reconocen en la fecha en la que existe un plan formal detallado para llevar a  cabo  la  restructuraci\u00f3n  y  se  ha  generado  una  expectativa  v\u00e1lida  entre  el  personal  afectado  de  que  la reestructuraci\u00f3n se va a llevar a cabo.  No se dispone de provisiones por este concepto al cierre de los  ejercicios 2022 y 2021. Procedimientos judiciales y/o reclamaciones en curso  Al  cierre  de  los  ejercicios  2022  y  2021  se  encontraban  en  curso  distintos  procedimientos  judiciales  y  reclamaciones  entablados  contra  ENCE  con  origen  en  el  desarrollo  habitual  de  sus  actividades.  Los  Administradores,  considerando  la  opini\u00f3n  de  los  asesores  legales,  estiman  que  la  conclusi\u00f3n  de  estos  procedimientos y reclamaciones no producir\u00e1 un efecto significativo adicional a los ya recogidos en estos  estados financieros.  3.13 Prestaciones Post empleo y otros beneficios sociales  Determinadas  sociedades  del  Grupo  tienen  establecido  un  compromiso  de  aportaci\u00f3n  definida  con  el  personal  que  permanece  en  activo  al  cierre  del  ejercicio,  consistente  en  la  aportaci\u00f3n  por  parte  de  la  Sociedad y del trabajador de un porcentaje preestablecido del sueldo pensionable al \u201cPlan de pensiones de  Promoci\u00f3n Conjunta\u201d de Grupo ENCE promovido al amparo del art\u00edculo 40 d) del Reglamento de Planes y  Fondos de Pensiones (aportaci\u00f3n definida). Este plan de pensiones se encuentra integrado en el fondo de  Pensiones SERVIRENTA II F.P. y da cobertura tanto a las prestaciones de jubilaci\u00f3n como los riesgos por  invalidez y fallecimiento de los part\u00edcipes. El Grupo no tiene compromisos de prestaci\u00f3n definida relevantes. Con car\u00e1cter general, y en relaci\u00f3n al componente de ahorro, el beneficiario aporta el 1% de su retribuci\u00f3n  fija y ENCE aporta el 5,25% de \u00e9sta. Por su parte, el componente de riesgo, que se materializa en una p\u00f3liza  de seguro de vida y accidentes, se financia al 50% entre las partes. Las contingencias cubiertas por dicha  p\u00f3liza  son  las  siguientes:  jubilaci\u00f3n,  invalidez  permanente  total,  incapacidad  permanente  absoluta,  y  el  fallecimiento. El capital asegurado equivale a 35 mensualidades de la retribuci\u00f3n fija, o el doble en caso de  que las contingencias sean derivadas de accidente. Para determinados directivos del Grupo, entre los que se incluye al Presidente y a la alta direcci\u00f3n, existe un  sistema de previsi\u00f3n social, complementario al plan de pensiones de empleo, instrumentado a trav\u00e9s de  seguros colectivos, destinado a cubrir tanto la jubilaci\u00f3n como los riesgos de invalidez y fallecimiento de los  asegurados.  Las contribuciones a los planes de prestaci\u00f3n post empleo de aportaci\u00f3n definida se registran como gasto  en el ep\u00edgrafe \u201cGastos de personal\u201d del Estado de Resultado consolidado de acuerdo a su devengo.  Por otra parte, un colectivo de antiguos trabajadores de la filial Celulosas de Asturias, S.A. mantiene un  beneficio consistente en un seguro de vida e incapacidad. Este compromiso se externaliz\u00f3 en 2014 a trav\u00e9s  de una compa\u00f1\u00eda de seguros.  Planes de incentivos a largo plazo El Grupo valora los compromisos con empleados relacionados con pagos basados en acciones de ENCE al  valor estimado del compromiso en cada fecha de valoraci\u00f3n.  Estos compromisos se registran en el ep\u00edgrafe \u201cGastos de personal\u201d del Estado de Resultado consolidado  linealmente  durante  el  per\u00edodo  de  devengo  del  Plan  de  Incentivos,  y  su  contrapartida  ser\u00e1  distinta  en funci\u00f3n del modo de liquidaci\u00f3n. En el caso de compromisos que se liquidan en acciones de ENCE, el gasto  devengado se reconocer\u00e1 en el ep\u00edgrafe \u201cPatrimonio neto \u2013 Otros instrumentos de patrimonio neto\u201d del  Estado  de  Situaci\u00f3n  Financiera  consolidado,  teniendo  en  consideraci\u00f3n  el  valor  razonable  de  los  instrumentos de patrimonio en la fecha de concesi\u00f3n. Por su parte, el pasivo devengado asociado a los compromisos que se liquidan en efectivo se reconocer\u00e1 con abono al ep\u00edgrafe \u201cProvisiones\u201d del pasivo del  Estado de Situaci\u00f3n Financiera consolidado. Las estimaciones realizadas para valorar el compromiso asumido con el personal son revisadas en cada  cierre contable, y el impacto de las variaciones se registra en el ep\u00edgrafe \u201cGastos de personal\u201d del Estado de  Resultado consolidado.  3.14 Reconocimiento de ingresos y gastos  Los \u201cIngresos ordinarios\u201d representan los importes a cobrar por los bienes entregados y servicios prestados  en el marco ordinario de la actividad, netos de devoluciones y descuentos, y cantidades recibidas por cuenta  de terceros, tales como el impuesto sobre el valor a\u00f1adido. Los ingresos se reconocen cuando se pueden  medir con fiabilidad y es probable que ENCE recibir\u00e1 los beneficios econ\u00f3micos asociados a la transacci\u00f3n, y  se valoran por el valor razonable de la contraprestaci\u00f3n recibida o a recibir.  En este sentido, los ingresos procedentes de la venta de bienes se reconocen cuando se transfiere al cliente  el  control  sobre  los  mismos,  momento  que  en  la  venta  de  celulosa  se  determina  en  base  al  incoterm  (t\u00e9rminos  internacionales  de  comercio)  aplicado  a  cada  transacci\u00f3n,  y  en  la  venta  de  madera  coincide  normalmente con la entrega en las instalaciones del cliente. Las obligaciones de ENCE con sus clientes se  completan  en  el  momento  de  la  entrega  del  bien,  y  las  devoluciones  por  parte  de  los  clientes  son  excepcionales.  Por su parte, los ingresos asociados a la generaci\u00f3n de energ\u00eda incluyen la tarifa percibida del mercado, as\u00ed  como las primas a la generaci\u00f3n de energ\u00eda a partir de fuentes renovables legalmente reconocidas, y se  reconocen en el momento de su generaci\u00f3n y entrega al sistema el\u00e9ctrico por el importe bruto de venta, en  la medida en que se act\u00faa como principal. Los ingresos asociados a la prestaci\u00f3n de servicios, poco relevantes en ENCE, se reconocen considerando el  grado de realizaci\u00f3n de la prestaci\u00f3n a la fecha de cierre de los estados financieros, siempre y cuando el  resultado de la transacci\u00f3n pueda ser estimado con fiabilidad.  Los ingresos por intereses se reconocen siguiendo un criterio financiero, en funci\u00f3n del principal pendiente  de pago, el plazo hasta el vencimiento, y el tipo de inter\u00e9s efectivo aplicable.  Los ingresos por dividendos procedentes de inversiones se registran cuando se reconocen el derecho a su percepci\u00f3n.  Los gastos se reconocen en el Estado de Resultado consolidado de acuerdo a su devengo. Asimismo, se reconoce un gasto de forma inmediata cuando no se prev\u00e9 que genere beneficios econ\u00f3micos futuros. Ingresos por ventas de energ\u00eda De acuerdo con lo establecido en el RD 413/2014, las instalaciones de generaci\u00f3n de energ\u00eda renovable en  Espa\u00f1a reciben determinados incentivos, estableciendo que, adicionalmente a la retribuci\u00f3n por la venta de energ\u00eda generada valorada a precio de mercado, las instalaciones podr\u00e1n percibir una retribuci\u00f3n espec\u00edfica  compuesta por un t\u00e9rmino por unidad de potencia (retribuci\u00f3n a la inversi\u00f3n) que cubra cuando proceda los  costes de inversi\u00f3n de una instalaci\u00f3n tipo (IT) que no pueden ser recuperados por la venta de energ\u00eda y un t\u00e9rmino a  la  operaci\u00f3n  (retribuci\u00f3n  a  la operaci\u00f3n)  que  cubra  en  su  caso,  la  diferencia  entre  costes  de explotaci\u00f3n y los ingresos por la participaci\u00f3n en el mercado de dicha instalaci\u00f3n. El RD establece, asimismo, que mediante orden ministerial se actualizar\u00e1n determinados par\u00e1metros retributivos en cada semiper\u00edodo regulatorio. Entre los aspectos desarrollados por el mencionado Real Decreto, se establece que las diferencias que se producen  en cada ejercicio, entre los ingresos por venta de energ\u00eda  al  precio estimado, estimaci\u00f3n que determina el regulador al inicio de cada semiper\u00edodo regulatorio trianual, y los ingresos por venta al precio medio real de mercado en dicho ejercicio, se regularizan en la retribuci\u00f3n a obtener en ejercicios futuros a trav\u00e9s de un ajuste en la \u201cretribuci\u00f3n a la inversi\u00f3n\u201d. Dicha diferencia denominada \u201cValor de ajuste por desviaciones en el precio del mercado- Vajdm\u201d viene regulada en el art\u00edculo 22 de dicho Real Decreto (v\u00e9anse Nota 10 y Anexo III). El  tratamiento  contable  aplicado  por  ENCE  al  Vajdm  qued\u00f3  recogido  en  el  documento  \u201cCriterio  para contabilizar el \u201cValor de los ajustes por desviaciones en el precio del mercado\u201d (Vajdm), de acuerdo con el art\u00edculo 22 del real decreto 413/2014\u201d publicado por la CNMV el 22 de octubre de 2021: \u2022  Con car\u00e1cter general se reconoce en el Estado de Situaci\u00f3n Financiera cada una de las desviaciones del mercado, positivas y negativas que surgen al amparo del RD 413/2014 con contrapartida en el importe neto de la cifra de negocios. En este sentido, los ajustes por desviaciones del pool positivos netos que se vayan generando a lo largo de un mismo semiperiodo regulatorio y que representar\u00e1n un incremento en las retribuciones futuras recibidas de CNMC se registran como un activo en el ep\u00edgrafe \u201cOtras inversiones financieras\u201d y como un mayor ingreso asociado a la venta de electricidad. Dicho activo neto, una vez finalizado el semiperiodo regulatorio se revierte reduciendo el ingreso asociado a la venta de electricidad a lo largo de la vida regulatoria restante de la instalaci\u00f3n. Por su parte, los ajustes por desviaciones del pool negativos netos que se vayan generando a lo largo de un  mismo  semiperiodo  regulatorio  y  que  representar\u00e1n  una  reducci\u00f3n  en  las  retribuciones  futuras recibidas de CNMC se registran en funci\u00f3n de su vencimiento como un pasivo en los ep\u00edgrafes \u201cOtros pasivos no corrientes\u201d y \u201cOtros pasivos corrientes\u201d y como un menor ingreso asociado a la venta de electricidad. Dicho pasivo neto, una vez finalizado el semiperiodo regulatorio se revierte incrementando el ingreso asociado a la venta de electricidad a lo largo de la vida regulatoria restante de la instalaci\u00f3n. \u2022  El  r\u00e9gimen  retributivo  supone una  garant\u00eda  de  rentabilidad  m\u00ednima,  pero  no  impone  un  techo  a  la rentabilidad obtenible del mercado, por lo que los ajustes por desviaciones del pool negativos tienen como l\u00edmite, para cada instalaci\u00f3n, su Valor Neto del Activo \u2013 VNA (concepto retributivo que representa el valor actual de los cobros futuros en concepto de retribuci\u00f3n a la inversi\u00f3n). \u2022  A efectos de presentaci\u00f3n en el Estado de Situaci\u00f3n Financiera, los saldos que se han originado en el semiper\u00edodo corriente se presentar\u00e1n para cada instalaci\u00f3n como un activo neto, si las desviaciones positivas  en el semiperiodo  superan a las negativas, o un pasivo neto, si las  desviaciones  negativas superan a las positivas. Por lo que se refiere a los semiper\u00edodos anteriores, igualmente se presentar\u00e1n para  cada  instalaci\u00f3n  como  un  activo  neto  si  los  importes  acumulados  por  desviaciones  positivas correspondientes  a  todos  los  semiper\u00edodos  anteriores  superan  los  importes  acumulados  por desviaciones  negativas  correspondientes  igualmente  a  dichos  semiper\u00edodos  anteriores,  o  como  un pasivo neto en caso contrario. No obstante lo anterior, si a lo largo de la vida regulatoria residual de los activos, se considera, de acuerdo con su mejor estimaci\u00f3n de la evoluci\u00f3n futura de los precios de mercado de la energ\u00eda y de otros factores cualitativos, que ser\u00eda altamente probable que se obtendr\u00e1n rentabilidades del mercado superiores a las  establecidas  en  el  RD  413/2014  y  que,  por  lo  tanto,  abandonar  el  r\u00e9gimen  retributivo  no  tendr\u00eda  consecuencias  econ\u00f3micas  significativamente  m\u00e1s  adversas  que  permanecer  en  dicho  r\u00e9gimen,  en  esa  situaci\u00f3n se reconoce s\u00f3lo el activo asociado a las desviaciones del pool positivas. Esta situaci\u00f3n se produce  en  aquellas  instalaciones  tipo  (IT)  en  las  que,  considerando  las  previsiones  de  precios  de  mercado,  la  direcci\u00f3n  del  Grupo  estime  que  en  la  revisi\u00f3n  de  par\u00e1metros  retributivos  correspondiente  al  siguiente  semiperiodo regulatorio es probable que no se obtenga retribuci\u00f3n futura del regulador, o bien, esta ser\u00e1  poco significativa. 3.15 Impuesto sobre beneficios  El Grupo tributa en el Impuesto sobre Sociedades a trav\u00e9s de dos Grupos de consolidaci\u00f3n fiscal regulados en el Cap\u00edtulo VII del T\u00edtulo VIII del Texto Refundido de la Ley del Impuesto sobre Sociedades, siendo las  cabeceras de dichos Grupos Ence Energ\u00eda y Celulosa, S.A. y Magnon Green Energy, S.L. Se integran en dichos  Grupos las filiales que est\u00e1n domiciliadas en Espa\u00f1a y sobre las que la cabecera tiene una participaci\u00f3n en  su capital social igual o superior al 75%.  El  gasto  o  ingreso  por  el  Impuesto  sobre  Sociedades  comprende  tanto  el  impuesto  corriente  como  el impuesto  diferido.  El  impuesto  sobre  las  ganancias  corriente  o  diferido  se  reconoce  en  el  Estado  de  Resultado consolidado, salvo que surja de una transacci\u00f3n o suceso econ\u00f3mico que se ha reconocido, en el  mismo ejercicio o en otro diferente, contra patrimonio neto o de una combinaci\u00f3n de negocios. Los activos o pasivos por impuesto sobre las ganancias corrientes se valoran por las cantidades que se espera  pagar o recuperar de las autoridades fiscales, utilizando la normativa y tipos impositivos aprobados en los  pa\u00edses que operan las sociedades del Grupo.  La contabilizaci\u00f3n de los activos y pasivos por impuesto diferido se determina en funci\u00f3n de las diferencias  entre el valor en libros de los activos y pasivos y su base fiscal, utilizando las tasas fiscales que se espera  objetivamente  que  est\u00e9n  en  vigor  cuando  los  activos  y  pasivos  se  realicen,  valor  que  coincide  con  el  gravamen  vigente  en  cada  momento.  Estos  activos  y  pasivos  se  reconocen  en  el  Estado  de  Situaci\u00f3n  Financiera consolidado como \u201cno corrientes\u201d, independientemente de la fecha de esperada de realizaci\u00f3n o  liquidaci\u00f3n.  El Grupo reconoce con car\u00e1cter general los pasivos por impuesto diferido en todos los casos. Por su parte,  los  activos  por  impuestos  diferidos  s\u00f3lo se reconocen  en el caso de que se considere probable  que  las  entidades consolidadas van a tener en el futuro suficientes ganancias fiscales contra las que poder hacerlos  efectivos. Con ocasi\u00f3n de cada cierre contable, se reestima la capacidad de recuperaci\u00f3n de los impuestos  diferidos de activo reconocidos, efectu\u00e1ndose las oportunas correcciones a los mismos de acuerdo con los  resultados de los an\u00e1lisis realizados.  No se reconocen activos y pasivos por impuestos diferidos cuando surgen del reconocimiento inicial del  fondo de comercio o de un activo o pasivo en una transacci\u00f3n que no es una combinaci\u00f3n de negocios y en la fecha de la transacci\u00f3n no afecta ni al resultado contable ni a la base imponible fiscal, o bien, cuando  correspondan  a  diferencias  temporarias  relacionadas  con  inversiones  en  sociedades  dependientes,  asociadas y negocios conjuntos sobre las que el Grupo tenga la capacidad de controlar el momento de su  reversi\u00f3n y no fuese probable que se produzca su reversi\u00f3n en un futuro previsible.  Si el  Grupo determina que no es probable que la  autoridad fiscal vaya  a aceptar un tratamiento fiscal  incierto o un grupo de tratamientos fiscales inciertos, considera dicha incertidumbre en la determinaci\u00f3n  de  la  base  imponible,  bases  fiscales,  cr\u00e9ditos  por  bases  imponibles  negativas,  deducciones  o  tipos  impositivos.   3.16 Activos no corrientes mantenidos para la venta y Operaciones  discontinuadas  Un activo no corriente o un grupo enajenable de elementos se clasifica como activo mantenido para la venta  cuando su valor se prev\u00e9 recuperar principalmente a trav\u00e9s de su venta, y siempre que la venta se considere  altamente probable, y el activo est\u00e9 disponible para su venta inmediata en su estado actual. Estos activos o grupos de enajenaci\u00f3n se valoran por el menor del importe en libros o el valor estimado de  venta deducidos los costes necesarios para llevarla a cabo y dejan de amortizarse desde el momento en que son clasificados como activos no corrientes mantenidos para la venta. Anualmente se analiza que el valor  contable no exceda del valor razonable menos los costes de venta. En caso de producirse esta situaci\u00f3n se  realizan las correspondientes correcciones valorativas que se incluyen en el ep\u00edgrafe \u201cDeterioros de valor y resultados por enajenaci\u00f3n de inmovilizado\u201d del Estado de Resultado consolidado. Los  activos  no  corrientes  mantenidos  para  la  venta  se  presentan  en  el  Estado  de  Situaci\u00f3n  Financiera  consolidado  de  la  siguiente  forma:  los  activos  en  una  \u00fanica  l\u00ednea  denominada  \u201cActivos  no  corrientes  mantenidos para la venta\u201d y los pasivos tambi\u00e9n en una \u00fanica l\u00ednea denominada \u201cPasivos asociados a activos  no corrientes mantenidos para la venta\u201d. Adicionalmente,  el  Grupo  considera  actividades  interrumpidas  los  componentes  (unidades  o  grupos  de  unidades generadoras de efectivo) que representan una l\u00ednea de negocio o \u00e1rea geogr\u00e1fica significativa y  que pueda  considerarse separada del resto, que se hayan vendido o dispuesto por otra v\u00eda, o bien que  re\u00fanen las condiciones descritas para ser clasificadas como mantenidas para la venta.  Los resultados despu\u00e9s de impuestos de las operaciones discontinuadas se presentan en una \u00fanica l\u00ednea del  Estado  de  Resultado  consolidado  denominada  \u201cResultado  del  ejercicio  procedente  de  operaciones  interrumpidas neto de impuestos\u201d . 3.17 Beneficio por acci\u00f3n  El beneficio b\u00e1sico por acci\u00f3n se calcula como el cociente entre el \u201cBeneficio del ejercicio atribuible a la  Sociedad Dominante\u201d y el n\u00famero medio ponderado de acciones ordinarias en circulaci\u00f3n durante  dicho  per\u00edodo,  sin  incluir  el  n\u00famero  medio  de  acciones  propias  de  la  Sociedad  Dominante  en  cartera  de  las  sociedades del Grupo.  Por su parte, el beneficio diluido por acci\u00f3n se calcula como el cociente entre el  \u201cBeneficio del ejercicio  atribuible a la Sociedad Dominante\u201d y el n\u00famero medio ponderado de acciones ordinarias en circulaci\u00f3n  durante el periodo, ajustado por el promedio ponderado de las acciones ordinarias que ser\u00edan emitidas si se  convirtieran  todas  las  acciones  potenciales  en  acciones  ordinarias.  A  estos  efectos  se  considera  que  la  conversi\u00f3n tiene lugar al comienzo del periodo o en el momento de la emisi\u00f3n de las acciones potenciales si  estas se hubiesen puesto en circulaci\u00f3n durante el propio periodo. 3.18 Transacciones con partes vinculadas  El Grupo realiza todas sus operaciones con partes vinculadas a valores de mercado.  3.19  Saldos y transacciones en moneda diferente al euro  Las cuentas anuales consolidadas se presentan en euros, que es la moneda funcional y de presentaci\u00f3n de  la Sociedad Dominante.  La conversi\u00f3n a euros de los cr\u00e9ditos y d\u00e9bitos expresados en moneda diferente del euro se realiza aplicando  el tipo de cambio vigente en el momento de efectuar la correspondiente operaci\u00f3n, ajust\u00e1ndose dicho valor  en  cada  cierre  y  hasta  su  cancelaci\u00f3n  en  funci\u00f3n  de  la  evoluci\u00f3n  del  tipo  de  cambio.  Los  activos  no  monetarios denominados en moneda extranjera, poco significativos en ENCE, se convierten aplicando el tipo de cambio aplicable en la fecha en la que el activo se incorpor\u00f3 al Grupo. Las diferencias de cambio que resultan del cobro o pago de cr\u00e9ditos o deudas en moneda diferente del euro  y las que resultan de valorar las cuentas a cobrar y pagar en moneda diferente del euro en cada fecha de  cierre, de acuerdo con el tipo de cambio vigente en ese momento, se imputan a resultados como un gasto financiero en el periodo en que se producen.  3.20 Informaci\u00f3n financiera por segmentos  Un segmento de explotaci\u00f3n es un componente del Grupo que desarrolla actividades de negocio de las que  puede obtener ingresos ordinarios e incurrir en gastos, cuyos resultados de explotaci\u00f3n son revisados de  forma regular por el Consejo de Administraci\u00f3n y la alta Direcci\u00f3n, para decidir sobre los recursos que deben  asignarse al segmento, evaluar su rendimiento y en relaci\u00f3n con el cual se dispone de informaci\u00f3n financiera  diferenciada.  3.21 Estado de flujos de efectivo  En los estados de flujos de efectivo consolidados, preparados de acuerdo al m\u00e9todo indirecto, se utilizan las  siguientes expresiones en los siguientes sentidos: 1.  Flujos  de  efectivo:  entradas  y  salidas  de  efectivo  y  de  sus  equivalentes,  entendiendo  por  \u00e9stos  las  inversiones a corto plazo (inferior a 3 meses) de gran liquidez y bajo riesgo de alteraciones en su valor.  2.  Actividades de explotaci\u00f3n: actividades t\u00edpicas de las entidades que forman el Grupo, as\u00ed como otras  actividades que no pueden ser calificadas como de inversi\u00f3n o de financiaci\u00f3n. 3.  Actividades de inversi\u00f3n: las de adquisici\u00f3n, enajenaci\u00f3n o disposici\u00f3n por otros medios de activos a  largo plazo y otras inversiones no incluidas en el efectivo y sus equivalentes.  4.  Actividades  de  financiaci\u00f3n:  actividades  que  producen  cambios  en  el  tama\u00f1o  y  composici\u00f3n  del  patrimonio neto y de los pasivos que no forman parte de las actividades de explotaci\u00f3n. 3.22 Actividades con impacto en el Medio Ambiente  Se consideran actividades medioambientales aquellas operaciones desarrolladas por ENCE cuyo prop\u00f3sito  principal es el de proteger, reducir o reparar un da\u00f1o, que como resultado de sus actividades se pueda  producir sobre el medio ambiente. Los gastos derivados de las actividades medioambientales se reconocen como \u201cOtros gastos de explotaci\u00f3n\u201d  en el ejercicio en el que se incurren.  Los elementos del inmovilizado material adquiridos con el objeto de ser utilizados de forma duradera en su  actividad y cuya finalidad principal es la minimizaci\u00f3n del impacto medioambiental y la protecci\u00f3n y mejora del medio ambiente, incluyendo la reducci\u00f3n o eliminaci\u00f3n de la contaminaci\u00f3n futura de las operaciones  del Grupo, se reconocen como  activos mediante la aplicaci\u00f3n de criterios de valoraci\u00f3n,  presentaci\u00f3n y  desglose consistentes con los que se mencionan en los apartados 3.2 y 3.3 de esta misma Nota.  Las  provisiones  relativas  a  responsabilidades  probables  o  ciertas,  litigios  en  curso  e  indemnizaciones  u  obligaciones  pendientes  de  cuant\u00eda  indeterminada  de  naturaleza  medioambiental,  no  cubiertas  por  las  p\u00f3lizas de seguros suscritas, se constituyen en el momento del nacimiento de la responsabilidad o de la  obligaci\u00f3n que determina la  indemnizaci\u00f3n o pago.  No hay provisiones  relevantes  constituidas por este  concepto al cierre de 2022 y 2021. ",
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   "value": "2.1  Bases de presentaci\u00f3n  Las cuentas anuales consolidadas de Ence Energ\u00eda y Celulosa, S.A. del ejercicio 2022 se han elaborado a partir  de los registros contables y de las cuentas anuales de dicha sociedad, y las de las sociedades integrantes del  Grupo  y  han sido preparadas  de  acuerdo  al  marco  normativo  de  informaci\u00f3n  financiera que  resulta  de  aplicaci\u00f3n y, en particular, de acuerdo con las Normas Internacionales de Informaci\u00f3n Financiera adoptadas  por la Uni\u00f3n Europea (NIIF-UE) conforme a lo dispuesto en el Reglamento (CE) n\u00ba 1606/2002 del Parlamento  y del Consejo Europeo y dem\u00e1s disposiciones del marco normativo de informaci\u00f3n financiera que resulta de  aplicaci\u00f3n, de forma que muestran la imagen fiel del patrimonio y de la situaci\u00f3n financiera del Grupo al 31  de diciembre de 2022 y de los resultados de sus operaciones, de los cambios en el patrimonio neto y de los  flujos de efectivo consolidados que se han generado en el Grupo durante el ejercicio anual terminado en  dicha fecha. Las cuentas anuales consolidadas del Grupo del ejercicio 2022 formuladas por los Administradores de la Sociedad  Dominante  se  someter\u00e1n  a  la  aprobaci\u00f3n  de  su  Junta  General  Ordinaria  de  Accionistas,  estim\u00e1ndose que ser\u00e1n aprobadas sin ninguna modificaci\u00f3n. Por su parte, las cuentas anuales consolidadas  del Grupo del ejercicio 2021 fueron aprobadas por la Junta General de Accionistas de la Sociedad Dominante  el 31 de marzo de 2022.  En la nota 3 se resumen las pol\u00edticas contables y criterios de valoraci\u00f3n m\u00e1s significativos que han sido  aplicados en la elaboraci\u00f3n de estas cuentas anuales consolidadas. El  Euro  es  la  moneda  funcional  y  de  presentaci\u00f3n  de  la  Sociedad  Dominante.  Las  cuentas  anuales  consolidadas se expresan por tanto en euros",
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   "value": "Las cuentas anuales consolidadas de Ence Energ\u00eda y Celulosa, S.A. del ejercicio 2022 se han elaborado a partir  de los registros contables y de las cuentas anuales de dicha sociedad, y las de las sociedades integrantes del  Grupo  y  han sido preparadas  de  acuerdo  al  marco  normativo  de  informaci\u00f3n  financiera que  resulta  de  aplicaci\u00f3n y, en particular, de acuerdo con las Normas Internacionales de Informaci\u00f3n Financiera adoptadas  por la Uni\u00f3n Europea (NIIF-UE) conforme a lo dispuesto en el Reglamento (CE) n\u00ba 1606/2002 del Parlamento  y del Consejo Europeo y dem\u00e1s disposiciones del marco normativo de informaci\u00f3n financiera que resulta de  aplicaci\u00f3n, de forma que muestran la imagen fiel del patrimonio y de la situaci\u00f3n financiera del Grupo al 31  de diciembre de 2022 y de los resultados de sus operaciones, de los cambios en el patrimonio neto y de los  flujos de efectivo consolidados que se han generado en el Grupo durante el ejercicio anual terminado en  dicha fecha. ",
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   "value": "Las cuentas anuales consolidadas del Grupo del ejercicio 2022 formuladas por los Administradores de la Sociedad  Dominante  se  someter\u00e1n  a  la  aprobaci\u00f3n  de  su  Junta  General  Ordinaria  de  Accionistas,  estim\u00e1ndose que ser\u00e1n aprobadas sin ninguna modificaci\u00f3n. Por su parte, las cuentas anuales consolidadas  del Grupo del ejercicio 2021 fueron aprobadas por la Junta General de Accionistas de la Sociedad Dominante  el 31 de marzo de 2022",
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  "fact-579": {
   "value": "El  Euro  es  la  moneda  funcional  y  de  presentaci\u00f3n  de  la  Sociedad  Dominante.  Las  cuentas  anuales  consolidadas se expresan por tanto en euros.  Conversi\u00f3n de estados financieros Los resultados y la posici\u00f3n financiera de todas las entidades del Grupo cuya moneda funcional sea distinta  de la moneda de presentaci\u00f3n se convierten a  euro del siguiente modo; los activos y pasivos al tipo de  cambio de cierre en la fecha del Estado de Situaci\u00f3n Financiera, el patrimonio a tipo de cambio hist\u00f3rico, y  los ingresos y gastos al tipo de cambio medio del periodo de devengo. Las diferencias de cambio resultantes  se reconocen en \u201cOtro Resultado Global\u201d, y se imputar\u00e1n a la cuenta de resultados en el periodo en el que  se lleve a cabo la enajenaci\u00f3n de la inversi\u00f3n.  Las sociedades del Grupo no se ubican en pa\u00edses de econom\u00eda hiperinflacionaria. 3.19  Saldos y transacciones en moneda diferente al euro  Las cuentas anuales consolidadas se presentan en euros, que es la moneda funcional y de presentaci\u00f3n de  la Sociedad Dominante.  La conversi\u00f3n a euros de los cr\u00e9ditos y d\u00e9bitos expresados en moneda diferente del euro se realiza aplicando  el tipo de cambio vigente en el momento de efectuar la correspondiente operaci\u00f3n, ajust\u00e1ndose dicho valor  en  cada  cierre  y  hasta  su  cancelaci\u00f3n  en  funci\u00f3n  de  la  evoluci\u00f3n  del  tipo  de  cambio.  Los  activos  no  monetarios denominados en moneda extranjera, poco significativos en ENCE, se convierten aplicando el tipo de cambio aplicable en la fecha en la que el activo se incorpor\u00f3 al Grupo. Las diferencias de cambio que resultan del cobro o pago de cr\u00e9ditos o deudas en moneda diferente del euro  y las que resultan de valorar las cuentas a cobrar y pagar en moneda diferente del euro en cada fecha de  cierre, de acuerdo con el tipo de cambio vigente en ese momento, se imputan a resultados como un gasto financiero en el periodo en que se producen.  ",
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  "fact-502": {
   "value": "2.2  Principios de consolidaci\u00f3n  En el Anexo I se incluye un detalle de las sociedades dependientes, negocios conjuntos y asociadas de ENCE,  as\u00ed como el m\u00e9todo de consolidaci\u00f3n o valoraci\u00f3n aplicado y otra informaci\u00f3n referente a las mismas. Sociedades dependientes  Se  consideran  sociedades  dependientes  aquellas  sobre  las  que  ENCE,  directa  o  indirectamente,  ejerce  control. Dicho control se manifiesta, en general aunque no \u00fanicamente, por la propiedad, directa o indirecta,  de al menos el 50% o m\u00e1s de los derechos pol\u00edticos de las entidades participadas. El Grupo ENCE considera  que mantiene el control en una sociedad cuando posee derechos sustantivos en vigor que le proporcionan  la capacidad de dirigir las actividades relevantes y est\u00e1 expuesto, o tiene derecho, a rendimientos variables  procedentes de su implicaci\u00f3n en la sociedad y tiene la capacidad de influir en esos rendimientos a trav\u00e9s  de su poder sobre esta. Estas sociedades se han consolidado por el m\u00e9todo de \u201cIntegraci\u00f3n Global\u201d . Los ingresos, gastos y flujos de efectivo de las entidades dependientes se incluyen en las cuentas anuales  consolidadas desde la fecha de adquisici\u00f3n, que es aquella, en la que el Grupo obtiene efectivamente el  control de las mismas. Las entidades dependientes se excluyen de la consolidaci\u00f3n desde la fecha en la que  se pierde el control sobre ellas.  En el proceso de consolidaci\u00f3n, las transacciones y saldos mantenidos entre sociedades dependientes y los  beneficios o p\u00e9rdidas no realizados han sido eliminados. Las participaciones no dominantes se reconocen en el momento inicial por un importe equivalente a su  participaci\u00f3n proporcional de los activos netos identificables reconocidos a la fecha de la toma de control.  Las participaciones no dominantes en el patrimonio y en los resultados de las sociedades dependientes  integradas globalmente se presentan bajo la denominaci\u00f3n de \u201cIntereses minoritarios\u201d, dentro del cap\u00edtulo \u201cPatrimonio Neto\u201d del Estado de Situaci\u00f3n Financiera consolidado, y del cap\u00edtulo \u201cResultado atribuido a  intereses minoritarios\u201d del Estado de Resultado consolidado. Los cambios en la participaci\u00f3n de una sociedad dependiente que no dan lugar a una p\u00e9rdida de control, se  contabilizan  como transacciones  de  patrimonio,  es decir, que cualquier resultado obtenido  se reconoce  directamente en el patrimonio.  Cuando se produce la p\u00e9rdida de control de una empresa del Grupo, tiene lugar la baja de sus activos y  pasivos,  as\u00ed  como de otros componentes  de patrimonio y  de cualquier participaci\u00f3n  no  dominante  que  pudiera existir. Las plusval\u00edas o minusval\u00edas resultantes se reconocen en el Estado de Resultado consolidado.  Las participaciones que se mantengan en las filiales sobre las que se hubiera perdido el control se valoran  por su valor razonable en la fecha en la que esta circunstancia hubiera tenido lugar, siendo \u00e9ste el valor de  coste a efectos de su valoraci\u00f3n posterior.  Inversiones registradas por el m\u00e9todo de la participaci\u00f3n  Las inversiones registradas por el m\u00e9todo de la participaci\u00f3n incluyen las inversiones en empresas asociadas,  as\u00ed como en negocios conjuntos. Se consideran asociadas aquellas sociedades sobre las que ENCE, directa o indirectamente, ejerce influencia significativa. La influencia significativa es el poder de intervenir en las decisiones de pol\u00edtica financiera y de  explotaci\u00f3n de una entidad, sin que suponga la existencia de control o de control conjunto sobre la misma.  Generalmente viene acompa\u00f1ado por una participaci\u00f3n de entre un 20% y un 50% de los derechos de voto de la entidad.  Las inversiones en entidades asociadas y las inversiones en negocios conjuntos se registran por el m\u00e9todo  de la participaci\u00f3n desde la fecha en la que se ejerce influencia significativa, o bien, el control conjunto. En  este sentido, estas inversiones se reconocen inicialmente por su coste de adquisici\u00f3n. El exceso entre el coste de la inversi\u00f3n y el porcentaje correspondiente al Grupo en los valores razonables  de los activos netos identificables se registra como fondo de comercio, que se incluye en el valor contable  de la inversi\u00f3n. El defecto, una vez evaluados los importes del coste de la inversi\u00f3n y la identificaci\u00f3n y  valoraci\u00f3n  de  los  activos  netos  de  la  asociada,  se  registra  como  un  ingreso  en  la  determinaci\u00f3n  de  la  participaci\u00f3n del inversor en los resultados de la asociada del ejercicio en que se ha adquirido. La participaci\u00f3n del Grupo en los beneficios o p\u00e9rdidas de las entidades asociadas obtenidas desde la fecha  de adquisici\u00f3n se registra como un aumento o disminuci\u00f3n del valor de las inversiones con abono o cargo al  ep\u00edgrafe \"Resultado de sociedades integradas por el m\u00e9todo de la participaci\u00f3n\" del Estado de Resultado  consolidado. Las distribuciones de dividendos se registran como minoraciones del valor de las inversiones.  Asimismo, se ajusta el valor de la inversi\u00f3n para reflejar la proporci\u00f3n de aquellos cambios en el patrimonio neto de estas sociedades que no se han reconocido en sus resultados. Conversi\u00f3n de estados financieros Los resultados y la posici\u00f3n financiera de todas las entidades del Grupo cuya moneda funcional sea distinta  de la moneda de presentaci\u00f3n se convierten a  euro del siguiente modo; los activos y pasivos al tipo de  cambio de cierre en la fecha del Estado de Situaci\u00f3n Financiera, el patrimonio a tipo de cambio hist\u00f3rico, y  los ingresos y gastos al tipo de cambio medio del periodo de devengo. Las diferencias de cambio resultantes  se reconocen en \u201cOtro Resultado Global\u201d, y se imputar\u00e1n a la cuenta de resultados en el periodo en el que  se lleve a cabo la enajenaci\u00f3n de la inversi\u00f3n.  Las sociedades del Grupo no se ubican en pa\u00edses de econom\u00eda hiperinflacionaria. Homogeneizaci\u00f3n y otros  La consolidaci\u00f3n de las entidades que conforman el per\u00edmetro de consolidaci\u00f3n ha sido realizada a partir de  sus cuentas anuales individuales que son preparadas conforme al Plan General de Contabilidad Espa\u00f1ol para  aquellas  sociedades  residentes  en  Espa\u00f1a  y  conforme  a  su  propia  normativa  local  para  el  resto  de  participadas.  Las pol\u00edticas contables de las sociedades dependientes se han adaptado a las pol\u00edticas contables del Grupo.  As\u00ed mismo, las cuentas anuales o estados financieros de las sociedades dependientes utilizados en el proceso  de consolidaci\u00f3n est\u00e1n referidos a la misma fecha de presentaci\u00f3n, 31 de diciembre, y mismo periodo que  los de la Sociedad dominante.  En las transacciones entre sociedades consolidadas se eliminan los resultados por operaciones internas,  difiri\u00e9ndose hasta que se realizan frente a terceros ajenos al Grupo.  Los trabajos efectuados por el Grupo para su propio inmovilizado se reconocen por su coste de producci\u00f3n  elimin\u00e1ndose los resultados intragrupo. En la Nota 6 se presentan los cambios habidos en los ejercicios 2022 y 2021 en el conjunto de las sociedades consolidadas por integraci\u00f3n global y por el m\u00e9todo de la participaci\u00f3n. En las correspondientes notas de  esta Memoria consolidada, bajo el t\u00edtulo \u201cVariaciones del per\u00edmetro\u201d, se muestran los efectos relevantes de  las incorporaciones y salidas de sociedades en el per\u00edmetro de consolidaci\u00f3n. A efectos de comparabilidad se deben tener en consideraci\u00f3n asimismo las variaciones en el per\u00edmetro de  consolidaci\u00f3n detalladas en la Nota 6.  ",
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  },
  "fact-597": {
   "value": "En el Anexo I se incluye un detalle de las sociedades dependientes, negocios conjuntos y asociadas de ENCE,  as\u00ed como el m\u00e9todo de consolidaci\u00f3n o valoraci\u00f3n aplicado y otra informaci\u00f3n referente a las mismas. Sociedades dependientes  Se  consideran  sociedades  dependientes  aquellas  sobre  las  que  ENCE,  directa  o  indirectamente,  ejerce  control. Dicho control se manifiesta, en general aunque no \u00fanicamente, por la propiedad, directa o indirecta,  de al menos el 50% o m\u00e1s de los derechos pol\u00edticos de las entidades participadas. El Grupo ENCE considera  que mantiene el control en una sociedad cuando posee derechos sustantivos en vigor que le proporcionan  la capacidad de dirigir las actividades relevantes y est\u00e1 expuesto, o tiene derecho, a rendimientos variables  procedentes de su implicaci\u00f3n en la sociedad y tiene la capacidad de influir en esos rendimientos a trav\u00e9s  de su poder sobre esta. Estas sociedades se han consolidado por el m\u00e9todo de \u201cIntegraci\u00f3n Global\u201d . Los ingresos, gastos y flujos de efectivo de las entidades dependientes se incluyen en las cuentas anuales consolidadas desde la fecha de adquisici\u00f3n, que es aquella, en la que el Grupo obtiene efectivamente el control de las mismas. Las entidades dependientes se excluyen de la consolidaci\u00f3n desde la fecha en la que se pierde el control sobre ellas. En el proceso de consolidaci\u00f3n, las transacciones y saldos mantenidos entre sociedades dependientes y los beneficios o p\u00e9rdidas no realizados han sido eliminados. Las participaciones no dominantes se reconocen en el momento inicial por un importe equivalente a su participaci\u00f3n proporcional de los activos netos identificables reconocidos a la fecha de la toma de control. Las participaciones no dominantes en el patrimonio y en los resultados de las sociedades dependientes integradas globalmente se presentan bajo la denominaci\u00f3n de \u201cIntereses minoritarios\u201d, dentro del cap\u00edtulo \u201cPatrimonio Neto\u201d del Estado de Situaci\u00f3n Financiera consolidado, y del cap\u00edtulo \u201cResultado atribuido a intereses minoritarios\u201d del Estado de Resultado consolidado. Los cambios en la participaci\u00f3n de una sociedad dependiente que no dan lugar a una p\u00e9rdida de control, se contabilizan  como transacciones  de  patrimonio,  es decir, que cualquier resultado obtenido  se reconoce directamente en el patrimonio. Cuando se produce la p\u00e9rdida de control de una empresa del Grupo, tiene lugar la baja de sus activos y pasivos,  as\u00ed  como de otros componentes  de patrimonio y  de cualquier participaci\u00f3n  no  dominante  que pudiera existir. Las plusval\u00edas o minusval\u00edas resultantes se reconocen en el Estado de Resultado consolidado. Las participaciones que se mantengan en las filiales sobre las que se hubiera perdido el control se valoran por su valor razonable en la fecha en la que esta circunstancia hubiera tenido lugar, siendo \u00e9ste el valor de coste a efectos de su valoraci\u00f3n posterior. 3.18 Transacciones con partes vinculadas  El Grupo realiza todas sus operaciones con partes vinculadas a valores de mercado.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-589": {
   "value": "Sociedades dependientes  Se  consideran  sociedades  dependientes  aquellas  sobre  las  que  ENCE,  directa  o  indirectamente,  ejerce  control. Dicho control se manifiesta, en general aunque no \u00fanicamente, por la propiedad, directa o indirecta,  de al menos el 50% o m\u00e1s de los derechos pol\u00edticos de las entidades participadas. El Grupo ENCE considera  que mantiene el control en una sociedad cuando posee derechos sustantivos en vigor que le proporcionan  la capacidad de dirigir las actividades relevantes y est\u00e1 expuesto, o tiene derecho, a rendimientos variables  procedentes de su implicaci\u00f3n en la sociedad y tiene la capacidad de influir en esos rendimientos a trav\u00e9s  de su poder sobre esta. Estas sociedades se han consolidado por el m\u00e9todo de \u201cIntegraci\u00f3n Global\u201d . Los ingresos, gastos y flujos de efectivo de las entidades dependientes se incluyen en las cuentas anuales consolidadas desde la fecha de adquisici\u00f3n, que es aquella, en la que el Grupo obtiene efectivamente el control de las mismas. Las entidades dependientes se excluyen de la consolidaci\u00f3n desde la fecha en la que se pierde el control sobre ellas. En el proceso de consolidaci\u00f3n, las transacciones y saldos mantenidos entre sociedades dependientes y los beneficios o p\u00e9rdidas no realizados han sido eliminados. Las participaciones no dominantes se reconocen en el momento inicial por un importe equivalente a su participaci\u00f3n proporcional de los activos netos identificables reconocidos a la fecha de la toma de control. Las participaciones no dominantes en el patrimonio y en los resultados de las sociedades dependientes integradas globalmente se presentan bajo la denominaci\u00f3n de \u201cIntereses minoritarios\u201d, dentro del cap\u00edtulo \u201cPatrimonio Neto\u201d del Estado de Situaci\u00f3n Financiera consolidado, y del cap\u00edtulo \u201cResultado atribuido a intereses minoritarios\u201d del Estado de Resultado consolidado. Los cambios en la participaci\u00f3n de una sociedad dependiente que no dan lugar a una p\u00e9rdida de control, se contabilizan  como transacciones  de  patrimonio,  es decir, que cualquier resultado obtenido  se reconoce directamente en el patrimonio. Cuando se produce la p\u00e9rdida de control de una empresa del Grupo, tiene lugar la baja de sus activos y pasivos,  as\u00ed  como de otros componentes  de patrimonio y  de cualquier participaci\u00f3n  no  dominante  que pudiera existir. Las plusval\u00edas o minusval\u00edas resultantes se reconocen en el Estado de Resultado consolidado. Las participaciones que se mantengan en las filiales sobre las que se hubiera perdido el control se valoran por su valor razonable en la fecha en la que esta circunstancia hubiera tenido lugar, siendo \u00e9ste el valor de coste a efectos de su valoraci\u00f3n posterior. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-4": {
   "value": "Inversiones registradas por el m\u00e9todo de la participaci\u00f3n  Las inversiones registradas por el m\u00e9todo de la participaci\u00f3n incluyen las inversiones en empresas asociadas,  as\u00ed como en negocios conjuntos. Se consideran asociadas aquellas sociedades sobre las que ENCE, directa o indirectamente, ejerce influencia significativa. La influencia significativa es el poder de intervenir en las decisiones de pol\u00edtica financiera y de  explotaci\u00f3n de una entidad, sin que suponga la existencia de control o de control conjunto sobre la misma.  Generalmente viene acompa\u00f1ado por una participaci\u00f3n de entre un 20% y un 50% de los derechos de voto de la entidad.  Las inversiones en entidades asociadas y las inversiones en negocios conjuntos se registran por el m\u00e9todo  de la participaci\u00f3n desde la fecha en la que se ejerce influencia significativa, o bien, el control conjunto. En  este sentido, estas inversiones se reconocen inicialmente por su coste de adquisici\u00f3n. El exceso entre el coste de la inversi\u00f3n y el porcentaje correspondiente al Grupo en los valores razonables  de los activos netos identificables se registra como fondo de comercio, que se incluye en el valor contable  de la inversi\u00f3n. El defecto, una vez evaluados los importes del coste de la inversi\u00f3n y la identificaci\u00f3n y  valoraci\u00f3n  de  los  activos  netos  de  la  asociada,  se  registra  como  un  ingreso  en  la  determinaci\u00f3n  de  la  participaci\u00f3n del inversor en los resultados de la asociada del ejercicio en que se ha adquirido. La participaci\u00f3n del Grupo en los beneficios o p\u00e9rdidas de las entidades asociadas obtenidas desde la fecha  de adquisici\u00f3n se registra como un aumento o disminuci\u00f3n del valor de las inversiones con abono o cargo al  ep\u00edgrafe \"Resultado de sociedades integradas por el m\u00e9todo de la participaci\u00f3n\" del Estado de Resultado  consolidado. Las distribuciones de dividendos se registran como minoraciones del valor de las inversiones. Asimismo, se ajusta el valor de la inversi\u00f3n para reflejar la proporci\u00f3n de aquellos cambios en el patrimonio neto de estas sociedades que no se han reconocido en sus resultados.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-517": {
   "value": "2.5  Cambios en estimaciones y pol\u00edticas contables y correcci\u00f3n de  errores fundamentales  El efecto de cualquier cambio  en las estimaciones contables se  registra prospectivamente,  en el mismo  apartado del Estado de Resultado  consolidado en que se encuentra registrado el gasto o ingreso con la  estimaci\u00f3n anterior.  Por su parte, los cambios en pol\u00edticas  contables  y correcci\u00f3n de errores  fundamentales se registran del  siguiente modo siempre que su impacto sea significativo; el efecto acumulado al inicio del ejercicio se ajusta  en el ep\u00edgrafe de reservas y el efecto del propio ejercicio se registra en el Estado de Resultado consolidado  del ejercicio. En estos casos se re-expresan los datos financieros del ejercicio comparativo presentado junto  al ejercicio en curso. Al 31 de diciembre de 2022 y 2021 no se han producido cambios significativos en pol\u00edticas contables, excepto  por los efectos de lo indicado en la nota 2.6 siguiente, ni ha sido necesario efectuar correcciones de errores.  Norma  Contenido  Modificaciones de normas-  Modificaci\u00f3n a la NIIF 3 Referencia al Marco  Conceptual (publicada en mayo de 2020) Se actualiza la NIIF 3 para alinear las definiciones de activo y pasivo en una combinaci\u00f3n de negocios con  las contenidas en el marco conceptual. Modificaci\u00f3n a la NIC 16 Ingresos obtenidos antes  del uso previsto (publicada en mayo de 2020)  La  modificaci\u00f3n  proh\u00edbe  deducir  del  coste  de  un  inmovilizado material cualquier ingreso obtenido de la  venta de los art\u00edculos producidos mientras la entidad  est\u00e1 preparando el activo para su uso previsto.  Modificaci\u00f3n a la NIC 37 Contratos onerosos \u2013 Coste de cumplir un contrato (publicada en mayo  de 2020)  La modificaci\u00f3n explica que el coste directo de cumplir  un contrato comprende los costes  incrementales de cumplir ese contrato y una asignaci\u00f3n de otros costes  que se relacionan directamente con el cumplimiento  del contrato.  Mejoras a las NIIF Ciclo 2018-2020 (publicada en  mayo de 2020)  Modificaciones menores a la NIIF 1, NIIF 9, NIIF 16 y  NIC 41.  Estas  normas  no han tenido un  impacto  significativo  sobre  estas cuentas anuales  consolidadas. En este  sentido, la modificaci\u00f3n de NIC-16 relativa a los ingresos obtenidos en el periodo de pruebas, modifica una  pol\u00edtica contable del Grupo, si bien, no hay en 2022 ni en 2021 ingresos que cumplan estos requisitos y, por  tanto, se hayan deducido del coste de la inversi\u00f3n. 2.7  Normas e interpretaciones emitidas no vigentes  A  la  fecha  de  formulaci\u00f3n  de  estas  cuentas  anuales  consolidadas,  las  normas  e  interpretaciones  m\u00e1s  significativas que hab\u00edan sido publicadas por el IASB, pero no hab\u00edan entrado a\u00fan en vigor, bien porque no  han sido a\u00fan adoptadas por la Uni\u00f3n Europea, o bien, porque su fecha de efectividad es posterior a la fecha  de formulaci\u00f3n, son:  Norma  Contenido  Partir de  Modificaciones de normas -  Modificaci\u00f3n a la NIC 1 Desglose  de pol\u00edticas contables (publicada  en febrero de 2021) Modificaciones  que  permiten  a  las  entidades  identificar  adecuadamente  la  informaci\u00f3n  sobre  pol\u00edticas  contables  materiales  que  debe  ser  desglosada  en  los  estados  financieros. 1 de enero de 202 3 Modificaci\u00f3n a la NIC 8 Definici\u00f3n  de estimaci\u00f3n contable (publicada  en febrero de 2021) Modificaciones  y  aclaraciones  sobre  qu\u00e9  debe  entenderse  como un cambio de una estimaci\u00f3n contable. 1 de enero de 202 3 Modificaci\u00f3n a la NIC 12 Impuestos diferidos derivados de activos y  pasivos que resultan de una \u00fanica  transacci\u00f3n (publicada en mayo de  2021)  Modificaci\u00f3n a la NIIF 17 Contratos de Seguros \u2013 Aplicaci\u00f3n inicial de la  NIIF 17 y NIIF 9. Informaci\u00f3n  comparativa (publicada en  diciembre de 2021) Nuevas normas \u2013 NIIF 17 Contratos de seguros  Clarificaciones  sobre  c\u00f3mo  las  entidades  deben  registrar  el  impuesto  diferido  que  se  genera  en  operaciones  como  arrendamientos y obligaciones por desmantelamiento. Modificaci\u00f3n de los requisitos de transici\u00f3n de la NIIF 17 para  las aseguradoras que aplican la NIIF 17 y la NIIF 9 por primera  vez al mismo tiempo. Reemplaza  la  NIIF  4  y  recoge  los  principios  de  registro,  valoraci\u00f3n,  presentaci\u00f3n  y  desglose  de  los  contratos  de  seguros  con  el  objetivo  de  que  la  entidad  proporcione  informaci\u00f3n relevante y fiable que permita a los usuarios de  la  informaci\u00f3n  financiera  determinar  el  efecto  que  los  contratos de seguros tienen en los estados financieros. 1 de enero de 202 3  1 de enero de 202 3 1 de enero de 202 3 El Grupo est\u00e1 llevando a cabo un an\u00e1lisis del impacto que estas nuevas normas puedan tener sobre estas  cuentas anuales consolidadas en caso de ser adoptadas, si bien, no se esperan impactos significativos de su  aplicaci\u00f3n.  Aplicaci\u00f3n a ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-513": {
   "value": "Al 31 de diciembre de 2022 y 2021 no se han producido cambios significativos en pol\u00edticas contables, excepto por los efectos de lo indicado en la nota 2.6 siguiente, ni ha sido necesario efectuar correcciones de errores.  14 www.ence.es  Informe financiero 2022 Ence Energ\u00eda y Celulosa, S.A. y sociedades dependientes Norma  Contenido  Modificaciones de normas-  Modificaci\u00f3n a la NIIF 3 Referencia al Marco  Conceptual (publicada en mayo de 2020) Se actualiza la NIIF 3 para alinear las definiciones de activo y pasivo en una combinaci\u00f3n de negocios con  las contenidas en el marco conceptual. Modificaci\u00f3n a la NIC 16 Ingresos obtenidos antes  del uso previsto (publicada en mayo de 2020)   La  modificaci\u00f3n  proh\u00edbe  deducir  del  coste  de  un  inmovilizado material cualquier ingreso obtenido de la  venta de los art\u00edculos producidos mientras la entidad  est\u00e1 preparando el activo para su uso previsto.   Modificaci\u00f3n a la NIC 37 Contratos onerosos \u2013 Coste de cumplir un contrato (publicada en mayo  de 2020)   La modificaci\u00f3n explica que el coste directo de cumplir  un contrato comprende los costes  incrementales de cumplir ese contrato y una asignaci\u00f3n de otros costes  que se relacionan directamente con el cumplimiento  del contrato.   Mejoras a las NIIF Ciclo 2018-2020 (publicada en  mayo de 2020)  Modificaciones menores a la NIIF 1, NIIF 9, NIIF 16 y  NIC 41.   Estas  normas  no han tenido un  impacto  significativo  sobre  estas cuentas anuales  consolidadas. En este  sentido, la modificaci\u00f3n de NIC-16 relativa a los ingresos obtenidos en el periodo de pruebas, modifica una  pol\u00edtica contable del Grupo, si bien, no hay en 2022 ni en 2021 ingresos que cumplan estos requisitos y, por  tanto, se hayan deducido del coste de la inversi\u00f3n. 2.7  Normas e interpretaciones emitidas no vigentes  A  la  fecha  de  formulaci\u00f3n  de  estas  cuentas  anuales  consolidadas,  las  normas  e  interpretaciones  m\u00e1s  significativas que hab\u00edan sido publicadas por el IASB, pero no hab\u00edan entrado a\u00fan en vigor, bien porque no  han sido a\u00fan adoptadas por la Uni\u00f3n Europea, o bien, porque su fecha de efectividad es posterior a la fecha  de formulaci\u00f3n, son:     Norma  Contenido  Partir de  Modificaciones de normas -  Modificaci\u00f3n a la NIC 1 Desglose  de pol\u00edticas contables (publicada  en febrero de 2021) Modificaciones  que  permiten  a  las  entidades  identificar  adecuadamente  la  informaci\u00f3n  sobre  pol\u00edticas  contables  materiales  que  debe  ser  desglosada  en  los  estados  financieros. 1 de enero de 202 3 Modificaci\u00f3n a la NIC 8 Definici\u00f3n  de estimaci\u00f3n contable (publicada  en febrero de 2021) Modificaciones  y  aclaraciones  sobre  qu\u00e9  debe  entenderse  como un cambio de una estimaci\u00f3n contable. 1 de enero de 202 3 Modificaci\u00f3n a la NIC 12 Impuestos diferidos derivados de activos y  pasivos que resultan de una \u00fanica  transacci\u00f3n (publicada en mayo de  2021)  Modificaci\u00f3n a la NIIF 17 Contratos de Seguros \u2013 Aplicaci\u00f3n inicial de la  NIIF 17 y NIIF 9. Informaci\u00f3n  comparativa (publicada en  diciembre de 2021) Nuevas normas \u2013 NIIF 17 Contratos de seguros  Clarificaciones  sobre  c\u00f3mo  las  entidades  deben  registrar  el  impuesto  diferido  que  se  genera  en  operaciones  como  arrendamientos y obligaciones por desmantelamiento. Modificaci\u00f3n de los requisitos de transici\u00f3n de la NIIF 17 para  las aseguradoras que aplican la NIIF 17 y la NIIF 9 por primera  vez al mismo tiempo. Reemplaza  la  NIIF  4  y  recoge  los  principios  de  registro,  valoraci\u00f3n,  presentaci\u00f3n  y  desglose  de  los  contratos  de  seguros  con  el  objetivo  de  que  la  entidad  proporcione  informaci\u00f3n relevante y fiable que permita a los usuarios de  la  informaci\u00f3n  financiera  determinar  el  efecto  que  los  contratos de seguros tienen en los estados financieros. 1 de enero de 202 3  1 de enero de 202 3 1 de enero de 202 3 El Grupo est\u00e1 llevando a cabo un an\u00e1lisis del impacto que estas nuevas normas puedan tener sobre estas  cuentas anuales consolidadas en caso de ser adoptadas, si bien, no se esperan impactos significativos de su  aplicaci\u00f3n.  Aplicaci\u00f3n a  ",
   "dimensions": {
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    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-613": {
   "value": "2.6  Normas e interpretaciones efectivas en el presente per\u00edodo  Las pol\u00edticas contables utilizadas en la preparaci\u00f3n de estas Cuentas anuales consolidadas coinciden con las  utilizadas  en  el  ejercicio  anual  terminado  el 31  de  diciembre  de  2021,  excepto por  la  aplicaci\u00f3n de  las  siguientes normas emitidas por el IASB (International Accounting Standards Board) y adoptadas por la Uni\u00f3n  Europea para su aplicaci\u00f3n en Europa a partir del 1 de enero de 2022:  Norma Contenido Modificaciones de normas- Modificaci\u00f3n a la NIIF 3 Referencia al Marco Conceptual (publicada en mayo de 2020) Se actualiza la NIIF 3 para alinear las definiciones de activo y pasivo en una combinaci\u00f3n de negocios con las contenidas en el marco conceptual. Modificaci\u00f3n a la NIC 16 Ingresos obtenidos antes del uso previsto (publicada en mayo de 2020)  La  modificaci\u00f3n  proh\u00edbe  deducir  del  coste  de  un inmovilizado material cualquier ingreso obtenido de la venta de los art\u00edculos producidos mientras la entidad est\u00e1 preparando el activo para su uso previsto. Modificaci\u00f3n a la NIC 37 Contratos onerosos \u2013 Coste de cumplir un contrato (publicada en mayo de 2020) La modificaci\u00f3n explica que el coste directo de cumplir un contrato comprende los costes  incrementales de cumplir ese contrato y una asignaci\u00f3n de otros costes que se relacionan directamente con el cumplimiento del contrato. Mejoras a las NIIF Ciclo 2018-2020 (publicada en mayo de 2020) Modificaciones menores a la NIIF 1, NIIF 9, NIIF 16 y NIC 41. Estas  normas  no han tenido un  impacto  significativo  sobre  estas cuentas anuales  consolidadas. En este sentido, la modificaci\u00f3n de NIC-16 relativa a los ingresos obtenidos en el periodo de pruebas, modifica una pol\u00edtica contable del Grupo, si bien, no hay en 2022 ni en 2021 ingresos que cumplan estos requisitos y, por tanto, se hayan deducido del coste de la inversi\u00f3n. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-503": {
   "value": "Estas  normas  no han tenido un  impacto  significativo  sobre  estas cuentas anuales  consolidadas. En este  sentido, la modificaci\u00f3n de NIC-16 relativa a los ingresos obtenidos en el periodo de pruebas, modifica una  pol\u00edtica contable del Grupo, si bien, no hay en 2022 ni en 2021 ingresos que cumplan estos requisitos y, por  tanto, se hayan deducido del coste de la inversi\u00f3n. ",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfFinancialEffectOfDepartureFromIFRS",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-5": {
   "value": "Estas  normas  no han tenido un  impacto  significativo  sobre  estas cuentas anuales  consolidadas. En este  sentido, la modificaci\u00f3n de NIC-16 relativa a los ingresos obtenidos en el periodo de pruebas, modifica una  pol\u00edtica contable del Grupo, si bien, no hay en 2022 ni en 2021 ingresos que cumplan estos requisitos y, por  tanto, se hayan deducido del coste de la inversi\u00f3n. ",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfDepartureFromIFRS",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-614": {
   "value": "2.7  Normas e interpretaciones emitidas no vigentes  A  la  fecha  de  formulaci\u00f3n  de  estas  cuentas  anuales  consolidadas,  las  normas  e  interpretaciones  m\u00e1s  significativas que hab\u00edan sido publicadas por el IASB, pero no hab\u00edan entrado a\u00fan en vigor, bien porque no  han sido a\u00fan adoptadas por la Uni\u00f3n Europea, o bien, porque su fecha de efectividad es posterior a la fecha  de formulaci\u00f3n, son:  Aplicaci\u00f3n a Norma Contenido Partir de Modificaciones de normas - Modificaci\u00f3n a la NIC 1 Desglose de pol\u00edticas contables (publicada en febrero de 2021) Modificaciones  que  permiten  a  las  entidades  identificar adecuadamente  la  informaci\u00f3n  sobre  pol\u00edticas  contables materiales  que  debe  ser  desglosada  en  los  estados financieros. 1 de enero de 202 3 Modificaci\u00f3n a la NIC 8 Definici\u00f3n de estimaci\u00f3n contable (publicada en febrero de 2021) Modificaciones  y  aclaraciones  sobre  qu\u00e9  debe  entenderse como un cambio de una estimaci\u00f3n contable. 1 de enero de 202 3 Modificaci\u00f3n a la NIC 12 Impuestos diferidos derivados de activos y pasivos que resultan de una \u00fanica transacci\u00f3n (publicada en mayo de 2021)  Modificaci\u00f3n a la NIIF 17 Contratos de Seguros \u2013 Aplicaci\u00f3n inicial de la NIIF 17 y NIIF 9. Informaci\u00f3n comparativa (publicada en diciembre de 2021) Nuevas normas \u2013 NIIF 17 Contratos de seguros Clarificaciones  sobre  c\u00f3mo  las  entidades  deben  registrar  el impuesto  diferido  que  se  genera  en  operaciones  como arrendamientos y obligaciones por desmantelamiento. Modificaci\u00f3n de los requisitos de transici\u00f3n de la NIIF 17 para las aseguradoras que aplican la NIIF 17 y la NIIF 9 por primera vez al mismo tiempo. Reemplaza  la  NIIF  4  y  recoge  los  principios  de  registro, valoraci\u00f3n,  presentaci\u00f3n  y  desglose  de  los  contratos  de seguros  con  el  objetivo  de  que  la  entidad  proporcione informaci\u00f3n relevante y fiable que permita a los usuarios de la  informaci\u00f3n  financiera  determinar  el  efecto  que  los contratos de seguros tienen en los estados financieros. 1 de enero de 202 3 1 de enero de 202 3 1 de enero de 202 3 El Grupo est\u00e1 llevando a cabo un an\u00e1lisis del impacto que estas nuevas normas puedan tener sobre estas cuentas anuales consolidadas en caso de ser adoptadas, si bien, no se esperan impactos significativos de su aplicaci\u00f3n. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-615": {
   "value": "2.8  Conflicto Rusia-Ucrania  Con  fecha  24  de  febrero  de  2022 se  inici\u00f3  el conflicto  b\u00e9lico entre  Rusia  y  Ucrania.  Este conflicto  est\u00e1  afectando  de  forma  significativa  a  los  mercados  econ\u00f3micos y financieros  globales,  y a  sus  condiciones  macroecon\u00f3micas.  Uno  de  los  sectores  m\u00e1s afectados  es  el  sector  energ\u00e9tico,  con  un  incremento  muy  significativo en el precio del petr\u00f3leo y el gas que ha ocasionado a su vez elevados precios en el mercado  el\u00e9ctrico y mucha volatilidad.  En este escenario, ENCE est\u00e1 haciendo un seguimiento continuo del estado y evoluci\u00f3n de la situaci\u00f3n actual  generada por la crisis al objeto de gestionar los riesgos potenciales. La prioridad se ha centrado en limitar y  reducir el impacto del incremento de los precios de las materias primas y de la crisis energ\u00e9tica, incrementos que afectan a determinados insumos utilizados en el proceso productivo y fletes, as\u00ed como la adopci\u00f3n de  medidas de defensa y controles internos para la protecci\u00f3n de nuestras infraestructuras digitales. En el caso de la energ\u00eda el\u00e9ctrica, el Negocio Celulosa de ENCE es autosuficiente ya que la energ\u00eda el\u00e9ctrica generada  en nuestras biof\u00e1bricas es superior a la energ\u00eda consumida. Por su parte, el Negocio Energ\u00eda tambi\u00e9n es  excedentario energ\u00e9ticamente al ser su actividad la generaci\u00f3n de energ\u00eda el\u00e9ctrica de fuentes renovables.  Adicionalmente  se est\u00e1 llevando  a cabo un seguimiento  cercano de nuestros  principales  clientes con  el  objetivo de identificar su afecci\u00f3n por la crisis energ\u00e9tica y adoptar acciones comerciales alternativas en caso  de ser necesario. El Grupo no tiene contrapartes, ni por la parte de suministro ni por la de ventas, eventualmente afectadas por las sanciones, ni mantiene operaciones ni tiene formalizados contratos de suministro vinculados a Rusia.   En un escenario en constante evoluci\u00f3n, caracterizado tambi\u00e9n por una gran incertidumbre regulatoria y un  contexto  de  precios  elevados  y  vol\u00e1tiles,  ENCE  realiza  un  seguimiento  constante  de  las  variables  macroecon\u00f3micas y de negocio para disponer en tiempo real de la mejor estimaci\u00f3n de los potenciales  impactos en los flujos de efectivo futuro. Adicionalmente, la solidez financiera de ENCE y su escaso nivel de  endeudamiento act\u00faan como una medida mitigadora de los riesgos derivados de esta situaci\u00f3n. ",
   "dimensions": {
    "concept": "enceenergiaycelulosa:ConflictoRusia-Ucrania",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-557": {
   "value": "3.  Pol\u00edticas contables  Las principales pol\u00edticas contables utilizadas en la elaboraci\u00f3n de estas cuentas anuales, de conformidad con  lo establecido en las Normas Internacionales de Informaci\u00f3n Financiera e interpretaciones adoptadas por la  Uni\u00f3n Europea (NIIF-UE), se detallan a continuaci\u00f3n:  3.1  Combinaciones de negocio  Las combinaciones de negocios en las que el Grupo adquiere el control de uno o varios negocios se registran  por el m\u00e9todo de adquisici\u00f3n de acuerdo a lo dispuesto en la NIIF 3 Combinaciones de Negocio.  El m\u00e9todo de adquisici\u00f3n implica, con car\u00e1cter general, el registro, en la fecha en la que ENCE obtiene el  control  del  negocio  adquirido,  de  los  activos  adquiridos,  los  pasivos  asumidos,  los  instrumentos  de  patrimonio neto emitidos, y cualquier contraprestaci\u00f3n contingente que dependa de hechos futuros o del  cumplimiento de ciertas condiciones, por su valor razonable a dicha fecha, siempre y cuando este valor  pueda ser medido de forma fiable. Los costes relacionados con la adquisici\u00f3n se reconocen como gastos  cuando se incurre en ellos.  La diferencia positiva  existente entre la contraprestaci\u00f3n  transferida por la  participaci\u00f3n  adquirida, y el  importe neto de los activos adquiridos y pasivos asumidos, que incluye los pasivos contingentes, junto con  el valor razonable de la participaci\u00f3n que pudiera tenerse previamente en el negocio adquirido, se registra  en el ep\u00edgrafe \u201cFondo de comercio\u201d. Si dicha diferencia fuera negativa, se reconocer\u00eda directamente como  un mayor resultado del ejercicio.  Si la combinaci\u00f3n de negocios s\u00f3lo se puede determinar de forma provisional, los activos netos identificables  se  registran  inicialmente  por  sus  valores  provisionales,  reconociendo  los  ajustes  efectuados  durante  el  periodo de valoraci\u00f3n definitiva, que como m\u00e1ximo es de 1 a\u00f1o desde la fecha de adquisici\u00f3n, como si \u00e9stos se hubieran conocido en  la fecha de  adquisici\u00f3n, re-expresando, en su  caso, las cifras  comparativas del  ejercicio  anterior.  En  cualquier  caso,  los  ajustes  a  los  valores  provisionales  \u00fanicamente  incorporan  informaci\u00f3n relativa a los hechos y circunstancias que exist\u00edan en la fecha de adquisici\u00f3n y que, de haber sido conocidos, hubieran afectado a los importes reconocidos en dicha fecha. Transcurrido dicho periodo,  s\u00f3lo se realizan ajustes a la valoraci\u00f3n inicial como la correcci\u00f3n de un error. Los fondos de comercio s\u00f3lo se reconocen cuando han sido adquiridos a t\u00edtulo oneroso y no se amortizan.  En su lugar, son revisados anualmente mediante estudios para verificar que no exista deterioro del valor  asignado inicialmente, reconoci\u00e9ndose p\u00e9rdidas por el deterioro de valor si el valor recuperable es inferior  al valor asignado inicialmente. El valor recuperable se determina en base al valor actual de los flujos futuros  esperados de las unidades generadoras de efectivo a las que se asigna cada uno de los fondos de comercio,  descontados a una tasa que considera los riesgos espec\u00edficos de cada uno de los activos. Una vez reconocida  la  p\u00e9rdida  por  deterioro  de  un  fondo  de  comercio,  \u00e9sta  no  revierte  en  los  ejercicios  futuros.  Estas  valoraciones son realizadas de forma interna y se ofrecen detalles sobre la metodolog\u00eda de c\u00e1lculo aplicada  en la Nota 3.5.  Adicionalmente a lo indicado anteriormente, los fondos de comercio asociados a plantas de generaci\u00f3n de  energ\u00eda renovable se recuperan, de forma lineal, en los a\u00f1os de vida regulatoria restante de las plantas de  las que son titulares. En este sentido, el fondo de comercio se deteriora para recoger as\u00ed el efecto de la  reducci\u00f3n en la vida regulatoria restante de las plantas con el paso del tiempo.  El Grupo reconoce las participaciones no dominantes en una entidad adquirida por su participaci\u00f3n en los  activos netos identificables de la entidad. 3.2  Otros activos intangibles  Los  derechos  incluidos  en  este  ep\u00edgrafe  del  Estado  de  Situaci\u00f3n  Financiera, principalmente  aplicaciones  inform\u00e1ticas, gastos de desarrollo, y derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica, se registran inicialmente a su coste de adquisici\u00f3n o producci\u00f3n. Tras su reconocimiento inicial, se valoran al coste de adquisici\u00f3n,  deducidas la amortizaci\u00f3n acumulada y cualquier p\u00e9rdida por deterioro de valor (v\u00e9ase Nota 3.5).  Los activos intangibles del Grupo tienen la consideraci\u00f3n de intangibles con vida \u00fatil definida y se amortizan  siguiendo el m\u00e9todo lineal a lo largo de su vida \u00fatil estimada, considerando el periodo durante el cual se  prev\u00e9 que generar\u00e1n ingresos.  Gastos de I+D -  Los gastos de investigaci\u00f3n se reconocen como gasto en el ejercicio en el que incurre en ellos.  Por  su  parte,  los  gastos  de  desarrollo  se  reconocen  como  activo  cuando  su  coste  es  identificable  por  proyecto, y es probable que el proyecto vaya a tener \u00e9xito a nivel t\u00e9cnico y comercial. Los gastos que no  re\u00fanen estos requisitos se reconocen como un gasto en el ejercicio en que se incurren. Estos costes capitalizados se amortizan linealmente en 5 a\u00f1os, o bien en el plazo en que se prevea que  generar\u00e1n ingresos si este plazo es superior, con el l\u00edmite de 10 a\u00f1os. Aplicaciones inform\u00e1ticas-  El Grupo registra en esta cuenta los costes de adquisici\u00f3n de programas inform\u00e1ticos, as\u00ed como el coste de licencias con vigencia plurianual. Asimismo, se reconocen como activos intangibles los costes directamente relacionados con el desarrollo interno de programas inform\u00e1ticos, siempre que su coste sea claramente identificable por proyecto, y sea probable que vayan a generar beneficios econ\u00f3micos a futuro para el Grupo.  El resto de los costes internos y externos asociados al mantenimiento y desarrollo de software se imputan a  resultados en el ejercicio en que se incurren.  La amortizaci\u00f3n de las aplicaciones inform\u00e1ticas se realiza aplicando el m\u00e9todo lineal durante un per\u00edodo de  5 a\u00f1os, a contar desde la entrada en explotaci\u00f3n de cada programa. Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica-  Los derechos de generaci\u00f3n que permiten a una instalaci\u00f3n de generaci\u00f3n de energ\u00eda operar en el r\u00e9gimen retributivo especial regulado en el Real Decreto 413/2014, de 6 de junio, por el que se regula la actividad de  producci\u00f3n  de  energ\u00eda  el\u00e9ctrica  a  partir  de  fuentes  de  energ\u00eda  renovable,  cogeneraci\u00f3n  y  residuos,  adquiridos a terceros, se registran por su coste de adquisici\u00f3n, o bien, por el coste incurrido en su obtenci\u00f3n,  y se amortizan en los a\u00f1os de vida \u00fatil regulatoria de las instalaciones de generaci\u00f3n de energ\u00eda renovable  en las que se utilizan. 3.3  Propiedad, planta y equipo  Estos activos se valoran al precio de adquisici\u00f3n o coste de producci\u00f3n, deducidas las amortizaciones y los  deterioros de valor, si los hubiera (v\u00e9ase Nota 3.5). El coste de adquisici\u00f3n incluye, en su caso, los siguientes  conceptos:  \u2022  Los intereses devengados durante el periodo de construcci\u00f3n, siempre que este per\u00edodo sea superior a  1 a\u00f1o,  y  relativos  a  la  financiaci\u00f3n  atribuible  al  activo  productivo.  La  tasa  de  inter\u00e9s  utilizada  es  la  correspondiente a la financiaci\u00f3n espec\u00edfica o, de no existir, la tasa media de financiaci\u00f3n del Grupo  (v\u00e9ase Nota 29). \u2022  Los  trabajos  realizados  por  el  Grupo  para  su  propio  inmovilizado  material  se  registran  al  coste  acumulado que resulta de a\u00f1adir a los costes externos los costes internos, principalmente costes de  personal,  materiales  de  almac\u00e9n  y  otros  costes  operativos.  Durante  el  ejercicio  2022  el  importe  registrado por este concepto asciende a 250 miles \u20ac (747 miles \u20ac en 2021), y se registra dentro del  ep\u00edgrafe \u201cTrabajos realizados por el Grupo para su inmovilizado\u201d del Estado de Resultado consolidado.  \u2022  En caso de que el Grupo est\u00e9 obligado a desmantelar sus instalaciones y rehabilitar el lugar donde se asientan,  el  valor  estimado  de  dichos  costes  se  incorpora  al  valor  en  libros  del  activo  por  su  valor  presente,  con  abono  al  ep\u00edgrafe  \u201cProvisiones\u201d  del  Estado  de  Situaci\u00f3n  Financiera  consolidado.  Los  cambios posteriores en la evaluaci\u00f3n de las obligaciones por desmantelamiento se a\u00f1aden o deducen  del valor neto contable del activo correspondiente en el periodo en el que se producen.  A este respecto, \u00fanicamente se estima que se incurrir\u00e1 en este tipo de costes en relaci\u00f3n a la biof\u00e1brica  de  Pontevedra  asentada  en  terrenos  de  dominio  p\u00fablico  disponibles  a  trav\u00e9s  de  una  concesi\u00f3n  administrativa (V\u00e9ase Nota 7).  \u2022  Con anterioridad a la fecha de transici\u00f3n a la normativa contable internacional (1 de enero de 2004), el  Grupo ENCE actualiz\u00f3 el valor de sus terrenos registrados en el ep\u00edgrafe \u201cPropiedad, planta y equipo\u201d  del Estado de Situaci\u00f3n Financiera consolidado a su valor de mercado en ese momento (v\u00e9ase Nota 17),  habi\u00e9ndose  considerado  el  importe  de  dicha  actualizaci\u00f3n  como  parte  del  coste  de  los  activos  de  acuerdo con lo establecido por la NIIF 1.  Los  costes  de  ampliaci\u00f3n,  modernizaci\u00f3n  o  mejoras  que  representan  un  aumento  de  la  productividad,  capacidad, eficiencia o un alargamiento de la vida \u00fatil de los bienes se capitalizan como mayor coste de los  correspondientes activos. ENCE sigue el criterio de traspasar la obra en curso al inmovilizado en explotaci\u00f3n  una vez finalizado el correspondiente periodo de prueba.  Por su parte, los gastos de conservaci\u00f3n y mantenimiento incurridos durante el ejercicio se cargan al Estado de Resultado consolidado.  Las sustituciones de elementos del inmovilizado material susceptibles de capitalizaci\u00f3n suponen la baja del valor  contable  de  los  elementos  sustituidos.  En  aquellos  casos  en  los  que  el  coste  de  los  elementos sustituidos no haya sido amortizado de forma independiente y no fuese practicable determinar el valor contable de los mismos, se utiliza el coste de la sustituci\u00f3n como indicativo del coste de los elementos en el momento de su adquisici\u00f3n o construcci\u00f3n. Po su parte, el beneficio o la p\u00e9rdida que se produce en la enajenaci\u00f3n de los elementos sustituidos se determina por diferencia en entre el importe percibido por la venta y el valor en libros del activo enajenado. Amortizaciones y deterioros Durante  el  ejercicio  2022  el  Grupo  amortiza  su  inmovilizado  material  siguiendo  el  m\u00e9todo  lineal, distribuyendo el coste de los activos entre los a\u00f1os de vida \u00fatil estimada, de acuerdo con el siguiente detalle: El Grupo revisa peri\u00f3dicamente el valor residual, la vida \u00fatil y el m\u00e9todo de amortizaci\u00f3n del inmovilizado material. Las modificaciones en los criterios inicialmente establecidos se reconocen como un  cambio de estimaci\u00f3n. El Grupo reestim\u00f3 en 2021 la vida \u00fatil de los activos productivos del negocio Celulosa, como consecuencia de las inversiones realizadas y los aumentos de capacidad de producci\u00f3n realizadas, por el personal t\u00e9cnico de ENCE que ha sido asistido por un experto independiente. Como resultado de dicha revisi\u00f3n la vida \u00fatil estimada del ep\u00edgrafe \u201cInstalaciones t\u00e9cnicas \u2013 otras instalaciones\u201d se sit\u00faa en el rango 12-20 a\u00f1os y la correspondiente al ep\u00edgrafe \u201cMaquinaria\u201d si sit\u00faa en el rango 8-20 a\u00f1os (v\u00e9ase Nota 4).  Asimismo, el Grupo ha restimado, con efectos desde el 1 de enero de 2023, el per\u00edodo durante el cual se espera razonablemente consumir los beneficios econ\u00f3micos inherentes a las instalaciones de generaci\u00f3n de energ\u00eda con biomasa de Ja\u00e9n 16 MW, Ciudad Real 16 MW y Huelva 41 MW (v\u00e9ase Nota 20). Como resultado de dicha restimaci\u00f3n, se estima que su vida \u00fatil econ\u00f3mica se terminar\u00e1 en 2023-2024. Los  terrenos  se  registran  de  forma  independiente  de  los  edificios  o  instalaciones  que  puedan  estar asentadas sobre los mismos y se entiende que tienen una vida \u00fatil indefinida y, por tanto, no son objeto de amortizaci\u00f3n. Con  car\u00e1cter  general,  las  inversiones  en  edificaciones  construidas  en  terrenos  cedidos  en  r\u00e9gimen concesional se registran en la cuenta \u201cConstrucciones\u201d. Dicho coste, junto con el del resto de instalaciones fijas ubicadas en los terrenos concesionados se amortiza en funci\u00f3n de su vida \u00fatil, estableci\u00e9ndose como l\u00edmite el periodo restante de vigencia de la concesi\u00f3n. Id\u00e9ntico tratamiento se aplica a las inversiones en las Porcentaje A\u00f1os de Vida Porcentaje A\u00f1os de Vida Amortizaci\u00f3n \u00datil Estimada Amortizaci\u00f3n \u00datil Estimada Construcciones 2%-3% 33-50 2%-3% 33-50 Instalaciones t\u00e9cnicas Plantas de generaci\u00f3n con biomasa 4% 25 4% 25 Otras instalaciones 5%-8,3%  12-20 5%-8,3%  12-20 Maquinaria 5%-12,5% 8-20 5%-12,5% 8-20 Utillaje y mobiliario 8,3%-12,5% 8-12 8,3%-12,5% 8-12 Equipos procesos de informaci\u00f3n 20% 5 20% 5 Elementos transporte 10% 10 10% 10 Otro inmovilizado material 10% 10 10% 10 A\u00f1o 2021 A\u00f1o 2022 instalaciones de generaci\u00f3n de energ\u00eda el\u00e9ctrica, siendo el l\u00edmite establecido la vida \u00fatil regulatoria si no se  espera obtener beneficios econ\u00f3micos m\u00e1s all\u00e1 de dicho periodo.  Las sociedades del Grupo eval\u00faan peri\u00f3dicamente, y al menos al cierre de cada ejercicio, si existen indicios  de deterioro de alg\u00fan activo o conjunto de activos del inmovilizado con objeto de proceder en su caso, tal  como se indica en el apartado 3.5 de la presente nota, al deterioro o reversi\u00f3n del mismo para ajustar su  valor neto contable a su valor recuperable,  sin  superar  en  ning\u00fan  caso  las  reversiones a los deterioros  previos  realizados.  Los  deterioros  de  valor  se  reconocen,  con  cargo  al  ep\u00edgrafe  \u201cDeterioros  de  valor  y  resultados por enajenaci\u00f3n de inmovilizado\u201d. 3.4  Activos biol\u00f3gicos  El Grupo cultiva diversas especies forestales, principalmente eucaliptos de las especies Globulus y Nitens,  utilizadas como materia prima en los procesos productivos de ENCE, o bien, para su venta a terceros. En este  sentido, se consideran activos biol\u00f3gicos los vuelos forestales. Los suelos forestales se valoran de acuerdo  con la NIC 16 \u201cPropiedad, planta y equipo\u201d y se registran en dicho ep\u00edgrafe del Estado de Situaci\u00f3n Financiera  consolidado (v\u00e9ase Nota 3.3). El Grupo valora sus activos biol\u00f3gicos a su coste de adquisici\u00f3n o producci\u00f3n, deducidos el agotamiento  forestal as\u00ed como, en su caso, las p\u00e9rdidas por deterioro de valor.  La inversi\u00f3n en el patrimonio forestal se valora imputando todos los costes directamente incurridos en la  adquisici\u00f3n y desarrollo de \u00e9ste; alquileres, limpieza y preparaci\u00f3n de terrenos, plantaciones, fertilizaciones,  cuidado y conservaci\u00f3n, etc. Asimismo, al tratarse de activos que necesitan m\u00e1s de 1 a\u00f1o para estar en  condiciones de uso, se incorporan como mayor valor del activo los gastos financieros devengados hasta el  momento  de  la  corta,  por  la  parte  de  la  inversi\u00f3n  que  se  considera  financiada  con  recursos  ajenos (actualmente poco representativa). La tasa de inter\u00e9s utilizada es la tasa media de financiaci\u00f3n del Grupo  (v\u00e9ase Nota 29).  El tiempo que transcurre desde que se lleva a cabo la plantaci\u00f3n de un eucaliptal en la pen\u00ednsula ib\u00e9rica  hasta que econ\u00f3micamente es recomendable su destoconado y posterior replantaci\u00f3n es variable en funci\u00f3n  de la especie. As\u00ed, en la especie Globulus, este per\u00edodo es de aproximadamente 35-40 a\u00f1os ya que el \u00e1rbol rebrota tras su corta de forma eficiente al menos 2 veces tras su aprovechamiento. En este sentido, los  costes incurridos en el desarrollo de los activos biol\u00f3gicos se agrupan en dos categor\u00edas; costes de ciclo,  categor\u00eda  que  incluye  los  costes  incurridos,  principalmente  asociados  al  proceso  de  plantaci\u00f3n  y  que  contribuir\u00e1n al desarrollo del activo biol\u00f3gico durante el ciclo completo de 35-40 a\u00f1os, y costes de turno que  son aquellos que contribuyen al desarrollo de los activos biol\u00f3gicos en el turno en que se encuentran hasta  el momento del aprovechamiento-corta. Por su parte, en la especie Nitens los periodos de turno y ciclo  coinciden en el rango  de 11-15 a\u00f1os, al no producirse un rebrote eficiente, por lo que todos los  costes  considerados en su desarrollo son considerados costes de turno.  En el momento de la recolecci\u00f3n del vuelo forestal se reduce el valor del activo a trav\u00e9s de la cuenta \u201cActivos  biol\u00f3gicos \u2013 agotamiento de la reserva forestal\u201d y se reconoce un gasto en el ep\u00edgrafe \u201cAgotamiento de la  reserva forestal\u201d del Estado de Resultado consolidado por el coste incurrido en su producci\u00f3n. La cuant\u00eda de dicha reducci\u00f3n se corresponde con el 100% de los costes de turno incurridos, as\u00ed como la parte proporcional  de los costes de ciclo estimada considerando el n\u00famero de turnos previstos en el ciclo. Asimismo, cuando el  vuelo  forestal  llega  al  final  de  su  ciclo  productivo  se  da  de  baja  \u00edntegramente  el  valor  del  activo  y  su  agotamiento forestal acumulado. No existe un mercado activo del Eucalipto en Espa\u00f1a, y las caracter\u00edsticas de las transacciones que se llevan  a  cabo  no  han  permitido  hasta  la  fecha  identificar  referencias  de  precio  de  mercado  v\u00e1lidas  para  su  extrapolaci\u00f3n al patrimonio forestal de ENCE. Por otra parte, la aplicaci\u00f3n de los m\u00e9todos alternativos que  plantea  NIIF  13  para  determinar  el  valor  razonable,  no  ha  permitido  cuantificar  con  fiabilidad  el  valor  razonable de los activos biol\u00f3gicos, debido entre otros factores, a las asunciones y estimaciones que se  deben llevar a cabo y al impacto que las mismas tienen en los resultados de la cuantificaci\u00f3n. Por todo ello, el Grupo no valora sus activos biol\u00f3gicos a valor razonable.  ENCE ha desarrollado un modelo de valoraci\u00f3n de su patrimonio forestal a partir del descuento de los flujos  futuros previstos, que no se ha considerado lo suficientemente fiable para ser utilizado en la valoraci\u00f3n a  valor razonable de los activos biol\u00f3gicos, si bien, su utilizaci\u00f3n consistente en el tiempo s\u00ed permite identificar  rangos de valor y tendencias que se tienen en consideraci\u00f3n al evaluar la existencia de posibles deterioros  de valor en los activos biol\u00f3gicos.  El  valor  en  libros  de  los  activos  biol\u00f3gicos  recogido  en  las  cuentas  anuales  consolidadas  de  ENCE correspondientes al ejercicio 2022 no difiere de forma significativa del valor razonable que resultar\u00eda del  ejercicio de valoraci\u00f3n realizado a partir del descuento de flujos futuros previstos, siguiendo la metodolog\u00eda  descrita en la Nota 3.5, y considerando precios de venta de la madera alineados con los precios actuales de  venta en el caso de madera que tiene como destino su venta a terceros, y con los precios de compra de las  plantas de producci\u00f3n de celulosa en el caso de madera del patrimonio forestal con ese destino. 3.5  Deterioro de valor de activos no financieros  El Grupo ENCE revisa, al menos a la fecha de cierre de cada ejercicio, el valor de sus activos no financieros,  entre los que se incluyen loa activos materiales, los activos por derecho de uso, el fondo de comercio junto a los otros activos intangibles y los activos biol\u00f3gicos, para determinar si existe alg\u00fan indicio de que dichos  activos hayan sufrido una p\u00e9rdida por deterioro, y por tanto el valor que se espera recuperar de su uso o  disposici\u00f3n es inferior a su valor en libros.  ENCE  utiliza  tanto  fuentes  de  informaci\u00f3n  internas  como  externas  para  evaluar  posibles  indicios  de  deterioro.  Entre  las  fuentes  externas  se  consideran  disminuciones  del  valor  de  mercado  considerando  transacciones comparables, la evoluci\u00f3n de los precios a  futuro de la celulosa y la energ\u00eda renovable, o  posibles cambios futuros adversos en el entorno legal, econ\u00f3mico o tecnol\u00f3gico que pudieran poner de  manifiesto una p\u00e9rdida del valor recuperable de sus activos. Por su parte, internamente se eval\u00faa si se ha producido un deterioro f\u00edsico u obsolescencia de los activos, o si el rendimiento del activo es peor de lo  esperado.  En  caso  de  existir  indicios  de  deterioro,  se  lleva  a  cabo  una  estimaci\u00f3n  del  importe  recuperable,  para  determinar, en su caso, el importe del deterioro. El importe recuperable es el mayor entre el valor razonable  minorado por el coste de su venta y el valor \u201cen uso\u201d. En el caso de los fondos de comercio ENCE realiza de  forma sistem\u00e1tica el an\u00e1lisis de recuperabilidad al menos anualmente. Los valores \u201cen uso\u201d se determinan para cada Unidad Generadora de Efectivo (UGE). El fondo de comercio  adquirido en una combinaci\u00f3n de negocios se distribuye entre cada una de las UGE que se benefician de las  sinergias de la combinaci\u00f3n de negocios. Para determinar el valor en uso de los activos sometidos a test de deterioro, se estima el valor actual de los  flujos netos de caja originados por cada UGE a los que se asocian los mismos, exceptuando aquellos flujos  relacionados  con pagos  o  cobros  de operaciones  de  financiaci\u00f3n y  los  pagos por el impuesto  sobre  los  beneficios, as\u00ed como aqu\u00e9llos que se deriven de mejoras o reformas futuras previstas para los activos de las  citadas unidades generadoras de efectivo. Una  UGE  puede  contener  un  activo  por  derecho  de  uso  y  un  pasivo  por  arrendamiento.  En  el  test  de  deterioro, el pasivo se recoge al determinar el importe recuperable de la UGE, si se determina que en caso  de disponer de la UGE, el comprador deber\u00eda asumir el pasivo por arrendamiento. En este sentido, si el valor  recuperable se determina usando el valor en uso, el valor del pasivo por arrendamiento minora el valor en  uso. Por su parte, si el valor recuperable se determina utilizando el valor razonable menos los costes de  venta, el valor recuperable se determina como el valor que se obtendr\u00eda por la disposici\u00f3n de los activos de  la UGE y los pasivos vinculados a los derechos de uso. El pasivo se descuenta utilizando la tasa de inter\u00e9s  impl\u00edcita del contrato de arrendamiento. Los flujos de caja estimados se obtienen de las proyecciones realizadas por la Direcci\u00f3n de cada una de las  UGE, que en general utilizan periodos de 3-5 a\u00f1os, excepto cuando las caracter\u00edsticas del negocio aconsejan  periodos superiores. Las tasas de crecimiento y las variaciones en precios y costes directos se basan en los  compromisos contractuales firmes, la informaci\u00f3n p\u00fablica disponible, as\u00ed como en las previsiones sectoriales  y la experiencia de ENCE. Adicionalmente, se realizan an\u00e1lisis de sensibilidad en relaci\u00f3n con los crecimientos  de ingresos, m\u00e1rgenes de  explotaci\u00f3n  y tasas de descuento, con el fin de prever el impacto de futuros  cambios en estas variables (v\u00e9ase Nota 14).  Para actualizar los flujos de efectivo se utiliza una tasa de descuento que incluye las evaluaciones actuales  del mercado sobre el valor temporal del dinero y los riesgos espec\u00edficos de cada UGE.  En el caso de las plantas de generaci\u00f3n de energ\u00eda renovable encuadradas en el Negocio Energ\u00eda, en las que  se puede prever con cierto grado de fiabilidad sus flujos tanto en la fase de construcci\u00f3n como de explotaci\u00f3n  (activos  con  producci\u00f3n  estable,  amplias  series  hist\u00f3ricas  en  la  informaci\u00f3n  de  mercado  y  costes  de  explotaci\u00f3n con poca volatilidad), se realiza una proyecci\u00f3n de los flujos de caja esperados hasta el final de  la vida \u00fatil regulatoria de cada planta, y el valor residual no es significativo. Por su parte, las proyecciones de  flujos de caja esperados en activos biol\u00f3gicos abarcan un ciclo productivo que puede alcanzar hasta 40 a\u00f1os  e igualmente no se considera valor residual.  Si se estima que el importe recuperable de un activo es inferior a su valor en libros, \u00e9ste \u00faltimo se reduce a  su  importe  recuperable  reconociendo  la  minoraci\u00f3n  de  valor  correspondiente  a  trav\u00e9s  del  ep\u00edgrafe  \u201cDeterioros de valor y resultados por enajenaci\u00f3n de inmovilizado\u201d del Estado de Resultado  consolidado.  Las p\u00e9rdidas por deterioro son reversibles, excepto las correspondientes a los fondos de comercio. Cuando una p\u00e9rdida de valor revierte posteriormente, el importe en libros de la UGE se incrementa a la  estimaci\u00f3n revisada de su importe recuperable, pero de tal modo que el importe en libros incrementado no  supere  el  importe  en  libros  que  se  habr\u00eda  determinado de  no  haberse  reconocido  ninguna  p\u00e9rdida  por  deterioro de valor para la UGE en ejercicios anteriores. 3.6  Arrendamientos  ENCE act\u00faa como arrendatario y concesionario de determinados activos, principalmente suelo industrial y  forestal, equipamiento industrial y veh\u00edculos.  Los arrendamientos se reconocen al inicio del arrendamiento, como un activo por el derecho de uso y el  correspondiente pasivo por el valor presente de las cuotas de arrendamiento pendientes de pago.  En  la  determinaci\u00f3n  del  plazo  de  arrendamiento,  se  considera  la  duraci\u00f3n  inicial  del  contrato  de  arrendamiento, as\u00ed como las pr\u00f3rrogas que se espera razonablemente que se van a producir y cuyo ejercicio  es discrecional para ENCE.   En  la  determinaci\u00f3n  del  pasivo  por  el  derecho  de  uso  se  considera  el  valor  presente  de  las  cuotas  de  arrendamiento pendientes de pago, menos cualquier incentivo recibido por el arrendamiento, m\u00e1s los pagos  variables que dependen de un \u00edndice o tasa, los importes que se espera pagar por garant\u00eda de valor residual,  el  precio  de  la  opci\u00f3n  de  compra  si  se  prev\u00e9  que  se  ejercitar\u00e1  y  los  pagos  por  indemnizaciones  por  cancelaci\u00f3n  de  contrato,  siempre  que  el  plazo  de  arrendamiento  refleje  el  ejercicio  de  la  opci\u00f3n  de  cancelaci\u00f3n. Las cuotas son actualizadas considerando la tasa incremental de endeudamiento estimada, que  es la que tendr\u00eda que pagar un arrendatario al inicio del arrendamiento por un pr\u00e9stamo similar en cuanto a  importe,  plazo  y  garant\u00edas.  El  Grupo  utiliza  diferentes  tasas  de  descuento  en  funci\u00f3n  de  los  plazos  de  arrendamiento, siendo las tasas aplicadas entre un 1,8% y un 7,4%. Tras el reconocimiento inicial, el Grupo valora el pasivo por arrendamiento increment\u00e1ndolo por el gasto  financiero  devengado,  disminuy\u00e9ndolo  por los  pagos realizados  y  reestimando  el  valor contable  por  las  modificaciones del arrendamiento o para reflejar las actualizaciones de los pagos fijos en sustancia. Por su parte, el activo por el derecho de uso se valora inicialmente al valor resultante de a\u00f1adir al valor del  pasivo por arrendamiento, los pagos de incentivos liquidados antes del inicio del arrendamiento, los costes  directos  incurridos  en  el  arrendamiento,  y  en  su  caso,  la  estimaci\u00f3n  de  los  costes  a  incurrir  en  el  desmantelamiento del activo (coste inicial), menos cualquier incentivo recibido. Posteriormente, se registra  al valor inicial, menos la amortizaci\u00f3n acumulada y cualquier p\u00e9rdida por deterioro de valor de acuerdo con  NIC-16- Propiedad, planta y equipo (v\u00e9anse Notas 3.2 y 3.5).  En la determinaci\u00f3n del gasto por amortizaci\u00f3n, los activos por derechos de uso se amortizar\u00e1n linealmente  en su vida \u00fatil estimada, o bien, en el plazo de arrendamiento, si este \u00faltimo es menor. Si se transfiere la  propiedad al arrendatario o es pr\u00e1cticamente cierto que el arrendatario ejercitar\u00e1 la opci\u00f3n de compra, se  amortizar\u00e1 durante la vida \u00fatil del activo. Los pagos asociados con arrendamientos a corto plazo (inferiores a 12 meses) y arrendamientos de activos  de  escaso  valor  se  reconocen  directamente  como  un  gasto  en  resultados  de  acuerdo  a  su  devengo.  Asimismo, las rentas contingentes sujetas a la ocurrencia de un evento espec\u00edfico y las cuotas variables que  dependen de los ingresos o del uso del activo subyacente, residuales en los contratos suscritos por ENCE, se  registran en el momento en el que se incurren, en el ep\u00edgrafe \u201cServicios exteriores-Arrendamientos\u201d del  Estado de Resultado consolidado en lugar de formar parte del pasivo del arrendamiento. El pasivo por arrendamiento se revaluar\u00e1 siempre que existan modificaciones posteriores al contrato que  alteren  el  plazo  del  arrendamiento  o  bien  el  alcance  del  contrato  (cambios  en  los  pagos  futuros  por  actualizaci\u00f3n  de  los  \u00edndices  indicados  en  el  contrato,  modificaciones  de  cuotas  futuras,  cambios  en  las  expectativas de ejercicio de la opci\u00f3n de compra, etc). En esta situaci\u00f3n, el Grupo registrar\u00e1 las restimaciones  del pasivo como un ajuste al activo por derecho de uso, hasta que \u00e9ste se reduce a cero, y posteriormente  en resultados.  Ocasionalmente  ENCE  subarrienda  maquinaria  forestal  previamente  arrendada.  En  estas  situaciones,  se  analiza  si  se  han  transferido  al  subarrendatario  los  riesgos  y  beneficios  asociados  al  activo  objeto  del  subarriendo. En esa situaci\u00f3n, se da de baja en cuentas el activo por derecho de uso y se reconoce un activo  financiero correspondiente a la inversi\u00f3n neta en el subarrendamiento. ENCE clasifica los activos por derecho de uso atendiendo a la naturaleza del activo arrendado, en el ep\u00edgrafe \u201cPropiedad,  planta  y  equipo\u201d  del  Estado  de  Situaci\u00f3n  Financiera  consolidado,  y  clasifica  el  pasivo  por  arrendamiento en el ep\u00edgrafe \u201cDeuda financiera \u2013 Otros pasivos financieros\u201d del pasivo a largo y corto plazo  del Estado de Situaci\u00f3n Financiera consolidado.  3.7  Activos y pasivos financieros  ENCE valora y clasifica sus instrumentos financieros de acuerdo con NIIF-9 Instrumentos Financieros. En este  sentido:  Activos financieros En el momento de reconocimiento inicial, ENCE valora un activo financiero a su valor razonable, valor que  incluye  los  costes  de  la  transacci\u00f3n  que  sean  directamente  atribuibles  a  la  adquisici\u00f3n  del  activo.  Excepcionalmente,  los  costes  de  transacci\u00f3n  correspondientes  a  activos  financieros  valorados  a  valor  razonable con cambios en resultados se imputan directamente a resultados. Con  posterioridad  a  su  reconocimiento  inicial,  ENCE  clasifica  sus  activos  financieros  en  las  siguientes  categor\u00edas; 1) a coste amortizado, 2) a valor razonable con cambios en resultados, o bien, 3) a valor razonable  con  cambios  en  otro  resultado  global.  La  clasificaci\u00f3n  depende  del  modelo  de  negocio  de  ENCE  para gestionar los activos financieros y los t\u00e9rminos contractuales de los flujos de efectivo:  i.  Coste amortizado usando el m\u00e9todo del tipo de inter\u00e9s efectivo: se clasifican en esta categor\u00eda los activos que se mantienen para el cobro de flujos de efectivo previstos en el contrato, y esos flujos de  efectivo representan s\u00f3lo cobros de principal e intereses.  Una ganancia o p\u00e9rdida en una inversi\u00f3n que se valore a coste amortizado y no sea parte de una relaci\u00f3n  de cobertura se reconoce en el resultado del ejercicio cuando el activo se da de baja o se deteriora. Los  ingresos por intereses de estos activos financieros se reconocen como ingresos financieros en el Estado  de Resultado consolidado de acuerdo a su devengo, aplicando el m\u00e9todo del tipo de inter\u00e9s efectivo. En  esta  categor\u00eda  se  incluyen  \u201cDeudores  comerciales  y  otras  cuentas  a  cobrar\u201d,  \u201cOtras  inversiones  financieras\u201d, \u201cy \u201cEfectivo y otros activos l\u00edquidos equivalentes\u201d, principalmente. El ep\u00edgrafe \u201cEfectivo y otros  activos  l\u00edquidos  equivalentes\u201d  recoge  saldos  en  tesorer\u00eda  e  inversiones  a  corto  plazo  de  gran  liquidez que son f\u00e1cilmente convertibles en efectivo, con vencimientos originales de un m\u00e1ximo de tres  meses, y que est\u00e1n sujetos a un riesgo de cambio de valor poco significativo.  Las cuentas por cobrar a deudores comerciales propias del tr\u00e1fico habitual del Grupo se registran por su  valor nominal, dado que su vencimiento es en general inferior a doce meses, corregido por las p\u00e9rdidas  crediticias esperadas. En este cap\u00edtulo se ha seguido el modelo simplificado de p\u00e9rdida esperada basado  en la experiencia hist\u00f3rica de p\u00e9rdidas crediticias. ii.  Valor razonable con cambios en resultados: dentro de esta categor\u00eda se incluyen los derivados que no cumplen las condiciones para considerarse como de cobertura de acuerdo con NIIF 9 \u2013 Instrumentos  Financieros, los activos financieros que otras normas establezcan que deben valorarse a valor razonable  con cargo a resultados, tales como las contraprestaciones contingentes en combinaciones de negocios  y aquellos activos financieros que de valorarse de otra forma generar\u00edan una asimetr\u00eda contable.  Los cambios que se produzcan en su valor razonable se imputan cuando se producen en los ep\u00edgrafes  \u201cGastos  financieros\u201d,  \u201cIngresos  financieros\u201d  o  \u201cVariaci\u00f3n  en  el  valor  razonable  de  instrumentos financieros\u201d, seg\u00fan corresponda, del Estado de Resultado consolidado. Los costes de transacci\u00f3n directamente atribuibles a la compra o emisi\u00f3n de este tipo de activos se  reconocen como un gasto en el Estado de Resultado consolidado a medida que se incurre en ellos.  iii.  Activos financieros a valor razonable con cambios en otro resultado global: el Grupo no tiene activos clasificados en esta categor\u00eda.  En el caso de participaciones en sociedades no cotizadas, poco relevantes, dado que el valor razonable no siempre es posible determinarlo de forma fiable, se valoran por su coste de adquisici\u00f3n, corregido por las evidencias de deterioro que pudieran existir.  Durante los ejercicios 2022 y 2021 no se han producido reclasificaciones de activos financieros entre las categor\u00edas definidas en los p\u00e1rrafos previos. Las compras y ventas de activos financieros se contabilizan utilizando la fecha de negociaci\u00f3n.  Deterioros de valor- ENCE eval\u00faa sobre una base prospectiva las p\u00e9rdidas de cr\u00e9dito esperadas de sus activos valorados a coste amortizado. En este sentido, ENCE aplica el enfoque general de c\u00e1lculo de la p\u00e9rdida esperada a sus activos financieros a largo plazo, excepto los saldos comerciales y otras cuentas a cobrar sin componente financiero significativo para los que aplica un enfoque simplificado. Bajo el enfoque general, se consideran las p\u00e9rdidas crediticias esperadas en los pr\u00f3ximos doce meses, salvo que el riesgo de cr\u00e9dito se haya incrementado de forma significativa desde su reconocimiento inicial, en cuyo caso se considerar\u00e1n las p\u00e9rdidas esperadas durante la vida del activo. En la evaluaci\u00f3n de un cambio significativo en el riesgo de cr\u00e9dito se utilizan variaciones de la calificaci\u00f3n crediticia obtenida de fuentes de mercado externas. Bajo el enfoque simplificado, se consideran las p\u00e9rdidas crediticias esperadas durante la vida del activo. Este enfoque se basa en la experiencia hist\u00f3rica de p\u00e9rdidas, y exige que las p\u00e9rdidas esperadas de las cuentas a cobrar se reconozcan en el momento del reconocimiento del derecho de cr\u00e9dito. Para ello se ha adoptado una soluci\u00f3n que permite calcular la p\u00e9rdida crediticia esperada de forma colectiva utilizando una matriz de provisiones calculada en base a la experiencia de p\u00e9rdidas crediticias hist\u00f3rica ajustada por informaci\u00f3n prospectiva  disponible.  Esta  matriz  tiene  en  consideraci\u00f3n  la  calificaci\u00f3n  crediticia  otorgada  por  la aseguradora de cr\u00e9dito de ENCE, y el modelo incorpora como un umbral de m\u00e1s de 180 d\u00edas en mora para la consideraci\u00f3n de que se ha producido un impago definitivo. Estos criterios son aplicados en ausencia de otras evidencias objetivas de incumplimiento, como puedan ser las situaciones concursales, etc.  Las dotaciones y reversiones de las correcciones valorativas por deterioro de valor de saldos comerciales a cobrar se registran en el ep\u00edgrafe \u201cDeterioro de valor sobre activos financieros\u201d del Estado de Resultado consolidado. Registro de bajas - El Grupo reconoce la baja de los activos financieros cuando expiran o se han cedido los derechos sobre los flujos de efectivo del correspondiente activo financiero y se han transferido sustancialmente los riesgos y beneficios inherentes a su propiedad. La baja de un activo financiero implica el reconocimiento en el Estado de Resultado consolidado de la diferencia existente entre su valor contable y la suma de la contraprestaci\u00f3n recibida, neta de gastos de la transacci\u00f3n, incluy\u00e9ndose los activos obtenidos o pasivos asumidos y cualquier p\u00e9rdida o ganancia diferida en otro resultado global. En  este  sentido,  el  Grupo  en  funci\u00f3n  de  las  necesidades  coyunturales  de  tesorer\u00eda  realiza  cesiones  de cr\u00e9ditos de clientes a entidades financieras (factoring) y podr\u00e1 llevar a cabo titulizaciones de activos. En estas cesiones  de  derechos  de  cobro  se  transmiten  sustancialmente  los  riesgos  y  beneficios  inherentes  a  las cuentas a cobrar, as\u00ed como  el control sobre \u00e9stas, sin que existan pactos de recompra suscritos con las  entidades de cr\u00e9dito (cesiones sin recurso). Consecuentemente, de acuerdo con los criterios establecidos  por las NIIF, se dan de baja del Estado de Situaci\u00f3n Financiera consolidado los saldos a cobrar de deudores  vendidos en las condiciones indicadas.  Por el contrario, el Grupo no da de baja los activos financieros, y reconoce un pasivo financiero por un  importe igual a la contraprestaci\u00f3n recibida, en las cesiones de activos financieros en las que se retenga  sustancialmente los riesgos y beneficios inherentes a su propiedad.  Pasivos financieros  Son pasivos financieros aquellos d\u00e9bitos y partidas a pagar que tiene el Grupo y que se han originado en la  compra de bienes y servicios por operaciones de tr\u00e1fico de la empresa, o tambi\u00e9n aquellos que, sin tener un  origen comercial, no pueden ser considerados como instrumentos financieros derivados, principalmente,  deudas con entidades de cr\u00e9dito, bonos emitidos, etc. ENCE clasifica sus pasivos financieros en las siguientes categor\u00edas, con posterioridad a su reconocimiento inicial; 1) a coste amortizado, y 2) a valor razonable con cambios en resultados. En esta \u00faltima categor\u00eda se  recogen b\u00e1sicamente las contraprestaciones contingentes que se puedan originar en las combinaciones de  negocios, as\u00ed como los instrumentos financieros derivados que no son designados como instrumentos de  cobertura de acuerdo con NIIF 9 \u2013 Instrumentos Financieros.  ENCE da de baja un pasivo financiero o una parte del mismo cuando ha cumplido con la obligaci\u00f3n contenida  en el pasivo o bien est\u00e9 legalmente dispensado de la responsabilidad principal contenida en el pasivo.  Obligaciones, bonos y deudas con entidades de cr\u00e9dito-  Los pr\u00e9stamos, obligaciones y similares se registran inicialmente a valor razonable, valor que normalmente  coincide con el efectivo recibido, neto de los costes incurridos en la transacci\u00f3n. En periodos posteriores, la  totalidad de estas deudas se valora a su coste amortizado, utilizando el m\u00e9todo del tipo de inter\u00e9s efectivo.  Los gastos financieros as\u00ed como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el  Estado de Resultado consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo . En la emisi\u00f3n de bonos convertibles, ENCE analiza si se trata de una emisi\u00f3n de instrumentos financieros  compuestos, o por el contrario, se trata de la emisi\u00f3n de un pasivo. En la emisi\u00f3n de instrumentos financieros  compuestos con componentes de pasivo y patrimonio, el componente de patrimonio se determina por el  importe residual que se obtiene, despu\u00e9s de deducir del valor razonable del instrumento en su conjunto, el  importe del componente de pasivo. Por su parte, el componente de pasivo se determina estimando el valor  razonable  de  un  instrumento  similar  en  la  fecha  de  emisi\u00f3n,  que  no  lleve  asociado  el  componente  de  patrimonio.  Los  costes  de  transacci\u00f3n  relacionados  con  la  emisi\u00f3n  de  los  instrumentos  financieros  compuestos se distribuyen en funci\u00f3n del valor contable relativo de cada uno de los componentes en el  momento de la clasificaci\u00f3n.  Las operaciones de refinanciaci\u00f3n de deuda financiera se contabilizan como una cancelaci\u00f3n del pasivo  financiero original y el reconocimiento de un nuevo pasivo financiero, siempre que los instrumentos tengan  condiciones sustancialmente diferentes. Esto se produce cuando el valor actual de los flujos de efectivo  descontados bajo las nuevas condiciones, incluyendo cualquier comisi\u00f3n pagada neta de cualquier comisi\u00f3n  recibida, y utilizando para hacer el descuento el tipo de inter\u00e9s efectivo original, difiere al menos en un 10%  del valor actual descontado de los flujos de efectivo que todav\u00eda resten del pasivo financiero original. Por su  parte,  los  costes  de  estructuraci\u00f3n  pendientes  de  imputar  a  resultados  de  la  financiaci\u00f3n  cancelada  se  imputan \u00edntegramente a resultados en el momento de la cancelaci\u00f3n. Si la operaci\u00f3n de refinanciaci\u00f3n no cumple los criterios descritos para registrarse como una cancelaci\u00f3n del pasivo  financiero  original,  los  flujos  modificados  se  descuentan  al  tipo  de  inter\u00e9s  efectivo  original, reconociendo en resultados cualquier diferencia  con el valor  contable previo. Los gastos financieros, as\u00ed  como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el Estado de Resultado  consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo. La recompras de instrumentos de deuda implica que la deuda queda extinguida, incluso en el caso de que el  emisor intente revenderlo en un futuro inmediato. Acreedores comerciales y otras cuentas a pagar-  Los  acreedores  comerciales  y  otras  cuentas  a  pagar  derivados  de  operaciones  comerciales  son  pasivos  financieros que en su mayor parte presentan vencimiento a corto plazo y no devengan intereses. Estos saldos  se registran inicialmente a su valor razonable y posteriormente a su coste amortizado. El Grupo tiene contratadas con diversas entidades financieras operaciones de confirming para la gesti\u00f3n del pago a los proveedores. Los pasivos comerciales cuya liquidaci\u00f3n se encuentra gestionada por las entidades  financieras se muestran en la partida de \u201cacreedores comerciales y otras cuentas a pagar\u201d, y se clasifican en  el Estado de Flujos de Efectivo consolidado como flujos de explotaci\u00f3n, en la medida en que ENCE s\u00f3lo haya  cedido la gesti\u00f3n de pago a las entidades financieras, manteni\u00e9ndose como obligado primario al pago de las  deudas frente a los acreedores comerciales (confirming sin recurso). En caso de que el obligado primario sea una entidad financiera, estas cesiones se tratan como deudas con entidades de cr\u00e9dito. Instrumentos de Patrimonio  Un  instrumento  de  patrimonio  representa  una  participaci\u00f3n  residual  en  el  patrimonio  de  la  Sociedad Dominante, una vez deducidos todos sus pasivos.  Los instrumentos de capital emitidos por ENCE se registran en el patrimonio neto por el importe recibido,  neto de los gastos de emisi\u00f3n.  Las acciones propias que adquiere ENCE se registran a su coste de adquisici\u00f3n, y se presentan minorando el  patrimonio neto. Los resultados derivados de la compra, venta, emisi\u00f3n o amortizaci\u00f3n de los instrumentos  del patrimonio propio se reconocen directamente en patrimonio neto, sin que en ning\u00fan caso se registre  resultado alguno en el Estado de Resultado consolidado. La amortizaci\u00f3n de acciones de ENCE, da lugar a una reducci\u00f3n de capital por el importe del nominal de  dichas acciones y la diferencia positiva o negativa entre el precio de adquisici\u00f3n y el nominal de las acciones  se carga o abona a cuentas de reservas.  Los dividendos a cuenta del resultado del ejercicio, as\u00ed como los dividendos complementarios pagados por  ENCE minoran el Patrimonio Neto en el momento de su aprobaci\u00f3n. 3.8  Instrumentos financieros derivados  Las actividades del Grupo lo exponen principalmente a riesgos financieros y de mercado derivados de; 1) las  variaciones de los tipos de cambio d\u00f3lar/euro que afectan principalmente a sus ventas de celulosa al cotizar  el precio de la pasta de papel en el mercado internacional en d\u00f3lares, 2) las propias variaciones de tipo de  cambio por las ventas en divisa, 3) las variaciones en el precio de la celulosa, del fuel-oil, el gas y la energ\u00eda el\u00e9ctrica, y 4) la evoluci\u00f3n de los tipos de inter\u00e9s. Para cubrir estas exposiciones el Grupo  puede utilizar  instrumentos financieros derivados. No es pol\u00edtica de ENCE contratar instrumentos financieros derivados  con fines especulativos.  Estos  instrumentos  financieros  se  valoran  en  todo  momento  a  su  valor  razonable,  registr\u00e1ndose  las  variaciones en el ep\u00edgrafe \u201cInstrumentos financieros derivados\u201d del pasivo del Estado de Situaci\u00f3n Financiera  consolidado si son negativas, y como \u201cActivos financieros \u2013 Derivados de cobertura\u201d si son positivas.  Los beneficios o p\u00e9rdidas de dichas fluctuaciones se registran en el Estado de Resultado consolidado como  un resultado financiero, salvo que el derivado o una parte del mismo haya sido designado como instrumento  de cobertura y \u00e9sta sea altamente efectiva, en cuyo caso su registro es el siguiente:  1.  Coberturas de valor razonable: el elemento cubierto se valora por su valor razonable al igual que el instrumento de cobertura, registr\u00e1ndose las variaciones de valor de ambos en el Estado de Resultado  consolidado.  2.  Coberturas de flujos de efectivo: la parte eficaz de los cambios en el valor razonable de los derivados  que se designan y califican como coberturas de flujos de efectivo se reconoce en el ep\u00edgrafe \u201cAjustes  en  patrimonio  por  valoraci\u00f3n\u201d  del  \u201cEstado  de  Resultado  Global  consolidado\u201d.  La  ganancia  o  la p\u00e9rdida relacionada con la parte ineficaz se reconoce inmediatamente en el Estado de Resultado  consolidado, en el ep\u00edgrafe \u201cVariaci\u00f3n en valor razonable de instrumentos financieros\u201d.  Cuando  los  contratos  de  opci\u00f3n  se  usan  para  cubrir  transacciones  previstas,  el  grupo  eval\u00faa  si  dichas  transacciones son altamente probables, y en ese caso designa s\u00f3lo el valor intr\u00ednseco del contrato de opci\u00f3n  como instrumento de cobertura. Los cambios en el valor temporal de los contratos de opci\u00f3n que est\u00e1n  relacionados con la partida cubierta se reconocen dentro del Estado de Resultado Global consolidado. Al inicio de la cobertura, ENCE designa y documenta formalmente las relaciones de cobertura, as\u00ed como el objetivo y la estrategia que asume con respecto a las mismas. La documentaci\u00f3n incluye la identificaci\u00f3n del  instrumento de cobertura, la partida cubierta, la naturaleza del riesgo cubierto y la forma en la que se mide  la eficacia de la cobertura.  Igualmente, al inicio de la cobertura y de forma continua en cada cierre ENCE eval\u00faa si la cobertura es eficaz.  Dicha  eficacia  se  verifica  a  trav\u00e9s  de  los  \u201ctest  de  eficacia\u201d  donde  se  chequea  si  es  esperable  prospectivamente que los cambios en el valor razonable o en los flujos de efectivo de la partida cubierta  (atribuibles al riesgo cubierto) se compensen razonablemente con los correspondientes al instrumento de  cobertura.  El  valor  razonable  de  los  derivados  incluye  el  ajuste  de  riesgo  de  cr\u00e9dito  de  forma  que  sus  variaciones son consideradas en la medici\u00f3n de la eficacia. El Grupo realiza una evaluaci\u00f3n cualitativa de la eficacia, siempre que las condiciones fundamentales del  instrumento y de la partida cubierta coincidan. Cuando las condiciones fundamentales no son plenamente  coincidentes,  el  Grupo  utiliza  un  derivado  hipot\u00e9tico  con  condiciones  fundamentales  equivalentes  a  la  partida cubierta para evaluar y medir la ineficacia. ENCE interrumpe la relaci\u00f3n de cobertura de forma prospectiva s\u00f3lo cuando toda o parte de la relaci\u00f3n de  cobertura deja de cumplir los requisitos cualificados. Esto incluye las situaciones en las que el instrumento de cobertura expira, es vendido, o ejercido, el objetivo de gesti\u00f3n del riesgo ha cambiado, el efecto del riesgo  de cr\u00e9dito domina los cambios de valor, el instrumento de cobertura llega a vencimiento o es liquidado, o  deja de existir el subyacente cubierto. A estos efectos, la sustituci\u00f3n o renovaci\u00f3n de un instrumento de  cobertura no es una expiraci\u00f3n o finalizaci\u00f3n, siempre que  la  operaci\u00f3n  sea consistente con el objetivo  documentado de gesti\u00f3n de riesgo del Grupo.  En  las  coberturas  de  los  flujos  de  efectivo,  tras  la  interrupci\u00f3n  de  la  relaci\u00f3n  de  cobertura,  el  importe  acumulado en Otro Resultado Global no se reconoce en resultados hasta que la transacci\u00f3n prevista tenga  lugar. As\u00ed mismo, los importes acumulados en Otro Resultado Global se reclasifican como ingresos o gastos  financieros cuando el Grupo no espera que la transacci\u00f3n prevista vaya a producirse. Los derivados impl\u00edcitos en otros  instrumentos  financieros son contabilizados separadamente cuando el  Grupo considera que sus caracter\u00edsticas y riesgos no est\u00e1n estrechamente relacionados con los instrumentos  financieros en los que se encuentran impl\u00edcitos, siempre que el instrumento financiero en cuesti\u00f3n en su  conjunto no est\u00e9 siendo contabilizado a valor razonable con cambios en resultados. ENCE no tiene derivados  impl\u00edcitos que sean objeto de contabilidad separada.  Valor razonable de los instrumentos financieros derivados El valor razonable de los distintos instrumentos financieros se determina utilizando la siguiente jerarqu\u00eda  establecida en NIIF 13: \u2022  Nivel 1: por observaci\u00f3n directa de la cotizaci\u00f3n en mercados activos, de activos y pasivos id\u00e9nticos.  \u2022  Nivel 2: empleando inputs disponibles en mercados activos, diferentes a los precios de cotizaci\u00f3n, que  son aplicables a los activos y pasivos, tanto directa como indirectamente. \u2022  Nivel 3: utilizando t\u00e9cnicas de valoraci\u00f3n que incluyen inputs que no est\u00e1n disponibles en mercados  activos.  La determinaci\u00f3n del valor razonable para cada uno de los principales instrumentos financieros derivados  se lleva a cabo con el asesoramiento de expertos en este tipo de instrumentos financieros, a partir de datos  facilitados por agencias de informaci\u00f3n o datos de organismos oficiales, del siguiente modo:  \u2022  El valor razonable de las permutas de tipo de inter\u00e9s es calculado como el valor actualizado a tipos de  inter\u00e9s de mercado del diferencial de tipos del contrato de permuta. Dicha actualizaci\u00f3n se lleva a cabo  a partir de las curvas de tipos swap a largo plazo.  \u2022  En  el  caso  de  los  contratos  de  tipo  de  cambio  a  futuro,  su  valoraci\u00f3n  se  determina  utilizando  las  cotizaciones  del  contado  del  tipo  de  cambio  y  las  curvas  de  tipos  de  inter\u00e9s  a  plazo  de  las  divisas  implicadas, as\u00ed como el empleo de la volatilidad impl\u00edcita hasta el vencimiento.  \u2022  El  valor  razonable  de  los  contratos  de  compraventa  de  elementos  no  financieros  a  los  que  es  de  aplicaci\u00f3n la NIIF 9 (precio de la celulosa y precio de la energ\u00eda principalmente) se calcula a partir de la  mejor estimaci\u00f3n de las curvas futuras de precios de dichos elementos no financieros, existente en la  fecha de cierre, utilizando, en la medida de lo posible, los precios establecidos en los mercados a plazo.  En la utilizaci\u00f3n de estos modelos de valoraci\u00f3n se tienen en cuenta los riesgos que el activo o pasivo lleva  asociados, entre ellos el riesgo de cr\u00e9dito tanto de la contraparte (Credit Value Adjustment) como de la  propia entidad (Debit Value Adjustment). El riesgo de cr\u00e9dito se calcula de acuerdo con los par\u00e1metros  exposici\u00f3n, probabilidad de incumplimiento y severidad.  Los valores obtenidos utilizando estas t\u00e9cnicas son contrastados con las entidades financieras con las que  ENCE tiene contratados estos instrumentos financieros. De  acuerdo  con  dicha  normativa,  las  valoraciones  a  valor  razonable  realizadas  sobre  los  diferentes  instrumentos financieros derivados quedan encuadradas en el Nivel 2 de la jerarqu\u00eda de valores razonables  establecida por la NIIF 13 en todos los casos, excepto en el caso de las coberturas del precio de la celulosa y las contraprestaciones contingentes que surgen en combinaciones de negocios que quedan encuadradas en  el Nivel 3 de la jerarqu\u00eda (v\u00e9ase Nota 4). Adicionalmente, hay que tener en consideraci\u00f3n que los ajustes por riesgo de cr\u00e9dito utilizan entradas de Nivel 3, si bien, tras valorar dichos ajustes se concluye que su impacto  en la valoraci\u00f3n de los instrumentos financieros derivados no es significativo. 3.9  Clasificaci\u00f3n entre corriente y no corriente  En  el  Estado  de  Situaci\u00f3n  Financiera  consolidado,  los  activos  y  pasivos  se  clasifican  en  funci\u00f3n  de  sus  vencimientos, es decir, como corrientes aquellos con vencimiento igual o inferior a doce meses y como no  corrientes los de vencimiento superior a dicho per\u00edodo.  El efectivo y otros medios l\u00edquidos equivalentes se clasifica como corriente, excepto en aquellos casos en los  que no puedan ser intercambiados o utilizados para cancelar un pasivo, al menos dentro de los doces meses  siguientes a la fecha de cierre.  En la clasificaci\u00f3n de los pasivos a largo plazo, ENCE eval\u00faa si tiene un derecho incondicional a la fecha de  cierre para aplazar la liquidaci\u00f3n de los pasivos durante los doce meses siguientes a la fecha de cierre. 3.10 Existencias  Las existencias de materias primas se valoran al coste de adquisici\u00f3n, que incluye el importe consignado en  factura m\u00e1s todos los costes en que se incurre hasta que el bien est\u00e1 en las instalaciones de ENCE. Las  existencias de productos terminados y en curso de fabricaci\u00f3n se valoran al coste de producci\u00f3n que se  determina  incorporando  el  coste  de  los  materiales,  mano  de  obra,  y  gastos  directos  y  generales  de  fabricaci\u00f3n.  En la asignaci\u00f3n de valor a sus inventarios el Grupo utiliza el m\u00e9todo del coste medio ponderado.  El Grupo realiza deterioros de sus existencias, con cargo a resultados de explotaci\u00f3n, para ajustar su valor al  valor  estimado  de  realizaci\u00f3n,  cuando  \u00e9ste  es  inferior  al  valor  de  coste.  Cuando  las  circunstancias  que  previamente causaron la correcci\u00f3n de valor dejan de existir se procede a revertir dichos deterioros. Derechos de emisi\u00f3n de gases de efecto invernadero para uso propio-  Los derechos de emisi\u00f3n adquiridos, y cuyo destino es fundamentalmente su utilizaci\u00f3n en los procesos  productivos del Grupo, se registran como existencias y se valoran inicialmente por su precio de adquisici\u00f3n,  calculado mediante el m\u00e9todo del precio medio ponderado.  Los  derechos  de  emisi\u00f3n  recibidos  a  t\u00edtulo  gratuito,  conforme  al  r\u00e9gimen  de  comercio  de  derechos  de  emisi\u00f3n para el periodo 2022-2025, se reconocen a su valor venal, registr\u00e1ndose como contrapartida y por  el mismo importe, una subvenci\u00f3n de capital. Dicha subvenci\u00f3n se imputa a resultados a medida que se  consumen los derechos de emisi\u00f3n recibidos.  Por el consumo de derechos realizado a lo largo del ejercicio se registra un gasto en la l\u00ednea \u201cOtros Gastos  de explotaci\u00f3n\u201d del Estado de Resultado consolidado, reconociendo una provisi\u00f3n cuyo importe se calcula  en funci\u00f3n de los derechos consumidos, valorados por su coste de adquisici\u00f3n que se corresponde con el  valor en libros para aquellos derechos que se posean al cierre del periodo, con el valor de compra establecido  en los contratos de compra a plazo disponibles, y con el valor de mercado al cierre del periodo para el resto  de derechos.  Cuando los derechos de emisi\u00f3n consumidos se entregan a las autoridades, se dan de baja del Estado de  Situaci\u00f3n Financiera consolidado tanto las existencias de derechos como la provisi\u00f3n constituida asociada a  los consumos.  3.11 Subvenciones  Las subvenciones de capital no reintegrables, asociadas a inversiones en activos productivos, se valoran por  el valor razonable del importe concedido, neto de los costes incurridos para su obtenci\u00f3n, y se reconocen  cuando se han cumplido los requisitos asociados a su concesi\u00f3n. Estas subvenciones se imputan a resultados  en el ep\u00edgrafe \u201cSubvenciones de capital transferidas al resultado del ejercicio\u201d en proporci\u00f3n a la dotaci\u00f3n a  la  amortizaci\u00f3n  efectuada  en  el  per\u00edodo  para  los  elementos  subvencionados  o,  en  su  caso,  cuando  se  produzca su enajenaci\u00f3n o correcci\u00f3n valorativa por deterioro . Por su parte, las subvenciones de explotaci\u00f3n se imputan a resultados en el ep\u00edgrafe \u201cOtros ingresos de  explotaci\u00f3n\u201d en el momento en que se conceden, excepto si se conceden para financiar gastos espec\u00edficos,  en cuyo caso la imputaci\u00f3n se realizar\u00e1 a medida que se devenguen los gastos subvencionados.  Los  pr\u00e9stamos  subvencionados  sin  inter\u00e9s  o  a  un  tipo  de  inter\u00e9s  inferior  al  de  mercado,  otorgados  principalmente para financiar proyectos de I+D+i e inversiones productivas, se registran inicialmente a su  valor razonable en el ep\u00edgrafe \u201cOtros pasivos financieros\u201d del Estado de Situaci\u00f3n Financiera consolidado. La  diferencia entre el importe recibido por el pr\u00e9stamo y su  valor  razonable se  registra inicialmente  en  el  ep\u00edgrafe \u201cSubvenciones\u201d del Estado de Situaci\u00f3n Financiera consolidado, imput\u00e1ndose a resultados en el  ep\u00edgrafe  \u201cSubvenciones  de  capital  transferidas  al  resultado  del  ejercicio\u201d  a  medida  que  los  activos  financiados con dicho pr\u00e9stamo se amortizan.  3.12 Provisiones y contingencias  ENCE recoge provisiones para hacer frente a obligaciones presentes, ya sean legales o impl\u00edcitas, que tienen  su origen en sucesos ya acaecidos, siempre que sea probable que vaya a ser necesaria una salida de recursos  para liquidarlas, y que su importe se pueda estimar razonablemente.  Su dotaci\u00f3n se efect\u00faa al nacimiento de la responsabilidad o de la obligaci\u00f3n, con cargo al ep\u00edgrafe del Estado  de Resultado consolidado que corresponda seg\u00fan la naturaleza de la obligaci\u00f3n, y por el valor presente de  la misma cuando el efecto de esta actualizaci\u00f3n resulte material. La variaci\u00f3n de la provisi\u00f3n correspondiente  a la actualizaci\u00f3n financiera de cada ejercicio se registra en el ep\u00edgrafe \u201cGastos financieros\u201d del Estado de  Resultado consolidado.  Las provisiones, que se cuantifican teniendo en  consideraci\u00f3n la mejor informaci\u00f3n disponible sobre las  consecuencias del suceso en el que traen su causa, son reestimadas con ocasi\u00f3n de cada cierre contable (v\u00e9ase Nota 4).  Los pasivos contingentes constituyen obligaciones posibles con terceras partes y obligaciones existentes que  no son reconocidas bien porque no es probable que se produzca una salida de flujos econ\u00f3micos requerida  para cancelar dicha obligaci\u00f3n, o bien porque el importe de la salida de flujos no puede ser estimado de  forma fiable.  Los pasivos contingentes no se reconocen en las cuentas anuales, sino que se informa sobre los mismos en la memoria, en la medida en que no sean considerados como remotos. Indemnizaciones por cese  De acuerdo con la reglamentaci\u00f3n laboral vigente, ENCE est\u00e1 obligado al pago de indemnizaciones a los  empleados  con  los  que,  bajo  determinadas  condiciones,  rescinda  sus  relaciones  laborales.  Las  indemnizaciones por cese se reconocen en la fecha en la que existe un plan formal detallado para llevar a  cabo  la  restructuraci\u00f3n  y  se  ha  generado  una  expectativa  v\u00e1lida  entre  el  personal  afectado  de  que  la  reestructuraci\u00f3n se va a llevar a cabo.  No se dispone de provisiones por este concepto al cierre de los  ejercicios 2022 y 2021. Procedimientos judiciales y/o reclamaciones en curso  Al  cierre  de  los  ejercicios  2022  y  2021  se  encontraban  en  curso  distintos  procedimientos  judiciales  y  reclamaciones  entablados  contra  ENCE  con  origen  en  el  desarrollo  habitual  de  sus  actividades.  Los  Administradores,  considerando  la  opini\u00f3n  de  los  asesores  legales,  estiman  que  la  conclusi\u00f3n  de  estos  procedimientos y reclamaciones no producir\u00e1 un efecto significativo adicional a los ya recogidos en estos  estados financieros.  3.13 Prestaciones Post empleo y otros beneficios sociales  Determinadas  sociedades  del  Grupo  tienen  establecido  un  compromiso  de  aportaci\u00f3n  definida  con  el  personal  que  permanece  en  activo  al  cierre  del  ejercicio,  consistente  en  la  aportaci\u00f3n  por  parte  de  la  Sociedad y del trabajador de un porcentaje preestablecido del sueldo pensionable al \u201cPlan de pensiones de  Promoci\u00f3n Conjunta\u201d de Grupo ENCE promovido al amparo del art\u00edculo 40 d) del Reglamento de Planes y  Fondos de Pensiones (aportaci\u00f3n definida). Este plan de pensiones se encuentra integrado en el fondo de  Pensiones SERVIRENTA II F.P. y da cobertura tanto a las prestaciones de jubilaci\u00f3n como los riesgos por  invalidez y fallecimiento de los part\u00edcipes. El Grupo no tiene compromisos de prestaci\u00f3n definida relevantes. Con car\u00e1cter general, y en relaci\u00f3n al componente de ahorro, el beneficiario aporta el 1% de su retribuci\u00f3n  fija y ENCE aporta el 5,25% de \u00e9sta. Por su parte, el componente de riesgo, que se materializa en una p\u00f3liza  de seguro de vida y accidentes, se financia al 50% entre las partes. Las contingencias cubiertas por dicha  p\u00f3liza  son  las  siguientes:  jubilaci\u00f3n,  invalidez  permanente  total,  incapacidad  permanente  absoluta,  y  el  fallecimiento. El capital asegurado equivale a 35 mensualidades de la retribuci\u00f3n fija, o el doble en caso de  que las contingencias sean derivadas de accidente. Para determinados directivos del Grupo, entre los que se incluye al Presidente y a la alta direcci\u00f3n, existe un  sistema de previsi\u00f3n social, complementario al plan de pensiones de empleo, instrumentado a trav\u00e9s de  seguros colectivos, destinado a cubrir tanto la jubilaci\u00f3n como los riesgos de invalidez y fallecimiento de los  asegurados.  Las contribuciones a los planes de prestaci\u00f3n post empleo de aportaci\u00f3n definida se registran como gasto  en el ep\u00edgrafe \u201cGastos de personal\u201d del Estado de Resultado consolidado de acuerdo a su devengo.  Por otra parte, un colectivo de antiguos trabajadores de la filial Celulosas de Asturias, S.A. mantiene un  beneficio consistente en un seguro de vida e incapacidad. Este compromiso se externaliz\u00f3 en 2014 a trav\u00e9s  de una compa\u00f1\u00eda de seguros.  Planes de incentivos a largo plazo El Grupo valora los compromisos con empleados relacionados con pagos basados en acciones de ENCE al  valor estimado del compromiso en cada fecha de valoraci\u00f3n.  Estos compromisos se registran en el ep\u00edgrafe \u201cGastos de personal\u201d del Estado de Resultado consolidado  linealmente  durante  el  per\u00edodo  de  devengo  del  Plan  de  Incentivos,  y  su  contrapartida  ser\u00e1  distinta  en funci\u00f3n del modo de liquidaci\u00f3n. En el caso de compromisos que se liquidan en acciones de ENCE, el gasto  devengado se reconocer\u00e1 en el ep\u00edgrafe \u201cPatrimonio neto \u2013 Otros instrumentos de patrimonio neto\u201d del  Estado  de  Situaci\u00f3n  Financiera  consolidado,  teniendo  en  consideraci\u00f3n  el  valor  razonable  de  los  instrumentos de patrimonio en la fecha de concesi\u00f3n. Por su parte, el pasivo devengado asociado a los  compromisos que se liquidan en efectivo se reconocer\u00e1 con abono al ep\u00edgrafe \u201cProvisiones\u201d del pasivo del  Estado de Situaci\u00f3n Financiera consolidado. Las estimaciones realizadas para valorar el compromiso asumido con el personal son revisadas en cada  cierre contable, y el impacto de las variaciones se registra en el ep\u00edgrafe \u201cGastos de personal\u201d del Estado de  Resultado consolidado.  3.14 Reconocimiento de ingresos y gastos  Los \u201cIngresos ordinarios\u201d representan los importes a cobrar por los bienes entregados y servicios prestados  en el marco ordinario de la actividad, netos de devoluciones y descuentos, y cantidades recibidas por cuenta  de terceros, tales como el impuesto sobre el valor a\u00f1adido. Los ingresos se reconocen cuando se pueden  medir con fiabilidad y es probable que ENCE recibir\u00e1 los beneficios econ\u00f3micos asociados a la transacci\u00f3n, y  se valoran por el valor razonable de la contraprestaci\u00f3n recibida o a recibir.  En este sentido, los ingresos procedentes de la venta de bienes se reconocen cuando se transfiere al cliente  el  control  sobre  los  mismos,  momento  que  en  la  venta  de  celulosa  se  determina  en  base  al  incoterm  (t\u00e9rminos  internacionales  de  comercio)  aplicado  a  cada  transacci\u00f3n,  y  en  la  venta  de  madera  coincide  normalmente con la entrega en las instalaciones del cliente. Las obligaciones de ENCE con sus clientes se  completan  en  el  momento  de  la  entrega  del  bien,  y  las  devoluciones  por  parte  de  los  clientes  son  excepcionales.  Por su parte, los ingresos asociados a la generaci\u00f3n de energ\u00eda incluyen la tarifa percibida del mercado, as\u00ed  como las primas a la generaci\u00f3n de energ\u00eda a partir de fuentes renovables legalmente reconocidas, y se  reconocen en el momento de su generaci\u00f3n y entrega al sistema el\u00e9ctrico por el importe bruto de venta, en  la medida en que se act\u00faa como principal. Los ingresos asociados a la prestaci\u00f3n de servicios, poco relevantes en ENCE, se reconocen considerando el  grado de realizaci\u00f3n de la prestaci\u00f3n a la fecha de cierre de los estados financieros, siempre y cuando el  resultado de la transacci\u00f3n pueda ser estimado con fiabilidad.  Los ingresos por intereses se reconocen siguiendo un criterio financiero, en funci\u00f3n del principal pendiente  de pago, el plazo hasta el vencimiento, y el tipo de inter\u00e9s efectivo aplicable.  Los ingresos por dividendos procedentes de inversiones se registran cuando se reconocen el derecho a su percepci\u00f3n.  Los gastos se reconocen en el Estado de Resultado consolidado de acuerdo a su devengo. Asimismo, se reconoce un gasto de forma inmediata cuando no se prev\u00e9 que genere beneficios econ\u00f3micos futuros. Ingresos por ventas de energ\u00eda De acuerdo con lo establecido en el RD 413/2014, las instalaciones de generaci\u00f3n de energ\u00eda renovable en  Espa\u00f1a reciben determinados incentivos, estableciendo que, adicionalmente a la retribuci\u00f3n por la venta de energ\u00eda generada valorada a precio de mercado, las instalaciones podr\u00e1n percibir una retribuci\u00f3n espec\u00edfica  compuesta por un t\u00e9rmino por unidad de potencia (retribuci\u00f3n a la inversi\u00f3n) que cubra cuando proceda los  costes de inversi\u00f3n de una instalaci\u00f3n tipo (IT) que no pueden ser recuperados por la venta de energ\u00eda y un t\u00e9rmino a  la  operaci\u00f3n  (retribuci\u00f3n  a  la operaci\u00f3n)  que  cubra  en  su  caso,  la  diferencia  entre  costes  de  explotaci\u00f3n y los ingresos por la participaci\u00f3n en el mercado de dicha instalaci\u00f3n. El RD establece, asimismo,  que mediante orden ministerial se actualizar\u00e1n determinados par\u00e1metros retributivos en cada semiper\u00edodo  regulatorio.  Entre los aspectos desarrollados por el mencionado Real Decreto, se establece que las diferencias que se  producen  en cada ejercicio, entre los ingresos por venta de energ\u00eda  al  precio estimado, estimaci\u00f3n que  determina el regulador al inicio de cada semiper\u00edodo regulatorio trianual, y los ingresos por venta al precio  medio real de mercado en dicho ejercicio, se regularizan en la retribuci\u00f3n a obtener en ejercicios futuros a  trav\u00e9s de un ajuste en la \u201cretribuci\u00f3n a la inversi\u00f3n\u201d. Dicha diferencia denominada \u201cValor de ajuste por  desviaciones en el precio del mercado- Vajdm\u201d viene regulada en el art\u00edculo 22 de dicho Real Decreto (v\u00e9anse  Nota 10 y Anexo III). El  tratamiento  contable  aplicado  por  ENCE  al  Vajdm  qued\u00f3  recogido  en  el  documento  \u201cCriterio  para  contabilizar el \u201cValor de los ajustes por desviaciones en el precio del mercado\u201d (Vajdm), de acuerdo con el  art\u00edculo 22 del real decreto 413/2014\u201d publicado por la CNMV el 22 de octubre de 2021:  \u2022  Con car\u00e1cter general se reconoce en el Estado de Situaci\u00f3n Financiera cada una de las desviaciones del  mercado, positivas y negativas que surgen al amparo del RD 413/2014 con contrapartida en el importe  neto de la cifra de negocios.  En este sentido, los ajustes por desviaciones del pool positivos netos que se vayan generando a lo largo  de un mismo semiperiodo regulatorio y que representar\u00e1n un incremento en las retribuciones futuras  recibidas de CNMC se registran como un activo en el ep\u00edgrafe \u201cOtras inversiones financieras\u201d y como un  mayor ingreso asociado a la venta de electricidad. Dicho activo neto, una vez finalizado el semiperiodo  regulatorio se revierte reduciendo el ingreso asociado a la venta de electricidad a lo largo de la vida  regulatoria restante de la instalaci\u00f3n. Por su parte, los ajustes por desviaciones del pool negativos netos que se vayan generando a lo largo de  un  mismo  semiperiodo  regulatorio  y  que  representar\u00e1n  una  reducci\u00f3n  en  las  retribuciones  futuras  recibidas de CNMC se registran en funci\u00f3n de su vencimiento como un pasivo en los ep\u00edgrafes \u201cOtros pasivos no corrientes\u201d y \u201cOtros pasivos corrientes\u201d y como un menor ingreso asociado a la venta de  electricidad. Dicho pasivo neto, una vez finalizado el semiperiodo regulatorio se revierte incrementando el ingreso asociado a la venta de electricidad a lo largo de la vida regulatoria restante de la instalaci\u00f3n. \u2022  El  r\u00e9gimen  retributivo  supone una  garant\u00eda  de  rentabilidad  m\u00ednima,  pero  no  impone  un  techo  a  la  rentabilidad obtenible del mercado, por lo que los ajustes por desviaciones del pool negativos tienen  como l\u00edmite, para cada instalaci\u00f3n, su Valor Neto del Activo \u2013 VNA (concepto retributivo que representa  el valor actual de los cobros futuros en concepto de retribuci\u00f3n a la inversi\u00f3n).  \u2022  A efectos de presentaci\u00f3n en el Estado de Situaci\u00f3n Financiera, los saldos que se han originado en el semiper\u00edodo corriente se presentar\u00e1n para cada instalaci\u00f3n como un activo neto, si las desviaciones positivas  en el semiperiodo  superan a las negativas, o un pasivo neto, si las  desviaciones  negativas  superan a las positivas. Por lo que se refiere a los semiper\u00edodos anteriores, igualmente se presentar\u00e1n  para  cada  instalaci\u00f3n  como  un  activo  neto  si  los  importes  acumulados  por  desviaciones  positivas  correspondientes  a  todos  los  semiper\u00edodos  anteriores  superan  los  importes  acumulados  por  desviaciones  negativas  correspondientes  igualmente  a  dichos  semiper\u00edodos  anteriores,  o  como  un  pasivo neto en caso contrario.  No obstante lo anterior, si a lo largo de la vida regulatoria residual de los activos, se considera, de acuerdo  con su mejor estimaci\u00f3n de la evoluci\u00f3n futura de los precios de mercado de la energ\u00eda y de otros factores  cualitativos, que ser\u00eda altamente probable que se obtendr\u00e1n rentabilidades del mercado superiores a las  establecidas  en  el  RD  413/2014  y  que,  por  lo  tanto,  abandonar  el  r\u00e9gimen  retributivo  no  tendr\u00eda  consecuencias  econ\u00f3micas  significativamente  m\u00e1s  adversas  que  permanecer  en  dicho  r\u00e9gimen,  en  esa  situaci\u00f3n se reconoce s\u00f3lo el activo asociado a las desviaciones del pool positivas. Esta situaci\u00f3n se produce  en  aquellas  instalaciones  tipo  (IT)  en  las  que,  considerando  las  previsiones  de  precios  de  mercado,  la  direcci\u00f3n  del  Grupo  estime  que  en  la  revisi\u00f3n  de  par\u00e1metros  retributivos  correspondiente  al  siguiente  semiperiodo regulatorio es probable que no se obtenga retribuci\u00f3n futura del regulador, o bien, esta ser\u00e1  poco significativa. 3.15 Impuesto sobre beneficios  El Grupo tributa en el Impuesto sobre Sociedades a trav\u00e9s de dos Grupos de consolidaci\u00f3n fiscal regulados en el Cap\u00edtulo VII del T\u00edtulo VIII del Texto Refundido de la Ley del Impuesto sobre Sociedades, siendo las  cabeceras de dichos Grupos Ence Energ\u00eda y Celulosa, S.A. y Magnon Green Energy, S.L. Se integran en dichos  Grupos las filiales que est\u00e1n domiciliadas en Espa\u00f1a y sobre las que la cabecera tiene una participaci\u00f3n en  su capital social igual o superior al 75%.  El  gasto  o  ingreso  por  el  Impuesto  sobre  Sociedades  comprende  tanto  el  impuesto  corriente  como  el impuesto  diferido.  El  impuesto  sobre  las  ganancias  corriente  o  diferido  se  reconoce  en  el  Estado  de  Resultado consolidado, salvo que surja de una transacci\u00f3n o suceso econ\u00f3mico que se ha reconocido, en el  mismo ejercicio o en otro diferente, contra patrimonio neto o de una combinaci\u00f3n de negocios. Los activos o pasivos por impuesto sobre las ganancias corrientes se valoran por las cantidades que se espera  pagar o recuperar de las autoridades fiscales, utilizando la normativa y tipos impositivos aprobados en los  pa\u00edses que operan las sociedades del Grupo.  La contabilizaci\u00f3n de los activos y pasivos por impuesto diferido se determina en funci\u00f3n de las diferencias  entre el valor en libros de los activos y pasivos y su base fiscal, utilizando las tasas fiscales que se espera  objetivamente  que  est\u00e9n  en  vigor  cuando  los  activos  y  pasivos  se  realicen,  valor  que  coincide  con  el  gravamen  vigente  en  cada  momento.  Estos  activos  y  pasivos  se  reconocen  en  el  Estado  de  Situaci\u00f3n  Financiera consolidado como \u201cno corrientes\u201d, independientemente de la fecha de esperada de realizaci\u00f3n o  liquidaci\u00f3n.  El Grupo reconoce con car\u00e1cter general los pasivos por impuesto diferido en todos los casos. Por su parte,  los  activos  por  impuestos  diferidos  s\u00f3lo se reconocen  en el caso de que se considere probable  que  las  entidades consolidadas van a tener en el futuro suficientes ganancias fiscales contra las que poder hacerlos  efectivos. Con ocasi\u00f3n de cada cierre contable, se reestima la capacidad de recuperaci\u00f3n de los impuestos  diferidos de activo reconocidos, efectu\u00e1ndose las oportunas correcciones a los mismos de acuerdo con los  resultados de los an\u00e1lisis realizados.  No se reconocen activos y pasivos por impuestos diferidos cuando surgen del reconocimiento inicial del  fondo de comercio o de un activo o pasivo en una transacci\u00f3n que no es una combinaci\u00f3n de negocios y en la fecha de la transacci\u00f3n no afecta ni al resultado contable ni a la base imponible fiscal, o bien, cuando  correspondan  a  diferencias  temporarias  relacionadas  con  inversiones  en  sociedades  dependientes,  asociadas y negocios conjuntos sobre las que el Grupo tenga la capacidad de controlar el momento de su  reversi\u00f3n y no fuese probable que se produzca su reversi\u00f3n en un futuro previsible.  Si el  Grupo determina que no es probable que la  autoridad fiscal vaya  a aceptar un tratamiento fiscal  incierto o un grupo de tratamientos fiscales inciertos, considera dicha incertidumbre en la determinaci\u00f3n  de  la  base  imponible,  bases  fiscales,  cr\u00e9ditos  por  bases  imponibles  negativas,  deducciones  o  tipos  impositivos.  3.16 Activos no corrientes mantenidos para la venta y Operaciones  discontinuadas  Un activo no corriente o un grupo enajenable de elementos se clasifica como activo mantenido para la venta  cuando su valor se prev\u00e9 recuperar principalmente a trav\u00e9s de su venta, y siempre que la venta se considere  altamente probable, y el activo est\u00e9 disponible para su venta inmediata en su estado actual. Estos activos o grupos de enajenaci\u00f3n se valoran por el menor del importe en libros o el valor estimado de  venta deducidos los costes necesarios para llevarla a cabo y dejan de amortizarse desde el momento en que son clasificados como activos no corrientes mantenidos para la venta. Anualmente se analiza que el valor  contable no exceda del valor razonable menos los costes de venta. En caso de producirse esta situaci\u00f3n se  realizan las correspondientes correcciones valorativas que se incluyen en el ep\u00edgrafe \u201cDeterioros de valor y resultados por enajenaci\u00f3n de inmovilizado\u201d del Estado de Resultado consolidado. Los  activos  no  corrientes  mantenidos  para  la  venta  se  presentan  en  el  Estado  de  Situaci\u00f3n  Financiera  consolidado  de  la  siguiente  forma:  los  activos  en  una  \u00fanica  l\u00ednea  denominada  \u201cActivos  no  corrientes  mantenidos para la venta\u201d y los pasivos tambi\u00e9n en una \u00fanica l\u00ednea denominada \u201cPasivos asociados a activos  no corrientes mantenidos para la venta\u201d. Adicionalmente,  el  Grupo  considera  actividades  interrumpidas  los  componentes  (unidades  o  grupos  de  unidades generadoras de efectivo) que representan una l\u00ednea de negocio o \u00e1rea geogr\u00e1fica significativa y  que pueda  considerarse separada del resto, que se hayan vendido o dispuesto por otra v\u00eda, o bien que  re\u00fanen las condiciones descritas para ser clasificadas como mantenidas para la venta.  Los resultados despu\u00e9s de impuestos de las operaciones discontinuadas se presentan en una \u00fanica l\u00ednea del  Estado  de  Resultado  consolidado  denominada  \u201cResultado  del  ejercicio  procedente  de  operaciones  interrumpidas neto de impuestos\u201d . 3.17 Beneficio por acci\u00f3n  El beneficio b\u00e1sico por acci\u00f3n se calcula como el cociente entre el \u201cBeneficio del ejercicio atribuible a la  Sociedad Dominante\u201d y el n\u00famero medio ponderado de acciones ordinarias en circulaci\u00f3n durante  dicho  per\u00edodo,  sin  incluir  el  n\u00famero  medio  de  acciones  propias  de  la  Sociedad  Dominante  en  cartera  de  las  sociedades del Grupo.  Por su parte, el beneficio diluido por acci\u00f3n se calcula como el cociente entre el  \u201cBeneficio del ejercicio  atribuible a la Sociedad Dominante\u201d y el n\u00famero medio ponderado de acciones ordinarias en circulaci\u00f3n  durante el periodo, ajustado por el promedio ponderado de las acciones ordinarias que ser\u00edan emitidas si se  convirtieran  todas  las  acciones  potenciales  en  acciones  ordinarias.  A  estos  efectos  se  considera  que  la  conversi\u00f3n tiene lugar al comienzo del periodo o en el momento de la emisi\u00f3n de las acciones potenciales si  estas se hubiesen puesto en circulaci\u00f3n durante el propio periodo. 3.18 Transacciones con partes vinculadas  El Grupo realiza todas sus operaciones con partes vinculadas a valores de mercado.  3.19  Saldos y transacciones en moneda diferente al euro  Las cuentas anuales consolidadas se presentan en euros, que es la moneda funcional y de presentaci\u00f3n de  la Sociedad Dominante.  La conversi\u00f3n a euros de los cr\u00e9ditos y d\u00e9bitos expresados en moneda diferente del euro se realiza aplicando  el tipo de cambio vigente en el momento de efectuar la correspondiente operaci\u00f3n, ajust\u00e1ndose dicho valor  en  cada  cierre  y  hasta  su  cancelaci\u00f3n  en  funci\u00f3n  de  la  evoluci\u00f3n  del  tipo  de  cambio.  Los  activos  no  monetarios denominados en moneda extranjera, poco significativos en ENCE, se convierten aplicando el tipo de cambio aplicable en la fecha en la que el activo se incorpor\u00f3 al Grupo. Las diferencias de cambio que resultan del cobro o pago de cr\u00e9ditos o deudas en moneda diferente del euro  y las que resultan de valorar las cuentas a cobrar y pagar en moneda diferente del euro en cada fecha de  cierre, de acuerdo con el tipo de cambio vigente en ese momento, se imputan a resultados como un gasto financiero en el periodo en que se producen.  3.20 Informaci\u00f3n financiera por segmentos  Un segmento de explotaci\u00f3n es un componente del Grupo que desarrolla actividades de negocio de las que  puede obtener ingresos ordinarios e incurrir en gastos, cuyos resultados de explotaci\u00f3n son revisados de  forma regular por el Consejo de Administraci\u00f3n y la alta Direcci\u00f3n, para decidir sobre los recursos que deben  asignarse al segmento, evaluar su rendimiento y en relaci\u00f3n con el cual se dispone de informaci\u00f3n financiera  diferenciada.  3.21 Estado de flujos de efectivo  En los estados de flujos de efectivo consolidados, preparados de acuerdo al m\u00e9todo indirecto, se utilizan las  siguientes expresiones en los siguientes sentidos: 1.  Flujos  de  efectivo:  entradas  y  salidas  de  efectivo  y  de  sus  equivalentes,  entendiendo  por  \u00e9stos  las  inversiones a corto plazo (inferior a 3 meses) de gran liquidez y bajo riesgo de alteraciones en su valor.  2.  Actividades de explotaci\u00f3n: actividades t\u00edpicas de las entidades que forman el Grupo, as\u00ed como otras  actividades que no pueden ser calificadas como de inversi\u00f3n o de financiaci\u00f3n. 3.  Actividades de inversi\u00f3n: las de adquisici\u00f3n, enajenaci\u00f3n o disposici\u00f3n por otros medios de activos a  largo plazo y otras inversiones no incluidas en el efectivo y sus equivalentes.  4.  Actividades  de  financiaci\u00f3n:  actividades  que  producen  cambios  en  el  tama\u00f1o  y  composici\u00f3n  del  patrimonio neto y de los pasivos que no forman parte de las actividades de explotaci\u00f3n. 3.22 Actividades con impacto en el Medio Ambiente  Se consideran actividades medioambientales aquellas operaciones desarrolladas por ENCE cuyo prop\u00f3sito  principal es el de proteger, reducir o reparar un da\u00f1o, que como resultado de sus actividades se pueda  producir sobre el medio ambiente. Los gastos derivados de las actividades medioambientales se reconocen como \u201cOtros gastos de explotaci\u00f3n\u201d  en el ejercicio en el que se incurren.  Los elementos del inmovilizado material adquiridos con el objeto de ser utilizados de forma duradera en su  actividad y cuya finalidad principal es la minimizaci\u00f3n del impacto medioambiental y la protecci\u00f3n y mejora del medio ambiente, incluyendo la reducci\u00f3n o eliminaci\u00f3n de la contaminaci\u00f3n futura de las operaciones  del Grupo, se reconocen como  activos mediante la aplicaci\u00f3n de criterios de valoraci\u00f3n,  presentaci\u00f3n y  desglose consistentes con los que se mencionan en los apartados 3.2 y 3.3 de esta misma Nota.  Las  provisiones  relativas  a  responsabilidades  probables  o  ciertas,  litigios  en  curso  e  indemnizaciones  u  obligaciones  pendientes  de  cuant\u00eda  indeterminada  de  naturaleza  medioambiental,  no  cubiertas  por  las  p\u00f3lizas de seguros suscritas, se constituyen en el momento del nacimiento de la responsabilidad o de la  obligaci\u00f3n que determina la  indemnizaci\u00f3n o pago.  No hay provisiones  relevantes  constituidas por este  concepto al cierre de 2022 y 2021. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "es",
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   }
  },
  "fact-6": {
   "value": "3.1  Combinaciones de negocio  Las combinaciones de negocios en las que el Grupo adquiere el control de uno o varios negocios se registran  por el m\u00e9todo de adquisici\u00f3n de acuerdo a lo dispuesto en la NIIF 3 Combinaciones de Negocio.  El m\u00e9todo de adquisici\u00f3n implica, con car\u00e1cter general, el registro, en la fecha en la que ENCE obtiene el  control  del  negocio  adquirido,  de  los  activos  adquiridos,  los  pasivos  asumidos,  los  instrumentos  de  patrimonio neto emitidos, y cualquier contraprestaci\u00f3n contingente que dependa de hechos futuros o del  cumplimiento de ciertas condiciones, por su valor razonable a dicha fecha, siempre y cuando este valor  pueda ser medido de forma fiable. Los costes relacionados con la adquisici\u00f3n se reconocen como gastos  cuando se incurre en ellos.  La diferencia positiva  existente entre la contraprestaci\u00f3n  transferida por la  participaci\u00f3n  adquirida, y el  importe neto de los activos adquiridos y pasivos asumidos, que incluye los pasivos contingentes, junto con  el valor razonable de la participaci\u00f3n que pudiera tenerse previamente en el negocio adquirido, se registra  en el ep\u00edgrafe \u201cFondo de comercio\u201d. Si dicha diferencia fuera negativa, se reconocer\u00eda directamente como  un mayor resultado del ejercicio.  Si la combinaci\u00f3n de negocios s\u00f3lo se puede determinar de forma provisional, los activos netos identificables  se  registran  inicialmente  por  sus  valores  provisionales,  reconociendo  los  ajustes  efectuados  durante  el  periodo de valoraci\u00f3n definitiva, que como m\u00e1ximo es de 1 a\u00f1o desde la fecha de adquisici\u00f3n, como si \u00e9stos se hubieran conocido en  la fecha de  adquisici\u00f3n, re-expresando, en su  caso, las cifras  comparativas del  ejercicio  anterior.  En  cualquier  caso,  los  ajustes  a  los  valores  provisionales  \u00fanicamente  incorporan  informaci\u00f3n relativa a los hechos y circunstancias que exist\u00edan en la fecha de adquisici\u00f3n y que, de haber sido conocidos, hubieran afectado a los importes reconocidos en dicha fecha. Transcurrido dicho periodo,  s\u00f3lo se realizan ajustes a la valoraci\u00f3n inicial como la correcci\u00f3n de un error. Los fondos de comercio s\u00f3lo se reconocen cuando han sido adquiridos a t\u00edtulo oneroso y no se amortizan.  En su lugar, son revisados anualmente mediante estudios para verificar que no exista deterioro del valor  asignado inicialmente, reconoci\u00e9ndose p\u00e9rdidas por el deterioro de valor si el valor recuperable es inferior  al valor asignado inicialmente. El valor recuperable se determina en base al valor actual de los flujos futuros  esperados de las unidades generadoras de efectivo a las que se asigna cada uno de los fondos de comercio,  descontados a una tasa que considera los riesgos espec\u00edficos de cada uno de los activos. Una vez reconocida  la  p\u00e9rdida  por  deterioro  de  un  fondo  de  comercio,  \u00e9sta  no  revierte  en  los  ejercicios  futuros.  Estas  valoraciones son realizadas de forma interna y se ofrecen detalles sobre la metodolog\u00eda de c\u00e1lculo aplicada  en la Nota 3.5.  Adicionalmente a lo indicado anteriormente, los fondos de comercio asociados a plantas de generaci\u00f3n de  energ\u00eda renovable se recuperan, de forma lineal, en los a\u00f1os de vida regulatoria restante de las plantas de  las que son titulares. En este sentido, el fondo de comercio se deteriora para recoger as\u00ed el efecto de la  reducci\u00f3n en la vida regulatoria restante de las plantas con el paso del tiempo.  El Grupo reconoce las participaciones no dominantes en una entidad adquirida por su participaci\u00f3n en los  activos netos identificables de la entidad. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-564": {
   "value": "3.1  Combinaciones de negocio  Las combinaciones de negocios en las que el Grupo adquiere el control de uno o varios negocios se registran  por el m\u00e9todo de adquisici\u00f3n de acuerdo a lo dispuesto en la NIIF 3 Combinaciones de Negocio.  El m\u00e9todo de adquisici\u00f3n implica, con car\u00e1cter general, el registro, en la fecha en la que ENCE obtiene el  control  del  negocio  adquirido,  de  los  activos  adquiridos,  los  pasivos  asumidos,  los  instrumentos  de  patrimonio neto emitidos, y cualquier contraprestaci\u00f3n contingente que dependa de hechos futuros o del  cumplimiento de ciertas condiciones, por su valor razonable a dicha fecha, siempre y cuando este valor  pueda ser medido de forma fiable. Los costes relacionados con la adquisici\u00f3n se reconocen como gastos  cuando se incurre en ellos.  La diferencia positiva  existente entre la contraprestaci\u00f3n  transferida por la  participaci\u00f3n  adquirida, y el  importe neto de los activos adquiridos y pasivos asumidos, que incluye los pasivos contingentes, junto con  el valor razonable de la participaci\u00f3n que pudiera tenerse previamente en el negocio adquirido, se registra  en el ep\u00edgrafe \u201cFondo de comercio\u201d. Si dicha diferencia fuera negativa, se reconocer\u00eda directamente como  un mayor resultado del ejercicio.  Si la combinaci\u00f3n de negocios s\u00f3lo se puede determinar de forma provisional, los activos netos identificables  se  registran  inicialmente  por  sus  valores  provisionales,  reconociendo  los  ajustes  efectuados  durante  el  periodo de valoraci\u00f3n definitiva, que como m\u00e1ximo es de 1 a\u00f1o desde la fecha de adquisici\u00f3n, como si \u00e9stos se hubieran conocido en  la fecha de  adquisici\u00f3n, re-expresando, en su  caso, las cifras  comparativas del  ejercicio  anterior.  En  cualquier  caso,  los  ajustes  a  los  valores  provisionales  \u00fanicamente  incorporan  informaci\u00f3n relativa a los hechos y circunstancias que exist\u00edan en la fecha de adquisici\u00f3n y que, de haber sido conocidos, hubieran afectado a los importes reconocidos en dicha fecha. Transcurrido dicho periodo,  s\u00f3lo se realizan ajustes a la valoraci\u00f3n inicial como la correcci\u00f3n de un error. Los fondos de comercio s\u00f3lo se reconocen cuando han sido adquiridos a t\u00edtulo oneroso y no se amortizan.  En su lugar, son revisados anualmente mediante estudios para verificar que no exista deterioro del valor  asignado inicialmente, reconoci\u00e9ndose p\u00e9rdidas por el deterioro de valor si el valor recuperable es inferior  al valor asignado inicialmente. El valor recuperable se determina en base al valor actual de los flujos futuros  esperados de las unidades generadoras de efectivo a las que se asigna cada uno de los fondos de comercio,  descontados a una tasa que considera los riesgos espec\u00edficos de cada uno de los activos. Una vez reconocida  la  p\u00e9rdida  por  deterioro  de  un  fondo  de  comercio,  \u00e9sta  no  revierte  en  los  ejercicios  futuros.  Estas  valoraciones son realizadas de forma interna y se ofrecen detalles sobre la metodolog\u00eda de c\u00e1lculo aplicada  en la Nota 3.5.  Adicionalmente a lo indicado anteriormente, los fondos de comercio asociados a plantas de generaci\u00f3n de  energ\u00eda renovable se recuperan, de forma lineal, en los a\u00f1os de vida regulatoria restante de las plantas de  las que son titulares. En este sentido, el fondo de comercio se deteriora para recoger as\u00ed el efecto de la  reducci\u00f3n en la vida regulatoria restante de las plantas con el paso del tiempo.  El Grupo reconoce las participaciones no dominantes en una entidad adquirida por su participaci\u00f3n en los  activos netos identificables de la entidad. El Grupo ENCE revisa, al menos a la fecha de cierre de cada ejercicio, el valor de sus activos no financieros,  entre los que se incluyen loa activos materiales, los activos por derecho de uso, el fondo de comercio junto a los otros activos intangibles y los activos biol\u00f3gicos, para determinar si existe alg\u00fan indicio de que dichos  activos hayan sufrido una p\u00e9rdida por deterioro, y por tanto el valor que se espera recuperar de su uso o  disposici\u00f3n es inferior a su valor en libros.  En  caso  de  existir  indicios  de  deterioro,  se  lleva  a  cabo  una  estimaci\u00f3n  del  importe  recuperable,  para  determinar, en su caso, el importe del deterioro. El importe recuperable es el mayor entre el valor razonable minorado por el coste de su venta y el valor \u201cen uso\u201d. En el caso de los fondos de comercio ENCE realiza de  forma sistem\u00e1tica el an\u00e1lisis de recuperabilidad al menos anualmente. Los valores \u201cen uso\u201d se determinan para cada Unidad Generadora de Efectivo (UGE). El fondo de comercio  adquirido en una combinaci\u00f3n de negocios se distribuye entre cada una de las UGE que se benefician de las  sinergias de la combinaci\u00f3n de negocios. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-574": {
   "value": "El m\u00e9todo de adquisici\u00f3n implica, con car\u00e1cter general, el registro, en la fecha en la que ENCE obtiene el  control  del  negocio  adquirido,  de  los  activos  adquiridos,  los  pasivos  asumidos,  los  instrumentos  de  patrimonio neto emitidos, y cualquier contraprestaci\u00f3n contingente que dependa de hechos futuros o del  cumplimiento de ciertas condiciones, por su valor razonable a dicha fecha, siempre y cuando este valor  pueda ser medido de forma fiable. Los costes relacionados con la adquisici\u00f3n se reconocen como gastos  cuando se incurre en ellos.  No existe un mercado activo del Eucalipto en Espa\u00f1a, y las caracter\u00edsticas de las transacciones que se llevan  a  cabo  no  han  permitido  hasta  la  fecha  identificar  referencias  de  precio  de  mercado  v\u00e1lidas  para  su extrapolaci\u00f3n al patrimonio forestal de ENCE. Por otra parte, la aplicaci\u00f3n de los m\u00e9todos alternativos que  plantea  NIIF  13  para  determinar  el  valor  razonable,  no  ha  permitido  cuantificar  con  fiabilidad  el  valor  razonable de los activos biol\u00f3gicos, debido entre otros factores, a las asunciones y estimaciones que se deben llevar a cabo y al impacto que las mismas tienen en los resultados de la cuantificaci\u00f3n. Por todo ello, el Grupo no valora sus activos biol\u00f3gicos a valor razonable.  ENCE ha desarrollado un modelo de valoraci\u00f3n de su patrimonio forestal a partir del descuento de los flujos  futuros previstos, que no se ha considerado lo suficientemente fiable para ser utilizado en la valoraci\u00f3n a  valor razonable de los activos biol\u00f3gicos, si bien, su utilizaci\u00f3n consistente en el tiempo s\u00ed permite identificar  rangos de valor y tendencias que se tienen en consideraci\u00f3n al evaluar la existencia de posibles deterioros  de valor en los activos biol\u00f3gicos. En el momento de reconocimiento inicial, ENCE valora un activo financiero a su valor razonable, valor que  incluye  los  costes  de  la  transacci\u00f3n  que  sean  directamente  atribuibles  a  la  adquisici\u00f3n  del  activo.  Excepcionalmente,  los  costes  de  transacci\u00f3n  correspondientes  a  activos  financieros  valorados  a  valor  razonable con cambios en resultados se imputan directamente a resultados. Valor razonable con cambios en resultados: dentro de esta categor\u00eda se incluyen los derivados que no cumplen las condiciones para considerarse como de cobertura de acuerdo con NIIF 9 \u2013 Instrumentos  Financieros, los activos financieros que otras normas establezcan que deben valorarse a valor razonable  con cargo a resultados, tales como las contraprestaciones contingentes en combinaciones de negocios  y aquellos activos financieros que de valorarse de otra forma generar\u00edan una asimetr\u00eda contable.  Los cambios que se produzcan en su valor razonable se imputan cuando se producen en los ep\u00edgrafes  \u201cGastos  financieros\u201d,  \u201cIngresos  financieros\u201d  o  \u201cVariaci\u00f3n  en  el  valor  razonable  de  instrumentos financieros\u201d, seg\u00fan corresponda, del Estado de Resultado consolidado. Los costes de transacci\u00f3n directamente atribuibles a la compra o emisi\u00f3n de este tipo de activos se  reconocen como un gasto en el Estado de Resultado consolidado a medida que se incurre en ellos. iii.  Activos financieros a valor razonable con cambios en otro resultado global: el Grupo no tiene activos  clasificados en esta categor\u00eda.  En el caso de participaciones en sociedades no cotizadas, poco relevantes, dado que el valor razonable  no siempre es posible determinarlo de forma fiable, se valoran por su coste de adquisici\u00f3n, corregido por las evidencias de deterioro que pudieran existir. ENCE clasifica sus pasivos financieros en las siguientes categor\u00edas, con posterioridad a su reconocimiento inicial; 1) a coste amortizado, y 2) a valor razonable con cambios en resultados. En esta \u00faltima categor\u00eda se  recogen b\u00e1sicamente las contraprestaciones contingentes que se puedan originar en las combinaciones de  negocios, as\u00ed como los instrumentos financieros derivados que no son designados como instrumentos de  cobertura de acuerdo con NIIF 9 \u2013 Instrumentos Financieros.  Los pr\u00e9stamos, obligaciones y similares se registran inicialmente a valor razonable, valor que normalmente  coincide con el efectivo recibido, neto de los costes incurridos en la transacci\u00f3n. En periodos posteriores, la  totalidad de estas deudas se valora a su coste amortizado, utilizando el m\u00e9todo del tipo de inter\u00e9s efectivo.  Los gastos financieros as\u00ed como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el  Estado de Resultado consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo Los  acreedores  comerciales  y  otras  cuentas  a  pagar  derivados  de  operaciones  comerciales  son  pasivos  financieros que en su mayor parte presentan vencimiento a corto plazo y no devengan intereses. Estos saldos  se registran inicialmente a su valor razonable y posteriormente a su coste amortizado. Estos  instrumentos  financieros  se  valoran  en  todo  momento  a  su  valor  razonable,  registr\u00e1ndose  las  variaciones en el ep\u00edgrafe \u201cInstrumentos financieros derivados\u201d del pasivo del Estado de Situaci\u00f3n Financiera  consolidado si son negativas, y como \u201cActivos financieros \u2013 Derivados de cobertura\u201d si son positivas.  Coberturas de valor razonable: el elemento cubierto se valora por su valor razonable al igual que el instrumento de cobertura, registr\u00e1ndose las variaciones de valor de ambos en el Estado de Resultado  consolidado.  Valor razonable de los instrumentos financieros derivados El valor razonable de los distintos instrumentos financieros se determina utilizando la siguiente jerarqu\u00eda  establecida en NIIF 13: \u2022  Nivel 1: por observaci\u00f3n directa de la cotizaci\u00f3n en mercados activos, de activos y pasivos id\u00e9nticos.  \u2022  Nivel 2: empleando inputs disponibles en mercados activos, diferentes a los precios de cotizaci\u00f3n, que  son aplicables a los activos y pasivos, tanto directa como indirectamente. \u2022  Nivel 3: utilizando t\u00e9cnicas de valoraci\u00f3n que incluyen inputs que no est\u00e1n disponibles en mercados  activos.  La determinaci\u00f3n del valor razonable para cada uno de los principales instrumentos financieros derivados  se lleva a cabo con el asesoramiento de expertos en este tipo de instrumentos financieros, a partir de datos  facilitados por agencias de informaci\u00f3n o datos de organismos oficiales, del siguiente modo:  \u2022  El valor razonable de las permutas de tipo de inter\u00e9s es calculado como el valor actualizado a tipos de  inter\u00e9s de mercado del diferencial de tipos del contrato de permuta. Dicha actualizaci\u00f3n se lleva a cabo  a partir de las curvas de tipos swap a largo plazo.  \u2022  En  el  caso  de  los  contratos  de  tipo  de  cambio  a  futuro,  su  valoraci\u00f3n  se  determina  utilizando  las  cotizaciones  del  contado  del  tipo  de  cambio  y  las  curvas  de  tipos  de  inter\u00e9s  a  plazo  de  las  divisas  implicadas, as\u00ed como el empleo de la volatilidad impl\u00edcita hasta el vencimiento.  \u2022  El  valor  razonable  de  los  contratos  de  compraventa  de  elementos  no  financieros  a  los  que  es  de  aplicaci\u00f3n la NIIF 9 (precio de la celulosa y precio de la energ\u00eda principalmente) se calcula a partir de la  mejor estimaci\u00f3n de las curvas futuras de precios de dichos elementos no financieros, existente en la  fecha de cierre, utilizando, en la medida de lo posible, los precios establecidos en los mercados a plazo.  En la utilizaci\u00f3n de estos modelos de valoraci\u00f3n se tienen en cuenta los riesgos que el activo o pasivo lleva  asociados, entre ellos el riesgo de cr\u00e9dito tanto de la contraparte (Credit Value Adjustment) como de la  propia entidad (Debit Value Adjustment). El riesgo de cr\u00e9dito se calcula de acuerdo con los par\u00e1metros  exposici\u00f3n, probabilidad de incumplimiento y severidad.  Los valores obtenidos utilizando estas t\u00e9cnicas son contrastados con las entidades financieras con las que  ENCE tiene contratados estos instrumentos financieros. De  acuerdo  con  dicha  normativa,  las  valoraciones  a  valor  razonable  realizadas  sobre  los  diferentes  instrumentos financieros derivados quedan encuadradas en el Nivel 2 de la jerarqu\u00eda de valores razonables  establecida por la NIIF 13 en todos los casos, excepto en el caso de las coberturas del precio de la celulosa y las contraprestaciones contingentes que surgen en combinaciones de negocios que quedan encuadradas en  el Nivel 3 de la jerarqu\u00eda (v\u00e9ase Nota 4). Adicionalmente, hay que tener en consideraci\u00f3n que los ajustes por riesgo de cr\u00e9dito utilizan entradas de Nivel 3, si bien, tras valorar dichos ajustes se concluye que su impacto  en la valoraci\u00f3n de los instrumentos financieros derivados no es significativo. Las subvenciones de capital no reintegrables, asociadas a inversiones en activos productivos, se valoran por  el valor razonable del importe concedido, neto de los costes incurridos para su obtenci\u00f3n, y se reconocen  cuando se han cumplido los requisitos asociados a su concesi\u00f3n. Estas subvenciones se imputan a resultados  en el ep\u00edgrafe \u201cSubvenciones de capital transferidas al resultado del ejercicio\u201d en proporci\u00f3n a la dotaci\u00f3n a  la  amortizaci\u00f3n  efectuada  en  el  per\u00edodo  para  los  elementos  subvencionados  o,  en  su  caso,  cuando  se  produzca su enajenaci\u00f3n o correcci\u00f3n valorativa por deterioro Los \u201cIngresos ordinarios\u201d representan los importes a cobrar por los bienes entregados y servicios prestados  en el marco ordinario de la actividad, netos de devoluciones y descuentos, y cantidades recibidas por cuenta  de terceros, tales como el impuesto sobre el valor a\u00f1adido. Los ingresos se reconocen cuando se pueden  medir con fiabilidad y es probable que ENCE recibir\u00e1 los beneficios econ\u00f3micos asociados a la transacci\u00f3n, y  se valoran por el valor razonable de la contraprestaci\u00f3n recibida o a recibir.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-599": {
   "value": "Los fondos de comercio s\u00f3lo se reconocen cuando han sido adquiridos a t\u00edtulo oneroso y no se amortizan.  En su lugar, son revisados anualmente mediante estudios para verificar que no exista deterioro del valor  asignado inicialmente, reconoci\u00e9ndose p\u00e9rdidas por el deterioro de valor si el valor recuperable es inferior  al valor asignado inicialmente. El valor recuperable se determina en base al valor actual de los flujos futuros  esperados de las unidades generadoras de efectivo a las que se asigna cada uno de los fondos de comercio,  descontados a una tasa que considera los riesgos espec\u00edficos de cada uno de los activos. Una vez reconocida  la  p\u00e9rdida  por  deterioro  de  un  fondo  de  comercio,  \u00e9sta  no  revierte  en  los  ejercicios  futuros.  Estas  valoraciones son realizadas de forma interna y se ofrecen detalles sobre la metodolog\u00eda de c\u00e1lculo aplicada  en la Nota 3.5.  Adicionalmente a lo indicado anteriormente, los fondos de comercio asociados a plantas de generaci\u00f3n de  energ\u00eda renovable se recuperan, de forma lineal, en los a\u00f1os de vida regulatoria restante de las plantas de  las que son titulares. En este sentido, el fondo de comercio se deteriora para recoger as\u00ed el efecto de la  reducci\u00f3n en la vida regulatoria restante de las plantas con el paso del tiempo.  El Grupo reconoce las participaciones no dominantes en una entidad adquirida por su participaci\u00f3n en los  activos netos identificables de la entidad. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-585": {
   "value": "Los fondos de comercio s\u00f3lo se reconocen cuando han sido adquiridos a t\u00edtulo oneroso y no se amortizan.  En su lugar, son revisados anualmente mediante estudios para verificar que no exista deterioro del valor  asignado inicialmente, reconoci\u00e9ndose p\u00e9rdidas por el deterioro de valor si el valor recuperable es inferior  al valor asignado inicialmente. El valor recuperable se determina en base al valor actual de los flujos futuros  esperados de las unidades generadoras de efectivo a las que se asigna cada uno de los fondos de comercio,  descontados a una tasa que considera los riesgos espec\u00edficos de cada uno de los activos. Una vez reconocida  la  p\u00e9rdida  por  deterioro  de  un  fondo  de  comercio,  \u00e9sta  no  revierte  en  los  ejercicios  futuros.  Estas  valoraciones son realizadas de forma interna y se ofrecen detalles sobre la metodolog\u00eda de c\u00e1lculo aplicada  en la Nota 3.5.  Adicionalmente a lo indicado anteriormente, los fondos de comercio asociados a plantas de generaci\u00f3n de  energ\u00eda renovable se recuperan, de forma lineal, en los a\u00f1os de vida regulatoria restante de las plantas de  las que son titulares. En este sentido, el fondo de comercio se deteriora para recoger as\u00ed el efecto de la  reducci\u00f3n en la vida regulatoria restante de las plantas con el paso del tiempo.  3.2  Otros activos intangibles Los  derechos  incluidos  en  este  ep\u00edgrafe  del  Estado  de  Situaci\u00f3n  Financiera, principalmente  aplicaciones inform\u00e1ticas, gastos de desarrollo, y derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica, se registran inicialmente a su coste de adquisici\u00f3n o producci\u00f3n. Tras su reconocimiento inicial, se valoran al coste de adquisici\u00f3n, deducidas la amortizaci\u00f3n acumulada y cualquier p\u00e9rdida por deterioro de valor (v\u00e9ase Nota 3.5).  Los activos intangibles del Grupo tienen la consideraci\u00f3n de intangibles con vida \u00fatil definida y se amortizan siguiendo el m\u00e9todo lineal a lo largo de su vida \u00fatil estimada, considerando el periodo durante el cual se prev\u00e9 que generar\u00e1n ingresos. Gastos de I+D - Los gastos de investigaci\u00f3n se reconocen como gasto en el ejercicio en el que incurre en ellos.  Por  su  parte,  los  gastos  de  desarrollo  se  reconocen  como  activo  cuando  su  coste  es  identificable  por proyecto, y es probable que el proyecto vaya a tener \u00e9xito a nivel t\u00e9cnico y comercial. Los gastos que no re\u00fanen estos requisitos se reconocen como un gasto en el ejercicio en que se incurren. Estos costes capitalizados se amortizan linealmente en 5 a\u00f1os, o bien en el plazo en que se prevea que generar\u00e1n ingresos si este plazo es superior, con el l\u00edmite de 10 a\u00f1os. Aplicaciones inform\u00e1ticas- El Grupo registra en esta cuenta los costes de adquisici\u00f3n de programas inform\u00e1ticos, as\u00ed como el coste de licencias con vigencia plurianual. Asimismo, se reconocen como activos intangibles los costes directamente relacionados con el desarrollo interno de programas inform\u00e1ticos, siempre que su coste sea claramente identificable por proyecto, y sea probable que vayan a generar beneficios econ\u00f3micos a futuro para el Grupo. El resto de los costes internos y externos asociados al mantenimiento y desarrollo de software se imputan a resultados en el ejercicio en que se incurren. La amortizaci\u00f3n de las aplicaciones inform\u00e1ticas se realiza aplicando el m\u00e9todo lineal durante un per\u00edodo de 5 a\u00f1os, a contar desde la entrada en explotaci\u00f3n de cada programa. Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica- Los derechos de generaci\u00f3n que permiten a una instalaci\u00f3n de generaci\u00f3n de energ\u00eda operar en el r\u00e9gimen retributivo especial regulado en el Real Decreto 413/2014, de 6 de junio, por el que se regula la actividad de producci\u00f3n  de  energ\u00eda  el\u00e9ctrica  a  partir  de  fuentes  de  energ\u00eda  renovable,  cogeneraci\u00f3n  y  residuos, adquiridos a terceros, se registran por su coste de adquisici\u00f3n, o bien, por el coste incurrido en su obtenci\u00f3n, y se amortizan en los a\u00f1os de vida \u00fatil regulatoria de las instalaciones de generaci\u00f3n de energ\u00eda renovable en las que se utilizan. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-580": {
   "value": "Los fondos de comercio s\u00f3lo se reconocen cuando han sido adquiridos a t\u00edtulo oneroso y no se amortizan.  En su lugar, son revisados anualmente mediante estudios para verificar que no exista deterioro del valor  asignado inicialmente, reconoci\u00e9ndose p\u00e9rdidas por el deterioro de valor si el valor recuperable es inferior  al valor asignado inicialmente. El valor recuperable se determina en base al valor actual de los flujos futuros  esperados de las unidades generadoras de efectivo a las que se asigna cada uno de los fondos de comercio,  descontados a una tasa que considera los riesgos espec\u00edficos de cada uno de los activos. Una vez reconocida  la  p\u00e9rdida  por  deterioro  de  un  fondo  de  comercio,  \u00e9sta  no  revierte  en  los  ejercicios  futuros.  Estas  valoraciones son realizadas de forma interna y se ofrecen detalles sobre la metodolog\u00eda de c\u00e1lculo aplicada  en la Nota 3.5.  Adicionalmente a lo indicado anteriormente, los fondos de comercio asociados a plantas de generaci\u00f3n de  energ\u00eda renovable se recuperan, de forma lineal, en los a\u00f1os de vida regulatoria restante de las plantas de  las que son titulares. En este sentido, el fondo de comercio se deteriora para recoger as\u00ed el efecto de la  reducci\u00f3n en la vida regulatoria restante de las plantas con el paso del tiempo.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-590": {
   "value": "3.2  Otros activos intangibles Los  derechos  incluidos  en  este  ep\u00edgrafe  del  Estado  de  Situaci\u00f3n  Financiera, principalmente  aplicaciones inform\u00e1ticas, gastos de desarrollo, y derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica, se registran inicialmente a su coste de adquisici\u00f3n o producci\u00f3n. Tras su reconocimiento inicial, se valoran al coste de adquisici\u00f3n, deducidas la amortizaci\u00f3n acumulada y cualquier p\u00e9rdida por deterioro de valor (v\u00e9ase Nota 3.5).  Los activos intangibles del Grupo tienen la consideraci\u00f3n de intangibles con vida \u00fatil definida y se amortizan siguiendo el m\u00e9todo lineal a lo largo de su vida \u00fatil estimada, considerando el periodo durante el cual se prev\u00e9 que generar\u00e1n ingresos. Gastos de I+D - Los gastos de investigaci\u00f3n se reconocen como gasto en el ejercicio en el que incurre en ellos.  Por  su  parte,  los  gastos  de  desarrollo  se  reconocen  como  activo  cuando  su  coste  es  identificable  por proyecto, y es probable que el proyecto vaya a tener \u00e9xito a nivel t\u00e9cnico y comercial. Los gastos que no re\u00fanen estos requisitos se reconocen como un gasto en el ejercicio en que se incurren. Estos costes capitalizados se amortizan linealmente en 5 a\u00f1os, o bien en el plazo en que se prevea que generar\u00e1n ingresos si este plazo es superior, con el l\u00edmite de 10 a\u00f1os. Aplicaciones inform\u00e1ticas- El Grupo registra en esta cuenta los costes de adquisici\u00f3n de programas inform\u00e1ticos, as\u00ed como el coste de licencias con vigencia plurianual. Asimismo, se reconocen como activos intangibles los costes directamente relacionados con el desarrollo interno de programas inform\u00e1ticos, siempre que su coste sea claramente identificable por proyecto, y sea probable que vayan a generar beneficios econ\u00f3micos a futuro para el Grupo. El resto de los costes internos y externos asociados al mantenimiento y desarrollo de software se imputan a resultados en el ejercicio en que se incurren. La amortizaci\u00f3n de las aplicaciones inform\u00e1ticas se realiza aplicando el m\u00e9todo lineal durante un per\u00edodo de 5 a\u00f1os, a contar desde la entrada en explotaci\u00f3n de cada programa. Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica- Los derechos de generaci\u00f3n que permiten a una instalaci\u00f3n de generaci\u00f3n de energ\u00eda operar en el r\u00e9gimen retributivo especial regulado en el Real Decreto 413/2014, de 6 de junio, por el que se regula la actividad de producci\u00f3n  de  energ\u00eda  el\u00e9ctrica  a  partir  de  fuentes  de  energ\u00eda  renovable,  cogeneraci\u00f3n  y  residuos, adquiridos a terceros, se registran por su coste de adquisici\u00f3n, o bien, por el coste incurrido en su obtenci\u00f3n, y se amortizan en los a\u00f1os de vida \u00fatil regulatoria de las instalaciones de generaci\u00f3n de energ\u00eda renovable en las que se utilizan. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-565": {
   "value": "Los activos intangibles del Grupo tienen la consideraci\u00f3n de intangibles con vida \u00fatil definida y se amortizan  siguiendo el m\u00e9todo lineal a lo largo de su vida \u00fatil estimada, considerando el periodo durante el cual se  prev\u00e9 que generar\u00e1n ingresos.  Amortizaciones y deterioros Durante  el  ejercicio  2022  el  Grupo  amortiza  su  inmovilizado  material  siguiendo  el  m\u00e9todo  lineal, distribuyendo el coste de los activos entre los a\u00f1os de vida \u00fatil estimada, de acuerdo con el siguiente detalle: Porcentaje A\u00f1os de Vida Porcentaje A\u00f1os de Vida Amortizaci\u00f3n \u00datil Estimada Amortizaci\u00f3n \u00datil Estimada Construcciones 2%-3% 33-50 2%-3% 33-50 Instalaciones t\u00e9cnicas Plantas de generaci\u00f3n con biomasa 4% 25 4% 25 Otras instalaciones 5%-8,3%  12-20 5%-8,3%  12-20 Maquinaria 5%-12,5% 8-20 5%-12,5% 8-20 Utillaje y mobiliario 8,3%-12,5% 8-12 8,3%-12,5% 8-12 Equipos procesos de informaci\u00f3n 20% 5 20% 5 Elementos transporte 10% 10 10% 10 Otro inmovilizado material 10% 10 10% 10 A\u00f1o 2021 A\u00f1o 2022 El Grupo revisa peri\u00f3dicamente el valor residual, la vida \u00fatil y el m\u00e9todo de amortizaci\u00f3n del inmovilizado material. Las modificaciones en los criterios inicialmente establecidos se reconocen como un  cambio de  estimaci\u00f3n.  El Grupo reestim\u00f3 en 2021 la vida \u00fatil de los activos productivos del negocio Celulosa, como consecuencia  de las inversiones realizadas y los aumentos de capacidad de producci\u00f3n realizadas, por el personal t\u00e9cnico  de ENCE que ha sido asistido por un experto independiente. Como resultado de dicha revisi\u00f3n la vida \u00fatil  estimada del ep\u00edgrafe \u201cInstalaciones t\u00e9cnicas \u2013 otras instalaciones\u201d se sit\u00faa en el rango 12-20 a\u00f1os y la  correspondiente al ep\u00edgrafe \u201cMaquinaria\u201d si sit\u00faa en el rango 8-20 a\u00f1os (v\u00e9ase Nota 4).  Asimismo, el Grupo ha restimado, con efectos desde el 1 de enero de 2023, el per\u00edodo durante el cual se  espera razonablemente consumir los beneficios econ\u00f3micos inherentes a las instalaciones de generaci\u00f3n  de energ\u00eda con biomasa de Ja\u00e9n 16 MW, Ciudad Real 16 MW y Huelva 41 MW (v\u00e9ase Nota 20). Como  resultado de dicha restimaci\u00f3n, se estima que su vida \u00fatil econ\u00f3mica se terminar\u00e1 en 2023-2024.  Los  terrenos  se  registran  de  forma  independiente  de  los  edificios  o  instalaciones  que  puedan  estar  asentadas sobre los mismos y se entiende que tienen una vida \u00fatil indefinida y, por tanto, no son objeto de  amortizaci\u00f3n. Con  car\u00e1cter  general,  las  inversiones  en  edificaciones  construidas  en  terrenos  cedidos  en  r\u00e9gimen  concesional se registran en la cuenta \u201cConstrucciones\u201d. Dicho coste, junto con el del resto de instalaciones  fijas ubicadas en los terrenos concesionados se amortiza en funci\u00f3n de su vida \u00fatil, estableci\u00e9ndose como  l\u00edmite el periodo restante de vigencia de la concesi\u00f3n. Id\u00e9ntico tratamiento se aplica a las inversiones en las  En el momento de la recolecci\u00f3n del vuelo forestal se reduce el valor del activo a trav\u00e9s de la cuenta \u201cActivos  biol\u00f3gicos \u2013 agotamiento de la reserva forestal\u201d y se reconoce un gasto en el ep\u00edgrafe \u201cAgotamiento de la  reserva forestal\u201d del Estado de Resultado consolidado por el coste incurrido en su producci\u00f3n. La cuant\u00eda de dicha reducci\u00f3n se corresponde con el 100% de los costes de turno incurridos, as\u00ed como la parte proporcional  de los costes de ciclo estimada considerando el n\u00famero de turnos previstos en el ciclo. Asimismo, cuando el  vuelo  forestal  llega  al  final  de  su  ciclo  productivo  se  da  de  baja  \u00edntegramente  el  valor  del  activo  y  su  agotamiento forestal acumulado. instalaciones de generaci\u00f3n de energ\u00eda el\u00e9ctrica, siendo el l\u00edmite establecido la vida \u00fatil regulatoria si no se espera obtener beneficios econ\u00f3micos m\u00e1s all\u00e1 de dicho periodo.  Las sociedades del Grupo eval\u00faan peri\u00f3dicamente, y al menos al cierre de cada ejercicio, si existen indicios de deterioro de alg\u00fan activo o conjunto de activos del inmovilizado con objeto de proceder en su caso, tal como se indica en el apartado 3.5 de la presente nota, al deterioro o reversi\u00f3n del mismo para ajustar su valor neto contable a su valor recuperable,  sin  superar  en  ning\u00fan  caso  las  reversiones a los deterioros previos  realizados.  Los  deterioros  de  valor  se  reconocen,  con  cargo  al  ep\u00edgrafe  \u201cDeterioros  de  valor  y resultados por enajenaci\u00f3n de inmovilizado\u201d. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-598": {
   "value": "Gastos de I+D -  Los gastos de investigaci\u00f3n se reconocen como gasto en el ejercicio en el que incurre en ellos.  Por  su  parte,  los  gastos  de  desarrollo  se  reconocen  como  activo  cuando  su  coste  es  identificable  por  proyecto, y es probable que el proyecto vaya a tener \u00e9xito a nivel t\u00e9cnico y comercial. Los gastos que no  re\u00fanen estos requisitos se reconocen como un gasto en el ejercicio en que se incurren. Estos costes capitalizados se amortizan linealmente en 5 a\u00f1os, o bien en el plazo en que se prevea que  generar\u00e1n ingresos si este plazo es superior, con el l\u00edmite de 10 a\u00f1os. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-504": {
   "value": "Aplicaciones inform\u00e1ticas-  El Grupo registra en esta cuenta los costes de adquisici\u00f3n de programas inform\u00e1ticos, as\u00ed como el coste de licencias con vigencia plurianual. Asimismo, se reconocen como activos intangibles los costes directamente relacionados con el desarrollo interno de programas inform\u00e1ticos, siempre que su coste sea claramente identificable por proyecto, y sea probable que vayan a generar beneficios econ\u00f3micos a futuro para el Grupo.  El resto de los costes internos y externos asociados al mantenimiento y desarrollo de software se imputan a  resultados en el ejercicio en que se incurren.  La amortizaci\u00f3n de las aplicaciones inform\u00e1ticas se realiza aplicando el m\u00e9todo lineal durante un per\u00edodo de  5 a\u00f1os, a contar desde la entrada en explotaci\u00f3n de cada programa. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-600": {
   "value": "3.3  Propiedad, planta y equipo  Estos activos se valoran al precio de adquisici\u00f3n o coste de producci\u00f3n, deducidas las amortizaciones y los  deterioros de valor, si los hubiera (v\u00e9ase Nota 3.5). El coste de adquisici\u00f3n incluye, en su caso, los siguientes  conceptos:  \u2022  Los intereses devengados durante el periodo de construcci\u00f3n, siempre que este per\u00edodo sea superior a  1 a\u00f1o,  y  relativos  a  la  financiaci\u00f3n  atribuible  al  activo  productivo.  La  tasa  de  inter\u00e9s  utilizada  es  la  correspondiente a la financiaci\u00f3n espec\u00edfica o, de no existir, la tasa media de financiaci\u00f3n del Grupo  (v\u00e9ase Nota 29). \u2022  Los  trabajos  realizados  por  el  Grupo  para  su  propio  inmovilizado  material  se  registran  al  coste  acumulado que resulta de a\u00f1adir a los costes externos los costes internos, principalmente costes de  personal,  materiales  de  almac\u00e9n  y  otros  costes  operativos.  Durante  el  ejercicio  2022  el  importe  registrado por este concepto asciende a 250 miles \u20ac (747 miles \u20ac en 2021), y se registra dentro del  ep\u00edgrafe \u201cTrabajos realizados por el Grupo para su inmovilizado\u201d del Estado de Resultado consolidado.  \u2022  En caso de que el Grupo est\u00e9 obligado a desmantelar sus instalaciones y rehabilitar el lugar donde se asientan,  el  valor  estimado  de  dichos  costes  se  incorpora  al  valor  en  libros  del  activo  por  su  valor  presente,  con  abono  al  ep\u00edgrafe  \u201cProvisiones\u201d  del  Estado  de  Situaci\u00f3n  Financiera  consolidado.  Los  cambios posteriores en la evaluaci\u00f3n de las obligaciones por desmantelamiento se a\u00f1aden o deducen  del valor neto contable del activo correspondiente en el periodo en el que se producen.  A este respecto, \u00fanicamente se estima que se incurrir\u00e1 en este tipo de costes en relaci\u00f3n a la biof\u00e1brica  de  Pontevedra  asentada  en  terrenos  de  dominio  p\u00fablico  disponibles  a  trav\u00e9s  de  una  concesi\u00f3n  administrativa (V\u00e9ase Nota 7).  \u2022  Con anterioridad a la fecha de transici\u00f3n a la normativa contable internacional (1 de enero de 2004), el  Grupo ENCE actualiz\u00f3 el valor de sus terrenos registrados en el ep\u00edgrafe \u201cPropiedad, planta y equipo\u201d  del Estado de Situaci\u00f3n Financiera consolidado a su valor de mercado en ese momento (v\u00e9ase Nota 17),  habi\u00e9ndose  considerado  el  importe  de  dicha  actualizaci\u00f3n  como  parte  del  coste  de  los  activos  de  acuerdo con lo establecido por la NIIF 1.  Los  costes  de  ampliaci\u00f3n,  modernizaci\u00f3n  o  mejoras  que  representan  un  aumento  de  la  productividad,  capacidad, eficiencia o un alargamiento de la vida \u00fatil de los bienes se capitalizan como mayor coste de los  correspondientes activos. ENCE sigue el criterio de traspasar la obra en curso al inmovilizado en explotaci\u00f3n  una vez finalizado el correspondiente periodo de prueba. Por su parte, los gastos de conservaci\u00f3n y mantenimiento incurridos durante el ejercicio se cargan al Estado  de Resultado consolidado. Las sustituciones de elementos del inmovilizado material susceptibles de capitalizaci\u00f3n suponen la baja del  valor  contable  de  los  elementos  sustituidos.  En  aquellos  casos  en  los  que  el  coste  de  los  elementos  sustituidos no haya sido amortizado de forma independiente y no fuese practicable determinar el valor  contable de los mismos, se utiliza el coste de la sustituci\u00f3n como indicativo del coste de los elementos en el  momento de su adquisici\u00f3n o construcci\u00f3n. Po su parte, el beneficio o la p\u00e9rdida que se produce en la  enajenaci\u00f3n de los elementos sustituidos se determina por diferencia en entre el importe percibido por la venta y el valor en libros del activo enajenado. Amortizaciones y deterioros  Durante  el  ejercicio  2022  el  Grupo  amortiza  su  inmovilizado  material  siguiendo  el  m\u00e9todo  lineal,  distribuyendo el coste de los activos entre los a\u00f1os de vida \u00fatil estimada, de acuerdo con el siguiente detalle: El Grupo revisa peri\u00f3dicamente el valor residual, la vida \u00fatil y el m\u00e9todo de amortizaci\u00f3n del inmovilizado material. Las modificaciones en los criterios inicialmente establecidos se reconocen como un  cambio de  estimaci\u00f3n.  El Grupo reestim\u00f3 en 2021 la vida \u00fatil de los activos productivos del negocio Celulosa, como consecuencia  de las inversiones realizadas y los aumentos de capacidad de producci\u00f3n realizadas, por el personal t\u00e9cnico  de ENCE que ha sido asistido por un experto independiente. Como resultado de dicha revisi\u00f3n la vida \u00fatil  estimada del ep\u00edgrafe \u201cInstalaciones t\u00e9cnicas \u2013 otras instalaciones\u201d se sit\u00faa en el rango 12-20 a\u00f1os y la  correspondiente al ep\u00edgrafe \u201cMaquinaria\u201d si sit\u00faa en el rango 8-20 a\u00f1os (v\u00e9ase Nota 4).  Asimismo, el Grupo ha restimado, con efectos desde el 1 de enero de 2023, el per\u00edodo durante el cual se  espera razonablemente consumir los beneficios econ\u00f3micos inherentes a las instalaciones de generaci\u00f3n  de energ\u00eda con biomasa de Ja\u00e9n 16 MW, Ciudad Real 16 MW y Huelva 41 MW (v\u00e9ase Nota 20). Como  resultado de dicha restimaci\u00f3n, se estima que su vida \u00fatil econ\u00f3mica se terminar\u00e1 en 2023-2024.  Los  terrenos  se  registran  de  forma  independiente  de  los  edificios  o  instalaciones  que  puedan  estar  asentadas sobre los mismos y se entiende que tienen una vida \u00fatil indefinida y, por tanto, no son objeto de  amortizaci\u00f3n. Con  car\u00e1cter  general,  las  inversiones  en  edificaciones  construidas  en  terrenos  cedidos  en  r\u00e9gimen  concesional se registran en la cuenta \u201cConstrucciones\u201d. Dicho coste, junto con el del resto de instalaciones  fijas ubicadas en los terrenos concesionados se amortiza en funci\u00f3n de su vida \u00fatil, estableci\u00e9ndose como  l\u00edmite el periodo restante de vigencia de la concesi\u00f3n. Id\u00e9ntico tratamiento se aplica a las inversiones en las  Porcentaje A\u00f1os de Vida Porcentaje A\u00f1os de Vida Amortizaci\u00f3n \u00datil Estimada Amortizaci\u00f3n \u00datil Estimada Construcciones 2%-3% 33-50 2%-3% 33-50 Instalaciones t\u00e9cnicas Plantas de generaci\u00f3n con biomasa 4% 25 4% 25 Otras instalaciones 5%-8,3%  12-20 5%-8,3%  12-20 Maquinaria 5%-12,5% 8-20 5%-12,5% 8-20 Utillaje y mobiliario 8,3%-12,5% 8-12 8,3%-12,5% 8-12 Equipos procesos de informaci\u00f3n 20% 5 20% 5 Elementos transporte 10% 10 10% 10 Otro inmovilizado material 10% 10 10% 10 A\u00f1o 2021 A\u00f1o 2022 instalaciones de generaci\u00f3n de energ\u00eda el\u00e9ctrica, siendo el l\u00edmite establecido la vida \u00fatil regulatoria si no se espera obtener beneficios econ\u00f3micos m\u00e1s all\u00e1 de dicho periodo.  Las sociedades del Grupo eval\u00faan peri\u00f3dicamente, y al menos al cierre de cada ejercicio, si existen indicios de deterioro de alg\u00fan activo o conjunto de activos del inmovilizado con objeto de proceder en su caso, tal como se indica en el apartado 3.5 de la presente nota, al deterioro o reversi\u00f3n del mismo para ajustar su valor neto contable a su valor recuperable,  sin  superar  en  ning\u00fan  caso  las  reversiones a los deterioros previos  realizados.  Los  deterioros  de  valor  se  reconocen,  con  cargo  al  ep\u00edgrafe  \u201cDeterioros  de  valor  y resultados por enajenaci\u00f3n de inmovilizado\u201d. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-7": {
   "value": "En caso de que el Grupo est\u00e9 obligado a desmantelar sus instalaciones y rehabilitar el lugar donde se asientan,  el  valor  estimado  de  dichos  costes  se  incorpora  al  valor  en  libros  del  activo  por  su  valor  presente,  con  abono  al  ep\u00edgrafe  \u201cProvisiones\u201d  del  Estado  de  Situaci\u00f3n  Financiera  consolidado.  Los  cambios posteriores en la evaluaci\u00f3n de las obligaciones por desmantelamiento se a\u00f1aden o deducen  del valor neto contable del activo correspondiente en el periodo en el que se producen. Los  costes  de  ampliaci\u00f3n,  modernizaci\u00f3n  o  mejoras  que  representan  un  aumento  de  la  productividad,  capacidad, eficiencia o un alargamiento de la vida \u00fatil de los bienes se capitalizan como mayor coste de los  correspondientes activos. ENCE sigue el criterio de traspasar la obra en curso al inmovilizado en explotaci\u00f3n  una vez finalizado el correspondiente periodo de prueba. Por su parte, los gastos de conservaci\u00f3n y mantenimiento incurridos durante el ejercicio se cargan al Estado  de Resultado consolidado. Las sustituciones de elementos del inmovilizado material susceptibles de capitalizaci\u00f3n suponen la baja del  valor  contable  de  los  elementos  sustituidos.  En  aquellos  casos  en  los  que  el  coste  de  los  elementos  sustituidos no haya sido amortizado de forma independiente y no fuese practicable determinar el valor  contable de los mismos, se utiliza el coste de la sustituci\u00f3n como indicativo del coste de los elementos en el  momento de su adquisici\u00f3n o construcci\u00f3n. Po su parte, el beneficio o la p\u00e9rdida que se produce en la  enajenaci\u00f3n de los elementos sustituidos se determina por diferencia en entre el importe percibido por la venta y el valor en libros del activo enajenado. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-581": {
   "value": "Amortizaciones y deterioros Durante  el  ejercicio  2022  el  Grupo  amortiza  su  inmovilizado  material  siguiendo  el  m\u00e9todo  lineal, distribuyendo el coste de los activos entre los a\u00f1os de vida \u00fatil estimada, de acuerdo con el siguiente detalle: El Grupo revisa peri\u00f3dicamente el valor residual, la vida \u00fatil y el m\u00e9todo de amortizaci\u00f3n del inmovilizado material. Las modificaciones en los criterios inicialmente establecidos se reconocen como un  cambio de estimaci\u00f3n. El Grupo reestim\u00f3 en 2021 la vida \u00fatil de los activos productivos del negocio Celulosa, como consecuencia de las inversiones realizadas y los aumentos de capacidad de producci\u00f3n realizadas, por el personal t\u00e9cnico de ENCE que ha sido asistido por un experto independiente. Como resultado de dicha revisi\u00f3n la vida \u00fatil estimada del ep\u00edgrafe \u201cInstalaciones t\u00e9cnicas \u2013 otras instalaciones\u201d se sit\u00faa en el rango 12-20 a\u00f1os y la correspondiente al ep\u00edgrafe \u201cMaquinaria\u201d si sit\u00faa en el rango 8-20 a\u00f1os (v\u00e9ase Nota 4).  Asimismo, el Grupo ha restimado, con efectos desde el 1 de enero de 2023, el per\u00edodo durante el cual se espera razonablemente consumir los beneficios econ\u00f3micos inherentes a las instalaciones de generaci\u00f3n de energ\u00eda con biomasa de Ja\u00e9n 16 MW, Ciudad Real 16 MW y Huelva 41 MW (v\u00e9ase Nota 20). Como resultado de dicha restimaci\u00f3n, se estima que su vida \u00fatil econ\u00f3mica se terminar\u00e1 en 2023-2024. Los  terrenos  se  registran  de  forma  independiente  de  los  edificios  o  instalaciones  que  puedan  estar asentadas sobre los mismos y se entiende que tienen una vida \u00fatil indefinida y, por tanto, no son objeto de amortizaci\u00f3n. Con  car\u00e1cter  general,  las  inversiones  en  edificaciones  construidas  en  terrenos  cedidos  en  r\u00e9gimen concesional se registran en la cuenta \u201cConstrucciones\u201d. Dicho coste, junto con el del resto de instalaciones fijas ubicadas en los terrenos concesionados se amortiza en funci\u00f3n de su vida \u00fatil, estableci\u00e9ndose como l\u00edmite el periodo restante de vigencia de la concesi\u00f3n. Id\u00e9ntico tratamiento se aplica a las inversiones en las Porcentaje A\u00f1os de Vida Porcentaje A\u00f1os de Vida Amortizaci\u00f3n \u00datil Estimada Amortizaci\u00f3n \u00datil Estimada Construcciones 2%-3% 33-50 2%-3% 33-50 Instalaciones t\u00e9cnicas Plantas de generaci\u00f3n con biomasa 4% 25 4% 25 Otras instalaciones 5%-8,3%  12-20 5%-8,3%  12-20 Maquinaria 5%-12,5% 8-20 5%-12,5% 8-20 Utillaje y mobiliario 8,3%-12,5% 8-12 8,3%-12,5% 8-12 Equipos procesos de informaci\u00f3n 20% 5 20% 5 Elementos transporte 10% 10 10% 10 Otro inmovilizado material 10% 10 10% 10 A\u00f1o 2021 A\u00f1o 2022 instalaciones de generaci\u00f3n de energ\u00eda el\u00e9ctrica, siendo el l\u00edmite establecido la vida \u00fatil regulatoria si no se espera obtener beneficios econ\u00f3micos m\u00e1s all\u00e1 de dicho periodo.  Las sociedades del Grupo eval\u00faan peri\u00f3dicamente, y al menos al cierre de cada ejercicio, si existen indicios de deterioro de alg\u00fan activo o conjunto de activos del inmovilizado con objeto de proceder en su caso, tal como se indica en el apartado 3.5 de la presente nota, al deterioro o reversi\u00f3n del mismo para ajustar su valor neto contable a su valor recuperable,  sin  superar  en  ning\u00fan  caso  las  reversiones a los deterioros previos  realizados.  Los  deterioros  de  valor  se  reconocen,  con  cargo  al  ep\u00edgrafe  \u201cDeterioros  de  valor  y resultados por enajenaci\u00f3n de inmovilizado\u201d. 3.5  Deterioro de valor de activos no financieros  El Grupo ENCE revisa, al menos a la fecha de cierre de cada ejercicio, el valor de sus activos no financieros,  entre los que se incluyen loa activos materiales, los activos por derecho de uso, el fondo de comercio junto a los otros activos intangibles y los activos biol\u00f3gicos, para determinar si existe alg\u00fan indicio de que dichos  activos hayan sufrido una p\u00e9rdida por deterioro, y por tanto el valor que se espera recuperar de su uso o  disposici\u00f3n es inferior a su valor en libros.  ENCE  utiliza  tanto  fuentes  de  informaci\u00f3n  internas  como  externas  para  evaluar  posibles  indicios  de  deterioro.  Entre  las  fuentes  externas  se  consideran  disminuciones  del  valor  de  mercado  considerando  transacciones comparables, la evoluci\u00f3n de los precios a  futuro de la celulosa y la energ\u00eda renovable, o  posibles cambios futuros adversos en el entorno legal, econ\u00f3mico o tecnol\u00f3gico que pudieran poner de  manifiesto una p\u00e9rdida del valor recuperable de sus activos. Por su parte, internamente se eval\u00faa si se ha producido un deterioro f\u00edsico u obsolescencia de los activos, o si el rendimiento del activo es peor de lo  esperado.  En  caso  de  existir  indicios  de  deterioro,  se  lleva  a  cabo  una  estimaci\u00f3n  del  importe  recuperable,  para  determinar, en su caso, el importe del deterioro. El importe recuperable es el mayor entre el valor razonable  minorado por el coste de su venta y el valor \u201cen uso\u201d. En el caso de los fondos de comercio ENCE realiza de  forma sistem\u00e1tica el an\u00e1lisis de recuperabilidad al menos anualmente. Los valores \u201cen uso\u201d se determinan para cada Unidad Generadora de Efectivo (UGE). El fondo de comercio  adquirido en una combinaci\u00f3n de negocios se distribuye entre cada una de las UGE que se benefician de las  sinergias de la combinaci\u00f3n de negocios. Para determinar el valor en uso de los activos sometidos a test de deterioro, se estima el valor actual de los  flujos netos de caja originados por cada UGE a los que se asocian los mismos, exceptuando aquellos flujos  relacionados  con pagos  o  cobros  de operaciones  de  financiaci\u00f3n y  los  pagos por el impuesto  sobre  los  beneficios, as\u00ed como aqu\u00e9llos que se deriven de mejoras o reformas futuras previstas para los activos de las  citadas unidades generadoras de efectivo. Una  UGE  puede  contener  un  activo  por  derecho  de  uso  y  un  pasivo  por  arrendamiento.  En  el  test  de  deterioro, el pasivo se recoge al determinar el importe recuperable de la UGE, si se determina que en caso  de disponer de la UGE, el comprador deber\u00eda asumir el pasivo por arrendamiento. En este sentido, si el valor  recuperable se determina usando el valor en uso, el valor del pasivo por arrendamiento minora el valor en uso. Por su parte, si el valor recuperable se determina utilizando el valor razonable menos los costes de  venta, el valor recuperable se determina como el valor que se obtendr\u00eda por la disposici\u00f3n de los activos de  la UGE y los pasivos vinculados a los derechos de uso. El pasivo se descuenta utilizando la tasa de inter\u00e9s  impl\u00edcita del contrato de arrendamiento. Los flujos de caja estimados se obtienen de las proyecciones realizadas por la Direcci\u00f3n de cada una de las  UGE, que en general utilizan periodos de 3-5 a\u00f1os, excepto cuando las caracter\u00edsticas del negocio aconsejan  periodos superiores. Las tasas de crecimiento y las variaciones en precios y costes directos se basan en los  compromisos contractuales firmes, la informaci\u00f3n p\u00fablica disponible, as\u00ed como en las previsiones sectoriales  y la experiencia de ENCE. Adicionalmente, se realizan an\u00e1lisis de sensibilidad en relaci\u00f3n con los crecimientos  de ingresos, m\u00e1rgenes de  explotaci\u00f3n  y tasas de descuento, con el fin de prever el impacto de futuros  cambios en estas variables (v\u00e9ase Nota 14).  Para actualizar los flujos de efectivo se utiliza una tasa de descuento que incluye las evaluaciones actuales  del mercado sobre el valor temporal del dinero y los riesgos espec\u00edficos de cada UGE.  En el caso de las plantas de generaci\u00f3n de energ\u00eda renovable encuadradas en el Negocio Energ\u00eda, en las que  se puede prever con cierto grado de fiabilidad sus flujos tanto en la fase de construcci\u00f3n como de explotaci\u00f3n  (activos  con  producci\u00f3n  estable,  amplias  series  hist\u00f3ricas  en  la  informaci\u00f3n  de  mercado  y  costes  de  explotaci\u00f3n con poca volatilidad), se realiza una proyecci\u00f3n de los flujos de caja esperados hasta el final de  la vida \u00fatil regulatoria de cada planta, y el valor residual no es significativo. Por su parte, las proyecciones de  flujos de caja esperados en activos biol\u00f3gicos abarcan un ciclo productivo que puede alcanzar hasta 40 a\u00f1os  e igualmente no se considera valor residual.  Si se estima que el importe recuperable de un activo es inferior a su valor en libros, \u00e9ste \u00faltimo se reduce a  su  importe  recuperable  reconociendo  la  minoraci\u00f3n  de  valor  correspondiente  a  trav\u00e9s  del  ep\u00edgrafe  \u201cDeterioros de valor y resultados por enajenaci\u00f3n de inmovilizado\u201d del Estado de Resultado  consolidado.  Las p\u00e9rdidas por deterioro son reversibles, excepto las correspondientes a los fondos de comercio. Cuando una p\u00e9rdida de valor revierte posteriormente, el importe en libros de la UGE se incrementa a la  estimaci\u00f3n revisada de su importe recuperable, pero de tal modo que el importe en libros incrementado no  supere  el  importe  en  libros  que  se  habr\u00eda  determinado de  no  haberse  reconocido  ninguna  p\u00e9rdida  por  deterioro de valor para la UGE en ejercicios anteriores. Deterioros de valor- ENCE eval\u00faa sobre una base prospectiva las p\u00e9rdidas de cr\u00e9dito esperadas de sus activos valorados a coste  amortizado. En este sentido, ENCE aplica el enfoque general de c\u00e1lculo de la p\u00e9rdida esperada a sus activos  financieros a largo plazo, excepto los saldos comerciales y otras cuentas a cobrar sin componente financiero  significativo para los que aplica un enfoque simplificado. Bajo el enfoque general, se consideran las p\u00e9rdidas crediticias esperadas en los pr\u00f3ximos doce meses, salvo  que el riesgo de cr\u00e9dito se haya incrementado de forma significativa desde su reconocimiento inicial, en cuyo caso se considerar\u00e1n las p\u00e9rdidas esperadas durante la vida del activo. En la evaluaci\u00f3n de un cambio  significativo en el riesgo de cr\u00e9dito se utilizan variaciones de la calificaci\u00f3n crediticia obtenida de fuentes de  mercado externas. Bajo el enfoque simplificado, se consideran las p\u00e9rdidas crediticias esperadas durante la vida del activo. Este  enfoque se basa en la experiencia hist\u00f3rica de p\u00e9rdidas, y exige que las p\u00e9rdidas esperadas de las cuentas a  cobrar se reconozcan en el momento del reconocimiento del derecho de cr\u00e9dito. Para ello se ha adoptado  una soluci\u00f3n que permite calcular la p\u00e9rdida crediticia esperada de forma colectiva utilizando una matriz de  provisiones calculada en base a la experiencia de p\u00e9rdidas crediticias hist\u00f3rica ajustada por informaci\u00f3n  prospectiva  disponible.  Esta  matriz  tiene  en  consideraci\u00f3n  la  calificaci\u00f3n  crediticia  otorgada  por  la  aseguradora de cr\u00e9dito de ENCE, y el modelo incorpora como un umbral de m\u00e1s de 180 d\u00edas en mora para  la consideraci\u00f3n de que se ha producido un impago definitivo. Estos criterios son aplicados en ausencia de  otras evidencias objetivas de incumplimiento, como puedan ser las situaciones concursales, etc.  Las dotaciones y reversiones de las correcciones valorativas por deterioro de valor de saldos comerciales a  cobrar se registran en el ep\u00edgrafe \u201cDeterioro de valor sobre activos financieros\u201d del Estado de Resultado  consolidado.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-8": {
   "value": "3.4  Activos biol\u00f3gicos  El Grupo cultiva diversas especies forestales, principalmente eucaliptos de las especies Globulus y Nitens,  utilizadas como materia prima en los procesos productivos de ENCE, o bien, para su venta a terceros. En este  sentido, se consideran activos biol\u00f3gicos los vuelos forestales. Los suelos forestales se valoran de acuerdo  con la NIC 16 \u201cPropiedad, planta y equipo\u201d y se registran en dicho ep\u00edgrafe del Estado de Situaci\u00f3n Financiera  consolidado (v\u00e9ase Nota 3.3). El Grupo valora sus activos biol\u00f3gicos a su coste de adquisici\u00f3n o producci\u00f3n, deducidos el agotamiento  forestal as\u00ed como, en su caso, las p\u00e9rdidas por deterioro de valor.  La inversi\u00f3n en el patrimonio forestal se valora imputando todos los costes directamente incurridos en la  adquisici\u00f3n y desarrollo de \u00e9ste; alquileres, limpieza y preparaci\u00f3n de terrenos, plantaciones, fertilizaciones,  cuidado y conservaci\u00f3n, etc. Asimismo, al tratarse de activos que necesitan m\u00e1s de 1 a\u00f1o para estar en  condiciones de uso, se incorporan como mayor valor del activo los gastos financieros devengados hasta el  momento  de  la  corta,  por  la  parte  de  la  inversi\u00f3n  que  se  considera  financiada  con  recursos  ajenos (actualmente poco representativa). La tasa de inter\u00e9s utilizada es la tasa media de financiaci\u00f3n del Grupo  (v\u00e9ase Nota 29).  El tiempo que transcurre desde que se lleva a cabo la plantaci\u00f3n de un eucaliptal en la pen\u00ednsula ib\u00e9rica  hasta que econ\u00f3micamente es recomendable su destoconado y posterior replantaci\u00f3n es variable en funci\u00f3n  de la especie. As\u00ed, en la especie Globulus, este per\u00edodo es de aproximadamente 35-40 a\u00f1os ya que el \u00e1rbol rebrota tras su corta de forma eficiente al menos 2 veces tras su aprovechamiento. En este sentido, los  costes incurridos en el desarrollo de los activos biol\u00f3gicos se agrupan en dos categor\u00edas; costes de ciclo,  categor\u00eda  que  incluye  los  costes  incurridos,  principalmente  asociados  al  proceso  de  plantaci\u00f3n  y  que  contribuir\u00e1n al desarrollo del activo biol\u00f3gico durante el ciclo completo de 35-40 a\u00f1os, y costes de turno que  son aquellos que contribuyen al desarrollo de los activos biol\u00f3gicos en el turno en que se encuentran hasta  el momento del aprovechamiento-corta. Por su parte, en la especie Nitens los periodos de turno y ciclo  coinciden en el rango  de 11-15 a\u00f1os, al no producirse un rebrote eficiente, por lo que todos los  costes  considerados en su desarrollo son considerados costes de turno.  En el momento de la recolecci\u00f3n del vuelo forestal se reduce el valor del activo a trav\u00e9s de la cuenta \u201cActivos  biol\u00f3gicos \u2013 agotamiento de la reserva forestal\u201d y se reconoce un gasto en el ep\u00edgrafe \u201cAgotamiento de la  reserva forestal\u201d del Estado de Resultado consolidado por el coste incurrido en su producci\u00f3n. La cuant\u00eda de dicha reducci\u00f3n se corresponde con el 100% de los costes de turno incurridos, as\u00ed como la parte proporcional  de los costes de ciclo estimada considerando el n\u00famero de turnos previstos en el ciclo. Asimismo, cuando el  vuelo  forestal  llega  al  final  de  su  ciclo  productivo  se  da  de  baja  \u00edntegramente  el  valor  del  activo  y  su  agotamiento forestal acumulado. No existe un mercado activo del Eucalipto en Espa\u00f1a, y las caracter\u00edsticas de las transacciones que se llevan  a  cabo  no  han  permitido  hasta  la  fecha  identificar  referencias  de  precio  de  mercado  v\u00e1lidas  para  su extrapolaci\u00f3n al patrimonio forestal de ENCE. Por otra parte, la aplicaci\u00f3n de los m\u00e9todos alternativos que  plantea  NIIF  13  para  determinar  el  valor  razonable,  no  ha  permitido  cuantificar  con  fiabilidad  el  valor  razonable de los activos biol\u00f3gicos, debido entre otros factores, a las asunciones y estimaciones que se deben llevar a cabo y al impacto que las mismas tienen en los resultados de la cuantificaci\u00f3n. Por todo ello, el Grupo no valora sus activos biol\u00f3gicos a valor razonable.  ENCE ha desarrollado un modelo de valoraci\u00f3n de su patrimonio forestal a partir del descuento de los flujos  futuros previstos, que no se ha considerado lo suficientemente fiable para ser utilizado en la valoraci\u00f3n a  valor razonable de los activos biol\u00f3gicos, si bien, su utilizaci\u00f3n consistente en el tiempo s\u00ed permite identificar  rangos de valor y tendencias que se tienen en consideraci\u00f3n al evaluar la existencia de posibles deterioros  de valor en los activos biol\u00f3gicos. El  valor  en  libros  de  los  activos  biol\u00f3gicos  recogido  en  las  cuentas  anuales  consolidadas  de  ENCE correspondientes al ejercicio 2022 no difiere de forma significativa del valor razonable que resultar\u00eda del  ejercicio de valoraci\u00f3n realizado a partir del descuento de flujos futuros previstos, siguiendo la metodolog\u00eda  descrita en la Nota 3.5, y considerando precios de venta de la madera alineados con los precios actuales de  venta en el caso de madera que tiene como destino su venta a terceros, y con los precios de compra de las  plantas de producci\u00f3n de celulosa en el caso de madera del patrimonio forestal con ese destino.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-586": {
   "value": "3.5  Deterioro de valor de activos no financieros  El Grupo ENCE revisa, al menos a la fecha de cierre de cada ejercicio, el valor de sus activos no financieros,  entre los que se incluyen loa activos materiales, los activos por derecho de uso, el fondo de comercio junto a los otros activos intangibles y los activos biol\u00f3gicos, para determinar si existe alg\u00fan indicio de que dichos  activos hayan sufrido una p\u00e9rdida por deterioro, y por tanto el valor que se espera recuperar de su uso o  disposici\u00f3n es inferior a su valor en libros.  ENCE  utiliza  tanto  fuentes  de  informaci\u00f3n  internas  como  externas  para  evaluar  posibles  indicios  de  deterioro.  Entre  las  fuentes  externas  se  consideran  disminuciones  del  valor  de  mercado  considerando  transacciones comparables, la evoluci\u00f3n de los precios a  futuro de la celulosa y la energ\u00eda renovable, o  posibles cambios futuros adversos en el entorno legal, econ\u00f3mico o tecnol\u00f3gico que pudieran poner de  manifiesto una p\u00e9rdida del valor recuperable de sus activos. Por su parte, internamente se eval\u00faa si se ha producido un deterioro f\u00edsico u obsolescencia de los activos, o si el rendimiento del activo es peor de lo  esperado.  En  caso  de  existir  indicios  de  deterioro,  se  lleva  a  cabo  una  estimaci\u00f3n  del  importe  recuperable,  para  determinar, en su caso, el importe del deterioro. El importe recuperable es el mayor entre el valor razonable  minorado por el coste de su venta y el valor \u201cen uso\u201d. En el caso de los fondos de comercio ENCE realiza de  forma sistem\u00e1tica el an\u00e1lisis de recuperabilidad al menos anualmente. Los valores \u201cen uso\u201d se determinan para cada Unidad Generadora de Efectivo (UGE). El fondo de comercio  adquirido en una combinaci\u00f3n de negocios se distribuye entre cada una de las UGE que se benefician de las  sinergias de la combinaci\u00f3n de negocios. Para determinar el valor en uso de los activos sometidos a test de deterioro, se estima el valor actual de los  flujos netos de caja originados por cada UGE a los que se asocian los mismos, exceptuando aquellos flujos  relacionados  con pagos  o  cobros  de operaciones  de  financiaci\u00f3n y  los  pagos por el impuesto  sobre  los  beneficios, as\u00ed como aqu\u00e9llos que se deriven de mejoras o reformas futuras previstas para los activos de las  citadas unidades generadoras de efectivo. Una  UGE  puede  contener  un  activo  por  derecho  de  uso  y  un  pasivo  por  arrendamiento.  En  el  test  de  deterioro, el pasivo se recoge al determinar el importe recuperable de la UGE, si se determina que en caso  de disponer de la UGE, el comprador deber\u00eda asumir el pasivo por arrendamiento. En este sentido, si el valor  recuperable se determina usando el valor en uso, el valor del pasivo por arrendamiento minora el valor en uso. Por su parte, si el valor recuperable se determina utilizando el valor razonable menos los costes de  venta, el valor recuperable se determina como el valor que se obtendr\u00eda por la disposici\u00f3n de los activos de  la UGE y los pasivos vinculados a los derechos de uso. El pasivo se descuenta utilizando la tasa de inter\u00e9s  impl\u00edcita del contrato de arrendamiento. Los flujos de caja estimados se obtienen de las proyecciones realizadas por la Direcci\u00f3n de cada una de las  UGE, que en general utilizan periodos de 3-5 a\u00f1os, excepto cuando las caracter\u00edsticas del negocio aconsejan  periodos superiores. Las tasas de crecimiento y las variaciones en precios y costes directos se basan en los  compromisos contractuales firmes, la informaci\u00f3n p\u00fablica disponible, as\u00ed como en las previsiones sectoriales  y la experiencia de ENCE. Adicionalmente, se realizan an\u00e1lisis de sensibilidad en relaci\u00f3n con los crecimientos  de ingresos, m\u00e1rgenes de  explotaci\u00f3n  y tasas de descuento, con el fin de prever el impacto de futuros  cambios en estas variables (v\u00e9ase Nota 14).  Para actualizar los flujos de efectivo se utiliza una tasa de descuento que incluye las evaluaciones actuales  del mercado sobre el valor temporal del dinero y los riesgos espec\u00edficos de cada UGE.  En el caso de las plantas de generaci\u00f3n de energ\u00eda renovable encuadradas en el Negocio Energ\u00eda, en las que  se puede prever con cierto grado de fiabilidad sus flujos tanto en la fase de construcci\u00f3n como de explotaci\u00f3n  (activos  con  producci\u00f3n  estable,  amplias  series  hist\u00f3ricas  en  la  informaci\u00f3n  de  mercado  y  costes  de  explotaci\u00f3n con poca volatilidad), se realiza una proyecci\u00f3n de los flujos de caja esperados hasta el final de  la vida \u00fatil regulatoria de cada planta, y el valor residual no es significativo. Por su parte, las proyecciones de  flujos de caja esperados en activos biol\u00f3gicos abarcan un ciclo productivo que puede alcanzar hasta 40 a\u00f1os  e igualmente no se considera valor residual.  Si se estima que el importe recuperable de un activo es inferior a su valor en libros, \u00e9ste \u00faltimo se reduce a  su  importe  recuperable  reconociendo  la  minoraci\u00f3n  de  valor  correspondiente  a  trav\u00e9s  del  ep\u00edgrafe  \u201cDeterioros de valor y resultados por enajenaci\u00f3n de inmovilizado\u201d del Estado de Resultado  consolidado.  Las p\u00e9rdidas por deterioro son reversibles, excepto las correspondientes a los fondos de comercio. Cuando una p\u00e9rdida de valor revierte posteriormente, el importe en libros de la UGE se incrementa a la  estimaci\u00f3n revisada de su importe recuperable, pero de tal modo que el importe en libros incrementado no  supere  el  importe  en  libros  que  se  habr\u00eda  determinado de  no  haberse  reconocido  ninguna  p\u00e9rdida  por  deterioro de valor para la UGE en ejercicios anteriores. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-616": {
   "value": "3.6  Arrendamientos  ENCE act\u00faa como arrendatario y concesionario de determinados activos, principalmente suelo industrial y  forestal, equipamiento industrial y veh\u00edculos.  Los arrendamientos se reconocen al inicio del arrendamiento, como un activo por el derecho de uso y el  correspondiente pasivo por el valor presente de las cuotas de arrendamiento pendientes de pago.  En  la  determinaci\u00f3n  del  plazo  de  arrendamiento,  se  considera  la  duraci\u00f3n  inicial  del  contrato  de  arrendamiento, as\u00ed como las pr\u00f3rrogas que se espera razonablemente que se van a producir y cuyo ejercicio  es discrecional para ENCE. En  la  determinaci\u00f3n  del  pasivo  por  el  derecho  de  uso  se  considera  el  valor  presente  de  las  cuotas  de  arrendamiento pendientes de pago, menos cualquier incentivo recibido por el arrendamiento, m\u00e1s los pagos  variables que dependen de un \u00edndice o tasa, los importes que se espera pagar por garant\u00eda de valor residual,  el  precio  de  la  opci\u00f3n  de  compra  si  se  prev\u00e9  que  se  ejercitar\u00e1  y  los  pagos  por  indemnizaciones  por  cancelaci\u00f3n  de  contrato,  siempre  que  el  plazo  de  arrendamiento  refleje  el  ejercicio  de  la  opci\u00f3n  de cancelaci\u00f3n. Las cuotas son actualizadas considerando la tasa incremental de endeudamiento estimada, que  es la que tendr\u00eda que pagar un arrendatario al inicio del arrendamiento por un pr\u00e9stamo similar en cuanto a  importe,  plazo  y  garant\u00edas.  El  Grupo  utiliza  diferentes  tasas  de  descuento  en  funci\u00f3n  de  los  plazos  de  arrendamiento, siendo las tasas aplicadas entre un 1,8% y un 7,4%. Tras el reconocimiento inicial, el Grupo valora el pasivo por arrendamiento increment\u00e1ndolo por el gasto  financiero  devengado,  disminuy\u00e9ndolo  por los  pagos realizados  y  reestimando  el  valor contable  por  las  modificaciones del arrendamiento o para reflejar las actualizaciones de los pagos fijos en sustancia. Por su parte, el activo por el derecho de uso se valora inicialmente al valor resultante de a\u00f1adir al valor del  pasivo por arrendamiento, los pagos de incentivos liquidados antes del inicio del arrendamiento, los costes  directos  incurridos  en  el  arrendamiento,  y  en  su  caso,  la  estimaci\u00f3n  de  los  costes  a  incurrir  en  el  desmantelamiento del activo (coste inicial), menos cualquier incentivo recibido. Posteriormente, se registra  al valor inicial, menos la amortizaci\u00f3n acumulada y cualquier p\u00e9rdida por deterioro de valor de acuerdo con  NIC-16- Propiedad, planta y equipo (v\u00e9anse Notas 3.2 y 3.5).  En la determinaci\u00f3n del gasto por amortizaci\u00f3n, los activos por derechos de uso se amortizar\u00e1n linealmente  en su vida \u00fatil estimada, o bien, en el plazo de arrendamiento, si este \u00faltimo es menor. Si se transfiere la  propiedad al arrendatario o es pr\u00e1cticamente cierto que el arrendatario ejercitar\u00e1 la opci\u00f3n de compra, se  amortizar\u00e1 durante la vida \u00fatil del activo. Los pagos asociados con arrendamientos a corto plazo (inferiores a 12 meses) y arrendamientos de activos  de  escaso  valor  se  reconocen  directamente  como  un  gasto  en  resultados  de  acuerdo  a  su  devengo.  Asimismo, las rentas contingentes sujetas a la ocurrencia de un evento espec\u00edfico y las cuotas variables que  dependen de los ingresos o del uso del activo subyacente, residuales en los contratos suscritos por ENCE, se  registran en el momento en el que se incurren, en el ep\u00edgrafe \u201cServicios exteriores-Arrendamientos\u201d del  Estado de Resultado consolidado en lugar de formar parte del pasivo del arrendamiento. El pasivo por arrendamiento se revaluar\u00e1 siempre que existan modificaciones posteriores al contrato que  alteren  el  plazo  del  arrendamiento  o  bien  el  alcance  del  contrato  (cambios  en  los  pagos  futuros  por  actualizaci\u00f3n  de  los  \u00edndices  indicados  en  el  contrato,  modificaciones  de  cuotas  futuras,  cambios  en  las  expectativas de ejercicio de la opci\u00f3n de compra, etc). En esta situaci\u00f3n, el Grupo registrar\u00e1 las restimaciones  del pasivo como un ajuste al activo por derecho de uso, hasta que \u00e9ste se reduce a cero, y posteriormente  en resultados.  Ocasionalmente  ENCE  subarrienda  maquinaria  forestal  previamente  arrendada.  En  estas  situaciones,  se  analiza  si  se  han  transferido  al  subarrendatario  los  riesgos  y  beneficios  asociados  al  activo  objeto  del  subarriendo. En esa situaci\u00f3n, se da de baja en cuentas el activo por derecho de uso y se reconoce un activo  financiero correspondiente a la inversi\u00f3n neta en el subarrendamiento. ENCE clasifica los activos por derecho de uso atendiendo a la naturaleza del activo arrendado, en el ep\u00edgrafe \u201cPropiedad,  planta  y  equipo\u201d  del  Estado  de  Situaci\u00f3n  Financiera  consolidado,  y  clasifica  el  pasivo  por  arrendamiento en el ep\u00edgrafe \u201cDeuda financiera \u2013 Otros pasivos financieros\u201d del pasivo a largo y corto plazo  del Estado de Situaci\u00f3n Financiera consolidado. ",
   "dimensions": {
    "concept": "enceenergiaycelulosa:DescripcionDeLaPoliticaContableParaDerechosDeUso",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-591": {
   "value": "3.6  Arrendamientos  ENCE act\u00faa como arrendatario y concesionario de determinados activos, principalmente suelo industrial y  forestal, equipamiento industrial y veh\u00edculos.  Los arrendamientos se reconocen al inicio del arrendamiento, como un activo por el derecho de uso y el  correspondiente pasivo por el valor presente de las cuotas de arrendamiento pendientes de pago.  En  la  determinaci\u00f3n  del  plazo  de  arrendamiento,  se  considera  la  duraci\u00f3n  inicial  del  contrato  de  arrendamiento, as\u00ed como las pr\u00f3rrogas que se espera razonablemente que se van a producir y cuyo ejercicio  es discrecional para ENCE. En  la  determinaci\u00f3n  del  pasivo  por  el  derecho  de  uso  se  considera  el  valor  presente  de  las  cuotas  de  arrendamiento pendientes de pago, menos cualquier incentivo recibido por el arrendamiento, m\u00e1s los pagos  variables que dependen de un \u00edndice o tasa, los importes que se espera pagar por garant\u00eda de valor residual,  el  precio  de  la  opci\u00f3n  de  compra  si  se  prev\u00e9  que  se  ejercitar\u00e1  y  los  pagos  por  indemnizaciones  por  cancelaci\u00f3n  de  contrato,  siempre  que  el  plazo  de  arrendamiento  refleje  el  ejercicio  de  la  opci\u00f3n  de cancelaci\u00f3n. Las cuotas son actualizadas considerando la tasa incremental de endeudamiento estimada, que  es la que tendr\u00eda que pagar un arrendatario al inicio del arrendamiento por un pr\u00e9stamo similar en cuanto a  importe,  plazo  y  garant\u00edas.  El  Grupo  utiliza  diferentes  tasas  de  descuento  en  funci\u00f3n  de  los  plazos  de  arrendamiento, siendo las tasas aplicadas entre un 1,8% y un 7,4%. Tras el reconocimiento inicial, el Grupo valora el pasivo por arrendamiento increment\u00e1ndolo por el gasto  financiero  devengado,  disminuy\u00e9ndolo  por los  pagos realizados  y  reestimando  el  valor contable  por  las  modificaciones del arrendamiento o para reflejar las actualizaciones de los pagos fijos en sustancia. Por su parte, el activo por el derecho de uso se valora inicialmente al valor resultante de a\u00f1adir al valor del  pasivo por arrendamiento, los pagos de incentivos liquidados antes del inicio del arrendamiento, los costes  directos  incurridos  en  el  arrendamiento,  y  en  su  caso,  la  estimaci\u00f3n  de  los  costes  a  incurrir  en  el  desmantelamiento del activo (coste inicial), menos cualquier incentivo recibido. Posteriormente, se registra  al valor inicial, menos la amortizaci\u00f3n acumulada y cualquier p\u00e9rdida por deterioro de valor de acuerdo con  NIC-16- Propiedad, planta y equipo (v\u00e9anse Notas 3.2 y 3.5).  En la determinaci\u00f3n del gasto por amortizaci\u00f3n, los activos por derechos de uso se amortizar\u00e1n linealmente  en su vida \u00fatil estimada, o bien, en el plazo de arrendamiento, si este \u00faltimo es menor. Si se transfiere la  propiedad al arrendatario o es pr\u00e1cticamente cierto que el arrendatario ejercitar\u00e1 la opci\u00f3n de compra, se  amortizar\u00e1 durante la vida \u00fatil del activo. Los pagos asociados con arrendamientos a corto plazo (inferiores a 12 meses) y arrendamientos de activos  de  escaso  valor  se  reconocen  directamente  como  un  gasto  en  resultados  de  acuerdo  a  su  devengo.  Asimismo, las rentas contingentes sujetas a la ocurrencia de un evento espec\u00edfico y las cuotas variables que  dependen de los ingresos o del uso del activo subyacente, residuales en los contratos suscritos por ENCE, se  registran en el momento en el que se incurren, en el ep\u00edgrafe \u201cServicios exteriores-Arrendamientos\u201d del  Estado de Resultado consolidado en lugar de formar parte del pasivo del arrendamiento. El pasivo por arrendamiento se revaluar\u00e1 siempre que existan modificaciones posteriores al contrato que  alteren  el  plazo  del  arrendamiento  o  bien  el  alcance  del  contrato  (cambios  en  los  pagos  futuros  por  actualizaci\u00f3n  de  los  \u00edndices  indicados  en  el  contrato,  modificaciones  de  cuotas  futuras,  cambios  en  las  expectativas de ejercicio de la opci\u00f3n de compra, etc). En esta situaci\u00f3n, el Grupo registrar\u00e1 las restimaciones  del pasivo como un ajuste al activo por derecho de uso, hasta que \u00e9ste se reduce a cero, y posteriormente  en resultados.  Ocasionalmente  ENCE  subarrienda  maquinaria  forestal  previamente  arrendada.  En  estas  situaciones,  se  analiza  si  se  han  transferido  al  subarrendatario  los  riesgos  y  beneficios  asociados  al  activo  objeto  del  subarriendo. En esa situaci\u00f3n, se da de baja en cuentas el activo por derecho de uso y se reconoce un activo  financiero correspondiente a la inversi\u00f3n neta en el subarrendamiento. ENCE clasifica los activos por derecho de uso atendiendo a la naturaleza del activo arrendado, en el ep\u00edgrafe \u201cPropiedad,  planta  y  equipo\u201d  del  Estado  de  Situaci\u00f3n  Financiera  consolidado,  y  clasifica  el  pasivo  por  arrendamiento en el ep\u00edgrafe \u201cDeuda financiera \u2013 Otros pasivos financieros\u201d del pasivo a largo y corto plazo  del Estado de Situaci\u00f3n Financiera consolidado. ",
   "dimensions": {
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    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-617": {
   "value": "3.7  Activos y pasivos financieros  ENCE valora y clasifica sus instrumentos financieros de acuerdo con NIIF-9 Instrumentos Financieros. En este  sentido:  Activos financieros En el momento de reconocimiento inicial, ENCE valora un activo financiero a su valor razonable, valor que  incluye  los  costes  de  la  transacci\u00f3n  que  sean  directamente  atribuibles  a  la  adquisici\u00f3n  del  activo.  Excepcionalmente,  los  costes  de  transacci\u00f3n  correspondientes  a  activos  financieros  valorados  a  valor  razonable con cambios en resultados se imputan directamente a resultados. Con  posterioridad  a  su  reconocimiento  inicial,  ENCE  clasifica  sus  activos  financieros  en  las  siguientes  categor\u00edas; 1) a coste amortizado, 2) a valor razonable con cambios en resultados, o bien, 3) a valor razonable  con  cambios  en  otro  resultado  global.  La  clasificaci\u00f3n  depende  del  modelo  de  negocio  de  ENCE  para gestionar los activos financieros y los t\u00e9rminos contractuales de los flujos de efectivo:  i.  Coste amortizado usando el m\u00e9todo del tipo de inter\u00e9s efectivo: se clasifican en esta categor\u00eda los activos que se mantienen para el cobro de flujos de efectivo previstos en el contrato, y esos flujos de  efectivo representan s\u00f3lo cobros de principal e intereses.  Una ganancia o p\u00e9rdida en una inversi\u00f3n que se valore a coste amortizado y no sea parte de una relaci\u00f3n  de cobertura se reconoce en el resultado del ejercicio cuando el activo se da de baja o se deteriora. Los  ingresos por intereses de estos activos financieros se reconocen como ingresos financieros en el Estado  de Resultado consolidado de acuerdo a su devengo, aplicando el m\u00e9todo del tipo de inter\u00e9s efectivo. En  esta  categor\u00eda  se  incluyen  \u201cDeudores  comerciales  y  otras  cuentas  a  cobrar\u201d,  \u201cOtras  inversiones  financieras\u201d, \u201cy \u201cEfectivo y otros activos l\u00edquidos equivalentes\u201d, principalmente. El ep\u00edgrafe \u201cEfectivo y otros  activos  l\u00edquidos  equivalentes\u201d  recoge  saldos  en  tesorer\u00eda  e  inversiones  a  corto  plazo  de  gran  liquidez que son f\u00e1cilmente convertibles en efectivo, con vencimientos originales de un m\u00e1ximo de tres  meses, y que est\u00e1n sujetos a un riesgo de cambio de valor poco significativo.  Las cuentas por cobrar a deudores comerciales propias del tr\u00e1fico habitual del Grupo se registran por su  valor nominal, dado que su vencimiento es en general inferior a doce meses, corregido por las p\u00e9rdidas  crediticias esperadas. En este cap\u00edtulo se ha seguido el modelo simplificado de p\u00e9rdida esperada basado  en la experiencia hist\u00f3rica de p\u00e9rdidas crediticias. ii.  Valor razonable con cambios en resultados: dentro de esta categor\u00eda se incluyen los derivados que no cumplen las condiciones para considerarse como de cobertura de acuerdo con NIIF 9 \u2013 Instrumentos  Financieros, los activos financieros que otras normas establezcan que deben valorarse a valor razonable  con cargo a resultados, tales como las contraprestaciones contingentes en combinaciones de negocios  y aquellos activos financieros que de valorarse de otra forma generar\u00edan una asimetr\u00eda contable.  Los cambios que se produzcan en su valor razonable se imputan cuando se producen en los ep\u00edgrafes  \u201cGastos  financieros\u201d,  \u201cIngresos  financieros\u201d  o  \u201cVariaci\u00f3n  en  el  valor  razonable  de  instrumentos financieros\u201d, seg\u00fan corresponda, del Estado de Resultado consolidado. Los costes de transacci\u00f3n directamente atribuibles a la compra o emisi\u00f3n de este tipo de activos se  reconocen como un gasto en el Estado de Resultado consolidado a medida que se incurre en ellos. iii.  Activos financieros a valor razonable con cambios en otro resultado global: el Grupo no tiene activos  clasificados en esta categor\u00eda. En el caso de participaciones en sociedades no cotizadas, poco relevantes, dado que el valor razonable  no siempre es posible determinarlo de forma fiable, se valoran por su coste de adquisici\u00f3n, corregido por las evidencias de deterioro que pudieran existir. Durante los ejercicios 2022 y 2021 no se han producido reclasificaciones de activos financieros entre las  categor\u00edas definidas en los p\u00e1rrafos previos.  Las compras y ventas de activos financieros se contabilizan utilizando la fecha de negociaci\u00f3n.  Deterioros de valor- ENCE eval\u00faa sobre una base prospectiva las p\u00e9rdidas de cr\u00e9dito esperadas de sus activos valorados a coste  amortizado. En este sentido, ENCE aplica el enfoque general de c\u00e1lculo de la p\u00e9rdida esperada a sus activos  financieros a largo plazo, excepto los saldos comerciales y otras cuentas a cobrar sin componente financiero  significativo para los que aplica un enfoque simplificado. Bajo el enfoque general, se consideran las p\u00e9rdidas crediticias esperadas en los pr\u00f3ximos doce meses, salvo  que el riesgo de cr\u00e9dito se haya incrementado de forma significativa desde su reconocimiento inicial, en cuyo caso se considerar\u00e1n las p\u00e9rdidas esperadas durante la vida del activo. En la evaluaci\u00f3n de un cambio  significativo en el riesgo de cr\u00e9dito se utilizan variaciones de la calificaci\u00f3n crediticia obtenida de fuentes de  mercado externas. Bajo el enfoque simplificado, se consideran las p\u00e9rdidas crediticias esperadas durante la vida del activo. Este  enfoque se basa en la experiencia hist\u00f3rica de p\u00e9rdidas, y exige que las p\u00e9rdidas esperadas de las cuentas a  cobrar se reconozcan en el momento del reconocimiento del derecho de cr\u00e9dito. Para ello se ha adoptado  una soluci\u00f3n que permite calcular la p\u00e9rdida crediticia esperada de forma colectiva utilizando una matriz de  provisiones calculada en base a la experiencia de p\u00e9rdidas crediticias hist\u00f3rica ajustada por informaci\u00f3n  prospectiva  disponible.  Esta  matriz  tiene  en  consideraci\u00f3n  la  calificaci\u00f3n  crediticia  otorgada  por  la  aseguradora de cr\u00e9dito de ENCE, y el modelo incorpora como un umbral de m\u00e1s de 180 d\u00edas en mora para  la consideraci\u00f3n de que se ha producido un impago definitivo. Estos criterios son aplicados en ausencia de  otras evidencias objetivas de incumplimiento, como puedan ser las situaciones concursales, etc.  Las dotaciones y reversiones de las correcciones valorativas por deterioro de valor de saldos comerciales a  cobrar se registran en el ep\u00edgrafe \u201cDeterioro de valor sobre activos financieros\u201d del Estado de Resultado  consolidado.  Registro de bajas -  El Grupo reconoce la baja de los activos financieros cuando expiran o se han cedido los derechos sobre los  flujos de efectivo del correspondiente activo financiero y se han transferido sustancialmente los riesgos y  beneficios inherentes a su propiedad. La baja de un activo financiero implica el reconocimiento en el Estado  de Resultado consolidado de la diferencia existente entre su valor contable y la suma de la contraprestaci\u00f3n recibida, neta de gastos de la transacci\u00f3n, incluy\u00e9ndose los activos obtenidos o pasivos asumidos y cualquier  p\u00e9rdida o ganancia diferida en otro resultado global.  En  este  sentido,  el  Grupo  en  funci\u00f3n  de  las  necesidades  coyunturales  de  tesorer\u00eda  realiza  cesiones  de  cr\u00e9ditos de clientes a entidades financieras (factoring) y podr\u00e1 llevar a cabo titulizaciones de activos. En estas  cesiones  de  derechos  de  cobro  se  transmiten  sustancialmente  los  riesgos  y  beneficios  inherentes  a  las cuentas a cobrar, as\u00ed como  el control sobre \u00e9stas, sin que existan pactos de recompra suscritos con las  entidades de cr\u00e9dito (cesiones sin recurso). Consecuentemente, de acuerdo con los criterios establecidos por las NIIF, se dan de baja del Estado de Situaci\u00f3n Financiera consolidado los saldos a cobrar de deudores  vendidos en las condiciones indicadas. Por el contrario, el Grupo no da de baja los activos financieros, y reconoce un pasivo financiero por un  importe igual a la contraprestaci\u00f3n recibida, en las cesiones de activos financieros en las que se retenga  sustancialmente los riesgos y beneficios inherentes a su propiedad. Pasivos financieros  Son pasivos financieros aquellos d\u00e9bitos y partidas a pagar que tiene el Grupo y que se han originado en la  compra de bienes y servicios por operaciones de tr\u00e1fico de la empresa, o tambi\u00e9n aquellos que, sin tener un  origen comercial, no pueden ser considerados como instrumentos financieros derivados, principalmente,  deudas con entidades de cr\u00e9dito, bonos emitidos, etc. ENCE clasifica sus pasivos financieros en las siguientes categor\u00edas, con posterioridad a su reconocimiento inicial; 1) a coste amortizado, y 2) a valor razonable con cambios en resultados. En esta \u00faltima categor\u00eda se  recogen b\u00e1sicamente las contraprestaciones contingentes que se puedan originar en las combinaciones de  negocios, as\u00ed como los instrumentos financieros derivados que no son designados como instrumentos de  cobertura de acuerdo con NIIF 9 \u2013 Instrumentos Financieros.  ENCE da de baja un pasivo financiero o una parte del mismo cuando ha cumplido con la obligaci\u00f3n contenida  en el pasivo o bien est\u00e9 legalmente dispensado de la responsabilidad principal contenida en el pasivo.  Obligaciones, bonos y deudas con entidades de cr\u00e9dito-  Los pr\u00e9stamos, obligaciones y similares se registran inicialmente a valor razonable, valor que normalmente  coincide con el efectivo recibido, neto de los costes incurridos en la transacci\u00f3n. En periodos posteriores, la  totalidad de estas deudas se valora a su coste amortizado, utilizando el m\u00e9todo del tipo de inter\u00e9s efectivo.  Los gastos financieros as\u00ed como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el  Estado de Resultado consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo . En la emisi\u00f3n de bonos convertibles, ENCE analiza si se trata de una emisi\u00f3n de instrumentos financieros  compuestos, o por el contrario, se trata de la emisi\u00f3n de un pasivo. En la emisi\u00f3n de instrumentos financieros  compuestos con componentes de pasivo y patrimonio, el componente de patrimonio se determina por el  importe residual que se obtiene, despu\u00e9s de deducir del valor razonable del instrumento en su conjunto, el  importe del componente de pasivo. Por su parte, el componente de pasivo se determina estimando el valor  razonable  de  un  instrumento  similar  en  la  fecha  de  emisi\u00f3n,  que  no  lleve  asociado  el  componente  de  patrimonio.  Los  costes  de  transacci\u00f3n  relacionados  con  la  emisi\u00f3n  de  los  instrumentos  financieros  compuestos se distribuyen en funci\u00f3n del valor contable relativo de cada uno de los componentes en el  momento de la clasificaci\u00f3n.  Las operaciones de refinanciaci\u00f3n de deuda financiera se contabilizan como una cancelaci\u00f3n del pasivo  financiero original y el reconocimiento de un nuevo pasivo financiero, siempre que los instrumentos tengan  condiciones sustancialmente diferentes. Esto se produce cuando el valor actual de los flujos de efectivo  descontados bajo las nuevas condiciones, incluyendo cualquier comisi\u00f3n pagada neta de cualquier comisi\u00f3n  recibida, y utilizando para hacer el descuento el tipo de inter\u00e9s efectivo original, difiere al menos en un 10%  del valor actual descontado de los flujos de efectivo que todav\u00eda resten del pasivo financiero original. Por su  parte,  los  costes  de  estructuraci\u00f3n  pendientes  de  imputar  a  resultados  de  la  financiaci\u00f3n  cancelada  se  imputan \u00edntegramente a resultados en el momento de la cancelaci\u00f3n. Si la operaci\u00f3n de refinanciaci\u00f3n no cumple los criterios descritos para registrarse como una cancelaci\u00f3n del pasivo  financiero  original,  los  flujos  modificados  se  descuentan  al  tipo  de  inter\u00e9s  efectivo  original, reconociendo en resultados cualquier diferencia  con el valor  contable previo. Los gastos financieros, as\u00ed como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el Estado de Resultado  consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo. La recompras de instrumentos de deuda implica que la deuda queda extinguida, incluso en el caso de que el  emisor intente revenderlo en un futuro inmediato. Acreedores comerciales y otras cuentas a pagar-  Los  acreedores  comerciales  y  otras  cuentas  a  pagar  derivados  de  operaciones  comerciales  son  pasivos  financieros que en su mayor parte presentan vencimiento a corto plazo y no devengan intereses. Estos saldos  se registran inicialmente a su valor razonable y posteriormente a su coste amortizado. El Grupo tiene contratadas con diversas entidades financieras operaciones de confirming para la gesti\u00f3n del pago a los proveedores. Los pasivos comerciales cuya liquidaci\u00f3n se encuentra gestionada por las entidades  financieras se muestran en la partida de \u201cacreedores comerciales y otras cuentas a pagar\u201d, y se clasifican en  el Estado de Flujos de Efectivo consolidado como flujos de explotaci\u00f3n, en la medida en que ENCE s\u00f3lo haya  cedido la gesti\u00f3n de pago a las entidades financieras, manteni\u00e9ndose como obligado primario al pago de las  deudas frente a los acreedores comerciales (confirming sin recurso). En caso de que el obligado primario sea una entidad financiera, estas cesiones se tratan como deudas con entidades de cr\u00e9dito. Instrumentos de Patrimonio  Un  instrumento  de  patrimonio  representa  una  participaci\u00f3n  residual  en  el  patrimonio  de  la  Sociedad Dominante, una vez deducidos todos sus pasivos.  Los instrumentos de capital emitidos por ENCE se registran en el patrimonio neto por el importe recibido,  neto de los gastos de emisi\u00f3n.  Las acciones propias que adquiere ENCE se registran a su coste de adquisici\u00f3n, y se presentan minorando el  patrimonio neto. Los resultados derivados de la compra, venta, emisi\u00f3n o amortizaci\u00f3n de los instrumentos  del patrimonio propio se reconocen directamente en patrimonio neto, sin que en ning\u00fan caso se registre  resultado alguno en el Estado de Resultado consolidado. La amortizaci\u00f3n de acciones de ENCE, da lugar a una reducci\u00f3n de capital por el importe del nominal de  dichas acciones y la diferencia positiva o negativa entre el precio de adquisici\u00f3n y el nominal de las acciones  se carga o abona a cuentas de reservas.  Los dividendos a cuenta del resultado del ejercicio, as\u00ed como los dividendos complementarios pagados por  ENCE minoran el Patrimonio Neto en el momento de su aprobaci\u00f3n. ",
   "dimensions": {
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    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-578": {
   "value": "3.7  Activos y pasivos financieros  ENCE valora y clasifica sus instrumentos financieros de acuerdo con NIIF-9 Instrumentos Financieros. En este  sentido:  Activos financieros En el momento de reconocimiento inicial, ENCE valora un activo financiero a su valor razonable, valor que  incluye  los  costes  de  la  transacci\u00f3n  que  sean  directamente  atribuibles  a  la  adquisici\u00f3n  del  activo.  Excepcionalmente,  los  costes  de  transacci\u00f3n  correspondientes  a  activos  financieros  valorados  a  valor  razonable con cambios en resultados se imputan directamente a resultados. Con  posterioridad  a  su  reconocimiento  inicial,  ENCE  clasifica  sus  activos  financieros  en  las  siguientes  categor\u00edas; 1) a coste amortizado, 2) a valor razonable con cambios en resultados, o bien, 3) a valor razonable  con  cambios  en  otro  resultado  global.  La  clasificaci\u00f3n  depende  del  modelo  de  negocio  de  ENCE  para gestionar los activos financieros y los t\u00e9rminos contractuales de los flujos de efectivo:  i.  Coste amortizado usando el m\u00e9todo del tipo de inter\u00e9s efectivo: se clasifican en esta categor\u00eda los activos que se mantienen para el cobro de flujos de efectivo previstos en el contrato, y esos flujos de  efectivo representan s\u00f3lo cobros de principal e intereses.  Una ganancia o p\u00e9rdida en una inversi\u00f3n que se valore a coste amortizado y no sea parte de una relaci\u00f3n  de cobertura se reconoce en el resultado del ejercicio cuando el activo se da de baja o se deteriora. Los  ingresos por intereses de estos activos financieros se reconocen como ingresos financieros en el Estado  de Resultado consolidado de acuerdo a su devengo, aplicando el m\u00e9todo del tipo de inter\u00e9s efectivo. En  esta  categor\u00eda  se  incluyen  \u201cDeudores  comerciales  y  otras  cuentas  a  cobrar\u201d,  \u201cOtras  inversiones  financieras\u201d, \u201cy \u201cEfectivo y otros activos l\u00edquidos equivalentes\u201d, principalmente. El ep\u00edgrafe \u201cEfectivo y otros  activos  l\u00edquidos  equivalentes\u201d  recoge  saldos  en  tesorer\u00eda  e  inversiones  a  corto  plazo  de  gran  liquidez que son f\u00e1cilmente convertibles en efectivo, con vencimientos originales de un m\u00e1ximo de tres  meses, y que est\u00e1n sujetos a un riesgo de cambio de valor poco significativo.  Las cuentas por cobrar a deudores comerciales propias del tr\u00e1fico habitual del Grupo se registran por su  valor nominal, dado que su vencimiento es en general inferior a doce meses, corregido por las p\u00e9rdidas  crediticias esperadas. En este cap\u00edtulo se ha seguido el modelo simplificado de p\u00e9rdida esperada basado  en la experiencia hist\u00f3rica de p\u00e9rdidas crediticias. ii.  Valor razonable con cambios en resultados: dentro de esta categor\u00eda se incluyen los derivados que no cumplen las condiciones para considerarse como de cobertura de acuerdo con NIIF 9 \u2013 Instrumentos  Financieros, los activos financieros que otras normas establezcan que deben valorarse a valor razonable  con cargo a resultados, tales como las contraprestaciones contingentes en combinaciones de negocios  y aquellos activos financieros que de valorarse de otra forma generar\u00edan una asimetr\u00eda contable.  Los cambios que se produzcan en su valor razonable se imputan cuando se producen en los ep\u00edgrafes  \u201cGastos  financieros\u201d,  \u201cIngresos  financieros\u201d  o  \u201cVariaci\u00f3n  en  el  valor  razonable  de  instrumentos financieros\u201d, seg\u00fan corresponda, del Estado de Resultado consolidado. Los costes de transacci\u00f3n directamente atribuibles a la compra o emisi\u00f3n de este tipo de activos se  reconocen como un gasto en el Estado de Resultado consolidado a medida que se incurre en ellos. iii.  Activos financieros a valor razonable con cambios en otro resultado global: el Grupo no tiene activos  clasificados en esta categor\u00eda.  En el caso de participaciones en sociedades no cotizadas, poco relevantes, dado que el valor razonable  no siempre es posible determinarlo de forma fiable, se valoran por su coste de adquisici\u00f3n, corregido por las evidencias de deterioro que pudieran existir. Durante los ejercicios 2022 y 2021 no se han producido reclasificaciones de activos financieros entre las  categor\u00edas definidas en los p\u00e1rrafos previos.  Las compras y ventas de activos financieros se contabilizan utilizando la fecha de negociaci\u00f3n.  Deterioros de valor- ENCE eval\u00faa sobre una base prospectiva las p\u00e9rdidas de cr\u00e9dito esperadas de sus activos valorados a coste  amortizado. En este sentido, ENCE aplica el enfoque general de c\u00e1lculo de la p\u00e9rdida esperada a sus activos  financieros a largo plazo, excepto los saldos comerciales y otras cuentas a cobrar sin componente financiero  significativo para los que aplica un enfoque simplificado. Bajo el enfoque general, se consideran las p\u00e9rdidas crediticias esperadas en los pr\u00f3ximos doce meses, salvo  que el riesgo de cr\u00e9dito se haya incrementado de forma significativa desde su reconocimiento inicial, en cuyo caso se considerar\u00e1n las p\u00e9rdidas esperadas durante la vida del activo. En la evaluaci\u00f3n de un cambio  significativo en el riesgo de cr\u00e9dito se utilizan variaciones de la calificaci\u00f3n crediticia obtenida de fuentes de  mercado externas. Bajo el enfoque simplificado, se consideran las p\u00e9rdidas crediticias esperadas durante la vida del activo. Este  enfoque se basa en la experiencia hist\u00f3rica de p\u00e9rdidas, y exige que las p\u00e9rdidas esperadas de las cuentas a  cobrar se reconozcan en el momento del reconocimiento del derecho de cr\u00e9dito. Para ello se ha adoptado  una soluci\u00f3n que permite calcular la p\u00e9rdida crediticia esperada de forma colectiva utilizando una matriz de  provisiones calculada en base a la experiencia de p\u00e9rdidas crediticias hist\u00f3rica ajustada por informaci\u00f3n  prospectiva  disponible.  Esta  matriz  tiene  en  consideraci\u00f3n  la  calificaci\u00f3n  crediticia  otorgada  por  la  aseguradora de cr\u00e9dito de ENCE, y el modelo incorpora como un umbral de m\u00e1s de 180 d\u00edas en mora para  la consideraci\u00f3n de que se ha producido un impago definitivo. Estos criterios son aplicados en ausencia de  otras evidencias objetivas de incumplimiento, como puedan ser las situaciones concursales, etc.  Las dotaciones y reversiones de las correcciones valorativas por deterioro de valor de saldos comerciales a  cobrar se registran en el ep\u00edgrafe \u201cDeterioro de valor sobre activos financieros\u201d del Estado de Resultado  consolidado.  Registro de bajas -  El Grupo reconoce la baja de los activos financieros cuando expiran o se han cedido los derechos sobre los  flujos de efectivo del correspondiente activo financiero y se han transferido sustancialmente los riesgos y  beneficios inherentes a su propiedad. La baja de un activo financiero implica el reconocimiento en el Estado  de Resultado consolidado de la diferencia existente entre su valor contable y la suma de la contraprestaci\u00f3n recibida, neta de gastos de la transacci\u00f3n, incluy\u00e9ndose los activos obtenidos o pasivos asumidos y cualquier  p\u00e9rdida o ganancia diferida en otro resultado global.  En  este  sentido,  el  Grupo  en  funci\u00f3n  de  las  necesidades  coyunturales  de  tesorer\u00eda  realiza  cesiones  de  cr\u00e9ditos de clientes a entidades financieras (factoring) y podr\u00e1 llevar a cabo titulizaciones de activos. En estas  cesiones  de  derechos  de  cobro  se  transmiten  sustancialmente  los  riesgos  y  beneficios  inherentes  a  las cuentas a cobrar, as\u00ed como  el control sobre \u00e9stas, sin que existan pactos de recompra suscritos con las  entidades de cr\u00e9dito (cesiones sin recurso). Consecuentemente, de acuerdo con los criterios establecidos  por las NIIF, se dan de baja del Estado de Situaci\u00f3n Financiera consolidado los saldos a cobrar de deudores  vendidos en las condiciones indicadas. Por el contrario, el Grupo no da de baja los activos financieros, y reconoce un pasivo financiero por un  importe igual a la contraprestaci\u00f3n recibida, en las cesiones de activos financieros en las que se retenga  sustancialmente los riesgos y beneficios inherentes a su propiedad. Pasivos financieros  Son pasivos financieros aquellos d\u00e9bitos y partidas a pagar que tiene el Grupo y que se han originado en la  compra de bienes y servicios por operaciones de tr\u00e1fico de la empresa, o tambi\u00e9n aquellos que, sin tener un  origen comercial, no pueden ser considerados como instrumentos financieros derivados, principalmente,  deudas con entidades de cr\u00e9dito, bonos emitidos, etc. ENCE clasifica sus pasivos financieros en las siguientes categor\u00edas, con posterioridad a su reconocimiento inicial; 1) a coste amortizado, y 2) a valor razonable con cambios en resultados. En esta \u00faltima categor\u00eda se  recogen b\u00e1sicamente las contraprestaciones contingentes que se puedan originar en las combinaciones de  negocios, as\u00ed como los instrumentos financieros derivados que no son designados como instrumentos de  cobertura de acuerdo con NIIF 9 \u2013 Instrumentos Financieros.  ENCE da de baja un pasivo financiero o una parte del mismo cuando ha cumplido con la obligaci\u00f3n contenida  en el pasivo o bien est\u00e9 legalmente dispensado de la responsabilidad principal contenida en el pasivo.  Obligaciones, bonos y deudas con entidades de cr\u00e9dito-  Los pr\u00e9stamos, obligaciones y similares se registran inicialmente a valor razonable, valor que normalmente  coincide con el efectivo recibido, neto de los costes incurridos en la transacci\u00f3n. En periodos posteriores, la  totalidad de estas deudas se valora a su coste amortizado, utilizando el m\u00e9todo del tipo de inter\u00e9s efectivo.  Los gastos financieros as\u00ed como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el  Estado de Resultado consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo . En la emisi\u00f3n de bonos convertibles, ENCE analiza si se trata de una emisi\u00f3n de instrumentos financieros  compuestos, o por el contrario, se trata de la emisi\u00f3n de un pasivo. En la emisi\u00f3n de instrumentos financieros  compuestos con componentes de pasivo y patrimonio, el componente de patrimonio se determina por el  importe residual que se obtiene, despu\u00e9s de deducir del valor razonable del instrumento en su conjunto, el  importe del componente de pasivo. Por su parte, el componente de pasivo se determina estimando el valor  razonable  de  un  instrumento  similar  en  la  fecha  de  emisi\u00f3n,  que  no  lleve  asociado  el  componente  de  patrimonio.  Los  costes  de  transacci\u00f3n  relacionados  con  la  emisi\u00f3n  de  los  instrumentos  financieros  compuestos se distribuyen en funci\u00f3n del valor contable relativo de cada uno de los componentes en el  momento de la clasificaci\u00f3n.  Las operaciones de refinanciaci\u00f3n de deuda financiera se contabilizan como una cancelaci\u00f3n del pasivo  financiero original y el reconocimiento de un nuevo pasivo financiero, siempre que los instrumentos tengan  condiciones sustancialmente diferentes. Esto se produce cuando el valor actual de los flujos de efectivo  descontados bajo las nuevas condiciones, incluyendo cualquier comisi\u00f3n pagada neta de cualquier comisi\u00f3n  recibida, y utilizando para hacer el descuento el tipo de inter\u00e9s efectivo original, difiere al menos en un 10%  del valor actual descontado de los flujos de efectivo que todav\u00eda resten del pasivo financiero original. Por su  parte,  los  costes  de  estructuraci\u00f3n  pendientes  de  imputar  a  resultados  de  la  financiaci\u00f3n  cancelada  se  imputan \u00edntegramente a resultados en el momento de la cancelaci\u00f3n. Si la operaci\u00f3n de refinanciaci\u00f3n no cumple los criterios descritos para registrarse como una cancelaci\u00f3n del pasivo  financiero  original,  los  flujos  modificados  se  descuentan  al  tipo  de  inter\u00e9s  efectivo  original, reconociendo en resultados cualquier diferencia  con el valor  contable previo. Los gastos financieros, as\u00ed como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el Estado de Resultado  consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo. La recompras de instrumentos de deuda implica que la deuda queda extinguida, incluso en el caso de que el  emisor intente revenderlo en un futuro inmediato. Acreedores comerciales y otras cuentas a pagar-  Los  acreedores  comerciales  y  otras  cuentas  a  pagar  derivados  de  operaciones  comerciales  son  pasivos  financieros que en su mayor parte presentan vencimiento a corto plazo y no devengan intereses. Estos saldos  se registran inicialmente a su valor razonable y posteriormente a su coste amortizado. El Grupo tiene contratadas con diversas entidades financieras operaciones de confirming para la gesti\u00f3n del pago a los proveedores. Los pasivos comerciales cuya liquidaci\u00f3n se encuentra gestionada por las entidades  financieras se muestran en la partida de \u201cacreedores comerciales y otras cuentas a pagar\u201d, y se clasifican en  el Estado de Flujos de Efectivo consolidado como flujos de explotaci\u00f3n, en la medida en que ENCE s\u00f3lo haya  cedido la gesti\u00f3n de pago a las entidades financieras, manteni\u00e9ndose como obligado primario al pago de las  deudas frente a los acreedores comerciales (confirming sin recurso). En caso de que el obligado primario sea una entidad financiera, estas cesiones se tratan como deudas con entidades de cr\u00e9dito. Instrumentos de Patrimonio  Un  instrumento  de  patrimonio  representa  una  participaci\u00f3n  residual  en  el  patrimonio  de  la  Sociedad Dominante, una vez deducidos todos sus pasivos.  Los instrumentos de capital emitidos por ENCE se registran en el patrimonio neto por el importe recibido,  neto de los gastos de emisi\u00f3n.  Las acciones propias que adquiere ENCE se registran a su coste de adquisici\u00f3n, y se presentan minorando el  patrimonio neto. Los resultados derivados de la compra, venta, emisi\u00f3n o amortizaci\u00f3n de los instrumentos  del patrimonio propio se reconocen directamente en patrimonio neto, sin que en ning\u00fan caso se registre  resultado alguno en el Estado de Resultado consolidado. La amortizaci\u00f3n de acciones de ENCE, da lugar a una reducci\u00f3n de capital por el importe del nominal de  dichas acciones y la diferencia positiva o negativa entre el precio de adquisici\u00f3n y el nominal de las acciones  se carga o abona a cuentas de reservas.  Los dividendos a cuenta del resultado del ejercicio, as\u00ed como los dividendos complementarios pagados por  ENCE minoran el Patrimonio Neto en el momento de su aprobaci\u00f3n. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-576": {
   "value": "Activos financieros En el momento de reconocimiento inicial, ENCE valora un activo financiero a su valor razonable, valor que  incluye  los  costes  de  la  transacci\u00f3n  que  sean  directamente  atribuibles  a  la  adquisici\u00f3n  del  activo.  Excepcionalmente,  los  costes  de  transacci\u00f3n  correspondientes  a  activos  financieros  valorados  a  valor  razonable con cambios en resultados se imputan directamente a resultados. Con  posterioridad  a  su  reconocimiento  inicial,  ENCE  clasifica  sus  activos  financieros  en  las  siguientes  categor\u00edas; 1) a coste amortizado, 2) a valor razonable con cambios en resultados, o bien, 3) a valor razonable  con  cambios  en  otro  resultado  global.  La  clasificaci\u00f3n  depende  del  modelo  de  negocio  de  ENCE  para gestionar los activos financieros y los t\u00e9rminos contractuales de los flujos de efectivo:  i.  Coste amortizado usando el m\u00e9todo del tipo de inter\u00e9s efectivo: se clasifican en esta categor\u00eda los activos que se mantienen para el cobro de flujos de efectivo previstos en el contrato, y esos flujos de  efectivo representan s\u00f3lo cobros de principal e intereses.  Una ganancia o p\u00e9rdida en una inversi\u00f3n que se valore a coste amortizado y no sea parte de una relaci\u00f3n  de cobertura se reconoce en el resultado del ejercicio cuando el activo se da de baja o se deteriora. Los  ingresos por intereses de estos activos financieros se reconocen como ingresos financieros en el Estado  de Resultado consolidado de acuerdo a su devengo, aplicando el m\u00e9todo del tipo de inter\u00e9s efectivo. En  esta  categor\u00eda  se  incluyen  \u201cDeudores  comerciales  y  otras  cuentas  a  cobrar\u201d,  \u201cOtras  inversiones  financieras\u201d, \u201cy \u201cEfectivo y otros activos l\u00edquidos equivalentes\u201d, principalmente. El ep\u00edgrafe \u201cEfectivo y otros  activos  l\u00edquidos  equivalentes\u201d  recoge  saldos  en  tesorer\u00eda  e  inversiones  a  corto  plazo  de  gran  liquidez que son f\u00e1cilmente convertibles en efectivo, con vencimientos originales de un m\u00e1ximo de tres  meses, y que est\u00e1n sujetos a un riesgo de cambio de valor poco significativo.  Las cuentas por cobrar a deudores comerciales propias del tr\u00e1fico habitual del Grupo se registran por su  valor nominal, dado que su vencimiento es en general inferior a doce meses, corregido por las p\u00e9rdidas  crediticias esperadas. En este cap\u00edtulo se ha seguido el modelo simplificado de p\u00e9rdida esperada basado  en la experiencia hist\u00f3rica de p\u00e9rdidas crediticias. ii.  Valor razonable con cambios en resultados: dentro de esta categor\u00eda se incluyen los derivados que no cumplen las condiciones para considerarse como de cobertura de acuerdo con NIIF 9 \u2013 Instrumentos  Financieros, los activos financieros que otras normas establezcan que deben valorarse a valor razonable  con cargo a resultados, tales como las contraprestaciones contingentes en combinaciones de negocios  y aquellos activos financieros que de valorarse de otra forma generar\u00edan una asimetr\u00eda contable.  Los cambios que se produzcan en su valor razonable se imputan cuando se producen en los ep\u00edgrafes  \u201cGastos  financieros\u201d,  \u201cIngresos  financieros\u201d  o  \u201cVariaci\u00f3n  en  el  valor  razonable  de  instrumentos financieros\u201d, seg\u00fan corresponda, del Estado de Resultado consolidado. Los costes de transacci\u00f3n directamente atribuibles a la compra o emisi\u00f3n de este tipo de activos se  reconocen como un gasto en el Estado de Resultado consolidado a medida que se incurre en ellos. iii.  Activos financieros a valor razonable con cambios en otro resultado global: el Grupo no tiene activos  clasificados en esta categor\u00eda.  En el caso de participaciones en sociedades no cotizadas, poco relevantes, dado que el valor razonable  no siempre es posible determinarlo de forma fiable, se valoran por su coste de adquisici\u00f3n, corregido por las evidencias de deterioro que pudieran existir. Durante los ejercicios 2022 y 2021 no se han producido reclasificaciones de activos financieros entre las  categor\u00edas definidas en los p\u00e1rrafos previos.  Las compras y ventas de activos financieros se contabilizan utilizando la fecha de negociaci\u00f3n.  Deterioros de valor- ENCE eval\u00faa sobre una base prospectiva las p\u00e9rdidas de cr\u00e9dito esperadas de sus activos valorados a coste  amortizado. En este sentido, ENCE aplica el enfoque general de c\u00e1lculo de la p\u00e9rdida esperada a sus activos  financieros a largo plazo, excepto los saldos comerciales y otras cuentas a cobrar sin componente financiero  significativo para los que aplica un enfoque simplificado. Bajo el enfoque general, se consideran las p\u00e9rdidas crediticias esperadas en los pr\u00f3ximos doce meses, salvo  que el riesgo de cr\u00e9dito se haya incrementado de forma significativa desde su reconocimiento inicial, en cuyo caso se considerar\u00e1n las p\u00e9rdidas esperadas durante la vida del activo. En la evaluaci\u00f3n de un cambio  significativo en el riesgo de cr\u00e9dito se utilizan variaciones de la calificaci\u00f3n crediticia obtenida de fuentes de  mercado externas. Bajo el enfoque simplificado, se consideran las p\u00e9rdidas crediticias esperadas durante la vida del activo. Este  enfoque se basa en la experiencia hist\u00f3rica de p\u00e9rdidas, y exige que las p\u00e9rdidas esperadas de las cuentas a  cobrar se reconozcan en el momento del reconocimiento del derecho de cr\u00e9dito. Para ello se ha adoptado  una soluci\u00f3n que permite calcular la p\u00e9rdida crediticia esperada de forma colectiva utilizando una matriz de  provisiones calculada en base a la experiencia de p\u00e9rdidas crediticias hist\u00f3rica ajustada por informaci\u00f3n  prospectiva  disponible.  Esta  matriz  tiene  en  consideraci\u00f3n  la  calificaci\u00f3n  crediticia  otorgada  por  la  aseguradora de cr\u00e9dito de ENCE, y el modelo incorpora como un umbral de m\u00e1s de 180 d\u00edas en mora para  la consideraci\u00f3n de que se ha producido un impago definitivo. Estos criterios son aplicados en ausencia de  otras evidencias objetivas de incumplimiento, como puedan ser las situaciones concursales, etc.  Las dotaciones y reversiones de las correcciones valorativas por deterioro de valor de saldos comerciales a  cobrar se registran en el ep\u00edgrafe \u201cDeterioro de valor sobre activos financieros\u201d del Estado de Resultado  consolidado.  Registro de bajas -  El Grupo reconoce la baja de los activos financieros cuando expiran o se han cedido los derechos sobre los  flujos de efectivo del correspondiente activo financiero y se han transferido sustancialmente los riesgos y  beneficios inherentes a su propiedad. La baja de un activo financiero implica el reconocimiento en el Estado  de Resultado consolidado de la diferencia existente entre su valor contable y la suma de la contraprestaci\u00f3n recibida, neta de gastos de la transacci\u00f3n, incluy\u00e9ndose los activos obtenidos o pasivos asumidos y cualquier  p\u00e9rdida o ganancia diferida en otro resultado global.  En  este  sentido,  el  Grupo  en  funci\u00f3n  de  las  necesidades  coyunturales  de  tesorer\u00eda  realiza  cesiones  de  cr\u00e9ditos de clientes a entidades financieras (factoring) y podr\u00e1 llevar a cabo titulizaciones de activos. En estas  cesiones  de  derechos  de  cobro  se  transmiten  sustancialmente  los  riesgos  y  beneficios  inherentes  a  las cuentas a cobrar, as\u00ed como  el control sobre \u00e9stas, sin que existan pactos de recompra suscritos con las  entidades de cr\u00e9dito (cesiones sin recurso). Consecuentemente, de acuerdo con los criterios establecidos  por las NIIF, se dan de baja del Estado de Situaci\u00f3n Financiera consolidado los saldos a cobrar de deudores  vendidos en las condiciones indicadas. Por el contrario, el Grupo no da de baja los activos financieros, y reconoce un pasivo financiero por un  importe igual a la contraprestaci\u00f3n recibida, en las cesiones de activos financieros en las que se retenga  sustancialmente los riesgos y beneficios inherentes a su propiedad. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-575": {
   "value": "i.  Coste amortizado usando el m\u00e9todo del tipo de inter\u00e9s efectivo: se clasifican en esta categor\u00eda los activos que se mantienen para el cobro de flujos de efectivo previstos en el contrato, y esos flujos de  efectivo representan s\u00f3lo cobros de principal e intereses.  Una ganancia o p\u00e9rdida en una inversi\u00f3n que se valore a coste amortizado y no sea parte de una relaci\u00f3n  de cobertura se reconoce en el resultado del ejercicio cuando el activo se da de baja o se deteriora. Los  ingresos por intereses de estos activos financieros se reconocen como ingresos financieros en el Estado  de Resultado consolidado de acuerdo a su devengo, aplicando el m\u00e9todo del tipo de inter\u00e9s efectivo. En  esta  categor\u00eda  se  incluyen  \u201cDeudores  comerciales  y  otras  cuentas  a  cobrar\u201d,  \u201cOtras  inversiones  financieras\u201d, \u201cy \u201cEfectivo y otros activos l\u00edquidos equivalentes\u201d, principalmente. El ep\u00edgrafe \u201cEfectivo y otros  activos  l\u00edquidos  equivalentes\u201d  recoge  saldos  en  tesorer\u00eda  e  inversiones  a  corto  plazo  de  gran  liquidez que son f\u00e1cilmente convertibles en efectivo, con vencimientos originales de un m\u00e1ximo de tres  meses, y que est\u00e1n sujetos a un riesgo de cambio de valor poco significativo.  Las cuentas por cobrar a deudores comerciales propias del tr\u00e1fico habitual del Grupo se registran por su  valor nominal, dado que su vencimiento es en general inferior a doce meses, corregido por las p\u00e9rdidas  crediticias esperadas. En este cap\u00edtulo se ha seguido el modelo simplificado de p\u00e9rdida esperada basado  en la experiencia hist\u00f3rica de p\u00e9rdidas crediticias. ii.  Valor razonable con cambios en resultados: dentro de esta categor\u00eda se incluyen los derivados que no cumplen las condiciones para considerarse como de cobertura de acuerdo con NIIF 9 \u2013 Instrumentos  Financieros, los activos financieros que otras normas establezcan que deben valorarse a valor razonable  con cargo a resultados, tales como las contraprestaciones contingentes en combinaciones de negocios  y aquellos activos financieros que de valorarse de otra forma generar\u00edan una asimetr\u00eda contable.  Los cambios que se produzcan en su valor razonable se imputan cuando se producen en los ep\u00edgrafes  \u201cGastos  financieros\u201d,  \u201cIngresos  financieros\u201d  o  \u201cVariaci\u00f3n  en  el  valor  razonable  de  instrumentos financieros\u201d, seg\u00fan corresponda, del Estado de Resultado consolidado. Los costes de transacci\u00f3n directamente atribuibles a la compra o emisi\u00f3n de este tipo de activos se  reconocen como un gasto en el Estado de Resultado consolidado a medida que se incurre en ellos. Los ingresos por intereses se reconocen siguiendo un criterio financiero, en funci\u00f3n del principal pendiente  de pago, el plazo hasta el vencimiento, y el tipo de inter\u00e9s efectivo aplicable.  Los gastos se reconocen en el Estado de Resultado consolidado de acuerdo a su devengo. Asimismo, se reconoce un gasto de forma inmediata cuando no se prev\u00e9 que genere beneficios econ\u00f3micos futuros. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-601": {
   "value": "Coste amortizado usando el m\u00e9todo del tipo de inter\u00e9s efectivo: se clasifican en esta categor\u00eda los activos que se mantienen para el cobro de flujos de efectivo previstos en el contrato, y esos flujos de  efectivo representan s\u00f3lo cobros de principal e intereses.  Una ganancia o p\u00e9rdida en una inversi\u00f3n que se valore a coste amortizado y no sea parte de una relaci\u00f3n  de cobertura se reconoce en el resultado del ejercicio cuando el activo se da de baja o se deteriora. Los  ingresos por intereses de estos activos financieros se reconocen como ingresos financieros en el Estado  de Resultado consolidado de acuerdo a su devengo, aplicando el m\u00e9todo del tipo de inter\u00e9s efectivo. En  esta  categor\u00eda  se  incluyen  \u201cDeudores  comerciales  y  otras  cuentas  a  cobrar\u201d,  \u201cOtras  inversiones  financieras\u201d, \u201cy \u201cEfectivo y otros activos l\u00edquidos equivalentes\u201d, principalmente. El ep\u00edgrafe \u201cEfectivo y otros  activos  l\u00edquidos  equivalentes\u201d  recoge  saldos  en  tesorer\u00eda  e  inversiones  a  corto  plazo  de  gran  liquidez que son f\u00e1cilmente convertibles en efectivo, con vencimientos originales de un m\u00e1ximo de tres  meses, y que est\u00e1n sujetos a un riesgo de cambio de valor poco significativo.  Las cuentas por cobrar a deudores comerciales propias del tr\u00e1fico habitual del Grupo se registran por su  valor nominal, dado que su vencimiento es en general inferior a doce meses, corregido por las p\u00e9rdidas  crediticias esperadas. En este cap\u00edtulo se ha seguido el modelo simplificado de p\u00e9rdida esperada basado  en la experiencia hist\u00f3rica de p\u00e9rdidas crediticias. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-592": {
   "value": "Coste amortizado usando el m\u00e9todo del tipo de inter\u00e9s efectivo: se clasifican en esta categor\u00eda los activos que se mantienen para el cobro de flujos de efectivo previstos en el contrato, y esos flujos de  efectivo representan s\u00f3lo cobros de principal e intereses.  Una ganancia o p\u00e9rdida en una inversi\u00f3n que se valore a coste amortizado y no sea parte de una relaci\u00f3n  de cobertura se reconoce en el resultado del ejercicio cuando el activo se da de baja o se deteriora. Los  ingresos por intereses de estos activos financieros se reconocen como ingresos financieros en el Estado  de Resultado consolidado de acuerdo a su devengo, aplicando el m\u00e9todo del tipo de inter\u00e9s efectivo. En  esta  categor\u00eda  se  incluyen  \u201cDeudores  comerciales  y  otras  cuentas  a  cobrar\u201d,  \u201cOtras  inversiones  financieras\u201d, \u201cy \u201cEfectivo y otros activos l\u00edquidos equivalentes\u201d, principalmente. El ep\u00edgrafe \u201cEfectivo y otros  activos  l\u00edquidos  equivalentes\u201d  recoge  saldos  en  tesorer\u00eda  e  inversiones  a  corto  plazo  de  gran  liquidez que son f\u00e1cilmente convertibles en efectivo, con vencimientos originales de un m\u00e1ximo de tres  meses, y que est\u00e1n sujetos a un riesgo de cambio de valor poco significativo.  Las cuentas por cobrar a deudores comerciales propias del tr\u00e1fico habitual del Grupo se registran por su  valor nominal, dado que su vencimiento es en general inferior a doce meses, corregido por las p\u00e9rdidas  crediticias esperadas. En este cap\u00edtulo se ha seguido el modelo simplificado de p\u00e9rdida esperada basado  en la experiencia hist\u00f3rica de p\u00e9rdidas crediticias.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-569": {
   "value": "Coste amortizado usando el m\u00e9todo del tipo de inter\u00e9s efectivo: se clasifican en esta categor\u00eda los activos que se mantienen para el cobro de flujos de efectivo previstos en el contrato, y esos flujos de  efectivo representan s\u00f3lo cobros de principal e intereses.  Una ganancia o p\u00e9rdida en una inversi\u00f3n que se valore a coste amortizado y no sea parte de una relaci\u00f3n  de cobertura se reconoce en el resultado del ejercicio cuando el activo se da de baja o se deteriora. Los  ingresos por intereses de estos activos financieros se reconocen como ingresos financieros en el Estado  de Resultado consolidado de acuerdo a su devengo, aplicando el m\u00e9todo del tipo de inter\u00e9s efectivo. En  esta  categor\u00eda  se  incluyen  \u201cDeudores  comerciales  y  otras  cuentas  a  cobrar\u201d,  \u201cOtras  inversiones  financieras\u201d, \u201cy \u201cEfectivo y otros activos l\u00edquidos equivalentes\u201d, principalmente. El ep\u00edgrafe \u201cEfectivo y otros  activos  l\u00edquidos  equivalentes\u201d  recoge  saldos  en  tesorer\u00eda  e  inversiones  a  corto  plazo  de  gran  liquidez que son f\u00e1cilmente convertibles en efectivo, con vencimientos originales de un m\u00e1ximo de tres  meses, y que est\u00e1n sujetos a un riesgo de cambio de valor poco significativo.  Las cuentas por cobrar a deudores comerciales propias del tr\u00e1fico habitual del Grupo se registran por su  valor nominal, dado que su vencimiento es en general inferior a doce meses, corregido por las p\u00e9rdidas  crediticias esperadas. En este cap\u00edtulo se ha seguido el modelo simplificado de p\u00e9rdida esperada basado  en la experiencia hist\u00f3rica de p\u00e9rdidas crediticias.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-582": {
   "value": "ii.  Valor razonable con cambios en resultados: dentro de esta categor\u00eda se incluyen los derivados que no cumplen las condiciones para considerarse como de cobertura de acuerdo con NIIF 9 \u2013 Instrumentos  Financieros, los activos financieros que otras normas establezcan que deben valorarse a valor razonable  con cargo a resultados, tales como las contraprestaciones contingentes en combinaciones de negocios  y aquellos activos financieros que de valorarse de otra forma generar\u00edan una asimetr\u00eda contable.  Los cambios que se produzcan en su valor razonable se imputan cuando se producen en los ep\u00edgrafes  \u201cGastos  financieros\u201d,  \u201cIngresos  financieros\u201d  o  \u201cVariaci\u00f3n  en  el  valor  razonable  de  instrumentos financieros\u201d, seg\u00fan corresponda, del Estado de Resultado consolidado. Los costes de transacci\u00f3n directamente atribuibles a la compra o emisi\u00f3n de este tipo de activos se  reconocen como un gasto en el Estado de Resultado consolidado a medida que se incurre en ellos. ENCE clasifica sus pasivos financieros en las siguientes categor\u00edas, con posterioridad a su reconocimiento inicial; 1) a coste amortizado, y 2) a valor razonable con cambios en resultados. En esta \u00faltima categor\u00eda se  recogen b\u00e1sicamente las contraprestaciones contingentes que se puedan originar en las combinaciones de  negocios, as\u00ed como los instrumentos financieros derivados que no son designados como instrumentos de  cobertura de acuerdo con NIIF 9 \u2013 Instrumentos Financieros.  Los pr\u00e9stamos, obligaciones y similares se registran inicialmente a valor razonable, valor que normalmente  coincide con el efectivo recibido, neto de los costes incurridos en la transacci\u00f3n. En periodos posteriores, la  totalidad de estas deudas se valora a su coste amortizado, utilizando el m\u00e9todo del tipo de inter\u00e9s efectivo.  Los gastos financieros as\u00ed como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el  Estado de Resultado consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo . En la emisi\u00f3n de bonos convertibles, ENCE analiza si se trata de una emisi\u00f3n de instrumentos financieros  compuestos, o por el contrario, se trata de la emisi\u00f3n de un pasivo. En la emisi\u00f3n de instrumentos financieros  compuestos con componentes de pasivo y patrimonio, el componente de patrimonio se determina por el  importe residual que se obtiene, despu\u00e9s de deducir del valor razonable del instrumento en su conjunto, el  importe del componente de pasivo. Por su parte, el componente de pasivo se determina estimando el valor  razonable  de  un  instrumento  similar  en  la  fecha  de  emisi\u00f3n,  que  no  lleve  asociado  el  componente  de  patrimonio.  Los  costes  de  transacci\u00f3n  relacionados  con  la  emisi\u00f3n  de  los  instrumentos  financieros  compuestos se distribuyen en funci\u00f3n del valor contable relativo de cada uno de los componentes en el  momento de la clasificaci\u00f3n.  Los  acreedores  comerciales  y  otras  cuentas  a  pagar  derivados  de  operaciones  comerciales  son  pasivos  financieros que en su mayor parte presentan vencimiento a corto plazo y no devengan intereses. Estos saldos  se registran inicialmente a su valor razonable y posteriormente a su coste amortizado. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-587": {
   "value": "Deterioros de valor- ENCE eval\u00faa sobre una base prospectiva las p\u00e9rdidas de cr\u00e9dito esperadas de sus activos valorados a coste  amortizado. En este sentido, ENCE aplica el enfoque general de c\u00e1lculo de la p\u00e9rdida esperada a sus activos  financieros a largo plazo, excepto los saldos comerciales y otras cuentas a cobrar sin componente financiero  significativo para los que aplica un enfoque simplificado. Bajo el enfoque general, se consideran las p\u00e9rdidas crediticias esperadas en los pr\u00f3ximos doce meses, salvo  que el riesgo de cr\u00e9dito se haya incrementado de forma significativa desde su reconocimiento inicial, en cuyo caso se considerar\u00e1n las p\u00e9rdidas esperadas durante la vida del activo. En la evaluaci\u00f3n de un cambio  significativo en el riesgo de cr\u00e9dito se utilizan variaciones de la calificaci\u00f3n crediticia obtenida de fuentes de  mercado externas. Bajo el enfoque simplificado, se consideran las p\u00e9rdidas crediticias esperadas durante la vida del activo. Este  enfoque se basa en la experiencia hist\u00f3rica de p\u00e9rdidas, y exige que las p\u00e9rdidas esperadas de las cuentas a  cobrar se reconozcan en el momento del reconocimiento del derecho de cr\u00e9dito. Para ello se ha adoptado  una soluci\u00f3n que permite calcular la p\u00e9rdida crediticia esperada de forma colectiva utilizando una matriz de  provisiones calculada en base a la experiencia de p\u00e9rdidas crediticias hist\u00f3rica ajustada por informaci\u00f3n  prospectiva  disponible.  Esta  matriz  tiene  en  consideraci\u00f3n  la  calificaci\u00f3n  crediticia  otorgada  por  la  aseguradora de cr\u00e9dito de ENCE, y el modelo incorpora como un umbral de m\u00e1s de 180 d\u00edas en mora para  la consideraci\u00f3n de que se ha producido un impago definitivo. Estos criterios son aplicados en ausencia de  otras evidencias objetivas de incumplimiento, como puedan ser las situaciones concursales, etc.  Las dotaciones y reversiones de las correcciones valorativas por deterioro de valor de saldos comerciales a  cobrar se registran en el ep\u00edgrafe \u201cDeterioro de valor sobre activos financieros\u201d del Estado de Resultado  consolidado.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-566": {
   "value": "Registro de bajas -  El Grupo reconoce la baja de los activos financieros cuando expiran o se han cedido los derechos sobre los  flujos de efectivo del correspondiente activo financiero y se han transferido sustancialmente los riesgos y  beneficios inherentes a su propiedad. La baja de un activo financiero implica el reconocimiento en el Estado  de Resultado consolidado de la diferencia existente entre su valor contable y la suma de la contraprestaci\u00f3n recibida, neta de gastos de la transacci\u00f3n, incluy\u00e9ndose los activos obtenidos o pasivos asumidos y cualquier  p\u00e9rdida o ganancia diferida en otro resultado global.  En  este  sentido,  el  Grupo  en  funci\u00f3n  de  las  necesidades  coyunturales  de  tesorer\u00eda  realiza  cesiones  de  cr\u00e9ditos de clientes a entidades financieras (factoring) y podr\u00e1 llevar a cabo titulizaciones de activos. En estas  cesiones  de  derechos  de  cobro  se  transmiten  sustancialmente  los  riesgos  y  beneficios  inherentes  a  las cuentas a cobrar, as\u00ed como  el control sobre \u00e9stas, sin que existan pactos de recompra suscritos con las  entidades de cr\u00e9dito (cesiones sin recurso). Consecuentemente, de acuerdo con los criterios establecidos  por las NIIF, se dan de baja del Estado de Situaci\u00f3n Financiera consolidado los saldos a cobrar de deudores  vendidos en las condiciones indicadas. ENCE da de baja un pasivo financiero o una parte del mismo cuando ha cumplido con la obligaci\u00f3n contenida  en el pasivo o bien est\u00e9 legalmente dispensado de la responsabilidad principal contenida en el pasivo. Por el contrario, el Grupo no da de baja los activos financieros, y reconoce un pasivo financiero por un  importe igual a la contraprestaci\u00f3n recibida, en las cesiones de activos financieros en las que se retenga  sustancialmente los riesgos y beneficios inherentes a su propiedad. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-577": {
   "value": "Pasivos financieros  Son pasivos financieros aquellos d\u00e9bitos y partidas a pagar que tiene el Grupo y que se han originado en la  compra de bienes y servicios por operaciones de tr\u00e1fico de la empresa, o tambi\u00e9n aquellos que, sin tener un  origen comercial, no pueden ser considerados como instrumentos financieros derivados, principalmente,  deudas con entidades de cr\u00e9dito, bonos emitidos, etc. ENCE clasifica sus pasivos financieros en las siguientes categor\u00edas, con posterioridad a su reconocimiento inicial; 1) a coste amortizado, y 2) a valor razonable con cambios en resultados. En esta \u00faltima categor\u00eda se  recogen b\u00e1sicamente las contraprestaciones contingentes que se puedan originar en las combinaciones de  negocios, as\u00ed como los instrumentos financieros derivados que no son designados como instrumentos de  cobertura de acuerdo con NIIF 9 \u2013 Instrumentos Financieros.  ENCE da de baja un pasivo financiero o una parte del mismo cuando ha cumplido con la obligaci\u00f3n contenida  en el pasivo o bien est\u00e9 legalmente dispensado de la responsabilidad principal contenida en el pasivo.  Obligaciones, bonos y deudas con entidades de cr\u00e9dito-  Los pr\u00e9stamos, obligaciones y similares se registran inicialmente a valor razonable, valor que normalmente  coincide con el efectivo recibido, neto de los costes incurridos en la transacci\u00f3n. En periodos posteriores, la  totalidad de estas deudas se valora a su coste amortizado, utilizando el m\u00e9todo del tipo de inter\u00e9s efectivo.  Los gastos financieros as\u00ed como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el  Estado de Resultado consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo . En la emisi\u00f3n de bonos convertibles, ENCE analiza si se trata de una emisi\u00f3n de instrumentos financieros  compuestos, o por el contrario, se trata de la emisi\u00f3n de un pasivo. En la emisi\u00f3n de instrumentos financieros  compuestos con componentes de pasivo y patrimonio, el componente de patrimonio se determina por el  importe residual que se obtiene, despu\u00e9s de deducir del valor razonable del instrumento en su conjunto, el  importe del componente de pasivo. Por su parte, el componente de pasivo se determina estimando el valor  razonable  de  un  instrumento  similar  en  la  fecha  de  emisi\u00f3n,  que  no  lleve  asociado  el  componente  de  patrimonio.  Los  costes  de  transacci\u00f3n  relacionados  con  la  emisi\u00f3n  de  los  instrumentos  financieros  compuestos se distribuyen en funci\u00f3n del valor contable relativo de cada uno de los componentes en el  momento de la clasificaci\u00f3n.  Las operaciones de refinanciaci\u00f3n de deuda financiera se contabilizan como una cancelaci\u00f3n del pasivo  financiero original y el reconocimiento de un nuevo pasivo financiero, siempre que los instrumentos tengan  condiciones sustancialmente diferentes. Esto se produce cuando el valor actual de los flujos de efectivo  descontados bajo las nuevas condiciones, incluyendo cualquier comisi\u00f3n pagada neta de cualquier comisi\u00f3n  recibida, y utilizando para hacer el descuento el tipo de inter\u00e9s efectivo original, difiere al menos en un 10%  del valor actual descontado de los flujos de efectivo que todav\u00eda resten del pasivo financiero original. Por su  parte,  los  costes  de  estructuraci\u00f3n  pendientes  de  imputar  a  resultados  de  la  financiaci\u00f3n  cancelada  se  imputan \u00edntegramente a resultados en el momento de la cancelaci\u00f3n. Si la operaci\u00f3n de refinanciaci\u00f3n no cumple los criterios descritos para registrarse como una cancelaci\u00f3n del pasivo  financiero  original,  los  flujos  modificados  se  descuentan  al  tipo  de  inter\u00e9s  efectivo  original, reconociendo en resultados cualquier diferencia  con el valor  contable previo. Los gastos financieros, as\u00ed como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el Estado de Resultado  consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo. La recompras de instrumentos de deuda implica que la deuda queda extinguida, incluso en el caso de que el  emisor intente revenderlo en un futuro inmediato. Acreedores comerciales y otras cuentas a pagar-  Los  acreedores  comerciales  y  otras  cuentas  a  pagar  derivados  de  operaciones  comerciales  son  pasivos  financieros que en su mayor parte presentan vencimiento a corto plazo y no devengan intereses. Estos saldos  se registran inicialmente a su valor razonable y posteriormente a su coste amortizado. El Grupo tiene contratadas con diversas entidades financieras operaciones de confirming para la gesti\u00f3n del pago a los proveedores. Los pasivos comerciales cuya liquidaci\u00f3n se encuentra gestionada por las entidades  financieras se muestran en la partida de \u201cacreedores comerciales y otras cuentas a pagar\u201d, y se clasifican en  el Estado de Flujos de Efectivo consolidado como flujos de explotaci\u00f3n, en la medida en que ENCE s\u00f3lo haya  cedido la gesti\u00f3n de pago a las entidades financieras, manteni\u00e9ndose como obligado primario al pago de las  deudas frente a los acreedores comerciales (confirming sin recurso). En caso de que el obligado primario sea una entidad financiera, estas cesiones se tratan como deudas con entidades de cr\u00e9dito. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-9": {
   "value": "Obligaciones, bonos y deudas con entidades de cr\u00e9dito- Los pr\u00e9stamos, obligaciones y similares se registran inicialmente a valor razonable, valor que normalmente coincide con el efectivo recibido, neto de los costes incurridos en la transacci\u00f3n. En periodos posteriores, la totalidad de estas deudas se valora a su coste amortizado, utilizando el m\u00e9todo del tipo de inter\u00e9s efectivo. Los gastos financieros as\u00ed como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el Estado de Resultado consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo . En la emisi\u00f3n de bonos convertibles, ENCE analiza si se trata de una emisi\u00f3n de instrumentos financieros compuestos, o por el contrario, se trata de la emisi\u00f3n de un pasivo. En la emisi\u00f3n de instrumentos financieros compuestos con componentes de pasivo y patrimonio, el componente de patrimonio se determina por el importe residual que se obtiene, despu\u00e9s de deducir del valor razonable del instrumento en su conjunto, el importe del componente de pasivo. Por su parte, el componente de pasivo se determina estimando el valor razonable  de  un  instrumento  similar  en  la  fecha  de  emisi\u00f3n,  que  no  lleve  asociado  el  componente  de patrimonio.  Los  costes  de  transacci\u00f3n  relacionados  con  la  emisi\u00f3n  de  los  instrumentos  financieros compuestos se distribuyen en funci\u00f3n del valor contable relativo de cada uno de los componentes en el momento de la clasificaci\u00f3n.  Las operaciones de refinanciaci\u00f3n de deuda financiera se contabilizan como una cancelaci\u00f3n del pasivo financiero original y el reconocimiento de un nuevo pasivo financiero, siempre que los instrumentos tengan condiciones sustancialmente diferentes. Esto se produce cuando el valor actual de los flujos de efectivo descontados bajo las nuevas condiciones, incluyendo cualquier comisi\u00f3n pagada neta de cualquier comisi\u00f3n recibida, y utilizando para hacer el descuento el tipo de inter\u00e9s efectivo original, difiere al menos en un 10% del valor actual descontado de los flujos de efectivo que todav\u00eda resten del pasivo financiero original. Por su parte,  los  costes  de  estructuraci\u00f3n  pendientes  de  imputar  a  resultados  de  la  financiaci\u00f3n  cancelada  se imputan \u00edntegramente a resultados en el momento de la cancelaci\u00f3n.  Si la operaci\u00f3n de refinanciaci\u00f3n no cumple los criterios descritos para registrarse como una cancelaci\u00f3n del pasivo  financiero  original,  los  flujos  modificados  se  descuentan  al  tipo  de  inter\u00e9s  efectivo  original, reconociendo en resultados cualquier diferencia  con el valor  contable previo. Los gastos financieros, as\u00ed  como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el Estado de Resultado  consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo. La recompras de instrumentos de deuda implica que la deuda queda extinguida, incluso en el caso de que el  emisor intente revenderlo en un futuro inmediato. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-505": {
   "value": "Los gastos financieros as\u00ed como los costes de estructuraci\u00f3n, se registran seg\u00fan el criterio del devengo en el  Estado de Resultado consolidado utilizando el m\u00e9todo del inter\u00e9s efectivo . Los gastos se reconocen en el Estado de Resultado consolidado de acuerdo a su devengo. Asimismo, se reconoce un gasto de forma inmediata cuando no se prev\u00e9 que genere beneficios econ\u00f3micos futuros. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-602": {
   "value": "Acreedores comerciales y otras cuentas a pagar-  Los  acreedores  comerciales  y  otras  cuentas  a  pagar  derivados  de  operaciones  comerciales  son  pasivos  financieros que en su mayor parte presentan vencimiento a corto plazo y no devengan intereses. Estos saldos  se registran inicialmente a su valor razonable y posteriormente a su coste amortizado. El Grupo tiene contratadas con diversas entidades financieras operaciones de confirming para la gesti\u00f3n del pago a los proveedores. Los pasivos comerciales cuya liquidaci\u00f3n se encuentra gestionada por las entidades  financieras se muestran en la partida de \u201cacreedores comerciales y otras cuentas a pagar\u201d, y se clasifican en  el Estado de Flujos de Efectivo consolidado como flujos de explotaci\u00f3n, en la medida en que ENCE s\u00f3lo haya  cedido la gesti\u00f3n de pago a las entidades financieras, manteni\u00e9ndose como obligado primario al pago de las  deudas frente a los acreedores comerciales (confirming sin recurso). En caso de que el obligado primario sea una entidad financiera, estas cesiones se tratan como deudas con entidades de cr\u00e9dito. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-609": {
   "value": "Las acciones propias que adquiere ENCE se registran a su coste de adquisici\u00f3n, y se presentan minorando el  patrimonio neto. Los resultados derivados de la compra, venta, emisi\u00f3n o amortizaci\u00f3n de los instrumentos  del patrimonio propio se reconocen directamente en patrimonio neto, sin que en ning\u00fan caso se registre  resultado alguno en el Estado de Resultado consolidado. La amortizaci\u00f3n de acciones de ENCE, da lugar a una reducci\u00f3n de capital por el importe del nominal de  dichas acciones y la diferencia positiva o negativa entre el precio de adquisici\u00f3n y el nominal de las acciones  se carga o abona a cuentas de reservas.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-570": {
   "value": "Los dividendos a cuenta del resultado del ejercicio, as\u00ed como los dividendos complementarios pagados por  ENCE minoran el Patrimonio Neto en el momento de su aprobaci\u00f3n. Los ingresos por dividendos procedentes de inversiones se registran cuando se reconocen el derecho a su percepci\u00f3n.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-567": {
   "value": "3.8  Instrumentos financieros derivados  Las actividades del Grupo lo exponen principalmente a riesgos financieros y de mercado derivados de; 1) las  variaciones de los tipos de cambio d\u00f3lar/euro que afectan principalmente a sus ventas de celulosa al cotizar  el precio de la pasta de papel en el mercado internacional en d\u00f3lares, 2) las propias variaciones de tipo de  cambio por las ventas en divisa, 3) las variaciones en el precio de la celulosa, del fuel-oil, el gas y la energ\u00eda el\u00e9ctrica, y 4) la evoluci\u00f3n de los tipos de inter\u00e9s. Para cubrir estas exposiciones el Grupo  puede utilizar instrumentos financieros derivados. No es pol\u00edtica de ENCE contratar instrumentos financieros derivados  con fines especulativos. Estos  instrumentos  financieros  se  valoran  en  todo  momento  a  su  valor  razonable,  registr\u00e1ndose  las  variaciones en el ep\u00edgrafe \u201cInstrumentos financieros derivados\u201d del pasivo del Estado de Situaci\u00f3n Financiera  consolidado si son negativas, y como \u201cActivos financieros \u2013 Derivados de cobertura\u201d si son positivas.  Los beneficios o p\u00e9rdidas de dichas fluctuaciones se registran en el Estado de Resultado consolidado como  un resultado financiero, salvo que el derivado o una parte del mismo haya sido designado como instrumento  de cobertura y \u00e9sta sea altamente efectiva, en cuyo caso su registro es el siguiente:  1.  Coberturas de valor razonable: el elemento cubierto se valora por su valor razonable al igual que el instrumento de cobertura, registr\u00e1ndose las variaciones de valor de ambos en el Estado de Resultado  consolidado.  2.  Coberturas de flujos de efectivo: la parte eficaz de los cambios en el valor razonable de los derivados  que se designan y califican como coberturas de flujos de efectivo se reconoce en el ep\u00edgrafe \u201cAjustes  en  patrimonio  por  valoraci\u00f3n\u201d  del  \u201cEstado  de  Resultado  Global  consolidado\u201d.  La  ganancia  o  la p\u00e9rdida relacionada con la parte ineficaz se reconoce inmediatamente en el Estado de Resultado  consolidado, en el ep\u00edgrafe \u201cVariaci\u00f3n en valor razonable de instrumentos financieros\u201d.  Cuando  los  contratos  de  opci\u00f3n  se  usan  para  cubrir  transacciones  previstas,  el  grupo  eval\u00faa  si  dichas  transacciones son altamente probables, y en ese caso designa s\u00f3lo el valor intr\u00ednseco del contrato de opci\u00f3n  como instrumento de cobertura. Los cambios en el valor temporal de los contratos de opci\u00f3n que est\u00e1n  relacionados con la partida cubierta se reconocen dentro del Estado de Resultado Global consolidado. Al inicio de la cobertura, ENCE designa y documenta formalmente las relaciones de cobertura, as\u00ed como el objetivo y la estrategia que asume con respecto a las mismas. La documentaci\u00f3n incluye la identificaci\u00f3n del  instrumento de cobertura, la partida cubierta, la naturaleza del riesgo cubierto y la forma en la que se mide  la eficacia de la cobertura.  Igualmente, al inicio de la cobertura y de forma continua en cada cierre ENCE eval\u00faa si la cobertura es eficaz.  Dicha  eficacia  se  verifica  a  trav\u00e9s  de  los  \u201ctest  de  eficacia\u201d  donde  se  chequea  si  es  esperable  prospectivamente que los cambios en el valor razonable o en los flujos de efectivo de la partida cubierta  (atribuibles al riesgo cubierto) se compensen razonablemente con los correspondientes al instrumento de  cobertura.  El  valor  razonable  de  los  derivados  incluye  el  ajuste  de  riesgo  de  cr\u00e9dito  de  forma  que  sus  variaciones son consideradas en la medici\u00f3n de la eficacia. El Grupo realiza una evaluaci\u00f3n cualitativa de la eficacia, siempre que las condiciones fundamentales del  instrumento y de la partida cubierta coincidan. Cuando las condiciones fundamentales no son plenamente  coincidentes,  el  Grupo  utiliza  un  derivado  hipot\u00e9tico  con  condiciones  fundamentales  equivalentes  a  la  partida cubierta para evaluar y medir la ineficacia. ENCE interrumpe la relaci\u00f3n de cobertura de forma prospectiva s\u00f3lo cuando toda o parte de la relaci\u00f3n de  cobertura deja de cumplir los requisitos cualificados. Esto incluye las situaciones en las que el instrumento de cobertura expira, es vendido, o ejercido, el objetivo de gesti\u00f3n del riesgo ha cambiado, el efecto del riesgo  de cr\u00e9dito domina los cambios de valor, el instrumento de cobertura llega a vencimiento o es liquidado, o  deja de existir el subyacente cubierto. A estos efectos, la sustituci\u00f3n o renovaci\u00f3n de un instrumento de  cobertura no es una expiraci\u00f3n o finalizaci\u00f3n, siempre que  la  operaci\u00f3n  sea consistente con el objetivo  documentado de gesti\u00f3n de riesgo del Grupo. En  las  coberturas  de  los  flujos  de  efectivo,  tras  la  interrupci\u00f3n  de  la  relaci\u00f3n  de  cobertura,  el  importe  acumulado en Otro Resultado Global no se reconoce en resultados hasta que la transacci\u00f3n prevista tenga lugar. As\u00ed mismo, los importes acumulados en Otro Resultado Global se reclasifican como ingresos o gastos  financieros cuando el Grupo no espera que la transacci\u00f3n prevista vaya a producirse. Los derivados impl\u00edcitos en otros  instrumentos  financieros son contabilizados separadamente cuando el  Grupo considera que sus caracter\u00edsticas y riesgos no est\u00e1n estrechamente relacionados con los instrumentos  financieros en los que se encuentran impl\u00edcitos, siempre que el instrumento financiero en cuesti\u00f3n en su  conjunto no est\u00e9 siendo contabilizado a valor razonable con cambios en resultados. ENCE no tiene derivados  impl\u00edcitos que sean objeto de contabilidad separada.  Valor razonable de los instrumentos financieros derivados El valor razonable de los distintos instrumentos financieros se determina utilizando la siguiente jerarqu\u00eda  establecida en NIIF 13: \u2022  Nivel 1: por observaci\u00f3n directa de la cotizaci\u00f3n en mercados activos, de activos y pasivos id\u00e9nticos.  \u2022  Nivel 2: empleando inputs disponibles en mercados activos, diferentes a los precios de cotizaci\u00f3n, que  son aplicables a los activos y pasivos, tanto directa como indirectamente. \u2022  Nivel 3: utilizando t\u00e9cnicas de valoraci\u00f3n que incluyen inputs que no est\u00e1n disponibles en mercados  activos.  La determinaci\u00f3n del valor razonable para cada uno de los principales instrumentos financieros derivados  se lleva a cabo con el asesoramiento de expertos en este tipo de instrumentos financieros, a partir de datos  facilitados por agencias de informaci\u00f3n o datos de organismos oficiales, del siguiente modo:  \u2022  El valor razonable de las permutas de tipo de inter\u00e9s es calculado como el valor actualizado a tipos de  inter\u00e9s de mercado del diferencial de tipos del contrato de permuta. Dicha actualizaci\u00f3n se lleva a cabo  a partir de las curvas de tipos swap a largo plazo.  \u2022  En  el  caso  de  los  contratos  de  tipo  de  cambio  a  futuro,  su  valoraci\u00f3n  se  determina  utilizando  las  cotizaciones  del  contado  del  tipo  de  cambio  y  las  curvas  de  tipos  de  inter\u00e9s  a  plazo  de  las  divisas  implicadas, as\u00ed como el empleo de la volatilidad impl\u00edcita hasta el vencimiento.  \u2022  El  valor  razonable  de  los  contratos  de  compraventa  de  elementos  no  financieros  a  los  que  es  de  aplicaci\u00f3n la NIIF 9 (precio de la celulosa y precio de la energ\u00eda principalmente) se calcula a partir de la  mejor estimaci\u00f3n de las curvas futuras de precios de dichos elementos no financieros, existente en la  fecha de cierre, utilizando, en la medida de lo posible, los precios establecidos en los mercados a plazo.  En la utilizaci\u00f3n de estos modelos de valoraci\u00f3n se tienen en cuenta los riesgos que el activo o pasivo lleva  asociados, entre ellos el riesgo de cr\u00e9dito tanto de la contraparte (Credit Value Adjustment) como de la  propia entidad (Debit Value Adjustment). El riesgo de cr\u00e9dito se calcula de acuerdo con los par\u00e1metros  exposici\u00f3n, probabilidad de incumplimiento y severidad.  Los valores obtenidos utilizando estas t\u00e9cnicas son contrastados con las entidades financieras con las que  ENCE tiene contratados estos instrumentos financieros. De  acuerdo  con  dicha  normativa,  las  valoraciones  a  valor  razonable  realizadas  sobre  los  diferentes  instrumentos financieros derivados quedan encuadradas en el Nivel 2 de la jerarqu\u00eda de valores razonables  establecida por la NIIF 13 en todos los casos, excepto en el caso de las coberturas del precio de la celulosa y las contraprestaciones contingentes que surgen en combinaciones de negocios que quedan encuadradas en  el Nivel 3 de la jerarqu\u00eda (v\u00e9ase Nota 4). Adicionalmente, hay que tener en consideraci\u00f3n que los ajustes por riesgo de cr\u00e9dito utilizan entradas de Nivel 3, si bien, tras valorar dichos ajustes se concluye que su impacto  en la valoraci\u00f3n de los instrumentos financieros derivados no es significativo.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-571": {
   "value": "3.8  Instrumentos financieros derivados  Las actividades del Grupo lo exponen principalmente a riesgos financieros y de mercado derivados de; 1) las  variaciones de los tipos de cambio d\u00f3lar/euro que afectan principalmente a sus ventas de celulosa al cotizar  el precio de la pasta de papel en el mercado internacional en d\u00f3lares, 2) las propias variaciones de tipo de  cambio por las ventas en divisa, 3) las variaciones en el precio de la celulosa, del fuel-oil, el gas y la energ\u00eda el\u00e9ctrica, y 4) la evoluci\u00f3n de los tipos de inter\u00e9s. Para cubrir estas exposiciones el Grupo  puede utilizar instrumentos financieros derivados. No es pol\u00edtica de ENCE contratar instrumentos financieros derivados  con fines especulativos. Estos  instrumentos  financieros  se  valoran  en  todo  momento  a  su  valor  razonable,  registr\u00e1ndose  las  variaciones en el ep\u00edgrafe \u201cInstrumentos financieros derivados\u201d del pasivo del Estado de Situaci\u00f3n Financiera  consolidado si son negativas, y como \u201cActivos financieros \u2013 Derivados de cobertura\u201d si son positivas.  Los beneficios o p\u00e9rdidas de dichas fluctuaciones se registran en el Estado de Resultado consolidado como  un resultado financiero, salvo que el derivado o una parte del mismo haya sido designado como instrumento  de cobertura y \u00e9sta sea altamente efectiva, en cuyo caso su registro es el siguiente:  1.  Coberturas de valor razonable: el elemento cubierto se valora por su valor razonable al igual que el instrumento de cobertura, registr\u00e1ndose las variaciones de valor de ambos en el Estado de Resultado  consolidado.  2.  Coberturas de flujos de efectivo: la parte eficaz de los cambios en el valor razonable de los derivados  que se designan y califican como coberturas de flujos de efectivo se reconoce en el ep\u00edgrafe \u201cAjustes  en  patrimonio  por  valoraci\u00f3n\u201d  del  \u201cEstado  de  Resultado  Global  consolidado\u201d.  La  ganancia  o  la p\u00e9rdida relacionada con la parte ineficaz se reconoce inmediatamente en el Estado de Resultado  consolidado, en el ep\u00edgrafe \u201cVariaci\u00f3n en valor razonable de instrumentos financieros\u201d.  Cuando  los  contratos  de  opci\u00f3n  se  usan  para  cubrir  transacciones  previstas,  el  grupo  eval\u00faa  si  dichas  transacciones son altamente probables, y en ese caso designa s\u00f3lo el valor intr\u00ednseco del contrato de opci\u00f3n  como instrumento de cobertura. Los cambios en el valor temporal de los contratos de opci\u00f3n que est\u00e1n  relacionados con la partida cubierta se reconocen dentro del Estado de Resultado Global consolidado. Al inicio de la cobertura, ENCE designa y documenta formalmente las relaciones de cobertura, as\u00ed como el objetivo y la estrategia que asume con respecto a las mismas. La documentaci\u00f3n incluye la identificaci\u00f3n del  instrumento de cobertura, la partida cubierta, la naturaleza del riesgo cubierto y la forma en la que se mide  la eficacia de la cobertura.  Igualmente, al inicio de la cobertura y de forma continua en cada cierre ENCE eval\u00faa si la cobertura es eficaz.  Dicha  eficacia  se  verifica  a  trav\u00e9s  de  los  \u201ctest  de  eficacia\u201d  donde  se  chequea  si  es  esperable  prospectivamente que los cambios en el valor razonable o en los flujos de efectivo de la partida cubierta  (atribuibles al riesgo cubierto) se compensen razonablemente con los correspondientes al instrumento de  cobertura.  El  valor  razonable  de  los  derivados  incluye  el  ajuste  de  riesgo  de  cr\u00e9dito  de  forma  que  sus  variaciones son consideradas en la medici\u00f3n de la eficacia. El Grupo realiza una evaluaci\u00f3n cualitativa de la eficacia, siempre que las condiciones fundamentales del  instrumento y de la partida cubierta coincidan. Cuando las condiciones fundamentales no son plenamente  coincidentes,  el  Grupo  utiliza  un  derivado  hipot\u00e9tico  con  condiciones  fundamentales  equivalentes  a  la  partida cubierta para evaluar y medir la ineficacia. ENCE interrumpe la relaci\u00f3n de cobertura de forma prospectiva s\u00f3lo cuando toda o parte de la relaci\u00f3n de  cobertura deja de cumplir los requisitos cualificados. Esto incluye las situaciones en las que el instrumento de cobertura expira, es vendido, o ejercido, el objetivo de gesti\u00f3n del riesgo ha cambiado, el efecto del riesgo  de cr\u00e9dito domina los cambios de valor, el instrumento de cobertura llega a vencimiento o es liquidado, o  deja de existir el subyacente cubierto. A estos efectos, la sustituci\u00f3n o renovaci\u00f3n de un instrumento de  cobertura no es una expiraci\u00f3n o finalizaci\u00f3n, siempre que  la  operaci\u00f3n  sea consistente con el objetivo  documentado de gesti\u00f3n de riesgo del Grupo. En  las  coberturas  de  los  flujos  de  efectivo,  tras  la  interrupci\u00f3n  de  la  relaci\u00f3n  de  cobertura,  el  importe  acumulado en Otro Resultado Global no se reconoce en resultados hasta que la transacci\u00f3n prevista tenga lugar. As\u00ed mismo, los importes acumulados en Otro Resultado Global se reclasifican como ingresos o gastos  financieros cuando el Grupo no espera que la transacci\u00f3n prevista vaya a producirse. Los derivados impl\u00edcitos en otros  instrumentos  financieros son contabilizados separadamente cuando el  Grupo considera que sus caracter\u00edsticas y riesgos no est\u00e1n estrechamente relacionados con los instrumentos  financieros en los que se encuentran impl\u00edcitos, siempre que el instrumento financiero en cuesti\u00f3n en su  conjunto no est\u00e9 siendo contabilizado a valor razonable con cambios en resultados. ENCE no tiene derivados  impl\u00edcitos que sean objeto de contabilidad separada.  Valor razonable de los instrumentos financieros derivados El valor razonable de los distintos instrumentos financieros se determina utilizando la siguiente jerarqu\u00eda  establecida en NIIF 13: \u2022  Nivel 1: por observaci\u00f3n directa de la cotizaci\u00f3n en mercados activos, de activos y pasivos id\u00e9nticos.  \u2022  Nivel 2: empleando inputs disponibles en mercados activos, diferentes a los precios de cotizaci\u00f3n, que  son aplicables a los activos y pasivos, tanto directa como indirectamente. \u2022  Nivel 3: utilizando t\u00e9cnicas de valoraci\u00f3n que incluyen inputs que no est\u00e1n disponibles en mercados  activos.  La determinaci\u00f3n del valor razonable para cada uno de los principales instrumentos financieros derivados  se lleva a cabo con el asesoramiento de expertos en este tipo de instrumentos financieros, a partir de datos  facilitados por agencias de informaci\u00f3n o datos de organismos oficiales, del siguiente modo:  \u2022  El valor razonable de las permutas de tipo de inter\u00e9s es calculado como el valor actualizado a tipos de  inter\u00e9s de mercado del diferencial de tipos del contrato de permuta. Dicha actualizaci\u00f3n se lleva a cabo  a partir de las curvas de tipos swap a largo plazo.  \u2022  En  el  caso  de  los  contratos  de  tipo  de  cambio  a  futuro,  su  valoraci\u00f3n  se  determina  utilizando  las  cotizaciones  del  contado  del  tipo  de  cambio  y  las  curvas  de  tipos  de  inter\u00e9s  a  plazo  de  las  divisas  implicadas, as\u00ed como el empleo de la volatilidad impl\u00edcita hasta el vencimiento.  \u2022  El  valor  razonable  de  los  contratos  de  compraventa  de  elementos  no  financieros  a  los  que  es  de  aplicaci\u00f3n la NIIF 9 (precio de la celulosa y precio de la energ\u00eda principalmente) se calcula a partir de la  mejor estimaci\u00f3n de las curvas futuras de precios de dichos elementos no financieros, existente en la  fecha de cierre, utilizando, en la medida de lo posible, los precios establecidos en los mercados a plazo.  En la utilizaci\u00f3n de estos modelos de valoraci\u00f3n se tienen en cuenta los riesgos que el activo o pasivo lleva  asociados, entre ellos el riesgo de cr\u00e9dito tanto de la contraparte (Credit Value Adjustment) como de la  propia entidad (Debit Value Adjustment). El riesgo de cr\u00e9dito se calcula de acuerdo con los par\u00e1metros  exposici\u00f3n, probabilidad de incumplimiento y severidad.  Los valores obtenidos utilizando estas t\u00e9cnicas son contrastados con las entidades financieras con las que  ENCE tiene contratados estos instrumentos financieros. De  acuerdo  con  dicha  normativa,  las  valoraciones  a  valor  razonable  realizadas  sobre  los  diferentes  instrumentos financieros derivados quedan encuadradas en el Nivel 2 de la jerarqu\u00eda de valores razonables  establecida por la NIIF 13 en todos los casos, excepto en el caso de las coberturas del precio de la celulosa y las contraprestaciones contingentes que surgen en combinaciones de negocios que quedan encuadradas en  el Nivel 3 de la jerarqu\u00eda (v\u00e9ase Nota 4). Adicionalmente, hay que tener en consideraci\u00f3n que los ajustes por riesgo de cr\u00e9dito utilizan entradas de Nivel 3, si bien, tras valorar dichos ajustes se concluye que su impacto  en la valoraci\u00f3n de los instrumentos financieros derivados no es significativo. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-583": {
   "value": "Estos  instrumentos  financieros  se  valoran  en  todo  momento  a  su  valor  razonable,  registr\u00e1ndose  las  variaciones en el ep\u00edgrafe \u201cInstrumentos financieros derivados\u201d del pasivo del Estado de Situaci\u00f3n Financiera  consolidado si son negativas, y como \u201cActivos financieros \u2013 Derivados de cobertura\u201d si son positivas.  Los beneficios o p\u00e9rdidas de dichas fluctuaciones se registran en el Estado de Resultado consolidado como  un resultado financiero, salvo que el derivado o una parte del mismo haya sido designado como instrumento  de cobertura y \u00e9sta sea altamente efectiva, en cuyo caso su registro es el siguiente:  1.  Coberturas de valor razonable: el elemento cubierto se valora por su valor razonable al igual que el instrumento de cobertura, registr\u00e1ndose las variaciones de valor de ambos en el Estado de Resultado  consolidado.  2.  Coberturas de flujos de efectivo: la parte eficaz de los cambios en el valor razonable de los derivados  que se designan y califican como coberturas de flujos de efectivo se reconoce en el ep\u00edgrafe \u201cAjustes  en  patrimonio  por  valoraci\u00f3n\u201d  del  \u201cEstado  de  Resultado  Global  consolidado\u201d.  La  ganancia  o  la p\u00e9rdida relacionada con la parte ineficaz se reconoce inmediatamente en el Estado de Resultado  consolidado, en el ep\u00edgrafe \u201cVariaci\u00f3n en valor razonable de instrumentos financieros\u201d.  Cuando  los  contratos  de  opci\u00f3n  se  usan  para  cubrir  transacciones  previstas,  el  grupo  eval\u00faa  si  dichas  transacciones son altamente probables, y en ese caso designa s\u00f3lo el valor intr\u00ednseco del contrato de opci\u00f3n  como instrumento de cobertura. Los cambios en el valor temporal de los contratos de opci\u00f3n que est\u00e1n  relacionados con la partida cubierta se reconocen dentro del Estado de Resultado Global consolidado. Al inicio de la cobertura, ENCE designa y documenta formalmente las relaciones de cobertura, as\u00ed como el objetivo y la estrategia que asume con respecto a las mismas. La documentaci\u00f3n incluye la identificaci\u00f3n del  instrumento de cobertura, la partida cubierta, la naturaleza del riesgo cubierto y la forma en la que se mide  la eficacia de la cobertura.  Igualmente, al inicio de la cobertura y de forma continua en cada cierre ENCE eval\u00faa si la cobertura es eficaz.  Dicha  eficacia  se  verifica  a  trav\u00e9s  de  los  \u201ctest  de  eficacia\u201d  donde  se  chequea  si  es  esperable  prospectivamente que los cambios en el valor razonable o en los flujos de efectivo de la partida cubierta  (atribuibles al riesgo cubierto) se compensen razonablemente con los correspondientes al instrumento de  cobertura.  El  valor  razonable  de  los  derivados  incluye  el  ajuste  de  riesgo  de  cr\u00e9dito  de  forma  que  sus  variaciones son consideradas en la medici\u00f3n de la eficacia. El Grupo realiza una evaluaci\u00f3n cualitativa de la eficacia, siempre que las condiciones fundamentales del  instrumento y de la partida cubierta coincidan. Cuando las condiciones fundamentales no son plenamente  coincidentes,  el  Grupo  utiliza  un  derivado  hipot\u00e9tico  con  condiciones  fundamentales  equivalentes  a  la  partida cubierta para evaluar y medir la ineficacia. ENCE interrumpe la relaci\u00f3n de cobertura de forma prospectiva s\u00f3lo cuando toda o parte de la relaci\u00f3n de  cobertura deja de cumplir los requisitos cualificados. Esto incluye las situaciones en las que el instrumento de cobertura expira, es vendido, o ejercido, el objetivo de gesti\u00f3n del riesgo ha cambiado, el efecto del riesgo  de cr\u00e9dito domina los cambios de valor, el instrumento de cobertura llega a vencimiento o es liquidado, o  deja de existir el subyacente cubierto. A estos efectos, la sustituci\u00f3n o renovaci\u00f3n de un instrumento de  cobertura no es una expiraci\u00f3n o finalizaci\u00f3n, siempre que  la  operaci\u00f3n  sea consistente con el objetivo  documentado de gesti\u00f3n de riesgo del Grupo. En  las  coberturas  de  los  flujos  de  efectivo,  tras  la  interrupci\u00f3n  de  la  relaci\u00f3n  de  cobertura,  el  importe  acumulado en Otro Resultado Global no se reconoce en resultados hasta que la transacci\u00f3n prevista tenga lugar. As\u00ed mismo, los importes acumulados en Otro Resultado Global se reclasifican como ingresos o gastos  financieros cuando el Grupo no espera que la transacci\u00f3n prevista vaya a producirse. Los derivados impl\u00edcitos en otros  instrumentos  financieros son contabilizados separadamente cuando el  Grupo considera que sus caracter\u00edsticas y riesgos no est\u00e1n estrechamente relacionados con los instrumentos  financieros en los que se encuentran impl\u00edcitos, siempre que el instrumento financiero en cuesti\u00f3n en su  conjunto no est\u00e9 siendo contabilizado a valor razonable con cambios en resultados. ENCE no tiene derivados  impl\u00edcitos que sean objeto de contabilidad separada.  Valor razonable de los instrumentos financieros derivados El valor razonable de los distintos instrumentos financieros se determina utilizando la siguiente jerarqu\u00eda  establecida en NIIF 13: \u2022  Nivel 1: por observaci\u00f3n directa de la cotizaci\u00f3n en mercados activos, de activos y pasivos id\u00e9nticos.  \u2022  Nivel 2: empleando inputs disponibles en mercados activos, diferentes a los precios de cotizaci\u00f3n, que  son aplicables a los activos y pasivos, tanto directa como indirectamente. \u2022  Nivel 3: utilizando t\u00e9cnicas de valoraci\u00f3n que incluyen inputs que no est\u00e1n disponibles en mercados  activos.  La determinaci\u00f3n del valor razonable para cada uno de los principales instrumentos financieros derivados  se lleva a cabo con el asesoramiento de expertos en este tipo de instrumentos financieros, a partir de datos  facilitados por agencias de informaci\u00f3n o datos de organismos oficiales, del siguiente modo:  \u2022  El valor razonable de las permutas de tipo de inter\u00e9s es calculado como el valor actualizado a tipos de  inter\u00e9s de mercado del diferencial de tipos del contrato de permuta. Dicha actualizaci\u00f3n se lleva a cabo  a partir de las curvas de tipos swap a largo plazo.  \u2022  En  el  caso  de  los  contratos  de  tipo  de  cambio  a  futuro,  su  valoraci\u00f3n  se  determina  utilizando  las  cotizaciones  del  contado  del  tipo  de  cambio  y  las  curvas  de  tipos  de  inter\u00e9s  a  plazo  de  las  divisas  implicadas, as\u00ed como el empleo de la volatilidad impl\u00edcita hasta el vencimiento.  \u2022  El  valor  razonable  de  los  contratos  de  compraventa  de  elementos  no  financieros  a  los  que  es  de  aplicaci\u00f3n la NIIF 9 (precio de la celulosa y precio de la energ\u00eda principalmente) se calcula a partir de la  mejor estimaci\u00f3n de las curvas futuras de precios de dichos elementos no financieros, existente en la  fecha de cierre, utilizando, en la medida de lo posible, los precios establecidos en los mercados a plazo.  En la utilizaci\u00f3n de estos modelos de valoraci\u00f3n se tienen en cuenta los riesgos que el activo o pasivo lleva  asociados, entre ellos el riesgo de cr\u00e9dito tanto de la contraparte (Credit Value Adjustment) como de la  propia entidad (Debit Value Adjustment). El riesgo de cr\u00e9dito se calcula de acuerdo con los par\u00e1metros  exposici\u00f3n, probabilidad de incumplimiento y severidad.  Los valores obtenidos utilizando estas t\u00e9cnicas son contrastados con las entidades financieras con las que  ENCE tiene contratados estos instrumentos financieros. De  acuerdo  con  dicha  normativa,  las  valoraciones  a  valor  razonable  realizadas  sobre  los  diferentes  instrumentos financieros derivados quedan encuadradas en el Nivel 2 de la jerarqu\u00eda de valores razonables  establecida por la NIIF 13 en todos los casos, excepto en el caso de las coberturas del precio de la celulosa y las contraprestaciones contingentes que surgen en combinaciones de negocios que quedan encuadradas en  el Nivel 3 de la jerarqu\u00eda (v\u00e9ase Nota 4). Adicionalmente, hay que tener en consideraci\u00f3n que los ajustes por riesgo de cr\u00e9dito utilizan entradas de Nivel 3, si bien, tras valorar dichos ajustes se concluye que su impacto  en la valoraci\u00f3n de los instrumentos financieros derivados no es significativo. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-526": {
   "value": "Valor razonable de los instrumentos financieros derivados El valor razonable de los distintos instrumentos financieros se determina utilizando la siguiente jerarqu\u00eda  establecida en NIIF 13: \u2022  Nivel 1: por observaci\u00f3n directa de la cotizaci\u00f3n en mercados activos, de activos y pasivos id\u00e9nticos.  \u2022  Nivel 2: empleando inputs disponibles en mercados activos, diferentes a los precios de cotizaci\u00f3n, que  son aplicables a los activos y pasivos, tanto directa como indirectamente. \u2022  Nivel 3: utilizando t\u00e9cnicas de valoraci\u00f3n que incluyen inputs que no est\u00e1n disponibles en mercados  activos.  La determinaci\u00f3n del valor razonable para cada uno de los principales instrumentos financieros derivados  se lleva a cabo con el asesoramiento de expertos en este tipo de instrumentos financieros, a partir de datos  facilitados por agencias de informaci\u00f3n o datos de organismos oficiales, del siguiente modo:  \u2022  El valor razonable de las permutas de tipo de inter\u00e9s es calculado como el valor actualizado a tipos de  inter\u00e9s de mercado del diferencial de tipos del contrato de permuta. Dicha actualizaci\u00f3n se lleva a cabo  a partir de las curvas de tipos swap a largo plazo.  \u2022  En  el  caso  de  los  contratos  de  tipo  de  cambio  a  futuro,  su  valoraci\u00f3n  se  determina  utilizando  las  cotizaciones  del  contado  del  tipo  de  cambio  y  las  curvas  de  tipos  de  inter\u00e9s  a  plazo  de  las  divisas  implicadas, as\u00ed como el empleo de la volatilidad impl\u00edcita hasta el vencimiento.  \u2022  El  valor  razonable  de  los  contratos  de  compraventa  de  elementos  no  financieros  a  los  que  es  de  aplicaci\u00f3n la NIIF 9 (precio de la celulosa y precio de la energ\u00eda principalmente) se calcula a partir de la  mejor estimaci\u00f3n de las curvas futuras de precios de dichos elementos no financieros, existente en la  fecha de cierre, utilizando, en la medida de lo posible, los precios establecidos en los mercados a plazo.  En la utilizaci\u00f3n de estos modelos de valoraci\u00f3n se tienen en cuenta los riesgos que el activo o pasivo lleva  asociados, entre ellos el riesgo de cr\u00e9dito tanto de la contraparte (Credit Value Adjustment) como de la  propia entidad (Debit Value Adjustment). El riesgo de cr\u00e9dito se calcula de acuerdo con los par\u00e1metros  exposici\u00f3n, probabilidad de incumplimiento y severidad.  Los valores obtenidos utilizando estas t\u00e9cnicas son contrastados con las entidades financieras con las que  ENCE tiene contratados estos instrumentos financieros. De  acuerdo  con  dicha  normativa,  las  valoraciones  a  valor  razonable  realizadas  sobre  los  diferentes  instrumentos financieros derivados quedan encuadradas en el Nivel 2 de la jerarqu\u00eda de valores razonables  establecida por la NIIF 13 en todos los casos, excepto en el caso de las coberturas del precio de la celulosa y las contraprestaciones contingentes que surgen en combinaciones de negocios que quedan encuadradas en  el Nivel 3 de la jerarqu\u00eda (v\u00e9ase Nota 4). Adicionalmente, hay que tener en consideraci\u00f3n que los ajustes por riesgo de cr\u00e9dito utilizan entradas de Nivel 3, si bien, tras valorar dichos ajustes se concluye que su impacto  en la valoraci\u00f3n de los instrumentos financieros derivados no es significativo.     La valoraci\u00f3n de los instrumentos financieros derivados se ha realizado considerando informaci\u00f3n de nivel  2,  esto  es,  utilizando  variables  diferentes  de  precios  cotizados,  que  son  observables  bien  directa  o  indirectamente a trav\u00e9s de modelos de valoraci\u00f3n (v\u00e9ase Nota 3.8). Por su parte, para la valoraci\u00f3n a valor razonable de la contraprestaci\u00f3n contingente se utilizan variables del nivel 3 incluyendo los t\u00e9rminos del  contrato de venta, el conocimiento por parte del Grupo de su negocio y los efectos el entorno econ\u00f3mico  actual.  El bono convertible emitido por ENCE cotizaba al 31 de diciembre de 2022 al 100,2 % de su valor nominal.  El valor razonable del resto de los activos y pasivos financieros valorados a coste amortizado, entre los que  se incluye la financiaci\u00f3n contratada a tipo de inter\u00e9s fijo (v\u00e9ase Nota 29), no difiere de forma significativa  del importe al que se encuentran registrados.   Siguiendo la pol\u00edtica de gesti\u00f3n de riesgos financieros descrita en la Nota 5, el Grupo realiza contrataciones  de instrumentos financieros derivados principalmente para cubrir sus riesgos financieros.  El detalle de este ep\u00edgrafe del Estado de Situaci\u00f3n Financiera Consolidado al 31 de diciembre de 2022 y 2021  que se corresponde con el valor razonable de los instrumentos financieros derivados en esas fechas, es el siguiente:  Miles de Euros 31/12/2022 31/12/2021 31/12/2022 31/12/2021 31/12/2022 31/12/2021 31/12/2022 31/12/2021 Cobertura de flujos de efectivo-   IRSwap             3,224                     -               2,579                     -                       -               2,441                     -               2,615    Comisi\u00f3n estructuraci\u00f3n IRSwap                107                     -                       -                       -                       -                 (280)                    -                       -      Coberturas de divisa                    -                       -                       -                       -                       -                       -                  358              6,977  Total             3,331                     -               2,579                     -                       -    2,161 358 9,592 Activo no corriente Activo corriente Pasivo no corriente Pasivo corriente El importe del valor razonable traspasado al resultado del ejercicio de los instrumentos financieros derivados al 31 de diciembre de 2022 y 2021 es el siguiente:  Todos los instrumentos financieros derivados contratados por ENCE al 31 de diciembre de 2022 califican  como cobertura contable.  Miles de Euros - Ingreso/(Gasto) 31/12/2022 31/12/2021 Impacto en resultados de explotaci\u00f3n-   Coberturas de divisa         (20.425)                437 Coberturas precio de la celulosa                   73          (53.192)   Coberturas precio venta energ\u00eda el\u00e9ctrica                     9          (35.411)   Coberturas precio compra energ\u00eda el\u00e9ctrica                      -                       -  Subtotal         (20.343)         (88.166) Impacto en resultados financieros-   IRSwap (Nota 14)           (1.469)           (2.301) Total         (21.812)         (90.467) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-10": {
   "value": "Valor razonable de los instrumentos financieros derivados El valor razonable de los distintos instrumentos financieros se determina utilizando la siguiente jerarqu\u00eda  establecida en NIIF 13: \u2022  Nivel 1: por observaci\u00f3n directa de la cotizaci\u00f3n en mercados activos, de activos y pasivos id\u00e9nticos.  \u2022  Nivel 2: empleando inputs disponibles en mercados activos, diferentes a los precios de cotizaci\u00f3n, que  son aplicables a los activos y pasivos, tanto directa como indirectamente. \u2022  Nivel 3: utilizando t\u00e9cnicas de valoraci\u00f3n que incluyen inputs que no est\u00e1n disponibles en mercados  activos.  La determinaci\u00f3n del valor razonable para cada uno de los principales instrumentos financieros derivados  se lleva a cabo con el asesoramiento de expertos en este tipo de instrumentos financieros, a partir de datos  facilitados por agencias de informaci\u00f3n o datos de organismos oficiales, del siguiente modo:  \u2022  El valor razonable de las permutas de tipo de inter\u00e9s es calculado como el valor actualizado a tipos de  inter\u00e9s de mercado del diferencial de tipos del contrato de permuta. Dicha actualizaci\u00f3n se lleva a cabo  a partir de las curvas de tipos swap a largo plazo.  \u2022  En  el  caso  de  los  contratos  de  tipo  de  cambio  a  futuro,  su  valoraci\u00f3n  se  determina  utilizando  las  cotizaciones  del  contado  del  tipo  de  cambio  y  las  curvas  de  tipos  de  inter\u00e9s  a  plazo  de  las  divisas  implicadas, as\u00ed como el empleo de la volatilidad impl\u00edcita hasta el vencimiento.  \u2022  El  valor  razonable  de  los  contratos  de  compraventa  de  elementos  no  financieros  a  los  que  es  de  aplicaci\u00f3n la NIIF 9 (precio de la celulosa y precio de la energ\u00eda principalmente) se calcula a partir de la  mejor estimaci\u00f3n de las curvas futuras de precios de dichos elementos no financieros, existente en la  fecha de cierre, utilizando, en la medida de lo posible, los precios establecidos en los mercados a plazo.  En la utilizaci\u00f3n de estos modelos de valoraci\u00f3n se tienen en cuenta los riesgos que el activo o pasivo lleva  asociados, entre ellos el riesgo de cr\u00e9dito tanto de la contraparte (Credit Value Adjustment) como de la  propia entidad (Debit Value Adjustment). El riesgo de cr\u00e9dito se calcula de acuerdo con los par\u00e1metros  exposici\u00f3n, probabilidad de incumplimiento y severidad.  Los valores obtenidos utilizando estas t\u00e9cnicas son contrastados con las entidades financieras con las que  ENCE tiene contratados estos instrumentos financieros. De  acuerdo  con  dicha  normativa,  las  valoraciones  a  valor  razonable  realizadas  sobre  los  diferentes  instrumentos financieros derivados quedan encuadradas en el Nivel 2 de la jerarqu\u00eda de valores razonables  establecida por la NIIF 13 en todos los casos, excepto en el caso de las coberturas del precio de la celulosa y las contraprestaciones contingentes que surgen en combinaciones de negocios que quedan encuadradas en  el Nivel 3 de la jerarqu\u00eda (v\u00e9ase Nota 4). Adicionalmente, hay que tener en consideraci\u00f3n que los ajustes por riesgo de cr\u00e9dito utilizan entradas de Nivel 3, si bien, tras valorar dichos ajustes se concluye que su impacto  en la valoraci\u00f3n de los instrumentos financieros derivados no es significativo. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-593": {
   "value": "3.10 Existencias  Las existencias de materias primas se valoran al coste de adquisici\u00f3n, que incluye el importe consignado en  factura m\u00e1s todos los costes en que se incurre hasta que el bien est\u00e1 en las instalaciones de ENCE. Las  existencias de productos terminados y en curso de fabricaci\u00f3n se valoran al coste de producci\u00f3n que se  determina  incorporando  el  coste  de  los  materiales,  mano  de  obra,  y  gastos  directos  y  generales  de  fabricaci\u00f3n.  En la asignaci\u00f3n de valor a sus inventarios el Grupo utiliza el m\u00e9todo del coste medio ponderado.  El Grupo realiza deterioros de sus existencias, con cargo a resultados de explotaci\u00f3n, para ajustar su valor al  valor  estimado  de  realizaci\u00f3n,  cuando  \u00e9ste  es  inferior  al  valor  de  coste.  Cuando  las  circunstancias  que  previamente causaron la correcci\u00f3n de valor dejan de existir se procede a revertir dichos deterioros. Derechos de emisi\u00f3n de gases de efecto invernadero para uso propio-  Los derechos de emisi\u00f3n adquiridos, y cuyo destino es fundamentalmente su utilizaci\u00f3n en los procesos  productivos del Grupo, se registran como existencias y se valoran inicialmente por su precio de adquisici\u00f3n,  calculado mediante el m\u00e9todo del precio medio ponderado.  Los  derechos  de  emisi\u00f3n  recibidos  a  t\u00edtulo  gratuito,  conforme  al  r\u00e9gimen  de  comercio  de  derechos  de  emisi\u00f3n para el periodo 2022-2025, se reconocen a su valor venal, registr\u00e1ndose como contrapartida y por  el mismo importe, una subvenci\u00f3n de capital. Dicha subvenci\u00f3n se imputa a resultados a medida que se  consumen los derechos de emisi\u00f3n recibidos.  Por el consumo de derechos realizado a lo largo del ejercicio se registra un gasto en la l\u00ednea \u201cOtros Gastos  de explotaci\u00f3n\u201d del Estado de Resultado consolidado, reconociendo una provisi\u00f3n cuyo importe se calcula  en funci\u00f3n de los derechos consumidos, valorados por su coste de adquisici\u00f3n que se corresponde con el  valor en libros para aquellos derechos que se posean al cierre del periodo, con el valor de compra establecido  en los contratos de compra a plazo disponibles, y con el valor de mercado al cierre del periodo para el resto  de derechos. Cuando los derechos de emisi\u00f3n consumidos se entregan a las autoridades, se dan de baja del Estado de  Situaci\u00f3n Financiera consolidado tanto las existencias de derechos como la provisi\u00f3n constituida asociada a  los consumos. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-11": {
   "value": "Derechos de emisi\u00f3n de gases de efecto invernadero para uso propio-  Los derechos de emisi\u00f3n adquiridos, y cuyo destino es fundamentalmente su utilizaci\u00f3n en los procesos  productivos del Grupo, se registran como existencias y se valoran inicialmente por su precio de adquisici\u00f3n,  calculado mediante el m\u00e9todo del precio medio ponderado.  Los  derechos  de  emisi\u00f3n  recibidos  a  t\u00edtulo  gratuito,  conforme  al  r\u00e9gimen  de  comercio  de  derechos  de  emisi\u00f3n para el periodo 2022-2025, se reconocen a su valor venal, registr\u00e1ndose como contrapartida y por  el mismo importe, una subvenci\u00f3n de capital. Dicha subvenci\u00f3n se imputa a resultados a medida que se  consumen los derechos de emisi\u00f3n recibidos.  Por el consumo de derechos realizado a lo largo del ejercicio se registra un gasto en la l\u00ednea \u201cOtros Gastos  de explotaci\u00f3n\u201d del Estado de Resultado consolidado, reconociendo una provisi\u00f3n cuyo importe se calcula  en funci\u00f3n de los derechos consumidos, valorados por su coste de adquisici\u00f3n que se corresponde con el  valor en libros para aquellos derechos que se posean al cierre del periodo, con el valor de compra establecido  en los contratos de compra a plazo disponibles, y con el valor de mercado al cierre del periodo para el resto  de derechos. Cuando los derechos de emisi\u00f3n consumidos se entregan a las autoridades, se dan de baja del Estado de  Situaci\u00f3n Financiera consolidado tanto las existencias de derechos como la provisi\u00f3n constituida asociada a  los consumos. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmissionRightsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-584": {
   "value": "3.11 Subvenciones  Las subvenciones de capital no reintegrables, asociadas a inversiones en activos productivos, se valoran por  el valor razonable del importe concedido, neto de los costes incurridos para su obtenci\u00f3n, y se reconocen  cuando se han cumplido los requisitos asociados a su concesi\u00f3n. Estas subvenciones se imputan a resultados  en el ep\u00edgrafe \u201cSubvenciones de capital transferidas al resultado del ejercicio\u201d en proporci\u00f3n a la dotaci\u00f3n a  la  amortizaci\u00f3n  efectuada  en  el  per\u00edodo  para  los  elementos  subvencionados  o,  en  su  caso,  cuando  se  produzca su enajenaci\u00f3n o correcci\u00f3n valorativa por deterioro . Por su parte, las subvenciones de explotaci\u00f3n se imputan a resultados en el ep\u00edgrafe \u201cOtros ingresos de  explotaci\u00f3n\u201d en el momento en que se conceden, excepto si se conceden para financiar gastos espec\u00edficos,  en cuyo caso la imputaci\u00f3n se realizar\u00e1 a medida que se devenguen los gastos subvencionados.  Los  pr\u00e9stamos  subvencionados  sin  inter\u00e9s  o  a  un  tipo  de  inter\u00e9s  inferior  al  de  mercado,  otorgados  principalmente para financiar proyectos de I+D+i e inversiones productivas, se registran inicialmente a su  valor razonable en el ep\u00edgrafe \u201cOtros pasivos financieros\u201d del Estado de Situaci\u00f3n Financiera consolidado. La  diferencia entre el importe recibido por el pr\u00e9stamo y su  valor  razonable se  registra inicialmente  en  el  ep\u00edgrafe \u201cSubvenciones\u201d del Estado de Situaci\u00f3n Financiera consolidado, imput\u00e1ndose a resultados en el  ep\u00edgrafe  \u201cSubvenciones  de  capital  transferidas  al  resultado  del  ejercicio\u201d  a  medida  que  los  activos  financiados con dicho pr\u00e9stamo se amortizan.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-603": {
   "value": "3.12 Provisiones y contingencias  ENCE recoge provisiones para hacer frente a obligaciones presentes, ya sean legales o impl\u00edcitas, que tienen  su origen en sucesos ya acaecidos, siempre que sea probable que vaya a ser necesaria una salida de recursos  para liquidarlas, y que su importe se pueda estimar razonablemente.  Su dotaci\u00f3n se efect\u00faa al nacimiento de la responsabilidad o de la obligaci\u00f3n, con cargo al ep\u00edgrafe del Estado  de Resultado consolidado que corresponda seg\u00fan la naturaleza de la obligaci\u00f3n, y por el valor presente de  la misma cuando el efecto de esta actualizaci\u00f3n resulte material. La variaci\u00f3n de la provisi\u00f3n correspondiente  a la actualizaci\u00f3n financiera de cada ejercicio se registra en el ep\u00edgrafe \u201cGastos financieros\u201d del Estado de  Resultado consolidado.  Las provisiones, que se cuantifican teniendo en  consideraci\u00f3n la mejor informaci\u00f3n disponible sobre las  consecuencias del suceso en el que traen su causa, son reestimadas con ocasi\u00f3n de cada cierre contable (v\u00e9ase Nota 4).  Los pasivos contingentes constituyen obligaciones posibles con terceras partes y obligaciones existentes que  no son reconocidas bien porque no es probable que se produzca una salida de flujos econ\u00f3micos requerida  para cancelar dicha obligaci\u00f3n, o bien porque el importe de la salida de flujos no puede ser estimado de  forma fiable.  Los pasivos contingentes no se reconocen en las cuentas anuales, sino que se informa sobre los mismos en la memoria, en la medida en que no sean considerados como remotos. Indemnizaciones por cese De acuerdo con la reglamentaci\u00f3n laboral vigente, ENCE est\u00e1 obligado al pago de indemnizaciones a los  empleados  con  los  que,  bajo  determinadas  condiciones,  rescinda  sus  relaciones  laborales.  Las  indemnizaciones por cese se reconocen en la fecha en la que existe un plan formal detallado para llevar a  cabo  la  restructuraci\u00f3n  y  se  ha  generado  una  expectativa  v\u00e1lida  entre  el  personal  afectado  de  que  la reestructuraci\u00f3n se va a llevar a cabo.  No se dispone de provisiones por este concepto al cierre de los  ejercicios 2022 y 2021. Procedimientos judiciales y/o reclamaciones en curso  Al  cierre  de  los  ejercicios  2022  y  2021  se  encontraban  en  curso  distintos  procedimientos  judiciales  y  reclamaciones  entablados  contra  ENCE  con  origen  en  el  desarrollo  habitual  de  sus  actividades.  Los  Administradores,  considerando  la  opini\u00f3n  de  los  asesores  legales,  estiman  que  la  conclusi\u00f3n  de  estos  procedimientos y reclamaciones no producir\u00e1 un efecto significativo adicional a los ya recogidos en estos  estados financieros. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-12": {
   "value": "3.12 Provisiones y contingencias  Los pasivos contingentes constituyen obligaciones posibles con terceras partes y obligaciones existentes que  no son reconocidas bien porque no es probable que se produzca una salida de flujos econ\u00f3micos requerida  para cancelar dicha obligaci\u00f3n, o bien porque el importe de la salida de flujos no puede ser estimado de  forma fiable.  Los pasivos contingentes no se reconocen en las cuentas anuales, sino que se informa sobre los mismos en la memoria, en la medida en que no sean considerados como remotos. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-610": {
   "value": "Indemnizaciones por cese De acuerdo con la reglamentaci\u00f3n laboral vigente, ENCE est\u00e1 obligado al pago de indemnizaciones a los  empleados  con  los  que,  bajo  determinadas  condiciones,  rescinda  sus  relaciones  laborales.  Las  indemnizaciones por cese se reconocen en la fecha en la que existe un plan formal detallado para llevar a  cabo  la  restructuraci\u00f3n  y  se  ha  generado  una  expectativa  v\u00e1lida  entre  el  personal  afectado  de  que  la reestructuraci\u00f3n se va a llevar a cabo.  No se dispone de provisiones por este concepto al cierre de los  ejercicios 2022 y 2021.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-13": {
   "value": "3.13 Prestaciones Post empleo y otros beneficios sociales  Determinadas  sociedades  del  Grupo  tienen  establecido  un  compromiso  de  aportaci\u00f3n  definida  con  el  personal  que  permanece  en  activo  al  cierre  del  ejercicio,  consistente  en  la  aportaci\u00f3n  por  parte  de  la  Sociedad y del trabajador de un porcentaje preestablecido del sueldo pensionable al \u201cPlan de pensiones de  Promoci\u00f3n Conjunta\u201d de Grupo ENCE promovido al amparo del art\u00edculo 40 d) del Reglamento de Planes y  Fondos de Pensiones (aportaci\u00f3n definida). Este plan de pensiones se encuentra integrado en el fondo de  Pensiones SERVIRENTA II F.P. y da cobertura tanto a las prestaciones de jubilaci\u00f3n como los riesgos por  invalidez y fallecimiento de los part\u00edcipes. El Grupo no tiene compromisos de prestaci\u00f3n definida relevantes. Con car\u00e1cter general, y en relaci\u00f3n al componente de ahorro, el beneficiario aporta el 1% de su retribuci\u00f3n  fija y ENCE aporta el 5,25% de \u00e9sta. Por su parte, el componente de riesgo, que se materializa en una p\u00f3liza  de seguro de vida y accidentes, se financia al 50% entre las partes. Las contingencias cubiertas por dicha  p\u00f3liza  son  las  siguientes:  jubilaci\u00f3n,  invalidez  permanente  total,  incapacidad  permanente  absoluta,  y  el  fallecimiento. El capital asegurado equivale a 35 mensualidades de la retribuci\u00f3n fija, o el doble en caso de  que las contingencias sean derivadas de accidente. Para determinados directivos del Grupo, entre los que se incluye al Presidente y a la alta direcci\u00f3n, existe un  sistema de previsi\u00f3n social, complementario al plan de pensiones de empleo, instrumentado a trav\u00e9s de  seguros colectivos, destinado a cubrir tanto la jubilaci\u00f3n como los riesgos de invalidez y fallecimiento de los  asegurados.  Las contribuciones a los planes de prestaci\u00f3n post empleo de aportaci\u00f3n definida se registran como gasto  en el ep\u00edgrafe \u201cGastos de personal\u201d del Estado de Resultado consolidado de acuerdo a su devengo.  Por otra parte, un colectivo de antiguos trabajadores de la filial Celulosas de Asturias, S.A. mantiene un  beneficio consistente en un seguro de vida e incapacidad. Este compromiso se externaliz\u00f3 en 2014 a trav\u00e9s  de una compa\u00f1\u00eda de seguros.  Planes de incentivos a largo plazo El Grupo valora los compromisos con empleados relacionados con pagos basados en acciones de ENCE al  valor estimado del compromiso en cada fecha de valoraci\u00f3n.  Estos compromisos se registran en el ep\u00edgrafe \u201cGastos de personal\u201d del Estado de Resultado consolidado  linealmente  durante  el  per\u00edodo  de  devengo  del  Plan  de  Incentivos,  y  su  contrapartida  ser\u00e1  distinta  en funci\u00f3n del modo de liquidaci\u00f3n. En el caso de compromisos que se liquidan en acciones de ENCE, el gasto  devengado se reconocer\u00e1 en el ep\u00edgrafe \u201cPatrimonio neto \u2013 Otros instrumentos de patrimonio neto\u201d del  Estado  de  Situaci\u00f3n  Financiera  consolidado,  teniendo  en  consideraci\u00f3n  el  valor  razonable  de  los  instrumentos de patrimonio en la fecha de concesi\u00f3n. Por su parte, el pasivo devengado asociado a los compromisos que se liquidan en efectivo se reconocer\u00e1 con abono al ep\u00edgrafe \u201cProvisiones\u201d del pasivo del  Estado de Situaci\u00f3n Financiera consolidado. Las estimaciones realizadas para valorar el compromiso asumido con el personal son revisadas en cada  cierre contable, y el impacto de las variaciones se registra en el ep\u00edgrafe \u201cGastos de personal\u201d del Estado de  Resultado consolidado.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-604": {
   "value": "Planes de incentivos a largo plazo El Grupo valora los compromisos con empleados relacionados con pagos basados en acciones de ENCE al  valor estimado del compromiso en cada fecha de valoraci\u00f3n.  Estos compromisos se registran en el ep\u00edgrafe \u201cGastos de personal\u201d del Estado de Resultado consolidado  linealmente  durante  el  per\u00edodo  de  devengo  del  Plan  de  Incentivos,  y  su  contrapartida  ser\u00e1  distinta  en funci\u00f3n del modo de liquidaci\u00f3n. En el caso de compromisos que se liquidan en acciones de ENCE, el gasto  devengado se reconocer\u00e1 en el ep\u00edgrafe \u201cPatrimonio neto \u2013 Otros instrumentos de patrimonio neto\u201d del  Estado  de  Situaci\u00f3n  Financiera  consolidado,  teniendo  en  consideraci\u00f3n  el  valor  razonable  de  los  instrumentos de patrimonio en la fecha de concesi\u00f3n. Por su parte, el pasivo devengado asociado a los compromisos que se liquidan en efectivo se reconocer\u00e1 con abono al ep\u00edgrafe \u201cProvisiones\u201d del pasivo del  Estado de Situaci\u00f3n Financiera consolidado. Las estimaciones realizadas para valorar el compromiso asumido con el personal son revisadas en cada  cierre contable, y el impacto de las variaciones se registra en el ep\u00edgrafe \u201cGastos de personal\u201d del Estado de  Resultado consolidado.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-14": {
   "value": "3.14 Reconocimiento de ingresos y gastos  Los gastos se reconocen en el Estado de Resultado consolidado de acuerdo a su devengo. Asimismo, se reconoce un gasto de forma inmediata cuando no se prev\u00e9 que genere beneficios econ\u00f3micos futuros.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-605": {
   "value": "3.14 Reconocimiento de ingresos y gastos Los \u201cIngresos ordinarios\u201d representan los importes a cobrar por los bienes entregados y servicios prestados en el marco ordinario de la actividad, netos de devoluciones y descuentos, y cantidades recibidas por cuenta de terceros, tales como el impuesto sobre el valor a\u00f1adido. Los ingresos se reconocen cuando se pueden medir con fiabilidad y es probable que ENCE recibir\u00e1 los beneficios econ\u00f3micos asociados a la transacci\u00f3n, y se valoran por el valor razonable de la contraprestaci\u00f3n recibida o a recibir. En este sentido, los ingresos procedentes de la venta de bienes se reconocen cuando se transfiere al cliente el  control  sobre  los  mismos,  momento  que  en  la  venta  de  celulosa  se  determina  en  base  al  incoterm (t\u00e9rminos  internacionales  de  comercio)  aplicado  a  cada  transacci\u00f3n,  y  en  la  venta  de  madera  coincide normalmente con la entrega en las instalaciones del cliente. Las obligaciones de ENCE con sus clientes se completan  en  el  momento  de  la  entrega  del  bien,  y  las  devoluciones  por  parte  de  los  clientes  son excepcionales. Por su parte, los ingresos asociados a la generaci\u00f3n de energ\u00eda incluyen la tarifa percibida del mercado, as\u00ed como las primas a la generaci\u00f3n de energ\u00eda a partir de fuentes renovables legalmente reconocidas, y se reconocen en el momento de su generaci\u00f3n y entrega al sistema el\u00e9ctrico por el importe bruto de venta, en la medida en que se act\u00faa como principal. Los ingresos asociados a la prestaci\u00f3n de servicios, poco relevantes en ENCE, se reconocen considerando el grado de realizaci\u00f3n de la prestaci\u00f3n a la fecha de cierre de los estados financieros, siempre y cuando el resultado de la transacci\u00f3n pueda ser estimado con fiabilidad.  Los ingresos por intereses se reconocen siguiendo un criterio financiero, en funci\u00f3n del principal pendiente de pago, el plazo hasta el vencimiento, y el tipo de inter\u00e9s efectivo aplicable.  Los ingresos por dividendos procedentes de inversiones se registran cuando se reconocen el derecho a su percepci\u00f3n. Los gastos se reconocen en el Estado de Resultado consolidado de acuerdo a su devengo. Asimismo, se reconoce un gasto de forma inmediata cuando no se prev\u00e9 que genere beneficios econ\u00f3micos futuros.  Ingresos por ventas de energ\u00eda De acuerdo con lo establecido en el RD 413/2014, las instalaciones de generaci\u00f3n de energ\u00eda renovable en  Espa\u00f1a reciben determinados incentivos, estableciendo que, adicionalmente a la retribuci\u00f3n por la venta de energ\u00eda generada valorada a precio de mercado, las instalaciones podr\u00e1n percibir una retribuci\u00f3n espec\u00edfica  compuesta por un t\u00e9rmino por unidad de potencia (retribuci\u00f3n a la inversi\u00f3n) que cubra cuando proceda los  costes de inversi\u00f3n de una instalaci\u00f3n tipo (IT) que no pueden ser recuperados por la venta de energ\u00eda y un t\u00e9rmino a  la  operaci\u00f3n  (retribuci\u00f3n  a  la operaci\u00f3n)  que  cubra  en  su  caso,  la  diferencia  entre  costes  de  explotaci\u00f3n y los ingresos por la participaci\u00f3n en el mercado de dicha instalaci\u00f3n. El RD establece, asimismo,  que mediante orden ministerial se actualizar\u00e1n determinados par\u00e1metros retributivos en cada semiper\u00edodo  regulatorio.  Entre los aspectos desarrollados por el mencionado Real Decreto, se establece que las diferencias que se  producen  en cada ejercicio, entre los ingresos por venta de energ\u00eda  al  precio estimado, estimaci\u00f3n que  determina el regulador al inicio de cada semiper\u00edodo regulatorio trianual, y los ingresos por venta al precio  medio real de mercado en dicho ejercicio, se regularizan en la retribuci\u00f3n a obtener en ejercicios futuros a  trav\u00e9s de un ajuste en la \u201cretribuci\u00f3n a la inversi\u00f3n\u201d. Dicha diferencia denominada \u201cValor de ajuste por  desviaciones en el precio del mercado- Vajdm\u201d viene regulada en el art\u00edculo 22 de dicho Real Decreto (v\u00e9anse  Nota 10 y Anexo III). El  tratamiento  contable  aplicado  por  ENCE  al  Vajdm  qued\u00f3  recogido  en  el  documento  \u201cCriterio  para  contabilizar el \u201cValor de los ajustes por desviaciones en el precio del mercado\u201d (Vajdm), de acuerdo con el  art\u00edculo 22 del real decreto 413/2014\u201d publicado por la CNMV el 22 de octubre de 2021:  \u2022  Con car\u00e1cter general se reconoce en el Estado de Situaci\u00f3n Financiera cada una de las desviaciones del  mercado, positivas y negativas que surgen al amparo del RD 413/2014 con contrapartida en el importe  neto de la cifra de negocios.  En este sentido, los ajustes por desviaciones del pool positivos netos que se vayan generando a lo largo  de un mismo semiperiodo regulatorio y que representar\u00e1n un incremento en las retribuciones futuras  recibidas de CNMC se registran como un activo en el ep\u00edgrafe \u201cOtras inversiones financieras\u201d y como un  mayor ingreso asociado a la venta de electricidad. Dicho activo neto, una vez finalizado el semiperiodo  regulatorio se revierte reduciendo el ingreso asociado a la venta de electricidad a lo largo de la vida  regulatoria restante de la instalaci\u00f3n. Por su parte, los ajustes por desviaciones del pool negativos netos que se vayan generando a lo largo de  un  mismo  semiperiodo  regulatorio  y  que  representar\u00e1n  una  reducci\u00f3n  en  las  retribuciones  futuras  recibidas de CNMC se registran en funci\u00f3n de su vencimiento como un pasivo en los ep\u00edgrafes \u201cOtros pasivos no corrientes\u201d y \u201cOtros pasivos corrientes\u201d y como un menor ingreso asociado a la venta de  electricidad. Dicho pasivo neto, una vez finalizado el semiperiodo regulatorio se revierte incrementando el ingreso asociado a la venta de electricidad a lo largo de la vida regulatoria restante de la instalaci\u00f3n. \u2022  El  r\u00e9gimen  retributivo  supone una  garant\u00eda  de  rentabilidad  m\u00ednima,  pero  no  impone  un  techo  a  la  rentabilidad obtenible del mercado, por lo que los ajustes por desviaciones del pool negativos tienen  como l\u00edmite, para cada instalaci\u00f3n, su Valor Neto del Activo \u2013 VNA (concepto retributivo que representa  el valor actual de los cobros futuros en concepto de retribuci\u00f3n a la inversi\u00f3n).  \u2022  A efectos de presentaci\u00f3n en el Estado de Situaci\u00f3n Financiera, los saldos que se han originado en el semiper\u00edodo corriente se presentar\u00e1n para cada instalaci\u00f3n como un activo neto, si las desviaciones positivas  en el semiperiodo  superan a las negativas, o un pasivo neto, si las  desviaciones  negativas  superan a las positivas. Por lo que se refiere a los semiper\u00edodos anteriores, igualmente se presentar\u00e1n  para  cada  instalaci\u00f3n  como  un  activo  neto  si  los  importes  acumulados  por  desviaciones  positivas  correspondientes  a  todos  los  semiper\u00edodos  anteriores  superan  los  importes  acumulados  por  desviaciones  negativas  correspondientes  igualmente  a  dichos  semiper\u00edodos  anteriores,  o  como  un  pasivo neto en caso contrario.  No obstante lo anterior, si a lo largo de la vida regulatoria residual de los activos, se considera, de acuerdo  con su mejor estimaci\u00f3n de la evoluci\u00f3n futura de los precios de mercado de la energ\u00eda y de otros factores  cualitativos, que ser\u00eda altamente probable que se obtendr\u00e1n rentabilidades del mercado superiores a las establecidas  en  el  RD  413/2014  y  que,  por  lo  tanto,  abandonar  el  r\u00e9gimen  retributivo  no  tendr\u00eda consecuencias  econ\u00f3micas  significativamente  m\u00e1s  adversas  que  permanecer  en  dicho  r\u00e9gimen,  en  esa situaci\u00f3n se reconoce s\u00f3lo el activo asociado a las desviaciones del pool positivas. Esta situaci\u00f3n se produce en  aquellas  instalaciones  tipo  (IT)  en  las  que,  considerando  las  previsiones  de  precios  de  mercado,  la direcci\u00f3n  del  Grupo  estime  que  en  la  revisi\u00f3n  de  par\u00e1metros  retributivos  correspondiente  al  siguiente semiperiodo regulatorio es probable que no se obtenga retribuci\u00f3n futura del regulador, o bien, esta ser\u00e1 poco significativa. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-572": {
   "value": "Los \u201cIngresos ordinarios\u201d representan los importes a cobrar por los bienes entregados y servicios prestados  en el marco ordinario de la actividad, netos de devoluciones y descuentos, y cantidades recibidas por cuenta  de terceros, tales como el impuesto sobre el valor a\u00f1adido. Los ingresos se reconocen cuando se pueden  medir con fiabilidad y es probable que ENCE recibir\u00e1 los beneficios econ\u00f3micos asociados a la transacci\u00f3n, y  se valoran por el valor razonable de la contraprestaci\u00f3n recibida o a recibir.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-594": {
   "value": "Los ingresos por intereses se reconocen siguiendo un criterio financiero, en funci\u00f3n del principal pendiente  de pago, el plazo hasta el vencimiento, y el tipo de inter\u00e9s efectivo aplicable.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-573": {
   "value": "Los gastos se reconocen en el Estado de Resultado consolidado de acuerdo a su devengo. Asimismo, se reconoce un gasto de forma inmediata cuando no se prev\u00e9 que genere beneficios econ\u00f3micos futuros. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-588": {
   "value": "3.15 Impuesto sobre beneficios  El Grupo tributa en el Impuesto sobre Sociedades a trav\u00e9s de dos Grupos de consolidaci\u00f3n fiscal regulados en el Cap\u00edtulo VII del T\u00edtulo VIII del Texto Refundido de la Ley del Impuesto sobre Sociedades, siendo las  cabeceras de dichos Grupos Ence Energ\u00eda y Celulosa, S.A. y Magnon Green Energy, S.L. Se integran en dichos  Grupos las filiales que est\u00e1n domiciliadas en Espa\u00f1a y sobre las que la cabecera tiene una participaci\u00f3n en  su capital social igual o superior al 75%.  El  gasto  o  ingreso  por  el  Impuesto  sobre  Sociedades  comprende  tanto  el  impuesto  corriente  como  el impuesto  diferido.  El  impuesto  sobre  las  ganancias  corriente  o  diferido  se  reconoce  en  el  Estado  de  Resultado consolidado, salvo que surja de una transacci\u00f3n o suceso econ\u00f3mico que se ha reconocido, en el  mismo ejercicio o en otro diferente, contra patrimonio neto o de una combinaci\u00f3n de negocios. Los activos o pasivos por impuesto sobre las ganancias corrientes se valoran por las cantidades que se espera  pagar o recuperar de las autoridades fiscales, utilizando la normativa y tipos impositivos aprobados en los  pa\u00edses que operan las sociedades del Grupo.  La contabilizaci\u00f3n de los activos y pasivos por impuesto diferido se determina en funci\u00f3n de las diferencias  entre el valor en libros de los activos y pasivos y su base fiscal, utilizando las tasas fiscales que se espera  objetivamente  que  est\u00e9n  en  vigor  cuando  los  activos  y  pasivos  se  realicen,  valor  que  coincide  con  el  gravamen  vigente  en  cada  momento.  Estos  activos  y  pasivos  se  reconocen  en  el  Estado  de  Situaci\u00f3n  Financiera consolidado como \u201cno corrientes\u201d, independientemente de la fecha de esperada de realizaci\u00f3n o  liquidaci\u00f3n.  El Grupo reconoce con car\u00e1cter general los pasivos por impuesto diferido en todos los casos. Por su parte,  los  activos  por  impuestos  diferidos  s\u00f3lo se reconocen  en el caso de que se considere probable  que  las  entidades consolidadas van a tener en el futuro suficientes ganancias fiscales contra las que poder hacerlos  efectivos. Con ocasi\u00f3n de cada cierre contable, se reestima la capacidad de recuperaci\u00f3n de los impuestos  diferidos de activo reconocidos, efectu\u00e1ndose las oportunas correcciones a los mismos de acuerdo con los  resultados de los an\u00e1lisis realizados.  No se reconocen activos y pasivos por impuestos diferidos cuando surgen del reconocimiento inicial del  fondo de comercio o de un activo o pasivo en una transacci\u00f3n que no es una combinaci\u00f3n de negocios y en la fecha de la transacci\u00f3n no afecta ni al resultado contable ni a la base imponible fiscal, o bien, cuando  correspondan  a  diferencias  temporarias  relacionadas  con  inversiones  en  sociedades  dependientes,  asociadas y negocios conjuntos sobre las que el Grupo tenga la capacidad de controlar el momento de su  reversi\u00f3n y no fuese probable que se produzca su reversi\u00f3n en un futuro previsible.  Si el  Grupo determina que no es probable que la  autoridad fiscal vaya  a aceptar un tratamiento fiscal  incierto o un grupo de tratamientos fiscales inciertos, considera dicha incertidumbre en la determinaci\u00f3n  de  la  base  imponible,  bases  fiscales,  cr\u00e9ditos  por  bases  imponibles  negativas,  deducciones  o  tipos  impositivos.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-15": {
   "value": "Los activos o pasivos por impuesto sobre las ganancias corrientes se valoran por las cantidades que se espera  pagar o recuperar de las autoridades fiscales, utilizando la normativa y tipos impositivos aprobados en los  pa\u00edses que operan las sociedades del Grupo.  La contabilizaci\u00f3n de los activos y pasivos por impuesto diferido se determina en funci\u00f3n de las diferencias  entre el valor en libros de los activos y pasivos y su base fiscal, utilizando las tasas fiscales que se espera  objetivamente  que  est\u00e9n  en  vigor  cuando  los  activos  y  pasivos  se  realicen,  valor  que  coincide  con  el  gravamen  vigente  en  cada  momento.  Estos  activos  y  pasivos  se  reconocen  en  el  Estado  de  Situaci\u00f3n  Financiera consolidado como \u201cno corrientes\u201d, independientemente de la fecha de esperada de realizaci\u00f3n o  liquidaci\u00f3n.  El Grupo reconoce con car\u00e1cter general los pasivos por impuesto diferido en todos los casos. Por su parte,  los  activos  por  impuestos  diferidos  s\u00f3lo se reconocen  en el caso de que se considere probable  que  las  entidades consolidadas van a tener en el futuro suficientes ganancias fiscales contra las que poder hacerlos  efectivos. Con ocasi\u00f3n de cada cierre contable, se reestima la capacidad de recuperaci\u00f3n de los impuestos  diferidos de activo reconocidos, efectu\u00e1ndose las oportunas correcciones a los mismos de acuerdo con los  resultados de los an\u00e1lisis realizados.  No se reconocen activos y pasivos por impuestos diferidos cuando surgen del reconocimiento inicial del  fondo de comercio o de un activo o pasivo en una transacci\u00f3n que no es una combinaci\u00f3n de negocios y en la fecha de la transacci\u00f3n no afecta ni al resultado contable ni a la base imponible fiscal, o bien, cuando  correspondan  a  diferencias  temporarias  relacionadas  con  inversiones  en  sociedades  dependientes,  asociadas y negocios conjuntos sobre las que el Grupo tenga la capacidad de controlar el momento de su  reversi\u00f3n y no fuese probable que se produzca su reversi\u00f3n en un futuro previsible.  Si el  Grupo determina que no es probable que la  autoridad fiscal vaya  a aceptar un tratamiento fiscal  incierto o un grupo de tratamientos fiscales inciertos, considera dicha incertidumbre en la determinaci\u00f3n  de  la  base  imponible,  bases  fiscales,  cr\u00e9ditos  por  bases  imponibles  negativas,  deducciones  o  tipos  impositivos. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-606": {
   "value": "3.16 Activos no corrientes mantenidos para la venta y Operaciones  discontinuadas  Un activo no corriente o un grupo enajenable de elementos se clasifica como activo mantenido para la venta  cuando su valor se prev\u00e9 recuperar principalmente a trav\u00e9s de su venta, y siempre que la venta se considere  altamente probable, y el activo est\u00e9 disponible para su venta inmediata en su estado actual. Estos activos o grupos de enajenaci\u00f3n se valoran por el menor del importe en libros o el valor estimado de  venta deducidos los costes necesarios para llevarla a cabo y dejan de amortizarse desde el momento en que son clasificados como activos no corrientes mantenidos para la venta. Anualmente se analiza que el valor  contable no exceda del valor razonable menos los costes de venta. En caso de producirse esta situaci\u00f3n se  realizan las correspondientes correcciones valorativas que se incluyen en el ep\u00edgrafe \u201cDeterioros de valor y resultados por enajenaci\u00f3n de inmovilizado\u201d del Estado de Resultado consolidado. Los  activos  no  corrientes  mantenidos  para  la  venta  se  presentan  en  el  Estado  de  Situaci\u00f3n  Financiera  consolidado  de  la  siguiente  forma:  los  activos  en  una  \u00fanica  l\u00ednea  denominada  \u201cActivos  no  corrientes  mantenidos para la venta\u201d y los pasivos tambi\u00e9n en una \u00fanica l\u00ednea denominada \u201cPasivos asociados a activos  no corrientes mantenidos para la venta\u201d. Adicionalmente,  el  Grupo  considera  actividades  interrumpidas  los  componentes  (unidades  o  grupos  de  unidades generadoras de efectivo) que representan una l\u00ednea de negocio o \u00e1rea geogr\u00e1fica significativa y  que pueda  considerarse separada del resto, que se hayan vendido o dispuesto por otra v\u00eda, o bien que  re\u00fanen las condiciones descritas para ser clasificadas como mantenidas para la venta.  Los resultados despu\u00e9s de impuestos de las operaciones discontinuadas se presentan en una \u00fanica l\u00ednea del  Estado  de  Resultado  consolidado  denominada  \u201cResultado  del  ejercicio  procedente  de  operaciones  interrumpidas neto de impuestos\u201d ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-596": {
   "value": "3.16 Activos no corrientes mantenidos para la venta y Operaciones  discontinuadas  Un activo no corriente o un grupo enajenable de elementos se clasifica como activo mantenido para la venta  cuando su valor se prev\u00e9 recuperar principalmente a trav\u00e9s de su venta, y siempre que la venta se considere  altamente probable, y el activo est\u00e9 disponible para su venta inmediata en su estado actual. Estos activos o grupos de enajenaci\u00f3n se valoran por el menor del importe en libros o el valor estimado de  venta deducidos los costes necesarios para llevarla a cabo y dejan de amortizarse desde el momento en que son clasificados como activos no corrientes mantenidos para la venta. Anualmente se analiza que el valor  contable no exceda del valor razonable menos los costes de venta. En caso de producirse esta situaci\u00f3n se  realizan las correspondientes correcciones valorativas que se incluyen en el ep\u00edgrafe \u201cDeterioros de valor y resultados por enajenaci\u00f3n de inmovilizado\u201d del Estado de Resultado consolidado. Los  activos  no  corrientes  mantenidos  para  la  venta  se  presentan  en  el  Estado  de  Situaci\u00f3n  Financiera  consolidado  de  la  siguiente  forma:  los  activos  en  una  \u00fanica  l\u00ednea  denominada  \u201cActivos  no  corrientes  mantenidos para la venta\u201d y los pasivos tambi\u00e9n en una \u00fanica l\u00ednea denominada \u201cPasivos asociados a activos  no corrientes mantenidos para la venta\u201d. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-16": {
   "value": "Adicionalmente,  el  Grupo  considera  actividades  interrumpidas  los  componentes  (unidades  o  grupos  de  unidades generadoras de efectivo) que representan una l\u00ednea de negocio o \u00e1rea geogr\u00e1fica significativa y  que pueda  considerarse separada del resto, que se hayan vendido o dispuesto por otra v\u00eda, o bien que  re\u00fanen las condiciones descritas para ser clasificadas como mantenidas para la venta.  Los resultados despu\u00e9s de impuestos de las operaciones discontinuadas se presentan en una \u00fanica l\u00ednea del  Estado  de  Resultado  consolidado  denominada  \u201cResultado  del  ejercicio  procedente  de  operaciones  interrumpidas neto de impuestos\u201d . ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-17": {
   "value": "3.17 Beneficio por acci\u00f3n  El beneficio b\u00e1sico por acci\u00f3n se calcula como el cociente entre el \u201cBeneficio del ejercicio atribuible a la  Sociedad Dominante\u201d y el n\u00famero medio ponderado de acciones ordinarias en circulaci\u00f3n durante  dicho  per\u00edodo,  sin  incluir  el  n\u00famero  medio  de  acciones  propias  de  la  Sociedad  Dominante  en  cartera  de  las  sociedades del Grupo.  Por su parte, el beneficio diluido por acci\u00f3n se calcula como el cociente entre el  \u201cBeneficio del ejercicio  atribuible a la Sociedad Dominante\u201d y el n\u00famero medio ponderado de acciones ordinarias en circulaci\u00f3n  durante el periodo, ajustado por el promedio ponderado de las acciones ordinarias que ser\u00edan emitidas si se  convirtieran  todas  las  acciones  potenciales  en  acciones  ordinarias.  A  estos  efectos  se  considera  que  la  conversi\u00f3n tiene lugar al comienzo del periodo o en el momento de la emisi\u00f3n de las acciones potenciales si  estas se hubiesen puesto en circulaci\u00f3n durante el propio periodo.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-595": {
   "value": "3.18 Transacciones con partes vinculadas  El Grupo realiza todas sus operaciones con partes vinculadas a valores de mercado.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-18": {
   "value": "3.19  Saldos y transacciones en moneda diferente al euro  Las cuentas anuales consolidadas se presentan en euros, que es la moneda funcional y de presentaci\u00f3n de  la Sociedad Dominante. La conversi\u00f3n a euros de los cr\u00e9ditos y d\u00e9bitos expresados en moneda diferente del euro se realiza aplicando  el tipo de cambio vigente en el momento de efectuar la correspondiente operaci\u00f3n, ajust\u00e1ndose dicho valor  en  cada  cierre  y  hasta  su  cancelaci\u00f3n  en  funci\u00f3n  de  la  evoluci\u00f3n  del  tipo  de  cambio.  Los  activos  no  monetarios denominados en moneda extranjera, poco significativos en ENCE, se convierten aplicando el tipo de cambio aplicable en la fecha en la que el activo se incorpor\u00f3 al Grupo. Las diferencias de cambio que resultan del cobro o pago de cr\u00e9ditos o deudas en moneda diferente del euro  y las que resultan de valorar las cuentas a cobrar y pagar en moneda diferente del euro en cada fecha de  cierre, de acuerdo con el tipo de cambio vigente en ese momento, se imputan a resultados como un gasto financiero en el periodo en que se producen.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-607": {
   "value": "3.20 Informaci\u00f3n financiera por segmentos  Un segmento de explotaci\u00f3n es un componente del Grupo que desarrolla actividades de negocio de las que  puede obtener ingresos ordinarios e incurrir en gastos, cuyos resultados de explotaci\u00f3n son revisados de  forma regular por el Consejo de Administraci\u00f3n y la alta Direcci\u00f3n, para decidir sobre los recursos que deben  asignarse al segmento, evaluar su rendimiento y en relaci\u00f3n con el cual se dispone de informaci\u00f3n financiera  diferenciada.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-19": {
   "value": "3.21 Estado de flujos de efectivo  En los estados de flujos de efectivo consolidados, preparados de acuerdo al m\u00e9todo indirecto, se utilizan las  siguientes expresiones en los siguientes sentidos: 1.  Flujos  de  efectivo:  entradas  y  salidas  de  efectivo  y  de  sus  equivalentes,  entendiendo  por  \u00e9stos  las  inversiones a corto plazo (inferior a 3 meses) de gran liquidez y bajo riesgo de alteraciones en su valor.  2.  Actividades de explotaci\u00f3n: actividades t\u00edpicas de las entidades que forman el Grupo, as\u00ed como otras  actividades que no pueden ser calificadas como de inversi\u00f3n o de financiaci\u00f3n. 3.  Actividades de inversi\u00f3n: las de adquisici\u00f3n, enajenaci\u00f3n o disposici\u00f3n por otros medios de activos a  largo plazo y otras inversiones no incluidas en el efectivo y sus equivalentes.  4.  Actividades  de  financiaci\u00f3n:  actividades  que  producen  cambios  en  el  tama\u00f1o  y  composici\u00f3n  del  patrimonio neto y de los pasivos que no forman parte de las actividades de explotaci\u00f3n.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-20": {
   "value": "3.22 Actividades con impacto en el Medio Ambiente  Se consideran actividades medioambientales aquellas operaciones desarrolladas por ENCE cuyo prop\u00f3sito  principal es el de proteger, reducir o reparar un da\u00f1o, que como resultado de sus actividades se pueda  producir sobre el medio ambiente. Los gastos derivados de las actividades medioambientales se reconocen como \u201cOtros gastos de explotaci\u00f3n\u201d  en el ejercicio en el que se incurren.  Los elementos del inmovilizado material adquiridos con el objeto de ser utilizados de forma duradera en su  actividad y cuya finalidad principal es la minimizaci\u00f3n del impacto medioambiental y la protecci\u00f3n y mejora del medio ambiente, incluyendo la reducci\u00f3n o eliminaci\u00f3n de la contaminaci\u00f3n futura de las operaciones  del Grupo, se reconocen como  activos mediante la aplicaci\u00f3n de criterios de valoraci\u00f3n,  presentaci\u00f3n y  desglose consistentes con los que se mencionan en los apartados 3.2 y 3.3 de esta misma Nota.  Las  provisiones  relativas  a  responsabilidades  probables  o  ciertas,  litigios  en  curso  e  indemnizaciones  u  obligaciones  pendientes  de  cuant\u00eda  indeterminada  de  naturaleza  medioambiental,  no  cubiertas  por  las  p\u00f3lizas de seguros suscritas, se constituyen en el momento del nacimiento de la responsabilidad o de la  obligaci\u00f3n que determina la  indemnizaci\u00f3n o pago.  No hay provisiones  relevantes  constituidas por este  concepto al cierre de 2022 y 2021. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-506": {
   "value": "4.  Estimaciones y juicios contables  La preparaci\u00f3n de estas cuentas anuales consolidadas de acuerdo con principios contables generalmente  aceptados requiere llevar a  cabo asunciones y estimaciones que afectan a la valoraci\u00f3n de los activos y  pasivos registrados, a la presentaci\u00f3n de activos y pasivos contingentes, as\u00ed como a los ingresos y gastos  reconocidos  a  lo  largo  del  ejercicio.  Los  resultados  actuales  podr\u00edan  diferir  de  manera  significativa  dependiendo de las estimaciones realizadas.  Las asunciones y estimaciones se han adoptado considerando la experiencia hist\u00f3rica, el asesoramiento de  expertos independientes, previsiones y otras circunstancias y expectativas al cierre de los ejercicios 2022 y  2021 sobre los hechos analizados. No obstante, es posible que acontecimientos que puedan tener lugar con  posterioridad a la formulaci\u00f3n de esta informaci\u00f3n financiera obliguen a modificarla (al alza o a la baja), lo  que se har\u00eda, en su caso, de forma prospectiva. Las pol\u00edticas contables y operaciones que incorporan asunciones y estimaciones con un impacto significativo  en estas cuentas anuales consolidadas son las siguientes: Control sobre el Negocio Energ\u00eda Con fecha 20 de diciembre de 2020, Ence Energ\u00eda y Celulosa, S.A. llev\u00f3 a cabo la venta de una participaci\u00f3n minoritaria del 49% de la filial Magnon Green Energy, S.L., holding del Negocio Energ\u00eda de ENCE.  ENCE ejerce control sobre Magnon Green Energy, S.L. y sus filiales de acuerdo a lo establecido en \u201cNIIF 10  Estados Financieros Consolidados\u201d al tener poder para dirigir sus actividades relevantes, estar expuesto a  rendimientos variables como consecuencia de su participaci\u00f3n en la participada y tener la capacidad de ejercer dicho poder para influir en sus propios rendimientos. En la evaluaci\u00f3n de la existencia de control, se han considerado los siguientes factores:  Mayor\u00eda accionarial, que otorga, con car\u00e1cter general, mayor\u00eda en las decisiones sustantivas del Consejo de  Administraci\u00f3n  y  la  Junta  General  de  Accionistas,  entre  ellas,  el  nombramiento  de  la  mayor\u00eda  de  los  miembros del Consejo de Administraci\u00f3n.  Se ha suscrito un pacto de accionistas entre ENCE y el minoritario que tiene por objeto otorgar a \u00e9ste \u00faltimo  una serie de derechos protectivos, m\u00ednimos y habituales en este tipo de transacciones, dirigidos a proteger  su participaci\u00f3n  del 49% (el  minoritario  no  mantiene derechos sustantivos).  En  este sentido, 1) Plan de  negocio  y  presupuesto  anual:  el  minoritario  ha  aceptado  el  plan  de  negocio  de  ENCE  que  contempla  presupuestos anuales hasta 2080, y tendr\u00e1 derecho de veto si se plantean modificaciones al presupuesto  anual en al menos un 15% en los elementos considerados esenciales del presupuesto, 2) Nombramiento del  equipo directivo: ENCE nombra al primer ejecutivo, y el minoritario nombra al director financiero, cuyas  responsabilidades est\u00e1n vinculadas al desarrollo del Plan de Negocio indicado en el apartado anterior, 3)  Contratos relevantes (vinculados a la inversi\u00f3n, suministro y la operaci\u00f3n de las plantas): el minoritario podr\u00e1  oponerse  s\u00f3lo  en  determinadas  situaciones  en  las  que  dicha  contrataci\u00f3n  pueda  provocar  un  perjuicio  material para los intereses del negocio (derecho protectivo), 4) Decisiones de inversi\u00f3n y financiaci\u00f3n no  contempladas  en el Plan de negocio de ENCE aceptado por el minoritario:  requieren  mayor\u00eda  reforzada  decisiones por encima de 20 millones \u20ac, 5) En todo aquello no recogido en el pacto, se seguir\u00e1n las pol\u00edticas  de ENCE, y 6) la gesti\u00f3n del Negocio Energ\u00eda es dependiente de ENCE por su experiencia t\u00e9cnica y de gesti\u00f3n  del negocio (ya que el minoritario no tiene dicha experiencia). Contraprestaciones contingentes Las contraprestaciones contingentes consideradas entre las partes derivadas de ventas de participaciones  en sociedades dependientes sin p\u00e9rdida de control se valoran en todo momento a su valor razonable.  El Grupo ha estimado el valor razonable considerando los flujos de caja previstos en los distintos escenarios,  que ha ponderado por las probabilidades  de ocurrencia estimada de cada uno. Dichos  flujos  de caja se  estiman  considerando  como  principales  asunciones;  la  probabilidad  de  lograr  cada  objetivo  de  la contraprestaci\u00f3n  contingente,  la  rentabilidad  prevista  por  los  proyectos  de  generaci\u00f3n  en  las  futuras  subastas y que se sit\u00faan en el entorno del 10%, los plazos de consecuci\u00f3n que se estima en el periodo 2024- 2026 y la tasa de descuento que coincide con la rentabilidad razonable prevista en la regulaci\u00f3n el\u00e9ctrica  vigente,  teniendo  en  consideraci\u00f3n  la  mejor  informaci\u00f3n  disponible  en  cada  momento  por  parte  de  la  Direcci\u00f3n.  Cambios  en  las  asunciones  podr\u00e1n  tener  un  impacto  en  las  contraprestaciones  contingentes  reconocidas  en  los estados  financieros,  que  se reconocer\u00e1n como  un  ingreso  o  gasto  financiero,  seg\u00fan  corresponda, del Estado de Resultado consolidado (v\u00e9ase Nota 28).  Vidas \u00fatiles de activos materiales e intangibles y costes de desmantelamiento Los  activos  tangibles  e  intangibles  propiedad  de  ENCE,  por  lo  general,  operan  durante  periodos  muy  prolongados de tiempo. El Grupo estima su vida \u00fatil teniendo en cuenta las caracter\u00edsticas t\u00e9cnicas de cada  activo y el periodo en que se espera que genere beneficios, y la legislaci\u00f3n aplicable (v\u00e9anse Notas 3.2 y 3.3).  Durante el ejercicio 2021 se llev\u00f3 a cabo una restimaci\u00f3n de las vidas \u00fatiles de los activos productivos del  negocio  Celulosa  como  consecuencia  de  las  inversiones  y  los  aumentos  de  capacidad  de  producci\u00f3n  realizados. Esta revisi\u00f3n se realiz\u00f3 por expertos en operaci\u00f3n y mantenimiento de ENCE y fue supervisada  por  un  experto  independiente,  y  tuvo  en  consideraci\u00f3n  la  duraci\u00f3n  de  los  principales  componentes  estructurales  de  las  instalaciones  sobre  la  base  del  grado  de  uso,  la  posibilidad  de  utilizaci\u00f3n  en  otro emplazamiento, y la obsolescencia de los equipos. Como  resultado  de  dicha  revisi\u00f3n,  la  vida  \u00fatil  estimada  del  ep\u00edgrafe  \u201cInstalaciones  t\u00e9cnicas  \u2013  otras  instalaciones\u201d se situ\u00f3 en el rango 12-20 a\u00f1os y la correspondiente al ep\u00edgrafe \u201cMaquinaria\u201d si situ\u00f3 en el  rango 8-20 a\u00f1os. El impacto de esta modificaci\u00f3n, que se implement\u00f3 el 1 de abril de 2021, supuso un menor  gasto por amortizaci\u00f3n en dicho ejercicio por importe de 4.706 miles \u20ac en 2021.  Adicionalmente  ENCE  revisa  peri\u00f3dicamente  si  tendr\u00e1  que  llevar  a  cabo  el  desmantelamiento  y  rehabilitaci\u00f3n de las instalaciones en las que desarrolla su actividad as\u00ed como, en su caso, los costes previstos  en los que se tendr\u00e1 que incurrir.  Derechos de uso sobre activos  En  la  determinaci\u00f3n  del  plazo  de  arrendamiento,  ENCE  considera  todos  los  hechos  y  circunstancias  relevantes  que  crean  un  incentivo  econ\u00f3mico  significativo  al  arrendatario  para  ejercer  la  opci\u00f3n  de  renovaci\u00f3n o no ejercer la opci\u00f3n de cancelaci\u00f3n (v\u00e9ase Nota 3.6). Las opciones de renovaci\u00f3n o terminaci\u00f3n  solo se incluyen en la determinaci\u00f3n del plazo de arrendamiento si es razonablemente cierto que el contrato  va a extenderse o no va a cancelarse. As\u00ed mismo se estima la tasa incremental utilizada en la valoraci\u00f3n de  los contratos de arrendamiento.  Valor recuperable de activos no financieros ENCE  realiza  anualmente  test  de  deterioro  de  aquellas  unidades  generadoras  de  efectivo  que  as\u00ed  lo  requieren, de acuerdo a lo descrito en la Nota 3.5. ENCE considera que sus estimaciones son adecuadas y  coherentes con la actual coyuntura econ\u00f3mica y que reflejan sus planes de inversi\u00f3n y la mejor estimaci\u00f3n disponible de sus gastos e ingresos futuros, y que las tasas de descuento aplicadas reflejan adecuadamente  los riesgos correspondientes a cada unidad generadora de efectivo (v\u00e9ase Nota 20). Ingresos energ\u00eda. Liquidaci\u00f3n de actividades reguladas Al  cierre  de  cada  ejercicio,  ENCE  realiza  una  estimaci\u00f3n  de  la  liquidaci\u00f3n  definitiva  de  los  ingresos  devengados correspondientes a la actividad de generaci\u00f3n de energ\u00eda, de acuerdo con el marco regulatorio  vigente.  En  las  estimaciones  se  consideran  las  liquidaciones  provisionales  publicadas,  as\u00ed  como  toda  la informaci\u00f3n sectorial disponible (v\u00e9anse Nota 10, 27, 30 y Anexo III). Provisiones para riesgos y gastos  ENCE contabiliza  provisiones en  cobertura  de las obligaciones  presentes  que surgen como resultado  de  sucesos  pasados,  principalmente,  litigios  y  reclamaciones  as\u00ed  como  por  los  compromisos  asumidos  que  cumplen la definici\u00f3n de pasivo. Para ello, tiene que evaluar el resultado de ciertos procedimientos legales,  fiscales o de otro tipo que no est\u00e1n cerrados a la fecha de formulaci\u00f3n de las cuentas anuales consolidadas,  la probabilidad de atender determinados compromisos contractuales y su impacto, y todo ello, considerando  la mejor informaci\u00f3n disponible al cierre de cada ejercicio (v\u00e9anse Notas 3.12 y 32). Para llevar a cabo dicha  evaluaci\u00f3n, ENCE se basa en el asesoramiento legal interno y de expertos independientes.  C\u00e1lculo del impuesto sobre beneficios y reconocimiento de activos por impuesto diferido La correcta valoraci\u00f3n del gasto en concepto de impuesto sobre beneficios depende de varios factores,  incluyendo  estimaciones  sobre  el  ritmo  y  la  realizaci\u00f3n  de  los  cr\u00e9ditos  fiscales  y  resto  de  activos  por  impuestos diferidos, tasa impositiva futura, etc. Los cobros y pagos pueden diferir materialmente de estas  estimaciones como resultado de cambios en la evoluci\u00f3n prevista de los negocios, cambios en las normas  impositivas o en su interpretaci\u00f3n, as\u00ed como consecuencia de transacciones futuras imprevistas (v\u00e9ase Nota  33). ENCE  s\u00f3lo  reconoce  activos  por  impuesto  diferido  cuando  considera  probable  que  las  entidades  (individualmente  o  de  forma  consolidada)  que  los  han  generado  van  a  tener  en  el  futuro  suficientes  ganancias fiscales con las que hacerlos efectivos (v\u00e9anse Notas 3.15 y 33). Cambio clim\u00e1tico La estrategia de ENCE tiene en consideraci\u00f3n los objetivos del Acuerdo de Par\u00eds de limitar el incremento de  la temperatura global por debajo de los 2\u00baC y la neutralidad clim\u00e1tica en 2050 por lo que han sido tenidos  en cuenta en la elaboraci\u00f3n de estas cuentas anuales.  En este sentido, las estimaciones de la vida \u00fatil de los activos, de los costes de cierre y desmantelamiento de  instalaciones  y  de  los  test  del  deterioro  de  los  activos  no  financieros  incorporan  los  efectos  de  dicha  estrategia (v\u00e9ase Nota 8).  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-532": {
   "value": "5.<span class=\"ff5 ls0_1\"> <span class=\"_ _bd\"> </span><span class=\"ff3\">Pol\u00edtica de gesti\u00f3n de riesgos financieros<span class=\"_ _1be\"> </span></span></span><span class=\"ff5 ls0_1\"><span class=\"ff3\"> </span></span>Las act<span class=\"_ _2\"></span>ividades <span class=\"_ _2\"></span>desarrolladas<span class=\"_ _2\"></span> por E<span class=\"_ _2\"></span>NCE con<span class=\"_ _2\"></span>llevan s<span class=\"_ _2\"></span>u <span class=\"_ _2\"></span>exposici\u00f3n a <span class=\"_ _2\"></span>determinados<span class=\"_ _2\"></span> riesgos<span class=\"_ _2\"></span> con<span class=\"_ _2\"></span> impacto <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>los<span class=\"_ _1be\"> </span> estados financieros; (i) <span class=\"_ _1\"></span>riesgos de <span class=\"_ _1\"></span>mercado, (ii) <span class=\"_ _1\"></span>riesgos de <span class=\"_ _1\"></span>cr\u00e9dito y <span class=\"_ _1\"></span>(iii) <span class=\"_ _1\"></span>riesgos de liquidez. En el <span class=\"_ _1\"></span>apartado 4\u00ba<span class=\"_ _1be\"> </span> del informe de gesti\u00f3n co<span class=\"_ _2\"></span>nsolidado s<span class=\"_ _2\"></span>e detalla informaci\u00f3n ad<span class=\"_ _2\"></span>icional sobre los r<span class=\"_ _2\"></span>iesgos del Grupo.<span class=\"_ _2\"></span> ENCE <span class=\"_ _c2\"> </span>dispone <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>una <span class=\"_ _c3\"> </span>organ<span class=\"_ _2\"></span>izaci\u00f3n <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>unos <span class=\"_ _c2\"> </span>sistemas <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>gesti\u00f3n <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>le <span class=\"_ _c3\"> </span>permiten <span class=\"_ _c3\"> </span>id<span class=\"_ _2\"></span>entificar, <span class=\"_ _c3\"> </span>medir <span class=\"_ _c3\"> </span>y<span class=\"_ _2\"></span> controlar <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>riesgos <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>est\u00e1 <span class=\"_ _4\"></span>expuesto <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>Grupo, <span class=\"_ _4\"></span>desarrollados <span class=\"_ _4\"></span>ba<span class=\"_ _4\"></span>jo <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>siguient<span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>principios <span class=\"_ _4\"></span>b\u00e1sicos<span class=\"_ _1be\"> </span> de actuaci\u00f3n:<span class=\"_ _1be\"> </span> \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Garantizar qu<span class=\"_ _2\"></span>e los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>riesgos <span class=\"_ _2\"></span>m\u00e1s <span class=\"_ _2\"></span>relevantes <span class=\"_ _2\"></span>sean <span class=\"_ _2\"></span>correctamen<span class=\"_ _2\"></span>te identificad<span class=\"_ _2\"></span>os, <span class=\"_ _2\"></span>evaluados, <span class=\"_ _2\"></span>gestionados,<span class=\"_ _1be\"> </span></span></span><span class=\"ff2\"><span class=\"ff4\"> </span></span>y <span class=\"_ _4\"></span>sup<span class=\"_ _2\"></span>ervisados. <span class=\"_ _4\"></span>En <span class=\"_ _4\"></span>este <span class=\"_ _c0\"></span>sentido, <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>gesti\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>riesgos <span class=\"_ _c0\"></span>financieros <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>realiza <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>forma <span class=\"_ _4\"></span>coo<span class=\"_ _2\"></span>rdinada<span class=\"_ _1be\"> </span> entre e<span class=\"_ _1\"></span>l Comit\u00e9 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Direcci\u00f3n y <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>distintos negocios <span class=\"_ _1\"></span>y f<span class=\"_ _1\"></span>iliales <span class=\"_ _1\"></span>que conforman <span class=\"_ _1\"></span>ENCE, bajo la<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>supervisi\u00f3n<span class=\"_ _1be\"> </span> y control de la Comis<span class=\"_ _2\"></span>i\u00f3n de Auditor\u00eda y<span class=\"_ _2\"></span> de la Direcci\u00f3n de Audito<span class=\"_ _2\"></span>r\u00eda Interna.<span class=\"_ _2\"></span> \u2022<span class=\"ff2\"> <span class=\"_ _a1\"> </span><span class=\"ff4\">Establecimiento <span class=\"_ _c6\"> </span>de <span class=\"_ _c7\"> </span>unos <span class=\"_ _c6\"> </span>s<span class=\"_ _2\"></span>istemas <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>tra<span class=\"_ _2\"></span>tamiento <span class=\"_ _c6\"> </span>y <span class=\"_ _c7\"> </span>control <span class=\"_ _c6\"> </span>interno <span class=\"_ _c6\"> </span>que <span class=\"_ _c4\"> </span>permitan <span class=\"_ _c6\"> </span>mantener <span class=\"_ _c7\"> </span>la<span class=\"_ _1be\"> </span></span></span><span class=\"ff2\"><span class=\"ff4\"> </span></span>probabilidad<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>e <span class=\"_ _c4\"> </span>impacto <span class=\"_ _c4\"> </span>de <span class=\"_ _c9\"> </span>ocurrencia <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>d<span class=\"_ _2\"></span>ichos <span class=\"_ _c4\"> </span>event<span class=\"_ _2\"></span>os <span class=\"_ _c4\"> </span>dentro <span class=\"_ _c4\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c4\"> </span>los <span class=\"_ _c4\"> </span>niveles <span class=\"_ _c4\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c4\"> </span>tolerancia<span class=\"_ _1be\"> </span> establecidos, <span class=\"_ _cc\"> </span>y <span class=\"_ _cc\"> </span>propo<span class=\"_ _2\"></span>rcionar <span class=\"_ _cc\"> </span>una <span class=\"_ _cc\"> </span>seguridad <span class=\"_ _cc\"> </span>razonable <span class=\"_ _cc\"> </span>sobre <span class=\"_ _cc\"> </span>la <span class=\"_ _cc\"> </span>consecuci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>de <span class=\"_ _c9\"> </span>los<span class=\"_ _2\"></span> <span class=\"_ _cc\"> </span>objetivos<span class=\"_ _1be\"> </span> estrat\u00e9gicos empresariales<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span> 5.1<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Riesgos de mercado<span class=\"_ _1\"></span> </span>El <span class=\"_ _c0\"></span>riesgo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>mercado <span class=\"_ _0\"></span>es <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>p\u00e9rdida <span class=\"_ _0\"></span>potencial <span class=\"_ _c0\"></span>ante <span class=\"_ _c0\"></span>mov<span class=\"_ _2\"></span>imientos <span class=\"_ _c0\"></span>adv<span class=\"_ _2\"></span>ersos <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>las <span class=\"_ _c0\"></span>v<span class=\"_ _2\"></span>ariables <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>mercado. <span class=\"_ _c0\"></span>El<span class=\"_ _2\"></span> Grupo est\u00e1<span class=\"_ _2\"></span> expuesto <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>diversos<span class=\"_ _2\"></span> tipos<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>riesgos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>mercado: d<span class=\"_ _2\"></span>e precio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>venta <span class=\"_ _2\"></span>de la<span class=\"_ _2\"></span> cel<span class=\"_ _2\"></span>ulosa <span class=\"_ _2\"></span>y la <span class=\"_ _2\"></span>energ\u00eda<span class=\"_ _1be\"> </span> renovable, de <span class=\"_ _1\"></span>tipo de <span class=\"_ _1\"></span>cambio, <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>tipo de inter\u00e9s, <span class=\"_ _1\"></span>de regulaci\u00f3n, <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>de precio <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>las materias<span class=\"_ _1\"></span> primas <span class=\"_ _1\"></span>utilizadas<span class=\"_ _1be\"> </span> en los procesos<span class=\"_ _2\"></span> productivos.<span class=\"_ _1be\"> </span> ENCE <span class=\"_ _2\"></span>realiza <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>seguimiento <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>exposici\u00f3n <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>ries<span class=\"_ _2\"></span>go <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>mercado <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>t\u00e9rm<span class=\"_ _2\"></span>inos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>sensibilidad<span class=\"_ _2\"></span>es. <span class=\"_ _2\"></span>Estas<span class=\"_ _2\"></span> se<span class=\"_ _1be\"> </span> complementan <span class=\"_ _4\"></span>con <span class=\"_ _4\"></span>otras <span class=\"_ _4\"></span>med<span class=\"_ _2\"></span>idas <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>gesti\u00f3n <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>ri<span class=\"_ _2\"></span>esgo <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>aquellas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>ocas<span class=\"_ _2\"></span>iones <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>aturaleza <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span> las <span class=\"_ _1\"></span>posiciones de <span class=\"_ _1\"></span>riesgo <span class=\"_ _1\"></span>as\u00ed <span class=\"_ _1\"></span>lo <span class=\"_ _1\"></span>requiere, <span class=\"_ _1\"></span>entre <span class=\"_ _1\"></span>ellas, el <span class=\"_ _bb\"></span>estab<span class=\"_ _2\"></span>lecimiento de <span class=\"_ _1\"></span>l\u00edmites <span class=\"_ _1\"></span>m\u00e1ximos <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>riesgo, <span class=\"_ _1\"></span>que son<span class=\"_ _1be\"> </span> definidos <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>or <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>Comit\u00e9 <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>Direcci\u00f3n <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>que <span class=\"_ _0\"></span>se <span class=\"_ _c3\"></span>supervisan <span class=\"_ _0\"></span>por <span class=\"_ _c3\"></span>un <span class=\"_ _0\"></span>\u00e1rea <span class=\"_ _0\"></span>ind<span class=\"_ _2\"></span>ependiente <span class=\"_ _0\"></span>a <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>q<span class=\"_ _4\"></span>ue <span class=\"_ _c3\"></span>realiza <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span> gesti\u00f3n.<span class=\"_ _1be\"> </span> Precio de la celulosa<span class=\"_ _1be\"> </span>El <span class=\"_ _c5\"> </span>precio <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>la  celulosa <span class=\"_ _c5\"> </span>BEKP <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>esta<span class=\"_ _2\"></span>blece <span class=\"_ _c2\"> </span>en  un <span class=\"_ _c2\"> </span>merca<span class=\"_ _2\"></span>do  activo <span class=\"_ _c2\"> </span>y <span class=\"_ _c5\"> </span>su <span class=\"_ _c5\"> </span>evoluci\u00f3n <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>etermina <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>for<span class=\"_ _2\"></span>ma<span class=\"_ _1be\"> </span> significativa <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>olumen <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>ingresos <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>rentabilidad <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>Grupo. <span class=\"_ _c0\"></span>Las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>v<span class=\"_ _2\"></span>ariaciones <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>recio <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>pasta <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span> celulosa modifican los flu<span class=\"_ _2\"></span>jos de efectivo ob<span class=\"_ _2\"></span>tenidos por <span class=\"_ _2\"></span>su venta. <span class=\"_ _2\"></span> Adicionalmente, <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>precio <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>celulos<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>tiene <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>marcado <span class=\"_ _0\"></span>car\u00e1cter <span class=\"_ _0\"></span>c\u00edclico <span class=\"_ _0\"></span>habiendo <span class=\"_ _0\"></span>experimentado<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>una<span class=\"_ _1be\"> </span> considerable <span class=\"_ _c2\"> </span>volatilidad <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>precios <span class=\"_ _c3\"> </span>en <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>\u00faltimos <span class=\"_ _c3\"> </span>a\u00f1o<span class=\"_ _2\"></span>s. <span class=\"_ _c3\"> </span>Este <span class=\"_ _c3\"> </span>comporta<span class=\"_ _2\"></span>miento <span class=\"_ _c3\"> </span>del <span class=\"_ _c2\"> </span>precio <span class=\"_ _c3\"> </span>est<span class=\"_ _4\"></span>\u00e1 <span class=\"_ _c2\"> </span>asociado<span class=\"_ _1be\"> </span> principalmente a ca<span class=\"_ _2\"></span>mbios en l<span class=\"_ _2\"></span>os vol\u00fa<span class=\"_ _2\"></span>menes o condiciones <span class=\"_ _2\"></span>en los<span class=\"_ _2\"></span> que se establec<span class=\"_ _2\"></span>en la ofe<span class=\"_ _2\"></span>rta y la demanda,<span class=\"_ _2\"></span> y a la situ<span class=\"_ _2\"></span>aci\u00f3n financiera de los dis<span class=\"_ _2\"></span>tintos operadores del mercado.<span class=\"_ _4\"></span> Para <span class=\"_ _4\"></span>mitigar <span class=\"_ _4\"></span>este <span class=\"_ _c0\"></span>riesgo <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>Grupo <span class=\"_ _c0\"></span>ha <span class=\"_ _4\"></span>acometido <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>los <span class=\"_ _4\"></span>\u00fa<span class=\"_ _2\"></span>ltimos <span class=\"_ _4\"></span>a\u00f1os <span class=\"_ _4\"></span>impo<span class=\"_ _4\"></span>rtantes <span class=\"_ _c0\"></span>inversiones <span class=\"_ _4\"></span>orientad<span class=\"_ _2\"></span>as <span class=\"_ _4\"></span>a<span class=\"_ _1be\"> </span> reducir <span class=\"_ _0\"></span>sus <span class=\"_ _c3\"></span>costes <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>roducci\u00f3n <span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>crementar <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>roductividad <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>calidad <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>roducto <span class=\"_ _0\"></span>comercializado.<span class=\"_ _2\"></span> Asimismo, se <span class=\"_ _1\"></span>eval\u00faa de <span class=\"_ _1\"></span>forma <span class=\"_ _1\"></span>continua la <span class=\"_ _1\"></span>posibilidad <span class=\"_ _1\"></span>de utili<span class=\"_ _1\"></span>zaci\u00f3n de <span class=\"_ _1\"></span>coberturas sobre <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>precio <span class=\"_ _1\"></span>de la <span class=\"_ _1\"></span>pasta<span class=\"_ _1be\"> </span> para las v<span class=\"_ _2\"></span>entas futuras, si b<span class=\"_ _2\"></span>ien, la oferta de estos instru<span class=\"_ _2\"></span>mentos de cobertura es<span class=\"_ _2\"></span> limitada. <span class=\"_ _2\"></span> La sensibilidad<span class=\"_ _2\"></span> en el resultado de explotaci\u00f3n<span class=\"_ _2\"></span> y el patrimoni<span class=\"_ _2\"></span>o neto (antes d<span class=\"_ _2\"></span>e impuestos) a var<span class=\"_ _2\"></span>iaciones en el<span class=\"_ _1be\"> </span> precio de venta de la celulos<span class=\"_ _2\"></span>a se detalla a con<span class=\"_ _2\"></span>tinuaci\u00f3n:<span class=\"_ _1be\"> </span>Precio de la energ\u00eda renovab<span class=\"_ _2\"></span>le<span class=\"_ _1be\"> </span> En <span class=\"_ _4\"></span>lo <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>refiere <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>riesgo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>precio <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _4\"></span>renov<span class=\"_ _2\"></span>able <span class=\"_ _4\"></span>vendida <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>ENCE <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>mercado <span class=\"_ _4\"></span>el\u00e9ctrico<span class=\"_ _2\"></span> espa\u00f1ol, <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>Real <span class=\"_ _c0\"></span>Decreto <span class=\"_ _c0\"></span>413/<span class=\"_ _2\"></span>2014 <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>regula <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>activ<span class=\"_ _2\"></span>idad <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>producci\u00f3n <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>energ\u00eda <span class=\"_ _c0\"></span>el\u00e9ctrica <span class=\"_ _0\"></span>a<span class=\"_ _1be\"> </span> partir <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>fuentes<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>energ\u00eda <span class=\"_ _c3\"> </span>renovab<span class=\"_ _2\"></span>le, <span class=\"_ _0\"></span>cogeneraci\u00f3n <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>residuos <span class=\"_ _c3\"> </span>asegura <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"></span>las <span class=\"_ _0\"></span>instalacion<span class=\"_ _2\"></span>es <span class=\"_ _c3\"></span>acogidas <span class=\"_ _c3\"></span>al<span class=\"_ _1be\"> </span> R\u00e9gimen <span class=\"_ _2\"></span>Retribu<span class=\"_ _2\"></span>tivo <span class=\"_ _2\"></span>Es<span class=\"_ _2\"></span>pecial <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>renta<span class=\"_ _2\"></span>bilidad <span class=\"_ _2\"></span>m\u00ednima <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>7,398% <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>lo <span class=\"_ _2\"></span>largo <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>vida <span class=\"_ _4\"></span>regulatoria <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>h<span class=\"_ _2\"></span>asta<span class=\"_ _1be\"> </span> 2031 (v\u00e9ase Nota 10 y An<span class=\"_ _2\"></span>exo III).<span class=\"_ _2\"></span> El <span class=\"_ _2\"></span>Grupo <span class=\"_ _2\"></span>comercializa <span class=\"_ _2\"></span>toda <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>energ\u00eda <span class=\"_ _2\"></span>generada <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>destino <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>terceros <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>trav\u00e9s <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>OMEL. <span class=\"_ _2\"></span>Adicionalmente,<span class=\"_ _1be\"> </span> toda <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>capacid<span class=\"_ _2\"></span>ad <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>producci\u00f3n de <span class=\"_ _bb\"></span>ENCE <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>mercado <span class=\"_ _bb\"></span>el\u00e9ctrico<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>se <span class=\"_ _bb\"></span>encuentra<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>su<span class=\"_ _2\"></span>jeta <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>retribuci\u00f3n re<span class=\"_ _1\"></span>gulada<span class=\"_ _2\"></span><span class=\"ls17\">.<span class=\"_ _1be\"> </span></span><span class=\"ls17\"> </span>E<span class=\"ls1f\">l <span class=\"_ _4\"></span><span class=\"ls11\">2\u00ba <span class=\"_ _c0\"></span></span></span>semestre <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>2021 <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>\u00f1o <span class=\"_ _4\"></span>2022 <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>han<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>caracterizado <span class=\"_ _c0\"></span>por <span class=\"_ _4\"></span>un<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>elevados<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>precios <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>energ\u00eda <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>toda<span class=\"_ _1be\"> </span> Europa<span class=\"ls1c\">, </span>situaci\u00f3n que <span class=\"_ _1\"></span>provocar\u00e1 una menor <span class=\"_ _1\"></span>retribuci\u00f3n a <span class=\"_ _1\"></span>la inversi\u00f3n, al m<span class=\"_ _1\"></span>enos, en <span class=\"_ _1\"></span>el pr\u00f3ximo <span class=\"_ _1\"></span>semiperiodo<span class=\"_ _2\"></span> regulatorio <span class=\"_ _2\"></span>2023-2025 <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>nas <span class=\"_ _2\"></span>retribuciones <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>operaci\u00f3n <span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ulas <span class=\"_ _2\"></span>(excepto <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>nuestra <span class=\"_ _2\"></span>plan<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>generaci\u00f3n<span class=\"_ _2\"></span> con gas) en los<span class=\"_ _2\"></span> ejercicios 2023 y 2024 <span class=\"_ _2\"></span>(v\u00e9ase Anexo III).<span class=\"_ _2\"></span> Suministro de madera<span class=\"_ _2\"></span> La madera <span class=\"_ _2\"></span>de eucalipto<span class=\"_ _2\"></span> es el principa<span class=\"_ _2\"></span>l insu<span class=\"_ _2\"></span>mo en la pro<span class=\"_ _2\"></span>ducci\u00f3n de <span class=\"_ _2\"></span>pasta de celulos<span class=\"_ _2\"></span>a y su p<span class=\"_ _2\"></span>recio est\u00e1 <span class=\"_ _2\"></span>sujeto<span class=\"_ _1be\"> </span> a <span class=\"_ _4\"></span>fluctuaciones <span class=\"_ _c0\"></span>derivadas <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>cambios <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>equilibrio <span class=\"_ _c0\"></span>entr<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>of<span class=\"_ _2\"></span>erta <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>demanda <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>zonas<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>donde <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span> ubican las b<span class=\"_ _2\"></span>iof\u00e1bricas de producci\u00f3n de celulos<span class=\"_ _2\"></span>a.<span class=\"_ _1be\"> </span> El riesgo <span class=\"_ _2\"></span>derivado <span class=\"_ _2\"></span>de una <span class=\"_ _2\"></span>oferta ins<span class=\"_ _2\"></span>uficiente es <span class=\"_ _2\"></span>mitigado prin<span class=\"_ _2\"></span>cipalmente a <span class=\"_ _2\"></span>trav\u00e9s <span class=\"_ _2\"></span>de la <span class=\"_ _2\"></span>gesti\u00f3n d<span class=\"_ _2\"></span>e stocks, la<span class=\"_ _1be\"> </span> diversificaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>fuentes <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>suministro,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>as\u00ed <span class=\"_ _4\"></span>como,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>forma <span class=\"_ _4\"></span>exc<span class=\"_ _2\"></span>epcional, <span class=\"_ _c0\"></span>a <span class=\"_ _4\"></span>trav\u00e9s <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>acceso <span class=\"_ _4\"></span>a <span class=\"_ _c0\"></span>mercados<span class=\"_ _1be\"> </span> internacionales alterna<span class=\"_ _2\"></span>tivos, que incorpo<span class=\"_ _2\"></span>ran u<span class=\"_ _2\"></span>n mayor coste log\u00edstico.<span class=\"_ _2\"></span> La sensibilidad<span class=\"_ _2\"></span> en el resultado de explotaci\u00f3n<span class=\"_ _2\"></span> y el patrimoni<span class=\"_ _2\"></span>o neto (antes d<span class=\"_ _2\"></span>e impuestos) a var<span class=\"_ _2\"></span>iaciones en el<span class=\"_ _1be\"> </span> precio de la madera de <span class=\"_ _2\"></span>eucalipto con<span class=\"_ _2\"></span> destino celulosa se d<span class=\"_ _2\"></span>etalla a continuaci\u00f3n<span class=\"_ _2\"></span>:<span class=\"_ _2\"></span> Tipo de cambio<span class=\"_ _1be\"> </span> Las <span class=\"_ _c0\"></span>ventas <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>celulosa <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>Grup<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>realizan <span class=\"_ _c0\"></span>principa<span class=\"_ _2\"></span>lmente <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>el <span class=\"_ _c0\"></span>mercad<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>euro<span class=\"_ _2\"></span>peo, <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i <span class=\"_ _4\"></span>bien,<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>ingreso<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span> provenientes <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>esta<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>activid<span class=\"_ _2\"></span>ad <span class=\"_ _c0\"></span>se <span class=\"_ _0\"></span>ven <span class=\"_ _c0\"></span>afectado<span class=\"_ _2\"></span>s <span class=\"_ _c0\"></span>por <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>tipo <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>cambio <span class=\"_ _0\"></span>USD/EUR <span class=\"_ _0\"></span>al <span class=\"_ _c0\"></span>est<span class=\"_ _2\"></span>ar <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>enominado <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span> precio <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>venta <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>referencia <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _4\"></span>celulos<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>mercado <span class=\"_ _c0\"></span>internacional <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>USD. <span class=\"_ _4\"></span>En<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>medida <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>la<span class=\"_ _1be\"> </span> Mi<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s \u20ac<span class=\"_ _1be\"> </span>Variaci<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _1be\"> </span> Precio Cel<span class=\"_ _1\"></span>ulosa<span class=\"_ _1be\"> </span>Efecto en resultad<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span> expl<span class=\"_ _1\"></span>otaci\u00f3n<span class=\"_ _1be\"> </span> (-)/+<span class=\"_ _1be\"> </span>Efecto en pat<span class=\"_ _2\"></span>rimonio<span class=\"_ _1be\"> </span> neto<span class=\"_ _1be\"> </span>(-)/+<span class=\"_ _1be\"> </span>2022<span class=\"_ _62\"> </span><span class=\"ls0_1\">Incremen<span class=\"_ _2\"></span>to 5%<span class=\"_ _da\"> </span>31.274<span class=\"_ _db\"> </span>31.274<span class=\"_ _1be\"> </span></span>Redu<span class=\"_ _2\"></span>cc<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _2\"></span> 5%<span class=\"_ _dc\"> </span>(31.274)<span class=\"_ _dd\"> </span>(31.274)<span class=\"_ _1be\"> </span>2021<span class=\"_ _62\"> </span><span class=\"ls0_1\">Incremen<span class=\"_ _2\"></span>to 5%<span class=\"_ _da\"> </span>27.228<span class=\"_ _db\"> </span>27.228<span class=\"_ _1be\"> </span></span>Redu<span class=\"_ _2\"></span>cc<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _2\"></span> 5%<span class=\"_ _dc\"> </span>(27.228)<span class=\"_ _dd\"> </span>(27.228)<span class=\"_ _1be\"> </span>Mi<span class=\"_ _1\"></span>le<span class=\"_ _1\"></span>s \u20ac<span class=\"_ _1be\"> </span>Variaci<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _1be\"> </span> Precio M<span class=\"_ _1\"></span>adera<span class=\"_ _1be\"> </span>Efecto en resultado<span class=\"_ _2\"></span> expl<span class=\"_ _1\"></span>otaci\u00f3n<span class=\"_ _1be\"> </span> (-)/+<span class=\"_ _1be\"> </span>Efecto en pat<span class=\"_ _2\"></span>rimonio<span class=\"_ _1be\"> </span> neto<span class=\"_ _1be\"> </span>(-)/+<span class=\"_ _1be\"> </span>2022<span class=\"_ _72\"> </span><span class=\"ls0_1\">Increm<span class=\"_ _2\"></span>ento 5%<span class=\"_ _db\"> </span>(10.863<span class=\"_ _1\"></span>)<span class=\"_ _de\"> </span>(10.863)<span class=\"_ _1be\"> </span></span>Redu<span class=\"_ _2\"></span>cc<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _2\"></span> 5%<span class=\"_ _df\"> </span>10.863<span class=\"_ _44\"> </span>1<span class=\"_ _1\"></span>0.863<span class=\"_ _1be\"> </span>2021<span class=\"_ _72\"> </span><span class=\"ls0_1\">Increm<span class=\"_ _2\"></span>ento 5%<span class=\"_ _db\"> </span>(11.355<span class=\"_ _1\"></span>)<span class=\"_ _de\"> </span>(11.355)<span class=\"_ _1be\"> </span></span>Redu<span class=\"_ _2\"></span>cc<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _2\"></span> 5%<span class=\"_ _df\"> </span>11.355<span class=\"_ _44\"> </span>1<span class=\"_ _1\"></span>1.355<span class=\"_ _1be\"> </span><div class=\"c_1 w2_1 h57 gs89\"><div class=\"t_1 m0_1 x60 h8_1 y20f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">moneada  funcional,  la  estructu<span class=\"_ _2\"></span>ra  de  costes,  y  la  estructura  financiera  del  Grupo  est\u00e1n<span class=\"_ _2\"></span>  denominadas<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y238 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">principalmente <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>euros<span class=\"_ _2\"></span>, <span class=\"_ _4\"></span>las <span class=\"_ _c0\"></span>fluctuaciones <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>tipo <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>cambio <span class=\"_ _4\"></span>entre <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>d\u00f3lar <span class=\"_ _c0\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>euro <span class=\"_ _c0\"></span>afectan <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>for<span class=\"_ _c0\"></span>ma<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y239 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">significativa a los<span class=\"_ _2\"></span> resultados del Grupo.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y23a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Para  gestionar  y  minimizar  este  riesgo,  ENCE  realiza  un<span class=\"_ _1\"></span>  seguimiento  permanente  de  su  exposici\u00f3n  a<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y25d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">fluctuaciones <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>tipo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>cambio <span class=\"_ _4\"></span>as\u00ed <span class=\"_ _4\"></span>como <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>las <span class=\"_ _4\"></span>previs<span class=\"_ _2\"></span>iones <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>evoluci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>tipo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>cambio <span class=\"_ _4\"></span>USD/E<span class=\"_ _2\"></span>UR, <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y25e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">en ocasiones, u<span class=\"_ _2\"></span>tiliza estrategias d<span class=\"_ _2\"></span>e cobertura.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y1c6 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Los <span class=\"_ _c3\"> </span>activos<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>y <span class=\"_ _c3\"> </span>pasivos <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"> </span>grupo <span class=\"_ _c3\"> </span>expres<span class=\"_ _2\"></span>ados <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>mo<span class=\"_ _2\"></span>neda <span class=\"_ _c2\"> </span>extranjera <span class=\"_ _c3\"> </span>al <span class=\"_ _c2\"> </span>31 <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"> </span>diciembre<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>2022 <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>2021,<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y25f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">mayoritariamente en USD, s<span class=\"_ _2\"></span>on los<span class=\"_ _2\"></span> siguientes:  </div><div class=\"t_1 m0_1 x87 h8_1 y58d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x60 h8_1 y58e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La sensibilidad del resultado de explotaci\u00f3n y del <span class=\"_ _1\"></span>patrimonio neto (an<span class=\"_ _2\"></span>tes de impuestos), a las apreciaciones<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y58f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">o depreciaciones del d\u00f3lar <span class=\"_ _2\"></span>frente al euro se d<span class=\"_ _2\"></span>etalla a continuaci\u00f3n<span class=\"_ _2\"></span>:<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x88 h8_1 y590 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x21 h65 y228 ff8 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Tipo de inter\u00e9s<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y591 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Las variaciones <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>tipos <span class=\"_ _1\"></span>de inter\u00e9s <span class=\"_ _1\"></span>pueden <span class=\"_ _1\"></span>afectar <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>ingreso o <span class=\"_ _1\"></span>gasto <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>intereses <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los activos <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>pasivos<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y592 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">financieros referenciados <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>un tipo <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>in<span class=\"_ _2\"></span>ter\u00e9s variable, <span class=\"_ _1\"></span>pudiendo modificar <span class=\"_ _bb\"></span>ta<span class=\"_ _2\"></span>mbi\u00e9n el <span class=\"_ _1\"></span>valor <span class=\"_ _1\"></span>razonable de <span class=\"_ _bb\"></span>los<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y22b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">activos <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>pas<span class=\"_ _2\"></span>ivos <span class=\"_ _c0\"></span>financieros <span class=\"_ _c0\"></span>contratad<span class=\"_ _2\"></span>os <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>tipo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>inter\u00e9s <span class=\"_ _c0\"></span>fijo. <span class=\"_ _0\"></span>Adicionalmente, <span class=\"_ _c0\"></span>estas <span class=\"_ _0\"></span>variaciones <span class=\"_ _c0\"></span>pueden<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y593 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">afectar <span class=\"_ _c3\"></span>al <span class=\"_ _c3\"> </span>valor <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>libros <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>activos <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>pasivos <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"> </span>vari<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>las <span class=\"_ _c3\"> </span>tasas <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>descuento <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>flujos <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>caja<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y594 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">aplicables, a la renta<span class=\"_ _2\"></span>bilidad de las inv<span class=\"_ _2\"></span>ersiones y al coste futu<span class=\"_ _2\"></span>ro de captaci\u00f3n d<span class=\"_ _2\"></span>e recursos financieros.<span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x21 h8_1 y430 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El  endeudamiento  d<span class=\"_ _2\"></span>e  ENCE  proviene  de  aquellos  ins<span class=\"_ _2\"></span>trumentos  financieros  m\u00e1s<span class=\"_ _2\"></span>  competitivos  en  cada<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y431 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">momento, tan<span class=\"_ _2\"></span>to de mercados<span class=\"_ _2\"></span> de capitales como ban<span class=\"_ _2\"></span>carios, <span class=\"_ _2\"></span>y de acuerdo a la<span class=\"_ _2\"></span>s condiciones d<span class=\"_ _2\"></span>e mercado que<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y595 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">sean <span class=\"_ _c3\"> </span>\u00f3ptimas <span class=\"_ _c3\"> </span>en <span class=\"_ _c2\"> </span>cada <span class=\"_ _c3\"> </span>uno <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>ellos. <span class=\"_ _c3\"> </span>As<span class=\"_ _2\"></span>\u00ed <span class=\"_ _c3\"></span>mismo, <span class=\"_ _c3\"> </span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _c3\"></span>mitiga <span class=\"_ _c3\"> </span>este <span class=\"_ _c3\"> </span>r<span class=\"_ _2\"></span>iesgo <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>trav\u00e9s <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>con<span class=\"_ _2\"></span>trataci\u00f3n <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y295 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">derivados d<span class=\"_ _2\"></span>e tipo de inter\u00e9s que intercambian flujo<span class=\"_ _2\"></span>s varia<span class=\"_ _2\"></span>bles p<span class=\"_ _2\"></span>or fijos.<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y40b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La estructura d<span class=\"_ _2\"></span>e la deuda financiera a 31 de dicie<span class=\"_ _2\"></span>mbre de 2022 y 2021, un<span class=\"_ _2\"></span>a vez consid<span class=\"_ _2\"></span>eradas las coberturas<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y3ef ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">contratada<span class=\"_ _2\"></span>s, es la siguiente:<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w32 h8d gs8a\"><div class=\"t_1 ma x2a h8e y597 ff7 fs19 fc0_1 sc0_1 ls0_1 ws0_1\">Mi<span class=\"_ _1\"></span>les \u20ac</div></div><div class=\"c_1 w32 h8f gs8b\"><div class=\"t_1 ma x8a h8e y599 ff3 fs19 fc0_1 sc0_1 ls29 ws0_1\">2022<span class=\"_ _d2\"> </span>2021</div></div><div class=\"c_1 w32 h8d gs8a\"><div class=\"t_1 ma x9 h90 y59a ff4 fs19 fc0_1 sc0_1 ls0_1 ws0_1\">Efectivo<span class=\"_ _e0\"> </span>9.625<span class=\"_ _e1\"> </span>17.769</div><div class=\"t_1 ma x9 h90 y59b ff4 fs19 fc0_1 sc0_1 ls0_1 ws0_1\">Cuen<span class=\"_ _2\"></span>tas p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r cobr<span class=\"_ _2\"></span>ar<span class=\"_ _dc\"> </span>2<span class=\"_ _1\"></span>0.870<span class=\"_ _e1\"> </span>26.656</div><div class=\"t_1 ma x9 h90 y59c ff4 fs19 fc0_1 sc0_1 ls0_1 ws0_1\">Cuen<span class=\"_ _2\"></span>tas p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r pa<span class=\"_ _2\"></span>gar<span class=\"_ _e2\"> </span>(10.524)<span class=\"_ _e3\"> </span>(8.062)</div><div class=\"t_1 ma x8b h8e y59d ff3 fs19 fc0_1 sc0_1 ls0_1 ws0_1\">19.97<span class=\"_ _1\"></span>1<span class=\"_ _e1\"> </span>36.363</div></div><div class=\"c_1 w33 h91 gs8c\"><div class=\"t_1 mb x8c h92 y59f ff7 fs1a fc0_1 sc0_1 ls0_1 ws0_1\">Mi<span class=\"_ _1\"></span>les \u20ac</div></div><div class=\"c_1 w34 h93 gs8d\"><div class=\"t_1 mb x8c h92 y5a1 ff3 fs1a fc0_1 sc0_1 ls0_1 ws0_1\">Variaci<span class=\"_ _1\"></span>\u00f3n </div><div class=\"t_1 mb x23 h92 yee ff7 fs1a fc0_1 sc0_1 ls0_1 ws0_1\">Tipo Cambio US<span class=\"_ _1\"></span>$/<span class=\"_ _1\"></span>\u20ac</div></div><div class=\"c_1 w35 h93 gs8e\"><div class=\"t_1 mb x3d h92 y5a2 ff3 fs1a fc0_1 sc0_1 ls0_1 ws0_1\">Efecto en resultado </div><div class=\"t_1 mb x5d h92 y5a1 ff3 fs1a fc0_1 sc0_1 ls0_1 ws0_1\">explotaci<span class=\"_ _1\"></span>\u00f3n </div><div class=\"t_1 mb x6f h92 yee ff3 fs1a fc0_1 sc0_1 ls0_1 ws0_1\">(-)/+</div></div><div class=\"c_1 w36 h93 gs8f\"><div class=\"t_1 mb xa h92 y5a2 ff3 fs1a fc0_1 sc0_1 ls0_1 ws0_1\">Efecto en pat<span class=\"_ _2\"></span>rimonio </div><div class=\"t_1 mb x5c h92 y5a1 ff3 fs1a fc0_1 sc0_1 ls0_1 ws0_1\">neto</div><div class=\"t_1 mb x75 h92 yee ff3 fs1a fc0_1 sc0_1 ls0_1 ws0_1\">(-)/+</div></div><div class=\"c_1 w33 h91 gs8c\"><div class=\"t_1 mb x6d h94 y5a3 ff4 fs1a fc0_1 sc0_1 ls2a ws0_1\">2022<span class=\"_ _e4\"> </span><span class=\"ls0_1\">Apr<span class=\"_ _2\"></span>eciaci\u00f3n 5%<span class=\"_ _44\"> </span>31.274<span class=\"_ _77\"> </span>31.274</span></div><div class=\"t_1 mb x78 h94 y5a4 ff4 fs1a fc0_1 sc0_1 ls0_1 ws0_1\">Dep<span class=\"_ _2\"></span>reciaci\u00f3n 5%<span class=\"_ _e5\"> </span>(31.274)<span class=\"_ _7f\"> </span>(31.274)</div><div class=\"t_1 mb x6d h94 y5a5 ff4 fs1a fc0_1 sc0_1 ls2a ws0_1\">2021<span class=\"_ _e4\"> </span><span class=\"ls0_1\">Apr<span class=\"_ _2\"></span>eciaci\u00f3n 5%<span class=\"_ _44\"> </span>27.228<span class=\"_ _77\"> </span>27.228</span></div><div class=\"t_1 mb x78 h94 y5a6 ff4 fs1a fc0_1 sc0_1 ls0_1 ws0_1\">Dep<span class=\"_ _2\"></span>reciaci\u00f3n 5%<span class=\"_ _e5\"> </span>(27.228)<span class=\"_ _7f\"> </span>(27.228)</div></div>La <span class=\"_ _2\"></span>sensibilidad<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el resu<span class=\"_ _2\"></span>ltado <span class=\"_ _2\"></span>antes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>impuesto<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>variaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>50 p<span class=\"_ _2\"></span>untos <span class=\"_ _2\"></span>b\u00e1s<span class=\"_ _2\"></span>icos <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>nter<span class=\"_ _2\"></span>\u00e9s<span class=\"_ _1be\"> </span> es <span class=\"_ _2\"></span>residual. <span class=\"_ _2\"></span>Por <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>parte <span class=\"_ _2\"></span>la sens<span class=\"_ _2\"></span>ibilidad <span class=\"_ _2\"></span>del p<span class=\"_ _2\"></span>atrimonio <span class=\"_ _2\"></span>neto <span class=\"_ _4\"></span>(antes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>impuestos) <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>la variaci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> tipos<span class=\"_ _1be\"> </span> de inter\u00e9s, <span class=\"_ _2\"></span>supon<span class=\"_ _2\"></span>e en 20<span class=\"_ _2\"></span>22 <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>2021 i<span class=\"_ _2\"></span>mpactos <span class=\"_ _2\"></span>en la <span class=\"_ _2\"></span>cuenta<span class=\"_ _2\"></span> de <span class=\"_ _2\"></span>resultados <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>importe d<span class=\"_ _2\"></span>e<span class=\"_ _2\"></span> <span class=\"ls2b\">0,</span>4 y<span class=\"_ _2\"></span> 1,8 <span class=\"_ _2\"></span><span class=\"ff6\">millones <span class=\"_ _2\"></span>\u20ac<span class=\"_ _1be\"> </span></span><span class=\"ff6\"> </span>aproximada y res<span class=\"_ _2\"></span>pectivamente.<span class=\"_ _2\"></span> Regulaci\u00f3n  La <span class=\"_ _4\"></span>actividad <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>generaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>energ\u00eda <span class=\"_ _4\"></span>renovable <span class=\"_ _4\"></span>es <span class=\"_ _c0\"></span>una <span class=\"_ _4\"></span>actividad <span class=\"_ _c0\"></span>regulada <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>lo <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>ingres<span class=\"_ _2\"></span>os <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>se<span class=\"_ _1be\"> </span> derivan de <span class=\"_ _1\"></span>ella <span class=\"_ _1\"></span>est\u00e1n condicionados <span class=\"_ _1\"></span>por la<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>primas establecidas por <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>Gobierno de <span class=\"_ _bb\"></span>Es<span class=\"_ _2\"></span>pa\u00f1a <span class=\"_ _1\"></span>(v\u00e9ase Anexo III).<span class=\"_ _1be\"> </span> ENCE h<span class=\"_ _2\"></span>ace un <span class=\"_ _2\"></span>seguimiento <span class=\"_ _2\"></span>pormenorizado <span class=\"_ _2\"></span>de los <span class=\"_ _2\"></span>cambios <span class=\"_ _2\"></span>regulatorios <span class=\"_ _2\"></span>a fin <span class=\"_ _2\"></span>de recoger <span class=\"_ _2\"></span>adecuadamente <span class=\"_ _2\"></span>su<span class=\"_ _1be\"> </span> impacto en los estad<span class=\"_ _2\"></span>os financieros.<span class=\"_ _2\"></span> 5.2<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Riesgo de Cr\u00e9d<span class=\"_ _1\"></span>ito<span class=\"_ _1be\"> </span></span><span class=\"fc3\"> </span>El <span class=\"_ _1\"></span>riesgo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cr\u00e9dito <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>define como <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>posibilidad <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>un terce<span class=\"_ _1\"></span>ro <span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>cumpla con <span class=\"_ _1\"></span>sus obligaciones de <span class=\"_ _1\"></span>pago,<span class=\"_ _1be\"> </span> originando <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>ello <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>\u00e9rdidas <span class=\"_ _c0\"></span>crediticias. <span class=\"_ _c0\"></span>Es<span class=\"_ _2\"></span>te <span class=\"_ _4\"></span>riesgo,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _c0\"></span>mayor <span class=\"_ _c0\"></span>parte, <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>eval\u00fa<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>trola <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>ENCE <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span> forma individualizad<span class=\"_ _2\"></span>a para cada cliente.<span class=\"_ _2\"></span> El <span class=\"_ _2\"></span>Grupo <span class=\"_ _2\"></span>eval\u00faa <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>peri\u00f3dica <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>existencia <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>evidencias <span class=\"_ _2\"></span>objetiv<span class=\"_ _2\"></span>as d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>deterioro <span class=\"_ _2\"></span>de v<span class=\"_ _2\"></span>alor <span class=\"_ _2\"></span>despu\u00e9s <span class=\"_ _2\"></span>del<span class=\"_ _1be\"> </span> reconocimiento <span class=\"_ _1\"></span>inicial <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>a<span class=\"_ _2\"></span>ctivo <span class=\"_ _1\"></span>financiero. <span class=\"_ _bb\"></span>Entre <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>factores <span class=\"_ _bb\"></span>cons<span class=\"_ _2\"></span>iderados <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>dicha <span class=\"_ _1\"></span>evaluaci\u00f3n <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>estacan;<span class=\"_ _1be\"> </span> las <span class=\"_ _0\"></span>cob<span class=\"_ _2\"></span>erturas <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>seguro <span class=\"_ _c3\"></span>de <span class=\"_ _c0\"></span>cr\u00e9dito <span class=\"_ _c3\"></span>disponibles<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>antig\u00fcedad <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>deuda, <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>existencia <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>situaciones<span class=\"_ _1be\"> </span> concursales,  y  los <span class=\"_ _c2\"> </span>an<span class=\"_ _2\"></span>\u00e1lisis  d<span class=\"_ _1\"></span>e  solvencia <span class=\"_ _c5\"> </span>para  evaluar  la <span class=\"_ _c2\"> </span>capacidad  del  cliente <span class=\"_ _c2\"> </span>para  devolver  el <span class=\"_ _c5\"> </span>cr\u00e9dito<span class=\"_ _1be\"> </span> concedido.<span class=\"_ _1be\"> </span> Deudores comerciales y <span class=\"_ _2\"></span>otras cuen<span class=\"_ _2\"></span>tas a cobrar<span class=\"_ _2\"></span> Los s<span class=\"_ _2\"></span>aldos comerciales <span class=\"_ _2\"></span>se reflejan <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>Estad<span class=\"_ _2\"></span>o de <span class=\"_ _4\"></span>Situaci\u00f3n Financiera <span class=\"_ _2\"></span>consolida<span class=\"_ _2\"></span>do netos <span class=\"_ _2\"></span>de deterioro. <span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span> deterioros <span class=\"_ _c2\"> </span>registrados<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>31 <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>diciembre <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>2022 <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>202<span class=\"_ _2\"></span>1 <span class=\"_ _c2\"> </span>ascienden <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>4.302 <span class=\"_ _c5\"> </span>miles <span class=\"_ _c3\"> </span>\u20ac<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>4.485 <span class=\"_ _c2\"> </span>miles <span class=\"_ _c2\"> </span>\u20ac,<span class=\"_ _2\"></span> respectivamente. <span class=\"_ _0\"></span>En <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>siguie<span class=\"_ _2\"></span>nte <span class=\"_ _0\"></span>cuadro <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>etalla <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>antig\u00fcedad <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>deuda <span class=\"_ _c3\"></span>comercial <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>deterioro<span class=\"ls14\">s<span class=\"_ _1be\"> </span></span><span class=\"ls14\"> </span>registrados (inclu<span class=\"_ _2\"></span>ye p\u00e9rdida esperada):<span class=\"_ _2\"></span> ENCE <span class=\"_ _0\"></span>cuenta <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sistemas <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>pios <span class=\"_ _0\"></span>para <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>evaluaci\u00f3n <span class=\"_ _0\"></span>crediticia <span class=\"_ _0\"></span>permanente <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>todos <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _0\"></span>deudores <span class=\"_ _0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span> determinaci\u00f3n de l\u00edmites de riesgo por contraparte, que se basan<span class=\"_ _2\"></span> en informaci\u00f3n de solv<span class=\"_ _2\"></span>encia disponible, y<span class=\"_ _1be\"> </span> en <span class=\"_ _bb\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>an<span class=\"_ _2\"></span>\u00e1lisis <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>evaluaci\u00f3n <span class=\"_ _1\"></span>crediticia <span class=\"_ _bb\"></span>real<span class=\"_ _2\"></span>izados <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>entidades <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _bb\"></span>seguro <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cr\u00e9dito <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>reconocido <span class=\"_ _1\"></span>prestigio.<span class=\"_ _1be\"> </span> <div class=\"c_1 w37 h96 gs91\"><div class=\"t_1 mc x91 h97 y5ba ff3 fs1b fc0_1 sc0_1 ls0_1 ws0_1\">Ne<span class=\"_ _1\"></span>goci<span class=\"_ _1\"></span>o Celul<span class=\"_ _1\"></span>osa<span class=\"_ _80\"> </span>Ne<span class=\"_ _1\"></span>goci<span class=\"_ _1\"></span>o Energ\u00ed<span class=\"_ _1\"></span>a</div><div class=\"t_1 mc x9 h97 y5bb ff6 fs1b fc0_1 sc0_1 ls0_1 ws0_1\">Miles \u20ac<span class=\"_ _e6\"> </span><span class=\"ff3 ls2c\">2022<span class=\"_ _43\"> </span>2021<span class=\"_ _e7\"> </span>2022<span class=\"_ _43\"> </span>2021</span></div><div class=\"t_1 mc x9 h98 y5bc ff4 fs1b fc0_1 sc0_1 ls0_1 ws0_1\">Tipo<span class=\"_ _2\"></span> inter\u00e9s<span class=\"_ _2\"></span> fijo<span class=\"_ _e8\"> </span>100.300<span class=\"_ _9e\"> </span>196.066<span class=\"_ _33\"> </span>13<span class=\"_ _1\"></span>4.038<span class=\"_ _8\"> </span>1<span class=\"_ _1\"></span>58.687</div><div class=\"t_1 mc x9 h98 y5bd ff4 fs1b fc0_1 sc0_1 ls0_1 ws0_1\">Tipo<span class=\"_ _2\"></span> inter\u00e9s<span class=\"_ _2\"></span> Variab<span class=\"_ _2\"></span>le<span class=\"_ _4f\"> </span>58.000<span class=\"_ _28\"> </span>35.000<span class=\"_ _aa\"> </span>16.012<span class=\"_ _28\"> </span>34.763</div><div class=\"t_1 mc x9 h98 y5be ff4 fs1b fc0_1 sc0_1 ls0_1 ws0_1\">Com<span class=\"_ _2\"></span>isio<span class=\"_ _2\"></span>nes<span class=\"_ _2\"></span> e intereses<span class=\"_ _35\"> </span><span class=\"ls2c\">647<span class=\"_ _7a\"> </span>15<span class=\"_ _8f\"> </span></span>(1.<span class=\"_ _2\"></span>071)<span class=\"_ _e9\"> </span>(1.891)</div><div class=\"t_1 mc x9 h97 y5bf ff4 fs1b fc0_1 sc0_1 ls0_1 ws0_1\">Total d<span class=\"_ _2\"></span>eud<span class=\"_ _2\"></span>a f<span class=\"_ _2\"></span>ina<span class=\"_ _2\"></span>nciera<span class=\"_ _2\"></span> (Nota 29)<span class=\"_ _8e\"> </span><span class=\"ff3\">158.9<span class=\"_ _1\"></span>47<span class=\"_ _8\"> </span>23<span class=\"_ _1\"></span>1.081<span class=\"_ _ea\"> </span>148.9<span class=\"_ _1\"></span>79<span class=\"_ _8\"> </span>19<span class=\"_ _1\"></span>1.559</span></div></div><div class=\"c_1 w38 h99 gs93\"><div class=\"t_1 md x73 h9a y5c1 ff3 fs1c fc0_1 sc0_1 ls0_1 ws0_1\">31/<span class=\"_ _1\"></span>12/<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>22<span class=\"_ _44\"> </span>3<span class=\"_ _1\"></span>1/<span class=\"_ _1\"></span>12/<span class=\"_ _1\"></span>202<span class=\"_ _1\"></span>1</div></div><div class=\"c_1 w38 h9b gs94\"><div class=\"t_1 md x9 h9c y5c3 ff7 fs1d fc0_1 sc0_1 ls0_1 ws0_1\">Miles \u20ac<span class=\"_ _eb\"> </span><span class=\"ff3\">Saldo a <span class=\"_ _2\"></span>cobrar<span class=\"_ _ec\"> </span>Deterioro<span class=\"_ _ed\"> </span>Saldo a <span class=\"_ _2\"></span>cobrar<span class=\"_ _ec\"> </span>Deterioro</span></div></div><div class=\"c_1 w38 h9d gs95\"><div class=\"t_1 md x9 h9e y5c5 ff4 fs1c fc0_1 sc0_1 ls0_1 ws0_1\">No vencido</div></div><div class=\"c_1 w38 h99 gs96\"><div class=\"t_1 md x49 h9f y5c7 ff4 fs1d fc0_1 sc0_1 ls0_1 ws0_1\">40.10<span class=\"_ _1\"></span>6<span class=\"_ _cf\"> </span>-</div><div class=\"t_1 md xd h9e y5c1 ff4 fs1c fc0_1 sc0_1 ls0_1 ws0_1\">72.169<span class=\"_ _ee\"> </span>-</div></div><div class=\"c_1 w38 h9d gs95\"><div class=\"t_1 md x9 h9e y5c8 ff4 fs1c fc0_1 sc0_1 ls0_1 ws0_1\">Vencido 0- 30 d\u00edas</div></div><div class=\"c_1 w38 ha0 gs97\"><div class=\"t_1 md x8a h9f y5ca ff4 fs1d fc0_1 sc0_1 ls0_1 ws0_1\">7.732<span class=\"_ _cf\"> </span>-</div><div class=\"t_1 md x93 h9e y5cb ff4 fs1c fc0_1 sc0_1 ls0_1 ws0_1\">4.058<span class=\"_ _ee\"> </span>-</div></div><div class=\"c_1 w38 h9d gs95\"><div class=\"t_1 md x9 h9e y5cc ff4 fs1c fc0_1 sc0_1 ls0_1 ws0_1\">Vencido 30-180<span class=\"_ _1\"></span> d\u00eda<span class=\"_ _2\"></span>s</div></div><div class=\"c_1 w38 h99 gs98\"><div class=\"t_1 md x8a h9f y5ca ff4 fs1d fc0_1 sc0_1 ls0_1 ws0_1\">1.813<span class=\"_ _ef\"> </span><span class=\"ls2d\">27</span></div><div class=\"t_1 md x93 h9e y5cb ff4 fs1c fc0_1 sc0_1 ls0_1 ws0_1\">2.980<span class=\"_ _f0\"> </span><span class=\"ls2e\">247</span></div></div><div class=\"c_1 w38 h9d gs95\"><div class=\"t_1 md x9 h9e y5ce ff4 fs1c fc0_1 sc0_1 ls0_1 ws0_1\">Vencido &gt; 180 d\u00edas</div></div><div class=\"c_1 w38 h99 gs99\"><div class=\"t_1 md x8a h9f y5c7 ff4 fs1d fc0_1 sc0_1 ls0_1 ws0_1\">4.275<span class=\"_ _2e\"> </span>4.275<span class=\"_ _2e\"> </span>4.238<span class=\"_ _2e\"> </span>4.238</div></div><div class=\"c_1 w38 h9d gs95\"><div class=\"t_1 md x94 h9a y5d0 ff3 fs1c fc0_1 sc0_1 ls0_1 ws0_1\">53.92<span class=\"_ _1\"></span>6<span class=\"_ _f1\"> </span>4.302<span class=\"_ _28\"> </span>83.445<span class=\"_ _b9\"> </span>4.485</div></div><div class=\"c_1 w2_1 h57 gs9b\"><div class=\"t_1 m0_1 x60 h8_1 y20f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Negocio Celulosa<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y53e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _c0\"></span>riesgo <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>cr\u00e9dito <span class=\"_ _0\"></span>se <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>istribu<span class=\"_ _2\"></span>ye <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>200<span class=\"_ _2\"></span>-300 <span class=\"_ _0\"></span>clientes <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>tras <span class=\"_ _0\"></span>contrap<span class=\"_ _2\"></span>artes. <span class=\"_ _c0\"></span>La<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>concentra<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _c0\"></span>m\u00e1xi<span class=\"_ _2\"></span>ma <span class=\"_ _c0\"></span>de<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y211 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">riesgo con un t<span class=\"_ _2\"></span>ercero en 2022 y 2021 es<span class=\"_ _2\"></span> del 10% de las vent<span class=\"_ _2\"></span>as de celulosa.<span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y212 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Para <span class=\"_ _0\"></span>mitigar <span class=\"_ _0\"></span>este <span class=\"_ _0\"></span>riesgo,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>opera <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>clientes <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>his<span class=\"_ _2\"></span>torial <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>cr\u00e9dito <span class=\"_ _0\"></span>sin <span class=\"_ _0\"></span>ins<span class=\"_ _2\"></span>olvencias <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>alta <span class=\"_ _c3\"></span>calidad<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y213 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">crediticia, <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>sigue <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>pol\u00edtica <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>vender <span class=\"_ _4\"></span>mayoritariamente <span class=\"_ _c0\"></span>a <span class=\"_ _4\"></span>clientes <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>disponen <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>cobertura <span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>los<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y214 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">programas <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>seguro <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cr\u00e9di<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>contratados<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _2\"></span>(que prop<span class=\"_ _2\"></span>orciona <span class=\"_ _2\"></span>aproximadamente <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cobertura<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y1c6 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del <span class=\"_ _c3\"></span>90% <span class=\"_ _c3\"></span>del <span class=\"_ _c3\"></span>importe <span class=\"_ _c3\"></span>facturado). <span class=\"_ _c3\"> </span>E<span class=\"_ _2\"></span>stas <span class=\"_ _c3\"> </span>medidas <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>complementan <span class=\"_ _c3\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"></span>ejecuci\u00f3n, <span class=\"_ _c3\"></span>peri\u00f3dicamente, <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y25f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">an\u00e1lisis <span class=\"_ _c4\"> </span>espec\u00edficos <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>s<span class=\"_ _2\"></span>olvencia <span class=\"_ _c4\"> </span>financiera <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>los <span class=\"_ _c7\"> </span>p<span class=\"_ _2\"></span>rincipales <span class=\"_ _c4\"> </span>clientes <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c7\"> </span>Grupo, <span class=\"_ _c4\"> </span>y <span class=\"_ _c4\"> </span>la <span class=\"_ _c4\"> </span>inclusi\u00f3n<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span><span class=\"ls18\">en</span> </div><div class=\"t_1 m0_1 x60 h8_1 y281 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">determinadas situ<span class=\"_ _2\"></span>aciones, d<span class=\"_ _2\"></span>e cl\u00e1usulas espec\u00edficas en los<span class=\"_ _2\"></span> contratos de venta dirigidas<span class=\"_ _2\"></span> a garantizar el cobro.<span class=\"_ _1be\"> </span><span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y282 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _2\"></span>calificaci\u00f3n <span class=\"_ _2\"></span>crediticia <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e n<span class=\"_ _2\"></span>uestros <span class=\"_ _2\"></span>clientes <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>aldos <span class=\"_ _2\"></span>pendientes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cobro <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ciembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y357 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">2021, considerando la<span class=\"_ _2\"></span> evaluaci\u00f3n real<span class=\"_ _2\"></span>izada por <span class=\"_ _2\"></span>nuestras aseguradoras es<span class=\"_ _2\"></span> la siguiente:<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x11 h8_1 y5d2 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x60 h8_1 y5d3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Negocio Energ\u00eda<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y5d4 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Durante <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>a\u00f1os <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>2021 la <span class=\"_ _4\"></span>energ\u00eda generada,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>acuerdo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>marco <span class=\"_ _2\"></span>regulatorio el\u00e9ctrico <span class=\"_ _4\"></span>en v<span class=\"_ _2\"></span>igor,<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y5d5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">se ha vendid<span class=\"_ _2\"></span>o a trav\u00e9s del Mercado<span class=\"_ _2\"></span> Ib\u00e9rico de Electricidad<span class=\"_ _2\"></span> (MIBEL), <span class=\"_ _2\"></span>cobran<span class=\"_ _2\"></span>do los ingreso<span class=\"_ _2\"></span>s del operador del<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y5d6 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">mercado OMIE que cuenta con un <span class=\"_ _1\"></span>sistema de garant\u00eda de <span class=\"_ _1\"></span>pagos, y de <span class=\"_ _1\"></span>la Comisi\u00f3n Nacional de <span class=\"_ _1\"></span>los Mercados<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y5d7 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">y  la <span class=\"_ _c6\"> </span>Competencia <span class=\"_ _c6\"> </span>(CNMC), <span class=\"_ _c6\"> </span>ente <span class=\"_ _c6\"> </span>regulador <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>los <span class=\"_ _c6\"> </span>mercados<span class=\"_ _2\"></span>  energ\u00e9ticos <span class=\"_ _c6\"> </span>de  E<span class=\"_ _2\"></span>spa\u00f1a, <span class=\"_ _c6\"> </span>dependiente <span class=\"_ _c6\"> </span>del<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y347 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Ministerio <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>In<span class=\"_ _2\"></span>dustria. <span class=\"_ _1\"></span>Al <span class=\"_ _1\"></span>tratarse <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>saldos <span class=\"_ _1\"></span>soportados <span class=\"_ _bb\"></span>en \u00fa<span class=\"_ _1\"></span>ltima <span class=\"_ _1\"></span>instancia <span class=\"_ _1\"></span>por <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>estado <span class=\"_ _bb\"></span>esp<span class=\"_ _2\"></span>a\u00f1ol, <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>p\u00e9rdida<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y5d8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">esperada consid<span class=\"_ _2\"></span>erada es nula.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h9_1 y5d9 ff3 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Tesorer\u00eda<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y5da ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">En relaci\u00f3n <span class=\"_ _1\"></span>al ep\u00edgrafe<span class=\"_ _1\"></span> \u201cEfectivo y <span class=\"_ _1\"></span>oros me<span class=\"_ _1\"></span>dios equivalente\u201d del <span class=\"_ _1\"></span>Estado de <span class=\"_ _1\"></span>Situaci\u00f3n Financiera <span class=\"_ _1\"></span>consolidado,<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y5db ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">el rating <span class=\"_ _2\"></span>promedio <span class=\"_ _2\"></span>de las con<span class=\"_ _2\"></span>trapartes es <span class=\"_ _2\"></span>el siguiente s<span class=\"_ _2\"></span>eg\u00fan la <span class=\"_ _2\"></span>escala de <span class=\"_ _2\"></span>la agencia <span class=\"_ _2\"></span>de calificaci\u00f3n Sta<span class=\"_ _2\"></span>ndard<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y5dc ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">&amp; Poor\u00b4s:<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x95 h8_1 y5dd ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div></div><div class=\"c_1 w39 ha2 gs9c\"><div class=\"t_1 me x97 ha3 y5df ff3 fs1e fc0_1 sc0_1 ls2f ws0_1\">2021<span class=\"_ _b9\"> </span>2022</div></div><div class=\"c_1 w39 ha4 gs9d\"><div class=\"t_1 me x9 ha5 y5e1 ff4 fs1e fc0_1 sc0_1 ls0_1 ws0_1\">Nivel d<span class=\"_ _1\"></span>e Riesg<span class=\"_ _1\"></span>o-</div><div class=\"t_1 me x27 ha5 y5e2 ff4 fs1e fc0_1 sc0_1 ls0_1 ws0_1\">Ba<span class=\"_ _2\"></span>jo<span class=\"_ _23\"> </span><span class=\"ls2f\">30%<span class=\"_ _2e\"> </span>34%</span></div><div class=\"t_1 me x27 ha5 y5e3 ff4 fs1e fc0_1 sc0_1 ls0_1 ws0_1\">Med<span class=\"_ _1\"></span>io<span class=\"_ _f2\"> </span><span class=\"ls2f\">50%<span class=\"_ _f3\"> </span>33%</span></div><div class=\"t_1 me x27 ha5 y5e4 ff4 fs1e fc0_1 sc0_1 ls0_1 ws0_1\">Med<span class=\"_ _1\"></span>io-<span class=\"_ _2\"></span>alto<span class=\"_ _ef\"> </span><span class=\"ls2f\">18%<span class=\"_ _f3\"> </span>26%</span></div></div><div class=\"c_1 w39 ha2 gs9e\"><div class=\"t_1 me x27 ha5 y5e6 ff4 fs1e fc0_1 sc0_1 ls0_1 ws0_1\">Al<span class=\"_ _1\"></span>to<span class=\"_ _e2\"> </span><span class=\"ls2f\">2%<span class=\"_ _42\"> </span>7%</span></div></div><div class=\"c_1 w3a ha6 gs9f\"><div class=\"t_1 mf x99 ha7 y5e8 ff3 fs1f fc0_1 sc0_1 ls30 ws0_1\">2022<span class=\"_ _33\"> </span>2021</div><div class=\"t_1 mf x9 ha8 y5e9 ff4 fs1f fc0_1 sc0_1 ls0_1 ws0_1\">Rating-</div><div class=\"t_1 mf x30 ha8 y5ea ff4 fs1f fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _f4\"> </span><span class=\"ls30\">60%<span class=\"_ _f5\"> </span>37%</span></div><div class=\"t_1 mf x30 ha8 y5eb ff4 fs1f fc0_1 sc0_1 ls31 ws0_1\">BBB<span class=\"_ _69\"> </span><span class=\"ls30\">24%<span class=\"_ _f5\"> </span>45%</span></div><div class=\"t_1 mf x30 ha8 y5ec ff4 fs1f fc0_1 sc0_1 ls31 ws0_1\">BB<span class=\"_ _f6\"> </span><span class=\"ls30\">16%<span class=\"_ _f5\"> </span>18%</span></div><div class=\"t_1 mf x30 ha8 y5ed ff4 fs1f fc0_1 sc0_1 ls0_1 ws0_1\">B<span class=\"_ _77\"> </span><span class=\"ls30\">0%<span class=\"_ _75\"> </span>0%</span></div></div>5.3<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Riesgos de liquid<span class=\"_ _1\"></span>ez y capita<span class=\"_ _1\"></span>l<span class=\"_ _1be\"> </span></span><span class=\"fc3\"> </span>La <span class=\"_ _2\"></span>exposici\u00f3n <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>situ<span class=\"_ _2\"></span>aciones <span class=\"_ _2\"></span>adversas <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>mercados<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>deuda <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>capitales <span class=\"_ _2\"></span>puede <span class=\"_ _2\"></span>dific<span class=\"_ _2\"></span>ultar <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>impedir <span class=\"_ _2\"></span>la<span class=\"_ _1be\"> </span> cobertura de <span class=\"_ _1\"></span>las necesidades f<span class=\"_ _1\"></span>inancieras que <span class=\"_ _1\"></span>se re<span class=\"_ _1\"></span>quieren para <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>desarrollo adecuado de <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> actividades <span class=\"_ _1\"></span>del<span class=\"_ _1be\"> </span> Grupo y su<span class=\"_ _2\"></span> Plan de Negocio futuro. <span class=\"_ _2\"></span> La <span class=\"_ _4\"></span>pol\u00edtica <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>liquidez <span class=\"_ _4\"></span>seguida <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>ENCE <span class=\"_ _4\"></span>est\u00e1 <span class=\"_ _4\"></span>orientada <span class=\"_ _4\"></span>a <span class=\"_ _4\"></span>garantizar <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>dispon<span class=\"_ _2\"></span>ibilidad <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>fondo<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>necesarios<span class=\"_ _1be\"> </span> para <span class=\"_ _c3\"> </span>as<span class=\"_ _2\"></span>egurar <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>cu<span class=\"_ _2\"></span>mplimiento <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>las <span class=\"_ _c3\"> </span>ob<span class=\"_ _2\"></span>ligaciones <span class=\"_ _c3\"> </span>adquiridas <span class=\"_ _c2\"> </span>y <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>desarrollo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>us <span class=\"_ _c3\"> </span>planes <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>negocio,<span class=\"_ _1be\"> </span> manteniendo en <span class=\"_ _2\"></span>todo <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>el nivel <span class=\"_ _2\"></span>\u00f3ptimo d<span class=\"_ _2\"></span>e recursos <span class=\"_ _2\"></span>l\u00edquidos<span class=\"_ _2\"></span> y p<span class=\"_ _2\"></span>rocurando la <span class=\"_ _2\"></span>mayor eficiencia <span class=\"_ _2\"></span>en la<span class=\"_ _1be\"> </span> gesti\u00f3n de los recurs<span class=\"_ _2\"></span>os financieros.<span class=\"_ _2\"></span> Cada uno de los dos negocios de ENCE se <span class=\"_ _1\"></span>financia y gestiona de manera individualizada, teniendo en cuenta<span class=\"_ _1be\"> </span> sus caracter\u00edsticas<span class=\"_ _2\"></span>, sin existir recursos o gara<span class=\"_ _2\"></span>nt\u00edas significativas en<span class=\"_ _2\"></span>tre <span class=\"_ _2\"></span>ambos.<span class=\"_ _1be\"> </span> Este <span class=\"_ _2\"></span>es <span class=\"_ _4\"></span>uno <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _2\"></span>riesgos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>se <span class=\"_ _4\"></span>siguen <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>mayor <span class=\"_ _2\"></span>at<span class=\"_ _2\"></span>enci\u00f3n <span class=\"_ _2\"></span>por <span class=\"_ _4\"></span>parte <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>ENCE, <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>para <span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>que <span class=\"_ _2\"></span>lleva <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>cab<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span> un <span class=\"_ _c3\"></span>control <span class=\"_ _0\"></span>y <span class=\"_ _c3\"> </span>seguimiento <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>ecesidades <span class=\"_ _c3\"></span>financieras <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>v<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>desde <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"></span>elaboraci\u00f3n <span class=\"_ _0\"></span>de <span class=\"_ _c3\"> </span>previsiones <span class=\"_ _c3\"></span>de<span class=\"_ _1be\"> </span> tesorer\u00eda <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>planificaci\u00f3n <span class=\"_ _c3\"> </span>finan<span class=\"_ _2\"></span>ciera <span class=\"_ _0\"></span>q<span class=\"_ _2\"></span>ue <span class=\"_ _c3\"></span>acompa\u00f1a <span class=\"_ _c3\"></span>a <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>presupuestos <span class=\"_ _c3\"></span>anuales <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>al <span class=\"_ _c3\"> </span>plan <span class=\"_ _c3\"></span>estrat\u00e9gico, <span class=\"_ _c3\"></span>y<span class=\"_ _1be\"> </span> mantiene <span class=\"_ _2\"></span>fuentes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>financiaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>diversificadas <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>estables q<span class=\"_ _2\"></span>ue <span class=\"_ _2\"></span>permiten el <span class=\"_ _2\"></span>acceso <span class=\"_ _2\"></span>eficie<span class=\"_ _2\"></span>nte <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>los mercados<span class=\"_ _2\"></span> financieros, <span class=\"_ _c2\"> </span>todo <span class=\"_ _c2\"> </span>ello <span class=\"_ _c2\"> </span>en <span class=\"_ _c2\"> </span>el <span class=\"_ _c3\"> </span>marco <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>un<span class=\"_ _2\"></span>a <span class=\"_ _c2\"> </span>estructura <span class=\"_ _c2\"> </span>financiera <span class=\"_ _c2\"> </span>que <span class=\"_ _c2\"> </span>resulta <span class=\"_ _c2\"> </span>compatible <span class=\"_ _c2\"> </span>con <span class=\"_ _c2\"> </span>el <span class=\"_ _c2\"> </span>nivel <span class=\"_ _c2\"> </span>de<span class=\"_ _1be\"> </span> calificaci\u00f3n crediticia actual.<span class=\"_ _2\"></span> En coherencia con esta pol\u00edtica de prudencia financiera ENCE mantiene al 31 <span class=\"_ _1\"></span>de diciembre de 2022 <span class=\"_ _1\"></span>recursos<span class=\"_ _1be\"> </span> en ef<span class=\"_ _1\"></span>ectivo y <span class=\"_ _1\"></span>otros instrumentos <span class=\"_ _1\"></span>financieros l\u00edquidos <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>l\u00edneas <span class=\"_ _1\"></span>de cr\u00e9dito <span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>dispuestas sufic<span class=\"_ _1\"></span>ientes para <span class=\"_ _1\"></span>cubrir<span class=\"_ _1be\"> </span> ampliamente todas<span class=\"_ _2\"></span> sus obligaciones a corto<span class=\"_ _2\"></span> plazo.<span class=\"_ _1be\"> </span> Asimismo, <span class=\"_ _c2\"> </span>se <span class=\"_ _c2\"> </span>ha <span class=\"_ _c5\"> </span>establecido <span class=\"_ _c2\"> </span>un <span class=\"_ _c2\"> </span>niv<span class=\"_ _2\"></span>el <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>end<span class=\"_ _2\"></span>eudamiento<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>neto <span class=\"_ _c2\"> </span>objetivo <span class=\"_ _c2\"> </span>ad<span class=\"_ _2\"></span>aptado <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>perfil <span class=\"_ _c2\"> </span>de<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>potencial<span class=\"_ _1be\"> </span> volatilidad <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>los <span class=\"_ _4\"></span>ingresos <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>distintos <span class=\"_ _4\"></span>negocios <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Grupo. <span class=\"_ _4\"></span>En <span class=\"_ _4\"></span>este <span class=\"_ _2\"></span>sentid<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>dicho <span class=\"_ _2\"></span>nivel <span class=\"_ _4\"></span>objetivo <span class=\"_ _4\"></span>para <span class=\"_ _4\"></span>el<span class=\"_ _1be\"> </span> Negocio <span class=\"_ _c3\"> </span>Celulosa <span class=\"_ _c3\"> </span>s<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>ha <span class=\"_ _c3\"> </span>establecido <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>2,5 <span class=\"_ _c2\"> </span>vece<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>resulta<span class=\"_ _2\"></span>do <span class=\"_ _c3\"> </span>bruto <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>explotaci\u00f3n <span class=\"_ _c3\"> </span>(EBITDA) <span class=\"_ _c3\"> </span>recurr<span class=\"_ _2\"></span>ente<span class=\"_ _1be\"> </span> considerando <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>precio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>celulosa <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el d\u00f3<span class=\"_ _2\"></span>lar <span class=\"_ _2\"></span>medios <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>el cic<span class=\"_ _2\"></span>lo, <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>4<span class=\"_ _4\"></span>-5 <span class=\"_ _2\"></span>veces <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>Negocio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Energ\u00eda<span class=\"_ _1be\"> </span> Renovable.  La  deuda  finan<span class=\"_ _2\"></span>ciera  neta  y <span class=\"_ _c6\"> </span>el  EBITDA  s<span class=\"_ _2\"></span>on  magnitudes <span class=\"_ _c6\"> </span>no  d<span class=\"_ _2\"></span>esglosadas <span class=\"_ _c6\"> </span>en  los  esta<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s  finan<span class=\"_ _2\"></span>cieros.  Su<span class=\"_ _1be\"> </span> cuantificaci\u00f3n <span class=\"_ _2\"></span>as\u00ed como <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>reconciliaci\u00f3n con<span class=\"_ _2\"></span> los<span class=\"_ _2\"></span> estados <span class=\"_ _2\"></span>financieros se <span class=\"_ _4\"></span>detallan <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>Anexo I <span class=\"_ _2\"></span>al In<span class=\"_ _2\"></span>forme de<span class=\"_ _1be\"> </span> Gesti\u00f3n <span class=\"_ _2\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _2\"></span>Actividad <span class=\"_ _4\"></span>del <span class=\"_ _4\"></span>Grupo <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>2022. <span class=\"_ _4\"></span>El <span class=\"_ _2\"></span>endeud<span class=\"_ _2\"></span>amiento <span class=\"_ _4\"></span>neto <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>negocios <span class=\"_ _4\"></span>al <span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>1 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>dici<span class=\"_ _2\"></span>embre<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span> 2022 y 2021 calculado<span class=\"_ _2\"></span> com<span class=\"ff6\">o \u201c<span class=\"_ _2\"></span>deuda financiera neta / E<span class=\"_ _2\"></span>BITDA\u201d es el siguiente:<span class=\"_ _2\"></span></span> (*)  <span class=\"_ _c2\"> </span><span class=\"fs20\">En <span class=\"_ _0\"></span>la <span class=\"_ _c0\"></span>determinaci\u00f3n <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>EBITDA <span class=\"_ _0\"></span>del <span class=\"_ _c0\"></span>ejercicio <span class=\"_ _c0\"></span>2021 <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>Negocio <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>nerg\u00eda <span class=\"_ _c0\"></span>hay <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>tener <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>cuenta <span class=\"_ _c0\"></span>dos <span class=\"_ _c0\"></span>eventos <span class=\"_ _c0\"></span>considerados<span class=\"_ _1be\"> </span></span><span class=\"fs20\"> </span>\u201cextraordi<span class=\"_ _1\"></span>narios\u201d <span class=\"_ _1\"></span>que<span class=\"_ _1\"></span> <span class=\"ff4\">t<span class=\"_ _1\"></span>uvieron <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>impacto <span class=\"_ _1\"></span>relevante<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>las <span class=\"_ _bb\"></span>operaciones <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>resultad<span class=\"_ _1\"></span>os <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>gocio; <span class=\"_ _1\"></span>1) <span class=\"_ _bb\"></span>aver\u00eda <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>instal<span class=\"_ _1\"></span>aci\u00f3n <span class=\"_ _1\"></span>Huelva<span class=\"_ _1be\"> </span></span><span class=\"ff4\"> </span>50 M<span class=\"_ _1\"></span>W y <span class=\"_ _1\"></span>2) <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>as c<span class=\"_ _1\"></span>obertur<span class=\"_ _1\"></span>as <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>venta <span class=\"_ _1\"></span>de el<span class=\"_ _1\"></span>ectricidad <span class=\"_ _1\"></span>cont<span class=\"_ _1\"></span>ratadas <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>forma <span class=\"_ _1\"></span>excepciona<span class=\"_ _1\"></span>l <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>2020, e<span class=\"_ _1\"></span>n <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>contexto <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>precio<span class=\"_ _1\"></span>s <span class=\"_ _1\"></span>m\u00ednimo<span class=\"ls32\">s<span class=\"_ _1be\"> </span></span><span class=\"ls32\"> </span>y de <span class=\"_ _2\"></span>elevada <span class=\"_ _2\"></span>incertidumbre<span class=\"_ _1\"></span> pr<span class=\"_ _2\"></span>ovocada por <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>propagaci\u00f3n del <span class=\"_ _2\"></span>COVID-19. <span class=\"_ _2\"></span>El <span class=\"_ _2\"></span><span class=\"ff6\">ratio \u201cDeuda <span class=\"_ _2\"></span>neta <span class=\"_ _2\"></span>/ E<span class=\"_ _2\"></span>BITDA\u201d del <span class=\"_ _2\"></span>Negocio Energ\u00eda <span class=\"_ _2\"></span>en<span class=\"_ _1be\"> </span></span><span class=\"ff6\"> </span>2021 <span class=\"ls34\">in<span class=\"ls0_1\">cluyendo<span class=\"_ _1\"></span> ambos efectos se<span class=\"_ _1\"></span> situar\u00eda en 6,8.<span class=\"_ _1be\"> </span></span></span><span class=\"ls34\"><span class=\"ls0_1\"> </span></span>Por <span class=\"_ _2\"></span>su <span class=\"_ _2\"></span>parte, <span class=\"_ _2\"></span>las <span class=\"_ _2\"></span>operaciones <span class=\"_ _2\"></span>corp<span class=\"_ _2\"></span>orativas <span class=\"_ _2\"></span>ejecutadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>2020 y<span class=\"_ _2\"></span> la <span class=\"_ _4\"></span>marcha <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>negocio <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>2021 <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>han<span class=\"_ _1be\"> </span> permitido reducir los niv<span class=\"_ _2\"></span>eles de endeudamiento<span class=\"_ _2\"></span> en el Nego<span class=\"_ _2\"></span>cio Celulosa de forma dr\u00e1s<span class=\"_ _2\"></span>tica. <span class=\"_ _4\"></span> Mi<span class=\"_ _1\"></span>ll<span class=\"_ _1\"></span>ones \u20ac<span class=\"_ _1be\"> </span>2022<span class=\"_ _84\"> </span>2021<span class=\"_ _84\"> </span>2022<span class=\"_ _f7\"> </span>2021<span class=\"_ _1be\"> </span>De<span class=\"_ _1\"></span>uda<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>r<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> net<span class=\"_ _1\"></span>a<span class=\"_ _1be\"> </span>(36<span class=\"_ _2\"></span>,1)<span class=\"_ _e\"> </span>(1<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,5)<span class=\"_ _1be\"> </span>6,1<span class=\"_ _51\"> </span>12<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>,2<span class=\"_ _1be\"> </span>EB<span class=\"_ _1\"></span>I<span class=\"_ _2\"></span>TDA<span class=\"_ _f8\"> </span>13<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>,7<span class=\"_ _9b\"> </span>89<span class=\"_ _2\"></span>,0<span class=\"_ _72\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>,8<span class=\"_ _9b\"> </span>17<span class=\"_ _2\"></span>,8<span class=\"_ _1be\"> </span>Ra<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>o Deuda<span class=\"_ _2\"></span> net<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> /EBITDA<span class=\"_ _1\"></span> (*<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>(0,3<span class=\"_ _2\"></span>)<span class=\"_ _8a\"> </span>(0<span class=\"_ _2\"></span>,2)<span class=\"_ _1be\"> </span>0,1<span class=\"_ _e9\"> </span>1<span class=\"_ _2\"></span>,5<span class=\"_ _1be\"> </span><div class=\"c_1 w3c hab gsa1\"><div class=\"t_1 m10 x37 hac y5fd ff3 fs21 fc0_1 sc0_1 ls0_1 ws0_1\">Ne<span class=\"_ _2\"></span>goci<span class=\"_ _1\"></span>o Celulos<span class=\"_ _1\"></span>a<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w3c hab gsa2\"><div class=\"t_1 m10 x12 hac y5fd ff3 fs21 fc0_1 sc0_1 ls0_1 ws0_1\">Ne<span class=\"_ _2\"></span>goci<span class=\"_ _1\"></span>o E<span class=\"_ _1\"></span>ner<span class=\"_ _2\"></span>g\u00eda<span class=\"_ _1be\"> </span></div></div>La informaci\u00f3n <span class=\"_ _1\"></span>relativa al <span class=\"_ _1\"></span>an\u00e1lisis de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>vencimie<span class=\"_ _1\"></span>ntos de <span class=\"_ _1\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>pasivos financieros a<span class=\"_ _1\"></span> que <span class=\"_ _1\"></span>hace <span class=\"_ _1\"></span>refere<span class=\"_ _1\"></span>ncia la NIIF<span class=\"_ _1\"></span> 7 se encuentra recogida en la<span class=\"_ _2\"></span> Nota 29 <span class=\"_ _2\"></span>de esta memoria.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-542": {
   "value": "5.1  Riesgos de mercado El riesgo de mercado es la p\u00e9rdida potencial ante movimientos adversos en las variables de mercado. El Grupo est\u00e1 expuesto a diversos tipos de riesgos de mercado: de precio de venta de la celulosa y la energ\u00eda  renovable, de tipo de cambio, de tipo de inter\u00e9s, de regulaci\u00f3n, y de precio de las materias primas utilizadas  en los procesos productivos.  ENCE realiza un seguimiento de la exposici\u00f3n al riesgo de mercado en t\u00e9rminos de sensibilidades. Estas se  complementan con otras medidas de gesti\u00f3n del riesgo en aquellas ocasiones en las que la naturaleza de  las posiciones de riesgo as\u00ed lo requiere, entre ellas, el establecimiento de l\u00edmites m\u00e1ximos de riesgo, que son  definidos por el Comit\u00e9 de Direcci\u00f3n y que se supervisan por un \u00e1rea independiente a la que realiza la  gesti\u00f3n.  Precio de la celulosa  El  precio  de  la  celulosa  BEKP  se  establece  en  un  mercado  activo  y  su  evoluci\u00f3n  determina  de  forma  significativa el volumen de ingresos y la rentabilidad del Grupo. Las variaciones del precio de la pasta de  celulosa modifican los flujos de efectivo obtenidos por su venta.  Adicionalmente, el precio de la celulosa tiene un marcado car\u00e1cter c\u00edclico habiendo experimentado una  considerable  volatilidad  de  precios  en  los  \u00faltimos  a\u00f1os.  Este  comportamiento  del  precio  est\u00e1  asociado  principalmente a cambios en los vol\u00famenes o condiciones en los que se establecen la oferta y la demanda, y a la situaci\u00f3n financiera de los distintos operadores del mercado. Para mitigar este riesgo el Grupo ha acometido en los \u00faltimos a\u00f1os importantes inversiones orientadas a  reducir sus costes de producci\u00f3n e incrementar la productividad y calidad del producto comercializado. Asimismo, se eval\u00faa de forma continua la posibilidad de utilizaci\u00f3n de coberturas sobre el precio de la pasta  para las ventas futuras, si bien, la oferta de estos instrumentos de cobertura es limitada.  La sensibilidad en el resultado de explotaci\u00f3n y el patrimonio neto (antes de impuestos) a variaciones en el  precio de venta de la celulosa se detalla a continuaci\u00f3n:  Precio de la energ\u00eda renovable  En lo que se refiere al riesgo de precio de la energ\u00eda renovable vendida por ENCE en el mercado el\u00e9ctrico espa\u00f1ol, el Real Decreto 413/2014 por el que se regula la actividad de producci\u00f3n de energ\u00eda el\u00e9ctrica a  partir de fuentes de energ\u00eda  renovable, cogeneraci\u00f3n  y  residuos  asegura  a las instalaciones acogidas al  R\u00e9gimen Retributivo Especial una rentabilidad m\u00ednima del 7,398% a lo largo de su vida regulatoria y hasta  2031 (v\u00e9ase Nota 10 y Anexo III). El Grupo comercializa toda la energ\u00eda generada con destino a terceros a trav\u00e9s del OMEL. Adicionalmente,  toda la capacidad de producci\u00f3n de ENCE en el mercado el\u00e9ctrico se encuentra sujeta a retribuci\u00f3n regulada.  El 2\u00ba semestre de 2021 y el a\u00f1o 2022 se han caracterizado por unos elevados precios de energ\u00eda en toda  Europa, situaci\u00f3n que provocar\u00e1 una menor retribuci\u00f3n a la inversi\u00f3n, al menos, en el pr\u00f3ximo semiperiodo regulatorio 2023-2025 y unas retribuciones a la operaci\u00f3n nulas (excepto en nuestra planta de generaci\u00f3n con gas) en los ejercicios 2023 y 2024 (v\u00e9ase Anexo III). Suministro de madera La madera de eucalipto es el principal insumo en la producci\u00f3n de pasta de celulosa y su precio est\u00e1 sujeto  a fluctuaciones derivadas de cambios en el equilibrio entre la oferta y la demanda en las zonas donde se  ubican las biof\u00e1bricas de producci\u00f3n de celulosa.  El riesgo derivado de una oferta insuficiente es mitigado principalmente a trav\u00e9s de la gesti\u00f3n de stocks, la  diversificaci\u00f3n de fuentes de suministro, as\u00ed como, de forma excepcional, a trav\u00e9s del acceso a mercados  internacionales alternativos, que incorporan un mayor coste log\u00edstico. La sensibilidad en el resultado de explotaci\u00f3n y el patrimonio neto (antes de impuestos) a variaciones en el  precio de la madera de eucalipto con destino celulosa se detalla a continuaci\u00f3n:  Tipo de cambio  Las ventas de celulosa del Grupo se realizan principalmente en el mercado europeo, si bien, los ingresos  provenientes de esta actividad se ven afectados por el tipo de cambio USD/EUR al estar denominado el  precio de venta de referencia de la celulosa en el mercado internacional en USD. En la medida en que la  Miles \u20ac Variaci\u00f3n  Precio Celulosa Efecto en resultado  explotaci\u00f3n  (-)/+ Efecto en patrimonio  neto (-)/+ 2022 Incremento 5% 31.274 31.274 Reducci\u00f3n 5% (31.274) (31.274) 2021 Incremento 5% 27.228 27.228 Reducci\u00f3n 5% (27.228) (27.228) Miles \u20ac Variaci\u00f3n  Precio Madera Efecto en resultado explotaci\u00f3n  (-)/+ Efecto en patrimonio  neto (-)/+ 2022 Incremento 5% (10.863) (10.863) Reducci\u00f3n 5% 10.863 10.863 2021 Incremento 5% (11.355) (11.355) Reducci\u00f3n 5% 11.355 11.355 moneada  funcional,  la  estructura  de  costes,  y  la  estructura  financiera  del  Grupo  est\u00e1n  denominadas  principalmente en euros, las fluctuaciones en el tipo de cambio entre el d\u00f3lar y el euro afectan de forma  significativa a los resultados del Grupo. Para  gestionar  y  minimizar  este  riesgo,  ENCE  realiza  un  seguimiento  permanente  de  su  exposici\u00f3n  a  fluctuaciones del tipo de cambio as\u00ed como de las previsiones de evoluci\u00f3n del tipo de cambio USD/EUR, y en ocasiones, utiliza estrategias de cobertura. Los  activos y  pasivos  del  grupo  expresados  en  moneda  extranjera  al  31 de  diciembre  de  2022  y  2021,  mayoritariamente en USD, son los siguientes:  La sensibilidad del resultado de explotaci\u00f3n y del patrimonio neto (antes de impuestos), a las apreciaciones  o depreciaciones del d\u00f3lar frente al euro se detalla a continuaci\u00f3n: Tipo de inter\u00e9s Las variaciones en los tipos de inter\u00e9s pueden afectar al ingreso o gasto por intereses de los activos y pasivos  financieros referenciados a un tipo de inter\u00e9s variable, pudiendo modificar tambi\u00e9n el valor razonable de los activos y pasivos financieros contratados a tipo de inter\u00e9s fijo. Adicionalmente, estas variaciones pueden  afectar al  valor  en  libros  de activos  y  pasivos  por  variaci\u00f3n  de  las  tasas  de  descuento  de  flujos  de  caja  aplicables, a la rentabilidad de las inversiones y al coste futuro de captaci\u00f3n de recursos financieros. El  endeudamiento  de  ENCE  proviene  de  aquellos  instrumentos  financieros  m\u00e1s  competitivos  en  cada  momento, tanto de mercados de capitales como bancarios, y de acuerdo a las condiciones de mercado que  sean  \u00f3ptimas  en  cada  uno  de  ellos.  As\u00ed mismo,  ENCE mitiga  este  riesgo  a  trav\u00e9s  de  la  contrataci\u00f3n  de  derivados de tipo de inter\u00e9s que intercambian flujos variables por fijos.  La estructura de la deuda financiera a 31 de diciembre de 2022 y 2021, una vez consideradas las coberturas  contratadas, es la siguiente:  Miles \u20ac2022 2021Efectivo 9.625 17.769Cuentas por cobrar 20.870 26.656Cuentas por pagar (10.524) (8.062)19.971 36.363Miles \u20acVariaci\u00f3n Tipo Cambio US$/\u20acEfecto en resultado explotaci\u00f3n (-)/+Efecto en patrimonio neto(-)/+2022 Apreciaci\u00f3n 5% 31.274 31.274Depreciaci\u00f3n 5% (31.274) (31.274)2021 Apreciaci\u00f3n 5% 27.228 27.228Depreciaci\u00f3n 5% (27.228) (27.228)La sensibilidad del resultado antes de impuestos a una variaci\u00f3n en 50 puntos b\u00e1sicos en el tipo de inter\u00e9s  es residual. Por su parte la sensibilidad del patrimonio neto (antes de impuestos) a la variaci\u00f3n de los tipos  de inter\u00e9s, supone en 2022 y 2021 impactos en la cuenta de resultados por importe de 0,4 y 1,8 millones \u20ac  aproximada y respectivamente. Regulaci\u00f3n  La actividad de generaci\u00f3n de energ\u00eda renovable es una actividad regulada por lo que los ingresos que se  derivan de ella est\u00e1n condicionados por las primas establecidas por el Gobierno de Espa\u00f1a (v\u00e9ase Anexo III).  ENCE hace un seguimiento pormenorizado de los cambios regulatorios a fin de recoger adecuadamente su  impacto en los estados financieros. Negocio Celulosa Negocio Energ\u00edaMiles \u20ac 2022 2021 2022 2021Tipo inter\u00e9s fijo 100.300 196.066 134.038 158.687Tipo inter\u00e9s Variable 58.000 35.000 16.012 34.763Comisiones e intereses 647 15 (1.071) (1.891)Total deuda financiera (Nota 29) 158.947 231.081 148.979 191.559",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-507": {
   "value": "5.2<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Riesgo de Cr\u00e9d<span class=\"_ _1\"></span>ito<span class=\"_ _1be\"> </span></span><span class=\"fc3\"> </span>El <span class=\"_ _1\"></span>riesgo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cr\u00e9dito <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>define como <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>posibilidad <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>un terce<span class=\"_ _1\"></span>ro <span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>cumpla con <span class=\"_ _1\"></span>sus obligaciones de <span class=\"_ _1\"></span>pago,<span class=\"_ _1be\"> </span> originando <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>ello <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>\u00e9rdidas <span class=\"_ _c0\"></span>crediticias. <span class=\"_ _c0\"></span>Es<span class=\"_ _2\"></span>te <span class=\"_ _4\"></span>riesgo,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _c0\"></span>mayor <span class=\"_ _c0\"></span>parte, <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>eval\u00fa<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>trola <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>ENCE <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span> forma individualizad<span class=\"_ _2\"></span>a para cada cliente.<span class=\"_ _2\"></span> El <span class=\"_ _2\"></span>Grupo <span class=\"_ _2\"></span>eval\u00faa <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>peri\u00f3dica <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>existencia <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>evidencias <span class=\"_ _2\"></span>objetiv<span class=\"_ _2\"></span>as d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>deterioro <span class=\"_ _2\"></span>de v<span class=\"_ _2\"></span>alor <span class=\"_ _2\"></span>despu\u00e9s <span class=\"_ _2\"></span>del<span class=\"_ _1be\"> </span> reconocimiento <span class=\"_ _1\"></span>inicial <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>a<span class=\"_ _2\"></span>ctivo <span class=\"_ _1\"></span>financiero. <span class=\"_ _bb\"></span>Entre <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>factores <span class=\"_ _bb\"></span>cons<span class=\"_ _2\"></span>iderados <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>dicha <span class=\"_ _1\"></span>evaluaci\u00f3n <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>estacan;<span class=\"_ _1be\"> </span> las <span class=\"_ _0\"></span>cob<span class=\"_ _2\"></span>erturas <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>seguro <span class=\"_ _c3\"></span>de <span class=\"_ _c0\"></span>cr\u00e9dito <span class=\"_ _c3\"></span>disponibles<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>antig\u00fcedad <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>deuda, <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>existencia <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>situaciones<span class=\"_ _1be\"> </span> concursales,  y  los <span class=\"_ _c2\"> </span>an<span class=\"_ _2\"></span>\u00e1lisis  d<span class=\"_ _1\"></span>e  solvencia <span class=\"_ _c5\"> </span>para  evaluar  la <span class=\"_ _c2\"> </span>capacidad  del  cliente <span class=\"_ _c2\"> </span>para  devolver  el <span class=\"_ _c5\"> </span>cr\u00e9dito<span class=\"_ _1be\"> </span> concedido.<span class=\"_ _1be\"> </span> Deudores comerciales y <span class=\"_ _2\"></span>otras cuen<span class=\"_ _2\"></span>tas a cobrar<span class=\"_ _2\"></span> Los s<span class=\"_ _2\"></span>aldos comerciales <span class=\"_ _2\"></span>se reflejan <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>Estad<span class=\"_ _2\"></span>o de <span class=\"_ _4\"></span>Situaci\u00f3n Financiera <span class=\"_ _2\"></span>consolida<span class=\"_ _2\"></span>do netos <span class=\"_ _2\"></span>de deterioro. <span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span> deterioros <span class=\"_ _c2\"> </span>registrados<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>31 <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>diciembre <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>2022 <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>202<span class=\"_ _2\"></span>1 <span class=\"_ _c2\"> </span>ascienden <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>4.302 <span class=\"_ _c5\"> </span>miles <span class=\"_ _c3\"> </span>\u20ac<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>4.485 <span class=\"_ _c2\"> </span>miles <span class=\"_ _c2\"> </span>\u20ac,<span class=\"_ _2\"></span> respectivamente. <span class=\"_ _0\"></span>En <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>siguie<span class=\"_ _2\"></span>nte <span class=\"_ _0\"></span>cuadro <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>etalla <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>antig\u00fcedad <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>deuda <span class=\"_ _c3\"></span>comercial <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>deterioro<span class=\"ls14\">s<span class=\"_ _1be\"> </span></span><span class=\"ls14\"> </span>registrados (inclu<span class=\"_ _2\"></span>ye p\u00e9rdida esperada):<span class=\"_ _2\"></span> ENCE <span class=\"_ _0\"></span>cuenta <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sistemas <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>pios <span class=\"_ _0\"></span>para <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>evaluaci\u00f3n <span class=\"_ _0\"></span>crediticia <span class=\"_ _0\"></span>permanente <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>todos <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _0\"></span>deudores <span class=\"_ _0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span> determinaci\u00f3n de l\u00edmites de riesgo por contraparte, que se basan<span class=\"_ _2\"></span> en informaci\u00f3n de solv<span class=\"_ _2\"></span>encia disponible, y<span class=\"_ _1be\"> </span> en <span class=\"_ _bb\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>an<span class=\"_ _2\"></span>\u00e1lisis <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>evaluaci\u00f3n <span class=\"_ _1\"></span>crediticia <span class=\"_ _bb\"></span>real<span class=\"_ _2\"></span>izados <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>entidades <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _bb\"></span>seguro <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cr\u00e9dito <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>reconocido <span class=\"_ _1\"></span>prestigio.<span class=\"_ _1be\"> </span> 31/<span class=\"_ _1\"></span>12/<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>22<span class=\"_ _44\"> </span>3<span class=\"_ _1\"></span>1/<span class=\"_ _1\"></span>12/<span class=\"_ _1\"></span>202<span class=\"_ _1\"></span>1Miles \u20ac<span class=\"_ _eb\"> </span><span class=\"ff3\">Saldo a <span class=\"_ _2\"></span>cobrar<span class=\"_ _ec\"> </span>Deterioro<span class=\"_ _ed\"> </span>Saldo a <span class=\"_ _2\"></span>cobrar<span class=\"_ _ec\"> </span>Deterioro</span>No vencido40.10<span class=\"_ _1\"></span>6<span class=\"_ _cf\"> </span>-72.169<span class=\"_ _ee\"> </span>-Vencido 0- 30 d\u00edas7.732<span class=\"_ _cf\"> </span>-4.058<span class=\"_ _ee\"> </span>-Vencido 30-180<span class=\"_ _1\"></span> d\u00eda<span class=\"_ _2\"></span>s1.813<span class=\"_ _ef\"> </span><span class=\"ls2d\">27</span>2.980<span class=\"_ _f0\"> </span><span class=\"ls2e\">247</span>Vencido &gt; 180 d\u00edas4.275<span class=\"_ _2e\"> </span>4.275<span class=\"_ _2e\"> </span>4.238<span class=\"_ _2e\"> </span>4.23853.92<span class=\"_ _1\"></span>6<span class=\"_ _f1\"> </span>4.302<span class=\"_ _28\"> </span>83.445<span class=\"_ _b9\"> </span>4.485Negocio Celulosa<span class=\"_ _2\"></span> El <span class=\"_ _c0\"></span>riesgo <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>cr\u00e9dito <span class=\"_ _0\"></span>se <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>istribu<span class=\"_ _2\"></span>ye <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>200<span class=\"_ _2\"></span>-300 <span class=\"_ _0\"></span>clientes <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>tras <span class=\"_ _0\"></span>contrap<span class=\"_ _2\"></span>artes. <span class=\"_ _c0\"></span>La<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>concentra<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _c0\"></span>m\u00e1xi<span class=\"_ _2\"></span>ma <span class=\"_ _c0\"></span>de<span class=\"_ _2\"></span> riesgo con un t<span class=\"_ _2\"></span>ercero en 2022 y 2021 es<span class=\"_ _2\"></span> del 10% de las vent<span class=\"_ _2\"></span>as de celulosa.<span class=\"_ _4\"></span> Para <span class=\"_ _0\"></span>mitigar <span class=\"_ _0\"></span>este <span class=\"_ _0\"></span>riesgo,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>opera <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>clientes <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>his<span class=\"_ _2\"></span>torial <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>cr\u00e9dito <span class=\"_ _0\"></span>sin <span class=\"_ _0\"></span>ins<span class=\"_ _2\"></span>olvencias <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>alta <span class=\"_ _c3\"></span>calidad<span class=\"_ _1be\"> </span> crediticia, <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>sigue <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>pol\u00edtica <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>vender <span class=\"_ _4\"></span>mayoritariamente <span class=\"_ _c0\"></span>a <span class=\"_ _4\"></span>clientes <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>disponen <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>cobertura <span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>los<span class=\"_ _1be\"> </span> programas <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>seguro <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cr\u00e9di<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>contratados<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _2\"></span>(que prop<span class=\"_ _2\"></span>orciona <span class=\"_ _2\"></span>aproximadamente <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cobertura<span class=\"_ _1be\"> </span> del <span class=\"_ _c3\"></span>90% <span class=\"_ _c3\"></span>del <span class=\"_ _c3\"></span>importe <span class=\"_ _c3\"></span>facturado). <span class=\"_ _c3\"> </span>E<span class=\"_ _2\"></span>stas <span class=\"_ _c3\"> </span>medidas <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>complementan <span class=\"_ _c3\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"></span>ejecuci\u00f3n, <span class=\"_ _c3\"></span>peri\u00f3dicamente, <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span> an\u00e1lisis <span class=\"_ _c4\"> </span>espec\u00edficos <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>s<span class=\"_ _2\"></span>olvencia <span class=\"_ _c4\"> </span>financiera <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>los <span class=\"_ _c7\"> </span>p<span class=\"_ _2\"></span>rincipales <span class=\"_ _c4\"> </span>clientes <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c7\"> </span>Grupo, <span class=\"_ _c4\"> </span>y <span class=\"_ _c4\"> </span>la <span class=\"_ _c4\"> </span>inclusi\u00f3n<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span><span class=\"ls18\">en</span> determinadas situ<span class=\"_ _2\"></span>aciones, d<span class=\"_ _2\"></span>e cl\u00e1usulas espec\u00edficas en los<span class=\"_ _2\"></span> contratos de venta dirigidas<span class=\"_ _2\"></span> a garantizar el cobro.<span class=\"_ _1be\"> </span><span class=\"_ _4\"></span> La <span class=\"_ _2\"></span>calificaci\u00f3n <span class=\"_ _2\"></span>crediticia <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e n<span class=\"_ _2\"></span>uestros <span class=\"_ _2\"></span>clientes <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>aldos <span class=\"_ _2\"></span>pendientes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cobro <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ciembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> 2021, considerando la<span class=\"_ _2\"></span> evaluaci\u00f3n real<span class=\"_ _2\"></span>izada por <span class=\"_ _2\"></span>nuestras aseguradoras es<span class=\"_ _2\"></span> la siguiente:<span class=\"_ _2\"></span> Negocio Energ\u00eda<span class=\"_ _2\"></span> Durante <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>a\u00f1os <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>2021 la <span class=\"_ _4\"></span>energ\u00eda generada,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>acuerdo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>marco <span class=\"_ _2\"></span>regulatorio el\u00e9ctrico <span class=\"_ _4\"></span>en v<span class=\"_ _2\"></span>igor,<span class=\"_ _1be\"> </span> se ha vendid<span class=\"_ _2\"></span>o a trav\u00e9s del Mercado<span class=\"_ _2\"></span> Ib\u00e9rico de Electricidad<span class=\"_ _2\"></span> (MIBEL), <span class=\"_ _2\"></span>cobran<span class=\"_ _2\"></span>do los ingreso<span class=\"_ _2\"></span>s del operador del<span class=\"_ _1be\"> </span> mercado OMIE que cuenta con un <span class=\"_ _1\"></span>sistema de garant\u00eda de <span class=\"_ _1\"></span>pagos, y de <span class=\"_ _1\"></span>la Comisi\u00f3n Nacional de <span class=\"_ _1\"></span>los Mercados<span class=\"_ _1be\"> </span> y  la <span class=\"_ _c6\"> </span>Competencia <span class=\"_ _c6\"> </span>(CNMC), <span class=\"_ _c6\"> </span>ente <span class=\"_ _c6\"> </span>regulador <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>los <span class=\"_ _c6\"> </span>mercados<span class=\"_ _2\"></span>  energ\u00e9ticos <span class=\"_ _c6\"> </span>de  E<span class=\"_ _2\"></span>spa\u00f1a, <span class=\"_ _c6\"> </span>dependiente <span class=\"_ _c6\"> </span>del<span class=\"_ _2\"></span> Ministerio <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>In<span class=\"_ _2\"></span>dustria. <span class=\"_ _1\"></span>Al <span class=\"_ _1\"></span>tratarse <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>saldos <span class=\"_ _1\"></span>soportados <span class=\"_ _bb\"></span>en \u00fa<span class=\"_ _1\"></span>ltima <span class=\"_ _1\"></span>instancia <span class=\"_ _1\"></span>por <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>estado <span class=\"_ _bb\"></span>esp<span class=\"_ _2\"></span>a\u00f1ol, <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>p\u00e9rdida<span class=\"_ _1be\"> </span> esperada consid<span class=\"_ _2\"></span>erada es nula.<span class=\"_ _2\"></span> Tesorer\u00eda<span class=\"_ _1be\"> </span> En relaci\u00f3n <span class=\"_ _1\"></span>al ep\u00edgrafe<span class=\"_ _1\"></span> \u201cEfectivo y <span class=\"_ _1\"></span>oros me<span class=\"_ _1\"></span>dios equivalente\u201d del <span class=\"_ _1\"></span>Estado de <span class=\"_ _1\"></span>Situaci\u00f3n Financiera <span class=\"_ _1\"></span>consolidado,<span class=\"_ _1be\"> </span> el rating <span class=\"_ _2\"></span>promedio <span class=\"_ _2\"></span>de las con<span class=\"_ _2\"></span>trapartes es <span class=\"_ _2\"></span>el siguiente s<span class=\"_ _2\"></span>eg\u00fan la <span class=\"_ _2\"></span>escala de <span class=\"_ _2\"></span>la agencia <span class=\"_ _2\"></span>de calificaci\u00f3n Sta<span class=\"_ _2\"></span>ndard<span class=\"_ _1be\"> </span> &amp; Poor\u00b4s:<span class=\"_ _1be\"> </span> 2021<span class=\"_ _b9\"> </span>2022Nivel d<span class=\"_ _1\"></span>e Riesg<span class=\"_ _1\"></span>o-Ba<span class=\"_ _2\"></span>jo<span class=\"_ _23\"> </span><span class=\"ls2f\">30%<span class=\"_ _2e\"> </span>34%</span>Med<span class=\"_ _1\"></span>io<span class=\"_ _f2\"> </span><span class=\"ls2f\">50%<span class=\"_ _f3\"> </span>33%</span>Med<span class=\"_ _1\"></span>io-<span class=\"_ _2\"></span>alto<span class=\"_ _ef\"> </span><span class=\"ls2f\">18%<span class=\"_ _f3\"> </span>26%</span>Al<span class=\"_ _1\"></span>to<span class=\"_ _e2\"> </span><span class=\"ls2f\">2%<span class=\"_ _42\"> </span>7%</span>2022<span class=\"_ _33\"> </span>2021Rating-A<span class=\"_ _f4\"> </span><span class=\"ls30\">60%<span class=\"_ _f5\"> </span>37%</span>BBB<span class=\"_ _69\"> </span><span class=\"ls30\">24%<span class=\"_ _f5\"> </span>45%</span>BB<span class=\"_ _f6\"> </span><span class=\"ls30\">16%<span class=\"_ _f5\"> </span>18%</span>B<span class=\"_ _77\"> </span><span class=\"ls30\">0%<span class=\"_ _75\"> </span>0%</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-518": {
   "value": "5.2<span class=\"ff5\"> <span class=\"_ _c8\"> </span></span><span class=\"fc3\">Riesgo de Cr\u00e9d<span class=\"_ _1\"></span>ito<span class=\"_ _1be\"> </span></span><span class=\"fc3\"> </span>El <span class=\"_ _1\"></span>riesgo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cr\u00e9dito <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>define como <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>posibilidad <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>que <span class=\"_ _1\"></span>un terce<span class=\"_ _1\"></span>ro <span class=\"_ _1\"></span>no <span class=\"_ _1\"></span>cumpla con <span class=\"_ _1\"></span>sus obligaciones de <span class=\"_ _1\"></span>pago,<span class=\"_ _1be\"> </span> originando <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>ello <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>\u00e9rdidas <span class=\"_ _c0\"></span>crediticias. <span class=\"_ _c0\"></span>Es<span class=\"_ _2\"></span>te <span class=\"_ _4\"></span>riesgo,<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _c0\"></span>mayor <span class=\"_ _c0\"></span>parte, <span class=\"_ _c0\"></span>se <span class=\"_ _4\"></span>eval\u00fa<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>trola <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>ENCE <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span> forma individualizad<span class=\"_ _2\"></span>a para cada cliente.<span class=\"_ _2\"></span> El <span class=\"_ _2\"></span>Grupo <span class=\"_ _2\"></span>eval\u00faa <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>forma <span class=\"_ _2\"></span>peri\u00f3dica <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>existencia <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>evidencias <span class=\"_ _2\"></span>objetiv<span class=\"_ _2\"></span>as d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>deterioro <span class=\"_ _2\"></span>de v<span class=\"_ _2\"></span>alor <span class=\"_ _2\"></span>despu\u00e9s <span class=\"_ _2\"></span>del<span class=\"_ _1be\"> </span> reconocimiento <span class=\"_ _1\"></span>inicial <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>a<span class=\"_ _2\"></span>ctivo <span class=\"_ _1\"></span>financiero. <span class=\"_ _bb\"></span>Entre <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>factores <span class=\"_ _bb\"></span>cons<span class=\"_ _2\"></span>iderados <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>dicha <span class=\"_ _1\"></span>evaluaci\u00f3n <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>estacan;<span class=\"_ _1be\"> </span> las <span class=\"_ _0\"></span>cob<span class=\"_ _2\"></span>erturas <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>seguro <span class=\"_ _c3\"></span>de <span class=\"_ _c0\"></span>cr\u00e9dito <span class=\"_ _c3\"></span>disponibles<span class=\"_ _2\"></span>, <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>antig\u00fcedad <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _c3\"> </span>deuda, <span class=\"_ _c3\"></span>la <span class=\"_ _0\"></span>existencia <span class=\"_ _0\"></span>de <span class=\"_ _c3\"></span>situaciones<span class=\"_ _1be\"> </span> concursales,  y  los <span class=\"_ _c2\"> </span>an<span class=\"_ _2\"></span>\u00e1lisis  d<span class=\"_ _1\"></span>e  solvencia <span class=\"_ _c5\"> </span>para  evaluar  la <span class=\"_ _c2\"> </span>capacidad  del  cliente <span class=\"_ _c2\"> </span>para  devolver  el <span class=\"_ _c5\"> </span>cr\u00e9dito<span class=\"_ _1be\"> </span> concedido.<span class=\"_ _1be\"> </span> Deudores comerciales y <span class=\"_ _2\"></span>otras cuen<span class=\"_ _2\"></span>tas a cobrar<span class=\"_ _2\"></span> Los s<span class=\"_ _2\"></span>aldos comerciales <span class=\"_ _2\"></span>se reflejan <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>Estad<span class=\"_ _2\"></span>o de <span class=\"_ _4\"></span>Situaci\u00f3n Financiera <span class=\"_ _2\"></span>consolida<span class=\"_ _2\"></span>do netos <span class=\"_ _2\"></span>de deterioro. <span class=\"_ _2\"></span>L<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span> deterioros <span class=\"_ _c2\"> </span>registrados<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>31 <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>diciembre <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>2022 <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>202<span class=\"_ _2\"></span>1 <span class=\"_ _c2\"> </span>ascienden <span class=\"_ _c2\"> </span>a <span class=\"_ _c2\"> </span>4.302 <span class=\"_ _c5\"> </span>miles <span class=\"_ _c3\"> </span>\u20ac<span class=\"_ _2\"></span> <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>4.485 <span class=\"_ _c2\"> </span>miles <span class=\"_ _c2\"> </span>\u20ac,<span class=\"_ _2\"></span> respectivamente. <span class=\"_ _0\"></span>En <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>siguie<span class=\"_ _2\"></span>nte <span class=\"_ _0\"></span>cuadro <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>etalla <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>antig\u00fcedad <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>deuda <span class=\"_ _c3\"></span>comercial <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>deterioro<span class=\"ls14\">s<span class=\"_ _1be\"> </span></span><span class=\"ls14\"> </span>registrados (inclu<span class=\"_ _2\"></span>ye p\u00e9rdida esperada):<span class=\"_ _2\"></span> ENCE <span class=\"_ _0\"></span>cuenta <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>sistemas <span class=\"_ _0\"></span>pro<span class=\"_ _2\"></span>pios <span class=\"_ _0\"></span>para <span class=\"_ _0\"></span>la <span class=\"_ _c3\"></span>evaluaci\u00f3n <span class=\"_ _0\"></span>crediticia <span class=\"_ _0\"></span>permanente <span class=\"_ _0\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>todos <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _0\"></span>deudores <span class=\"_ _0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>la<span class=\"_ _1be\"> </span> determinaci\u00f3n de l\u00edmites de riesgo por contraparte, que se basan<span class=\"_ _2\"></span> en informaci\u00f3n de solv<span class=\"_ _2\"></span>encia disponible, y<span class=\"_ _1be\"> </span> en <span class=\"_ _bb\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _bb\"></span>an<span class=\"_ _2\"></span>\u00e1lisis <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>evaluaci\u00f3n <span class=\"_ _1\"></span>crediticia <span class=\"_ _bb\"></span>real<span class=\"_ _2\"></span>izados <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>entidades <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _bb\"></span>seguro <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cr\u00e9dito <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>reconocido <span class=\"_ _1\"></span>prestigio.<span class=\"_ _1be\"> </span> 31/<span class=\"_ _1\"></span>12/<span class=\"_ _1\"></span>20<span class=\"_ _1\"></span>22<span class=\"_ _44\"> </span>3<span class=\"_ _1\"></span>1/<span class=\"_ _1\"></span>12/<span class=\"_ _1\"></span>202<span class=\"_ _1\"></span>1Miles \u20ac<span class=\"_ _eb\"> </span><span class=\"ff3\">Saldo a <span class=\"_ _2\"></span>cobrar<span class=\"_ _ec\"> </span>Deterioro<span class=\"_ _ed\"> </span>Saldo a <span class=\"_ _2\"></span>cobrar<span class=\"_ _ec\"> </span>Deterioro</span>No vencido40.10<span class=\"_ _1\"></span>6<span class=\"_ _cf\"> </span>-72.169<span class=\"_ _ee\"> </span>-Vencido 0- 30 d\u00edas7.732<span class=\"_ _cf\"> </span>-4.058<span class=\"_ _ee\"> </span>-Vencido 30-180<span class=\"_ _1\"></span> d\u00eda<span class=\"_ _2\"></span>s1.813<span class=\"_ _ef\"> </span><span class=\"ls2d\">27</span>2.980<span class=\"_ _f0\"> </span><span class=\"ls2e\">247</span>Vencido &gt; 180 d\u00edas4.275<span class=\"_ _2e\"> </span>4.275<span class=\"_ _2e\"> </span>4.238<span class=\"_ _2e\"> </span>4.23853.92<span class=\"_ _1\"></span>6<span class=\"_ _f1\"> </span>4.302<span class=\"_ _28\"> </span>83.445<span class=\"_ _b9\"> </span>4.485Negocio Celulosa<span class=\"_ _2\"></span> El <span class=\"_ _c0\"></span>riesgo <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>cr\u00e9dito <span class=\"_ _0\"></span>se <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>istribu<span class=\"_ _2\"></span>ye <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>200<span class=\"_ _2\"></span>-300 <span class=\"_ _0\"></span>clientes <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>tras <span class=\"_ _0\"></span>contrap<span class=\"_ _2\"></span>artes. <span class=\"_ _c0\"></span>La<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>concentra<span class=\"_ _2\"></span>ci\u00f3n <span class=\"_ _c0\"></span>m\u00e1xi<span class=\"_ _2\"></span>ma <span class=\"_ _c0\"></span>de<span class=\"_ _2\"></span> riesgo con un t<span class=\"_ _2\"></span>ercero en 2022 y 2021 es<span class=\"_ _2\"></span> del 10% de las vent<span class=\"_ _2\"></span>as de celulosa.<span class=\"_ _4\"></span> Para <span class=\"_ _0\"></span>mitigar <span class=\"_ _0\"></span>este <span class=\"_ _0\"></span>riesgo,<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>opera <span class=\"_ _0\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>clientes <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>un <span class=\"_ _0\"></span>his<span class=\"_ _2\"></span>torial <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>cr\u00e9dito <span class=\"_ _0\"></span>sin <span class=\"_ _0\"></span>ins<span class=\"_ _2\"></span>olvencias <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>alta <span class=\"_ _c3\"></span>calidad<span class=\"_ _1be\"> </span> crediticia, <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>sigue <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>pol\u00edtica <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>vender <span class=\"_ _4\"></span>mayoritariamente <span class=\"_ _c0\"></span>a <span class=\"_ _4\"></span>clientes <span class=\"_ _4\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>disponen <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>cobertura <span class=\"_ _4\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>los<span class=\"_ _1be\"> </span> programas <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>seguro <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cr\u00e9di<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>contratados<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _2\"></span>(que prop<span class=\"_ _2\"></span>orciona <span class=\"_ _2\"></span>aproximadamente <span class=\"_ _2\"></span>un<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>cobertura<span class=\"_ _1be\"> </span> del <span class=\"_ _c3\"></span>90% <span class=\"_ _c3\"></span>del <span class=\"_ _c3\"></span>importe <span class=\"_ _c3\"></span>facturado). <span class=\"_ _c3\"> </span>E<span class=\"_ _2\"></span>stas <span class=\"_ _c3\"> </span>medidas <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>complementan <span class=\"_ _c3\"> </span>con<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"></span>ejecuci\u00f3n, <span class=\"_ _c3\"></span>peri\u00f3dicamente, <span class=\"_ _c3\"> </span>de<span class=\"_ _1be\"> </span> an\u00e1lisis <span class=\"_ _c4\"> </span>espec\u00edficos <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>s<span class=\"_ _2\"></span>olvencia <span class=\"_ _c4\"> </span>financiera <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>los <span class=\"_ _c7\"> </span>p<span class=\"_ _2\"></span>rincipales <span class=\"_ _c4\"> </span>clientes <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c7\"> </span>Grupo, <span class=\"_ _c4\"> </span>y <span class=\"_ _c4\"> </span>la <span class=\"_ _c4\"> </span>inclusi\u00f3n<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span><span class=\"ls18\">en</span> determinadas situ<span class=\"_ _2\"></span>aciones, d<span class=\"_ _2\"></span>e cl\u00e1usulas espec\u00edficas en los<span class=\"_ _2\"></span> contratos de venta dirigidas<span class=\"_ _2\"></span> a garantizar el cobro.<span class=\"_ _1be\"> </span><span class=\"_ _4\"></span> La <span class=\"_ _2\"></span>calificaci\u00f3n <span class=\"_ _2\"></span>crediticia <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e n<span class=\"_ _2\"></span>uestros <span class=\"_ _2\"></span>clientes <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>aldos <span class=\"_ _2\"></span>pendientes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cobro <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>di<span class=\"_ _2\"></span>ciembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y<span class=\"_ _2\"></span> 2021, considerando la<span class=\"_ _2\"></span> evaluaci\u00f3n real<span class=\"_ _2\"></span>izada por <span class=\"_ _2\"></span>nuestras aseguradoras es<span class=\"_ _2\"></span> la siguiente:<span class=\"_ _2\"></span> Negocio Energ\u00eda<span class=\"_ _2\"></span> Durante <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>a\u00f1os <span class=\"_ _2\"></span>2022 <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>2021 la <span class=\"_ _4\"></span>energ\u00eda generada,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>acuerdo <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>marco <span class=\"_ _2\"></span>regulatorio el\u00e9ctrico <span class=\"_ _4\"></span>en v<span class=\"_ _2\"></span>igor,<span class=\"_ _1be\"> </span> se ha vendid<span class=\"_ _2\"></span>o a trav\u00e9s del Mercado<span class=\"_ _2\"></span> Ib\u00e9rico de Electricidad<span class=\"_ _2\"></span> (MIBEL), <span class=\"_ _2\"></span>cobran<span class=\"_ _2\"></span>do los ingreso<span class=\"_ _2\"></span>s del operador del<span class=\"_ _1be\"> </span> mercado OMIE que cuenta con un <span class=\"_ _1\"></span>sistema de garant\u00eda de <span class=\"_ _1\"></span>pagos, y de <span class=\"_ _1\"></span>la Comisi\u00f3n Nacional de <span class=\"_ _1\"></span>los Mercados<span class=\"_ _1be\"> </span> y  la <span class=\"_ _c6\"> </span>Competencia <span class=\"_ _c6\"> </span>(CNMC), <span class=\"_ _c6\"> </span>ente <span class=\"_ _c6\"> </span>regulador <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>los <span class=\"_ _c6\"> </span>mercados<span class=\"_ _2\"></span>  energ\u00e9ticos <span class=\"_ _c6\"> </span>de  E<span class=\"_ _2\"></span>spa\u00f1a, <span class=\"_ _c6\"> </span>dependiente <span class=\"_ _c6\"> </span>del<span class=\"_ _2\"></span> Ministerio <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>In<span class=\"_ _2\"></span>dustria. <span class=\"_ _1\"></span>Al <span class=\"_ _1\"></span>tratarse <span class=\"_ _bb\"></span>de <span class=\"_ _1\"></span>saldos <span class=\"_ _1\"></span>soportados <span class=\"_ _bb\"></span>en \u00fa<span class=\"_ _1\"></span>ltima <span class=\"_ _1\"></span>instancia <span class=\"_ _1\"></span>por <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>estado <span class=\"_ _bb\"></span>esp<span class=\"_ _2\"></span>a\u00f1ol, <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>p\u00e9rdida<span class=\"_ _1be\"> </span> esperada consid<span class=\"_ _2\"></span>erada es nula.<span class=\"_ _2\"></span> Tesorer\u00eda<span class=\"_ _1be\"> </span> En relaci\u00f3n <span class=\"_ _1\"></span>al ep\u00edgrafe<span class=\"_ _1\"></span> \u201cEfectivo y <span class=\"_ _1\"></span>oros me<span class=\"_ _1\"></span>dios equivalente\u201d del <span class=\"_ _1\"></span>Estado de <span class=\"_ _1\"></span>Situaci\u00f3n Financiera <span class=\"_ _1\"></span>consolidado,<span class=\"_ _1be\"> </span> el rating <span class=\"_ _2\"></span>promedio <span class=\"_ _2\"></span>de las con<span class=\"_ _2\"></span>trapartes es <span class=\"_ _2\"></span>el siguiente s<span class=\"_ _2\"></span>eg\u00fan la <span class=\"_ _2\"></span>escala de <span class=\"_ _2\"></span>la agencia <span class=\"_ _2\"></span>de calificaci\u00f3n Sta<span class=\"_ _2\"></span>ndard<span class=\"_ _1be\"> </span> &amp; Poor\u00b4s:<span class=\"_ _1be\"> </span> 2021<span class=\"_ _b9\"> </span>2022Nivel d<span class=\"_ _1\"></span>e Riesg<span class=\"_ _1\"></span>o-Ba<span class=\"_ _2\"></span>jo<span class=\"_ _23\"> </span><span class=\"ls2f\">30%<span class=\"_ _2e\"> </span>34%</span>Med<span class=\"_ _1\"></span>io<span class=\"_ _f2\"> </span><span class=\"ls2f\">50%<span class=\"_ _f3\"> </span>33%</span>Med<span class=\"_ _1\"></span>io-<span class=\"_ _2\"></span>alto<span class=\"_ _ef\"> </span><span class=\"ls2f\">18%<span class=\"_ _f3\"> </span>26%</span>Al<span class=\"_ _1\"></span>to<span class=\"_ _e2\"> </span><span class=\"ls2f\">2%<span class=\"_ _42\"> </span>7%</span>2022<span class=\"_ _33\"> </span>2021Rating-A<span class=\"_ _f4\"> </span><span class=\"ls30\">60%<span class=\"_ _f5\"> </span>37%</span>BBB<span class=\"_ _69\"> </span><span class=\"ls30\">24%<span class=\"_ _f5\"> </span>45%</span>BB<span class=\"_ _f6\"> </span><span class=\"ls30\">16%<span class=\"_ _f5\"> </span>18%</span>B<span class=\"_ _77\"> </span><span class=\"ls30\">0%<span class=\"_ _75\"> </span>0%</span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-538": {
   "value": "Para mitigar este riesgo, se opera con clientes con un historial de cr\u00e9dito sin insolvencias y alta calidad  crediticia, y se sigue la pol\u00edtica de vender mayoritariamente a clientes que disponen de cobertura por los  programas de seguro de cr\u00e9dito contratados por ENCE (que proporciona aproximadamente una cobertura  del 90% del importe facturado).  Estas  medidas  se  complementan  con  la ejecuci\u00f3n, peri\u00f3dicamente,  de  an\u00e1lisis  espec\u00edficos  de  solvencia  financiera  de  los  principales  clientes  del  Grupo,  y  la  inclusi\u00f3n,  en determinadas situaciones, de cl\u00e1usulas espec\u00edficas en los contratos de venta dirigidas a garantizar el cobro. La calificaci\u00f3n crediticia de nuestros clientes con saldos pendientes de cobro al 31 de diciembre de 2022 y 2021, considerando la evaluaci\u00f3n realizada por nuestras aseguradoras es la siguiente: 2021 2022Nivel de Riesgo-Bajo 30% 34%Medio 50% 33%Medio-alto 18% 26%Alto 2% 7%ENCE tiene contratado un seguro de responsabilidad civil que cubre a todos sus administradores y directivos  por da\u00f1os ocasionados por actos u omisiones en el ejercicio de su cargo. Su coste en 2022 y 2021 ha sido  de 94 miles \u20ac y 80 miles \u20ac, respectivamente. 17.4 Pol\u00edtica de seguros  La pol\u00edtica del Grupo es formalizar p\u00f3lizas de seguro para cubrir los posibles riesgos a que est\u00e1n sujetos los  diversos elementos de su inmovilizado material. Los Administradores de la Sociedad Dominante, as\u00ed como  sus asesores en esta materia, estiman que la cobertura de estos riesgos al 31 de diciembre de 2022 es  adecuada.  El Grupo mantiene al 31 de diciembre de 2022 contratos de compra a plazo de 20.000 derechos a un precio  medio de 88,65 euros por tonelada. Estos contratos previsiblemente se ejecutar\u00e1n en 2023. Por su parte,  el Grupo ejecut\u00f3 durante 2021 contratos de compra a plazo de 28.000 derechos de emisi\u00f3n a un precio de  63,25 euros por tonelada. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-543": {
   "value": "5.3  Riesgos de liquidez y capital  La exposici\u00f3n a situaciones adversas de los mercados de deuda o de capitales puede dificultar o impedir la  cobertura de las necesidades financieras que se requieren para el desarrollo adecuado de las actividades del  Grupo y su Plan de Negocio futuro.  La pol\u00edtica de liquidez seguida por ENCE est\u00e1 orientada a garantizar la disponibilidad de fondos necesarios  para  asegurar  el  cumplimiento  de  las  obligaciones  adquiridas  y  el  desarrollo  de  sus  planes  de  negocio,  manteniendo en todo momento el nivel \u00f3ptimo de recursos l\u00edquidos y procurando la mayor eficiencia en la  gesti\u00f3n de los recursos financieros. Cada uno de los dos negocios de ENCE se financia y gestiona de manera individualizada, teniendo en cuenta  sus caracter\u00edsticas, sin existir recursos o garant\u00edas significativas entre ambos.  Este es uno de los riesgos que se siguen con mayor atenci\u00f3n por parte de ENCE, y para el que lleva a cabo  un control y  seguimiento de sus necesidades financieras que va desde  la elaboraci\u00f3n de  previsiones de  tesorer\u00eda a la  planificaci\u00f3n  financiera que acompa\u00f1a a los presupuestos anuales y al  plan estrat\u00e9gico, y  mantiene fuentes de financiaci\u00f3n diversificadas y estables que permiten el acceso eficiente a los mercados financieros,  todo  ello  en  el  marco  de  una  estructura  financiera  que  resulta  compatible  con  el  nivel  de  calificaci\u00f3n crediticia actual. En coherencia con esta pol\u00edtica de prudencia financiera ENCE mantiene al 31 de diciembre de 2022 recursos  en efectivo y otros instrumentos financieros l\u00edquidos y l\u00edneas de cr\u00e9dito no dispuestas suficientes para cubrir  ampliamente todas sus obligaciones a corto plazo.  Asimismo,  se  ha  establecido  un  nivel  de  endeudamiento  neto  objetivo  adaptado  al  perfil  de  potencial  volatilidad de los ingresos de los distintos negocios del Grupo. En este sentido dicho nivel objetivo para el  Negocio  Celulosa  se ha  establecido  en  2,5  veces  el  resultado  bruto  de explotaci\u00f3n  (EBITDA)  recurrente  considerando un precio de la celulosa y del d\u00f3lar medios del ciclo, y de 4-5 veces en el Negocio de Energ\u00eda  Renovable.  La  deuda  financiera  neta  y  el  EBITDA  son  magnitudes  no  desglosadas  en  los  estados  financieros.  Su cuantificaci\u00f3n as\u00ed como su reconciliaci\u00f3n con los estados financieros se detallan en el Anexo I al Informe de Gesti\u00f3n sobre Actividad del Grupo en 2022. El endeudamiento neto de los negocios al 31 de diciembre de 2022 y 2021 calculado como \u201cdeuda financiera neta / EBITDA\u201d es el siguiente: (*)   En la determinaci\u00f3n del EBITDA del ejercicio 2021 en el Negocio Energ\u00eda hay que tener en cuenta dos eventos considerados \u201cextraordinarios\u201d que tuvieron un impacto relevante en las operaciones y resultados del negocio; 1) aver\u00eda en la instalaci\u00f3n Huelva 50 MW y 2) las coberturas de venta de electricidad contratadas de forma excepcional en 2020, en un contexto de precios m\u00ednimos y de elevada incertidumbre provocada por la propagaci\u00f3n del COVID-19. El ratio \u201cDeuda neta / EBITDA\u201d del Negocio Energ\u00eda en 2021 incluyendo ambos efectos se situar\u00eda en 6,8. Por su parte, las operaciones corporativas ejecutadas en 2020 y la marcha del negocio en 2021 y 2022 han permitido reducir los niveles de endeudamiento en el Negocio Celulosa de forma dr\u00e1stica.  Millones \u20ac 2022 2021 2022 2021 Deuda financiera neta (36,1) (19,5) 6,1 121,2 EBITDA 137,7 89,0 109,8 17,8 Ratio Deuda neta /EBITDA (*) (0,3) (0,2) 0,1 1,5 Negocio Celulosa Negocio Energ\u00eda La informaci\u00f3n relativa al an\u00e1lisis de los vencimientos de los pasivos financieros a que hace referencia la NIIF 7 se encuentra recogida en la Nota 29 de esta memoria. 29.2 Otros pasivos financieros  El detalle de este ep\u00edgrafe del Estado de Situaci\u00f3n Financiera Consolidado al 31 de diciembre de 2022 y 2021  es el siguiente:  La  cuenta  \u201cFinanciaci\u00f3n  organismos  p\u00fablicos\u201d  corresponde  fundamentalmente  a  pr\u00e9stamos  obtenidos,  normalmente  a  tipos  de  inter\u00e9s  favorables,  que financian proyectos  para  la  ampliaci\u00f3n  y  mejora  de  la  capacidad productiva de las biof\u00e1bricas de producci\u00f3n de celulosa, as\u00ed como el desarrollo de actividades de  Investigaci\u00f3n y Desarrollo en ENCE. Su plazo de amortizaci\u00f3n es de 10 a\u00f1os, con un periodo de carencia de 3 a\u00f1os, y devengan un tipo de inter\u00e9s fijo que se sit\u00faa en el rango 1%-2,29%.  022 Corto plazo Miles de Euros Saldo  Dispuesto 2023 2024 2025 2026 2027 Siguientes Total Largo  plazo Otros pasivos financieros Negocio CELULOSA - Financiaci\u00f3n organismos p\u00fablicos 49.973 8.340 8.234 8.109 8.109 6.221 10.960 41.633 Pasivos por derecho de uso (nota 18)           37.603               3.015               2.508               2.939               1.830               1.479             25.832             34.588 87.576 11.355 10.742 11.048 9.939 7.700 36.792 76.221 Otros pasivos financieros Negocio ENERGIA RENOVABLE - Pasivos por derecho de uso (nota 18) 1.697 661 389 288 192 50 117 1.036 1.697 661 389 288 192 50 117 1.036 89.273 12.016 11.131 11.336 10.131 7.750 36.909 77.257 Vencimiento en el a\u00f1o 2 021 Corto plazo Miles de Euros Saldo  Dispuesto 2022 2023 2024 2025 2026 Siguientes Total Largo  plazo Otros pasivos financieros Negocio CELULOSA - Financiaci\u00f3n organismos p\u00fablicos 58.038 6.371 8.049 8.618 8.464 8.464 18.072 51.667 Pasivos por derecho de uso (nota 18)           16.445               3.614               3.267               1.403               1.773                   940               5.447             12.830 74.483 9.985 11.316 10.021 10.237 9.404 23.519 64.497 Otros pasivos financieros Negocio ENERGIA RENOVABLE - Pasivos por derecho de uso (nota 18) 1.127                 381                   227                   191                   111                     35                   182 746 1.127 381 227 191 111 35 182 746 75.610 10.366 11.543 10.212 10.348 9.439 23.701 65.243 Vencimiento en el a\u00f1o ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-546": {
   "value": "5.3  Riesgos de liquidez y capital  La exposici\u00f3n a situaciones adversas de los mercados de deuda o de capitales puede dificultar o impedir la  cobertura de las necesidades financieras que se requieren para el desarrollo adecuado de las actividades del  Grupo y su Plan de Negocio futuro.  La pol\u00edtica de liquidez seguida por ENCE est\u00e1 orientada a garantizar la disponibilidad de fondos necesarios  para  asegurar  el  cumplimiento  de  las  obligaciones  adquiridas  y  el  desarrollo  de  sus  planes  de  negocio,  manteniendo en todo momento el nivel \u00f3ptimo de recursos l\u00edquidos y procurando la mayor eficiencia en la  gesti\u00f3n de los recursos financieros. Cada uno de los dos negocios de ENCE se financia y gestiona de manera individualizada, teniendo en cuenta  sus caracter\u00edsticas, sin existir recursos o garant\u00edas significativas entre ambos.  Este es uno de los riesgos que se siguen con mayor atenci\u00f3n por parte de ENCE, y para el que lleva a cabo  un control y  seguimiento de sus necesidades financieras que va desde  la elaboraci\u00f3n de  previsiones de  tesorer\u00eda a la  planificaci\u00f3n  financiera que acompa\u00f1a a los presupuestos anuales y al  plan estrat\u00e9gico, y  mantiene fuentes de financiaci\u00f3n diversificadas y estables que permiten el acceso eficiente a los mercados financieros,  todo  ello  en  el  marco  de  una  estructura  financiera  que  resulta  compatible  con  el  nivel  de  calificaci\u00f3n crediticia actual. En coherencia con esta pol\u00edtica de prudencia financiera ENCE mantiene al 31 de diciembre de 2022 recursos  en efectivo y otros instrumentos financieros l\u00edquidos y l\u00edneas de cr\u00e9dito no dispuestas suficientes para cubrir  ampliamente todas sus obligaciones a corto plazo.  Asimismo,  se  ha  establecido  un  nivel  de  endeudamiento  neto  objetivo  adaptado  al  perfil  de  potencial  volatilidad de los ingresos de los distintos negocios del Grupo. En este sentido dicho nivel objetivo para el  Negocio  Celulosa  se ha  establecido  en  2,5  veces  el  resultado  bruto  de explotaci\u00f3n  (EBITDA)  recurrente  considerando un precio de la celulosa y del d\u00f3lar medios del ciclo, y de 4-5 veces en el Negocio de Energ\u00eda  Renovable.  La  deuda  financiera  neta  y  el  EBITDA  son  magnitudes  no  desglosadas  en  los  estados  financieros.  Su  cuantificaci\u00f3n as\u00ed como su reconciliaci\u00f3n con los estados financieros se detallan en el Anexo I al Informe de  Gesti\u00f3n sobre Actividad del Grupo en 2022. El endeudamiento neto de los negocios al 31 de diciembre de  2022 y 2021 calculado como \u201cdeuda financiera neta / EBITDA\u201d es el siguiente: (*)   En la determinaci\u00f3n del EBITDA del ejercicio 2021 en el Negocio Energ\u00eda hay que tener en cuenta dos eventos considerados  \u201cextraordinarios\u201d que tuvieron un impacto relevante en las operaciones y resultados del negocio; 1) aver\u00eda en la instalaci\u00f3n Huelva  50 MW y 2) las coberturas de venta de electricidad contratadas de forma excepcional en 2020, en un contexto de precios m\u00ednimos  y de elevada incertidumbre provocada por la propagaci\u00f3n del COVID-19. El ratio \u201cDeuda neta / EBITDA\u201d del Negocio Energ\u00eda en  2021 incluyendo ambos efectos se situar\u00eda en 6,8.  Por su parte, las operaciones corporativas ejecutadas en 2020 y la marcha del negocio en 2021 y 2022 han  permitido reducir los niveles de endeudamiento en el Negocio Celulosa de forma dr\u00e1stica.  Millones \u20ac 2022 2021 2022 2021 Deuda financiera neta (36,1) (19,5) 6,1 121,2 EBITDA 137,7 89,0 109,8 17,8 Ratio Deuda neta /EBITDA (*) (0,3) (0,2) 0,1 1,5 Negocio Celulosa Negocio Energ\u00eda La informaci\u00f3n relativa al an\u00e1lisis de los vencimientos de los pasivos financieros a que hace referencia la NIIF 7 se encuentra recogida en la Nota 29 de esta memoria. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-618": {
   "value": "6.  Principales adquisiciones, desinversiones y otros cambios en el per\u00edmetro de  consolidaci\u00f3n  A\u00f1o 2022  Cambios en el per\u00edmetro de consolidaci\u00f3n  Durante el ejercicio 2022 se ha constituido la Sociedad Ence Biog\u00e1s, S.L., 100% participada por la Sociedad  Dominante  con  el  objeto  de  producir  gas  renovable  (Biometano)  a  partir  de  subproductos  agr\u00edcolas  y  ganaderos para su inyecci\u00f3n a la red de gas natural.  As\u00ed mismo, durante 2022 se ha constituido la Sociedad BioCH4 Developments, S.L. participada en un 60%  por Ence Biog\u00e1s, S.L. con el objeto de prestar servicios relacionados con el desarrollo y construcci\u00f3n de  plantas de biometano y biog\u00e1s. A\u00f1o 2021  Acuerdo de venta de 5 activos fotovoltaicos Con fecha 10 de diciembre de 2021 Magnon Green Energy, S.L., holding del negocio Energ\u00eda Renovable de  ENCE,  alcanz\u00f3  un  acuerdo  con  Naturgy  Renovables,  S.L.U.  por  el  que  se  comprometi\u00f3  a  vender  sus  participaciones sociales en cinco sociedades tenedoras de activos fotovoltaicos, ubicados en Huelva, Sevilla,  Ja\u00e9n  y  Granada,  con  una  capacidad  conjunta  aproximada  de  373  MW,  una  vez  se  haya  iniciado  su  construcci\u00f3n. El precio de la compraventa es de 62 millones \u20ac, cuant\u00eda que podr\u00e1 verse modificada por determinados  ajustes, principalmente por la tesorer\u00eda disponible en la sociedad vendida en el cierre de la transacci\u00f3n, por determinados  costes que  ser\u00e1  necesario  incurrir  hasta  el  momento  de la  venta,  y  por  la  formalizaci\u00f3n  definitiva del acuerdo de venta de cada uno de los activos. El cobro de la transacci\u00f3n se realiza de acuerdo al siguiente esquema; 6,2 millones \u20ac, equivalente al 10%  del precio inicial, se cobraron en el momento de la firma, reconoci\u00e9ndose dicha cuant\u00eda como un anticipo  recibido en el estado de situaci\u00f3n financiera consolidado del ejercicio 2021, y el importe restante se cobrar\u00e1  en el momento en el que se perfeccione la compraventa de cada sociedad. Se estima que la compraventa  de las sociedades se producir\u00e1 en 2023 y el 1\u00ba semestre de 2024. El valor contable de los costes de desarrollo  incurridos en estos activos se encuentra recogido en el ep\u00edgrafe \u201cExistencias \u2013 Proyectos en promoci\u00f3n\u201d  (v\u00e9ase Nota 21).    Otras operaciones  Durante el ejercicio 2021 se complet\u00f3 la liquidaci\u00f3n de la sociedad Maderas Aserradas del Litoral, S.A., filial  domiciliada en Uruguay e inactiva en los \u00faltimos a\u00f1os.  ",
   "dimensions": {
    "concept": "enceenergiaycelulosa:PrincipalesAdquisicionesYDesinversiones",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-619": {
   "value": "7.  Concesi\u00f3n de dominio p\u00fablico \u2013 Biof\u00e1brica de ENCE en Pontevedra  La biof\u00e1brica de ENCE en Pontevedra est\u00e1 asentada sobre terrenos de dominio p\u00fablico mar\u00edtimo-terrestre, estando dicha concesi\u00f3n sometida al r\u00e9gimen jur\u00eddico previsto en la Ley 22/1988, de 28 de julio, de Costas,  en la Ley 2/2013, de 29 de mayo, de protecci\u00f3n y uso sostenible del litoral y de modificaci\u00f3n de la anterior, y en el Reglamento General de Costas aprobado por el Real Decreto 876/2014, de 10 de octubre. La concesi\u00f3n le fue otorgada a ENCE por Orden Ministerial de 13 de junio de 1958. Con fecha 20 de enero  de 2016 el Ministerio de Agricultura, Alimentaci\u00f3n y Medio Ambiente (hoy Ministerio para la Transici\u00f3n  Ecol\u00f3gica y el Reto Demogr\u00e1fico), otorg\u00f3 la pr\u00f3rroga de dicha concesi\u00f3n por un periodo de 60 a\u00f1os desde  la fecha de solicitud, esto es, hasta el 8 de noviembre de 2073.  Del total de 60 a\u00f1os de nueva concesi\u00f3n, 10 a\u00f1os est\u00e1n condicionados a la realizaci\u00f3n por parte de ENCE  de ciertas inversiones en la biof\u00e1brica, asociadas al aumento de capacidad, eficiencia energ\u00e9tica, ahorro de  agua y mejora medioambiental, as\u00ed como su integraci\u00f3n paisaj\u00edstica, por un valor previsto de 61 millones  de euros. Este compromiso de inversi\u00f3n se complet\u00f3 en 2020, dentro del plazo fijado al efecto. Recursos contra la resoluci\u00f3n por la que se anula la pr\u00f3rroga de la concesi\u00f3n  Como  se  ha  dicho  anteriormente,  el  Ministerio  de  Agricultura,  Alimentaci\u00f3n  y  Medio  Ambiente (MAGRAMA), a trav\u00e9s de la Direcci\u00f3n General de Sostenibilidad de la Costa y del Mar, dict\u00f3 Resoluci\u00f3n el  20 de enero de 2016 otorgando la pr\u00f3rroga de la concesi\u00f3n de dominio p\u00fablico sobre el que se asienta la  planta de ENCE en Pontevedra por un plazo total de 60 a\u00f1os. Dicha Resoluci\u00f3n fue impugnada primero en  v\u00eda  administrativa  y  posteriormente  en  v\u00eda  contenciosa,  por  el  Ayuntamiento  de  Pontevedra  y  dos  Asociaciones: Greenpeace  Espa\u00f1a y la  Asociaci\u00f3n  por  la Defensa de la R\u00eda de Pontevedra  (en adelante  APDR).  Dichas impugnaciones dieron lugar a tres procedimientos judiciales seguidos ante la Sala de lo Contencioso- Administrativo de la Audiencia Nacional, en los que el entonces MAGRAMA, junto con Ence en calidad de  codemandado, defendi\u00f3 la legalidad de la pr\u00f3rroga.  Con  fecha  6  de  marzo  de  2019,  el  Ministerio  para  la  Transici\u00f3n  Ecol\u00f3gica  y  el  Reto  Demogr\u00e1fico  (anteriormente MAGRAMA), present\u00f3 escrito de allanamiento en los tres procedimientos antes citados. Es  decir, solicit\u00f3 que se estimasen las demandas, a pesar de haber mantenido a lo largo de todos los procesos  que  la  Resoluci\u00f3n  de  20  de  enero  de  2016  era  ajustada  a  Derecho.  ENCE  se  opuso  frontalmente  al  allanamiento. Como consecuencia del allanamiento del Estado,  el  Comit\u00e9 de Empresa del Centro  de Trabajo Oficinas  Centrales de ENCE y el Comit\u00e9 de Empresa del Centro de Trabajo de la biof\u00e1brica de ENCE en Pontevedra,  se personaron en los tres procedimientos. La Sala de lo Contencioso Administrativo de la Audiencia Nacional dict\u00f3 tres sentencias fechadas dos de  ellas el 15 de Julio de 2021 y una tercera el 21 de septiembre de 2021 en las que estim\u00f3 los recursos  interpuestos por Greenpeace Espa\u00f1a, por el Ayuntamiento de Pontevedra y por la APDR, y en las que anula  la Resoluci\u00f3n Ministerial de 20 de enero de 2016 de pr\u00f3rroga de la concesi\u00f3n, por entender que la misma  no justifica la necesidad de que la  biof\u00e1brica de celulosa de ENCE en Pontevedra, por su naturaleza, deba  tener su ubicaci\u00f3n en dominio p\u00fablico mar\u00edtimo terrestre  ni  se alegan razones de inter\u00e9s p\u00fablico para  defender la ubicaci\u00f3n actual de la biof\u00e1brica. ENCE formul\u00f3 con fecha 28 de septiembre de 2021 y 29 de noviembre de 2021 recursos de casaci\u00f3n ante  el Tribunal Supremo contra las sentencias dictadas. Dos de los recursos presentados, el recurso contra la  sentencia dictada en el procedimiento instado por Greenpeace Espa\u00f1a y el recurso contra la sentencia  dictada en el procedimiento instado por el Ayuntamiento de Pontevedra fueron admitidos por el Tribunal  Supremo mediante autos de 23 de febrero y 23 de marzo de 2022. La resoluci\u00f3n sobre la admisi\u00f3n del  recurso presentado contra la sentencia dictada en el procedimiento instado por la APDR ha quedado en  suspenso hasta que se dicte sentencia en los dos anteriores por providencia del Tribunal Supremo de 29 de  marzo de 2022.  Con fecha 10 y 11 de enero el Tribunal Supremo notific\u00f3 por providencia la fecha de 7 de febrero de 2023  para votaci\u00f3n y fallo de los recursos. En esa misma fecha,  7 de febrero de 2023, se public\u00f3 en la web del  Consejo General del Poder Judicial una nota informando que la Secci\u00f3n Quinta de la Sala de lo Contencioso- Administrativo del Tribunal Supremo ha estimado los recursos presentados por ENCE y otras entidades  contra las sentencias de la Audiencia Nacional que anularon la Resoluci\u00f3n, de 20 de enero de 2016, de la  Directora General de Sostenibilidad de la Costa y del Mar, que otorg\u00f3 a ENCE una pr\u00f3rroga de 60 a\u00f1os de  la concesi\u00f3n de ocupaci\u00f3n de una franja de dominio p\u00fablico mar\u00edtimo terrestre destinada a f\u00e1brica de pasta  de celulosa en Pontevedra, avalando de este modo la pr\u00f3rroga de la concesi\u00f3n por 60 a\u00f1os para la biof\u00e1brica  de Pontevedra.  Finalmente, el d\u00eda 8 de marzo de 2023 han sido notificadas a ENCE las sentencias del Tribunal Supremo de  fecha 6 de marzo de 2023, que estiman los  recursos de casaci\u00f3n interpuestos por la Sociedad contra las  sentencias  de la Audiencia Nacional  de 15 de julio de 2021, dictadas  en los   procedimientos  iniciados,  respectivamente, por Greenpeace Espa\u00f1a y el Ayuntamiento de Pontevedra en relaci\u00f3n con la pr\u00f3rroga de  la concesi\u00f3n sobre los terrenos de dominio p\u00fablico mar\u00edtimo-terrestre en los que se ubica la biof\u00e1brica de  Pontevedra.  Ambas sentencias del Tribunal Supremo declaran nulas las citadas sentencias de la Audiencia Nacional y  confirman la legalidad de la pr\u00f3rroga de la concesi\u00f3n y, por tanto, el plazo de duraci\u00f3n de 60 a\u00f1os de la  misma, el cual que se computa desde el d\u00eda de solicitud de la pr\u00f3rroga. Contra dichas sentencias del Tribunal  Supremo no cabe recurso ordinario.  Se  espera  recibir  en  breve  notificaci\u00f3n  de  la  sentencia  del  Tribunal  Supremo  estimando,  en  id\u00e9nticos  t\u00e9rminos, el recurso interpuesto por ENCE contra la sentencia de la Audiencia Nacional en el procedimiento  interpuesto por la APDR, tambi\u00e9n relacionado con la pr\u00f3rroga de la concesi\u00f3n. Impactos recogidos en las cuentas anuales consolidadas de ENCE  ENCE, considerando las sentencias del Tribunal Supremo que confirman la legalidad de la pr\u00f3rroga de la  concesi\u00f3n de la biof\u00e1brica de Pontevedra hasta 2073, ha revertido en el ejercicio 2022 las provisiones y  deterioros registrados en el ejercicio 2021 tras considerar los potenciales impactos de la sentencia emitida  por la Audiencia Nacional.  El detalle de los impactos recogidos en el Estado de Resultado consolidado de los ejercicios 2022 y 2021  han sido:   Deterioro de \u201cPropiedad, planta y equipo\u201d y \u201cOtros activos intangibles\u201d-  Las sentencias del Tribunal Supremo, que confirman la legalidad de la pr\u00f3rroga de la concesi\u00f3n sobre la  biof\u00e1brica de Pontevedra hasta 2073, han permitido reevaluar su valor recuperable, teniendo en cuenta  que la biof\u00e1brica conforma, en s\u00ed misma, una unidad generadora de efectivo (UGE).  Dicho  valor  recuperable  se  ha  estimado  considerando  el  valor  presente  de  los  flujos  de  cobro  y  pago  previstos,  determinados  de  acuerdo  a  las  siguientes  hip\u00f3tesis;  1)  precios  de  venta  en  l\u00ednea  con  las previsiones de los analistas especializados en el sector celulosa y un tipo de cambio en el entorno de 1,10- 1,15 US$/\u20ac, 2) niveles de producci\u00f3n de celulosa y generaci\u00f3n de energ\u00eda acordes a  la  capacidad de la  instalaci\u00f3n, 3) costes de producci\u00f3n en l\u00ednea con los costes incurridos en los dos \u00faltimos ejercicios, 4) una tasa  de  descuento  antes  de  impuestos  en  el  rango  8,5%-10%,  y  5)  salidas  de  tesorer\u00eda  extraordinarias  asociadas a la parada de actividad de la instalaci\u00f3n.    El valor recuperable as\u00ed estimado permite recuperar \u00edntegramente el valor contable de los activos de la UGE  por lo que se ha procedido a revertir el importe pendiente de la provisi\u00f3n dotada en el ejercicio 2021 asociada al valor de los activos intangibles, por importe de 2.386 miles \u20ac, y de activos productivos vinculados  a la biof\u00e1brica de Pontevedra, que incluyen los costes previstos por desmantelamiento y remediaci\u00f3n de la  instalaci\u00f3n as\u00ed como los activos por derechos de uso asociados a la UGE, por un importe conjunto de 181.548  miles \u20ac. La diferencia entre los importes provisionados al cierre de 2021 y los importes revertidos se corresponde  con  la  amortizaci\u00f3n  adicional  que  hubieran  tenido  estos  activos  en  2021  y  que  no  se  reconoci\u00f3  contablemente al estar \u00edntegramente deteriorados en dicho ejercicio. Deterioros de otros activos y provisiones-  Las sentencias del Tribunal Supremo, que confirman la legalidad de la pr\u00f3rroga de la concesi\u00f3n sobre la  biof\u00e1brica de Pontevedra hasta 2073, han permitido revertir otros deterioros y provisiones registrados en  el ejercicio 2021; deterioro de activos biol\u00f3gicos por importe de 2.479 miles \u20ac asociado a los sobrecostes  en los que habr\u00eda que haber incurrido por no poder destinar dichos vuelos forestales a la biof\u00e1brica de  Pontevedra, deterioro de repuestos por importe de 2.929 miles asociado a la potencial p\u00e9rdida de valor de  los repuestos que no pod\u00edan ser utilizados en otras instalaciones, y provisiones por 6.025 miles \u20ac para hacer Miles \u20ac Nota 2021 2022 Deterioros- Activos intangibles 16 y 20 2.470 (2.386) Propiedad, planta y equipo 17 y 20 186.565 (181.548) Activos biol\u00f3gicos 19 y 20 2.479 (2.479) Existencias 21 2.929 (2.929) Amortizaci\u00f3n activos biof\u00e1brica Pontevedra 2022 16 y 17 - 9.941 Activos por derecho de uso 18 y 20 (1.134) 470 Activos por impuesto diferido 33 13.426 (12.043) Obligaciones contractuales 32 6.025 (6.025) Pacto ambiental ENCE Pontevedra 32 (14.446) 21.000 Efecto provisiones y deterioros en el Impuesto Sociedades - 7.088 198.314 (168.910 Gasto / (Ingreso) en Estado de Resultado frente  a  los  costes  derivados  de  obligaciones  contractuales  y  contratos  onerosos  que  surgir\u00edan  como  consecuencia del cese de actividad de producci\u00f3n de celulosa en la biof\u00e1brica de Pontevedra.  Activos por impuesto diferido- Como consecuencia de las mencionadas sentencias, ENCE tambi\u00e9n ha llevado a cabo una revisi\u00f3n de los  impuestos diferidos de activo, principalmente bases imponibles negativas y deducciones pendientes de  aprovechamiento, con el fin de verificar que podr\u00e1n recuperarse en los plazos exigidos en la normativa contable para su reconocimiento.  Las  proyecciones  elaboradas  para  analizar  la  recuperabilidad  de  las  bases  imponibles  negativas  y  deducciones acreditadas por el grupo de consolidaci\u00f3n fiscal que conforman todos los activos del negocio  celulosa, elaboradas considerando, para la biof\u00e1brica de Pontevedra que su actividad se desarrollar\u00e1, al  menos, hasta el a\u00f1o 2073, as\u00ed como el resto de hip\u00f3tesis detalladas en la Nota 20, muestran que dichas  bases imponibles negativas y deducciones son recuperables \u00edntegramente en un plazo de 10 a\u00f1os, por lo  que se han reconocido como un activo, lo que ha supuesto el registro de un ingreso al cierre del ejercicio  2022 en el ep\u00edgrafe \u201cImpuesto sobre sociedades\u201d del Estado de Resultado consolidado al 31 de diciembre  de 2022 por importe de 12.043 miles \u20ac.  Este mismo an\u00e1lisis, realizado al cierre del ejercicio 2021 provoc\u00f3 la cancelaci\u00f3n de activos por impuesto  diferido asociados a bases imponibles negativas y deducciones previamente reconocidos en el  grupo de  consolidaci\u00f3n fiscal que conforman todos los activos del negocio celulosa por importe de 13.426 miles \u20ac.  Activos por derecho de uso-  Se ha llevado a cabo una reestimaci\u00f3n del plazo de concesi\u00f3n del activo por derecho de uso asignado a esta UGE, ajustando hasta el a\u00f1o 2073 el  periodo en el que se espera que la biof\u00e1brica  de Pontevedra siga  operando. Esto ha supuesto el registro de un activo y un pasivo en el ejercicio 2022 por importe de 16.911  miles \u20ac.  Por su parte, en el ejercicio 2021, y en un escenario en el que se preve\u00eda que el inicio del desmantelamiento  de la instalaci\u00f3n se producir\u00eda en 2023-2024, se reconoci\u00f3 la baja del activo previamente reconocido as\u00ed  como la cancelaci\u00f3n de un pasivo por arrendamiento por importe de 27.701 miles \u20ac y 28.835 miles \u20ac.  Provisiones Pactos Ambiental y Social-  La Sociedad suscribi\u00f3 en 2016 un Pacto Ambiental y un Convenio de Colaboraci\u00f3n con la Conseller\u00eda de  Medio Ambiente de la Xunta de Galicia, por el que se compromet\u00eda, entre otros, a mejorar la calidad de  vida de los gallegos y en especial de los que habitan en el entorno de la R\u00eda de Pontevedra, su seguridad y  desarrollo, el medio ambiente, el entorno natural, social y econ\u00f3mico y su sostenibilidad. Formando parte  de dichos  compromisos se incluyen  contribuciones  orientadas  a  la  mejora  en  la  calidad  de  vida  de  los  gallegos por 21 millones \u20ac.  La eficacia de dichos compromisos en todo momento ha estado condicionada a la vigencia, subsistencia y  disfrute pacifico del t\u00edtulo concesional de ENCE en Pontevedra, por lo que la  sentencias dictadas por la  Audiencia Nacional dejaron en suspenso los compromisos recogidos en el Pacto Ambiental y en el Convenio  de Colaboraci\u00f3n. Con la estimaci\u00f3n, por parte del Tribunal Supremo, de los recursos interpuestos por ENCE,  confirmando el plazo concesional de la biof\u00e1brica de Pontevedra hasta 2073, dichos compromisos dejan de  estar en suspenso.  En este sentido, se ha constituido en el ejercicio 2022 una provisi\u00f3n por la totalidad de las contribuciones  previstas  (v\u00e9ase Nota  32)  con  cargo  al  ep\u00edgrafe  \u201cOtros  gastos  de  explotaci\u00f3n\u201d de Estado  de  Resultado  consolidado. En el ejercicio 2021 y en el marco de las sentencias previas recibidas de la Audiencia Nacional  se revirtieron las provisiones disponibles para atender dichos compromisos por importe de 16.750 miles \u20ac.  Dicha reversi\u00f3n se present\u00f3 en el Estado de Resultado consolidado minorando el ep\u00edgrafe \u201cOtros gastos de  explotaci\u00f3n\u201d",
   "dimensions": {
    "concept": "enceenergiaycelulosa:ConcesionDeDominioPublico-BiofabricaDeEnceEnPontevedra",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-620": {
   "value": "8.  Cambio clim\u00e1tico y Acuerdo de Par\u00eds Como Grupo que basa su modelo de negocio en el capital natural, ENCE es consciente de su exposici\u00f3n a  riesgos  derivados  del  cambio  clim\u00e1tico,  especialmente  a  los  riesgos  f\u00edsicos  que  pueden  afectar  a  la  disponibilidad de sus principales materias primas (madera y biomasa). Sin embargo,  ENCE tambi\u00e9n est\u00e1 convencida de las oportunidades que trae consigo el reto de la descarbonizaci\u00f3n y la transici\u00f3n a un modelo  econ\u00f3mico libre de f\u00f3siles y basa en ellas su estrategia de crecimiento.  Por  ello,  para  ENCE  resulta  fundamental  el  an\u00e1lisis  de  riesgos  y  oportunidades  derivados  del  cambio  clim\u00e1tico que pueden afectar tanto a la compa\u00f1\u00eda como a su cadena de valor. Para abordar este an\u00e1lisis de  forma sistem\u00e1tica,  ENCE  ha  adoptado  las recomendaciones  del  Task  Force  on  Climate-related  Financial Disclosures (TCFD) del Consejo de Estabilidad Financiera (FSB).  El \u00f3rgano de gobierno encargado de la gesti\u00f3n de riesgos derivados del cambio clim\u00e1tico es el Consejo de  Administraci\u00f3n de ENCE quien, a trav\u00e9s de su Comisi\u00f3n de Auditor\u00eda, supervisa los sistemas de identificaci\u00f3n  y gesti\u00f3n de estos riesgos y sus estrategias de mitigaci\u00f3n, de forma integrada en el Sistema de Gesti\u00f3n de  Riesgos de la compa\u00f1\u00eda. Estos \u00f3rganos se encargan asimismo de supervisar el an\u00e1lisis de escenarios y los horizontes temporales utilizados en la evaluaci\u00f3n, as\u00ed como la informaci\u00f3n que ENCE reporta al mercado en  esta materia.  A nivel ejecutivo, es la Comisi\u00f3n de Sostenibilidad quien se encarga de establecer las metodolog\u00edas y acordar  las pautas para el an\u00e1lisis. Por su  parte,  las  \u00e1reas  de negocio, coordinadas  por  la Direcci\u00f3n General de  Sostenibilidad, trabajan en la identificaci\u00f3n y priorizaci\u00f3n de riesgos y oportunidades espec\u00edficos y en la  definici\u00f3n de planes de mitigaci\u00f3n, as\u00ed como en la evaluaci\u00f3n de los impactos de los riesgos en las variables  operativas como base para el c\u00e1lculo del impacto financiero de estos riesgos.  ENCE  ha  seleccionado  distintos  escenarios  tanto  f\u00edsicos  como  de  transici\u00f3n  y  diferentes  horizontes  temporales para analizar el impacto de los riesgos y las oportunidades clim\u00e1ticas en su modelo de negocio.  As\u00ed, la compa\u00f1\u00eda trabaja, como escenario intermedio, con un incremento medio de la temperatura global de en torno a 2\u00b0C a finales del S. XXI y como escenario pesimista con un incremento medio en torno a 4\u00b0C a  finales de siglo. Estos escenarios se aplican a tres horizontes temporales: el futuro cercano (hasta 2040), el  futuro a  medio plazo (hasta 2070) y el futuro lejano (hasta 2100).  Los riesgos, hip\u00f3tesis y estimaciones  relevantes empleadas por el Grupo se describen a continuaci\u00f3n:  El  principal  riesgo  f\u00edsico  que  ENCE  ha  identificado  es  el  cambio  en  los  patrones  de  precipitaci\u00f3n  y temperatura que puede afectar a los cultivos agr\u00edcolas y forestales y, por tanto, al suministro de madera y  biomasa.  Para  analizar  este  riesgo  en  profundidad,  ENCE  est\u00e1  analizando  los  impactos  de  las  nuevas  condiciones  clim\u00e1ticas  previstas sobre la  viabilidad de las principales especies de eucalipto  con las que  trabaja, as\u00ed como su impacto sobre la prevalencia de enfermedades que pueden afectar a la productividad  de las explotaciones, en particular aquellas causadas por hongos. As\u00ed se ha determinado si el cambio de las condiciones abi\u00f3ticas junto con el cambio en la prevalencia de las enfermedades f\u00fangicas provocar\u00e1 una  evoluci\u00f3n potencialmente favorable o desfavorable en cada una de las regiones de suministro de ENCE. Esta  informaci\u00f3n se ha utilizado para definir la estrategia de mitigaci\u00f3n de este riesgo, adaptando el programa de I+D forestal y mejora gen\u00e9tica para dar respuesta a las nuevas condiciones clim\u00e1ticas,  para producir  planta m\u00e1s resistente al cambio clim\u00e1tico y promoviendo t\u00e9cnicas de gesti\u00f3n forestal adaptadas.  Otro de los principales riesgos f\u00edsicos identificados consiste en la reducci\u00f3n de la disponibilidad de recursos  h\u00eddricos  en  las  \u00e1reas  donde  opera  ENCE.  A  pesar  de  las  medidas  de  mitigaci\u00f3n  que  ENCE  llevaba  desarrollando en los \u00faltimos a\u00f1os, enfocadas a la reducci\u00f3n del consumo de agua en sus plantas, este riesgo  se ha materializado en 2022 en la biof\u00e1brica de Pontevedra: la falta de precipitaciones unida a las altas  temperaturas registradas en los meses de verano redujeron dr\u00e1sticamente el caudal de r\u00edo L\u00e9rez, del que se abastece la biof\u00e1brica. Para asegurar el caudal ecol\u00f3gico y priorizar el abastecimiento de la poblaci\u00f3n,  ENCE se vio obligada a detener temporalmente la actividad de la planta, hasta que se normaliz\u00f3 la situaci\u00f3n  del caudal del r\u00edo. Como estrategia de mitigaci\u00f3n, ENCE ha revisado sus planes y ha establecido objetivos a\u00fan m\u00e1s ambiciosos de reducci\u00f3n del consumo  de agua en sus instalaciones. Adicionalmente,  ENCE  ha  dise\u00f1ado una soluci\u00f3n innovadora que se encuentra en la actualidad en fase de pruebas, que permitir\u00e1  operar en situaciones de emergencia por sequ\u00eda, basadas en la reutilizaci\u00f3n de agua procedente de la EDAR  vecina, que tras un proceso de acondicionamiento es empleada en el proceso de producci\u00f3n de celulosa. ENCE ha identificado varios riesgos, considerados de \u00edndole regulatoria, como son el incremento de precio  de los derechos de emisi\u00f3n en el marco del sistema EU ETS o la inclusi\u00f3n del sector mar\u00edtimo en el r\u00e9gimen  de comercio de emisiones (lo que podr\u00eda suponer mayores costes log\u00edsticos si los operadores repercuten  este nuevo coste a los clientes). La estrategia de mitigaci\u00f3n para estos riesgos pasa por establecer un plan  de descarbonizaci\u00f3n para reducir as\u00ed las emisiones y por tanto, la necesidad de comprar derechos ETS. Otros  riesgos regulatorios relevantes son los relacionados con potenciales cambios normativos que afectasen a  las operaciones, por ejemplo en t\u00e9rminos de restricciones al uso de ciertos combustibles o endurecimiento  de los criterios de sostenibilidad para la biomasa, tal como propuso la Comisi\u00f3n Europea en la revisi\u00f3n de la  directiva de energ\u00edas renovables (RED III). Para hacer frente a estos riesgos, ENCE mantiene un di\u00e1logo fluido  con las asociaciones sectoriales a nivel nacional y europeo como APPA o Bioenergy EUrope, para detectar  posibles iniciativas legislativas que puedan impactar al negocio y adaptarse con antelaci\u00f3n. En este sentido, cabe destacar el esfuerzo que ha hecho la compa\u00f1\u00eda en 2022 para certificar su cadena de suministro con  arreglo a los requerimientos de la directiva. En el cap\u00edtulo de riesgos de mercado se engloban los riesgos relacionados con un posible encarecimiento de  las materias primas y la energ\u00eda (incluidos los combustibles) y los riesgos relacionados con la necesidad de  avanzar hacia tecnolog\u00edas de baja emisi\u00f3n, lo que puede suponer un aumento de la competencia por el  suministro de la biomasa con otros actores tales como cementeras, productores de biocombustibles, etc. La estrategia de mitigaci\u00f3n de estos riesgos pasa por una diversificaci\u00f3n en la cadena de suministro de  materias primas e incluso cambios en los combustibles utilizados (tal como se ha hecho en Navia por el  elevado precio del gas natural en 2022, si bien esta circunstancia se ha debido al conflicto en Ucrania y no  al cambio clim\u00e1tico). En cuanto a los riesgos de competencia por la biomasa, la estrategia de mitigaci\u00f3n consiste en un refuerzo de la red de suministro para aumentar la capacidad de movilizaci\u00f3n de biomasa y la  definici\u00f3n de una estrategia de diversificaci\u00f3n para poder utilizar distintos tipos de biomasa que no est\u00e9n  sometidos a tanta tensi\u00f3n en el mercado.   ENCE ha tenido en cuenta los riesgos descritos as\u00ed como los distintos escenarios temporales en los que se desarrollan, en los test de deterioro realizados sobre sus activos no financieros. Su consideraci\u00f3n no ha  tenido un impacto significativo en la valoraci\u00f3n de dichos activos.  Aun siendo consciente de los riesgos, ENCE entiende que la adaptaci\u00f3n al cambio clim\u00e1tico, y en concreto  la transici\u00f3n hacia una econom\u00eda baja en emisiones de carbono presenta m\u00e1s oportunidades que riesgos  para  la  compa\u00f1\u00eda.  Las  principales  oportunidades  que  ENCE  ha  identificado  y  en  las  cuales  centra  su  estrategia de crecimiento a futuro son: Crecimiento en energ\u00edas renovables: el impulso que la Uni\u00f3n Europea est\u00e1 ofreciendo al despliegue de las energ\u00edas limpias y que se traduce en objetivos cada vez m\u00e1s ambiciosos de generaci\u00f3n renovable  supone una oportunidad para ENCE, por lo que la compa\u00f1\u00eda ha enfocado su estrategia de crecimiento  en la generaci\u00f3n de  energ\u00eda renovable con biomasa y la diversificaci\u00f3n hacia otras tecnolog\u00edas, con especial  foco  en  la  fotovoltaica.  Asimismo,  durante  el  ejercicio  2022  se  ha  iniciado  la  actividad  de  producci\u00f3n  de  gas  renovable  (Biometano)  a  partir  de  subproductos  agr\u00edcolas  y  ganaderos  para  su inyecci\u00f3n a la red de gas natural, mediante la tramitaci\u00f3n administrativa de distintos proyectos.  \u2022  Demanda de calor industrial de baja emisi\u00f3n: la descarbonizaci\u00f3n de aquellos sectores industriales no  electrificables es un reto que supone una gran oportunidad para ENCE, ya que su experiencia en gesti\u00f3n  de  instalaciones  de  biomasa  la  sit\u00faa  en  una  posici\u00f3n  privilegiada  para  convertirse  en  un  actor  de  referencia en la producci\u00f3n de calor industrial de baja emisi\u00f3n. Esta l\u00ednea de negocio, que  ENCE ha  abierto en 2022 consiste en la operaci\u00f3n de calderas de biomasa para reemplazar equipos alimentados  con  combustibles  f\u00f3siles  en  instalaciones  industriales  que  con  esta  medida  reducen  su  factura  de  derechos de emisi\u00f3n.  \u2022  Compensaci\u00f3n  de  emisiones:  en  l\u00ednea  con  la  hoja  de  ruta  marcada  por  Europa,  cada  vez  m\u00e1s  organizaciones  asumen  compromisos  de  neutralidad  en  carbono  que  s\u00f3lo  podr\u00e1n  alcanzar  compensando aquellas emisiones que no han sido capaces de reducir. En este contexto, como principal  gestor  forestal  privado  de  Espa\u00f1a  con  un  patrimonio  de m\u00e1s de 65.000 ha  brutas,  ENCE  tiene  una  magn\u00edfica  oportunidad  para  desarrollar  sumideros  de  carbono  y  comercializar  estos  cr\u00e9ditos  de  compensaci\u00f3n. De hecho, en 2022 ENCE ya ha registrado su primer sumidero en el registro nacional del  MITERD y ha cerrado un acuerdo con un cliente privado para la venta de estos derechos.  \u2022  CO2 biog\u00e9nico: En el contexto de la descarbonizaci\u00f3n, el CO2 de origen biog\u00e9nico se ha convertido en  una materia prima de alto inter\u00e9s para, en combinaci\u00f3n con H2 verde, producir biocombustibles y otros  productos  que  sustituyen  materiales  de  origen  f\u00f3sil.  En  este  sentido,  ENCE  tambi\u00e9n  parte  de  un posici\u00f3n  privilegiada  para  aprovechar la  oportunidad, ya que tanto las biof\u00e1bricas como las  plantas  independientes de energ\u00eda de la compa\u00f1\u00eda producen grandes cantidades de este CO2 biog\u00e9nico al a\u00f1o. As\u00ed, ENCE ya est\u00e1 trabajando con diversos partners potenciales en el desarrollo de proyectos para utilizar  el CO2 procedente de la biomasa en distintas aplicaciones.  \u2022  Productos de celulosa bajos en carbono: en el \u00e1rea de negocio de celulosa, ENCE tambi\u00e9n ha identificado  interesantes oportunidades relacionadas con la descarbonizaci\u00f3n en el mercado papelero. As\u00ed, ENCE  trabaja  en  el  desarrollo de  productos  celul\u00f3sicos bajos  en  carbono  e  incluso  carbononeutrales  que  pueden  ayudar  a  sus  clientes  a  reducir  la  huella  de  carbono  de  sus  productos  finales.  La  pasta  no  blanqueada  de  huella  reducida  Naturcell  y  su  versi\u00f3n  carbono  neutral  Naturcell  Zero  son  un  claro  ejemplo de c\u00f3mo ENCE ha aprovechado esta oportunidad.  \u2022  Bioproductos sustitutivos del pl\u00e1stico: tambi\u00e9n en el \u00e1rea de negocio de celulosa, ENCE est\u00e1 explorando  distintas  oportunidades para la  para la producci\u00f3n de materiales sustitutivos de pl\u00e1stico y de  otros  derivados petroqu\u00edmicos, por ejemplo basados en lignina. As\u00ed, a lo largo de 2022, ENCE ha trabajado en  la ingenier\u00eda del proyecto de extracci\u00f3n y purificaci\u00f3n de lignina de la biof\u00e1brica de Navia y en paralelo  ha  establecido  contactos  con  distintos  partners  para  analizar  potenciales  aplicaciones  qu\u00edmicas  e  industriales de este material.  \u2022  Impulso de la bioeconomia circular mediante el uso de la lignina procedente de un recurso renovable  como es la madera, para sustituir el gas natural como combustible en los hornos de cal que se utilizan  en el proceso productivo de la celulosa. La sustituci\u00f3n paulatina del gas natural por el combustible  \u201cproducido\u201d en el proceso de separaci\u00f3n de ligninas, repercute de forma directa en un descenso del uso  de energ\u00eda por unidad de producci\u00f3n. En la elaboraci\u00f3n de estas cuentas anuales consolidadas se han considerado los riesgos y oportunidades  descritos  anteriormente,  principalmente,  en  las  estimaciones  de  la  vida  \u00fatil  de  los  activos,  en  los  compromisos de inversi\u00f3n, en la evaluaci\u00f3n de potenciales costes de cierre de instalaciones y en el an\u00e1lisis  del deterioro de los activos no financieros, sin estimarse un impacto relevante.",
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  "fact-21": {
   "value": "9.  Segmentos de operaci\u00f3n  El Grupo ha definido los siguientes segmentos de reporte, sobre los que dispone de informaci\u00f3n financiera completa e independiente que es revisada  peri\u00f3dicamente por la alta Direcci\u00f3n, junto a la informaci\u00f3n  operativa,  en  el  proceso  de  toma  de  decisiones  sobre  la  asignaci\u00f3n  de  recursos  y  la  evaluaci\u00f3n  de  su  rendimiento, y que se agrupan entorno a dos l\u00edneas de negocio de acuerdo al siguiente detalle: Negocio Celulosa-  Esta l\u00ednea de negocio agrupa los siguientes segmentos de reporte:  \u2022  Celulosa.  Segmento  que  incluye  la  actividad  de  fabricaci\u00f3n  y  venta  de  celulosa  producida  en  las biof\u00e1bricas de Pontevedra y Navia (Principado de Asturias) junto con la cogeneraci\u00f3n y generaci\u00f3n de  electricidad ligada al proceso de producci\u00f3n de celulosa e integrada en el mismo, utilizando como  insumo  la  parte  de  la  madera  que  no  puede  transformarse  en  celulosa,  principalmente  lignina  y  biomasa.  \u2022  Patrimonio Forestal y otros. Segmento que incorpora principalmente los cultivos de masas forestales  que  posteriormente  se  utilizan  como  materia  prima  en  la  producci\u00f3n  de  celulosa  (patrimonio  disponible en el norte de Espa\u00f1a), o bien se venden a terceros (patrimonio disponible en el sur de  Espa\u00f1a) as\u00ed como otras actividades forestales residuales. Hasta el 31 de diciembre de 2020 se reportaban de forma independiente los segmentos \u201cPatrimonio  forestal\u201d y \u201cServicios forestales y otros\u201d. Dada la escasa significatividad de este \u00faltimo, a partir del 1 de enero de 2021 ambos segmentos se han integrado pasando a denominarse \u201cPatrimonio forestal y  otros\u201d. Negocio Energ\u00eda Renovable-  Esta l\u00ednea de negocio/segmento incluye a las plantas de generaci\u00f3n y venta de energ\u00eda el\u00e9ctrica renovable a partir de biomasa agr\u00edcola y forestal, desarrolladas y operadas de forma independiente.  Al objeto de ampliar la informaci\u00f3n contenida en este apartado, se adjunta como Anexo II a estas cuentas  anuales el Estado de Situaci\u00f3n Financiera consolidado al 31 de diciembre de 2022 y 2021 as\u00ed como el Estado  de Resultado consolidado y Estado de Flujos de Efectivo consolidado de los ejercicios 2022 y 2021 de los  negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d. 9.1  Informaci\u00f3n por segmento de operaci\u00f3n  A continuaci\u00f3n, se detalla la informaci\u00f3n por segmentos de actividad para los ejercicios 2022 y 2021, basada  en la informaci\u00f3n de gesti\u00f3n disponible utilizada peri\u00f3dicamente: 31 de diciembre de 2022  Celulosa  Patrimonio  Forestal y  otros  Ajustes y  eliminaciones  Total CELULOSA  Negocio y  segmento de   ENERG\u00cdA  Ajustes y  eliminaciones  Total  Ingresos ordinarios:  De terceros  707.926 1.251 - 709.177 294.197 - 1.003.374 De otros segmentos  2.697 9.839 (8.838) 3.698 111 (3.809) - Total ingresos:  710.623 11.090 (8.838) 712.875 294.308 (3.809) 1.003.374 Resultados:  EBITDA (*)  130.948 6.784 - 137.732 109.847 (2) 247.577 Beneficio/ (p\u00e9rdida) de explotaci\u00f3n         248.001                 322                           -         248.323           28.262                  1.649         278.234   Ingresos financieros  2.380 30 (492) 1.918 192 (1.022) 1.088 Gastos financieros  (11.845) (470) 492 (11.823) (16.543) 1.022 (27.344) Derivados de cobertura - - - - 301 - 301 Diferencias de cambio  1.367 (7) - 1.360 (45) - 1.315 Deterioro de instrumentos financieros  (1.850) - 1.850 - - - - Resultado m\u00e9todo de la participaci\u00f3n  - (5) - (5) - - (5) Impuesto sobre beneficios   2.198 1.525 - 3.723 (8.243) (143) (4.663) Beneficio/  (p\u00e9rdida) del ejercicio  240.251 1.395 1.850 243.496 3.924 1.506 248.926 Resultado atribuido a intereses minoritarios - - - - 618 (2.324) (1.706) Beneficio/ (p\u00e9rdida) atribuible a la sociedad dominante 240.251 1.395 1.850 243.496 4.542 (818) 247.220 Inversi\u00f3n (**) 44.096 7.945 - 52.041 10.406 - 62.447 Amortizaci\u00f3n acumulada y agotamiento  forestal (**) (895.441) (68.193) - (963.634) (310.736) (15.114) (1.289.484) Deterioro (**) (7.186) (3.398) - (10.584) (38.649) (86) (49.319) Negocio CELULOSA (*) Magnitud no desglosada en el Estado de Resultado Consolidado y no definida en las NIIF. V\u00e9ase definici\u00f3n de dicha magnitud as\u00ed como  reconciliaci\u00f3n con el estado de resultado consolidado en el Anexo \u201cInforme de Resultados 2022\" al Informe de Gesti\u00f3n Consolidado del ejercicio 2022. Miles de Euros (**)Adquisiciones en el ejercicio, amortizaci\u00f3n acumulada y agotamiento forestal, y deterioro de valor de activos incluidos en los ep\u00edgrafes \"Propiedad, planta y equipo\", \"Activos intangibles\" y \"Activos biol\u00f3gicos\". No incluye los saldos correspondientes a  Activos por derecho de  uso  (ver Nota 18) ni Fondo de comercio  (ver Nota 16 31 de diciembre de 2022 Celulosa Patrimonio  Forestal y  otros Ajustes y  eliminaciones Total Celulosa Negocio y  segmento de   ENERG\u00cdA Ajustes y  eliminaciones Activos No corrientes 778.289 167.560 (114.590) 831.259 439.571 (152.330) 1.118.500 Corrientes 434.107 6.859 (3.838) 437.128 201.199 (29.612) 608.715 Total activos (a) 1.212.396 174.419 (118.428) 1.268.387 640.770 (181.942) 1.727.215 Pasivos No corrientes 225.823 18.465 (15.040) 229.248 235.251 (18.575) 445.924 Corrientes 347.561 6.018 (3.707) 349.872 195.979 (29.607) 516.244 Total pasivos (a) 573.384 24.483 (18.747) 579.120 431.230 (48.182) 962.168 (a) No se incluyen ni fondos propios, ni los activos y pasivos por impuestos diferidos. Total Miles de Euros Negocio CELULOSA Los ajustes y eliminaciones entre los distintos segmentos y negocios se corresponden con la eliminaci\u00f3n de  saldos mantenidos y transacciones efectuadas entre ellos.  31 de diciembre de 2021  Celulosa  Patrimonio  Forestal y  otros  Ajustes y  eliminaciones  Total CELULOSA  Negocio y  segmento de   ENERG\u00cdA  Ajustes y  eliminaciones  Total  Ingresos ordinarios:  De terceros  661.788 3.102 - 664.890 154.785 - 819.675 De otros segmentos  2.445 12.592 (12.316) 2.721 99 (2.820) - Total ingresos:  664.233 15.694 (12.316) 667.611 154.884 (2.820) 819.675 Resultados:  EBITDA (*)  77.810 11.230 - 89.040 17.793 - 106.833 Beneficio/ (p\u00e9rdida) de explotaci\u00f3n      (153.035)           (5.391)                           -      (158.426)         (20.133)                  2.673      (175.886)   Ingresos financieros  7.349 32 (1.260) 6.121 1.758 (1.246) 6.633 Gastos financieros  (15.703) (1.235) 1.260 (15.678) (13.672) 1.246 (28.104) Derivados de cobertura - - - - 1.158 - 1.158 Diferencias de cambio  3.697 - - 3.697 (30) - 3.667 Deterioro de instrumentos financieros  (3.787) - 3.787 - - - - Resultado m\u00e9todo de la participaci\u00f3n  - (7) - (7) - - (7) Impuesto sobre beneficios   (18.986) (108) - (19.094) 6.341 3.333 (9.420) Beneficio/  (p\u00e9rdida) del ejercicio  (180.465) (6.709) 3.787 (183.387) (24.578) 6.006 (201.959) Resultado atribuido a intereses minoritarios - - - - (968) 12.518 11.550 Beneficio/ (p\u00e9rdida) atribuible a la sociedad dominante (180.465) (6.709) 3.787 (183.387) (25.546) 18.524 (190.409) Inversi\u00f3n (**) 67.566 5.284 - 72.850 15.488 - 88.338 Amortizaci\u00f3n acumulada y agotamiento  forestal (**) (851.282) (65.576) - (916.858) (272.172) (67.448) (1.256.478) Deterioro (**) (192.591) (5.333) - (197.924) (2.222) (10.392) (210.538) Negocio CELULOSA (*) Magnitud no desglosada en el Estado de Resultado Consolidado y no definida en las NIIF. V\u00e9ase definici\u00f3n de dicha magnitud as\u00ed como  reconciliaci\u00f3n con el estado de resultado consolidado en el Anexo \u201cInforme de Resultados 2021\" al Informe de Gesti\u00f3n Consolidado del ejercicio 2021. Miles de Euros (**)Adquisiciones en el ejercicio, amortizaci\u00f3n acumulada y agotamiento forestal, y deterioro de valor de activos incluidos en los ep\u00edgrafes \"Propiedad, planta y equipo\", \"Activos intangibles\" y \"Activos biol\u00f3gicos\". No incluye los saldos correspondientes a  Activos por derecho de  uso  (ver Nota 18) ni Fondo de comercio  (ver Nota 16). 31 de diciembre de 2021 Celulosa Patrimonio  Forestal y  otros Ajustes y  eliminaciones Total Celulosa Negocio y  segmento de   ENERG\u00cdA Ajustes y  eliminaciones Activos No corrientes 621.105 167.775 (113.826) 675.054 496.422 (173.749) 997.727 Corrientes 458.657 5.402 (2.979) 461.080 126.083 (17.483) 569.680 Total activos (a) 1.079.762 173.177 (116.805) 1.136.134 622.505 (191.232) 1.567.407 Pasivos No corrientes 356.902 41.984 (34.652) 364.234 307.247 (38.342) 633.139 Corrientes 249.937 6.074 (3.031) 252.980 118.816 (17.483) 354.313 Total pasivos (a) 606.839 48.058 (37.683) 617.214 426.063 (55.825) 987.452 (a) No se incluyen ni fondos propios, ni los activos y pasivos por impuestos diferidos. Total Miles de Euros Negocio CELULOSA 9.2   Informaci\u00f3n por Planta productiva  De forma complementaria a la informaci\u00f3n por segmentos de actividad, se detalla a continuaci\u00f3n el Estado  de Resultado de las biof\u00e1bricas de producci\u00f3n de celulosa de Pontevedra y Navia reconciliada con el estado  de resultado consolidado del Grupo: (a)  Incluye actividad forestal, Negocio Energ\u00eda, y sociedades inactivas  (*)   Magnitud no desglosada en el Estado de Resultado Consolidado y no definida en las NIIF. V\u00e9ase definici\u00f3n de dicha  magnitud as\u00ed como reconciliaci\u00f3n con el estado de resultado consolidado en el Anexo \u201cInforme de Resultados 2022\"  al Informe de Gesti\u00f3n Consolidado del ejercicio 2022.  31 de diciembre de 2022 Biof\u00e1brica de Pontevedra Biof\u00e1brica de Navia Corporativo Otros (a) Subtotal Eliminaciones Total Magnitudes operativas: Producci\u00f3n de celulosa (Tad) 239.315 576.996 - - 816.311 - 816.311 Venta de celulosa (Tad) 244.818 581.799 - - 826.617 - 826.617 Venta de energ\u00eda (MWh) 136.580 561.872 - 1.481.446 2.179.898 - 2.179.898 Operaciones continuadas: Importe neto de la cifra de negocios 198.697 520.748 - 267.396 986.840 (3.809) 983.031 Aprovisionamientos y otros (87.995) (222.147) - (86.546) (396.688) - (396.688) MARGEN BRUTO 110.702 298.600 - 180.850 590.152 (3.809) 586.343 Gastos de personal (18.644) (28.357) (36.030) (10.159) (93.191) - (93.191) Otros gastos de explotaci\u00f3n (71.012) (118.234) (14.200) (48.293) (251.738) 6.163 (245.575) Repercusi\u00f3n estructura (14.944) (19.470) 50.229 (15.815) - - - EBITDA (*) 6.102 132.539 - 106.582 245.223 2.354 247.577 Amortizaciones y deterioros de activos 180.115 (36.614) - (97.965) 45.536 - 45.536 Otros gastos no ordinarios de las operaciones (14.920) - - 42 (14.878) - (14.878) BENEFICIO/ (P\u00c9RDIDA) DE EXPLOTACI\u00d3N 171.297 95.926 - 8.659 275.881 2.354 278.235 Resultado financiero (2.506) (4.737) - (17.397) (24.640) - (24.640) Resultado Puesta en equivalencia - - - (5) (5) - (5) BENEFICIO/ (P\u00c9RDIDA) ANTES DE IMPUESTOS 168.791 91.189 - (8.743) 251.236 2.354 253.590 Impuesto sobre beneficios (42.090) (21.917) - 59.344 (4.663) - (4.663) BENEFICIO/ (P\u00c9RDIDA) DEL EJERCICIO 126.701 69.271 - 50.601 246.573 2.354 248.927 Resultado atribuido a intereses minoritarios - - - (1.706) (1.706) - (1.706) Beneficio/ (p\u00e9rdida) atribuible a la sociedad dominante 126.701 69.271 - 48.894 244.866 2.354 247.220 Miles de Euros (a)  Incluye actividad forestal, Negocio Energ\u00eda, y sociedades inactivas  (*)   Magnitud no desglosada en el Estado de Resultado Consolidado y no definida en las NIIF. V\u00e9ase definici\u00f3n de dicha  magnitud as\u00ed como reconciliaci\u00f3n con el estado de resultado consolidado en el Anexo \u201cInforme de Resultados 2022\"  al Informe de Gesti\u00f3n Consolidado del ejercicio 2022. 31 de diciembre de 2021 Biof\u00e1brica de Pontevedra Biof\u00e1brica de Navia Corporativo Otros (a) Subtotal Eliminaciones Total Magnitudes operativas: Producci\u00f3n de celulosa (Tad) 431.257 577.435 - - 1.008.692 - 1.008.6 92 Venta de celulosa (Tad) 424.386 571.671 - - 996.057 - 996.0 57 Venta de energ\u00eda (MWh) 266.608 565.576 - 1.430.199 2.262.383 - 2.262.3 83 Operaciones continuadas: Importe neto de la cifra de negocios 229.254 333.892 - 171.183 734.328 (2.819) 731.5 09 Aprovisionamientos y otros (118.420) (165.666) - (75.573) (359.659) 2.806 (356.85 3) MARGEN BRUTO 110.834 168.226 - 95.609 374.670 (13) 374.6 56 Gastos de personal (19.196) (25.480) (30.840) (8.656) (84.171) - (84.17 1) Otros gastos de explotaci\u00f3n (49.149) (67.238) (9.467) (57.834) (183.688) 36 (183.65 2) Repercusi\u00f3n estructura (13.199) (17.197) 40.307 (9.911) - - - EBITDA (*) 29.290 58.311 - 19.209 106.810 22 106.8 33 Amortizaciones y deterioros de activos (194.137) (37.030) - (55.789) (286.956) - (286.95 6) Otros gastos no ordinarios de las operaciones 13.212 - - (21) 13.191 - 13.1 91 BENEFICIO/ (P\u00c9RDIDA) DE EXPLOTACI\u00d3N (151.635) 21.281 - (36.601) (166.954) 22 (166.93 2) Resultado financiero (4.192) (3.986) - (8.468) (16.646) - (16.64 6) Resultado Puesta en equivalencia - - - (7) (7) - ( 7) BENEFICIO/ (P\u00c9RDIDA) ANTES DE IMPUESTOS (155.827) 17.295 - (45.075) (183.608) 22 (183.58 5) Impuesto sobre beneficios 1.417 (2.568) - (8.269) (9.420) - (9.42 0) BENEFICIO/ (P\u00c9RDIDA) DEL EJERCICIO (154.410) 14.727 - (53.345) (193.028) 22 (193.00 5) Resultado atribuido a intereses minoritarios - - - 11.550 11.550 - 11.550 Beneficio/ (p\u00e9rdida) atribuible a la sociedad dominante (154.410) 14.727 - (41.795) (181.478) 22 (181.45 5) Miles de Euros ",
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  "fact-558": {
   "value": "10. Ingresos ordinarios y otros ingresos de explotaci\u00f3n  Los ingresos ordinarios se corresponden con ingresos de contratos de clientes. La distribuci\u00f3n de los ingresos  ordinarios correspondiente a las actividades del Grupo en los ejercicios 2022 y 2021 es como sigue:   (*)  La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n  de  los  negocios  \u201cCelulosa\u201d  y  \u201cEnerg\u00eda  Renovable\u201d  se  corresponde  con  eliminaciones  de  operaciones  efectuadas entre dichos negocios en los ejercicios 2022 y 2021 por importe de 3.809 miles \u20ac y 2.820 miles \u20ac,  respectivamente.  El reconocimiento del Vajdm (v\u00e9ase Nota 3.14 y Anexo III) correspondiente al ejercicio 2022 ha supuesto  una minoraci\u00f3n de los ingresos procedentes de la venta de energ\u00eda renovable por importe de 34.115 miles  \u20ac (menor ingreso por importe de 89.118 miles \u20ac en 2021) y se encuentra recogido en el ep\u00edgrafe \u201cOtros  activos y pasivos corrientes y no corrientes\u201d del Estado de Situaci\u00f3n Financiera consolidado (v\u00e9ase Nota 30). Determinadas instalaciones del Grupo ya tienen reconocido un pasivo en concepto de Vajdm que alcanza el  importe de su VNA (valor presente de los cobros futuros en concepto de retribuci\u00f3n a la inversi\u00f3n). Esta  situaci\u00f3n se produce principalmente en las instalaciones del Negocio Energ\u00eda; Huelva 41 MW, Ja\u00e9n 16 MW, Ciudad Real 16 MW y C\u00f3rdoba 14 MW. De acuerdo con lo establecido en la normativa contable en vigor  vigente, dicho VNA opera como un l\u00edmite en la determinaci\u00f3n del pasivo en concepto de Vajdm. Si dicha  limitaci\u00f3n no existiera, el pasivo por Vajdm habr\u00eda sido superior al reconocido en un importe de 33.140 miles  \u20ac (0  \u20ac  en  el ejercicio  2021).  Adicionalmente,  no  se ha reconocido pasivo  en concepto de Vajdm en las instalaciones que estando en el \u201cR\u00e9gimen Especial de Cogeneraci\u00f3n y Residuos\u201d (RECORE) en su origen  ten\u00edan un VNA cero. Se corresponde con las instalaciones del Negocio Celulosa cuyo combustible es licor  negro, y las instalaciones del Negocio Energ\u00eda C\u00f3rdoba 13 MW, cuyo combustible es gas, y Puertollano 50  MW y Huelva 46 MW. De acuerdo con la normativa contable en vigor, el Vajdm no se reconocer\u00e1 siempre que se considere, de  acuerdo con su mejor estimaci\u00f3n de la evoluci\u00f3n futura de los precios de mercado de la energ\u00eda, que ser\u00eda altamente probable que se obtendr\u00e1n rentabilidades del mercado superiores a las establecidas en el RD 413/2014  y  que,  por  lo  tanto,  abandonar  el  r\u00e9gimen  retributivo  no  tendr\u00eda  consecuencias  econ\u00f3micas  significativamente  m\u00e1s  adversas  que  permanecer  en  el  mismo.  ENCE  ha  aplicado  el  criterio  general  al  considerar  que  seguir  en  el  r\u00e9gimen  retributivo  tiene  importantes  ventajas  econ\u00f3micas  en  todas  sus  instalaciones de generaci\u00f3n de energ\u00eda el\u00e9ctrica renovable. Durante los ejercicios 2022 y 2021 las sociedades del Grupo han efectuado ventas en moneda distinta del  euro,  principalmente  d\u00f3lar  estadounidense,  por  importe  de  207  millones  \u20ac  y  218  millones  \u20ac,  respectivamente.  Grupo Grupo Consolidado Consolidado Magnitudes operativas- Ventas Celulosa (Toneladas) 826.617                      -    826.617 996.057                      -    996.057 Ventas de energ\u00eda (Mwh) (**) 698.452 1.481.446 2.179.898 832.184 1.430.199 2.262.383 Ingresos- Celulosa   625.476                         -      625.476      544.568                         -    544.568 Energ\u00eda el\u00e9ctrica   73.613      293.726      367.339    106.700 154.051 260.751 Madera y servicios forestales   10.088      471      10.559    13.622 734 14.356 Facturaci\u00f3n intra-negocios   3.698      111                         -    2.721 99                      -   712.875 294.308 1.003.374 667.611 154.884 819.675 31/12/2022 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda 10.1 Otros ingresos de explotaci\u00f3n  Este  ep\u00edgrafe  del  Estado  de  Resultado  consolidado  recoge,  principalmente,  ingresos  por  los  siguientes  conceptos; subvenciones de explotaci\u00f3n, arrendamientos e indemnizaciones percibidas de compa\u00f1\u00edas de  seguros.  En  este  sentido,  en  el  ejercicio  2021  se  incluyen  ingresos  por  importe  de  14.233  miles  \u20ac,  correspondientes a indemnizaciones pactadas con las compa\u00f1\u00edas de seguro que dan cobertura a los activos  del grupo, como consecuencia de las aver\u00edas de maquinaria de la instalaci\u00f3n Huelva 50 MW.  10.2 Distribuci\u00f3n geogr\u00e1fica de los ingresos  La totalidad de las ventas de energ\u00eda el\u00e9ctrica se han efectuado en Espa\u00f1a. La distribuci\u00f3n por mercados  geogr\u00e1ficos de los ingresos ordinarios correspondientes a las ventas de celulosa es como sigue: Porcentaje/Ventas celulosa 2022 2021 Alemania 21,0 24,3 Espa\u00f1a 16,5 14,3 Polonia 12,1 13,6 Italia 10,2 9,7 Reino Unido 6,9 6,4 Francia 4,4 6,9 Grecia 4,9 1,2 Suecia 4,1 3,6 Otros 19,9 20,0 100,0 100,0 (*)  Distribuci\u00f3n realizada considerando el lugar de entrega ",
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   "value": "10.1 Otros ingresos de explotaci\u00f3n  Este  ep\u00edgrafe  del  Estado  de  Resultado  consolidado  recoge,  principalmente,  ingresos  por  los  siguientes  conceptos; subvenciones de explotaci\u00f3n, arrendamientos e indemnizaciones percibidas de compa\u00f1\u00edas de  seguros.  En  este  sentido,  en  el  ejercicio  2021  se  incluyen  ingresos  por  importe  de  14.233  miles  \u20ac,  correspondientes a indemnizaciones pactadas con las compa\u00f1\u00edas de seguro que dan cobertura a los activos  del grupo, como consecuencia de las aver\u00edas de maquinaria de la instalaci\u00f3n Huelva 50 MW. 13. Otros gastos de explotaci\u00f3n  El detalle de este ep\u00edgrafe del Estado de Resultado consolidado de los ejercicios 2022 y 2021 en los distintos  negocios desarrollados por ENCE es el siguiente: (*)  La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de  los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre  dichos negocios en 2022 y 2021 por 1.211 miles \u20ac y 1.444 miles \u20ac, respectivamente.  13.1 Servicios exteriores El desglose por conceptos del gasto de servicios exteriores de los ejercicios 2022 y 2021 es el siguiente:   (*) La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de  los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre  dichos negocios en 2022 y 2021 por 1.211 miles \u20ac y 1.444 miles \u20ac, respectivamente.  ENCE tiene contratado un seguro de responsabilidad civil que cubre a todos sus administradores y directivos  por da\u00f1os ocasionados por actos u omisiones en el ejercicio de su cargo. Su coste en 2022 y 2021 ha sido  de 94 miles \u20ac y 80 miles \u20ac, respectivamente.  Servicios exteriores 182.593   72.466   253.848   143.828   58.205   200.589 Consumo derechos de emisi\u00f3n (Nota 32) 7.838   2.814   10.652   4.862   2.717   7.579 Tributos  2.162   2.842   5.004   3.026   1.756   4.782 Impuesto a la generaci\u00f3n de energ\u00eda el\u00e9ctrica (Anexo III) -                     -                     -                      3.098   6.290   9.388 Variaci\u00f3n de las provisiones de tr\u00e1fico y otros (227)               86  (141)               2.467   103   2.570 Otros gastos no ordinarios de las operaciones (Notas 7 y 32) 21.000  -                      21.000  (13.191)        -                     (13.191)        213.366   78.208   290.363   144.090   69.071   211.717  31/12/2022 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Transportes, fletes y costes comerciales             62.512                2.390              64.902              45.955                1.099              47.054 Suministros             56.390                6.822              62.970              42.584                4.605              47.112 Reparaciones y conservaci\u00f3n             16.224              24.914              41.138              14.824              22.521              37.345 Servicios de profesionales independientes               4.988                2.908                7.896                7.592                1.151                8.743 Primas de seguros               4.388                3.578                7.966                3.835                2.321                6.156  Servicios bancarios y similares               1.067                   811                1.878                1.348                   787                2.135 Arrendamientos y c\u00e1nones (Nota 18.3)                  572                   202                   774                   458                   275                   733  Publicidad, propaganda y relaciones p\u00fablicas                1.029                   119                1.148                   795                   123                   918 Gastos de investigaci\u00f3n y desarrollo                     72                       -                       72                   100                       -                     100 Otros servicios             35.351              30.722              65.104              26.337              25.323              50.293   182.593      72.466      253.848      143.828      58.205      200.589 Grupo  consolidado 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  consolidado Negocio  Celulosa Negocio  Energ\u00eda 31/12/2022 13.2 Honorarios de auditor\u00eda La firma que ha auditado las cuentas de las sociedades que conforman el Grupo ENCE (v\u00e9ase Anexo I) en 202 2  y 2021 ha sido KPMG Auditores, S.L. Durante los ejercicios 2022 y 2021, los honorarios relativos a los servicios de auditor\u00eda de cuentas y a otro s  servicios prestados por el auditor o por empresas vinculadas al auditor han sido los siguientes: Los \u00fanicos servicios prestados por el auditor distintos a los servicios de auditor\u00eda en 2022 se corresponde n  con servicios de revisi\u00f3n sobre ratios financieros para atender a las obligaciones recogidas en los contrat os  de financiaci\u00f3n, servicios de revisi\u00f3n de determinadas magnitudes financieras para acreditar la condici\u00f3n d e  consumidor electrointensivo en varias instalaciones del Grupo, y servicios de verificaci\u00f3n de la informaci\u00f3 n  no financiera y del sistema de control interno de la informaci\u00f3n financiera.  Miles \u20ac 2022 2021 Servicios de auditor\u00eda 235 208 Servicios relacionados con la auditor\u00eda 43 50 Otros servicios 13 18 ",
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  "fact-22": {
   "value": "10.1 Otros ingresos de explotaci\u00f3n  Este  ep\u00edgrafe  del  Estado  de  Resultado  consolidado  recoge,  principalmente,  ingresos  por  los  siguientes  conceptos; subvenciones de explotaci\u00f3n, arrendamientos e indemnizaciones percibidas de compa\u00f1\u00edas de  seguros.  En  este  sentido,  en  el  ejercicio  2021  se  incluyen  ingresos  por  importe  de  14.233  miles  \u20ac,  correspondientes a indemnizaciones pactadas con las compa\u00f1\u00edas de seguro que dan cobertura a los activos  del grupo, como consecuencia de las aver\u00edas de maquinaria de la instalaci\u00f3n Huelva 50 MW. ",
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  "fact-23": {
   "value": "11. Aprovisionamientos  El ep\u00edgrafe Aprovisionamientos en 2022 y 2021 se desglosa en: (*)  La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de  los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre dichos  negocios en 2022 y 2021 por 3.809 miles \u20ac y 2.820 miles \u20ac, respectivamente.  En  este  ep\u00edgrafe  se  incluyen  principalmente  costes  de  adquisici\u00f3n  de  madera,  de  productos  qu\u00edmicos,  combustibles y otros costes variables, as\u00ed como servicios de aprovechamiento y transporte de madera. Compras   292.645      75.541      365.909      258.955      57.694      315.683   Variaci\u00f3n de existencias de  materias primas y auxiliares       (13.213)             (8.217)           (21.430)             (2.022)             (2.366)             (4.388)   Otros gastos externos   31.888      25.421      55.777      38.316      18.144      54.606   311.320  92.745  400.256  295.249  73.472  365.901 31/12/2022 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado 12. Personal  Los gastos de personal incurridos en los ejercicios 2022 y 2021 en los distintos negocios desarrollados por  ENCE son los siguientes:  12.1 Datos de plantilla  La plantilla media del Grupo de los ejercicios 2022 y 2021, detallada por categor\u00eda profesional y sexo, es la  siguiente:  As\u00ed mismo la distribuci\u00f3n de la plantilla del Grupo al 31 de diciembre de 2022 y 2021, detallada por categor\u00eda  profesional y sexo, es la siguiente:  Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Sueldos y salarios   56.741      13.342      70.083    52.645 10.059  62.704 Seguridad Social   14.051      3.265      17.316    14.144 2.957  17.101 Aportaci\u00f3n planes pensiones (Nota 3.13)   2.029      317    2.346 2.038 262  2.300 Otros gastos sociales 1.410 190 1.600 1.285 178 1.463 74.231 17.114 91.345 70.112 13.456 83.568 Planes retribuci\u00f3n a largo plazo (Nota 3.14) 57   31      88    21 (98)                   (77)                   Indemnizaciones   1.100    658 1.758 452 228 680 75.388 17.803 93.191 70.585 13.586 84.171 31/12/2022 31/12/2021 Categor\u00eda Profesional Hombres Mujeres Total Hombres Mujeres Total Directivos 51 14 65 48 13 61 Gerentes 60 23 83 60 19 79 Responsables de equipo 68 5 73 69 4 73 T\u00e9cnicos 195 122 317 196 123 319 Administrativos 16 38 54 14 43 57 Operadores 288 34 322 306 30 336 Apoyo y mejora 47 48 95 49 50 99 Mantenimiento 131 2 133 135 2 137 856 286 1.142 877 284 1.161 2021 N\u00famero Medio de Empleados del Ejercicio 2022 Al 31 de diciembre de 2022 y 2021 el n\u00famero de empleados con una discapacidad superior al 33% es de 10 y 12 personas, respectivamente. Por  otra  parte,  al  31  de  diciembre  de  2022  y  2021  el  Consejo  de  Administraci\u00f3n  est\u00e1  formado  por  13 consejeros; de ellos, 8 son varones y 5 mujeres. 12.2 Plan de retribuci\u00f3n a largo plazo  Plan de incentivo a largo plazo para el periodo 2019-2023  El 28 de marzo de 2019 la Junta General de Accionistas de ENCE aprob\u00f3 el \u201cPlan de Incentivo a largo plazo  para el periodo 2019-2023\u201d, como plan de retribuci\u00f3n dineraria y entrega de acciones de la Sociedad de  car\u00e1cter plurianual. El  objetivo  del  plan  es  el  de  incentivar  el  rendimiento  profesional  del  equipo  directivo  y  reforzar  su  orientaci\u00f3n  a  la  consecuci\u00f3n  de  los  objetivos  definidos  en  el  Plan  estrat\u00e9gico  2019-2023,  promover  la  sostenibilidad del Grupo para la  creaci\u00f3n  de  valor  a largo  plazo,  y comprometer a  la direcci\u00f3n con  los intereses de los accionistas y la mejora del clima organizacional. Se trata de un Plan a cinco a\u00f1os, alineado al plazo de duraci\u00f3n del Plan Estrat\u00e9gico, compuesto por dos  ciclos. El Ciclo I tiene una duraci\u00f3n de tres a\u00f1os, desde el 1 de enero de 2019 hasta el 31 de diciembre de  2021 y el Ciclo II de cinco a\u00f1os, desde el 1 de enero de 2019 hasta el 31 de diciembre de 2023.  El Ciclo I del incentivo representa un 40% del incentivo total y ha sido abonado en julio de 2022. Por su  parte, el Ciclo II del Incentivo representa un 60% del incentivo total y ser\u00e1 abonado, en su caso, en julio de  2024. Son requisitos imprescindibles para su devengo el alcanzar el grado m\u00ednimo de consecuci\u00f3n conforme a los  criterios a los que vienen referenciados los distintos objetivos, y que el beneficiario se halle en situaci\u00f3n de  prestaci\u00f3n efectiva de servicios para ENCE (en alta en Seguridad Social) en la correspondiente fecha de  consolidaci\u00f3n del derecho, con las salvedades habituales para este tipo de incentivos.  El incentivo considerado en este Plan consiste en un % de la retribuci\u00f3n fija media del periodo que abarca  cada ciclo, que oscila entre el 85% y el 500%, en funci\u00f3n de la categor\u00eda profesional del beneficiario, y su  consecuci\u00f3n est\u00e1 vinculada a cuatro objetivos relacionados con los resultados econ\u00f3micos alcanzados, con  la sostenibilidad, el clima organizacional y la cotizaci\u00f3n de la acci\u00f3n de ENCE. Categor\u00eda Profesional Hombres Mujeres Total Hombres Mujeres Total Directivos 54 15 69 48 14 62 Gerentes 63 24 87 60 21 81 Responsables de equipo 69 5 74 68 4 72 T\u00e9cnicos 201 134 335 197 119 316 Administrativos 15 40 55 16 45 61 Operadores 277 36 313 284 27 311 Apoyo y mejora 47 42 89 45 47 92 Mantenimiento 123 3 126 135 3 138 849 299 1.148 853 280 1.133 2022 2021 N\u00famero de Empleados al cierre del Ejercicio El colectivo del plan al 31 de diciembre de 2022 lo forman 74 personas integradas en el negocio Celulosa, y  el coste m\u00e1ximo previsto del Ciclo II considerando un grado de consecuci\u00f3n del 100% asciende a 9.436 miles  \u20ac.  El importe del incentivo se liquida en un 30% en met\u00e1lico y en un 70% mediante la entrega de acciones de  ENCE. El n\u00famero de acciones a  entregar se determinar\u00e1 considerando como precio de referencia de la  acci\u00f3n de ENCE 5,8031 \u20ac/acci\u00f3n (cotizaci\u00f3n media teniendo en cuenta los 20 d\u00edas anteriores y posteriores  al 31 de diciembre de 2018). El Presidente y Consejero Delegado y los miembros del Comit\u00e9 de Direcci\u00f3n  beneficiarios  del  Plan  asumen  el  compromiso  de  mantener  durante  al  menos  3  a\u00f1os  una  parte  de  las  acciones recibidas; dos veces su retribuci\u00f3n fija en el caso del Presidente y Consejero Delegado, y una vez  su retribuci\u00f3n fija los miembros del Comit\u00e9 de Direcci\u00f3n. El gasto / (ingreso) devengado por este concepto en los ejercicios 2022 y 2021, detallado considerando su  contrapartida es el siguiente:  De acuerdo con lo previsto en el Plan, en julio de 2022 se ha procedido a la liquidaci\u00f3n del Ciclo I del \u201cPlan  de Incentivos a largo plazo ENCE Energ\u00eda y Celulosa, S.A. para el periodo 2019-2023, lo que ha supuesto la  liquidaci\u00f3n de 279 miles \u20ac y 111.983 acciones de ENCE.  Por  otra  parte,  el  Consejo  de  Administraci\u00f3n  de  la  Sociedad  Dominante  acord\u00f3  en  diciembre  de  2020  liquidar anticipadamente y con efectos 31 de diciembre de 2020 este plan a un colectivo de 27 personas  integradas en el negocio Energ\u00eda. Con fecha 15 de julio de 2021 se ha ejecutado la liquidaci\u00f3n lo que ha  supuesto el desembolso de 41 miles \u20ac en efectivo y 53 miles \u20ac en acciones de ENCE. Plan de incentivo a largo plazo para el periodo 2021-2025  El  Consejo  de  Administraci\u00f3n  de  Magnon  Green  Energy,  S.L., Sociedad  holding  del  grupo de  empresas  destinadas  al  desarrollo  del  negocio  de  generaci\u00f3n  de  energ\u00eda  el\u00e9ctrica  renovable  en  plantas  independientes (el \u201cNegocio Energ\u00eda\u201d), ha aprobado en su sesi\u00f3n celebrada el 17 de marzo de 2021 un Plan  de Incentivo a largo plazo para los ejercicios 2021 a 2025, como plan de retribuci\u00f3n dineraria de car\u00e1cter  plurianual, con los objetivos de incentivar el rendimiento y desempe\u00f1o profesional del equipo directivo,  promover la sostenibilidad del Grupo, reforzar la orientaci\u00f3n del equipo directivo en la consecuci\u00f3n de los  objetivos de negocio comprometidos en el plan 2021-2025, y retener el talento.  Son requisitos imprescindibles para su devengo el alcanzar el grado m\u00ednimo de consecuci\u00f3n de objetivos  (nivel m\u00ednimo) conforme a los criterios a los que vienen referenciados los objetivos, y que el beneficiario se  halle en situaci\u00f3n de prestaci\u00f3n efectiva de servicios para el Negocio Energ\u00eda (en alta en Seguridad Social)  en la fecha de devengo, con las salvedades habituales para este tipo de Incentivos.  Su consecuci\u00f3n est\u00e1 vinculada a cuatro objetivos relacionados con los resultados econ\u00f3micos del negocio,  con la sostenibilidad, y con el desarrollo de nuevas plantas de generaci\u00f3n de energ\u00eda. El colectivo del plan lo forma personal del negocio de Energ\u00eda, en total 30 personas, y el coste m\u00e1ximo  previsto considerando del plan un grado de consecuci\u00f3n del 100% en la escala de pago asciende a 3.191  miles \u20ac.  El gasto devengado por este concepto en 2022 ha sido de 32 miles \u20ac y se encuentra recogido en el ep\u00edgrafe  \u201cProvisiones a largo plazo\u201d del estado de situaci\u00f3n financiera consolidado (v\u00e9ase nota 32). Miles \u20ac 2022 2021 Otros instrumentos de patrimonio neto (Nota 22.7) 38 15 Provisiones a largo y corto plazo (Nota 32) 16 6 54 21 En  la  determinaci\u00f3n  del  importe  devengado  por  estos  compromisos  se  realizan  estimaciones  que  son  revisadas en cada cierre contable, y el impacto de las variaciones se registra en el Estado de Resultado  consolidado de forma prospectiva. 13. Otros gastos de explotaci\u00f3n  El detalle de este ep\u00edgrafe del Estado de Resultado consolidado de los ejercicios 2022 y 2021 en los distintos  negocios desarrollados por ENCE es el siguiente: (*)  La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de  los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre  dichos negocios en 2022 y 2021 por 1.211 miles \u20ac y 1.444 miles \u20ac, respectivamente.  13.1 Servicios exteriores El desglose por conceptos del gasto de servicios exteriores de los ejercicios 2022 y 2021 es el siguiente:   (*) La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de  los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre  dichos negocios en 2022 y 2021 por 1.211 miles \u20ac y 1.444 miles \u20ac, respectivamente.  ENCE tiene contratado un seguro de responsabilidad civil que cubre a todos sus administradores y directivos  por da\u00f1os ocasionados por actos u omisiones en el ejercicio de su cargo. Su coste en 2022 y 2021 ha sido  de 94 miles \u20ac y 80 miles \u20ac, respectivamente. Servicios exteriores 182.593   72.466   253.848   143.828   58.205   200.589 Consumo derechos de emisi\u00f3n (Nota 32) 7.838   2.814   10.652   4.862   2.717   7.579 Tributos  2.162   2.842   5.004   3.026   1.756   4.782 Impuesto a la generaci\u00f3n de energ\u00eda el\u00e9ctrica (Anexo III) -                     -                     -                      3.098   6.290   9.388 Variaci\u00f3n de las provisiones de tr\u00e1fico y otros (227)               86  (141)               2.467   103   2.570 Otros gastos no ordinarios de las operaciones (Notas 7 y 32) 21.000  -                      21.000  (13.191)        -                     (13.191)        213.366   78.208   290.363   144.090   69.071   211.717 31/12/2022 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Transportes, fletes y costes comerciales             62.512                2.390              64.902              45.955                1.099              47.054 Suministros             56.390                6.822              62.970              42.584                4.605              47.112 Reparaciones y conservaci\u00f3n             16.224              24.914              41.138              14.824              22.521              37.345 Servicios de profesionales independientes               4.988                2.908                7.896                7.592                1.151                8.743 Primas de seguros               4.388                3.578                7.966                3.835                2.321                6.156  Servicios bancarios y similares               1.067                   811                1.878                1.348                   787                2.135 Arrendamientos y c\u00e1nones (Nota 18.3)                  572                   202                   774                   458                   275                   733  Publicidad, propaganda y relaciones p\u00fablicas                1.029                   119                1.148                   795                   123                   918 Gastos de investigaci\u00f3n y desarrollo                     72                       -                       72                   100                       -                     100 Otros servicios             35.351              30.722              65.104              26.337              25.323              50.293   182.593      72.466      253.848      143.828      58.205      200.589 Grupo  consolidado 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  consolidado Negocio  Celulosa Negocio  Energ\u00eda 31/12/2022 13.2 Honorarios de auditor\u00eda La firma que ha auditado las cuentas de las sociedades que conforman el Grupo ENCE (v\u00e9ase Anexo I) en 202 2 y 2021 ha sido KPMG Auditores, S.L. Durante los ejercicios 2022 y 2021, los honorarios relativos a los servicios de auditor\u00eda de cuentas y a otro s servicios prestados por el auditor o por empresas vinculadas al auditor han sido los siguientes: Los \u00fanicos servicios prestados por el auditor distintos a los servicios de auditor\u00eda en 2022 se corresponde n con servicios de revisi\u00f3n sobre ratios financieros para atender a las obligaciones recogidas en los contrat os de financiaci\u00f3n, servicios de revisi\u00f3n de determinadas magnitudes financieras para acreditar la condici\u00f3n d e consumidor electrointensivo en varias instalaciones del Grupo, y servicios de verificaci\u00f3n de la informaci\u00f3 n no financiera y del sistema de control interno de la informaci\u00f3n financiera.  14. Gastos e ingresos financieros El detalle de estos ep\u00edgrafes del Estado de Resultado Consolidado de los ejercicios 2022 y 2021 es com o sigue: Miles \u20ac 2022 2021 Servicios de auditor\u00eda 235 208 Servicios relacionados con la auditor\u00eda 43 50 Otros servicios 13 18 Total Total Bono Convertible              (2.285)                     -                (2.285)              (4.985)                     -                (4.985) Obligaciones / Notas                     -                (3.091)              (3.091)                     -                (3.253)              (3.253) Pr\u00e9stamos, l\u00edneas de cr\u00e9dito y otros              (3.453)              (2.256)              (5.709)              (4.512)              (3.140)              (7.652) Comisiones y otros gastos              (4.404)              (7.655)            (12.059)              (3.021)              (2.701)              (5.722) Capitalizaci\u00f3n de gastos financieros (Nota 19)                  247                     25                   272                   244                     11                   255 Resultado financiero intra-negocio (Nota 35)               1.022               (2.031)              (1.009)               1.246               (2.507)              (1.261) Derechos de uso sobre activos (Nota 18)              (1.927)                   (51)              (1.978)                 (989)                   (34)              (1.023) Contraprestaci\u00f3n contingente (Nota 28)                  861                   144                1.005                  (622)                  642                     20 Otros ingresos financieros                    34                     33                     67                3.335                1.116                4.451             (9.905)            (14.882)            (24.787)              (9.304)              (9.866)            (19.170) Derivados de cobertura-  Liquidaci\u00f3n IRSwap (Nota 31)                     -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)                    -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)             (9.905)            (16.351)            (26.256)              (9.557)            (11.914)            (21.471) 31/12/2022 31/12/2021 Miles de euros Negocio Celulosa Negocio Energ\u00eda Negocio Celulosa Negocio Energ\u00eda ",
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   "value": "11. Aprovisionamientos  El ep\u00edgrafe Aprovisionamientos en 2022 y 2021 se desglosa en: (*)  La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de  los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre dichos  negocios en 2022 y 2021 por 3.809 miles \u20ac y 2.820 miles \u20ac, respectivamente.  En  este  ep\u00edgrafe  se  incluyen  principalmente  costes  de  adquisici\u00f3n  de  madera,  de  productos  qu\u00edmicos,  combustibles y otros costes variables, as\u00ed como servicios de aprovechamiento y transporte de madera. Compras   292.645      75.541      365.909      258.955      57.694      315.683   Variaci\u00f3n de existencias de  materias primas y auxiliares       (13.213)             (8.217)           (21.430)             (2.022)             (2.366)             (4.388)   Otros gastos externos   31.888      25.421      55.777      38.316      18.144      54.606   311.320  92.745  400.256  295.249  73.472  365.901  31/12/2022 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado 12. Personal  Los gastos de personal incurridos en los ejercicios 2022 y 2021 en los distintos negocios desarrollados por  ENCE son los siguientes:  12.1 Datos de plantilla  La plantilla media del Grupo de los ejercicios 2022 y 2021, detallada por categor\u00eda profesional y sexo, es la  siguiente:  As\u00ed mismo la distribuci\u00f3n de la plantilla del Grupo al 31 de diciembre de 2022 y 2021, detallada por categor\u00eda  profesional y sexo, es la siguiente:  Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Sueldos y salarios   56.741      13.342      70.083    52.645 10.059  62.704 Seguridad Social   14.051      3.265      17.316    14.144 2.957  17.101 Aportaci\u00f3n planes pensiones (Nota 3.13)   2.029      317    2.346 2.038 262  2.300 Otros gastos sociales 1.410 190 1.600 1.285 178 1.463 74.231 17.114 91.345 70.112 13.456 83.568 Planes retribuci\u00f3n a largo plazo (Nota 3.14) 57   31      88    21 (98)                   (77)                   Indemnizaciones   1.100    658 1.758 452 228 680 75.388 17.803 93.191 70.585 13.586 84.171 31/12/2022 31/12/2021 Categor\u00eda Profesional Hombres Mujeres Total Hombres Mujeres Total Directivos 51 14 65 48 13 61 Gerentes 60 23 83 60 19 79 Responsables de equipo 68 5 73 69 4 73 T\u00e9cnicos 195 122 317 196 123 319 Administrativos 16 38 54 14 43 57 Operadores 288 34 322 306 30 336 Apoyo y mejora 47 48 95 49 50 99 Mantenimiento 131 2 133 135 2 137 856 286 1.142 877 284 1.161 2021 N\u00famero Medio de Empleados del Ejercicio 2022 Al 31 de diciembre de 2022 y 2021 el n\u00famero de empleados con una discapacidad superior al 33% es de 10 y 12 personas, respectivamente. Por  otra  parte,  al  31  de  diciembre  de  2022  y  2021  el  Consejo  de  Administraci\u00f3n  est\u00e1  formado  por  13 consejeros; de ellos, 8 son varones y 5 mujeres. 12.2 Plan de retribuci\u00f3n a largo plazo  Plan de incentivo a largo plazo para el periodo 2019-2023  El 28 de marzo de 2019 la Junta General de Accionistas de ENCE aprob\u00f3 el \u201cPlan de Incentivo a largo plazo  para el periodo 2019-2023\u201d, como plan de retribuci\u00f3n dineraria y entrega de acciones de la Sociedad de  car\u00e1cter plurianual. El  objetivo  del  plan  es  el  de  incentivar  el  rendimiento  profesional  del  equipo  directivo  y  reforzar  su  orientaci\u00f3n  a  la  consecuci\u00f3n  de  los  objetivos  definidos  en  el  Plan  estrat\u00e9gico  2019-2023,  promover  la  sostenibilidad del Grupo para la  creaci\u00f3n  de  valor  a largo  plazo,  y comprometer a  la direcci\u00f3n con  los intereses de los accionistas y la mejora del clima organizacional. Se trata de un Plan a cinco a\u00f1os, alineado al plazo de duraci\u00f3n del Plan Estrat\u00e9gico, compuesto por dos  ciclos. El Ciclo I tiene una duraci\u00f3n de tres a\u00f1os, desde el 1 de enero de 2019 hasta el 31 de diciembre de  2021 y el Ciclo II de cinco a\u00f1os, desde el 1 de enero de 2019 hasta el 31 de diciembre de 2023.  El Ciclo I del incentivo representa un 40% del incentivo total y ha sido abonado en julio de 2022. Por su  parte, el Ciclo II del Incentivo representa un 60% del incentivo total y ser\u00e1 abonado, en su caso, en julio de  2024. Son requisitos imprescindibles para su devengo el alcanzar el grado m\u00ednimo de consecuci\u00f3n conforme a los  criterios a los que vienen referenciados los distintos objetivos, y que el beneficiario se halle en situaci\u00f3n de  prestaci\u00f3n efectiva de servicios para ENCE (en alta en Seguridad Social) en la correspondiente fecha de  consolidaci\u00f3n del derecho, con las salvedades habituales para este tipo de incentivos.  El incentivo considerado en este Plan consiste en un % de la retribuci\u00f3n fija media del periodo que abarca  cada ciclo, que oscila entre el 85% y el 500%, en funci\u00f3n de la categor\u00eda profesional del beneficiario, y su  consecuci\u00f3n est\u00e1 vinculada a cuatro objetivos relacionados con los resultados econ\u00f3micos alcanzados, con  la sostenibilidad, el clima organizacional y la cotizaci\u00f3n de la acci\u00f3n de ENCE.  Categor\u00eda Profesional Hombres Mujeres Total Hombres Mujeres Total Directivos 54 15 69 48 14 62 Gerentes 63 24 87 60 21 81 Responsables de equipo 69 5 74 68 4 72 T\u00e9cnicos 201 134 335 197 119 316 Administrativos 15 40 55 16 45 61 Operadores 277 36 313 284 27 311 Apoyo y mejora 47 42 89 45 47 92 Mantenimiento 123 3 126 135 3 138 849 299 1.148 853 280 1.133 2022 2021 N\u00famero de Empleados al cierre del Ejercicio El colectivo del plan al 31 de diciembre de 2022 lo forman 74 personas integradas en el negocio Celulosa, y  el coste m\u00e1ximo previsto del Ciclo II considerando un grado de consecuci\u00f3n del 100% asciende a 9.436 miles  \u20ac.  El importe del incentivo se liquida en un 30% en met\u00e1lico y en un 70% mediante la entrega de acciones de  ENCE. El n\u00famero de acciones a  entregar se determinar\u00e1 considerando como precio de referencia de la  acci\u00f3n de ENCE 5,8031 \u20ac/acci\u00f3n (cotizaci\u00f3n media teniendo en cuenta los 20 d\u00edas anteriores y posteriores  al 31 de diciembre de 2018). El Presidente y Consejero Delegado y los miembros del Comit\u00e9 de Direcci\u00f3n  beneficiarios  del  Plan  asumen  el  compromiso  de  mantener  durante  al  menos  3  a\u00f1os  una  parte  de  las  acciones recibidas; dos veces su retribuci\u00f3n fija en el caso del Presidente y Consejero Delegado, y una vez  su retribuci\u00f3n fija los miembros del Comit\u00e9 de Direcci\u00f3n. El gasto / (ingreso) devengado por este concepto en los ejercicios 2022 y 2021, detallado considerando su  contrapartida es el siguiente:  De acuerdo con lo previsto en el Plan, en julio de 2022 se ha procedido a la liquidaci\u00f3n del Ciclo I del \u201cPlan  de Incentivos a largo plazo ENCE Energ\u00eda y Celulosa, S.A. para el periodo 2019-2023, lo que ha supuesto la  liquidaci\u00f3n de 279 miles \u20ac y 111.983 acciones de ENCE.  Por  otra  parte,  el  Consejo  de  Administraci\u00f3n  de  la  Sociedad  Dominante  acord\u00f3  en  diciembre  de  2020  liquidar anticipadamente y con efectos 31 de diciembre de 2020 este plan a un colectivo de 27 personas  integradas en el negocio Energ\u00eda. Con fecha 15 de julio de 2021 se ha ejecutado la liquidaci\u00f3n lo que ha  supuesto el desembolso de 41 miles \u20ac en efectivo y 53 miles \u20ac en acciones de ENCE. Plan de incentivo a largo plazo para el periodo 2021-2025  El  Consejo  de  Administraci\u00f3n  de  Magnon  Green  Energy,  S.L., Sociedad  holding  del  grupo de  empresas  destinadas  al  desarrollo  del  negocio  de  generaci\u00f3n  de  energ\u00eda  el\u00e9ctrica  renovable  en  plantas  independientes (el \u201cNegocio Energ\u00eda\u201d), ha aprobado en su sesi\u00f3n celebrada el 17 de marzo de 2021 un Plan  de Incentivo a largo plazo para los ejercicios 2021 a 2025, como plan de retribuci\u00f3n dineraria de car\u00e1cter  plurianual, con los objetivos de incentivar el rendimiento y desempe\u00f1o profesional del equipo directivo,  promover la sostenibilidad del Grupo, reforzar la orientaci\u00f3n del equipo directivo en la consecuci\u00f3n de los  objetivos de negocio comprometidos en el plan 2021-2025, y retener el talento.  Son requisitos imprescindibles para su devengo el alcanzar el grado m\u00ednimo de consecuci\u00f3n de objetivos  (nivel m\u00ednimo) conforme a los criterios a los que vienen referenciados los objetivos, y que el beneficiario se  halle en situaci\u00f3n de prestaci\u00f3n efectiva de servicios para el Negocio Energ\u00eda (en alta en Seguridad Social)  en la fecha de devengo, con las salvedades habituales para este tipo de Incentivos.  Su consecuci\u00f3n est\u00e1 vinculada a cuatro objetivos relacionados con los resultados econ\u00f3micos del negocio,  con la sostenibilidad, y con el desarrollo de nuevas plantas de generaci\u00f3n de energ\u00eda. El colectivo del plan lo forma personal del negocio de Energ\u00eda, en total 30 personas, y el coste m\u00e1ximo  previsto considerando del plan un grado de consecuci\u00f3n del 100% en la escala de pago asciende a 3.191  miles \u20ac.  El gasto devengado por este concepto en 2022 ha sido de 32 miles \u20ac y se encuentra recogido en el ep\u00edgrafe  \u201cProvisiones a largo plazo\u201d del estado de situaci\u00f3n financiera consolidado (v\u00e9ase nota 32). Miles \u20ac 2022 2021 Otros instrumentos de patrimonio neto (Nota 22.7) 38 15 Provisiones a largo y corto plazo (Nota 32) 16 6 54 21 En  la  determinaci\u00f3n  del  importe  devengado  por  estos  compromisos  se  realizan  estimaciones  que  son  revisadas en cada cierre contable, y el impacto de las variaciones se registra en el Estado de Resultado  consolidado de forma prospectiva. 13. Otros gastos de explotaci\u00f3n  El detalle de este ep\u00edgrafe del Estado de Resultado consolidado de los ejercicios 2022 y 2021 en los distintos  negocios desarrollados por ENCE es el siguiente: (*)  La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de  los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre  dichos negocios en 2022 y 2021 por 1.211 miles \u20ac y 1.444 miles \u20ac, respectivamente.  13.1 Servicios exteriores El desglose por conceptos del gasto de servicios exteriores de los ejercicios 2022 y 2021 es el siguiente:   (*) La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de  los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre  dichos negocios en 2022 y 2021 por 1.211 miles \u20ac y 1.444 miles \u20ac, respectivamente.  ENCE tiene contratado un seguro de responsabilidad civil que cubre a todos sus administradores y directivos  por da\u00f1os ocasionados por actos u omisiones en el ejercicio de su cargo. Su coste en 2022 y 2021 ha sido  de 94 miles \u20ac y 80 miles \u20ac, respectivamente. Servicios exteriores 182.593   72.466   253.848   143.828   58.205   200.589 Consumo derechos de emisi\u00f3n (Nota 32) 7.838   2.814   10.652   4.862   2.717   7.579 Tributos  2.162   2.842   5.004   3.026   1.756   4.782 Impuesto a la generaci\u00f3n de energ\u00eda el\u00e9ctrica (Anexo III) -                     -                     -                      3.098   6.290   9.388 Variaci\u00f3n de las provisiones de tr\u00e1fico y otros (227)               86  (141)               2.467   103   2.570 Otros gastos no ordinarios de las operaciones (Notas 7 y 32) 21.000  -                      21.000  (13.191)        -                     (13.191)        213.366   78.208   290.363   144.090   69.071   211.717 31/12/2022 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Transportes, fletes y costes comerciales             62.512                2.390              64.902              45.955                1.099              47.054 Suministros             56.390                6.822              62.970              42.584                4.605              47.112 Reparaciones y conservaci\u00f3n             16.224              24.914              41.138              14.824              22.521              37.345 Servicios de profesionales independientes               4.988                2.908                7.896                7.592                1.151                8.743 Primas de seguros               4.388                3.578                7.966                3.835                2.321                6.156  Servicios bancarios y similares               1.067                   811                1.878                1.348                   787                2.135 Arrendamientos y c\u00e1nones (Nota 18.3)                  572                   202                   774                   458                   275                   733  Publicidad, propaganda y relaciones p\u00fablicas                1.029                   119                1.148                   795                   123                   918 Gastos de investigaci\u00f3n y desarrollo                     72                       -                       72                   100                       -                     100 Otros servicios             35.351              30.722              65.104              26.337              25.323              50.293   182.593      72.466      253.848      143.828      58.205      200.589 Grupo  consolidado 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  consolidado Negocio  Celulosa Negocio  Energ\u00eda 31/12/2022 13.2 Honorarios de auditor\u00eda La firma que ha auditado las cuentas de las sociedades que conforman el Grupo ENCE (v\u00e9ase Anexo I) en 202 2  y 2021 ha sido KPMG Auditores, S.L. Durante los ejercicios 2022 y 2021, los honorarios relativos a los servicios de auditor\u00eda de cuentas y a otro s  servicios prestados por el auditor o por empresas vinculadas al auditor han sido los siguientes: Los \u00fanicos servicios prestados por el auditor distintos a los servicios de auditor\u00eda en 2022 se corresponde n  con servicios de revisi\u00f3n sobre ratios financieros para atender a las obligaciones recogidas en los contrat os  de financiaci\u00f3n, servicios de revisi\u00f3n de determinadas magnitudes financieras para acreditar la condici\u00f3n d e  consumidor electrointensivo en varias instalaciones del Grupo, y servicios de verificaci\u00f3n de la informaci\u00f3 n  no financiera y del sistema de control interno de la informaci\u00f3n financiera.  Miles \u20ac 2022 2021 Servicios de auditor\u00eda 235 208 Servicios relacionados con la auditor\u00eda 43 50 Otros servicios 13 18 10.1 Otros ingresos de explotaci\u00f3n  Este  ep\u00edgrafe  del  Estado  de  Resultado  consolidado  recoge,  principalmente,  ingresos  por  los  siguientes  conceptos; subvenciones de explotaci\u00f3n, arrendamientos e indemnizaciones percibidas de compa\u00f1\u00edas de  seguros.  En  este  sentido,  en  el  ejercicio  2021  se  incluyen  ingresos  por  importe  de  14.233  miles  \u20ac,  correspondientes a indemnizaciones pactadas con las compa\u00f1\u00edas de seguro que dan cobertura a los activos  del grupo, como consecuencia de las aver\u00edas de maquinaria de la instalaci\u00f3n Huelva 50 MW.  ",
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  "fact-525": {
   "value": "11. Aprovisionamientos El ep\u00edgrafe Aprovisionamientos en 2022 y 2021 se desglosa en:  (*)  La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre dichos negocios en 2022 y 2021 por 3.809 miles \u20ac y 2.820 miles \u20ac, respectivamente. En  este  ep\u00edgrafe  se  incluyen  principalmente  costes  de  adquisici\u00f3n  de  madera,  de  productos  qu\u00edmicos, combustibles y otros costes variables, as\u00ed como servicios de aprovechamiento y transporte de madera. Compras   292.645      75.541      365.909      258.955      57.694      315.683 Variaci\u00f3n de existencias de  materias primas y auxiliares       (13.213)             (8.217)           (21.430)             (2.022)             (2.366)             (4.388) Otros gastos externos   31.888      25.421      55.777      38.316      18.144      54.606 311.320  92.745  400.256  295.249  73.472  365.901  31/12/2022 31/12/2021 Miles de euros Negocio Celulosa Negocio Energ\u00eda Grupo Consolidado Negocio Celulosa Negocio Energ\u00eda Grupo Consolidado 12. Personal  Los gastos de personal incurridos en los ejercicios 2022 y 2021 en los distintos negocios desarrollados por  ENCE son los siguientes:  12.1 Datos de plantilla  La plantilla media del Grupo de los ejercicios 2022 y 2021, detallada por categor\u00eda profesional y sexo, es la  siguiente:  As\u00ed mismo la distribuci\u00f3n de la plantilla del Grupo al 31 de diciembre de 2022 y 2021, detallada por categor\u00eda  profesional y sexo, es la siguiente:  Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Sueldos y salarios   56.741      13.342      70.083    52.645 10.059  62.704 Seguridad Social   14.051      3.265      17.316    14.144 2.957  17.101 Aportaci\u00f3n planes pensiones (Nota 3.13)   2.029      317    2.346 2.038 262  2.300 Otros gastos sociales 1.410 190 1.600 1.285 178 1.463 74.231 17.114 91.345 70.112 13.456 83.568 Planes retribuci\u00f3n a largo plazo (Nota 3.14) 57   31      88    21 (98)                   (77)                   Indemnizaciones   1.100    658 1.758 452 228 680 75.388 17.803 93.191 70.585 13.586 84.171 31/12/2022 31/12/2021 Categor\u00eda Profesional Hombres Mujeres Total Hombres Mujeres Total Directivos 51 14 65 48 13 61 Gerentes 60 23 83 60 19 79 Responsables de equipo 68 5 73 69 4 73 T\u00e9cnicos 195 122 317 196 123 319 Administrativos 16 38 54 14 43 57 Operadores 288 34 322 306 30 336 Apoyo y mejora 47 48 95 49 50 99 Mantenimiento 131 2 133 135 2 137 856 286 1.142 877 284 1.161 2021 N\u00famero Medio de Empleados del Ejercicio 2022 Al 31 de diciembre de 2022 y 2021 el n\u00famero de empleados con una discapacidad superior al 33% es de 10 y 12 personas, respectivamente. Por  otra  parte,  al  31  de  diciembre  de  2022  y  2021  el  Consejo  de  Administraci\u00f3n  est\u00e1  formado  por  13 consejeros; de ellos, 8 son varones y 5 mujeres. 12.2 Plan de retribuci\u00f3n a largo plazo  Plan de incentivo a largo plazo para el periodo 2019-2023  El 28 de marzo de 2019 la Junta General de Accionistas de ENCE aprob\u00f3 el \u201cPlan de Incentivo a largo plazo  para el periodo 2019-2023\u201d, como plan de retribuci\u00f3n dineraria y entrega de acciones de la Sociedad de  car\u00e1cter plurianual. El  objetivo  del  plan  es  el  de  incentivar  el  rendimiento  profesional  del  equipo  directivo  y  reforzar  su  orientaci\u00f3n  a  la  consecuci\u00f3n  de  los  objetivos  definidos  en  el  Plan  estrat\u00e9gico  2019-2023,  promover  la  sostenibilidad del Grupo para la  creaci\u00f3n  de  valor  a largo  plazo,  y comprometer a  la direcci\u00f3n con  los intereses de los accionistas y la mejora del clima organizacional. Se trata de un Plan a cinco a\u00f1os, alineado al plazo de duraci\u00f3n del Plan Estrat\u00e9gico, compuesto por dos  ciclos. El Ciclo I tiene una duraci\u00f3n de tres a\u00f1os, desde el 1 de enero de 2019 hasta el 31 de diciembre de  2021 y el Ciclo II de cinco a\u00f1os, desde el 1 de enero de 2019 hasta el 31 de diciembre de 2023.  El Ciclo I del incentivo representa un 40% del incentivo total y ha sido abonado en julio de 2022. Por su  parte, el Ciclo II del Incentivo representa un 60% del incentivo total y ser\u00e1 abonado, en su caso, en julio de  2024. Son requisitos imprescindibles para su devengo el alcanzar el grado m\u00ednimo de consecuci\u00f3n conforme a los  criterios a los que vienen referenciados los distintos objetivos, y que el beneficiario se halle en situaci\u00f3n de  prestaci\u00f3n efectiva de servicios para ENCE (en alta en Seguridad Social) en la correspondiente fecha de  consolidaci\u00f3n del derecho, con las salvedades habituales para este tipo de incentivos.  El incentivo considerado en este Plan consiste en un % de la retribuci\u00f3n fija media del periodo que abarca  cada ciclo, que oscila entre el 85% y el 500%, en funci\u00f3n de la categor\u00eda profesional del beneficiario, y su  consecuci\u00f3n est\u00e1 vinculada a cuatro objetivos relacionados con los resultados econ\u00f3micos alcanzados, con  la sostenibilidad, el clima organizacional y la cotizaci\u00f3n de la acci\u00f3n de ENCE. Categor\u00eda Profesional Hombres Mujeres Total Hombres Mujeres Total Directivos 54 15 69 48 14 62 Gerentes 63 24 87 60 21 81 Responsables de equipo 69 5 74 68 4 72 T\u00e9cnicos 201 134 335 197 119 316 Administrativos 15 40 55 16 45 61 Operadores 277 36 313 284 27 311 Apoyo y mejora 47 42 89 45 47 92 Mantenimiento 123 3 126 135 3 138 849 299 1.148 853 280 1.133 2022 2021 N\u00famero de Empleados al cierre del Ejercicio El colectivo del plan al 31 de diciembre de 2022 lo forman 74 personas integradas en el negocio Celulosa, y  el coste m\u00e1ximo previsto del Ciclo II considerando un grado de consecuci\u00f3n del 100% asciende a 9.436 miles  \u20ac.  El importe del incentivo se liquida en un 30% en met\u00e1lico y en un 70% mediante la entrega de acciones de  ENCE. El n\u00famero de acciones a  entregar se determinar\u00e1 considerando como precio de referencia de la  acci\u00f3n de ENCE 5,8031 \u20ac/acci\u00f3n (cotizaci\u00f3n media teniendo en cuenta los 20 d\u00edas anteriores y posteriores  al 31 de diciembre de 2018). El Presidente y Consejero Delegado y los miembros del Comit\u00e9 de Direcci\u00f3n  beneficiarios  del  Plan  asumen  el  compromiso  de  mantener  durante  al  menos  3  a\u00f1os  una  parte  de  las  acciones recibidas; dos veces su retribuci\u00f3n fija en el caso del Presidente y Consejero Delegado, y una vez  su retribuci\u00f3n fija los miembros del Comit\u00e9 de Direcci\u00f3n. El gasto / (ingreso) devengado por este concepto en los ejercicios 2022 y 2021, detallado considerando su  contrapartida es el siguiente:  De acuerdo con lo previsto en el Plan, en julio de 2022 se ha procedido a la liquidaci\u00f3n del Ciclo I del \u201cPlan  de Incentivos a largo plazo ENCE Energ\u00eda y Celulosa, S.A. para el periodo 2019-2023, lo que ha supuesto la  liquidaci\u00f3n de 279 miles \u20ac y 111.983 acciones de ENCE.  Por  otra  parte,  el  Consejo  de  Administraci\u00f3n  de  la  Sociedad  Dominante  acord\u00f3  en  diciembre  de  2020  liquidar anticipadamente y con efectos 31 de diciembre de 2020 este plan a un colectivo de 27 personas  integradas en el negocio Energ\u00eda. Con fecha 15 de julio de 2021 se ha ejecutado la liquidaci\u00f3n lo que ha  supuesto el desembolso de 41 miles \u20ac en efectivo y 53 miles \u20ac en acciones de ENCE. Plan de incentivo a largo plazo para el periodo 2021-2025  El  Consejo  de  Administraci\u00f3n  de  Magnon  Green  Energy,  S.L., Sociedad  holding  del  grupo de  empresas  destinadas  al  desarrollo  del  negocio  de  generaci\u00f3n  de  energ\u00eda  el\u00e9ctrica  renovable  en  plantas  independientes (el \u201cNegocio Energ\u00eda\u201d), ha aprobado en su sesi\u00f3n celebrada el 17 de marzo de 2021 un Plan  de Incentivo a largo plazo para los ejercicios 2021 a 2025, como plan de retribuci\u00f3n dineraria de car\u00e1cter  plurianual, con los objetivos de incentivar el rendimiento y desempe\u00f1o profesional del equipo directivo,  promover la sostenibilidad del Grupo, reforzar la orientaci\u00f3n del equipo directivo en la consecuci\u00f3n de los  objetivos de negocio comprometidos en el plan 2021-2025, y retener el talento.  Son requisitos imprescindibles para su devengo el alcanzar el grado m\u00ednimo de consecuci\u00f3n de objetivos  (nivel m\u00ednimo) conforme a los criterios a los que vienen referenciados los objetivos, y que el beneficiario se  halle en situaci\u00f3n de prestaci\u00f3n efectiva de servicios para el Negocio Energ\u00eda (en alta en Seguridad Social)  en la fecha de devengo, con las salvedades habituales para este tipo de Incentivos.  Su consecuci\u00f3n est\u00e1 vinculada a cuatro objetivos relacionados con los resultados econ\u00f3micos del negocio,  con la sostenibilidad, y con el desarrollo de nuevas plantas de generaci\u00f3n de energ\u00eda. El colectivo del plan lo forma personal del negocio de Energ\u00eda, en total 30 personas, y el coste m\u00e1ximo  previsto considerando del plan un grado de consecuci\u00f3n del 100% en la escala de pago asciende a 3.191  miles \u20ac.  El gasto devengado por este concepto en 2022 ha sido de 32 miles \u20ac y se encuentra recogido en el ep\u00edgrafe  \u201cProvisiones a largo plazo\u201d del estado de situaci\u00f3n financiera consolidado (v\u00e9ase nota 32). Miles \u20ac 2022 2021 Otros instrumentos de patrimonio neto (Nota 22.7) 38 15 Provisiones a largo y corto plazo (Nota 32) 16 6 54 21 En  la  determinaci\u00f3n  del  importe  devengado  por  estos  compromisos  se  realizan  estimaciones  que  son  revisadas en cada cierre contable, y el impacto de las variaciones se registra en el Estado de Resultado  consolidado de forma prospectiva.  13. Otros gastos de explotaci\u00f3n  El detalle de este ep\u00edgrafe del Estado de Resultado consolidado de los ejercicios 2022 y 2021 en los distintos  negocios desarrollados por ENCE es el siguiente:  (*)  La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de  los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre  dichos negocios en 2022 y 2021 por 1.211 miles \u20ac y 1.444 miles \u20ac, respectivamente.  13.1 Servicios exteriores El desglose por conceptos del gasto de servicios exteriores de los ejercicios 2022 y 2021 es el siguiente:    (*) La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de  los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre  dichos negocios en 2022 y 2021 por 1.211 miles \u20ac y 1.444 miles \u20ac, respectivamente.  ENCE tiene contratado un seguro de responsabilidad civil que cubre a todos sus administradores y directivos  por da\u00f1os ocasionados por actos u omisiones en el ejercicio de su cargo. Su coste en 2022 y 2021 ha sido  de 94 miles \u20ac y 80 miles \u20ac, respectivamente.  Servicios exteriores 182.593   72.466   253.848   143.828   58.205   200.589 Consumo derechos de emisi\u00f3n (Nota 32) 7.838   2.814   10.652   4.862   2.717   7.579 Tributos  2.162   2.842   5.004   3.026   1.756   4.782 Impuesto a la generaci\u00f3n de energ\u00eda el\u00e9ctrica (Anexo III) -                     -                     -                      3.098   6.290   9.388 Variaci\u00f3n de las provisiones de tr\u00e1fico y otros (227)               86  (141)               2.467   103   2.570 Otros gastos no ordinarios de las operaciones (Notas 7 y 32) 21.000  -                      21.000  (13.191)        -                     (13.191)        213.366   78.208   290.363   144.090   69.071   211.717  31/12/2022 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Transportes, fletes y costes comerciales             62.512                2.390              64.902              45.955                1.099              47.054 Suministros             56.390                6.822              62.970              42.584                4.605              47.112 Reparaciones y conservaci\u00f3n             16.224              24.914              41.138              14.824              22.521              37.345 Servicios de profesionales independientes               4.988                2.908                7.896                7.592                1.151                8.743 Primas de seguros               4.388                3.578                7.966                3.835                2.321                6.156  Servicios bancarios y similares               1.067                   811                1.878                1.348                   787                2.135 Arrendamientos y c\u00e1nones (Nota 18.3)                  572                   202                   774                   458                   275                   733  Publicidad, propaganda y relaciones p\u00fablicas                1.029                   119                1.148                   795                   123                   918 Gastos de investigaci\u00f3n y desarrollo                     72                       -                       72                   100                       -                     100 Otros servicios             35.351              30.722              65.104              26.337              25.323              50.293   182.593      72.466      253.848      143.828      58.205      200.589 Grupo  consolidado 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  consolidado Negocio  Celulosa Negocio  Energ\u00eda 31/12/2022 13.2 Honorarios de auditor\u00eda La firma que ha auditado las cuentas de las sociedades que conforman el Grupo ENCE (v\u00e9ase Anexo I) en 202 2 y 2021 ha sido KPMG Auditores, S.L. Durante los ejercicios 2022 y 2021, los honorarios relativos a los servicios de auditor\u00eda de cuentas y a otro s servicios prestados por el auditor o por empresas vinculadas al auditor han sido los siguientes: Los \u00fanicos servicios prestados por el auditor distintos a los servicios de auditor\u00eda en 2022 se corresponde n con servicios de revisi\u00f3n sobre ratios financieros para atender a las obligaciones recogidas en los contrat os de financiaci\u00f3n, servicios de revisi\u00f3n de determinadas magnitudes financieras para acreditar la condici\u00f3n d e consumidor electrointensivo en varias instalaciones del Grupo, y servicios de verificaci\u00f3n de la informaci\u00f3 n no financiera y del sistema de control interno de la informaci\u00f3n financiera.  14. Gastos e ingresos financieros El detalle de estos ep\u00edgrafes del Estado de Resultado Consolidado de los ejercicios 2022 y 2021 es com o sigue: Miles \u20ac 2022 2021 Servicios de auditor\u00eda 235 208 Servicios relacionados con la auditor\u00eda 43 50 Otros servicios 13 18 Total Total Bono Convertible              (2.285)                     -                (2.285)              (4.985)                     -                (4.985) Obligaciones / Notas                     -                (3.091)              (3.091)                     -                (3.253)              (3.253) Pr\u00e9stamos, l\u00edneas de cr\u00e9dito y otros              (3.453)              (2.256)              (5.709)              (4.512)              (3.140)              (7.652) Comisiones y otros gastos              (4.404)              (7.655)            (12.059)              (3.021)              (2.701)              (5.722) Capitalizaci\u00f3n de gastos financieros (Nota 19)                  247                     25                   272                   244                     11                   255 Resultado financiero intra-negocio (Nota 35)               1.022               (2.031)              (1.009)               1.246               (2.507)              (1.261) Derechos de uso sobre activos (Nota 18)              (1.927)                   (51)              (1.978)                 (989)                   (34)              (1.023) Contraprestaci\u00f3n contingente (Nota 28)                  861                   144                1.005                  (622)                  642                     20 Otros ingresos financieros                    34                     33                     67                3.335                1.116                4.451             (9.905)            (14.882)            (24.787)              (9.304)              (9.866)            (19.170) Derivados de cobertura-  Liquidaci\u00f3n IRSwap (Nota 31)                     -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)                    -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)             (9.905)            (16.351)            (26.256)              (9.557)            (11.914)            (21.471) 31/12/2022 31/12/2021 Miles de euros Negocio Celulosa Negocio Energ\u00eda Negocio Celulosa Negocio Energ\u00eda ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  },
  "fact-527": {
   "value": "11. Aprovisionamientos El ep\u00edgrafe Aprovisionamientos en 2022 y 2021 se desglosa en:  (*)  La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre dichos negocios en 2022 y 2021 por 3.809 miles \u20ac y 2.820 miles \u20ac, respectivamente. En  este  ep\u00edgrafe  se  incluyen  principalmente  costes  de  adquisici\u00f3n  de  madera,  de  productos  qu\u00edmicos, combustibles y otros costes variables, as\u00ed como servicios de aprovechamiento y transporte de madera. Compras   292.645      75.541      365.909      258.955      57.694      315.683 Variaci\u00f3n de existencias de  materias primas y auxiliares       (13.213)             (8.217)           (21.430)             (2.022)             (2.366)             (4.388) Otros gastos externos   31.888      25.421      55.777      38.316      18.144      54.606 311.320  92.745  400.256  295.249  73.472  365.901  31/12/2022 31/12/2021 Miles de euros Negocio Celulosa Negocio Energ\u00eda Grupo Consolidado Negocio Celulosa Negocio Energ\u00eda Grupo Consolidado 12. Personal  Los gastos de personal incurridos en los ejercicios 2022 y 2021 en los distintos negocios desarrollados por  ENCE son los siguientes:  12.1 Datos de plantilla  La plantilla media del Grupo de los ejercicios 2022 y 2021, detallada por categor\u00eda profesional y sexo, es la  siguiente:  As\u00ed mismo la distribuci\u00f3n de la plantilla del Grupo al 31 de diciembre de 2022 y 2021, detallada por categor\u00eda  profesional y sexo, es la siguiente:  Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Sueldos y salarios   56.741      13.342      70.083    52.645 10.059  62.704 Seguridad Social   14.051      3.265      17.316    14.144 2.957  17.101 Aportaci\u00f3n planes pensiones (Nota 3.13)   2.029      317    2.346 2.038 262  2.300 Otros gastos sociales 1.410 190 1.600 1.285 178 1.463 74.231 17.114 91.345 70.112 13.456 83.568 Planes retribuci\u00f3n a largo plazo (Nota 3.14) 57   31      88    21 (98)                   (77)                   Indemnizaciones   1.100    658 1.758 452 228 680 75.388 17.803 93.191 70.585 13.586 84.171 31/12/2022 31/12/2021 Categor\u00eda Profesional Hombres Mujeres Total Hombres Mujeres Total Directivos 51 14 65 48 13 61 Gerentes 60 23 83 60 19 79 Responsables de equipo 68 5 73 69 4 73 T\u00e9cnicos 195 122 317 196 123 319 Administrativos 16 38 54 14 43 57 Operadores 288 34 322 306 30 336 Apoyo y mejora 47 48 95 49 50 99 Mantenimiento 131 2 133 135 2 137 856 286 1.142 877 284 1.161 2021 N\u00famero Medio de Empleados del Ejercicio 2022 Al 31 de diciembre de 2022 y 2021 el n\u00famero de empleados con una discapacidad superior al 33% es de 10 y 12 personas, respectivamente. Por  otra  parte,  al  31  de  diciembre  de  2022  y  2021  el  Consejo  de  Administraci\u00f3n  est\u00e1  formado  por  13 consejeros; de ellos, 8 son varones y 5 mujeres. 12.2 Plan de retribuci\u00f3n a largo plazo  Plan de incentivo a largo plazo para el periodo 2019-2023  El 28 de marzo de 2019 la Junta General de Accionistas de ENCE aprob\u00f3 el \u201cPlan de Incentivo a largo plazo  para el periodo 2019-2023\u201d, como plan de retribuci\u00f3n dineraria y entrega de acciones de la Sociedad de  car\u00e1cter plurianual. El  objetivo  del  plan  es  el  de  incentivar  el  rendimiento  profesional  del  equipo  directivo  y  reforzar  su  orientaci\u00f3n  a  la  consecuci\u00f3n  de  los  objetivos  definidos  en  el  Plan  estrat\u00e9gico  2019-2023,  promover  la  sostenibilidad del Grupo para la  creaci\u00f3n  de  valor  a largo  plazo,  y comprometer a  la direcci\u00f3n con  los intereses de los accionistas y la mejora del clima organizacional. Se trata de un Plan a cinco a\u00f1os, alineado al plazo de duraci\u00f3n del Plan Estrat\u00e9gico, compuesto por dos  ciclos. El Ciclo I tiene una duraci\u00f3n de tres a\u00f1os, desde el 1 de enero de 2019 hasta el 31 de diciembre de  2021 y el Ciclo II de cinco a\u00f1os, desde el 1 de enero de 2019 hasta el 31 de diciembre de 2023.  El Ciclo I del incentivo representa un 40% del incentivo total y ha sido abonado en julio de 2022. Por su  parte, el Ciclo II del Incentivo representa un 60% del incentivo total y ser\u00e1 abonado, en su caso, en julio de  2024. Son requisitos imprescindibles para su devengo el alcanzar el grado m\u00ednimo de consecuci\u00f3n conforme a los  criterios a los que vienen referenciados los distintos objetivos, y que el beneficiario se halle en situaci\u00f3n de  prestaci\u00f3n efectiva de servicios para ENCE (en alta en Seguridad Social) en la correspondiente fecha de  consolidaci\u00f3n del derecho, con las salvedades habituales para este tipo de incentivos.  El incentivo considerado en este Plan consiste en un % de la retribuci\u00f3n fija media del periodo que abarca  cada ciclo, que oscila entre el 85% y el 500%, en funci\u00f3n de la categor\u00eda profesional del beneficiario, y su  consecuci\u00f3n est\u00e1 vinculada a cuatro objetivos relacionados con los resultados econ\u00f3micos alcanzados, con  la sostenibilidad, el clima organizacional y la cotizaci\u00f3n de la acci\u00f3n de ENCE. Categor\u00eda Profesional Hombres Mujeres Total Hombres Mujeres Total Directivos 54 15 69 48 14 62 Gerentes 63 24 87 60 21 81 Responsables de equipo 69 5 74 68 4 72 T\u00e9cnicos 201 134 335 197 119 316 Administrativos 15 40 55 16 45 61 Operadores 277 36 313 284 27 311 Apoyo y mejora 47 42 89 45 47 92 Mantenimiento 123 3 126 135 3 138 849 299 1.148 853 280 1.133 2022 2021 N\u00famero de Empleados al cierre del Ejercicio El colectivo del plan al 31 de diciembre de 2022 lo forman 74 personas integradas en el negocio Celulosa, y  el coste m\u00e1ximo previsto del Ciclo II considerando un grado de consecuci\u00f3n del 100% asciende a 9.436 miles  \u20ac.  El importe del incentivo se liquida en un 30% en met\u00e1lico y en un 70% mediante la entrega de acciones de  ENCE. El n\u00famero de acciones a  entregar se determinar\u00e1 considerando como precio de referencia de la  acci\u00f3n de ENCE 5,8031 \u20ac/acci\u00f3n (cotizaci\u00f3n media teniendo en cuenta los 20 d\u00edas anteriores y posteriores  al 31 de diciembre de 2018). El Presidente y Consejero Delegado y los miembros del Comit\u00e9 de Direcci\u00f3n  beneficiarios  del  Plan  asumen  el  compromiso  de  mantener  durante  al  menos  3  a\u00f1os  una  parte  de  las  acciones recibidas; dos veces su retribuci\u00f3n fija en el caso del Presidente y Consejero Delegado, y una vez  su retribuci\u00f3n fija los miembros del Comit\u00e9 de Direcci\u00f3n. El gasto / (ingreso) devengado por este concepto en los ejercicios 2022 y 2021, detallado considerando su  contrapartida es el siguiente:  De acuerdo con lo previsto en el Plan, en julio de 2022 se ha procedido a la liquidaci\u00f3n del Ciclo I del \u201cPlan  de Incentivos a largo plazo ENCE Energ\u00eda y Celulosa, S.A. para el periodo 2019-2023, lo que ha supuesto la  liquidaci\u00f3n de 279 miles \u20ac y 111.983 acciones de ENCE.  Por  otra  parte,  el  Consejo  de  Administraci\u00f3n  de  la  Sociedad  Dominante  acord\u00f3  en  diciembre  de  2020  liquidar anticipadamente y con efectos 31 de diciembre de 2020 este plan a un colectivo de 27 personas  integradas en el negocio Energ\u00eda. Con fecha 15 de julio de 2021 se ha ejecutado la liquidaci\u00f3n lo que ha  supuesto el desembolso de 41 miles \u20ac en efectivo y 53 miles \u20ac en acciones de ENCE. Plan de incentivo a largo plazo para el periodo 2021-2025  El  Consejo  de  Administraci\u00f3n  de  Magnon  Green  Energy,  S.L., Sociedad  holding  del  grupo de  empresas  destinadas  al  desarrollo  del  negocio  de  generaci\u00f3n  de  energ\u00eda  el\u00e9ctrica  renovable  en  plantas  independientes (el \u201cNegocio Energ\u00eda\u201d), ha aprobado en su sesi\u00f3n celebrada el 17 de marzo de 2021 un Plan  de Incentivo a largo plazo para los ejercicios 2021 a 2025, como plan de retribuci\u00f3n dineraria de car\u00e1cter  plurianual, con los objetivos de incentivar el rendimiento y desempe\u00f1o profesional del equipo directivo,  promover la sostenibilidad del Grupo, reforzar la orientaci\u00f3n del equipo directivo en la consecuci\u00f3n de los  objetivos de negocio comprometidos en el plan 2021-2025, y retener el talento.  Son requisitos imprescindibles para su devengo el alcanzar el grado m\u00ednimo de consecuci\u00f3n de objetivos  (nivel m\u00ednimo) conforme a los criterios a los que vienen referenciados los objetivos, y que el beneficiario se  halle en situaci\u00f3n de prestaci\u00f3n efectiva de servicios para el Negocio Energ\u00eda (en alta en Seguridad Social)  en la fecha de devengo, con las salvedades habituales para este tipo de Incentivos.  Su consecuci\u00f3n est\u00e1 vinculada a cuatro objetivos relacionados con los resultados econ\u00f3micos del negocio,  con la sostenibilidad, y con el desarrollo de nuevas plantas de generaci\u00f3n de energ\u00eda. El colectivo del plan lo forma personal del negocio de Energ\u00eda, en total 30 personas, y el coste m\u00e1ximo  previsto considerando del plan un grado de consecuci\u00f3n del 100% en la escala de pago asciende a 3.191  miles \u20ac.  El gasto devengado por este concepto en 2022 ha sido de 32 miles \u20ac y se encuentra recogido en el ep\u00edgrafe  \u201cProvisiones a largo plazo\u201d del estado de situaci\u00f3n financiera consolidado (v\u00e9ase nota 32). Miles \u20ac 2022 2021 Otros instrumentos de patrimonio neto (Nota 22.7) 38 15 Provisiones a largo y corto plazo (Nota 32) 16 6 54 21 En  la  determinaci\u00f3n  del  importe  devengado  por  estos  compromisos  se  realizan  estimaciones  que  son  revisadas en cada cierre contable, y el impacto de las variaciones se registra en el Estado de Resultado  consolidado de forma prospectiva. 13. Otros gastos de explotaci\u00f3n  El detalle de este ep\u00edgrafe del Estado de Resultado consolidado de los ejercicios 2022 y 2021 en los distintos  negocios desarrollados por ENCE es el siguiente: (*)  La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de  los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre  dichos negocios en 2022 y 2021 por 1.211 miles \u20ac y 1.444 miles \u20ac, respectivamente.  13.1 Servicios exteriores El desglose por conceptos del gasto de servicios exteriores de los ejercicios 2022 y 2021 es el siguiente:   (*) La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de  los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre  dichos negocios en 2022 y 2021 por 1.211 miles \u20ac y 1.444 miles \u20ac, respectivamente.  ENCE tiene contratado un seguro de responsabilidad civil que cubre a todos sus administradores y directivos  por da\u00f1os ocasionados por actos u omisiones en el ejercicio de su cargo. Su coste en 2022 y 2021 ha sido  de 94 miles \u20ac y 80 miles \u20ac, respectivamente. Servicios exteriores 182.593   72.466   253.848   143.828   58.205   200.589 Consumo derechos de emisi\u00f3n (Nota 32) 7.838   2.814   10.652   4.862   2.717   7.579 Tributos  2.162   2.842   5.004   3.026   1.756   4.782 Impuesto a la generaci\u00f3n de energ\u00eda el\u00e9ctrica (Anexo III) -                     -                     -                      3.098   6.290   9.388 Variaci\u00f3n de las provisiones de tr\u00e1fico y otros (227)               86  (141)               2.467   103   2.570 Otros gastos no ordinarios de las operaciones (Notas 7 y 32) 21.000  -                      21.000  (13.191)        -                     (13.191)        213.366   78.208   290.363   144.090   69.071   211.717 31/12/2022 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Transportes, fletes y costes comerciales             62.512                2.390              64.902              45.955                1.099              47.054 Suministros             56.390                6.822              62.970              42.584                4.605              47.112 Reparaciones y conservaci\u00f3n             16.224              24.914              41.138              14.824              22.521              37.345 Servicios de profesionales independientes               4.988                2.908                7.896                7.592                1.151                8.743 Primas de seguros               4.388                3.578                7.966                3.835                2.321                6.156  Servicios bancarios y similares               1.067                   811                1.878                1.348                   787                2.135 Arrendamientos y c\u00e1nones (Nota 18.3)                  572                   202                   774                   458                   275                   733  Publicidad, propaganda y relaciones p\u00fablicas                1.029                   119                1.148                   795                   123                   918 Gastos de investigaci\u00f3n y desarrollo                     72                       -                       72                   100                       -                     100 Otros servicios             35.351              30.722              65.104              26.337              25.323              50.293   182.593      72.466      253.848      143.828      58.205      200.589 Grupo  consolidado 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  consolidado Negocio  Celulosa Negocio  Energ\u00eda 31/12/2022 13.2 Honorarios de auditor\u00eda La firma que ha auditado las cuentas de las sociedades que conforman el Grupo ENCE (v\u00e9ase Anexo I) en 202 y 2021 ha sido KPMG Auditores, S.L. Durante los ejercicios 2022 y 2021, los honorarios relativos a los servicios de auditor\u00eda de cuentas y a otro servicios prestados por el auditor o por empresas vinculadas al auditor han sido los siguientes: Los \u00fanicos servicios prestados por el auditor distintos a los servicios de auditor\u00eda en 2022 se corresponde con servicios de revisi\u00f3n sobre ratios financieros para atender a las obligaciones recogidas en los contrat de financiaci\u00f3n, servicios de revisi\u00f3n de determinadas magnitudes financieras para acreditar la condici\u00f3n d consumidor electrointensivo en varias instalaciones del Grupo, y servicios de verificaci\u00f3n de la informaci\u00f3 no financiera y del sistema de control interno de la informaci\u00f3n financiera.  14. Gastos e ingresos financieros El detalle de estos ep\u00edgrafes del Estado de Resultado Consolidado de los ejercicios 2022 y 2021 es com sigue: Miles \u20ac 2022 2021 Servicios de auditor\u00eda 235 208 Servicios relacionados con la auditor\u00eda 43 50 Otros servicios 13 18 Total Total Bono Convertible              (2.285)                     -                (2.285)              (4.985)                     -                (4.985) Obligaciones / Notas                     -                (3.091)              (3.091)                     -                (3.253)              (3.253) Pr\u00e9stamos, l\u00edneas de cr\u00e9dito y otros              (3.453)              (2.256)              (5.709)              (4.512)              (3.140)              (7.652) Comisiones y otros gastos              (4.404)              (7.655)            (12.059)              (3.021)              (2.701)              (5.722) Capitalizaci\u00f3n de gastos financieros (Nota 19)                  247                     25                   272                   244                     11                   255 Resultado financiero intra-negocio (Nota 35)               1.022               (2.031)              (1.009)               1.246               (2.507)              (1.261) Derechos de uso sobre activos (Nota 18)              (1.927)                   (51)              (1.978)                 (989)                   (34)              (1.023) Contraprestaci\u00f3n contingente (Nota 28)                  861                   144                1.005                  (622)                  642                     20 Otros ingresos financieros                    34                     33                     67                3.335                1.116                4.451             (9.905)            (14.882)            (24.787)              (9.304)              (9.866)            (19.170) Derivados de cobertura-  Liquidaci\u00f3n IRSwap (Nota 31)                     -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)                    -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)             (9.905)            (16.351)            (26.256)              (9.557)            (11.914)            (21.471) 31/12/2022 31/12/2021 Miles de euros Negocio Celulosa Negocio Energ\u00eda Negocio Celulosa Negocio Energ\u00eda ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
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  },
  "fact-508": {
   "value": "11. Aprovisionamientos El ep\u00edgrafe Aprovisionamientos en 2022 y 2021 se desglosa en:  (*)  La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre dichos negocios en 2022 y 2021 por 3.809 miles \u20ac y 2.820 miles \u20ac, respectivamente. En  este  ep\u00edgrafe  se  incluyen  principalmente  costes  de  adquisici\u00f3n  de  madera,  de  productos  qu\u00edmicos, combustibles y otros costes variables, as\u00ed como servicios de aprovechamiento y transporte de madera. Compras   292.645      75.541      365.909      258.955      57.694      315.683 Variaci\u00f3n de existencias de  materias primas y auxiliares       (13.213)             (8.217)           (21.430)             (2.022)             (2.366)             (4.388) Otros gastos externos   31.888      25.421      55.777      38.316      18.144      54.606 311.320  92.745  400.256  295.249  73.472  365.901  31/12/2022 31/12/2021 Miles de euros Negocio Celulosa Negocio Energ\u00eda Grupo Consolidado Negocio Celulosa Negocio Energ\u00eda Grupo Consolidado ",
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  "fact-521": {
   "value": "12. Personal  Los gastos de personal incurridos en los ejercicios 2022 y 2021 en los distintos negocios desarrollados por  ENCE son los siguientes:   12.1 Datos de plantilla  La plantilla media del Grupo de los ejercicios 2022 y 2021, detallada por categor\u00eda profesional y sexo, es la  siguiente:   As\u00ed mismo la distribuci\u00f3n de la plantilla del Grupo al 31 de diciembre de 2022 y 2021, detallada por categor\u00eda  profesional y sexo, es la siguiente:  Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Sueldos y salarios   56.741      13.342      70.083    52.645 10.059  62.704 Seguridad Social   14.051      3.265      17.316    14.144 2.957  17.101 Aportaci\u00f3n planes pensiones (Nota 3.13)   2.029      317    2.346 2.038 262  2.300 Otros gastos sociales 1.410 190 1.600 1.285 178 1.463 74.231 17.114 91.345 70.112 13.456 83.568 Planes retribuci\u00f3n a largo plazo (Nota 3.14) 57   31      88    21 (98)                   (77)                   Indemnizaciones   1.100    658 1.758 452 228 680 75.388 17.803 93.191 70.585 13.586 84.171 31/12/2022 31/12/2021 Categor\u00eda Profesional Hombres Mujeres Total Hombres Mujeres Total Directivos 51 14 65 48 13 61 Gerentes 60 23 83 60 19 79 Responsables de equipo 68 5 73 69 4 73 T\u00e9cnicos 195 122 317 196 123 319 Administrativos 16 38 54 14 43 57 Operadores 288 34 322 306 30 336 Apoyo y mejora 47 48 95 49 50 99 Mantenimiento 131 2 133 135 2 137 856 286 1.142 877 284 1.161 2021 N\u00famero Medio de Empleados del Ejercicio 2022  Al 31 de diciembre de 2022 y 2021 el n\u00famero de empleados con una discapacidad superior al 33% es de 10 y 12 personas, respectivamente. Por  otra  parte,  al  31  de  diciembre  de  2022  y  2021  el  Consejo  de  Administraci\u00f3n  est\u00e1  formado  por  13 consejeros; de ellos, 8 son varones y 5 mujeres.  12.2 Plan de retribuci\u00f3n a largo plazo  Plan de incentivo a largo plazo para el periodo 2019-2023  El 28 de marzo de 2019 la Junta General de Accionistas de ENCE aprob\u00f3 el \u201cPlan de Incentivo a largo plazo  para el periodo 2019-2023\u201d, como plan de retribuci\u00f3n dineraria y entrega de acciones de la Sociedad de  car\u00e1cter plurianual. El  objetivo  del  plan  es  el  de  incentivar  el  rendimiento  profesional  del  equipo  directivo  y  reforzar  su  orientaci\u00f3n  a  la  consecuci\u00f3n  de  los  objetivos  definidos  en  el  Plan  estrat\u00e9gico  2019-2023,  promover  la  sostenibilidad del Grupo para la  creaci\u00f3n  de  valor  a largo  plazo,  y comprometer a  la direcci\u00f3n con  los intereses de los accionistas y la mejora del clima organizacional. Se trata de un Plan a cinco a\u00f1os, alineado al plazo de duraci\u00f3n del Plan Estrat\u00e9gico, compuesto por dos  ciclos. El Ciclo I tiene una duraci\u00f3n de tres a\u00f1os, desde el 1 de enero de 2019 hasta el 31 de diciembre de  2021 y el Ciclo II de cinco a\u00f1os, desde el 1 de enero de 2019 hasta el 31 de diciembre de 2023.  El Ciclo I del incentivo representa un 40% del incentivo total y ha sido abonado en julio de 2022. Por su  parte, el Ciclo II del Incentivo representa un 60% del incentivo total y ser\u00e1 abonado, en su caso, en julio de  2024. Son requisitos imprescindibles para su devengo el alcanzar el grado m\u00ednimo de consecuci\u00f3n conforme a los  criterios a los que vienen referenciados los distintos objetivos, y que el beneficiario se halle en situaci\u00f3n de  prestaci\u00f3n efectiva de servicios para ENCE (en alta en Seguridad Social) en la correspondiente fecha de  consolidaci\u00f3n del derecho, con las salvedades habituales para este tipo de incentivos.  El incentivo considerado en este Plan consiste en un % de la retribuci\u00f3n fija media del periodo que abarca  cada ciclo, que oscila entre el 85% y el 500%, en funci\u00f3n de la categor\u00eda profesional del beneficiario, y su  consecuci\u00f3n est\u00e1 vinculada a cuatro objetivos relacionados con los resultados econ\u00f3micos alcanzados, con  la sostenibilidad, el clima organizacional y la cotizaci\u00f3n de la acci\u00f3n de ENCE.  Categor\u00eda Profesional Hombres Mujeres Total Hombres Mujeres Total Directivos 54 15 69 48 14 62 Gerentes 63 24 87 60 21 81 Responsables de equipo 69 5 74 68 4 72 T\u00e9cnicos 201 134 335 197 119 316 Administrativos 15 40 55 16 45 61 Operadores 277 36 313 284 27 311 Apoyo y mejora 47 42 89 45 47 92 Mantenimiento 123 3 126 135 3 138 849 299 1.148 853 280 1.133 2022 2021 N\u00famero de Empleados al cierre del Ejercicio El colectivo del plan al 31 de diciembre de 2022 lo forman 74 personas integradas en el negocio Celulosa, y  el coste m\u00e1ximo previsto del Ciclo II considerando un grado de consecuci\u00f3n del 100% asciende a 9.436 miles  \u20ac.  El importe del incentivo se liquida en un 30% en met\u00e1lico y en un 70% mediante la entrega de acciones de  ENCE. El n\u00famero de acciones a  entregar se determinar\u00e1 considerando como precio de referencia de la  acci\u00f3n de ENCE 5,8031 \u20ac/acci\u00f3n (cotizaci\u00f3n media teniendo en cuenta los 20 d\u00edas anteriores y posteriores  al 31 de diciembre de 2018). El Presidente y Consejero Delegado y los miembros del Comit\u00e9 de Direcci\u00f3n  beneficiarios  del  Plan  asumen  el  compromiso  de  mantener  durante  al  menos  3  a\u00f1os  una  parte  de  las  acciones recibidas; dos veces su retribuci\u00f3n fija en el caso del Presidente y Consejero Delegado, y una vez  su retribuci\u00f3n fija los miembros del Comit\u00e9 de Direcci\u00f3n. El gasto / (ingreso) devengado por este concepto en los ejercicios 2022 y 2021, detallado considerando su  contrapartida es el siguiente:   De acuerdo con lo previsto en el Plan, en julio de 2022 se ha procedido a la liquidaci\u00f3n del Ciclo I del \u201cPlan  de Incentivos a largo plazo ENCE Energ\u00eda y Celulosa, S.A. para el periodo 2019-2023, lo que ha supuesto la  liquidaci\u00f3n de 279 miles \u20ac y 111.983 acciones de ENCE.  Por  otra  parte,  el  Consejo  de  Administraci\u00f3n  de  la  Sociedad  Dominante  acord\u00f3  en  diciembre  de  2020  liquidar anticipadamente y con efectos 31 de diciembre de 2020 este plan a un colectivo de 27 personas  integradas en el negocio Energ\u00eda. Con fecha 15 de julio de 2021 se ha ejecutado la liquidaci\u00f3n lo que ha  supuesto el desembolso de 41 miles \u20ac en efectivo y 53 miles \u20ac en acciones de ENCE. Plan de incentivo a largo plazo para el periodo 2021-2025  El  Consejo  de  Administraci\u00f3n  de  Magnon  Green  Energy,  S.L., Sociedad  holding  del  grupo de  empresas  destinadas  al  desarrollo  del  negocio  de  generaci\u00f3n  de  energ\u00eda  el\u00e9ctrica  renovable  en  plantas  independientes (el \u201cNegocio Energ\u00eda\u201d), ha aprobado en su sesi\u00f3n celebrada el 17 de marzo de 2021 un Plan  de Incentivo a largo plazo para los ejercicios 2021 a 2025, como plan de retribuci\u00f3n dineraria de car\u00e1cter  plurianual, con los objetivos de incentivar el rendimiento y desempe\u00f1o profesional del equipo directivo,  promover la sostenibilidad del Grupo, reforzar la orientaci\u00f3n del equipo directivo en la consecuci\u00f3n de los  objetivos de negocio comprometidos en el plan 2021-2025, y retener el talento.  Son requisitos imprescindibles para su devengo el alcanzar el grado m\u00ednimo de consecuci\u00f3n de objetivos  (nivel m\u00ednimo) conforme a los criterios a los que vienen referenciados los objetivos, y que el beneficiario se  halle en situaci\u00f3n de prestaci\u00f3n efectiva de servicios para el Negocio Energ\u00eda (en alta en Seguridad Social)  en la fecha de devengo, con las salvedades habituales para este tipo de Incentivos.  Su consecuci\u00f3n est\u00e1 vinculada a cuatro objetivos relacionados con los resultados econ\u00f3micos del negocio,  con la sostenibilidad, y con el desarrollo de nuevas plantas de generaci\u00f3n de energ\u00eda. El colectivo del plan lo forma personal del negocio de Energ\u00eda, en total 30 personas, y el coste m\u00e1ximo  previsto considerando del plan un grado de consecuci\u00f3n del 100% en la escala de pago asciende a 3.191  miles \u20ac.  El gasto devengado por este concepto en 2022 ha sido de 32 miles \u20ac y se encuentra recogido en el ep\u00edgrafe  \u201cProvisiones a largo plazo\u201d del estado de situaci\u00f3n financiera consolidado (v\u00e9ase nota 32). Miles \u20ac 2022 2021 Otros instrumentos de patrimonio neto (Nota 22.7) 38 15 Provisiones a largo y corto plazo (Nota 32) 16 6 54 21 En  la  determinaci\u00f3n  del  importe  devengado  por  estos  compromisos  se  realizan  estimaciones  que  son  revisadas en cada cierre contable, y el impacto de las variaciones se registra en el Estado de Resultado  consolidado de forma prospectiva. ",
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  "fact-533": {
   "value": "12.1 Datos de plantilla  La plantilla media del Grupo de los ejercicios 2022 y 2021, detallada por categor\u00eda profesional y sexo, es la  siguiente:  As\u00ed mismo la distribuci\u00f3n de la plantilla del Grupo al 31 de diciembre de 2022 y 2021, detallada por categor\u00eda  profesional y sexo, es la siguiente:  Categor\u00eda Profesional Hombres Mujeres Total Hombres Mujeres Total Directivos 51 14 65 48 13 61 Gerentes 60 23 83 60 19 79 Responsables de equipo 68 5 73 69 4 73 T\u00e9cnicos 195 122 317 196 123 319 Administrativos 16 38 54 14 43 57 Operadores 288 34 322 306 30 336 Apoyo y mejora 47 48 95 49 50 99 Mantenimiento 131 2 133 135 2 137 856 286 1.142 877 284 1.161 2021 N\u00famero Medio de Empleados del Ejercicio 2022 Al 31 de diciembre de 2022 y 2021 el n\u00famero de empleados con una discapacidad superior al 33% es de 10 y 12 personas, respectivamente. Por  otra  parte,  al  31  de  diciembre  de  2022  y  2021  el  Consejo  de  Administraci\u00f3n  est\u00e1  formado  por  13 consejeros; de ellos, 8 son varones y 5 mujeres. Categor\u00eda Profesional Hombres Mujeres Total Hombres Mujeres Total Directivos 54 15 69 48 14 62 Gerentes 63 24 87 60 21 81 Responsables de equipo 69 5 74 68 4 72 T\u00e9cnicos 201 134 335 197 119 316 Administrativos 15 40 55 16 45 61 Operadores 277 36 313 284 27 311 Apoyo y mejora 47 42 89 45 47 92 Mantenimiento 123 3 126 135 3 138 849 299 1.148 853 280 1.133 2022 2021 N\u00famero de Empleados al cierre del Ejercicio ",
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  "fact-537": {
   "value": "Por  otra  parte,  al  31  de  diciembre  de  2022  y  2021  el  Consejo  de  Administraci\u00f3n  est\u00e1  formado  por  13 consejeros; de ellos, 8 son varones y 5 mujeres. ENCE tiene contratado un seguro de responsabilidad civil que cubre a todos sus administradores y directivos  por da\u00f1os ocasionados por actos u omisiones en el ejercicio de su cargo. Su coste en 2022 y 2021 ha sido  de 94 miles \u20ac y 80 miles \u20ac, respectivamente. 34. Retribuci\u00f3n y otras prestaciones a los Administradores y a la Alta Direcci\u00f3n  34.1 Retribuciones a los miembros del Consejo de Administraci\u00f3n  De acuerdo a lo dispuesto en los Art. 42 y 43 de los Estatutos Sociales, los Consejeros, en su condici\u00f3n de  miembros del Consejo y por el desempe\u00f1o de la funci\u00f3n de supervisi\u00f3n y decisi\u00f3n colegiada propia de este  \u00f3rgano, tienen derecho a percibir una asignaci\u00f3n anual fija y primas por asistencia, que en conjunto no  podr\u00e1n  exceder  de  la  cantidad  fijada  a  tal  efecto  por  la  Junta  General  Ordinaria  de  Accionistas,  correspondiendo al Consejo de Administraci\u00f3n de ENCE la determinaci\u00f3n de la cantidad exacta a abonar  dentro de dicho l\u00edmite y su distribuci\u00f3n entre los distintos Consejeros, teniendo en cuenta las funciones y  responsabilidades  atribuidas  a  cada  uno,  la  pertenencia  a  comisiones  dentro  del  Consejo,  los  cargos  desempe\u00f1ados por cada uno de ellos dentro del Consejo y las dem\u00e1s circunstancias objetivas que considere  relevantes.  Con fecha 31 de marzo de 2022 la Junta General Ordinaria de Accionistas de la Sociedad aprob\u00f3 la Pol\u00edtica  de Remuneraciones de los Consejeros de Ence Energ\u00eda y Celulosa, S.A. para el periodo 2022-2024en www.ence.es). El l\u00edmite m\u00e1ximo de remuneraci\u00f3n anual a satisfacer al conjunto de consejeros en su  condici\u00f3n de tales, establecido en dicha pol\u00edtica de remuneraciones es de 1,9 millones de euros. Retribuciones por su pertenencia al Consejo de Administraci\u00f3n Las retribuciones devengadas por los miembros del Consejo de Administraci\u00f3n en relaci\u00f3n con las funciones  propias de su condici\u00f3n de consejeros en 2022 y 2021 han sido:   Los Consejeros no ejecutivos \u00fanicamente perciben la retribuci\u00f3n fija y dietas indicadas, estando en todo  caso excluidos de los planes de incentivos ligados al desempe\u00f1o de la compa\u00f1\u00eda, a corto o largo plazo. Por otra parte, ENCE tiene contratada una p\u00f3liza que asegura al colectivo formado por el conjunto de los consejeros frente a los siguientes riesgos derivados de accidente; fallecimiento, incapacidad permanente  absoluta e incapacidad permanente parcial. Adicionalmente, la Sociedad ofrece a los consejeros y a sus  c\u00f3nyuges la posibilidad de realizar anualmente un reconocimiento m\u00e9dico. Durante los ejercicios 2022 y 2021 los miembros del Consejo de Administraci\u00f3n de ENCE no han percibido  importe  alguno  por  la  pertenencia  a  los  \u00f3rganos  de  administraci\u00f3n  de  otras  sociedades  del  Grupo,  o  asociadas.  La informaci\u00f3n sobre remuneraci\u00f3n media de consejeros desglosada por sexo se incluye en el \u201cEstado de  informaci\u00f3n no financiera \u2013 informe de sostenibilidad\u201d que forma parte del Informe de Gesti\u00f3n. Retribuciones por el desempe\u00f1o de funciones ejecutivas A\u00f1o 2022 \u2013 Administrador Tipolog\u00eda Retribuci\u00f3n  Fija Dietas y Otros Total  A\u00f1o  2021 D. Fernando Abril-Martorell Hern\u00e1ndez Otros externos                    45                63              108  133 D. Gorka Arregui Abendivar Dominical                    45                60              105                87  D. Javier Arregui Abendivar Dominical                    45                65              110                81  D. Oscar Arregui Abendivar Dominical                    45                54                99              105  D. Jos\u00e9 Ignacio Comenge S\u00e1nchez-Real Dominical                    45                50                95              111  D. Ignacio de Colmenares Brunet Ejecutivo                 135                 -                135  135 D. V\u00edctor de Urrutia Vallejo Dominical                    11                  7                18  83 D\u00aa. Rosa Mar\u00eda Garc\u00eda Pi\u00f1eiro Independiente                    45                69              114  118 D\u00aa Miren Amaia Gorostiza Teller\u00eda Independiente                    11                21                32              108  D\u00aa. Irene Hern\u00e1ndez \u00c1lvarez Independiente                    44                89              133              145 D\u00aa. Mar\u00eda Paz Robina Rosat Independiente                    44                65              109                72 D\u00aa. Isabel Tocino Biscarolasaga Independiente                    11                21                32  116 D. Jos\u00e9 Guillermo Zub\u00eda Guinea Otros externos                    44                73              117  154 D\u00aa. Rosal\u00eda Gil Albarellos Marcos Independiente                    33                44                77                 -   D\u00aa. Carmen Alicia Aquerreta Ferraz Independiente                    33                36                69                 -   D. \u00c1ngel Agudo Valenciano Dominical                    33                33                66                 -   D. Juan Luis Arregui Ciarsolo Dominical                     -                   -                   -    11 D. Jos\u00e9 Carlos del \u00c1lamo Jim\u00e9nez Independiente                     -                   -                   -    31 D. Javier Echenique Landiribar Otros externos                     -                   -                   -    25 Retos Operativos XXI, S.L. Dominical                     -                   -                   -    28 Turina 2000, S.L. Dominical                     -                   -                   -    31 669 750 1.419 1.574 Miles de Euros A\u00f1o 2022 La Pol\u00edtica de Remuneraciones de los Consejeros de Ence Energ\u00eda y Celulosa, S.A. establece una retribuci\u00f3n fija para el Presidente y Consejero Delegado de 664 miles \u20ac y una retribuci\u00f3n variable anual m\u00e1xima del 120% de la retribuci\u00f3n fija. As\u00ed mismo ENCE ofrece al Presidente como retribuciones en especie; veh\u00edculo de empresa, seguro m\u00e9dico, y la posibilidad de realizar anualmente un reconocimiento m\u00e9dico. Las  retribuciones  devengadas  por  D.  Ignacio  de  Colmenares  Brunet  por  el  desempe\u00f1o  de  funciones ejecutivas en 2022 y 2021, tanto retribuci\u00f3n fija como variable, han sido de 1.323 miles \u20ac y 586 miles \u20ac, respectivamente. Formando parte de su retribuci\u00f3n, el Presidente y Consejero Delegado es beneficiario de un seguro mixto de ahorro y de vida y accidente (v\u00e9ase Nota 3.13).  Adicionalmente a la retribuci\u00f3n indicada, el Presidente y Consejero Delegado tiene derecho a un seguro de jubilaci\u00f3n a su favor cuya prestaci\u00f3n ser\u00e1 igual a una anualidad de su retribuci\u00f3n, y que percibir\u00e1 al momento de la extinci\u00f3n de su contrato, siempre que esta situaci\u00f3n se produzca cuando tenga 62 o m\u00e1s a\u00f1os . La aportaci\u00f3n por este concepto en 2022 ha sido de 184 miles \u20ac (187 miles \u20ac en 2021). De acuerdo con lo previsto en el Plan, en julio de 2022 se ha procedido a la liquidaci\u00f3n del Ciclo I del \u201cPlan de Incentivos a largo plazo ENCE Energ\u00eda y Celulosa, S.A. para el periodo 2019-2023 (v\u00e9ase Nota 12). El Presidente ha percibido en dicha liquidaci\u00f3n 59 miles \u20ac y 23.712 acciones de ENCE (valoradas en 77 miles \u20ac). Por otra parte, el Presidente y Consejero Delegado es beneficiario del Ciclo II del \u201cPlan de Incentivos a largo plazo ENCE Energ\u00eda y Celulosa, S.A. para el periodo 2019-2023 (v\u00e9ase Nota 12). Considerando un grado de consecuci\u00f3n de los objetivos del plan del 100%, percibir\u00eda 598 miles \u20ac y 240.330 acciones de ENCE. Otros aspectos Los Administradores de ENCE no tienen concedidos anticipos ni cr\u00e9ditos por las sociedades del Grupo, ni han  percibido  ning\u00fan  tipo  de  indemnizaci\u00f3n.  Asimismo,  en  2022  y  2021  los  Administradores  no  han realizado con ENCE o con sus filiales operaciones fuera del giro o tr\u00e1fico ordinario, o en condiciones distintas de las habituales de mercado. ENCE no tiene contra\u00edda ninguna obligaci\u00f3n con sus Administradores, en su concepto de tales, en materia de pensiones ni sistemas alternativos de seguros, excepto en el caso del Presidente y Consejero Delegado por sus funciones ejecutivas. En el ejercicio 2022 se han producido los siguientes cambios en los miembros del Consejo de Administraci\u00f3n: (i)  se  incorporan  al  Consejo  de  Administraci\u00f3n  como  consejeras  independientes  D\u00aa.  Carmen  Aquerreta Ferraz y D\u00aa. Rosal\u00eda Gil\u2013Albarellos Marcos, y como consejero dominical D. \u00c1ngel Agudo Valenciano, y (ii) dejan de formar parte del Consejo de Administraci\u00f3n los consejeros D. Victor Urrutia Vallejo, D\u00aa. Isabel Tocino Biscarolasaga, y D\u00aa Amaia Gorostiza Teller\u00eda. En el ejercicio 2021 se produjeron los siguientes cambios en los miembros del Consejo de Administraci\u00f3n: (i) se incorporan al Consejo de Administraci\u00f3n, como consejeros dominicales, D. Javier Arregui Abendivar, D. Oscar Arregui Abendivar y D. Gorka Arregui Abendivar y  como consejera independiente, D\u00aa Mar\u00eda de la Paz Robina Rosat, y (ii)  dejan de formar parte del Consejo de Administraci\u00f3n los consejeros Retos Operativos XXI, S.L., Turina 2000, S.L., D. Carlos del \u00c1lamo Jim\u00e9nez, D. Javier Echenique Landiribar y D. Juan Luis Arregui Ciarsolo. Durante los ejercicios 2022 y 2021 los miembros del consejo de Administraci\u00f3n no han percibido ning\u00fan tipo de indemnizaci\u00f3n. Las cl\u00e1usulas de indemnizaci\u00f3n de los consejeros se describen en el apartado C.1.39 el Informe Anual de Gobierno Corporativo de dichos ejercicios, disponible en \u201cwww.ence.es\u201d. De acuerdo con las comunicaciones efectuadas por los miembros del Consejo de Administraci\u00f3n, no se han producido  durante  los  ejercicios  2022  y  2021  situaciones  de  conflicto,  directo  o  indirecto,  que  ellos  o personas vinculadas a ellos pudieran tener con el inter\u00e9s de la Sociedad conforme a lo previsto en el art\u00edculo 229 de la Ley de Sociedades de Capital. 34.2 Retribuci\u00f3n de la Alta Direcci\u00f3n  \u00danicamente  tienen  la  consideraci\u00f3n  de  alta  direcci\u00f3n  los  directores  generales  que  tienen  dependencia directa del del Presidente y Consejero Delegado o del Consejo de Administraci\u00f3n, junto al director del \u00e1rea de  Auditor\u00eda  Interna,  y  cualquier  otro  directivo  a  quien  el  Consejo  de  Administraci\u00f3n  reconozca  tal condici\u00f3n. Su detalle es el siguiente:  (i)  Con efectos a partir del 1 de enero de 2023 se incorpora a la alta Direcci\u00f3n como D. General de Magnon Green Energy, S.L. (hoding del Negocio Energ\u00eda de ENCE) D. Guillermo Negro Maguregui, dejando de formar parte D. Marc G\u00f3mez Ferret. (iii)    Causa baja de la alta Direcci\u00f3n en 2022 D\u00aa. Consuelo Criado (D\u00aa. Comunicaci\u00f3n y Relaciones Institucionales). Se desglosan a continuaci\u00f3n las retribuciones y otras prestaciones a la alta direcci\u00f3n durante los ejercicios 2022 y 2021: La alta Direcci\u00f3n es beneficiaria de un seguro mixto de ahorro y de vida y accidente. Por otra parte, ENCE ofrece  a  la  alta  direcci\u00f3n  distintas  retribuciones  en  especie;  veh\u00edculo  de  empresa,  seguro  m\u00e9dico,  y  la posibilidad de realizar anualmente un reconocimiento m\u00e9dico.  Nombre  Cargo D. Ignacio de Colmenares y Brunet Presidente y Consejero Delegado D. Alfredo Avello de la Pe\u00f1a D. General Finanzas y Desarrollo Corporativo y Patrimonio Forestal D. Jordi Aguil\u00f3 Jubierre D.General. de Celulosa D. Guillermo Negro Maguregui (i) Director General de Magnon Green Energy, S.L. D\u00aa Reyes Cerezo Rodr\u00edguez-Sedano Secretaria General/D.General de Sostenibilidad D\u00aa Mar\u00eda Jos\u00e9 Zueras Saludas D.General Capital Humano D. Modesto Saiz Su\u00e1rez  Director Comercial y Log\u00edstica Celulosa D. Fernando Gonz\u00e1lez-Palacios Carbajo Director de Planificaci\u00f3n y Control D. \u00c1ngel J. Mosquera L\u00f3pez-Leyton Director de Auditor\u00eda Interna Miles \u20ac 2022 2021 Retribuci\u00f3n fija 1.843 1.753 Retribuci\u00f3n variable 1.169 120 Sistenas de ahorro (Nota 3.13) 92 102 Retribuci\u00f3n especie y otros 100 89 3.204 2.064 ILP 2019-2023 (Nota 12.2) 196 26 Indemnizaciones 654 220 4.054 2.310 Adicionalmente, la Alta Direcci\u00f3n  es beneficiaria del Ciclo II del  \u201cPlan  de Incentivos  a largo plazo ENCE  Energ\u00eda y Celulosa, S.A. para el periodo 2019-2023 y del \u201cPlan de incentivo a largo plazo para el periodo  2021-2025 de Magnon Green Energy, S.L.\u201d (v\u00e9ase Nota 12). Considerando un grado de consecuci\u00f3n de los  objetivos de ambos planes del 100%, percibir\u00eda 1.986 miles \u20ac y 330.069 acciones de ENCE. Las cl\u00e1usulas de indemnizaci\u00f3n de los miembros de la alta direcci\u00f3n se recogen en el apartado C.1.39 el  Informe Anual de Gobierno Corporativo que se incluye en el Informe de Gesti\u00f3n Consolidado que acompa\u00f1a  las Cuentas Anuales Consolidadas del Grupo.  ",
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  "fact-559": {
   "value": "12.2 Plan de retribuci\u00f3n a largo plazo  Plan de incentivo a largo plazo para el periodo 2019-2023  El 28 de marzo de 2019 la Junta General de Accionistas de ENCE aprob\u00f3 el \u201cPlan de Incentivo a largo plazo  para el periodo 2019-2023\u201d, como plan de retribuci\u00f3n dineraria y entrega de acciones de la Sociedad de  car\u00e1cter plurianual. El  objetivo  del  plan  es  el  de  incentivar  el  rendimiento  profesional  del  equipo  directivo  y  reforzar  su  orientaci\u00f3n  a  la  consecuci\u00f3n  de  los  objetivos  definidos  en  el  Plan  estrat\u00e9gico  2019-2023,  promover  la  sostenibilidad del Grupo para la  creaci\u00f3n  de  valor  a largo  plazo,  y comprometer a  la direcci\u00f3n con  los intereses de los accionistas y la mejora del clima organizacional. Se trata de un Plan a cinco a\u00f1os, alineado al plazo de duraci\u00f3n del Plan Estrat\u00e9gico, compuesto por dos  ciclos. El Ciclo I tiene una duraci\u00f3n de tres a\u00f1os, desde el 1 de enero de 2019 hasta el 31 de diciembre de  2021 y el Ciclo II de cinco a\u00f1os, desde el 1 de enero de 2019 hasta el 31 de diciembre de 2023.  El Ciclo I del incentivo representa un 40% del incentivo total y ha sido abonado en julio de 2022. Por su  parte, el Ciclo II del Incentivo representa un 60% del incentivo total y ser\u00e1 abonado, en su caso, en julio de  2024. Son requisitos imprescindibles para su devengo el alcanzar el grado m\u00ednimo de consecuci\u00f3n conforme a los  criterios a los que vienen referenciados los distintos objetivos, y que el beneficiario se halle en situaci\u00f3n de  prestaci\u00f3n efectiva de servicios para ENCE (en alta en Seguridad Social) en la correspondiente fecha de  consolidaci\u00f3n del derecho, con las salvedades habituales para este tipo de incentivos.  El incentivo considerado en este Plan consiste en un % de la retribuci\u00f3n fija media del periodo que abarca  cada ciclo, que oscila entre el 85% y el 500%, en funci\u00f3n de la categor\u00eda profesional del beneficiario, y su  consecuci\u00f3n est\u00e1 vinculada a cuatro objetivos relacionados con los resultados econ\u00f3micos alcanzados, con  la sostenibilidad, el clima organizacional y la cotizaci\u00f3n de la acci\u00f3n de ENCE.  El colectivo del plan al 31 de diciembre de 2022 lo forman 74 personas integradas en el negocio Celulosa, y  el coste m\u00e1ximo previsto del Ciclo II considerando un grado de consecuci\u00f3n del 100% asciende a 9.436 miles  \u20ac.  El importe del incentivo se liquida en un 30% en met\u00e1lico y en un 70% mediante la entrega de acciones de  ENCE. El n\u00famero de acciones a  entregar se determinar\u00e1 considerando como precio de referencia de la  acci\u00f3n de ENCE 5,8031 \u20ac/acci\u00f3n (cotizaci\u00f3n media teniendo en cuenta los 20 d\u00edas anteriores y posteriores  al 31 de diciembre de 2018). El Presidente y Consejero Delegado y los miembros del Comit\u00e9 de Direcci\u00f3n  beneficiarios  del  Plan  asumen  el  compromiso  de  mantener  durante  al  menos  3  a\u00f1os  una  parte  de  las  acciones recibidas; dos veces su retribuci\u00f3n fija en el caso del Presidente y Consejero Delegado, y una vez  su retribuci\u00f3n fija los miembros del Comit\u00e9 de Direcci\u00f3n. El gasto / (ingreso) devengado por este concepto en los ejercicios 2022 y 2021, detallado considerando su  contrapartida es el siguiente:  De acuerdo con lo previsto en el Plan, en julio de 2022 se ha procedido a la liquidaci\u00f3n del Ciclo I del \u201cPlan  de Incentivos a largo plazo ENCE Energ\u00eda y Celulosa, S.A. para el periodo 2019-2023, lo que ha supuesto la  liquidaci\u00f3n de 279 miles \u20ac y 111.983 acciones de ENCE.  Por  otra  parte,  el  Consejo  de  Administraci\u00f3n  de  la  Sociedad  Dominante  acord\u00f3  en  diciembre  de  2020  liquidar anticipadamente y con efectos 31 de diciembre de 2020 este plan a un colectivo de 27 personas  integradas en el negocio Energ\u00eda. Con fecha 15 de julio de 2021 se ha ejecutado la liquidaci\u00f3n lo que ha  supuesto el desembolso de 41 miles \u20ac en efectivo y 53 miles \u20ac en acciones de ENCE. Plan de incentivo a largo plazo para el periodo 2021-2025  El  Consejo  de  Administraci\u00f3n  de  Magnon  Green  Energy,  S.L., Sociedad  holding  del  grupo de  empresas  destinadas  al  desarrollo  del  negocio  de  generaci\u00f3n  de  energ\u00eda  el\u00e9ctrica  renovable  en  plantas  independientes (el \u201cNegocio Energ\u00eda\u201d), ha aprobado en su sesi\u00f3n celebrada el 17 de marzo de 2021 un Plan  de Incentivo a largo plazo para los ejercicios 2021 a 2025, como plan de retribuci\u00f3n dineraria de car\u00e1cter  plurianual, con los objetivos de incentivar el rendimiento y desempe\u00f1o profesional del equipo directivo,  promover la sostenibilidad del Grupo, reforzar la orientaci\u00f3n del equipo directivo en la consecuci\u00f3n de los  objetivos de negocio comprometidos en el plan 2021-2025, y retener el talento.  Son requisitos imprescindibles para su devengo el alcanzar el grado m\u00ednimo de consecuci\u00f3n de objetivos  (nivel m\u00ednimo) conforme a los criterios a los que vienen referenciados los objetivos, y que el beneficiario se  halle en situaci\u00f3n de prestaci\u00f3n efectiva de servicios para el Negocio Energ\u00eda (en alta en Seguridad Social)  en la fecha de devengo, con las salvedades habituales para este tipo de Incentivos.  Su consecuci\u00f3n est\u00e1 vinculada a cuatro objetivos relacionados con los resultados econ\u00f3micos del negocio,  con la sostenibilidad, y con el desarrollo de nuevas plantas de generaci\u00f3n de energ\u00eda. El colectivo del plan lo forma personal del negocio de Energ\u00eda, en total 30 personas, y el coste m\u00e1ximo  previsto considerando del plan un grado de consecuci\u00f3n del 100% en la escala de pago asciende a 3.191  miles \u20ac.  El gasto devengado por este concepto en 2022 ha sido de 32 miles \u20ac y se encuentra recogido en el ep\u00edgrafe  \u201cProvisiones a largo plazo\u201d del estado de situaci\u00f3n financiera consolidado (v\u00e9ase nota 32). Miles \u20ac 2022 2021 Otros instrumentos de patrimonio neto (Nota 22.7) 38 15 Provisiones a largo y corto plazo (Nota 32) 16 6 54 21 En  la  determinaci\u00f3n  del  importe  devengado  por  estos  compromisos  se  realizan  estimaciones  que  son  revisadas en cada cierre contable, y el impacto de las variaciones se registra en el Estado de Resultado  consolidado de forma prospectiva. ",
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    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
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  "fact-551": {
   "value": "13. Otros gastos de explotaci\u00f3n  El detalle de este ep\u00edgrafe del Estado de Resultado consolidado de los ejercicios 2022 y 2021 en los distintos  negocios desarrollados por ENCE es el siguiente: (*)  La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de  los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre  dichos negocios en 2022 y 2021 por 1.211 miles \u20ac y 1.444 miles \u20ac, respectivamente.  13.1 Servicios exteriores El desglose por conceptos del gasto de servicios exteriores de los ejercicios 2022 y 2021 es el siguiente: (*) La diferencia entre la informaci\u00f3n del \u201cGrupo Consolidado\u201d al 31 de diciembre de 2022 y 2021 y la agregaci\u00f3n de los negocios \u201cCelulosa\u201d y \u201cEnerg\u00eda Renovable\u201d se corresponde con eliminaciones de operaciones efectuadas entre  dichos negocios en 2022 y 2021 por 1.211 miles \u20ac y 1.444 miles \u20ac, respectivamente.  ENCE tiene contratado un seguro de responsabilidad civil que cubre a todos sus administradores y directivos  por da\u00f1os ocasionados por actos u omisiones en el ejercicio de su cargo. Su coste en 2022 y 2021 ha sido  de 94 miles \u20ac y 80 miles \u20ac, respectivamente. Servicios exteriores 182.593   72.466   253.848   143.828   58.205   200.589 Consumo derechos de emisi\u00f3n (Nota 32) 7.838   2.814   10.652   4.862   2.717   7.579 Tributos  2.162   2.842   5.004   3.026   1.756   4.782 Impuesto a la generaci\u00f3n de energ\u00eda el\u00e9ctrica (Anexo III) -                     -                     -                      3.098   6.290   9.388 Variaci\u00f3n de las provisiones de tr\u00e1fico y otros (227)               86  (141)               2.467   103   2.570 Otros gastos no ordinarios de las operaciones (Notas 7 y 32) 21.000  -                      21.000  (13.191)        -                     (13.191)        213.366   78.208   290.363   144.090   69.071   211.717 31/12/2022 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Negocio  Celulosa Negocio  Energ\u00eda Grupo  Consolidado Transportes, fletes y costes comerciales             62.512                2.390              64.902              45.955                1.099              47.054 Suministros             56.390                6.822              62.970              42.584                4.605              47.112 Reparaciones y conservaci\u00f3n             16.224              24.914              41.138              14.824              22.521              37.345 Servicios de profesionales independientes               4.988                2.908                7.896                7.592                1.151                8.743 Primas de seguros               4.388                3.578                7.966                3.835                2.321                6.156  Servicios bancarios y similares               1.067                   811                1.878                1.348                   787                2.135 Arrendamientos y c\u00e1nones (Nota 18.3)                  572                   202                   774                   458                   275                   733  Publicidad, propaganda y relaciones p\u00fablicas                1.029                   119                1.148                   795                   123                   918 Gastos de investigaci\u00f3n y desarrollo                     72                       -                       72                   100                       -                     100 Otros servicios             35.351              30.722              65.104              26.337              25.323              50.293   182.593      72.466      253.848      143.828      58.205      200.589 Grupo  consolidado 31/12/2021 Miles de euros Negocio  Celulosa Negocio  Energ\u00eda Grupo  consolidado Negocio  Celulosa Negocio  Energ\u00eda 31/12/2022 13.2 Honorarios de auditor\u00eda La firma que ha auditado las cuentas de las sociedades que conforman el Grupo ENCE (v\u00e9ase Anexo I) en 202 2  y 2021 ha sido KPMG Auditores, S.L. Durante los ejercicios 2022 y 2021, los honorarios relativos a los servicios de auditor\u00eda de cuentas y a otro s  servicios prestados por el auditor o por empresas vinculadas al auditor han sido los siguientes: Los \u00fanicos servicios prestados por el auditor distintos a los servicios de auditor\u00eda en 2022 se corresponde n  con servicios de revisi\u00f3n sobre ratios financieros para atender a las obligaciones recogidas en los contrat os  de financiaci\u00f3n, servicios de revisi\u00f3n de determinadas magnitudes financieras para acreditar la condici\u00f3n d e  consumidor electrointensivo en varias instalaciones del Grupo, y servicios de verificaci\u00f3n de la informaci\u00f3 n  no financiera y del sistema de control interno de la informaci\u00f3n financiera.  Miles \u20ac 2022 2021 Servicios de auditor\u00eda 235 208 Servicios relacionados con la auditor\u00eda 43 50 Otros servicios 13 18 ",
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  "fact-509": {
   "value": "13.2 Honorarios de auditor\u00eda La firma que ha auditado las cuentas de las sociedades que conforman el Grupo ENCE (v\u00e9ase Anexo I) en 202 2  y 2021 ha sido KPMG Auditores, S.L. Durante los ejercicios 2022 y 2021, los honorarios relativos a los servicios de auditor\u00eda de cuentas y a otro s  servicios prestados por el auditor o por empresas vinculadas al auditor han sido los siguientes: Miles \u20ac 2022 2021 Servicios de auditor\u00eda 235 208 Servicios relacionados con la auditor\u00eda 43 50 Otros servicios 13 18 Los \u00fanicos servicios prestados por el auditor distintos a los servicios de auditor\u00eda en 2022 se corresponde n  con servicios de revisi\u00f3n sobre ratios financieros para atender a las obligaciones recogidas en los contrat os  de financiaci\u00f3n, servicios de revisi\u00f3n de determinadas magnitudes financieras para acreditar la condici\u00f3n d e  consumidor electrointensivo en varias instalaciones del Grupo, y servicios de verificaci\u00f3n de la informaci\u00f3 n  no financiera y del sistema de control interno de la informaci\u00f3n financiera.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  },
  "fact-529": {
   "value": "14. Gastos e ingresos financieros El detalle de estos ep\u00edgrafes del Estado de Resultado Consolidado de los ejercicios 2022 y 2021 es com o sigue: Total Total Bono Convertible              (2.285)                     -                (2.285)              (4.985)                     -                (4.985) Obligaciones / Notas                     -                (3.091)              (3.091)                     -                (3.253)              (3.253) Pr\u00e9stamos, l\u00edneas de cr\u00e9dito y otros              (3.453)              (2.256)              (5.709)              (4.512)              (3.140)              (7.652) Comisiones y otros gastos              (4.404)              (7.655)            (12.059)              (3.021)              (2.701)              (5.722) Capitalizaci\u00f3n de gastos financieros (Nota 19)                  247                     25                   272                   244                     11                   255 Resultado financiero intra-negocio (Nota 35)               1.022               (2.031)              (1.009)               1.246               (2.507)              (1.261) Derechos de uso sobre activos (Nota 18)              (1.927)                   (51)              (1.978)                 (989)                   (34)              (1.023) Contraprestaci\u00f3n contingente (Nota 28)                  861                   144                1.005                  (622)                  642                     20 Otros ingresos financieros                    34                     33                     67                3.335                1.116                4.451             (9.905)            (14.882)            (24.787)              (9.304)              (9.866)            (19.170) Derivados de cobertura-  Liquidaci\u00f3n IRSwap (Nota 31)                     -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)                    -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)             (9.905)            (16.351)            (26.256)              (9.557)            (11.914)            (21.471) 31/12/2022 31/12/2021 Miles de euros Negocio Celulosa Negocio Energ\u00eda Negocio Celulosa Negocio Energ\u00eda ",
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    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
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  },
  "fact-530": {
   "value": "14. Gastos e ingresos financieros El detalle de estos ep\u00edgrafes del Estado de Resultado Consolidado de los ejercicios 2022 y 2021 es com o sigue: Total Total Bono Convertible              (2.285)                     -                (2.285)              (4.985)                     -                (4.985) Obligaciones / Notas                     -                (3.091)              (3.091)                     -                (3.253)              (3.253) Pr\u00e9stamos, l\u00edneas de cr\u00e9dito y otros              (3.453)              (2.256)              (5.709)              (4.512)              (3.140)              (7.652) Comisiones y otros gastos              (4.404)              (7.655)            (12.059)              (3.021)              (2.701)              (5.722) Capitalizaci\u00f3n de gastos financieros (Nota 19)                  247                     25                   272                   244                     11                   255 Resultado financiero intra-negocio (Nota 35)               1.022               (2.031)              (1.009)               1.246               (2.507)              (1.261) Derechos de uso sobre activos (Nota 18)              (1.927)                   (51)              (1.978)                 (989)                   (34)              (1.023) Contraprestaci\u00f3n contingente (Nota 28)                  861                   144                1.005                  (622)                  642                     20 Otros ingresos financieros                    34                     33                     67                3.335                1.116                4.451             (9.905)            (14.882)            (24.787)              (9.304)              (9.866)            (19.170) Derivados de cobertura-  Liquidaci\u00f3n IRSwap (Nota 31)                     -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)                    -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)             (9.905)            (16.351)            (26.256)              (9.557)            (11.914)            (21.471) 31/12/2022 31/12/2021 Miles de euros Negocio Celulosa Negocio Energ\u00eda Negocio Celulosa Negocio Energ\u00eda ",
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    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
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  },
  "fact-539": {
   "value": "14. Gastos e ingresos financieros El detalle de estos ep\u00edgrafes del Estado de Resultado Consolidado de los ejercicios 2022 y 2021 es com o sigue: Total Total Bono Convertible              (2.285)                     -                (2.285)              (4.985)                     -                (4.985) Obligaciones / Notas                     -                (3.091)              (3.091)                     -                (3.253)              (3.253) Pr\u00e9stamos, l\u00edneas de cr\u00e9dito y otros              (3.453)              (2.256)              (5.709)              (4.512)              (3.140)              (7.652) Comisiones y otros gastos              (4.404)              (7.655)            (12.059)              (3.021)              (2.701)              (5.722) Capitalizaci\u00f3n de gastos financieros (Nota 19)                  247                     25                   272                   244                     11                   255 Resultado financiero intra-negocio (Nota 35)               1.022               (2.031)              (1.009)               1.246               (2.507)              (1.261) Derechos de uso sobre activos (Nota 18)              (1.927)                   (51)              (1.978)                 (989)                   (34)              (1.023) Contraprestaci\u00f3n contingente (Nota 28)                  861                   144                1.005                  (622)                  642                     20 Otros ingresos financieros                    34                     33                     67                3.335                1.116                4.451             (9.905)            (14.882)            (24.787)              (9.304)              (9.866)            (19.170) Derivados de cobertura-  Liquidaci\u00f3n IRSwap (Nota 31)                     -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)                    -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)             (9.905)            (16.351)            (26.256)              (9.557)            (11.914)            (21.471) 31/12/2022 31/12/2021 Miles de euros Negocio Celulosa Negocio Energ\u00eda Negocio Celulosa Negocio Energ\u00eda ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-528": {
   "value": "14. Gastos e ingresos financieros El detalle de estos ep\u00edgrafes del Estado de Resultado Consolidado de los ejercicios 2022 y 2021 es com o sigue: Total Total Bono Convertible              (2.285)                     -                (2.285)              (4.985)                     -                (4.985) Obligaciones / Notas                     -                (3.091)              (3.091)                     -                (3.253)              (3.253) Pr\u00e9stamos, l\u00edneas de cr\u00e9dito y otros              (3.453)              (2.256)              (5.709)              (4.512)              (3.140)              (7.652) Comisiones y otros gastos              (4.404)              (7.655)            (12.059)              (3.021)              (2.701)              (5.722) Capitalizaci\u00f3n de gastos financieros (Nota 19)                  247                     25                   272                   244                     11                   255 Resultado financiero intra-negocio (Nota 35)               1.022               (2.031)              (1.009)               1.246               (2.507)              (1.261) Derechos de uso sobre activos (Nota 18)              (1.927)                   (51)              (1.978)                 (989)                   (34)              (1.023) Contraprestaci\u00f3n contingente (Nota 28)                  861                   144                1.005                  (622)                  642                     20 Otros ingresos financieros                    34                     33                     67                3.335                1.116                4.451             (9.905)            (14.882)            (24.787)              (9.304)              (9.866)            (19.170) Derivados de cobertura-  Liquidaci\u00f3n IRSwap (Nota 31)                     -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)                    -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)             (9.905)            (16.351)            (26.256)              (9.557)            (11.914)            (21.471) 31/12/2022 31/12/2021 Miles de euros Negocio Celulosa Negocio Energ\u00eda Negocio Celulosa Negocio Energ\u00eda ",
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    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  },
  "fact-541": {
   "value": "14. Gastos e ingresos financieros El detalle de estos ep\u00edgrafes del Estado de Resultado Consolidado de los ejercicios 2022 y 2021 es com o sigue: Total Total Bono Convertible              (2.285)                     -                (2.285)              (4.985)                     -                (4.985) Obligaciones / Notas                     -                (3.091)              (3.091)                     -                (3.253)              (3.253) Pr\u00e9stamos, l\u00edneas de cr\u00e9dito y otros              (3.453)              (2.256)              (5.709)              (4.512)              (3.140)              (7.652) Comisiones y otros gastos              (4.404)              (7.655)            (12.059)              (3.021)              (2.701)              (5.722) Capitalizaci\u00f3n de gastos financieros (Nota 19)                  247                     25                   272                   244                     11                   255 Resultado financiero intra-negocio (Nota 35)               1.022               (2.031)              (1.009)               1.246               (2.507)              (1.261) Derechos de uso sobre activos (Nota 18)              (1.927)                   (51)              (1.978)                 (989)                   (34)              (1.023) Contraprestaci\u00f3n contingente (Nota 28)                  861                   144                1.005                  (622)                  642                     20 Otros ingresos financieros                    34                     33                     67                3.335                1.116                4.451             (9.905)            (14.882)            (24.787)              (9.304)              (9.866)            (19.170) Derivados de cobertura-  Liquidaci\u00f3n IRSwap (Nota 31)                     -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)                    -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)             (9.905)            (16.351)            (26.256)              (9.557)            (11.914)            (21.471) 31/12/2022 31/12/2021 Miles de euros Negocio Celulosa Negocio Energ\u00eda Negocio Celulosa Negocio Energ\u00eda ",
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    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-544": {
   "value": "14. Gastos e ingresos financieros El detalle de estos ep\u00edgrafes del Estado de Resultado Consolidado de los ejercicios 2022 y 2021 es com o sigue: Total Total Bono Convertible              (2.285)                     -                (2.285)              (4.985)                     -                (4.985) Obligaciones / Notas                     -                (3.091)              (3.091)                     -                (3.253)              (3.253) Pr\u00e9stamos, l\u00edneas de cr\u00e9dito y otros              (3.453)              (2.256)              (5.709)              (4.512)              (3.140)              (7.652) Comisiones y otros gastos              (4.404)              (7.655)            (12.059)              (3.021)              (2.701)              (5.722) Capitalizaci\u00f3n de gastos financieros (Nota 19)                  247                     25                   272                   244                     11                   255 Resultado financiero intra-negocio (Nota 35)               1.022               (2.031)              (1.009)               1.246               (2.507)              (1.261) Derechos de uso sobre activos (Nota 18)              (1.927)                   (51)              (1.978)                 (989)                   (34)              (1.023) Contraprestaci\u00f3n contingente (Nota 28)                  861                   144                1.005                  (622)                  642                     20 Otros ingresos financieros                    34                     33                     67                3.335                1.116                4.451             (9.905)            (14.882)            (24.787)              (9.304)              (9.866)            (19.170) Derivados de cobertura-  Liquidaci\u00f3n IRSwap (Nota 31)                     -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)                    -                (1.469)              (1.469)                 (253)              (2.048)              (2.301)             (9.905)            (16.351)            (26.256)              (9.557)            (11.914)            (21.471) 31/12/2022 31/12/2021 Miles de euros Negocio Celulosa Negocio Energ\u00eda Negocio Celulosa Negocio Energ\u00eda ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-24": {
   "value": "15. Beneficio por acci\u00f3n  El c\u00e1lculo del resultado consolidado por acci\u00f3n b\u00e1sico y diluido de los ejercicios 2022 y 2021 es el siguiente: En el ejercicio 2022 se ha considerado en el c\u00e1lculo del beneficio por acci\u00f3n diluido las acciones ordinarias  con potencial diluyente con origen en los instrumentos financieros convertibles, 18,7 millones de acciones as\u00ed  como  se  ha  excluido  del  beneficio  neto  consolidado  los  gastos  financieros  relativos  a  dichos  instrumentos  por  importe  de  2.665  miles  de  euros.  En  el  ejercicio  2021  no  se  consider\u00f3  este  efecto,  estimado en 19,8 millones de acciones, ya que su consideraci\u00f3n produc\u00eda un efecto anti-dilutivo.  Por  su  parte,  en  2022  se  han  considerado  las  acciones  potenciales  vinculadas  al  cumplimiento  de  los  objetivos del Plan de retribuci\u00f3n variable 2019-2023 (v\u00e9ase Nota 12.2) que se estiman al 31 de diciembre  de  2022  asumiendo  un  grado  de  cumplimiento  del  100%  en  1.138  miles  de  acciones.  En  2021  no  se  consider\u00f3 este efecto, estimado en 1.980 miles de acciones, al producir un efecto anti-dilutivo.  P\u00e9rdida Neta por Acci\u00f3n Unidades 2022 2021 Beneficio/ (P\u00e9rdida) neta consolidado del ejercicio atribuible a acciones ordinarias Miles \u20ac 247.220 (190.409) N\u00ba medio ponderado de acciones ordinarias disponibles (*) Millones acc. 242,4 242,3 N\u00ba medio ponderado de acciones diluidas  Millones acc. 261,1 262,4 Beneficio/ (P\u00e9rdida) b\u00e1sica por acci\u00f3n \u20ac 1,02 (0,78) Beneficio/ (P\u00e9rdida) diluida por acci\u00f3n \u20ac 0,95 (0,78) *)   N\u00famero de acciones emitidas deducidas las acciones en autocartera ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-534": {
   "value": "16. Fondo de comercio y otros activos intangibles  El movimiento habido durante los ejercicios 2022 y 2021 en el fondo de comercio y las diferentes cuentas  de activos intangibles y de sus correspondientes amortizaciones y deterioros ha sido el siguiente: 31 de diciembre de 2022 Saldo al 01/01/2022 Adiciones o  dotaciones Retiros o  reducciones Traspasos Saldo al 31/12/2022 Fondo de comercio                2.737                       -                         -                         -                  2.737 Aplicaciones inform\u00e1ticas             31.309                      47                    (29)               3.440              34.767 Gastos de desarrollo             18.452                       -                         -                         -                18.452 Anticipos               2.248                2.970                       -                (3.460)               1.758 Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica            21.002                       -                         -                         -                21.002 Otros activos intangibles              10.719                      22                       -                       22              10.763 Total coste             86.467                3.039                    (29)                       2              89.479 Aplicaciones inform\u00e1ticas           (24.746)             (2.194)                     29                    (75)           (26.986) Gastos de desarrollo           (13.383)                 (484)                      -                         -             (13.867) Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica            (1.484)             (1.131)                      -                         -                (2.615) Otros activos intangibles             (1.602)                 (156)                      -                        (9)             (1.767) Total amortizaciones            (41.215)             (3.965)                     29                    (84)           (45.235) Deterioros de valor (Nota 7 y 20)             (7.314)             (1.493)               2.386                      84              (6.337) Total             37.938              37.906  Miles de euros 16.2 Fondo de comercio El fondo de comercio neto al 31 de diciembre de 2022 y 2021 desglosado por las unidades generadoras de efectivo a las que se ha asignado, es el siguiente: 31 de diciembre de 2021 Saldo al 01/01/2021 Adiciones o  dotaciones Traspasos Saldo al 31/12/2021 Fondo de comercio                2.737                       -                         -                  2.737  Aplicaciones inform\u00e1ticas             30.669                   323                   317              31.280 Gastos de desarrollo             18.452                       -                         -                18.452 Anticipos               4.771                2.388              (4.911)               2.248 Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica            21.045                       -                     (43)             21.002  Otros activos intangibles                6.117                       -                  4.602              10.719  Total coste             83.791                2.711                    (35)             86.438 Aplicaciones inform\u00e1ticas           (22.337)             (2.444)                     35            (24.717) Gastos de desarrollo           (12.900)                 (483)                      -             (13.383) Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica                (643)                 (841)                      -                (1.484) Otros activos intangibles             (1.413)                 (189)                      -               (1.602) Total amortizaciones            (37.293)             (3.957)                     35            (41.186) Deterioros de valor (Nota 20)             (4.595)             (2.719)                      -                (7.314) Total             41.903              37.938  Miles de euros 31 de diciembre de 2022 UGE asignada Tecnolog\u00eda Fondo de Comercio Deterioro  (Nota 20) Valor Neto  Contable Negocio Energ\u00eda- Jaen 16 MW - Ciudad Real 16 MW Biomasa              2.737              (2.737)                     -                2.737              (2.737)                     -  Miles de euros   El fondo de comercio tiene su origen en la adquisici\u00f3n de la participaci\u00f3n que ENCE ostenta en Energ\u00eda de  la Loma, S.A. y Energ\u00edas de la Mancha ENEMAN, S.A., sociedades titulares de las instalaciones de generaci\u00f3n  de energ\u00eda con biomasa ubicadas en Ja\u00e9n y Ciudad Real y con potencia instalada de 16 MW cada una de  ellas. Al 31 de diciembre de 2022 dicho fondo de comercio se encuentra \u00edntegramente deteriorado (v\u00e9ase  Nota 20).  17. Propiedad, planta y equipo  El  movimiento  habido  en  las  diferentes  cuentas  de  este  ep\u00edgrafe  del  Estado  de  Situaci\u00f3n  Financiera  consolidado y de sus correspondientes amortizaciones acumuladas en los ejercicios 2022 y 2021 ha sido el  siguiente:   31 de diciembre de 2021 UGE asignada Tecnolog\u00eda Fondo de Comercio Deterioro  (Nota 20) Valor Neto  Contable Negocio Energ\u00eda- Jaen 16 MW - Ciudad Real 16 MW Biomasa              2.737              (1.244)              1.493              2.737              (1.244)              1.493 Miles de euros 31 de diciembre de 2022 Saldo al 01/01/2022 Adiciones o  Dotaciones Retiros o  reduccionesTraspasos Diferencias de  conversi\u00f3n Saldo al 31/12/2022 Terrenos forestales  83.794                        -                        -                        -                        -      83.794   Otros terrenos  14.325      936                        -                     (7)      8      15.262   Construcciones  161.395                        -             (2.484)      1.916                        -      160.827   Instalaciones t\u00e9cnicas y maquinaria  1.878.953      8.215          (81.546)      30.126      6      1.835.754   Otro inmovilizado  64.339      172             (8.988)      1.176      1      56.700   Anticipos e inmovilizado en curso  27.293      35.714             (4.626)          (33.211)                     (1)      25.169   Derecho de uso - Terrenos (Nota 18)  13.407      3.826             (4.496)                        -                        -      12.737   Derecho de uso - Otros activos (Nota 18)  11.602      7.229      15.777                        -                        -      34.608   Total coste  2.255.108      56.092          (86.363)                        -      14      2.224.851   Construcciones      (70.116)             (5.225)      2.203                (232)                        -          (73.370)   Instalaciones t\u00e9cnicas y maquinaria (1.052.048)          (76.094)      51.264             (4.181)                     (5)     (1.081.064)   Otro inmovilizado      (39.175)             (2.670)      8.029                (431)                     (1)          (34.248)   Derecho de uso - Terrenos (Nota 18)         (2.145)             (1.064)      431                        -                        -             (2.778)   Derecho de uso - Otros activos (Nota 18)         (4.344)             (3.080)      1.025                        -                        -             (6.399)   Total amortizaciones (1.167.828)          (88.133)      62.952             (4.844)                     (6)     (1.197.859)   Deterioros de valor (Notas 7 y 20)    (203.719)          (38.292)      194.051      4.844                        -          (43.116)   Total Neto  883.561      983.876   Miles de euros Los activos productivos del Grupo se ubican \u00edntegramente en Espa\u00f1a. 31 de diciembre de 2021 Saldo al 01/01/2021 Adiciones o Dotaciones Retiros o reducciones Traspasos mantenidos para la venta (Nota 20)Traspasos Diferencias de conversi\u00f3n Saldo al 31/12/2021 Terrenos forestales  83.794                        -                        -                        -                        -                        -      83.794  Otros terrenos  17.837      4                        -                        -             (3.526)      10      14.325  Construcciones  157.150      545             (2.460)                        -      6.160                        -      161.395  Instalaciones t\u00e9cnicas y maquinaria  1.838.120      46.881          (28.523)                        -      22.467      8      1.878.953  Otro inmovilizado  61.911      115                (113)                        -      2.425      1      64.339  Anticipos e inmovilizado en curso  23.320      33.142                  (17)             (1.626)          (27.526)                        -      27.293  Derecho de uso - Terrenos (Nota 18)  42.305      1.504          (30.402)                        -                        -                        -      13.407  Derecho de uso - Otros activos (Nota 18)  9.887      3.713             (1.998)                        -                        -                        -      11.602  Total coste  2.234.324      85.904          (63.513)             (1.626)                        -      19      2.255.108  Construcciones      (67.972)             (4.326)      2.182                        -                        -                        -          (70.116)  Instalaciones t\u00e9cnicas y maquinaria (1.009.990)          (68.197)      26.148                        -                        -                     (9)     (1.052.048)  Otro inmovilizado      (37.067)             (2.586)      480                        -                        -                     (2)          (39.175)  Derecho de uso - Terrenos (Nota 18)         (3.246)             (1.175)      2.276                        -                        -                        -             (2.145)  Derecho de uso - Otros activos (Nota 18)         (3.527)             (2.459)      1.642                        -                        -                        -             (4.344)  Total amortizaciones (1.121.802)          (78.743)      32.728                        -                        -                  (11)     (1.167.828)   Deterioros de valor (Notas 7 y 20)      (19.646)        (186.565)      2.492                        -                        -                        -        (203.719)  Total Neto  1.092.876      883.561  Miles de euros 18.1 Activos por derechos de uso  El movimiento habido en las diferentes cuentas que recogen los \u201cDerechos de uso sobre activos\u201d y de sus  correspondientes amortizaciones acumuladas en 2022 y 2021 ha sido el siguiente:  31 de diciembre de 2022 Notas Saldo al 01/01/2022 Adiciones/  DotacionesRetiros Saldo al 31/12/2022 Coste - Terrenos biof\u00e1brica Pontevedra 7 y 17  3.791 22.970 (6.863) 19.898 Arriendos forestales 17 9.616 753 (736) 9.633 Resto (*) 17 11.602 7.230 (1.449) 17.383 Coste 25.009 30.953 (9.048) 46.914 Amortizaci\u00f3n - Terrenos biof\u00e1brica Pontevedra 7 y 17  - 384 - 384 Arriendos forestales 17 2.145 680 (431) 2.394 Resto (*) 17 4.344 2.973 (918) 6.399 Amortizaci\u00f3n 6.489 4.037 (1.349) 9.177 Deterioros de valor  7 y 20 3.791 - (3.791) - Total Neto  14.729      37.737   Miles de euros (*) Incluye principalmente arrendamientos de oficinas y veh\u00edculos . 31 de diciembre de 2021 Notas Saldo al 01/01/2021 Adiciones/  Dotaciones Retiros Saldo al 31/12/2021 Coste - Terrenos biof\u00e1brica Ponte vedra 7 y 17  33.351 - (29.560) 3.791 Arriendos forestales 17 8.954 1.504 (842) 9.616 Resto (*) 17 9.887 3.713 (1.998) 11.602 Coste 52.192 5.217 (32.400) 25.009 Amortizaci\u00f3n - Terrenos biof\u00e1brica Ponte vedra 7 y 17  1.488 372 (1.860) - Arriendos forestales 17 1.758 803 (416) 2.145 Resto (*) 17 3.527 2.459 (1.642) 4.344 Amortizaci\u00f3n 6.773 3.634 (3.918) 6.489 Deterioros de valor  7 y 20 - 3.790 - 3.790 Total Neto  45.419      14.730Miles de euros (*) Incluye principalmente arrendamientos de oficinas y veh\u00edculos. 19. Activos biol\u00f3gicos  En el ep\u00edgrafe \u201cActivos biol\u00f3gicos\u201d se incluyen exclusivamente los vuelos forestales del Grupo, ya que los terrenos propiedad del Grupo, en los que se ubican los vuelos se presentan en el ep\u00edgrafe \u201cPropiedad, planta  y equipo \u2013 terrenos forestales\u201d. Su variaci\u00f3n durante los ejercicios 2022 y 2021 ha sido la siguiente: ENCE ha realizado en los ejercicios 2022 y 2021 labores de plantaci\u00f3n en 1.529 hect\u00e1reas y 558 hect\u00e1reas,  respectivamente, y ha ejecutado labores  de  conservaci\u00f3n y selvicultura sobre  13.843  hect\u00e1reas y 7.217  hect\u00e1reas, respectivamente, lo que ha supuesto una inversi\u00f3n por importe de 6.620 miles \u20ac y 4.940 miles \u20ac,  respectivamente. Una parte de estas inversiones por importe de 5.707 miles \u20ac en 2022 y 3.957 miles \u20ac en  2021 se recogen en el ep\u00edgrafe \u201cTrabajos realizados por la empresa  para el inmovilizado\u201d del Estado de  Resultado consolidado.  31 de diciembre de 2022 Saldo al 01/01/2022 Adiciones o  dotaciones Retiros o reducciones Saldo al 31/12/2022 Negocio celulosa: Vuelos forestales   115.804      6.574             (5.678)      116.700   Agotamiento de la reserva forestal      (51.791)             (6.960)      4.936          (53.815)    Deterioro de valor (Notas 7 y 20)          (4.430)             (1.000)      2.922             (2.508)     59.583             (1.386)      2.180      60.377    Negocio energ\u00eda renovable: Vuelos forestales   2.381      46                (425)      2.002   Agotamiento de la reserva forestal         (2.133)                  (30)      411             (1.752)    Deterioro de valor (Notas 7 y 20)             (109)                        -      13                  (96)     139      16                     (1)      154     59.722      60.531    Miles de euros 31 de diciembre de 2021 Saldo al 01/01/2021 Adiciones o  dotaciones Retiros o reducciones Saldo al 31/12/2021 Negocio celulosa: Vuelos forestales   120.516      4.907             (9.619)      115.804   Agotamiento de la reserva forestal      (46.831)          (11.430)      6.470          (51.791)   Deterioro de valor (Notas 7 y 20)          (2.651)             (3.479)      1.700             (4.430)     71.034          (10.002)             (1.449)      59.583   Negocio energ\u00eda renovable: Vuelos forestales   2.619      33                (271)      2.381   Agotamiento de la reserva forestal         (2.254)                (130)      251             (2.133)   Deterioro de valor (Nota 20)             (129)                        -      20                (109)     236                  (97)                        -      139     71.270      59.722   Miles de euros Por su parte, el Grupo ha capitalizado en ejercicio 2022 un importe de 936 miles de euros (1.058 miles \u20ac en 2021) correspondiente a cuotas por derecho de uso y costes financieros de terrenos destinados al desarrollo de activos biol\u00f3gicos. ENCE suscribi\u00f3 en 2018 diversos acuerdos a largo plazo de venta de madera procedente de su patrimonio forestal ubicado en el Sur de Espa\u00f1a. Los acuerdos est\u00e1n vigentes hasta diciembre de 2030 y los vol\u00famenes acordados se sit\u00faan entre 170.000 toneladas y 240.000 toneladas anuales. 19.1 Detalle de vuelos forestales  El detalle de los vuelos forestales al 31 de diciembre de 2022 y 2021 es el siguiente: Adicionalmente, el patrimonio gestionado incluye 2.594 hect\u00e1reas ubicadas en Portugal que ENCE vendi\u00f3 en 2013, al suscribirse un acuerdo con el comprador para la adquisici\u00f3n, a precios de mercado, de la madera producida en la superficie vendida durante un periodo de 20 a\u00f1os.  20. Deterioro de activos no financieros Se detallan a continuaci\u00f3n los deterioros sobre activos no financieros al 31 de diciembre de 2022 y 2021: Notas 01/01/2022 Concesi\u00f3n administrativa Pontevedra (Nota 7)Dotaciones Aplicaci\u00f3n a su finalidad Reversiones y otrosTraspasos31/12/202 ondo de comercio 16 1.244 1.493 - - - 2.73 tros activos intangibles  7 y 16 6.070 (2.386) - - - (84) 3.60 ropiedad, planta y equipo 7 y 17 203.719 (181.548) 38.292 (12.330) (173) (4.844) 43.11 ctivos biol\u00f3gicos 7 y 19 4.539 (2.479) 1.000 (456) - - 2.604 xistencias - - Repuestos 7 y 21 18.774 (2.929) 1.022 (4.969) - - 11.89 VNR y Otros 21 42 - 1.799 - - - 1.84 234.388 (189.342) 43.606 (17.755) (173) (4.928) 65.796 Miles de euros Edad en A\u00f1os > 17               957            1.490            1.079            1.884 14 \u2013 16           2.357            5.893            3.523            9.598 11 \u2013 13           7.471          17.937            8.833          20.839 8 \u2013 10           7.310          12.357            8.096          12.709 4 \u2013 7           8.018            7.300            8.526            7.038 0 \u2013 3         21.336          18.158          16.831          12.193 Deterioro activos biol\u00f3gicos                 -             (2.604)                  -             (4.539) 47.449 60.531 46.888 59.722 (*) Superficie patrimonial plantada Pen\u00ednsula Ib\u00e9rica A\u00f1o 2022 A\u00f1o 2021 Valor Neto Contable en Miles \u20ac Valor Neto Contable en Miles \u20ac Hect\u00e1reas (*) Hect\u00e1reas (* Asimismo, el detalle del ep\u00edgrafe \u201cDeterioro de valor y resultados por enajenaci\u00f3n de inmovilizado\u201d del  Estado de Resultado Consolidado al 31 de diciembre de 2022 y 2021 se desglosa del siguiente modo: ENCE ces\u00f3 en 2014 la actividad de producci\u00f3n de celulosa en su complejo industrial ubicado en Huelva, lo  que provoc\u00f3 que una parte de sus activos industriales dejaran de estar afectos a alguna actividad. Los  activos en proceso de desmantelamiento se han valorado a su valor recuperable, estimado en base a una  tasaci\u00f3n efectuada en 2019 por un experto independiente, en un importe residual. Al 31 de diciembre de  2022 se han dado de baja la pr\u00e1ctica totalidad de dichos activos (al 31 de diciembre de 2021 se manten\u00eda  un deterioro asociado a los mismo por 12 millones \u20ac).  Al cierre del ejercicio 2022 el Grupo ha calculado el valor recuperable de diversas plantas de generaci\u00f3n de  energ\u00eda renovable, todas ellas encuadradas en el Negocio Energ\u00eda (v\u00e9ase Anexo II), con indicios de deterioro.  El Grupo ha realizado test de deterioro asociados a estos activos, considerando los criterios y metodolog\u00eda  descritos en la nota 3.5 y apartado siguiente. En la determinaci\u00f3n del valor en uso, se han llevado a cabo  proyecciones de los flujos de caja esperados hasta el final de la vida de cada Unidad Generadora de Efectivo  (UGE). Las proyecciones incorporan  hip\u00f3tesis sobre generaci\u00f3n, costes y otras variables  fundamentales  soportadas por estudios espec\u00edficos realizados por expertos o por datos hist\u00f3ricos, hip\u00f3tesis sobre precios  de  venta  basadas  en  la  informaci\u00f3n  disponible  en  los  mercados  de  futuros,  e  hip\u00f3tesis  sobre  datos  macroecon\u00f3micos basadas en los datos aportados por fuentes especializadas independientes. Como  resultado  de  dicho  an\u00e1lisis,  los  valores  recuperables  de  las  instalaciones  con  menor  vida  \u00fatil  regulatoria,  Huelva  41  MW,  JA  16MW, CR 16  MW  y  CO  27  MW,  que  ascienden  a  18.101  miles  \u20ac,  son  inferiores a sus valores en libros en un importe de 38.291 miles \u20ac, por lo que se ha procedido a registrar un  deterioro  por  dicho  importe  en  el  ep\u00edgrafe  \u201cDeterioros  de  valor  y  resultados  por  enajenaci\u00f3n  de  01/01/2021 Concesi\u00f3n  administrativa Pontevedra (Nota 7) Otras Aplicaci\u00f3n a su finalidad Reversiones y  otros 31/12/2021 Fondo de comercio 16 995 - 249 - - 1.244 Otros activos intangibles 16 3.600 2.470 - - - 6.070 Propiedad, planta y equipo 7 y 17 19.646 186.565 - (2.286) (206) 203.719 Activos biol\u00f3gicos 19 2.780 2.479 1.000 (1.720) - 4.539 Existencias Repuestos 21 15.269 2.929 657 (72) (9) 18.774 VNR y Otros 21 977 - 288 - (1.223) 42 43.267 194.443 2.194 (4.078) (1.438) 234.388 Miles de euros Adiciones/ Dotaciones Miles de Euros Notas Deterioros de  valor (*) Resultados por  baja y venta Total Deterioros de  valor Resultados  por baja y  venta Total Fondo de comercio 16 1.493 - 1.493 249 - 249 Otros activos intangibles 7 y 16 (2.386) - (2.386) 2.470 - 2.470 Propiedad, planta y equipo 7 y 17 (143.429) 1.905 (141.524) 186.359 (289) 186.070 Activos biol\u00f3gicos 7 y 19 (1.479) - (1.479) 3.479 1.231 4.710 (145.801) 1.905 (143.896) 192.557 942 193.499 (*) Dotaciones y reversiones de deterioros. Gasto / (Ingreso). A\u00f1o 2022 A\u00f1o 2021 inmovilizado\u201d del Estado de Resultado Consolidado del ejercicio 2022. Dicho deterioro incluye un importe  de 1.368 miles \u20ac que se corresponde con el fondo de comercio remanente de las instalaciones JA 16MW y  CR 16 MW (v\u00e9ase Nota 16).  El valor recuperable y el valor neto contable de las Unidades Generadoras de Efectivo sobre las que se han  llevado a cabo test de deterioro en 2022 ascienden a 445 millones \u20ac y 424 millones \u20ac, respectivamente.   20.1 Deterioro. Metodolog\u00eda y principales hip\u00f3tesis  ENCE analiza al menos anualmente si sus activos presentan indicios de deterioro, en cuyo caso realiza el  correspondiente test de deterioro de acuerdo con la metodolog\u00eda descrita en la Nota 3.5. Asimismo, realiza  de forma sistem\u00e1tica test de las Unidades Generadoras de Efectivo (UGE\u00b4s) que incluyen fondo de comercio.  Las UGE del Grupo ENCE son cada una de las bio-f\u00e1bricas de producci\u00f3n de celulosa (donde se incluye el  patrimonio forestal que se destina a ser una de sus fuentes de suministro) y las plantas de generaci\u00f3n de  energ\u00eda  el\u00e9ctrica  que  opera  el  Grupo  y  que  comparten  la  misma  ubicaci\u00f3n  f\u00edsica,  as\u00ed como  los  activos  biol\u00f3gicos que tienen como destino su venta a terceros. Los activos por derecho de uso se incluyen en la  UGE en la que est\u00e1n siendo utilizados. Las proyecciones utilizadas en los test de deterioro coinciden con la mejor informaci\u00f3n prospectiva de la  que se dispone, y tiene en consideraci\u00f3n las siguientes hip\u00f3tesis: Negocio Celulosa  Producci\u00f3n  de  las  biof\u00e1bricas:  se  han  considerado  niveles  de  producci\u00f3n  coherentes  con  ejercicios  anteriores y con las capacidades nominales de las instalaciones, en el rango 600 \u2013 620 miles toneladas en  Navia y 330-450 miles toneladas en Pontevedra.  Precio de venta: se ha considerado hasta el a\u00f1o 2026 los valores medios de las previsiones realizadas por  los tres principales analistas del sector de la celulosa, valores que se sit\u00faan en el rango 1.040 USD \u2013 1.280  USD. Por su parte, el tipo de cambio aplicado ha sido 1,10 \u2013 1,15 USD/\u20ac. Costes de producci\u00f3n e inversi\u00f3n. Se han considerado costes de producci\u00f3n coherentes con los incurridos  en  2022  (considerando  la  energ\u00eda  generada  como  un  menor  coste  de  producci\u00f3n)  y  un  capex  de mantenimiento en el entorno de 10 millones \u20ac por biof\u00e1brica. La tasa de descuento aplicada es del 8,5%. En el caso de los activos biol\u00f3gicos la tasa de crecimiento aplicada  es del 1,5% y la tasa de descuento antes de impuestos del 7,6%. Negocio Energ\u00eda renovable  Generaci\u00f3n  de  las  instalaciones.  Se  han  considerado  horas  de  funcionamiento  en  cada  instalaci\u00f3n  coherentes con sus producciones hist\u00f3ricas.  Precio de venta. Se han considerado los precios del mercado de futuros disponibles, en el entorno de los  180 \u20ac/MWh en 2023, 130 \u20ac/MWh en 2024, y precios a partir de 2025 en el rango 49 \u20ac/MWh \u2013 72 \u20ac/MWh,  as\u00ed como los mecanismos de apoyo existes en la regulaci\u00f3n actual. Costes de generaci\u00f3n e inversi\u00f3n. Se han considerado costes coherentes con los incurridos en los \u00faltimos a\u00f1os  y  un  capex  de  mantenimiento,  variable  por  instalaci\u00f3n,  en  el  entorno  de 0,3  Mn \u20ac  -  2  Mn  \u20ac  por  instalaci\u00f3n.  Tasas de crecimiento en el rango del 1% - 1,5% y tasas de descuento antes de impuestos del 7,4%. Otros  Los  repuestos  del  Grupo  se  deterioran  atendiendo  a  su  lenta  rotaci\u00f3n.  En  este  sentido,  los  deterioros  comienzan  a  reconocerse  cuando  el  activo  no  ha  presentado  movimiento  en  el  \u00faltimo  a\u00f1o,  y  se  van  incrementando de forma lineal hasta alcanzar el 100% cuando el activo no ha presentado movimiento en  los \u00faltimos cinco a\u00f1os. Asimismo, ENCE dota deterioros en concepto de Valor Neto de Realizaci\u00f3n (VNR)  sobre sus existencias de producto terminado y materias primas, cuando los precios de venta de la celulosa,  netos de descuentos y costes comerciales y log\u00edsticos, se sit\u00faan por debajo del coste de producci\u00f3n.  20.2 Sensibilidades  Se han llevado a cabo an\u00e1lisis de sensibilidad en el Negocio Celulosa considerando variaciones en los precios  de venta del 5% y variaciones en la tasa de descuento de 100 p.b. Estos an\u00e1lisis de sensibilidad, realizados  para cada hip\u00f3tesis b\u00e1sica de forma independiente, no pondr\u00edan de manifiesto la existencia de deterioros  en las UGE\u00b4s constituidas por cada una de las biof\u00e1bricas de producci\u00f3n de celulosa. Asimismo,  se  han  llevado  cabo  an\u00e1lisis  de  sensibilidad  en  el  Negocio  Energ\u00eda  Renovable  considerando  variaciones en la energ\u00eda producida y en el precio de venta del 5% en el a\u00f1o 2022 y variaciones en la tasa de  descuento de 50 p.b. En este sentido, una disminuci\u00f3n del Pool de mercado en 2023-2024 del 5% no tendr\u00eda  un impacto significativo en el deterioro registrado, y un incremento en los costes del combustible en un 5%  incrementar\u00eda el deterioro registrado en 2,7 millones \u20ac. Al 31 de diciembre de 2022 y 2021 el importe de los deterioros de valor reconocidos en los activos biol\u00f3gicos  asciende a 5.083 miles \u20ac y 4.539 miles \u20ac, respectivamente. Un incremento en el precio de mercado de la madera del 3% permitir\u00eda anular \u00edntegramente el deterioro registrado. Por su parte una reducci\u00f3n en el  precio de venta de la madera del 3% implicar\u00eda el registro de un deterioro adicional por 4,5 millones \u20ac.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
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    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  },
  "fact-25": {
   "value": "16. Fondo de comercio y otros activos intangibles  El movimiento habido durante los ejercicios 2022 y 2021 en el fondo de comercio y las diferentes cuentas  de activos intangibles y de sus correspondientes amortizaciones y deterioros ha sido el siguiente: 31 de diciembre de 2022 Saldo al 01/01/2022 Adiciones o  dotaciones Retiros o  reducciones Traspasos Saldo al 31/12/2022 Fondo de comercio                2.737                       -                         -                         -                  2.737 Aplicaciones inform\u00e1ticas             31.309                      47                    (29)               3.440              34.767 Gastos de desarrollo             18.452                       -                         -                         -                18.452 Anticipos               2.248                2.970                       -                (3.460)               1.758 Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica            21.002                       -                         -                         -                21.002 Otros activos intangibles              10.719                      22                       -                       22              10.763 Total coste             86.467                3.039                    (29)                       2              89.479 Aplicaciones inform\u00e1ticas           (24.746)             (2.194)                     29                    (75)           (26.986) Gastos de desarrollo           (13.383)                 (484)                      -                         -             (13.867) Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica            (1.484)             (1.131)                      -                         -                (2.615) Otros activos intangibles             (1.602)                 (156)                      -                        (9)             (1.767) Total amortizaciones            (41.215)             (3.965)                     29                    (84)           (45.235) Deterioros de valor (Nota 7 y 20)             (7.314)             (1.493)               2.386                      84              (6.337) Total             37.938              37.906 Miles de euros 16.1 Adiciones y otros  El Grupo ha llevado a cabo en los ejercicios 2022 y 2021 importantes inversiones orientadas a digitalizar y  estandarizar los principales procesos de negocio de ENCE.  Durante 2022 y 2021 no se han realizado trabajos efectuados por el Grupo para su inmovilizado intangible.  A 31 de diciembre de 2022 y 2021 el valor razonable de los derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica, as\u00ed  como el valor razonable de los derechos de riego (recogidos bajo el ep\u00edgrafe de \u201cOtros activos intangibles\u201d)  no difiere significativamente de su valor neto contable. Los  elementos  del  inmovilizado  intangible  totalmente  amortizados  a  31  de  diciembre  de  2022  y  2021,  principalmente gastos de desarrollo y aplicaciones inform\u00e1ticas ascend\u00edan a 35.623 miles \u20ac y 26.124 miles \u20ac,  respectivamente.  31 de diciembre de 2021 Saldo al 01/01/2021 Adiciones o  dotaciones Traspasos Saldo al 31/12/2021 Fondo de comercio                2.737                       -                         -                  2.737  Aplicaciones inform\u00e1ticas             30.669                   323                   317              31.280 Gastos de desarrollo             18.452                       -                         -                18.452 Anticipos               4.771                2.388              (4.911)               2.248 Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica            21.045                       -                     (43)             21.002  Otros activos intangibles                6.117                       -                  4.602              10.719  Total coste             83.791                2.711                    (35)             86.438 Aplicaciones inform\u00e1ticas           (22.337)             (2.444)                     35            (24.717) Gastos de desarrollo           (12.900)                 (483)                      -             (13.383) Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica                (643)                 (841)                      -                (1.484) Otros activos intangibles             (1.413)                 (189)                      -               (1.602) Total amortizaciones            (37.293)             (3.957)                     35            (41.186) Deterioros de valor (Nota 20)             (4.595)             (2.719)                      -                (7.314) Total             41.903              37.938 Miles de euros ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  },
  "fact-540": {
   "value": "16. Fondo de comercio y otros activos intangibles  El movimiento habido durante los ejercicios 2022 y 2021 en el fondo de comercio y las diferentes cuentas  de activos intangibles y de sus correspondientes amortizaciones y deterioros ha sido el siguiente: 31 de diciembre de 2022 Saldo al 01/01/2022 Adiciones o  dotaciones Retiros o  reducciones Traspasos Saldo al 31/12/2022 Fondo de comercio                2.737                       -                         -                         -                  2.737 Aplicaciones inform\u00e1ticas             31.309                      47                    (29)               3.440              34.767 Gastos de desarrollo             18.452                       -                         -                         -                18.452 Anticipos               2.248                2.970                       -                (3.460)               1.758 Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica            21.002                       -                         -                         -                21.002 Otros activos intangibles              10.719                      22                       -                       22              10.763 Total coste             86.467                3.039                    (29)                       2              89.479 Aplicaciones inform\u00e1ticas           (24.746)             (2.194)                     29                    (75)           (26.986) Gastos de desarrollo           (13.383)                 (484)                      -                         -             (13.867) Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica            (1.484)             (1.131)                      -                         -                (2.615) Otros activos intangibles             (1.602)                 (156)                      -                        (9)             (1.767) Total amortizaciones            (41.215)             (3.965)                     29                    (84)           (45.235) Deterioros de valor (Nota 7 y 20)             (7.314)             (1.493)               2.386                      84              (6.337) Total             37.938              37.906 Miles de euros  16.1 Adiciones y otros  El Grupo ha llevado a cabo en los ejercicios 2022 y 2021 importantes inversiones orientadas a digitalizar y  estandarizar los principales procesos de negocio de ENCE.  Durante 2022 y 2021 no se han realizado trabajos efectuados por el Grupo para su inmovilizado intangible.  A 31 de diciembre de 2022 y 2021 el valor razonable de los derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica, as\u00ed  como el valor razonable de los derechos de riego (recogidos bajo el ep\u00edgrafe de \u201cOtros activos intangibles\u201d)  no difiere significativamente de su valor neto contable. Los  elementos  del  inmovilizado  intangible  totalmente  amortizados  a  31  de  diciembre  de  2022  y  2021,  principalmente gastos de desarrollo y aplicaciones inform\u00e1ticas ascend\u00edan a 35.623 miles \u20ac y 26.124 miles \u20ac,  respectivamente.  16.2 Fondo de comercio  El fondo de comercio neto al 31 de diciembre de 2022 y 2021 desglosado por las unidades generadoras de efectivo a las que se ha asignado, es el siguiente:  31 de diciembre de 2021 Saldo al 01/01/2021 Adiciones o  dotaciones Traspasos Saldo al 31/12/2021 Fondo de comercio                2.737                       -                         -                  2.737  Aplicaciones inform\u00e1ticas             30.669                   323                   317              31.280 Gastos de desarrollo             18.452                       -                         -                18.452 Anticipos               4.771                2.388              (4.911)               2.248 Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica            21.045                       -                     (43)             21.002  Otros activos intangibles                6.117                       -                  4.602              10.719  Total coste             83.791                2.711                    (35)             86.438 Aplicaciones inform\u00e1ticas           (22.337)             (2.444)                     35            (24.717) Gastos de desarrollo           (12.900)                 (483)                      -             (13.383) Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica                (643)                 (841)                      -                (1.484) Otros activos intangibles             (1.413)                 (189)                      -               (1.602) Total amortizaciones            (37.293)             (3.957)                     35            (41.186) Deterioros de valor (Nota 20)             (4.595)             (2.719)                      -                (7.314) Total             41.903              37.938 Miles de euros 31 de diciembre de 2022 UGE asignada Tecnolog\u00eda Fondo de Comercio Deterioro  (Nota 20) Valor Neto  Contable Negocio Energ\u00eda- Jaen 16 MW - Ciudad Real 16 MW Biomasa              2.737              (2.737)                     -                2.737              (2.737)                     -  Miles de euros El fondo de comercio tiene su origen en la adquisici\u00f3n de la participaci\u00f3n que ENCE ostenta en Energ\u00eda de la Loma, S.A. y Energ\u00edas de la Mancha ENEMAN, S.A., sociedades titulares de las instalaciones de generaci\u00f3n de energ\u00eda con biomasa ubicadas en Ja\u00e9n y Ciudad Real y con potencia instalada de 16 MW cada una de ellas. Al 31 de diciembre de 2022 dicho fondo de comercio se encuentra \u00edntegramente deteriorado (v\u00e9ase Nota 20). 31 de diciembre de 2021 UGE asignada Tecnolog\u00eda Fondo de Comercio Deterioro (Nota 20) Valor Neto Contable Negocio Energ\u00eda- Jaen 16 MW - Ciudad Real 16 MW Biomasa              2.737              (1.244)              1.493             2.737              (1.244)              1.493 Miles de euros ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-522": {
   "value": "16. Fondo de comercio y otros activos intangibles  El movimiento habido durante los ejercicios 2022 y 2021 en el fondo de comercio y las diferentes cuentas  de activos intangibles y de sus correspondientes amortizaciones y deterioros ha sido el siguiente: 31 de diciembre de 2022 Saldo al 01/01/2022 Adiciones o  dotaciones Retiros o  reducciones Traspasos Saldo al 31/12/2022 Fondo de comercio                2.737                       -                         -                         -                  2.737 Aplicaciones inform\u00e1ticas             31.309                      47                    (29)               3.440              34.767 Gastos de desarrollo             18.452                       -                         -                         -                18.452 Anticipos               2.248                2.970                       -                (3.460)               1.758 Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica            21.002                       -                         -                         -                21.002 Otros activos intangibles              10.719                      22                       -                       22              10.763 Total coste             86.467                3.039                    (29)                       2              89.479 Aplicaciones inform\u00e1ticas           (24.746)             (2.194)                     29                    (75)           (26.986) Gastos de desarrollo           (13.383)                 (484)                      -                         -             (13.867) Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica            (1.484)             (1.131)                      -                         -                (2.615) Otros activos intangibles             (1.602)                 (156)                      -                        (9)             (1.767) Total amortizaciones            (41.215)             (3.965)                     29                    (84)           (45.235) Deterioros de valor (Nota 7 y 20)             (7.314)             (1.493)               2.386                      84              (6.337) Total             37.938              37.906 Miles de euros 31 de diciembre de 2021 Saldo al 01/01/2021 Adiciones o dotaciones Traspasos Saldo al 31/12/2021 Fondo de comercio                2.737                       -                         -                  2.737 Aplicaciones inform\u00e1ticas             30.669                   323                   317              31.280 Gastos de desarrollo             18.452                       -                         -                18.452 Anticipos               4.771                2.388              (4.911)               2.248 Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica            21.045                       -                     (43)             21.002 Otros activos intangibles                6.117                       -                  4.602              10.719 Total coste             83.791                2.711                    (35)             86.438 Aplicaciones inform\u00e1ticas           (22.337)             (2.444)                     35            (24.717) Gastos de desarrollo           (12.900)                 (483)                      -             (13.383) Derechos de generaci\u00f3n de energ\u00eda el\u00e9ctrica                (643)                 (841)                      -                (1.484) Otros activos intangibles             (1.413)                 (189)                      -               (1.602) Total amortizaciones            (37.293)             (3.957)                     35            (41.186) Deterioros de valor (Nota 20)             (4.595)             (2.719)                      -                (7.314) Total             41.903              37.938  Miles de euros 17. Propiedad, planta y equipo El  movimiento  habido  en  las  diferentes  cuentas  de  este  ep\u00edgrafe  del  Estado  de  Situaci\u00f3n  Financiera consolidado y de sus correspondientes amortizaciones acumuladas en los ejercicios 2022 y 2021 ha sido el siguiente: 31 de diciembre de 2022 Saldo al 01/01/2022 Adiciones o Dotaciones Retiros o reduccionesTraspasos Diferencias de conversi\u00f3n Saldo al 31/12/2022 Terrenos forestales  83.794                        -                        -                        -                        -      83.794  Otros terrenos  14.325      936                        -                     (7)      8      15.262  Construcciones  161.395                        -             (2.484)      1.916                        -      160.827  Instalaciones t\u00e9cnicas y maquinaria  1.878.953      8.215          (81.546)      30.126      6      1.835.754  Otro inmovilizado  64.339      172             (8.988)      1.176      1      56.700  Anticipos e inmovilizado en curso  27.293      35.714             (4.626)          (33.211)                     (1)      25.169  Derecho de uso - Terrenos (Nota 18)  13.407      3.826             (4.496)                        -                        -      12.737  Derecho de uso - Otros activos (Nota 18)  11.602      7.229      15.777                        -                        -      34.608  Total coste  2.255.108      56.092          (86.363)                        -      14      2.224.851  Construcciones      (70.116)             (5.225)      2.203                (232)                        -          (73.370)  Instalaciones t\u00e9cnicas y maquinaria (1.052.048)          (76.094)      51.264             (4.181)                     (5)     (1.081.064)  Otro inmovilizado      (39.175)             (2.670)      8.029                (431)                     (1)          (34.248)  Derecho de uso - Terrenos (Nota 18)         (2.145)             (1.064)      431                        -                        -             (2.778)  Derecho de uso - Otros activos (Nota 18)         (4.344)             (3.080)      1.025                        -                        -             (6.399)  Total amortizaciones (1.167.828)          (88.133)      62.952             (4.844)                     (6)     (1.197.859)  Deterioros de valor (Notas 7 y 20)    (203.719)          (38.292)      194.051      4.844                        -          (43.116)  Total Neto  883.561      983.876  Miles de euros Los activos productivos del Grupo se ubican \u00edntegramente en Espa\u00f1a. 31 de diciembre de 2021 Saldo al 01/01/2021 Adiciones o  Dotaciones Retiros o  reducciones Traspasos mantenidos para la venta  (Nota 20)Traspasos Diferencias de  conversi\u00f3n Saldo al 31/12/2021 Terrenos forestales  83.794                        -                        -                        -                        -                        -      83.794   Otros terrenos  17.837      4                        -                        -             (3.526)      10      14.325   Construcciones  157.150      545             (2.460)                        -      6.160                        -      161.395   Instalaciones t\u00e9cnicas y maquinaria  1.838.120      46.881          (28.523)                        -      22.467      8      1.878.953   Otro inmovilizado  61.911      115                (113)                        -      2.425      1      64.339   Anticipos e inmovilizado en curso  23.320      33.142                  (17)             (1.626)          (27.526)                        -      27.293   Derecho de uso - Terrenos (Nota 18)  42.305      1.504          (30.402)                        -                        -                        -      13.407   Derecho de uso - Otros activos (Nota 18)  9.887      3.713             (1.998)                        -                        -                        -      11.602   Total coste  2.234.324      85.904          (63.513)             (1.626)                        -      19      2.255.108   Construcciones      (67.972)             (4.326)      2.182                        -                        -                        -          (70.116)   Instalaciones t\u00e9cnicas y maquinaria (1.009.990)          (68.197)      26.148                        -                        -                     (9)     (1.052.048)   Otro inmovilizado      (37.067)             (2.586)      480                        -                        -                     (2)          (39.175)   Derecho de uso - Terrenos (Nota 18)         (3.246)             (1.175)      2.276                        -                        -                        -             (2.145)   Derecho de uso - Otros activos (Nota 18)         (3.527)             (2.459)      1.642                        -                        -                        -             (4.344)   Total amortizaciones (1.121.802)          (78.743)      32.728                        -                        -                  (11)     (1.167.828)   Deterioros de valor (Notas 7 y 20)      (19.646)        (186.565)      2.492                        -                        -                        -        (203.719)   Total Neto  1.092.876      883.561   Miles de euros 17.2 Bienes totalmente amortizados  Al  cierre  de  los  ejercicios  2022  y  2021  el  Grupo  ten\u00eda  elementos  del  inmovilizado  material  totalmente amortizados que segu\u00edan en uso conforme al siguiente detalle: 18.1 Activos por derechos de uso  El movimiento habido en las diferentes cuentas que recogen los \u201cDerechos de uso sobre activos\u201d y de sus  correspondientes amortizaciones acumuladas en 2022 y 2021 ha sido el siguiente:  Miles de Euros 2022 2021 Construcciones 24.408 24.237 Instalaciones t\u00e9cnicas 128.289 93.004 Maquinaria 304.803 340.439 Utillaje 712 739 Mobiliario 2.348 2.200 Otros  11.706 17.206 472.266 477.825 31 de diciembre de 2022 Notas Saldo al 01/01/2022 Adiciones/  DotacionesRetiros Saldo al 31/12/2022 Coste - Terrenos biof\u00e1brica Pontevedra 7 y 17  3.791 22.970 (6.863) 19.898 Arriendos forestales 17 9.616 753 (736) 9.633 Resto (*) 17 11.602 7.230 (1.449) 17.383 Coste 25.009 30.953 (9.048) 46.914 Amortizaci\u00f3n - Terrenos biof\u00e1brica Pontevedra 7 y 17  - 384 - 384 Arriendos forestales 17 2.145 680 (431) 2.394 Resto (*) 17 4.344 2.973 (918) 6.399 Amortizaci\u00f3n 6.489 4.037 (1.349) 9.177 Deterioros de valor  7 y 20 3.791 - (3.791) - Total Neto  14.729      37.737   Miles de euros (*) Incluye principalmente arrendamientos de oficinas y veh\u00edculos 31 de diciembre de 2021 Notas Saldo al 01/01/2021 Adiciones/  Dotaciones Retiros Saldo al 31/12/2021 Coste - Terrenos biof\u00e1brica Ponte vedra 7 y 17  33.351 - (29.560) 3.791 Arriendos forestales 17 8.954 1.504 (842) 9.616 Resto (*) 17 9.887 3.713 (1.998) 11.602 Coste 52.192 5.217 (32.400) 25.009 Amortizaci\u00f3n - Terrenos biof\u00e1brica Ponte vedra 7 y 17  1.488 372 (1.860) - Arriendos forestales 17 1.758 803 (416) 2.145 Resto (*) 17 3.527 2.459 (1.642) 4.344 Amortizaci\u00f3n 6.773 3.634 (3.918) 6.489 Deterioros de valor  7 y 20 - 3.790 - 3.790 Total Neto  45.419      14.730   Miles de euros (*) Incluye principalmente arrendamientos de oficinas y veh\u00edculos. 18.3 Importes reconocidos en el Estado de Resultado Consolidado  Se detalla a continuaci\u00f3n el impacto en las cuentas \u201cAmortizaci\u00f3n\u201d y \u201cGastos Financieros\u201d del Estado de  Resultado Consolidado del ejercicio 2022 y 2021 por arrendamientos: Se han capitalizado en el ejercicio 2022, como mayor valor de los vuelos forestales, gastos financieros por  importe de 256 miles \u20ac (225 miles \u20ac durante el ejercicio 2021). El importe reconocido como gasto correspondiente a arrendamientos a corto plazo y pagos variables no  incluidos en la valoraci\u00f3n del pasivo en los ejercicios 2022 y 2021 ha sido de 774 miles \u20ac y 733 miles \u20ac,  respectivamente (v\u00e9ase Nota 13.1). 31 de diciembre de 2022 Notas Amortizaci\u00f3n Gasto  Financiero Cuota Arrendamiento Gasto por amortizaci\u00f3n de activos por derecho de uso sobre activos - Terrenos biof\u00e1brica Pontevedra 14 y 17 384 1.540 1.570 Otros terrenos 14 y 17 680 256 913 Otros activos 14 y 17 2.973 182 3.408 4.037 1.978 5.891 Miles de Euros 31 de diciembre de 2021 Notas Amortizaci\u00f3n Gasto  Financiero Cuota Arrendamiento Gasto por amortizaci\u00f3n de activos por derecho de uso sobre activos - Terrenos biof\u00e1brica Pontevedra 14 y 17 372 681 1.570 Otros terrenos 14 y 17 803 255 951 Otros activos 14 y 17 2.459 87 2.593 3.634 1.023 5.114 Miles de Euros Considerando  los  contratos  vigentes  al  31  de  diciembre  de  2022,  el  gasto  por  amortizaci\u00f3n  y  el  gasto financiero medio en los pr\u00f3ximos 5 a\u00f1os, vinculados a los activos por derechos de uso ser\u00e1 de 2,2 millones \u20ac y 0,4 millones \u20ac, respectivamente (2,2 millones \u20ac y 0,3 millones \u20ac al 31 de diciembre de 2021).  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-26": {
   "value": "16.2 Fondo de comercio  El fondo de comercio neto al 31 de diciembre de 2022 y 2021 desglosado por las unidades generadoras de efectivo a las que se ha asignado, es el siguiente: 31 de diciembre de 2022 UGE asignada Tecnolog\u00eda Fondo de Comercio Deterioro  (Nota 20) Valor Neto  Contable Negocio Energ\u00eda- Jaen 16 MW - Ciudad Real 16 MW Biomasa              2.737              (2.737)                     -                2.737              (2.737)                     -  Miles de euros 31 de diciembre de 2021 UGE asignada Tecnolog\u00eda Fondo de Comercio Deterioro  (Nota 20) Valor Neto  Contable Negocio Energ\u00eda- Jaen 16 MW - Ciudad Real 16 MW Biomasa              2.737              (1.244)              1.493              2.737              (1.244)              1.493 Miles de euros El fondo de comercio tiene su origen en la adquisici\u00f3n de la participaci\u00f3n que ENCE ostenta en Energ\u00eda de  la Loma, S.A. y Energ\u00edas de la Mancha ENEMAN, S.A., sociedades titulares de las instalaciones de generaci\u00f3n  de energ\u00eda con biomasa ubicadas en Ja\u00e9n y Ciudad Real y con potencia instalada de 16 MW cada una de  ellas. Al 31 de diciembre de 2022 dicho fondo de comercio se encuentra \u00edntegramente deteriorado (v\u00e9ase  Nota 20). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-555": {
   "value": "17. Propiedad, planta y equipo  El  movimiento  habido  en  las  diferentes  cuentas  de  este  ep\u00edgrafe  del  Estado  de  Situaci\u00f3n  Financiera  consolidado y de sus correspondientes amortizaciones acumuladas en los ejercicios 2022 y 2021 ha sido el  siguiente:  31 de diciembre de 2022 Saldo al 01/01/2022 Adiciones o  Dotaciones Retiros o  reduccionesTraspasos Diferencias de  conversi\u00f3n Saldo al 31/12/2022 Terrenos forestales  83.794                        -                        -                        -                        -      83.794   Otros terrenos  14.325      936                        -                     (7)      8      15.262   Construcciones  161.395                        -             (2.484)      1.916                        -      160.827   Instalaciones t\u00e9cnicas y maquinaria  1.878.953      8.215          (81.546)      30.126      6      1.835.754   Otro inmovilizado  64.339      172             (8.988)      1.176      1      56.700   Anticipos e inmovilizado en curso  27.293      35.714             (4.626)          (33.211)                     (1)      25.169   Derecho de uso - Terrenos (Nota 18)  13.407      3.826             (4.496)                        -                        -      12.737   Derecho de uso - Otros activos (Nota 18)  11.602      7.229      15.777                        -                        -      34.608   Total coste  2.255.108      56.092          (86.363)                        -      14      2.224.851   Construcciones      (70.116)             (5.225)      2.203                (232)                        -          (73.370)   Instalaciones t\u00e9cnicas y maquinaria (1.052.048)          (76.094)      51.264             (4.181)                     (5)     (1.081.064)   Otro inmovilizado      (39.175)             (2.670)      8.029                (431)                     (1)          (34.248)   Derecho de uso - Terrenos (Nota 18)         (2.145)             (1.064)      431                        -                        -             (2.778)   Derecho de uso - Otros activos (Nota 18)         (4.344)             (3.080)      1.025                        -                        -             (6.399)   Total amortizaciones (1.167.828)          (88.133)      62.952             (4.844)                     (6)     (1.197.859)   Deterioros de valor (Notas 7 y 20)    (203.719)          (38.292)      194.051      4.844                        -          (43.116)   Total Neto  883.561      983.876 Miles de euros Los activos productivos del Grupo se ubican \u00edntegramente en Espa\u00f1a.  17.1 Adiciones  El Grupo ha acometido inversiones en sus plantas productivas de los Negocios Celulosa y Energ\u00eda Renovable  orientadas a mejorar la eficiencia del proceso productivo, a optimizar la generaci\u00f3n de energ\u00eda el\u00e9ctrica y a  mejorar en el cuidado al medio ambiente. Su desglose es el siguiente:  (*)   Incluye en el ejercicio 2021 el activo reconocido en la reestimaci\u00f3n de la provisi\u00f3n por desmantelamiento de la  biof\u00e1brica de Pontevedra por importe de 42.267 miles \u20ac (v\u00e9ase Notas 7 y 32). Compromisos de inversi\u00f3n Se han comprometido inversiones en ENCE al 31 de diciembre de 2022, por importe de 23,8 millones \u20ac, que ser\u00e1n ejecutadas en 2023. 31 de diciembre de 2021 Saldo al 01/01/2021 Adiciones o  Dotaciones Retiros o  reducciones Traspasos mantenidos para la venta  (Nota 20)Traspasos Diferencias de  conversi\u00f3n Saldo al 31/12/2021 Terrenos forestales  83.794                        -                        -                        -                        -                        -      83.794   Otros terrenos  17.837      4                        -                        -             (3.526)      10      14.325   Construcciones  157.150      545             (2.460)                        -      6.160                        -      161.395   Instalaciones t\u00e9cnicas y maquinaria  1.838.120      46.881          (28.523)                        -      22.467      8      1.878.953   Otro inmovilizado  61.911      115                (113)                        -      2.425      1      64.339   Anticipos e inmovilizado en curso  23.320      33.142                  (17)             (1.626)          (27.526)                        -      27.293   Derecho de uso - Terrenos (Nota 18)  42.305      1.504          (30.402)                        -                        -                        -      13.407   Derecho de uso - Otros activos (Nota 18)  9.887      3.713             (1.998)                        -                        -                        -      11.602   Total coste  2.234.324      85.904          (63.513)             (1.626)                        -      19      2.255.108   Construcciones      (67.972)             (4.326)      2.182                        -                        -                        -          (70.116)   Instalaciones t\u00e9cnicas y maquinaria (1.009.990)          (68.197)      26.148                        -                        -                     (9)     (1.052.048)   Otro inmovilizado      (37.067)             (2.586)      480                        -                        -                     (2)          (39.175)   Derecho de uso - Terrenos (Nota 18)         (3.246)             (1.175)      2.276                        -                        -                        -             (2.145)   Derecho de uso - Otros activos (Nota 18)         (3.527)             (2.459)      1.642                        -                        -                        -             (4.344)   Total amortizaciones (1.121.802)          (78.743)      32.728                        -                        -                  (11)     (1.167.828)   Deterioros de valor (Notas 7 y 20)      (19.646)        (186.565)      2.492                        -                        -                        -        (203.719)   Total Neto  1.092.876      883.561 Miles de euros 31/12/2022 31/12/2021 Negocio Celulosa:    Pontevedra y corporativo (*) 16.450 49.047    Navia 17.655 16.201    Otros 1.351 128 Negocio Energ\u00eda Renovable:    Huelva - 46 MW  2.098 3.171    Huelva - 50 MW 1.548 3.941    Puertollano \u2013 50 MW 2.390 2.144    Otros 3.545 6.055 Subtotal  45.037 80.687 Derechos de uso (ver Nota 18) 11.055 5.217 56.092 85.904 Miles de Euros 17.2 Bienes totalmente amortizados  Al  cierre  de  los  ejercicios  2022  y  2021  el  Grupo  ten\u00eda  elementos  del  inmovilizado  material  totalmente amortizados que segu\u00edan en uso conforme al siguiente detalle: 17.3 Revalorizaciones  Al 1 de enero de 2004, fecha de transici\u00f3n a las NIIF-UE, se actualizaron los suelos forestales a su valor  razonable. Dicho valor fue determinado por tasadores expertos e independientes y se considera como coste  hist\u00f3rico  de  referencia  de  acuerdo  a  lo  establecido  por  las  Normas  Internacionales  de  Contabilidad.  La plusval\u00eda por revalorizaci\u00f3n asciende a 54.102 miles \u20ac al 31 de diciembre de 2022 y 2021 y se incluye en el  ep\u00edgrafe \u201cAjustes en patrimonio por valoraci\u00f3n\u201d del patrimonio neto (v\u00e9ase Nota 22.6).  17.4 Pol\u00edtica de seguros  La pol\u00edtica del Grupo es formalizar p\u00f3lizas de seguro para cubrir los posibles riesgos a que est\u00e1n sujetos los  diversos elementos de su inmovilizado material. Los Administradores de la Sociedad Dominante, as\u00ed como  sus asesores en esta materia, estiman que la cobertura de estos riesgos al 31 de diciembre de 2022 es  adecuada.  Miles de Euros 2022 2021 Construcciones 24.408 24.237 Instalaciones t\u00e9cnicas 128.289 93.004 Maquinaria 304.803 340.439 Utillaje 712 739 Mobiliario 2.348 2.200 Otros  11.706 17.206 472.266 477.825 ",
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    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-27": {
   "value": "Compromisos de inversi\u00f3n  Se han comprometido inversiones en ENCE al 31 de diciembre de 2022, por importe de 23,8 millones \u20ac, que ser\u00e1n ejecutadas en 2023. La pol\u00edtica del Grupo es formalizar p\u00f3lizas de seguros para cubrir los posibles riesgos a que est\u00e1n sujetas sus  existencias, estim\u00e1ndose que la cobertura de estos riesgos a 31 de diciembre de 2022 y 2021 es adecuada.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
   }
  },
  "fact-621": {
   "value": "18. Activos por derecho de uso  18.1 Activos por derechos de uso  El movimiento habido en las diferentes cuentas que recogen los \u201cDerechos de uso sobre activos\u201d y de sus  correspondientes amortizaciones acumuladas en 2022 y 2021 ha sido el siguiente:  18.2 Pasivos por arrendamiento  El movimiento habido en este ep\u00edgrafe del Estado de Situaci\u00f3n Financiera consolidado en 2022 y 2021 ha  sido el siguiente: 31 de diciembre de 2022 Notas Saldo al 01/01/2022 Adiciones/  DotacionesRetiros Saldo al 31/12/2022 Coste - Terrenos biof\u00e1brica Pontevedra 7 y 17  3.791 22.970 (6.863) 19.898 Arriendos forestales 17 9.616 753 (736) 9.633 Resto (*) 17 11.602 7.230 (1.449) 17.383 Coste 25.009 30.953 (9.048) 46.914 Amortizaci\u00f3n - Terrenos biof\u00e1brica Pontevedra 7 y 17  - 384 - 384 Arriendos forestales 17 2.145 680 (431) 2.394 Resto (*) 17 4.344 2.973 (918) 6.399 Amortizaci\u00f3n 6.489 4.037 (1.349) 9.177 Deterioros de valor  7 y 20 3.791 - (3.791) - Total Neto  14.729      37.737   Miles de euros (*) Incluye principalmente arrendamientos de oficinas y veh\u00edculos . 31 de diciembre de 2021 Notas Saldo al 01/01/2021 Adiciones/  Dotaciones Retiros Saldo al 31/12/2021 Coste - Terrenos biof\u00e1brica Ponte vedra 7 y 17  33.351 - (29.560) 3.791 Arriendos forestales 17 8.954 1.504 (842) 9.616 Resto (*) 17 9.887 3.713 (1.998) 11.602 Coste 52.192 5.217 (32.400) 25.009 Amortizaci\u00f3n - Terrenos biof\u00e1brica Ponte vedra 7 y 17  1.488 372 (1.860) - Arriendos forestales 17 1.758 803 (416) 2.145 Resto (*) 17 3.527 2.459 (1.642) 4.344 Amortizaci\u00f3n 6.773 3.634 (3.918) 6.489 Deterioros de valor  7 y 20 - 3.790 - 3.790 Total Neto  45.419      14.730   Miles de euros (*) Incluye principalmente arrendamientos de oficinas y veh\u00edculos. 31 de diciembre de 2022 Notas Saldo al 01/01/2022 Adiciones Cuotas pagadas Retiros Traspasos Intereses Saldo al 31/12/2022 Deuda corto plazo 29.2 3.995 - (5.891) (4.567) 8.161 1.978 3.676 Deuda largo plazo 7 y 29.2 13.576 32.574 - (2.365) (8.161) - 35.624 17.571 32.574 (5.891) (6.932) - 1.978 39.300 Miles de euro s  En  la  determinaci\u00f3n  del  pasivo  por  derecho  de  uso  se  considera  el  valor  presente  de  las  cuotas  de  arrendamiento pendientes de pago, menos cualquier incentivo recibido por el arrendamiento. Las cuotas son  actualizadas considerando la tasa incremental de endeudamiento. Dicha tasa se ha estimado, considerando  informaci\u00f3n de mercado disponible, en el rango 5,8%-6,0% para contratos con una vigencia de 1-5 a\u00f1os, 6,0%- 6,2% para contratos con una vigencia de 5-10 a\u00f1os, 6,3%-6,7% para contratos con una vigencia de 10-20 a\u00f1os  y 6,7%-7,7% para contratos con una vigencia entre 20-40 a\u00f1os.  ENCE no tiene previstas salidas de efectivo futuras relevantes a las que est\u00e9 potencialmente expuesto y que  no est\u00e9n reflejadas en la valoraci\u00f3n de los pasivos por arrendamiento. 18.3 Importes reconocidos en el Estado de Resultado Consolidado  Se detalla a continuaci\u00f3n el impacto en las cuentas \u201cAmortizaci\u00f3n\u201d y \u201cGastos Financieros\u201d del Estado de  Resultado Consolidado del ejercicio 2022 y 2021 por arrendamientos:   Se han capitalizado en el ejercicio 2022, como mayor valor de los vuelos forestales, gastos financieros por  importe de 256 miles \u20ac (225 miles \u20ac durante el ejercicio 2021). El importe reconocido como gasto correspondiente a arrendamientos a corto plazo y pagos variables no  incluidos en la valoraci\u00f3n del pasivo en los ejercicios 2022 y 2021 ha sido de 774 miles \u20ac y 733 miles \u20ac,  respectivamente (v\u00e9ase Nota 13.1). 31 de diciembre de 2021 Notas Saldo al  01/01/2021 Adiciones Cuotas  pagadas Retiros Traspasos Intereses Saldo al  31/12/2021 Deuda corto plazo 29.2 2.477 - (5.114) (434) 6.043 1.023 3.995 Deuda largo plazo 7 y 29.2 43.489 8.932 - (32.802) (6.043) - 13.576 45.966 8.932 (5.114) (33.236) - 1.023 17.571 Miles de euros 31 de diciembre de 2022 Notas Amortizaci\u00f3n Gasto  Financiero Cuota Arrendamiento Gasto por amortizaci\u00f3n de activos por derecho de uso sobre activos - Terrenos biof\u00e1brica Pontevedra 14 y 17 384 1.540 1.570 Otros terrenos 14 y 17 680 256 913 Otros activos 14 y 17 2.973 182 3.408 4.037 1.978 5.891 Miles de Euros 31 de diciembre de 2021 Notas Amortizaci\u00f3n Gasto  Financiero Cuota Arrendamiento Gasto por amortizaci\u00f3n de activos por derecho de uso sobre activos - Terrenos biof\u00e1brica Pontevedra 14 y 17 372 681 1.570 Otros terrenos 14 y 17 803 255 951 Otros activos 14 y 17 2.459 87 2.593 3.634 1.023 5.114 Miles de Euros Considerando  los  contratos  vigentes  al  31  de  diciembre  de  2022,  el  gasto  por  amortizaci\u00f3n  y  el  gasto  financiero medio en los pr\u00f3ximos 5 a\u00f1os, vinculados a los activos por derechos de uso ser\u00e1 de 2,2 millones \u20ac  y 0,4 millones \u20ac, respectivamente (2,2 millones \u20ac y 0,3 millones \u20ac al 31 de diciembre de 2021).  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-28": {
   "value": "18.2 Pasivos por arrendamiento  El movimiento habido en este ep\u00edgrafe del Estado de Situaci\u00f3n Financiera consolidado en 2022 y 2021 ha  sido el siguiente: 31 de diciembre de 2022 Notas Saldo al 01/01/2022 Adiciones Cuotas pagadas Retiros Traspasos Intereses Saldo al 31/12/2022 Deuda corto plazo 29.2 3.995 - (5.891) (4.567) 8.161 1.978 3.676 Deuda largo plazo 7 y 29.2 13.576 32.574 - (2.365) (8.161) - 35.624 17.571 32.574 (5.891) (6.932) - 1.978 39.300 Miles de euro 31 de diciembre de 2021 Notas Saldo al  01/01/2021 Adiciones Cuotas  pagadas Retiros Traspasos Intereses Saldo al  31/12/2021 Deuda corto plazo 29.2 2.477 - (5.114) (434) 6.043 1.023 3.995 Deuda largo plazo 7 y 29.2 43.489 8.932 - (32.802) (6.043) - 13.576 45.966 8.932 (5.114) (33.236) - 1.023 17.571 Miles de euros En  la  determinaci\u00f3n  del  pasivo  por  derecho  de  uso  se  considera  el  valor  presente  de  las  cuotas  de  arrendamiento pendientes de pago, menos cualquier incentivo recibido por el arrendamiento. Las cuotas son  actualizadas considerando la tasa incremental de endeudamiento. Dicha tasa se ha estimado, considerando  informaci\u00f3n de mercado disponible, en el rango 5,8%-6,0% para contratos con una vigencia de 1-5 a\u00f1os, 6,0%- 6,2% para contratos con una vigencia de 5-10 a\u00f1os, 6,3%-6,7% para contratos con una vigencia de 10-20 a\u00f1os  y 6,7%-7,7% para contratos con una vigencia entre 20-40 a\u00f1os.  ENCE no tiene previstas salidas de efectivo futuras relevantes a las que est\u00e9 potencialmente expuesto y que  no est\u00e9n reflejadas en la valoraci\u00f3n de los pasivos por arrendamiento.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-29": {
   "value": "19. Activos biol\u00f3gicos  En el ep\u00edgrafe \u201cActivos biol\u00f3gicos\u201d se incluyen exclusivamente los vuelos forestales del Grupo, ya que los terrenos propiedad del Grupo, en los que se ubican los vuelos se presentan en el ep\u00edgrafe \u201cPropiedad, planta  y equipo \u2013 terrenos forestales\u201d. Su variaci\u00f3n durante los ejercicios 2022 y 2021 ha sido la siguiente: ENCE ha realizado en los ejercicios 2022 y 2021 labores de plantaci\u00f3n en 1.529 hect\u00e1reas y 558 hect\u00e1reas,  respectivamente, y ha ejecutado labores  de  conservaci\u00f3n y selvicultura sobre  13.843  hect\u00e1reas y 7.217  hect\u00e1reas, respectivamente, lo que ha supuesto una inversi\u00f3n por importe de 6.620 miles \u20ac y 4.940 miles \u20ac,  respectivamente. Una parte de estas inversiones por importe de 5.707 miles \u20ac en 2022 y 3.957 miles \u20ac en  2021 se recogen en el ep\u00edgrafe \u201cTrabajos realizados por la empresa  para el inmovilizado\u201d del Estado de  Resultado consolidado.  31 de diciembre de 2022 Saldo al 01/01/2022 Adiciones o  dotaciones Retiros o reducciones Saldo al 31/12/2022 Negocio celulosa: Vuelos forestales   115.804      6.574             (5.678)      116.700   Agotamiento de la reserva forestal      (51.791)             (6.960)      4.936          (53.815)    Deterioro de valor (Notas 7 y 20)          (4.430)             (1.000)      2.922             (2.508)     59.583             (1.386)      2.180      60.377    Negocio energ\u00eda renovable: Vuelos forestales   2.381      46                (425)      2.002   Agotamiento de la reserva forestal         (2.133)                  (30)      411             (1.752)    Deterioro de valor (Notas 7 y 20)             (109)                        -      13                  (96)     139      16                     (1)      154     59.722      60.531    Miles de euros 31 de diciembre de 2021 Saldo al 01/01/2021 Adiciones o  dotaciones Retiros o reducciones Saldo al 31/12/2021 Negocio celulosa: Vuelos forestales   120.516      4.907             (9.619)      115.804   Agotamiento de la reserva forestal      (46.831)          (11.430)      6.470          (51.791)   Deterioro de valor (Notas 7 y 20)          (2.651)             (3.479)      1.700             (4.430)     71.034          (10.002)             (1.449)      59.583   Negocio energ\u00eda renovable: Vuelos forestales   2.619      33                (271)      2.381   Agotamiento de la reserva forestal         (2.254)                (130)      251             (2.133)   Deterioro de valor (Nota 20)             (129)                        -      20                (109)     236                  (97)                        -      139     71.270      59.722   Miles de euros Por su parte, el Grupo ha capitalizado en ejercicio 2022 un importe de 936 miles de euros (1.058 miles \u20ac en 2021) correspondiente a cuotas por derecho de uso y costes financieros de terrenos destinados al desarrollo de activos biol\u00f3gicos. ENCE suscribi\u00f3 en 2018 diversos acuerdos a largo plazo de venta de madera procedente de su patrimonio forestal ubicado en el Sur de Espa\u00f1a. Los acuerdos est\u00e1n vigentes hasta diciembre de 2030 y los vol\u00famenes acordados se sit\u00faan entre 170.000 toneladas y 240.000 toneladas anuales. 19.1 Detalle de vuelos forestales  El detalle de los vuelos forestales al 31 de diciembre de 2022 y 2021 es el siguiente: Adicionalmente, el patrimonio gestionado incluye 2.594 hect\u00e1reas ubicadas en Portugal que ENCE vendi\u00f3 en 2013, al suscribirse un acuerdo con el comprador para la adquisici\u00f3n, a precios de mercado, de la madera producida en la superficie vendida durante un periodo de 20 a\u00f1os.  Edad en A\u00f1os > 17               957            1.490            1.079            1.884 14 \u2013 16           2.357            5.893            3.523            9.598 11 \u2013 13           7.471          17.937            8.833          20.839 8 \u2013 10           7.310          12.357            8.096          12.709 4 \u2013 7           8.018            7.300            8.526            7.038 0 \u2013 3         21.336          18.158          16.831          12.193 Deterioro activos biol\u00f3gicos                 -             (2.604)                  -             (4.539) 47.449 60.531 46.888 59.722 (*) Superficie patrimonial plantada Pen\u00ednsula Ib\u00e9rica A\u00f1o 2022 A\u00f1o 2021 Valor Neto Contable en Miles \u20ac Valor Neto Contable en Miles \u20ac Hect\u00e1reas (*) Hect\u00e1reas (* ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00"
   }
  },
  "fact-545": {
   "value": "21. Existencias  La composici\u00f3n de las existencias del Grupo al 31 de diciembre de 2022 y 2021 es la siguiente: (*)  Se presentan valores netos de deterioro por importe de 11.898 miles \u20ac y 18.774  miles \u20ac al cierre de 2022 y 2021, respectivamente (v\u00e9anse Notas 7 y 26). No existe ninguna limitaci\u00f3n en la disponibilidad de las existencias.  Miles de Euros 31/12/2022 31/12/2021 Madera y biomasa 34.214 16.468 Otras materias primas 2.388 4.192 Repuestos de alta rotaci\u00f3n (*) 13.321 9.005 Derechos de emisi\u00f3n gases efecto invernadero              13.938  7.332 Productos terminados y en curso              30.253  26.686 Anticipos a proveedores 363 390 Proyectos en promoci\u00f3n (Nota 6)                 9.710                  1.662 Deterioros (Nota 20)               (1.841)                     (42) 102.346 65.693 El Grupo manten\u00eda suscritos al 31 de diciembre de 2022 contratos con suministradores para la adquisici\u00f3n,  en los pr\u00f3ximos tres a\u00f1os, de biomasa destinada a las plantas de generaci\u00f3n de energ\u00eda que conforman el  negocio energ\u00eda por 1,7 millones de toneladas, as\u00ed como compromisos de compra de gas equivalentes a 323 GWhPCS.   La pol\u00edtica del Grupo es formalizar p\u00f3lizas de seguros para cubrir los posibles riesgos a que est\u00e1n sujetas sus  existencias, estim\u00e1ndose que la cobertura de estos riesgos a 31 de diciembre de 2022 y 2021 es adecuada.  21.1 Derechos de emisi\u00f3n  Los movimientos habidos en relaci\u00f3n a los derechos de emisi\u00f3n de gases de efecto invernadero titularidad  del Grupo durante los ejercicios 2022 y 2021 han sido los siguientes: El 13 de julio de 2021, el Consejo de Ministros aprob\u00f3 el Nuevo Plan de Asignaci\u00f3n gratuita de derechos de  emisi\u00f3n de gases de efecto invernadero para el periodo 2021-2025. En el marco de dicho Plan, el Grupo ha  recibido en 2022 derechos correspondientes a 108.990 toneladas de CO2 valorados en 9.103 miles \u20ac (en  2021 se recibieron derechos correspondientes a 148.705 toneladas de CO2 valorados en 5.469 miles \u20ac). El ep\u00edgrafe \u201cProvisiones\u201d del pasivo a corto plazo del Estado de Situaci\u00f3n Financiera consolidado al 31 de  diciembre de 2022 y 2021 recoge 11.100 miles \u20ac y 7.578 miles \u20ac, respectivamente, correspondientes al  pasivo  derivado  del  consumo  en  dichos  ejercicios  de  172.066  derechos  y  203.791  derechos,  respectivamente (v\u00e9ase Nota 32). El Grupo mantiene al 31 de diciembre de 2022 contratos de compra a plazo de 20.000 derechos a un precio  medio de 88,65 euros por tonelada. Estos contratos previsiblemente se ejecutar\u00e1n en 2023. Por su parte,  el Grupo ejecut\u00f3 durante 2021 contratos de compra a plazo de 28.000 derechos de emisi\u00f3n a un precio de  63,25 euros por tonelada. N\u00famero de Derechos Miles de  Euros N\u00famero de Derechos Miles de  Euros Saldo inicial 277.467 7.332 345.225 6.015 Asignaciones  108.990 9.103 148.705 5.469 Devoluciones (*) (192.355) (7.130) (216.463) (4.152) Adquisici\u00f3n 28.000 1.771 - - Saldo final 222.102 11.076 277.467 7.332 A\u00f1o 2022 A\u00f1o 2021 (*) Corresponde con los derechos consumidos en el a\u00f1o anterior. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-560": {
   "value": "22.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Patrimonio neto<span class=\"_ _1be\"> </span></span></span><span class=\"ff5 ls0_1\"><span class=\"ff3\"> </span></span>22.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Capital social<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span>El  capital <span class=\"_ _c5\"> </span>social  de <span class=\"_ _c2\"> </span>ENCE  Energ\u00eda <span class=\"_ _c2\"> </span>y<span class=\"_ _2\"></span>  Celulosa,  S.A.,  al <span class=\"_ _c2\"> </span>31  de <span class=\"_ _c2\"> </span>diciembre  de  2022  e<span class=\"_ _1\"></span>st\u00e1  representado  por<span class=\"_ _1be\"> </span> 246.272.500 <span class=\"_ _c4\"> </span>accion<span class=\"_ _2\"></span>es <span class=\"_ _c4\"> </span>al <span class=\"_ _c4\"> </span>portador <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>0,9 <span class=\"_ _c9\"> </span>euros <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>valor <span class=\"_ _c4\"> </span>nominal <span class=\"_ _c4\"> </span>cada <span class=\"_ _c9\"> </span>una, <span class=\"_ _c4\"> </span>totalmente <span class=\"_ _c7\"> </span>s<span class=\"_ _2\"></span>uscritas <span class=\"_ _c4\"> </span>y<span class=\"_ _1be\"> </span> desembolsadas.  Al <span class=\"_ _c3\"></span>estar <span class=\"_ _c3\"> </span>representadas<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>las <span class=\"_ _c3\"></span>acciones <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>ENCE <span class=\"_ _c3\"></span>por <span class=\"_ _c3\"> </span>anotaciones <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>cuenta<span class=\"_ _2\"></span>, <span class=\"_ _c3\"></span>no <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>conoce <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"> </span>exactitud <span class=\"_ _c3\"> </span>la<span class=\"_ _1be\"> </span> participaci\u00f3n <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>los <span class=\"_ _c7\"> </span>accionistas <span class=\"_ _c4\"> </span>en <span class=\"_ _c7\"> </span>el <span class=\"_ _c7\"> </span>capital <span class=\"_ _c7\"> </span>social. <span class=\"_ _c7\"> </span>E<span class=\"_ _2\"></span>l <span class=\"_ _c6\"> </span>cuadro <span class=\"_ _c4\"> </span>que <span class=\"_ _c7\"> </span>figura <span class=\"_ _c7\"> </span>a <span class=\"_ _c7\"> </span>continuaci\u00f3n <span class=\"_ _c7\"> </span>recoge <span class=\"_ _c7\"> </span>las<span class=\"_ _2\"></span> participaciones <span class=\"_ _2\"></span>significativas,<span class=\"_ _2\"></span> directas e <span class=\"_ _2\"></span>indirectas, <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>capital s<span class=\"_ _2\"></span>ocial de <span class=\"_ _2\"></span>ENCE a <span class=\"_ _2\"></span>31 de <span class=\"_ _2\"></span>dici<span class=\"_ _2\"></span>embre <span class=\"_ _2\"></span>de 2022 <span class=\"_ _2\"></span><span class=\"ls23\">y<span class=\"_ _1be\"> </span></span>20<span class=\"ls0_1\">21, <span class=\"_ _c4\"> </span>as\u00ed <span class=\"_ _c9\"> </span>como, <span class=\"_ _c4\"> </span>en <span class=\"_ _c9\"> </span>su <span class=\"_ _c9\"> </span>caso, <span class=\"_ _c4\"> </span>los <span class=\"_ _c9\"> </span>instrumentos <span class=\"_ _c4\"> </span>finan<span class=\"_ _2\"></span>cieros <span class=\"_ _c4\"> </span>comun<span class=\"_ _4\"></span>icados <span class=\"_ _c9\"> </span>por <span class=\"_ _c4\"> </span>los <span class=\"_ _c9\"> </span>titulares <span class=\"_ _c4\"> </span>de <span class=\"_ _c9\"> </span>dichas<span class=\"_ _1be\"> </span></span><span class=\"ls0_1\"> </span>participaciones a <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>registros <span class=\"_ _1\"></span>oficiales <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>la Comisi\u00f3n Nacional <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Mercado <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Valores <span class=\"_ _1\"></span>(en <span class=\"_ _1\"></span>adelante, <span class=\"_ _1\"></span>CNMV)<span class=\"_ _1be\"> </span> o a la propia so<span class=\"_ _2\"></span>ciedad de acuerdo con<span class=\"_ _2\"></span> lo dispuesto en el Real Decreto 1<span class=\"_ _2\"></span>362/2007, de 19 d<span class=\"_ _2\"></span>e octubre:<span class=\"_ _4\"></span> Las acciones d<span class=\"_ _2\"></span>e la Sociedad <span class=\"_ _2\"></span>Dominan<span class=\"_ _2\"></span>te est\u00e1n admitidas<span class=\"_ _2\"></span> a n<span class=\"_ _2\"></span>egociaci\u00f3n oficial<span class=\"_ _2\"></span> en las Bo<span class=\"_ _2\"></span>lsas Es<span class=\"_ _2\"></span>pa\u00f1olas y en el<span class=\"_ _1be\"> </span> Mercado continuo, go<span class=\"_ _2\"></span>zando todas ellas<span class=\"_ _2\"></span> de iguales derechos p<span class=\"_ _2\"></span>ol\u00edticos y econ\u00f3<span class=\"_ _2\"></span>micos.<span class=\"_ _2\"></span> 22.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Prima de emisi\u00f3n<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span>El <span class=\"_ _4\"></span>Texto <span class=\"_ _4\"></span>Refundido <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Ley <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>Sociedades <span class=\"_ _4\"></span>de <span class=\"_ _c0\"></span>Capital <span class=\"_ _4\"></span>permit<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>exp<span class=\"_ _2\"></span>resamente <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>utilizaci\u00f3n <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>saldo <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span>la<span class=\"_ _1be\"> </span> prima <span class=\"_ _c7\"> </span>de <span class=\"_ _c4\"> </span>emisi\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>para <span class=\"_ _c4\"> </span>am<span class=\"_ _2\"></span>pliar <span class=\"_ _c7\"> </span>cap<span class=\"_ _2\"></span>ital <span class=\"_ _c7\"> </span>y<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>no<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>estab<span class=\"_ _2\"></span>lece <span class=\"_ _c7\"> </span>restricci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>espec\u00ed<span class=\"_ _2\"></span>fica <span class=\"_ _c7\"> </span>al<span class=\"_ _2\"></span>guna <span class=\"_ _c4\"> </span>en <span class=\"_ _c7\"> </span>cu<span class=\"_ _2\"></span>anto <span class=\"_ _c4\"> </span>a <span class=\"_ _c7\"> </span>la<span class=\"_ _1be\"> </span> disponibilidad<span class=\"_ _2\"></span> del mismo.  22.3<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Reservas<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span>A <span class=\"_ _c3\"> </span><span class=\"ls0_1\">continuaci\u00f3n<span class=\"_ _2\"></span>, <span class=\"_ _c3\"> </span>se <span class=\"_ _c3\"> </span>presenta <span class=\"_ _c3\"></span>el <span class=\"_ _c3\"></span>movimiento <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>reservas<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>desglosado <span class=\"_ _c3\"> </span>por <span class=\"_ _c3\"> </span>categor\u00eda <span class=\"_ _c3\"> </span>corres<span class=\"_ _2\"></span>pondiente <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>los<span class=\"_ _1be\"> </span></span><span class=\"ls0_1\"> </span>ejercicios 2022 y 2021<span class=\"_ _2\"></span>:<span class=\"_ _1be\"> </span>  <span class=\"_ _103\"> </span>Reserva lega<span class=\"_ _2\"></span>l<span class=\"_ _1be\"> </span> De <span class=\"_ _1\"></span>acuerdo con e<span class=\"_ _1\"></span>l Te<span class=\"_ _1\"></span>xto Ref<span class=\"_ _1\"></span>und<span class=\"_ _2\"></span>ido de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Ley <span class=\"_ _1\"></span>de Sociedades <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Capital, debe <span class=\"_ _1\"></span>destinarse a <span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a reserva <span class=\"_ _1\"></span>legal <span class=\"_ _1\"></span>una<span class=\"_ _1be\"> </span> cifra <span class=\"_ _4\"></span>igual <span class=\"_ _4\"></span>al <span class=\"_ _c0\"></span>10% <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>beneficio <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>ejercicio <span class=\"_ _4\"></span>has<span class=\"_ _2\"></span>ta <span class=\"_ _4\"></span>que <span class=\"_ _c0\"></span>\u00e9sta <span class=\"_ _4\"></span>alcance, <span class=\"_ _4\"></span>al <span class=\"_ _c0\"></span>menos, <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>20% <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _4\"></span>capital <span class=\"_ _c0\"></span>social. <span class=\"_ _4\"></span>La<span class=\"_ _1be\"> </span> reserva legal de la Sociedad<span class=\"_ _2\"></span> Dominante por 45.049 <span class=\"_ _2\"></span>miles \u20ac, da <span class=\"_ _2\"></span>cobertura al 20% de su<span class=\"_ _2\"></span> capital social.<span class=\"_ _4\"></span><span class=\"ff4\"> </span>La <span class=\"_ _c0\"></span>reserva <span class=\"_ _c0\"></span>legal <span class=\"_ _c0\"></span>po<span class=\"_ _2\"></span>dr\u00e1 <span class=\"_ _c0\"></span>utilizarse <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>aumentar <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>capital <span class=\"_ _0\"></span>en <span class=\"_ _4\"></span>la<span class=\"_ _4\"></span> <span class=\"_ _4\"></span>p<span class=\"_ _2\"></span>arte <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>saldo <span class=\"_ _c0\"></span>que <span class=\"_ _c0\"></span>exceda <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>10% <span class=\"_ _c0\"></span>del<span class=\"_ _1be\"> </span> capital <span class=\"_ _2\"></span>ya <span class=\"_ _4\"></span>aumentado. <span class=\"_ _4\"></span>Salvo <span class=\"_ _4\"></span>para <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>finalidad <span class=\"_ _4\"></span>mencionada <span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>teriormente, <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>mientras <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>upere <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>20% <span class=\"_ _4\"></span>del<span class=\"_ _1be\"> </span> Acc<span class=\"_ _1\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>ta<span class=\"_ _1be\"> </span>31/12/202<span class=\"_ _1\"></span>2<span class=\"_ _10f\"> </span>31/12/202<span class=\"_ _1\"></span>1<span class=\"_ _1be\"> </span>D. Juan<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Luis<span class=\"_ _2\"></span> A<span class=\"_ _2\"></span>rregui<span class=\"_ _2\"></span> /<span class=\"_ _2\"></span> R<span class=\"_ _2\"></span>eto<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>Opera<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos <span class=\"_ _2\"></span>XXI,<span class=\"_ _1\"></span> S.L.<span class=\"_ _1be\"> </span>29,44<span class=\"_ _95\"> </span>29,44<span class=\"_ _1be\"> </span>D. V\u00edctor <span class=\"_ _2\"></span>Urru<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>/ <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>s\u00fa<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>In<span class=\"_ _2\"></span>versio<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>es, <span class=\"_ _2\"></span>S.L<span class=\"_ _1\"></span>.<span class=\"_ _1be\"> </span>7,29<span class=\"_ _13d\"> </span>7,29<span class=\"_ _1be\"> </span>D. Jose <span class=\"_ _2\"></span>Ignacio<span class=\"_ _2\"></span> C<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>menge /<span class=\"_ _2\"></span> La <span class=\"_ _2\"></span>Fuen<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e Sa<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>S.L.<span class=\"_ _1be\"> </span>6,38<span class=\"_ _13d\"> </span>6,38<span class=\"_ _1be\"> </span>Au<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>cartera<span class=\"_ _1be\"> </span>1,56<span class=\"_ _13d\"> </span>1,59<span class=\"_ _1be\"> </span>Miemb<span class=\"_ _2\"></span>ros<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> C<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>sej<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>cipa<span class=\"_ _2\"></span>ci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>&lt; <span class=\"_ _2\"></span>3%<span class=\"_ _1be\"> </span>0,62<span class=\"_ _13d\"> </span>0,55<span class=\"_ _1be\"> </span>Free Flo<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _1be\"> </span>54,71<span class=\"_ _95\"> </span>54,75<span class=\"_ _1be\"> </span>Total<span class=\"_ _1be\"> </span>100,00<span class=\"_ _28\"> </span>100,00<span class=\"_ _1be\"> </span>%<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es d<span class=\"_ _2\"></span>e E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Le<span class=\"_ _1\"></span>gal<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por<span class=\"_ _2\"></span> ca<span class=\"_ _4\"></span>pi<span class=\"_ _4\"></span>tal<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>morti<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span> ca<span class=\"_ _4\"></span>pi<span class=\"_ _4\"></span>tal<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> vol<span class=\"_ _4\"></span>unta<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>dos<span class=\"_ _4\"></span> negati<span class=\"_ _2\"></span>vos<span class=\"_ _4\"></span> de<span class=\"_ _1be\"> </span> ejerc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> a<span class=\"_ _2\"></span>nte<span class=\"_ _1\"></span>ri<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span>Sa<span class=\"_ _1\"></span>ldos a<span class=\"_ _1\"></span>l 31 de<span class=\"_ _2\"></span> diciembr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>de 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>  45<span class=\"_ _2\"></span>.04<span class=\"_ _2\"></span>9 <span class=\"_ _12a\"> </span> 1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.566<span class=\"_ _2\"></span> <span class=\"_ _12a\"> </span> 1<span class=\"_ _2\"></span>4.6<span class=\"_ _2\"></span>60<span class=\"_ _2\"></span> <span class=\"_ _12a\"> </span> 9<span class=\"_ _2\"></span>9.14<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _74\"> </span>(5.57<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>) <span class=\"_ _16a\"></span><span class=\"ls74\">         <span class=\"ls0_1\"> <span class=\"_ _12\"> </span> 1<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>4.32<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span> <span class=\"_ _ce\"> </span>(<span class=\"_ _2\"></span>8) <span class=\"_ _16a\"></span><span class=\"ls74\">                 <span class=\"ls0_1\"> <span class=\"_ _f7\"> </span> 3<span class=\"_ _2\"></span>08<span class=\"_ _2\"></span>.16<span class=\"_ _2\"></span>4<span class=\"_ _1be\"> </span></span></span></span></span><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls74\"><span class=\"ls0_1\"> </span></span></span></span>Di<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tri<span class=\"_ _4\"></span>buc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n del<span class=\"_ _2\"></span> Res<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>tado<span class=\"_ _2\"></span> del<span class=\"_ _2\"></span> Ej<span class=\"_ _2\"></span>erci<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o Ant<span class=\"_ _1\"></span>eri<span class=\"_ _2\"></span>or<span class=\"_ _ef\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _24\"> </span> 5.04<span class=\"_ _2\"></span>1 <span class=\"_ _12a\"> </span> 3<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>.220<span class=\"_ _2\"></span> <span class=\"_ _62\"> </span> 5.57<span class=\"_ _2\"></span>3 <span class=\"_ _10a\"> </span>(70<span class=\"_ _2\"></span>.19<span class=\"_ _2\"></span>5)<span class=\"_ _2\"></span> <span class=\"_ _16a\"></span><span class=\"ls74\">       <span class=\"ls0_1\"> <span class=\"_ _102\"> </span>(7<span class=\"_ _2\"></span>1) <span class=\"_ _16a\"></span><span class=\"ls74\">               <span class=\"ls0_1\"> <span class=\"_ _46\"> </span>(2<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.43<span class=\"_ _2\"></span>2)<span class=\"_ _1be\"> </span></span></span></span></span></span></span></span></span></span></span><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls74\"><span class=\"ls0_1\"> <span class=\"_ _16a\"></span><span class=\"ls74\">       <span class=\"ls0_1\"> </span></span></span></span></span></span></span></span></span></span></span></span>Opera<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> P<span class=\"_ _2\"></span>rop<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _165\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _84\"> </span>(1.46<span class=\"_ _2\"></span>5)<span class=\"_ _2\"></span> <span class=\"_ _16a\"></span><span class=\"ls74\">         <span class=\"ls0_1\"> <span class=\"_ _ac\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _84\"> </span>(1.46<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"> <span class=\"_ _16a\"></span><span class=\"ls74\">         <span class=\"ls0_1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Mi<span class=\"_ _2\"></span>nor<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> y otros<span class=\"_ _4\"></span> movi<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>entos<span class=\"_ _2\"></span> <span class=\"_ _133\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _114\"> </span> 1<span class=\"_ _2\"></span>9.38<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span> <span class=\"_ _ea\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _139\"> </span>(20<span class=\"_ _2\"></span>.48<span class=\"_ _2\"></span>8) <span class=\"_ _16a\"></span><span class=\"ls74\">       <span class=\"ls0_1\"> <span class=\"_ _e1\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"_ _2\"></span><span class=\"ls0_1\"> <span class=\"_ _62\"> </span>(1<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>4)<span class=\"_ _1be\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"> <span class=\"_ _16a\"></span><span class=\"ls74\">         <span class=\"ls0_1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Sa<span class=\"_ _1\"></span>ldos a<span class=\"_ _1\"></span>l 31 de<span class=\"_ _2\"></span> diciembr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>de 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21 45<span class=\"_ _2\"></span>.049<span class=\"_ _2\"></span> <span class=\"_ _12a\"> </span> 1<span class=\"_ _2\"></span>0.56<span class=\"_ _2\"></span>6 <span class=\"_ _12a\"> </span> <span class=\"_ _2\"></span>19<span class=\"_ _2\"></span>.701<span class=\"_ _2\"></span> <span class=\"_ _30\"> </span> 1<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>.28<span class=\"_ _2\"></span>0 <span class=\"_ _ea\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _114\"> </span> 53<span class=\"_ _2\"></span>.646<span class=\"_ _2\"></span> <span class=\"_ _86\"> </span>(7<span class=\"_ _2\"></span>9) <span class=\"_ _16a\"></span><span class=\"ls74\">               <span class=\"ls0_1\"> <span class=\"_ _9e\"> </span> 27<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>.163<span class=\"_ _2\"></span> </span></span></span></span></span>I<span class=\"_ _2\"></span>ngr<span class=\"_ _2\"></span>esos<span class=\"_ _4\"></span> / (Ga<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>tos<span class=\"_ _2\"></span>)<span class=\"_ _2\"></span> Re<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>onoc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>dos<span class=\"_ _cd\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">-<span class=\"_ _1be\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"> <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Di<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tri<span class=\"_ _4\"></span>buc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n del<span class=\"_ _2\"></span> Res<span class=\"_ _2\"></span>ul<span class=\"_ _4\"></span>tado<span class=\"_ _2\"></span> del<span class=\"_ _2\"></span> Ej<span class=\"_ _2\"></span>erci<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>o Ant<span class=\"_ _1\"></span>eri<span class=\"_ _2\"></span>or<span class=\"_ _ef\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _19\"> </span>(1<span class=\"_ _2\"></span>81<span class=\"_ _2\"></span>.37<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>) <span class=\"_ _16a\"></span><span class=\"ls74\">    <span class=\"ls0_1\"> <span class=\"_ _162\"> </span>(9<span class=\"_ _2\"></span>.00<span class=\"_ _2\"></span>4) <span class=\"_ _16a\"></span><span class=\"ls74\">         <span class=\"ls0_1\"> <span class=\"_ _7a\"> </span>(27<span class=\"_ _2\"></span>) <span class=\"_ _16a\"></span><span class=\"ls74\">               <span class=\"ls0_1\"> <span class=\"_ _b\"> </span>(1<span class=\"_ _2\"></span>90<span class=\"_ _2\"></span>.40<span class=\"_ _2\"></span>9)<span class=\"_ _2\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"_ _16a\"></span><span class=\"ls74\">    <span class=\"ls0_1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Di<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>tri<span class=\"_ _4\"></span>buc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n de Di<span class=\"_ _2\"></span>vi<span class=\"_ _4\"></span>dendos<span class=\"_ _21\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">-<span class=\"_ _1be\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"><span class=\"ls74\"><span class=\"ls0_1\"><span class=\"ls75\"> <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Opera<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>on<span class=\"_ _2\"></span>es c<span class=\"_ _2\"></span>on <span class=\"_ _2\"></span>A<span class=\"_ _1\"></span>c<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> P<span class=\"_ _2\"></span>rop<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span>s<span class=\"_ _165\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _24\"> </span> 1<span class=\"_ _2\"></span>.033<span class=\"_ _2\"></span> <span class=\"_ _ea\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _24\"> </span> 1<span class=\"_ _2\"></span>.033<span class=\"_ _2\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Mi<span class=\"_ _2\"></span>nor<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>os<span class=\"_ _4\"></span> y otros<span class=\"_ _4\"></span> movi<span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>entos<span class=\"_ _123\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _24\"> </span> 4.2<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span> <span class=\"_ _ea\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _1e\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _13d\"> </span><span class=\"ls75\">- <span class=\"_ _16b\"></span><span class=\"ls74\">                   <span class=\"ls0_1\"> <span class=\"_ _24\"> </span> 4<span class=\"_ _2\"></span>.220<span class=\"_ _2\"></span> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>Sa<span class=\"_ _1\"></span>ldos a<span class=\"_ _1\"></span>l 31 de<span class=\"_ _2\"></span> diciembr<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>de 2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22 45<span class=\"_ _2\"></span>.049<span class=\"_ _2\"></span> <span class=\"_ _12a\"> </span> 1<span class=\"_ _2\"></span>0.56<span class=\"_ _2\"></span>6 <span class=\"_ _12a\"> </span> <span class=\"_ _2\"></span>19<span class=\"_ _2\"></span>.701<span class=\"_ _2\"></span> <span class=\"_ _30\"> </span> 1<span class=\"_ _2\"></span>55<span class=\"_ _2\"></span>.53<span class=\"_ _2\"></span>3 <span class=\"_ _132\"> </span>(1<span class=\"_ _2\"></span>81<span class=\"_ _2\"></span>.378<span class=\"_ _2\"></span>) <span class=\"_ _16a\"></span><span class=\"ls74\">    <span class=\"ls0_1\"> <span class=\"_ _4e\"> </span> 44<span class=\"_ _2\"></span>.642<span class=\"_ _2\"></span> <span class=\"_ _8a\"> </span>(10<span class=\"_ _2\"></span>6) <span class=\"_ _16a\"></span><span class=\"ls74\">            <span class=\"ls0_1\"> <span class=\"_ _14\"> </span> 9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>.007<span class=\"_ _2\"></span> </span></span></span></span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> de l<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Soc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>eda<span class=\"_ _2\"></span>d Domi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nte<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> co<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>ol<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>da<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1be\"> </span> gl<span class=\"_ _2\"></span>oba<span class=\"_ _4\"></span>l<span class=\"_ _1be\"> </span>Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>erva<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> m\u00e9<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>odo d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span> pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _1be\"> </span>Total<span class=\"_ _1\"></span> re<span class=\"_ _2\"></span>ser<span class=\"_ _2\"></span>va<span class=\"_ _1be\"> </span><div class=\"c_1 w2_1 h57 gs20e\"><div class=\"t_1 m0_1 x21 h8_1 y20f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">capital <span class=\"_ _2\"></span>so<span class=\"_ _2\"></span>cial, <span class=\"_ _2\"></span>esta <span class=\"_ _4\"></span>reserva <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>\u00f3lo <span class=\"_ _2\"></span>podr\u00e1<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>destinars<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la <span class=\"_ _4\"></span>compensaci\u00f3n <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>p\u00e9rdid<span class=\"_ _2\"></span>as, <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>siempre <span class=\"_ _2\"></span>que <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>exista<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span>n </div><div class=\"t_1 m0_1 x21 h8_1 y210 ff4 fs4 fc0_1 sc0_1 ls22 ws0_1\">otr<span class=\"ls0_1\">as reservas d<span class=\"_ _2\"></span>isponibles suficientes para este fin.<span class=\"_ _4\"></span> </span></div><div class=\"t_1 m0_1 x21 h64 yb79 ff3 fs0_1 fc6 sc0_1 ls0_1 ws0_1\">22.4<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Reservas en sociedade<span class=\"_ _1\"></span>s consolidada<span class=\"_ _1\"></span>s por integra<span class=\"_ _1\"></span>ci\u00f3n global<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span></div><div class=\"t_1 m0_1 x21 h8_1 y8b0 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El importe de las reserv<span class=\"_ _2\"></span>as en sociedades con<span class=\"_ _2\"></span>solidadas de uso restri<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>gido al 31 de diciemb<span class=\"_ _2\"></span>re de 2022 y 202<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span>1 </div><div class=\"t_1 m0_1 x21 h8_1 y8b1 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">asciende a 21.143 <span class=\"ff6\">miles \u20ac</span>, y se correspon<span class=\"_ _2\"></span>de, principalmente, con la r<span class=\"_ _2\"></span>eserva legal de las distintas s<span class=\"_ _2\"></span>ociedade<span class=\"_ _1be\"> </span>s </div><div class=\"t_1 m0_1 x21 h8_1 yb7a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">del Grupo.<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h64 y3_1 ff3 fs0_1 fc6 sc0_1 ls0_1 ws0_1\">22.5<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Acciones de la Socieda<span class=\"_ _1\"></span>d Dominante<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span></div><div class=\"t_1 m0_1 x60 h8_1 yb7b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _c3\"> </span>movimiento <span class=\"_ _c2\"> </span>del <span class=\"_ _c3\"> </span>e<span class=\"_ _2\"></span><span class=\"ff6\">p\u00edgrafe <span class=\"_ _c3\"> </span>\u201c<span class=\"_ _2\"></span>Acciones <span class=\"_ _c3\"> </span>prop<span class=\"_ _2\"></span>ias\u201d <span class=\"_ _c2\"> </span>del <span class=\"_ _c3\"></span>Estado <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>Situaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>F<span class=\"_ _2\"></span></span>inanciera <span class=\"_ _c2\"> </span>Consolidado <span class=\"_ _c2\"> </span>adjunt<span class=\"_ _1be\"> </span>o </div><div class=\"t_1 m0_1 x60 h8_1 yb7c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">durante los ejercicios 20<span class=\"_ _2\"></span>22 y 2021 ha s<span class=\"_ _2\"></span>ido el siguiente:<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x134 h8_1 yb7d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x21 h8_1 yb7e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Las <span class=\"_ _4\"></span>acciones<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>la <span class=\"_ _c0\"></span>Sociedad <span class=\"_ _4\"></span>Do<span class=\"_ _2\"></span>minante <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>u <span class=\"_ _c0\"></span>poder <span class=\"_ _4\"></span>al <span class=\"_ _c0\"></span>31 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>d<span class=\"_ _2\"></span>iciembre <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>20<span class=\"_ _2\"></span>22 <span class=\"_ _4\"></span>r<span class=\"_ _2\"></span>epresentan<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>1,<span class=\"_ _2\"></span>56% <span class=\"_ _4\"></span>de<span class=\"_ _1be\"> </span>l </div><div class=\"t_1 m0_1 x21 h8_1 yb7f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">capital <span class=\"_ _2\"></span>social <span class=\"_ _2\"></span>(1,<span class=\"ls11\">59<span class=\"_ _2\"></span></span>% al<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>31 <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>diciembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>21) <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>valo<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>nominal <span class=\"_ _2\"></span>global <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _4\"></span><span class=\"ls11\">3.</span>458 <span class=\"_ _2\"></span><span class=\"ff6\">miles<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>\u20ac</span> <span class=\"_ _2\"></span>(<span class=\"ls11\">3.</span>531 <span class=\"_ _4\"></span><span class=\"ff6\">miles </span><span class=\"ff6\">\u20ac<span class=\"_ _2\"></span></span> </div><div class=\"t_1 m0_1 x21 h8_1 yb80 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">al 31 de diciembre d<span class=\"_ _2\"></span>e 2021). <span class=\"_ _2\"></span>El precio medio d<span class=\"_ _2\"></span>e adquisici\u00f3n d<span class=\"_ _2\"></span>e dichas acciones es<span class=\"_ _2\"></span> de 3,<span class=\"_ _2\"></span><span class=\"ls11\">37</span> euros p<span class=\"_ _2\"></span>or acci\u00f3n<span class=\"_ _1be\"> </span>. </div><div class=\"t_1 m0_1 x21 h8_1 yb81 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Las <span class=\"_ _c0\"></span>acciones <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>Sociedad<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>Dominan<span class=\"_ _2\"></span>te <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>oder <span class=\"_ _c0\"></span>tiene<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>ob<span class=\"_ _2\"></span>jeto <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>negociaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>el <span class=\"_ _c2\"> </span>mercado, <span class=\"_ _c0\"></span>as<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span>\u00ed </div><div class=\"t_1 m0_1 x21 h8_1 yb82 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">como dar respuesta<span class=\"_ _2\"></span> al \u201cPlan de Retribuci\u00f3n a<span class=\"_ _2\"></span> <span class=\"ff4\">Largo <span class=\"_ _2\"></span>Plazo 2019-</span>20<span class=\"_ _2\"></span>23\u201d (v\u00e9ase Nota 1<span class=\"_ _2\"></span><span class=\"ff4\">2.2). </span><span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 x21 h8_1 yb83 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">ENCE <span class=\"_ _c3\"></span>mantiene <span class=\"_ _c3\"></span>un <span class=\"_ _c3\"></span>contrato <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>liquidez <span class=\"_ _c3\"></span>con <span class=\"_ _c3\"></span>un <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>termediario <span class=\"_ _c3\"> </span>financiero <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>objetivo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>favorecer <span class=\"_ _c3\"></span>la<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 yb84 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">liquidez y <span class=\"_ _bb\"></span>regularid<span class=\"_ _2\"></span>ad <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>cotizaci\u00f3n de <span class=\"_ _bb\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>acciones <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>ENCE, dentro <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>l\u00edmites <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>stablecidos por <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>Junt<span class=\"_ _1be\"> </span><span class=\"_ _2\"></span><span class=\"ls39\">a </span></div><div class=\"t_1 m0_1 x21 h8_1 yb85 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">General de Accionis<span class=\"_ _2\"></span>tas y p<span class=\"_ _2\"></span>or la normativa vigen<span class=\"_ _2\"></span>te, en partic<span class=\"_ _2\"></span>ular, la Circular 2/20<span class=\"_ _2\"></span>19, de <span class=\"ls11\">27 <span class=\"_ _2\"></span></span>de nov<span class=\"_ _2\"></span>iembre, d<span class=\"_ _1be\"> </span>e </div><div class=\"t_1 m0_1 x21 h8_1 yb86 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">la Comisi\u00f3n Nacional <span class=\"_ _2\"></span>del Mercado d<span class=\"_ _2\"></span>e Valores, sobre contratos<span class=\"_ _2\"></span> de liquidez.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h64 yb87 ff3 fs0_1 fc6 sc0_1 ls0_1 ws0_1\">22.6<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Ajustes en patrimonio po<span class=\"_ _1\"></span>r valoraci\u00f3n<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span></div><div class=\"t_1 m0_1 x21 h8_1 yb88 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _c3\"> </span>compos<span class=\"_ _2\"></span>ici\u00f3n <span class=\"_ _c3\"> </span>del <span class=\"_ _c2\"> </span><span class=\"ff6\">ep\u00edgraf<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span>\u201cAjustes <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>atrimonio <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>or <span class=\"_ _c3\"> </span>valo<span class=\"_ _2\"></span>raci\u00f3n\u201d<span class=\"_ _2\"></span></span> <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c3\"> </span>Estad<span class=\"_ _2\"></span>o <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>Situaci\u00f3n <span class=\"_ _c2\"> </span>Financier<span class=\"_ _1be\"> </span>a </div><div class=\"t_1 m0_1 x21 h8_1 yb89 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">consolidado <span class=\"_ _2\"></span>al cierre de los ejercicios 202<span class=\"_ _2\"></span>2 y 2021 es la s<span class=\"_ _2\"></span>iguiente:  </div><div class=\"t_1 m0_1 x6_1 h8_1 yb25 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x21 h8_1 y692 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div></div><div class=\"c_1 we8 h1d3 gs20f\"><div class=\"t_1 m3c x40 h1d4 yb8b ff4 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">N\u00famero<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3c xd2 h1d4 yb8c ff4 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">acc<span class=\"_ _1\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 we9 h1d3 gs210\"><div class=\"t_1 m3c x136 h1d4 yb8b ff4 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">Miles<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3c x131 h1d4 yb8c ff4 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">euro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wea h1d3 gs211\"><div class=\"t_1 m3c x27 h1d4 yb8b ff4 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">N\u00famero<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3c xbd h1d4 yb8c ff4 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">acc<span class=\"_ _1\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>es<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 we9 h1d3 gs210\"><div class=\"t_1 m3c x138 h1d4 yb8b ff4 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">Miles<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3c x101 h1d4 yb8c ff4 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">euro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 we9 h1d5 gs212\"><div class=\"t_1 m3c x9 h1d4 yb8e ff4 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">Al<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>icio<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> ej<span class=\"_ _2\"></span>ercic<span class=\"_ _1\"></span>io<span class=\"_ _165\"> </span>3.923.7<span class=\"_ _1\"></span>50 <span class=\"_ _1c\"> </span>12.29<span class=\"_ _1\"></span>6 <span class=\"_ _22\"> </span>3.393<span class=\"_ _1\"></span>.738<span class=\"_ _1\"></span> <span class=\"_ _1c\"> </span>11.856<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 we9 h1d6 gs213\"><div class=\"t_1 m3c x9 h1d4 yb8e ff4 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">Co<span class=\"_ _2\"></span>mpra<span class=\"_ _2\"></span>s<span class=\"_ _160\"> </span>15.240.<span class=\"_ _1\"></span>479 <span class=\"_ _1c\"> </span>47.6<span class=\"_ _1\"></span>29 <span class=\"_ _8\"> </span>17.364.<span class=\"_ _1\"></span>821 <span class=\"_ _1c\"> </span>54.9<span class=\"_ _1\"></span>26<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 we9 h1d6 gs214\"><div class=\"t_1 m3c x9 h1d4 yb91 ff4 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">ILP<span class=\"_ _1\"></span> 2019-<span class=\"_ _1\"></span>2025<span class=\"_ _1\"></span> (No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> 12.2)<span class=\"_ _15f\"> </span><span class=\"ls76\">       (7<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)   <span class=\"_ _c7\"> </span>             (2<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>)<span class=\"_ _1\"></span>   <span class=\"_ _33\"> </span><span class=\"ls0_1\">(9.889)<span class=\"_ _106\"> </span>(32)<span class=\"_ _1be\"> </span></span></span></div></div><div class=\"c_1 we9 h1d6 gs215\"><div class=\"t_1 m3c x9 h1d4 yb91 ff4 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">Venta<span class=\"_ _2\"></span>s<span class=\"_ _16c\"> </span>(15.2<span class=\"_ _1\"></span>47.2<span class=\"_ _1\"></span>65)<span class=\"_ _46\"> </span>(46.72<span class=\"_ _1\"></span>6)<span class=\"_ _b\"> </span>(16<span class=\"_ _1\"></span>.824.<span class=\"_ _1\"></span>920)<span class=\"_ _46\"> </span>(54.4<span class=\"_ _1\"></span>54)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 we9 h1d6 gs216\"><div class=\"t_1 m3c x9 h1d7 yb8e ff3 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">Al cierre del ejercic<span class=\"_ _1\"></span>io<span class=\"_ _16d\"> </span>3.8<span class=\"_ _1\"></span>43.<span class=\"_ _1\"></span>111<span class=\"_ _8c\"> </span>12.<span class=\"_ _1\"></span>958<span class=\"_ _10b\"> </span>3.923<span class=\"_ _1\"></span>.75<span class=\"_ _1\"></span>0<span class=\"_ _8c\"> </span>12.29<span class=\"_ _1\"></span>6<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 web h1d8 gs217\"><div class=\"t_1 m3c x75 h1d4 yb95 ff4 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">31/12/20<span class=\"_ _1\"></span>22<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wec h1d8 gs218\"><div class=\"t_1 m3c x7f h1d4 yb95 ff4 fs4c fc0_1 sc0_1 ls0_1 ws0_1\">31/12/20<span class=\"_ _1\"></span>21<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wed h1d9 gs219\"><div class=\"t_1 m3d x9 h1da yb97 ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> </div></div><div class=\"c_1 wee h1d9 gs21a\"><div class=\"t_1 m3d xbd h1da yb98 ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">Val<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> </div><div class=\"t_1 m3d xa h1da yb99 ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">ra<span class=\"_ _4\"></span>zona<span class=\"_ _4\"></span>bl<span class=\"_ _4\"></span>e<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wee h1d9 gs21b\"><div class=\"t_1 m3d xd2 h1da yb98 ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">Efe<span class=\"_ _1\"></span>cto<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3d x3d h1da yb99 ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">i<span class=\"_ _4\"></span>mpos<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ti<span class=\"_ _2\"></span>vo<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wee h1d9 gs21c\"><div class=\"t_1 m3d x40 h1da yb98 ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>n<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3d x3d h1da yb99 ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">pa<span class=\"_ _2\"></span>tri<span class=\"_ _4\"></span>moni<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wee h1d9 gs21d\"><div class=\"t_1 m3d xbd h1da yb98 ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">Val<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span> </div><div class=\"t_1 m3d xa h1da yb99 ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">ra<span class=\"_ _4\"></span>zona<span class=\"_ _4\"></span>bl<span class=\"_ _4\"></span>e<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wee h1d9 gs21e\"><div class=\"t_1 m3d xd2 h1da yb98 ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">Efe<span class=\"_ _1\"></span>cto<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3d x3d h1da yb99 ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">i<span class=\"_ _4\"></span>mpos<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ti<span class=\"_ _2\"></span>vo<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wee h1d9 gs21f\"><div class=\"t_1 m3d x40 h1da yb98 ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">A<span class=\"_ _1\"></span>j<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>te<span class=\"_ _1\"></span> e<span class=\"_ _1\"></span>n<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3d x3d h1da yb99 ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">pa<span class=\"_ _2\"></span>tri<span class=\"_ _4\"></span>moni<span class=\"_ _4\"></span>o<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wed h1db gs220\"><div class=\"t_1 m3d x9 h1da yb9b ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">Re<span class=\"_ _1\"></span>va<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>or<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _2\"></span> de t<span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>rr<span class=\"_ _2\"></span>enos<span class=\"_ _2\"></span> (Nota <span class=\"_ _2\"></span>17<span class=\"_ _2\"></span>.3)</div></div><div class=\"c_1 wed h1dc gs221\"><div class=\"t_1 m3d x13c h1da yb9d ff4 fs4d fc0_1 sc0_1 ls77 ws0_1\">         54<span class=\"_ _2\"></span>.102<span class=\"_ _2\"></span>  <span class=\"_ _c7\"> </span>         13<span class=\"_ _2\"></span>.51<span class=\"_ _2\"></span>0  <span class=\"_ _c7\"> </span>         4<span class=\"_ _2\"></span>0.59<span class=\"_ _2\"></span>2  <span class=\"_ _117\"> </span>         54<span class=\"_ _2\"></span>.102<span class=\"_ _2\"></span>  <span class=\"_ _c7\"> </span>         1<span class=\"_ _2\"></span>3.50<span class=\"_ _2\"></span>9  <span class=\"_ _c7\"> </span>         4<span class=\"_ _2\"></span>0.59<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>  </div></div><div class=\"c_1 wed h1dd gs222\"><div class=\"t_1 m3d x9 h1da yb9d ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">Op<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span>ra<span class=\"_ _4\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> de co<span class=\"_ _2\"></span>bertura<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>(Not<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span> 31<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wed h1dc gs223\"><div class=\"t_1 m3d xd2 h1da yb9d ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">I<span class=\"_ _2\"></span>RSwa<span class=\"_ _2\"></span>p<span class=\"_ _16e\"> </span>  3.5<span class=\"_ _2\"></span>62<span class=\"_ _2\"></span>   <span class=\"_ _51\"> </span>  8<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _19\"> </span>  2.67<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>   <span class=\"_ _169\"> </span><span class=\"ls77\">       (1.98<span class=\"_ _2\"></span>1)   <span class=\"_ _c7\"> </span>           (4<span class=\"_ _2\"></span>95<span class=\"_ _2\"></span>)   <span class=\"_ _cc\"> </span>       (1<span class=\"_ _2\"></span>.48<span class=\"_ _2\"></span>6) </span><span class=\"ls77\">  </span></div></div><div class=\"c_1 wed h1dd gs224\"><div class=\"t_1 m3d xd2 h1da yb9d ff4 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">Ti<span class=\"_ _2\"></span>po d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> c<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>mbi<span class=\"_ _2\"></span>o<span class=\"_ _16f\"> </span><span class=\"ls77\">           (35<span class=\"_ _2\"></span>8)   <span class=\"_ _c9\"> </span>             (9<span class=\"_ _2\"></span>0)   <span class=\"_ _c7\"> </span>           (2<span class=\"_ _2\"></span>66<span class=\"_ _2\"></span>)   <span class=\"_ _169\"> </span>       (6.97<span class=\"_ _2\"></span>7)   <span class=\"_ _ca\"> </span>       (1.74<span class=\"_ _2\"></span>5)   <span class=\"_ _ca\"> </span>       (5.23<span class=\"_ _2\"></span>2) </span><span class=\"ls77\">  </span></div></div><div class=\"c_1 wed h1dc gs225\"><div class=\"t_1 m3d x38 h1de yba2 ff3 fs4d fc0_1 sc0_1 ls0_1 ws0_1\">  57<span class=\"_ _2\"></span>.30<span class=\"_ _2\"></span>6  <span class=\"_ _2\"></span> <span class=\"_ _3d\"> </span>  14.31<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>   <span class=\"_ _3d\"> </span>  42<span class=\"_ _2\"></span>.998<span class=\"_ _2\"></span>   <span class=\"_ _62\"> </span> <span class=\"_ _2\"></span> 45<span class=\"_ _2\"></span>.14<span class=\"_ _2\"></span>4   <span class=\"_ _3d\"> </span>  1<span class=\"_ _2\"></span>1.26<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>   <span class=\"_ _3d\"> </span>  33<span class=\"_ _2\"></span>.875<span class=\"_ _2\"></span>   </div></div><div class=\"c_1 wef h1df gs226\"><div class=\"t_1 m3d x13d h1de yba4 ff3 fs4d fc0_1 sc0_1 ls78 ws0_1\">31/12/2022<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf0 h1df gs227\"><div class=\"t_1 m3d x13d h1de yba4 ff3 fs4d fc0_1 sc0_1 ls78 ws0_1\">31/12/2021<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w2_1 h57 gs229\"><div class=\"t_1 m0_1 x21 h64 y1e1 ff3 fs0_1 fc6 sc0_1 ls0_1 ws0_1\">22.7<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Otros instrumentos de pa<span class=\"_ _1\"></span>trimonio neto<span class=\"_ _1\"></span> </span></span></div><div class=\"t_1 m0_1 x21 h8_1 y75e ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _0\"></span>movimiento <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>ep\u00ed<span class=\"_ _2\"></span>grafe <span class=\"_ _0\"></span>\u201cOtros <span class=\"_ _0\"></span>in<span class=\"_ _2\"></span>strumentos <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>pat<span class=\"_ _2\"></span>rimonio <span class=\"_ _0\"></span>neto\u201d <span class=\"_ _c3\"> </span><span class=\"ff4\">d<span class=\"_ _2\"></span>el <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>stado <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>S<span class=\"_ _2\"></span>ituaci\u00f3n <span class=\"_ _0\"></span>Financiera<span class=\"_ _2\"></span> </span></div><div class=\"t_1 m0_1 x21 h8_1 y8af ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">consolidado <span class=\"_ _2\"></span>durante los ejercicios 20<span class=\"_ _2\"></span>22 y 2021 es el sigui<span class=\"_ _2\"></span>ente:<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 xa7 h8_1 yba5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 xa7 h8_1 yba6 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x21 h64 yba7 ff3 fs0_1 fc6 sc0_1 ls0_1 ws0_1\">22.8<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Rating corporativo<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span></div><div class=\"t_1 m0_1 x21 h8_1 yaf6 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Ence ha su<span class=\"_ _2\"></span>spendido en 2022 el servicio de calificac<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _2\"></span>crediticia.<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y327 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _c0\"></span>\u00faltima <span class=\"_ _0\"></span>calificaci\u00f3n <span class=\"_ _0\"></span>creditici<span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>o<span class=\"_ _2\"></span>torgada <span class=\"_ _0\"></span>por <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>agencia <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>calificaci\u00f3n <span class=\"_ _0\"></span>Standard <span class=\"_ _0\"></span>&amp; <span class=\"_ _0\"></span>Poor\u00b4s <span class=\"_ _c3\"></span>con <span class=\"_ _c0\"></span>fecha <span class=\"_ _0\"></span>6 <span class=\"_ _0\"></span>de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y85d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">diciembre <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>2021 f<span class=\"_ _1\"></span>ue <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span><span class=\"ls79\">BB<span class=\"ls0_1\">- <span class=\"_ _1\"></span>con <span class=\"_ _bb\"></span>persp<span class=\"_ _2\"></span>ectiva <span class=\"_ _1\"></span>negativa. <span class=\"_ _1\"></span>Por <span class=\"_ _bb\"></span>su <span class=\"_ _1\"></span>parte, <span class=\"_ _1\"></span>la <span class=\"_ _bb\"></span>\u00faltima <span class=\"_ _1\"></span>calificaci\u00f3n <span class=\"_ _1\"></span>crediticia <span class=\"_ _1\"></span>otorgada<span class=\"_ _1be\"> </span></span></span><span class=\"ls79\"><span class=\"ls0_1\"> </span></span></div><div class=\"t_1 m0_1 x21 h8_1 yba8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">por la <span class=\"_ _bb\"></span>agencia de <span class=\"_ _1\"></span>calificaci\u00f3n Moody\u00b4s con <span class=\"_ _1\"></span>fecha <span class=\"_ _1\"></span>14 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>octubre <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2021 <span class=\"_ _1\"></span>fue <span class=\"_ _1\"></span>de Ba3 <span class=\"_ _1\"></span>con <span class=\"_ _1\"></span>perspectiva <span class=\"_ _1\"></span>negativa.<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 yb04 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">En  dicha  perspectiva  negativ<span class=\"_ _1\"></span>a  ambas  agencias <span class=\"_ _c2\"> </span>tu<span class=\"_ _2\"></span>vieron  e<span class=\"_ _1\"></span>n  consider<span class=\"_ _2\"></span>aci\u00f3n  el <span class=\"_ _c5\"> </span>riesgo  de <span class=\"_ _c2\"> </span>anu<span class=\"_ _2\"></span>laci\u00f3n  de <span class=\"_ _c2\"> </span>la<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y613 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">pr\u00f3rroga de la <span class=\"_ _2\"></span>concesi\u00f3n de EN<span class=\"_ _2\"></span>CE en Pontevedra<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h64 y226 ff3 fs0_1 fc6 sc0_1 ls0_1 ws0_1\">22.9<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Intereses minoritarios<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span></div><div class=\"t_1 m0_1 x21 h8_1 yba9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El movimiento de e<span class=\"_ _1\"></span>ste ep\u00edgrafe del Estado de Situaci\u00f3n Financiera Consolidado en los e<span class=\"_ _1\"></span>jercicios 2022 y 2021<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 ybaa ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">es el siguiente:<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 xda h3_1 ybab ff2 fs1 fc0_1 sc0_1 ls0_1 ws0_1\"> </div></div><div class=\"c_1 wf1 h1e0 gs22a\"><div class=\"t_1 m3e x9 h1e1 ybad ff4 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">Miles de e<span class=\"_ _1\"></span>uros<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf2 h1e0 gs22b\"><div class=\"t_1 m3e xbd h1e1 ybae ff4 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">Saldo al<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3e x40 h1e1 ybaf ff4 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1/<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf3 h1e0 gs22c\"><div class=\"t_1 m3e x47 h1e1 ybae ff4 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">Re<span class=\"_ _1\"></span>compra<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3e x14 h1e1 ybaf ff4 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">bono</div></div><div class=\"c_1 wf1 h1e0 gs22a\"><div class=\"t_1 m3e x13e h1e1 ybaf ff4 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">Liquidaci\u00f3n<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf2 h1e0 gs22d\"><div class=\"t_1 m3e x3d h1e1 ybae ff4 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">Imputaci\u00f3n a<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3e x27 h1e1 ybaf ff4 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">resultados<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf3 h1e0 gs22e\"><div class=\"t_1 m3e x3a h1e1 ybae ff4 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">Ef<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3e x27 h1e1 ybaf ff4 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">impos<span class=\"_ _2\"></span>itiv<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf2 h1e0 gs22f\"><div class=\"t_1 m3e x3a h1e1 ybae ff4 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">Saldo<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3e x40 h1e1 ybaf ff4 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf1 h1e2 gs230\"><div class=\"t_1 m3e x9 h1e1 ybaf ff4 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">Bono conve<span class=\"_ _1\"></span>rtible (Nota 29)<span class=\"_ _60\"> </span> <span class=\"_ _2\"></span> 8.77<span class=\"_ _2\"></span>8  <span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span><span class=\"ls7a\">           (5.631)   <span class=\"_ _c9\"> </span>                      -   <span class=\"_ _c9\"> </span>                      -   <span class=\"_ _c9\"> </span>                      -   <span class=\"_ _12d\"> </span></span>3.14<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf1 h1e2 gs231\"><div class=\"t_1 m3e x9 h1e1 ybaf ff4 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">Plan de I<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>ntivos<span class=\"_ _2\"></span> a Largo Plazo (Nota 12<span class=\"_ _2\"></span>.2)<span class=\"_ _150\"> </span>1.119<span class=\"_ _ab\"> </span><span class=\"ls7a\">                      -   <span class=\"_ _c9\"> </span>              (541<span class=\"_ _2\"></span>)   <span class=\"_ _ea\"> </span><span class=\"ls7b\">38 <span class=\"_ _90\"> </span></span></span>(10)<span class=\"_ _a\"> </span><span class=\"ls7b\">606<span class=\"_ _1be\"> </span></span></div></div><div class=\"c_1 wf1 h1e3 gs232\"><div class=\"t_1 m3e x141 h1e4 ybb3 ff3 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">9.<span class=\"_ _2\"></span>89<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf1 h1e5 gs233\"><div class=\"t_1 m3e x98 h1e4 ybb5 ff3 fs4e fc0_1 sc0_1 ls0_1 ws0_1\">(5.6<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>)<span class=\"_ _14\"> </span>(541<span class=\"_ _2\"></span>)<span class=\"_ _f0\"> </span><span class=\"ls7b\">38 <span class=\"_ _a\"> </span></span>(10)<span class=\"_ _4a\"> </span>3<span class=\"_ _2\"></span>.7<span class=\"_ _2\"></span>53<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf1 h1e6 gs234\"><div class=\"t_1 m3f x9 h1e7 ybb7 ff4 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">Miles de e<span class=\"_ _1\"></span>uros<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf2 h1e6 gs235\"><div class=\"t_1 m3f xbd h1e7 ybb8 ff4 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">Saldo al<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3f x40 h1e7 ybb9 ff4 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1/<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf3 h1e6 gs236\"><div class=\"t_1 m3f x47 h1e7 ybb8 ff4 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">Re<span class=\"_ _1\"></span>compra<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3f x14 h1e7 ybb9 ff4 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">bono</div></div><div class=\"c_1 wf1 h1e6 gs234\"><div class=\"t_1 m3f x13e h1e7 ybb9 ff4 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">Liquidaci\u00f3n<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf2 h1e6 gs237\"><div class=\"t_1 m3f x3d h1e7 ybb8 ff4 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">Imputaci\u00f3n a<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3f x27 h1e7 ybb9 ff4 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">resultados<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf3 h1e6 gs238\"><div class=\"t_1 m3f x3a h1e7 ybb8 ff4 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">Ef<span class=\"_ _1\"></span>ec<span class=\"_ _1\"></span>to<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3f x27 h1e7 ybb9 ff4 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">impos<span class=\"_ _2\"></span>itiv<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf2 h1e6 gs239\"><div class=\"t_1 m3f x3a h1e7 ybb8 ff4 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">Saldo<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m3f x40 h1e7 ybb9 ff4 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2/<span class=\"_ _2\"></span>20<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf1 h1e8 gs23a\"><div class=\"t_1 m3f x9 h1e7 ybb9 ff4 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">Bono conve<span class=\"_ _1\"></span>rtible (Nota 29)<span class=\"_ _104\"> </span>  10.43<span class=\"_ _2\"></span>1   <span class=\"_ _c9\"> </span><span class=\"ls7c\">           (2.<span class=\"_ _1\"></span>365<span class=\"_ _2\"></span>)   <span class=\"_ _c9\"> </span>                      -   <span class=\"_ _c9\"> </span>                      -   <span class=\"_ _92\"> </span><span class=\"ls0_1\">  712<span class=\"_ _2\"></span>   <span class=\"_ _8a\"> </span>8<span class=\"_ _2\"></span>.778<span class=\"_ _1be\"> </span></span></span></div></div><div class=\"c_1 wf1 h1e8 gs23b\"><div class=\"t_1 m3f x9 h1e7 ybb9 ff4 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">Plan de I<span class=\"_ _1\"></span>nce<span class=\"_ _1\"></span>ntivos<span class=\"_ _2\"></span> a Largo Plazo (Nota 12<span class=\"_ _2\"></span>.2)<span class=\"_ _150\"> </span>1.256<span class=\"_ _ab\"> </span><span class=\"ls7c\">                      -   <span class=\"_ _cc\"> </span>                (73)   <span class=\"_ _8c\"> </span></span>(86<span class=\"_ _2\"></span>)<span class=\"_ _f0\"> </span><span class=\"ls7d\">22 <span class=\"_ _86\"> </span></span>1.11<span class=\"_ _2\"></span>9<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf1 h1e9 gs23c\"><div class=\"t_1 m3f x105 h1ea ybbd ff3 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">11<span class=\"_ _2\"></span>.6<span class=\"_ _2\"></span>87<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf1 h1e8 gs23d\"><div class=\"t_1 m3f x98 h1ea ybbf ff3 fs4f fc0_1 sc0_1 ls0_1 ws0_1\">(2.3<span class=\"_ _2\"></span>65<span class=\"_ _2\"></span>)<span class=\"_ _f3\"> </span>(73)<span class=\"_ _f3\"> </span>(86<span class=\"_ _2\"></span>)<span class=\"_ _43\"> </span><span class=\"ls7d\">734 <span class=\"_ _8b\"> </span></span>9<span class=\"_ _2\"></span>.<span class=\"_ _2\"></span>89<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf4 h1eb gs23e\"><div class=\"t_1 m40 x26 h1ec ybc1 ff3 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">A\u00f1o 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>2<span class=\"_ _1be\"> </span></div><div class=\"t_1 m40 x67 h1ed ybc2 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">Soc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eda<span class=\"_ _2\"></span>d<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf5 h1eb gs23f\"><div class=\"t_1 m40 x23 h1ed ybc3 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> </div><div class=\"t_1 m40 x3d h1ed ybc4 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf5 h1eb gs240\"><div class=\"t_1 m40 x30 h1ed ybc5 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m40 xa h1ed ybc3 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">a<span class=\"_ _2\"></span>tri<span class=\"_ _c0\"></span>bui<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span> </div><div class=\"t_1 m40 x43 h1ed ybc4 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">m<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>nor<span class=\"_ _2\"></span>i<span class=\"_ _c0\"></span>ta<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf5 h1eb gs241\"><div class=\"t_1 m40 x23 h1ed ybc3 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">Re<span class=\"_ _1\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>to<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m40 xa h1ed ybc4 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">di<span class=\"_ _4\"></span>vi<span class=\"_ _c0\"></span>dendos<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf5 h1eb gs242\"><div class=\"t_1 m40 x12 h1ed ybc3 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">Otro<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> </div><div class=\"t_1 m40 x9 h1ed ybc4 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">m<span class=\"_ _1\"></span>ovi<span class=\"_ _4\"></span>mi<span class=\"_ _4\"></span>e<span class=\"_ _1\"></span>ntos<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf6 h1eb gs243\"><div class=\"t_1 m40 xd2 h1ed ybc3 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> </div><div class=\"t_1 m40 x3d h1ed ybc4 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf4 h1ee gs244\"><div class=\"t_1 m40 x9 h1ed ybc7 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span> L<span class=\"_ _1\"></span>oma<span class=\"_ _2\"></span>, S.<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>.<span class=\"_ _12b\"> </span><span class=\"ls7e\">            4<span class=\"_ _2\"></span>.81<span class=\"_ _2\"></span>8 <span class=\"_ _c9\"> </span>                9<span class=\"_ _2\"></span>61<span class=\"_ _2\"></span>                (2<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>)<span class=\"_ _b2\"> </span>                   -   <span class=\"_ _4\"></span>             5<span class=\"_ _2\"></span>.568<span class=\"_ _2\"></span> </span></div></div><div class=\"c_1 wf4 h1ee gs245\"><div class=\"t_1 m40 x9 h1ed ybc7 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span> Ma<span class=\"_ _2\"></span>nc<span class=\"_ _4\"></span>ha<span class=\"_ _4\"></span> Ene<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>n, S.A<span class=\"_ _bb\"></span>.<span class=\"_ _170\"> </span><span class=\"ls7e\">            5.53<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>                5<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>8 <span class=\"_ _14c\"> </span>              (57<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>)<span class=\"_ _b2\"> </span>                   -   <span class=\"_ _4\"></span>             5<span class=\"_ _2\"></span>.49<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span></span><span class=\"ls7e\"> </span></div></div><div class=\"c_1 wf4 h1ee gs246\"><div class=\"t_1 m40 x9 h1ed ybc7 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">Bi<span class=\"_ _4\"></span>oene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span> Sa<span class=\"_ _4\"></span>nta<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>\u00eda<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>.<span class=\"_ _33\"> </span><span class=\"ls7e\">                4<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>9 <span class=\"_ _c3\"> </span>           (2<span class=\"_ _2\"></span>.97<span class=\"_ _2\"></span>0)<span class=\"_ _ca\"> </span>              (19<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>)<span class=\"_ _b2\"> </span>                   -   <span class=\"_ _be\"></span>            (2.72<span class=\"_ _2\"></span>9)<span class=\"_ _1be\"> </span></span></div></div><div class=\"c_1 wf4 h1ee gs247\"><div class=\"t_1 m40 x9 h1ed ybc7 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">Ence E<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. y fi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _f0\"> </span><span class=\"ls7e\">        10<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.066<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span>            3.187<span class=\"_ _2\"></span> <span class=\"_ _5c\"> </span>                   -   <span class=\"_ _c0\"></span>            3<span class=\"_ _2\"></span>.266<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>         10<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.519<span class=\"_ _2\"></span> </span></div></div><div class=\"c_1 wf4 h1ee gs248\"><div class=\"t_1 m40 x9 h1ed ybc7 ff4 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">Bi<span class=\"_ _4\"></span>oCH4<span class=\"_ _2\"></span> De<span class=\"_ _1\"></span>ve<span class=\"_ _1\"></span>l<span class=\"_ _4\"></span>opme<span class=\"_ _1\"></span>nt<span class=\"_ _1\"></span>s<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>.<span class=\"_ _11\"> </span><span class=\"ls7e\">                   -   <span class=\"_ _c8\"> </span>                   -   <span class=\"_ _c8\"> </span>                   -   <span class=\"_ _bb\"></span>                4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>                 4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span></span><span class=\"ls7e\"> </span></div></div><div class=\"c_1 wf4 h1ef gs249\"><div class=\"t_1 m40 x9 h1ec ybc4 ff3 fs50 fc0_1 sc0_1 ls0_1 ws0_1\">T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _a6\"> </span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.85<span class=\"_ _2\"></span>8<span class=\"_ _cb\"> </span><span class=\"ls7e\">            1<span class=\"_ _2\"></span>.706<span class=\"_ _2\"></span>                (9<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>1)<span class=\"_ _4a\"> </span></span>3.66<span class=\"_ _2\"></span>6<span class=\"_ _62\"> </span>11<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>.249<span class=\"_ _1be\"> </span></div></div>Durante <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>ejercicio <span class=\"_ _4\"></span>2022 <span class=\"_ _4\"></span>se <span class=\"_ _4\"></span>ha <span class=\"_ _4\"></span>constituido <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>Sociedad <span class=\"_ _4\"></span>BioCH4 <span class=\"_ _2\"></span>Developments<span class=\"_ _2\"></span>, <span class=\"_ _4\"></span>S.L. <span class=\"_ _4\"></span>participada <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>un <span class=\"_ _2\"></span>60%<span class=\"_ _1be\"> </span> por Ence Biog\u00e1s, S.L<span class=\"_ _2\"></span>., filial de la Sociedad Dominante.<span class=\"_ _4\"></span> <div class=\"c_1 wf8 h1f3 gs24b\"><div class=\"t_1 m41 x6c h1f4 ybe8 ff3 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">A\u00f1o 2<span class=\"_ _2\"></span>02<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span></div><div class=\"t_1 m41 x142 h1f5 ybe9 ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">Soc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eda<span class=\"_ _2\"></span>d<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf9 h1f3 gs24c\"><div class=\"t_1 m41 x23 h1f5 ybea ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> </div><div class=\"t_1 m41 x3d h1f5 ybeb ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">01<span class=\"_ _2\"></span>/0<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf9 h1f3 gs24d\"><div class=\"t_1 m41 x30 h1f5 ybec ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">Re<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m41 xa h1f5 ybea ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">a<span class=\"_ _2\"></span>tri<span class=\"_ _c0\"></span>bui<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span> </div><div class=\"t_1 m41 x43 h1f5 ybeb ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">m<span class=\"_ _1\"></span>i<span class=\"_ _4\"></span>no<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ta<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>os<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf9 h1f3 gs24e\"><div class=\"t_1 m41 x23 h1f5 ybea ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">Re<span class=\"_ _1\"></span>pa<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>to<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m41 xa h1f5 ybeb ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">di<span class=\"_ _4\"></span>vi<span class=\"_ _c0\"></span>dendos<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf9 h1f3 gs24f\"><div class=\"t_1 m41 x3_1 h1f5 ybea ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">Otr<span class=\"_ _2\"></span>os<span class=\"_ _4\"></span> </div><div class=\"t_1 m41 x9 h1f5 ybeb ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">m<span class=\"_ _1\"></span>ovi<span class=\"_ _4\"></span>mi<span class=\"_ _4\"></span>ent<span class=\"_ _1\"></span>os<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wfa h1f3 gs250\"><div class=\"t_1 m41 xd2 h1f5 ybea ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">Sa<span class=\"_ _2\"></span>l<span class=\"_ _c0\"></span>do a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span> </div><div class=\"t_1 m41 x3d h1f5 ybeb ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">31<span class=\"_ _2\"></span>/1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>/2<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 wf8 h1f6 gs251\"><div class=\"t_1 m41 x9 h1f5 ybe9 ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span> L<span class=\"_ _1\"></span>oma<span class=\"_ _2\"></span>, S.<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>.<span class=\"_ _171\"> </span><span class=\"ls7f\">            4.70<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                38<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span>                (2<span class=\"_ _2\"></span>75<span class=\"_ _2\"></span>)<span class=\"_ _a1\"> </span>                   -   <span class=\"_ _4\"></span>             4.81<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span> </span></div></div><div class=\"c_1 wf8 h1f6 gs252\"><div class=\"t_1 m41 x9 h1f5 ybe9 ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">Ene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span> d<span class=\"_ _2\"></span>e<span class=\"_ _1\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span> Ma<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>ha<span class=\"_ _4\"></span> Ene<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>n, S.A<span class=\"_ _1\"></span>.<span class=\"_ _ab\"> </span><span class=\"ls7f\">            5.31<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _d9\"> </span>            1.163<span class=\"_ _2\"></span>                (9<span class=\"_ _2\"></span>4<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _b2\"> </span>                   -   <span class=\"_ _c0\"></span>             5.53<span class=\"_ _2\"></span>5<span class=\"_ _2\"></span> </span></div></div><div class=\"c_1 wf8 h1f6 gs253\"><div class=\"t_1 m41 x9 h1f5 ybe9 ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">Bi<span class=\"_ _4\"></span>oene<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _2\"></span> Sa<span class=\"_ _4\"></span>nta<span class=\"_ _2\"></span>ma<span class=\"_ _2\"></span>r<span class=\"_ _2\"></span>\u00eda<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>A<span class=\"_ _1\"></span>.<span class=\"_ _d4\"> </span><span class=\"ls7f\">                  66<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                42<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span> <span class=\"_ _c6\"> </span>                (4<span class=\"_ _2\"></span>9<span class=\"_ _2\"></span>)<span class=\"_ _b2\"> </span>                   -   <span class=\"_ _1\"></span>                 43<span class=\"_ _2\"></span>9<span class=\"_ _1be\"> </span></span><span class=\"ls7f\"> </span></div></div><div class=\"c_1 wf8 h1f6 gs254\"><div class=\"t_1 m41 x9 h1f5 ybe9 ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">Ence E<span class=\"_ _1\"></span>ne<span class=\"_ _1\"></span>rg\u00eda<span class=\"_ _4\"></span>, S.<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>. y fi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _42\"> </span><span class=\"ls7f\">        12<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.622<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>        (1<span class=\"_ _2\"></span>3.52<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>)<span class=\"_ _c8\"> </span>        (1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.10<span class=\"_ _2\"></span>1)<span class=\"_ _a0\"> </span>            1.06<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>         10<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.066<span class=\"_ _2\"></span> </span></div></div><div class=\"c_1 wf8 h1f7 gs255\"><div class=\"t_1 m41 x9 h1f4 ybeb ff3 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">T<span class=\"_ _1\"></span>ot<span class=\"_ _2\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9f\"> </span>1<span class=\"_ _2\"></span>3<span class=\"_ _2\"></span>6<span class=\"_ _2\"></span>.70<span class=\"_ _2\"></span>6<span class=\"_ _d9\"> </span><span class=\"ls7f\">        (11<span class=\"_ _2\"></span>.<span class=\"_ _1\"></span>55<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>)<span class=\"_ _c8\"> </span>        (1<span class=\"_ _2\"></span>3.36<span class=\"_ _2\"></span>5)<span class=\"_ _e9\"> </span><span class=\"ls0_1\">1<span class=\"_ _2\"></span>.06<span class=\"_ _2\"></span>7<span class=\"_ _62\"> </span>1<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>2<span class=\"_ _2\"></span>.85<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span></span></span></div></div><div class=\"c_1 wfb h1f9 gs257\"><div class=\"t_1 m41 x65 h1f5 ybf5 ff4 fs51 fc0_1 sc0_1 ls0_1 ws0_1\">Mi<span class=\"_ _4\"></span>l<span class=\"_ _4\"></span>es<span class=\"_ _2\"></span> de E<span class=\"_ _1\"></span>ur<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span></div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-30": {
   "value": "22.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Capital social<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span>El  capital <span class=\"_ _c5\"> </span>social  de <span class=\"_ _c2\"> </span>ENCE  Energ\u00eda <span class=\"_ _c2\"> </span>y<span class=\"_ _2\"></span>  Celulosa,  S.A.,  al <span class=\"_ _c2\"> </span>31  de <span class=\"_ _c2\"> </span>diciembre  de  2022  e<span class=\"_ _1\"></span>st\u00e1  representado  por<span class=\"_ _1be\"> </span> 246.272.500 <span class=\"_ _c4\"> </span>accion<span class=\"_ _2\"></span>es <span class=\"_ _c4\"> </span>al <span class=\"_ _c4\"> </span>portador <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>0,9 <span class=\"_ _c9\"> </span>euros <span class=\"_ _c4\"> </span>de <span class=\"_ _c4\"> </span>valor <span class=\"_ _c4\"> </span>nominal <span class=\"_ _c4\"> </span>cada <span class=\"_ _c9\"> </span>una, <span class=\"_ _c4\"> </span>totalmente <span class=\"_ _c7\"> </span>s<span class=\"_ _2\"></span>uscritas <span class=\"_ _c4\"> </span>y<span class=\"_ _1be\"> </span> desembolsadas.  Al <span class=\"_ _c3\"></span>estar <span class=\"_ _c3\"> </span>representadas<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>las <span class=\"_ _c3\"></span>acciones <span class=\"_ _c3\"></span>de <span class=\"_ _c3\"></span>ENCE <span class=\"_ _c3\"></span>por <span class=\"_ _c3\"> </span>anotaciones <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>cuenta<span class=\"_ _2\"></span>, <span class=\"_ _c3\"></span>no <span class=\"_ _0\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _c3\"></span>conoce <span class=\"_ _c3\"> </span>con <span class=\"_ _c3\"> </span>exactitud <span class=\"_ _c3\"> </span>la<span class=\"_ _1be\"> </span> participaci\u00f3n <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>los <span class=\"_ _c7\"> </span>accionistas <span class=\"_ _c4\"> </span>en <span class=\"_ _c7\"> </span>el <span class=\"_ _c7\"> </span>capital <span class=\"_ _c7\"> </span>social. <span class=\"_ _c7\"> </span>E<span class=\"_ _2\"></span>l <span class=\"_ _c6\"> </span>cuadro <span class=\"_ _c4\"> </span>que <span class=\"_ _c7\"> </span>figura <span class=\"_ _c7\"> </span>a <span class=\"_ _c7\"> </span>continuaci\u00f3n <span class=\"_ _c7\"> </span>recoge <span class=\"_ _c7\"> </span>las<span class=\"_ _2\"></span> participaciones <span class=\"_ _2\"></span>significativas,<span class=\"_ _2\"></span> directas e <span class=\"_ _2\"></span>indirectas, <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>capital s<span class=\"_ _2\"></span>ocial de <span class=\"_ _2\"></span>ENCE a <span class=\"_ _2\"></span>31 de <span class=\"_ _2\"></span>dici<span class=\"_ _2\"></span>embre <span class=\"_ _2\"></span>de 2022 <span class=\"_ _2\"></span><span class=\"ls23\">y<span class=\"_ _1be\"> </span></span>20<span class=\"ls0_1\">21, <span class=\"_ _c4\"> </span>as\u00ed <span class=\"_ _c9\"> </span>como, <span class=\"_ _c4\"> </span>en <span class=\"_ _c9\"> </span>su <span class=\"_ _c9\"> </span>caso, <span class=\"_ _c4\"> </span>los <span class=\"_ _c9\"> </span>instrumentos <span class=\"_ _c4\"> </span>finan<span class=\"_ _2\"></span>cieros <span class=\"_ _c4\"> </span>comun<span class=\"_ _4\"></span>icados <span class=\"_ _c9\"> </span>por <span class=\"_ _c4\"> </span>los <span class=\"_ _c9\"> </span>titulares <span class=\"_ _c4\"> </span>de <span class=\"_ _c9\"> </span>dichas<span class=\"_ _1be\"> </span></span><span class=\"ls0_1\"> </span>participaciones a <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>registros <span class=\"_ _1\"></span>oficiales <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>la Comisi\u00f3n Nacional <span class=\"_ _1\"></span>del <span class=\"_ _1\"></span>Mercado <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Valores <span class=\"_ _1\"></span>(en <span class=\"_ _1\"></span>adelante, <span class=\"_ _1\"></span>CNMV)<span class=\"_ _1be\"> </span> o a la propia so<span class=\"_ _2\"></span>ciedad de acuerdo con<span class=\"_ _2\"></span> lo dispuesto en el Real Decreto 1<span class=\"_ _2\"></span>362/2007, de 19 d<span class=\"_ _2\"></span>e octubre:<span class=\"_ _4\"></span> Acc<span class=\"_ _1\"></span>io<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>is<span class=\"_ _2\"></span>ta<span class=\"_ _1be\"> </span>31/12/202<span class=\"_ _1\"></span>2<span class=\"_ _10f\"> </span>31/12/202<span class=\"_ _1\"></span>1<span class=\"_ _1be\"> </span>D. Juan<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Luis<span class=\"_ _2\"></span> A<span class=\"_ _2\"></span>rregui<span class=\"_ _2\"></span> /<span class=\"_ _2\"></span> R<span class=\"_ _2\"></span>eto<span class=\"_ _2\"></span>s <span class=\"_ _2\"></span>Opera<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos <span class=\"_ _2\"></span>XXI,<span class=\"_ _1\"></span> S.L.<span class=\"_ _1be\"> </span>29,44<span class=\"_ _95\"> </span>29,44<span class=\"_ _1be\"> </span>D. V\u00edctor <span class=\"_ _2\"></span>Urru<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>/ <span class=\"_ _2\"></span>A<span class=\"_ _2\"></span>s\u00fa<span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>In<span class=\"_ _2\"></span>versio<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>es, <span class=\"_ _2\"></span>S.L<span class=\"_ _1\"></span>.<span class=\"_ _1be\"> </span>7,29<span class=\"_ _13d\"> </span>7,29<span class=\"_ _1be\"> </span>D. Jose <span class=\"_ _2\"></span>Ignacio<span class=\"_ _2\"></span> C<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>menge /<span class=\"_ _2\"></span> La <span class=\"_ _2\"></span>Fuen<span class=\"_ _2\"></span>t<span class=\"_ _2\"></span>e Sa<span class=\"_ _2\"></span>la<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>S.L.<span class=\"_ _1be\"> </span>6,38<span class=\"_ _13d\"> </span>6,38<span class=\"_ _1be\"> </span>Au<span class=\"_ _2\"></span>to<span class=\"_ _2\"></span>cartera<span class=\"_ _1be\"> </span>1,56<span class=\"_ _13d\"> </span>1,59<span class=\"_ _1be\"> </span>Miemb<span class=\"_ _2\"></span>ros<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>el<span class=\"_ _2\"></span> C<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>sej<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>rti<span class=\"_ _2\"></span>cipa<span class=\"_ _2\"></span>ci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>&lt; <span class=\"_ _2\"></span>3%<span class=\"_ _1be\"> </span>0,62<span class=\"_ _13d\"> </span>0,55<span class=\"_ _1be\"> </span>Free Flo<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _1be\"> </span>54,71<span class=\"_ _95\"> </span>54,75<span class=\"_ _1be\"> </span>Total<span class=\"_ _1be\"> </span>100,00<span class=\"_ _28\"> </span>100,00<span class=\"_ _1be\"> </span>%<span class=\"_ _1be\"> </span>Las acciones d<span class=\"_ _2\"></span>e la Sociedad <span class=\"_ _2\"></span>Dominan<span class=\"_ _2\"></span>te est\u00e1n admitidas<span class=\"_ _2\"></span> a n<span class=\"_ _2\"></span>egociaci\u00f3n oficial<span class=\"_ _2\"></span> en las Bo<span class=\"_ _2\"></span>lsas Es<span class=\"_ _2\"></span>pa\u00f1olas y en el<span class=\"_ _1be\"> </span> Mercado continuo, go<span class=\"_ _2\"></span>zando todas ellas<span class=\"_ _2\"></span> de iguales derechos p<span class=\"_ _2\"></span>ol\u00edticos y econ\u00f3<span class=\"_ _2\"></span>micos.<span class=\"_ _2\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-31": {
   "value": "22.2 Prima de emisi\u00f3n  El Texto Refundido de la Ley de Sociedades de Capital permite expresamente la utilizaci\u00f3n del saldo de la  prima  de  emisi\u00f3n  para  ampliar  capital  y  no  establece  restricci\u00f3n  espec\u00edfica  alguna  en  cuanto  a  la  disponibilidad del mismo.  22.3 Reservas  A  continuaci\u00f3n,  se  presenta el movimiento  de  reservas desglosado  por  categor\u00eda  correspondiente  a  los  ejercicios 2022 y 2021: Reserva legal  De acuerdo con el Texto Refundido de la Ley de Sociedades de Capital, debe destinarse a la reserva legal una  cifra igual al 10% del beneficio del ejercicio hasta que \u00e9sta alcance, al menos, el 20% del capital social. La  reserva legal de la Sociedad Dominante por 45.049 miles \u20ac, da cobertura al 20% de su capital social. La reserva legal podr\u00e1 utilizarse para aumentar el capital en la parte de su saldo que exceda del 10% del  capital ya aumentado. Salvo para la finalidad mencionada anteriormente, y mientras no supere el 20% del  Miles de Euros Reserva Legal Reserva por capital amortizado Reserva de  capitalizaci\u00f3n Reservas voluntarias Resultados negativos de  ejercicios anteriores Saldos al 31 de diciembre de 2020  45.049   10.566   14.660   99.141  (5.573)             144.329  (8)                     308.164  Distribuci\u00f3n del Resultado del Ejercicio Anterior -                      -                       5.041   33.220   5.573  (70.195)          (71)                  (26.432)          Operaciones con Acciones Propias -                      -                      -                      (1.465)            -                      -                      -                      (1.465)            Minoritarios y otros movimientos  -                      -                      -                       19.384  -                      (20.488)          -                      (1.104)            Saldos al 31 de diciembre de 2021 45.049   10.566   19.701   150.280  -                       53.646  (79)                   279.163 Ingresos / (Gastos) Reconocidos -                      -                      -                      -                      -                      -                      -                      -                      Distribuci\u00f3n del Resultado del Ejercicio Anterior -                      -                      -                      -                      (181.378)       (9.004)            (27)                  (190.409)      Distribuci\u00f3n de Dividendos -                      -                      -                      -                      -                      -                      -                      -                      Operaciones con Acciones Propias -                      -                      -                       1.033  -                      -                      -                       1.033 Minoritarios y otros movimientos -                      -                      -                       4.220  -                      -                      -                       4.220 Saldos al 31 de diciembre de 2022 45.049   10.566   19.701   155.533  (181.378)        44.642  (106)                94.007 Reservas de la Sociedad Dominante Reservas consolidaci\u00f3n global Reservas m\u00e9todo de  participaci\u00f3n Total reserva s capital social, esta reserva s\u00f3lo podr\u00e1 destinarse a la compensaci\u00f3n de p\u00e9rdidas, y siempre que no exista n otras reservas disponibles suficientes para este fin. 22.4 Reservas en sociedades consolidadas por integraci\u00f3n global  El importe de las reservas en sociedades consolidadas de uso restringido al 31 de diciembre de 2022 y 202 1 asciende a 21.143 miles \u20ac, y se corresponde, principalmente, con la reserva legal de las distintas sociedade s del Grupo.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-568": {
   "value": "22.5 Acciones de la Sociedad Dominante  El  movimiento  del  ep\u00edgrafe  \u201cAcciones  propias\u201d  del Estado  de  Situaci\u00f3n  Financiera  Consolidado  adjunt o durante los ejercicios 2022 y 2021 ha sido el siguiente: Las acciones de la Sociedad Dominante en su poder al 31 de diciembre de 2022 representan el 1,56% de l capital social (1,59% al 31 de diciembre de 2021) y un valor nominal global de 3.458 miles \u20ac (3.531 miles \u20ac al 31 de diciembre de 2021). El precio medio de adquisici\u00f3n de dichas acciones es de 3,37 euros por acci\u00f3n . Las acciones de la Sociedad Dominante en su poder tienen por objeto su negociaci\u00f3n en el  mercado, as \u00ed como dar respuesta al \u201cPlan de Retribuci\u00f3n a Largo Plazo 2019-2023\u201d (v\u00e9ase Nota 12.2).  ENCE mantiene un contrato  de liquidez con un intermediario  financiero  con  el  objetivo  de favorecer la  liquidez y regularidad en la cotizaci\u00f3n de las acciones de ENCE, dentro de los l\u00edmites establecidos por la Junt a General de Accionistas y por la normativa vigente, en particular, la Circular 2/2019, de 27 de noviembre, d e la Comisi\u00f3n Nacional del Mercado de Valores, sobre contratos de liquidez. N\u00famero de  acciones Miles de  euros N\u00famero de  acciones Miles de  euros Al inicio del ejercicio 3.923.750  12.296  3.393.738  11.856  Compras 15.240.479  47.629  17.364.821  54.926  ILP 2019-2025 (Nota 12.2)        (73.853)                 (241)    (9.889) (32) Ventas (15.247.265) (46.726) (16.824.920) (54.454) Al cierre del ejercicio 3.843.111 12.958 3.923.750 12.296 31/12/2022 31/12/2021 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-32": {
   "value": "22.9 Intereses minoritarios  El movimiento de este ep\u00edgrafe del Estado de Situaci\u00f3n Financiera Consolidado en los ejercicios 2022 y 2021  es el siguiente:  A\u00f1o 2022 Sociedad Saldo al 01/01/2022 Resultado  atribuido a minoritarios Reparto  dividendos Otros movimientos Saldo al 31/12/2022 Energ\u00eda de la Loma, S.A.             4.818                  961                (211)                    -                5.568 Energ\u00edas de la Mancha Eneman, S.A.             5.535                  528                (573)                    -                5.490  Bioenerg\u00eda Santamar\u00eda, S.A.                 439             (2.970)               (198)                    -               (2.729) Ence Energ\u00eda, S.L. y filiales         102.066              3.187                     -               3.266           108.519 BioCH4 Developments, S.L.                    -                       -                       -                   400                   400  Total 112.858             1.706                (981) 3.666 117.249 Miles de Euros Durante el ejercicio 2022 se ha constituido la Sociedad BioCH4 Developments, S.L. participada en un 60%  por Ence Biog\u00e1s, S.L., filial de la Sociedad Dominante. A\u00f1o 2021 Sociedad Saldo al 01/01/2021 Resultado  atribuido a minoritarios Reparto  dividendos Otros movimientos Saldo al 31/12/2021 Energ\u00eda de la Loma, S.A.             4.706                  387                (275)                    -                4.818 Energ\u00edas de la Mancha Eneman, S.A.             5.312              1.163                (940)                    -                5.535 Bioenerg\u00eda Santamar\u00eda, S.A.                   66                  422                  (49)                    -                    439  Ence Energ\u00eda, S.L. y filiales         126.622          (13.522)         (12.101)             1.067           102.066 Total 136.706         (11.550)         (13.365) 1.067 112.858 Miles de Euros 35.2 Operaciones con socios minoritarios Los saldos mantenidos con socios minoritarios al 31 de diciembre de 2022 y 2021 son los siguientes: La deuda a largo plazo se corresponde con un pr\u00e9stamo otorgado por Woodpecker Acquisitions S.a.r.l. a Magnon Green Energy, S.L. Durante el ejercicio 2022 se ha cancelado anticipadamente un importe de 18.992 miles \u20ac. Las transacciones que se han efectuado con socios minoritarios al 31 de diciembre de 2022 y 2021 son las siguientes: 31 de diciembre de 2022 Woodpecker Acquisitions S.\u00e1 r.l.                    16.290                       5.630                       -               17.843                   363                       - San Miguel Arc\u00e1ngel, S.A.                            -                                -                         -                         -                         -                       16 Aceites y Energ\u00eda Santamar\u00eda, S.A.                            -                                -                       38                       -                         -                    704                    16.290                       5.630  38 17.843 363 720 Miles \u20ac Activos financieros Largo Plazo (Nota 28.2) Activos financieros Corto Plazo (Nota 28.2) Deudores a Corto Plazo (Nota 26) Deudas a Largo Plazo Deudas a Corto Plazo Acreedores a Corto Plazo (Nota 27) 31 de diciembre de 2021 Woodpecker Acquisitions S.\u00e1 r.l.                    12.549                       8.510                       -               36.835                1.261                       - San Miguel Arc\u00e1ngel, S.A.                            -                                -                         -                         -                         -                    598 Aceites y Energ\u00eda Santamar\u00eda, S.A.                            -                                -                    236                       -                         -                    839                    12.549                       8.510  236 36.835 1.261 1.437 Activos financieros Largo Plazo (Nota 28.2) Activos financieros Corto Plazo (Nota 28.2) Deudores a Corto Plazo (Nota 26) Deudas a Largo Plazo Deudas a Corto Plazo Acreedores a Corto Plazo (Nota 27) Miles \u20ac Woodpecker Acquisitions S.\u00e1 r.l.                      -                         -                         -                 1.008 San Miguel Arc\u00e1ngel, S.A.                     -                 2.942                       -                         - Aceites y Energ\u00eda Santamar\u00eda, S.A.                 320                1.955                   315                       - 320 4.897 315 1.008 2022 Miles \u20ac VentasCompras Gastos de Explotaci\u00f3n Gastos Financieros (Nota 14) Woodpecker Acquisitions S.\u00e1 r.l.                      -                         -                         -                 1.261 San Miguel Arc\u00e1ngel, S.A.                     -                 4.466                       -                         - Aceites y Energ\u00eda Santamar\u00eda, S.A.                 638                2.307                   312                       - 638 6.773 312 1.261 Gastos de Explotaci\u00f3n Gastos Financieros (Nota 14) 2021 Miles \u20ac Ventas Compras ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-622": {
   "value": "23. Retribuci\u00f3n al accionista y propuesta de distribuci\u00f3n del resultado de la Sociedad  Dominante  23.1 Retribuci\u00f3n al accionista  El 28 de febrero de 2022, el Consejo de Administraci\u00f3n de ENCE aprob\u00f3 una nueva Pol\u00edtica de Remuneraci\u00f3n al Accionista aplicable a partir de este ejercicio con la finalidad de establecer, dentro del marco de la Ley,  los Estatutos Sociales y las recomendaciones de buen gobierno corporativo, unos criterios de retribuci\u00f3n  que permitan ligar el resultado econ\u00f3mico de la Sociedad con la remuneraci\u00f3n a percibir por los accionistas  y que respondan a principios de sostenibilidad, rentabilidad y prudencia financiera.  A tal fin, se estima que los criterios que deben de marcar, como directrices principales, la Pol\u00edtica, deben ser  la generaci\u00f3n de caja de ENCE y sus sociedades dependientes, el mantener un nivel de endeudamiento  prudente para el tipo de actividad que desarrolla el Grupo y el cumplimiento de sus obligaciones legales y  contractuales.  En este sentido, la remuneraci\u00f3n anual al accionista vendr\u00e1 determinada por la caja disponible a distribuir  asegurando un nivel de endeudamiento financiero adecuado de, como referencia, 2,5 veces en el negocio de  Celulosa  y  5  veces  en  el  negocio  de  Energ\u00eda,  el  resultado  de  las  operaciones  antes  de  financieros,  amortizaciones  e  impuestos  (EBITDA),  utilizando  precios  medios  de  ciclo,  y  teniendo  en  cuenta  los  compromisos y planes de inversi\u00f3n. Con el objetivo de ajustar la remuneraci\u00f3n a la efectiva generaci\u00f3n de caja de la Sociedad, se propone el  siguiente  calendario  para  el abono  de  dividendos:  (i)  dos  dividendos  a  cuenta  acordados  al  cierre  del  segundo y tercer trimestre de cada ejercicio, esto es en los meses de julio y octubre; y (ii) un dividendo complementario que se propondr\u00e1 a la Junta General Ordinaria de Accionistas de la Sociedad en la fecha  que se convoque dentro del primer semestre de cada ejercicio.  El Consejo de Administraci\u00f3n podr\u00e1 proponer aquellas modalidades de remuneraci\u00f3n del accionista que  resulten  m\u00e1s  acordes  en  cada  momento,  incluyendo  programas  de  recompra  de  acciones  para  su  amortizaci\u00f3n, sistema de retribuci\u00f3n flexible as\u00ed como distribuciones en especie. 23.2 Dividendo a cuenta  El Consejo de Administraci\u00f3n de la Sociedad Dominante ha acordado durante el a\u00f1o 2022 el pago en efectivo  de cuatro dividendos a cuenta del resultado del ejercicio 2022 por un importe agregado de 0.564 \u20ac/acci\u00f3n (0,054 \u20ac/acc pagados en mayo de 2022, 0,13 \u20ac/acc pagados  en agosto de 2022, 0,09 \u20ac/acc pagados en  noviembre de 2022 y 0,29 \u20ac pagados en marzo de 2023). Se detalla a continuaci\u00f3n el estado contable previsional de liquidez elaborado de acuerdo con los requisitos  legales establecidos en el art\u00edculo 277 del Texto Refundido de la Ley de Sociedades de Capital, en el que se  pone de manifiesto la existencia de liquidez suficiente en Ence Energ\u00eda y Celulosa, S.A. para la distribuci\u00f3n  de dichos dividendos a cuenta:    23.3 Propuesta de distribuci\u00f3n del resultado de la Sociedad  Dominante  El resultado de Ence Energ\u00eda y Celulosa, S.A. a t\u00edtulo individual en el ejercicio 2022 ha sido un beneficio de 228.656 miles \u20ac. En este sentido,  la propuesta  de distribuci\u00f3n  de resultados  de la Sociedad Dominante  efectuada  por  sus  Administradores  y  que  se  someter\u00e1  a  aprobaci\u00f3n  por  la  Junta  General  Ordinaria  de  Accionistas consiste en:   Adicionalmente, el Consejo de Administraci\u00f3n propondr\u00e1 a la Junta General de Accionistas compensar el  saldo restante de la partida \u201cResultados negativos de ejercicios anteriores\u201d por importe de 159.884 miles \u20ac  con \u201cReservas voluntarias\u201d. Millones \u20ac 31/03/2022 30/06/2022 30/09/2022 28/02/2023 Liquidez disponible- Tesorer\u00eda 289,1 270,5 310,6 276,6 Pago Dividendo a cuenta (importe m\u00e1ximo considerando acciones en  circulaci\u00f3n a la fecha indicada) -13,1 -31,6 -21,8 -70,3 Flujos netos previstos hasta la fecha de aprobaci\u00f3n del dividendo a cuenta - - - -37,4 Previsi\u00f3n de liquidez en la fecha de aprobaci\u00f3n del dividendo a cuenta 276,0 238,9 288,8 168,9 Previsi\u00f3n de cobros en los pr\u00f3ximos 12 meses- Operaciones de explotaci\u00f3n (neto entre cobros y pagos) 62,6 60,5 35,6 4,4 Cobro de dividendos 25,5 20,4 54,2 55,2 Disposiciones de deuda por nuesvas financiaciones - - - 100,0 Previsiones de pagos hasta el 30 de pagos en los pr\u00f3ximos 12 meses- Pagos por inversiones e impuesto sobre sociedades -10,3 -18,9 -28,1 -18,4 Amortizaci\u00f3n de deuda financiera y pago de intereses -126,8 -88,3 -96,4 -80,0 Pago de dividendos  -62,0 -60,4 -47,9 -69,7 Previsi\u00f3n de liquidez transcurridos 12 meses desde la fecha 165,0 152,3 206,2 160,4 Miles de Euros Base del reparto: Beneficio del ejercicio 228.656 Aplicaci\u00f3n: A dividendos a cuenta  136.858 A dividendo complementario  70.305 A compensar Resultados negativos de ejercicios anteriores 21.493 ",
   "dimensions": {
    "concept": "enceenergiaycelulosa:RetribucionAlAccionistaYPropuestaDeDistribucionDelResultadoDeLaSociedadDominante",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-523": {
   "value": "23.1 Retribuci\u00f3n al accionista  El 28 de febrero de 2022, el Consejo de Administraci\u00f3n de ENCE aprob\u00f3 una nueva Pol\u00edtica de Remuneraci\u00f3n al Accionista aplicable a partir de este ejercicio con la finalidad de establecer, dentro del marco de la Ley,  los Estatutos Sociales y las recomendaciones de buen gobierno corporativo, unos criterios de retribuci\u00f3n  que permitan ligar el resultado econ\u00f3mico de la Sociedad con la remuneraci\u00f3n a percibir por los accionistas  y que respondan a principios de sostenibilidad, rentabilidad y prudencia financiera.  A tal fin, se estima que los criterios que deben de marcar, como directrices principales, la Pol\u00edtica, deben ser  la generaci\u00f3n de caja de ENCE y sus sociedades dependientes, el mantener un nivel de endeudamiento  prudente para el tipo de actividad que desarrolla el Grupo y el cumplimiento de sus obligaciones legales y  contractuales.  En este sentido, la remuneraci\u00f3n anual al accionista vendr\u00e1 determinada por la caja disponible a distribuir  asegurando un nivel de endeudamiento financiero adecuado de, como referencia, 2,5 veces en el negocio de  Celulosa  y  5  veces  en  el  negocio  de  Energ\u00eda,  el  resultado  de  las  operaciones  antes  de  financieros,  amortizaciones  e  impuestos  (EBITDA),  utilizando  precios  medios  de  ciclo,  y  teniendo  en  cuenta  los  compromisos y planes de inversi\u00f3n. Con el objetivo de ajustar la remuneraci\u00f3n a la efectiva generaci\u00f3n de caja de la Sociedad, se propone el  siguiente  calendario  para  el abono  de  dividendos:  (i)  dos  dividendos  a  cuenta  acordados  al  cierre  del  segundo y tercer trimestre de cada ejercicio, esto es en los meses de julio y octubre; y (ii) un dividendo complementario que se propondr\u00e1 a la Junta General Ordinaria de Accionistas de la Sociedad en la fecha  que se convoque dentro del primer semestre de cada ejercicio.  El Consejo de Administraci\u00f3n podr\u00e1 proponer aquellas modalidades de remuneraci\u00f3n del accionista que  resulten  m\u00e1s  acordes  en  cada  momento,  incluyendo  programas  de  recompra  de  acciones  para  su  amortizaci\u00f3n, sistema de retribuci\u00f3n flexible as\u00ed como distribuciones en especie. 23.2 Dividendo a cuenta  El Consejo de Administraci\u00f3n de la Sociedad Dominante ha acordado durante el a\u00f1o 2022 el pago en efectivo  de cuatro dividendos a cuenta del resultado del ejercicio 2022 por un importe agregado de 0.564 \u20ac/acci\u00f3n  (0,054 \u20ac/acc pagados en mayo de 2022, 0,13 \u20ac/acc pagados  en agosto de 2022, 0,09 \u20ac/acc pagados en  noviembre de 2022 y 0,29 \u20ac pagados en marzo de 2023). Se detalla a continuaci\u00f3n el estado contable previsional de liquidez elaborado de acuerdo con los requisitos  legales establecidos en el art\u00edculo 277 del Texto Refundido de la Ley de Sociedades de Capital, en el que se  pone de manifiesto la existencia de liquidez suficiente en Ence Energ\u00eda y Celulosa, S.A. para la distribuci\u00f3n  de dichos dividendos a cuenta: Millones \u20ac 31/03/2022 30/06/2022 30/09/2022 28/02/2023 Liquidez disponible- Tesorer\u00eda 289,1 270,5 310,6 276,6 Pago Dividendo a cuenta (importe m\u00e1ximo considerando acciones en  circulaci\u00f3n a la fecha indicada) -13,1 -31,6 -21,8 -70,3 Flujos netos previstos hasta la fecha de aprobaci\u00f3n del dividendo a cuenta - - - -37,4 Previsi\u00f3n de liquidez en la fecha de aprobaci\u00f3n del dividendo a cuenta 276,0 238,9 288,8 168,9 Previsi\u00f3n de cobros en los pr\u00f3ximos 12 meses- Operaciones de explotaci\u00f3n (neto entre cobros y pagos) 62,6 60,5 35,6 4,4 Cobro de dividendos 25,5 20,4 54,2 55,2 Disposiciones de deuda por nuesvas financiaciones - - - 100,0 Previsiones de pagos hasta el 30 de pagos en los pr\u00f3ximos 12 meses- Pagos por inversiones e impuesto sobre sociedades -10,3 -18,9 -28,1 -18,4 Amortizaci\u00f3n de deuda financiera y pago de intereses -126,8 -88,3 -96,4 -80,0 Pago de dividendos  -62,0 -60,4 -47,9 -69,7 Previsi\u00f3n de liquidez transcurridos 12 meses desde la fecha 165,0 152,3 206,2 160,4 ",
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    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  "fact-33": {
   "value": "0.564",
   "decimals": 4,
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    "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
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  "fact-35": {
   "value": "24. Subvenciones  Las variaciones de este ep\u00edgrafe del Estado de Situaci\u00f3n Financiera consolidado en los ejercicios 2022 y 2021  es el siguiente:  ENCE ha obtenido de diversas entidades p\u00fablicas, subvenciones a fondo perdido por inversiones destinadas  a fomentar la estructura productiva industrial, con impacto significativo en la creaci\u00f3n de empleo, el ahorro  y la eficiencia energ\u00e9tica, y un mejor aprovechamiento de la energ\u00eda. Asimismo, ENCE obtuvo cr\u00e9ditos a tipos de inter\u00e9s favorables y vigencia de hasta 10 a\u00f1os, que financian  proyectos  desarrollados  por  el  Grupo  para  la  ampliaci\u00f3n  y  mejora  de  la  capacidad  productiva  de  las  biof\u00e1bricas de producci\u00f3n de celulosa, as\u00ed como al desarrollo de la actividad de Investigaci\u00f3n y Desarrollo  del Grupo. La diferencia entre el tipo de inter\u00e9s de mercado y el tipo inferior recogido en el contrato, se  considera una subvenci\u00f3n que se imputa a resultados siguiendo un criterio financiero a lo largo de la vida del pr\u00e9stamo (v\u00e9ase Nota 29.2). Adicionalmente, el Grupo tiene concedidas ayudas al 31 de diciembre de 2022 y 2021 por importe de 1.600 miles \u20ac, destinadas principalmente a apoyar proyectos de inversi\u00f3n con un elevado componente de ahorro  energ\u00e9tico, que est\u00e1n condicionadas a la ejecuci\u00f3n y justificaci\u00f3n de determinados proyectos de inversi\u00f3n. Saldo a 31/12/2020                         34                      5.524                               -    -                     5.558  Altas por nuevas subvenciones (*)                             -                         219                               -                      -                         219  Derechos de emisi\u00f3n concedidos                             -                               -                      5.469                      -                      5.469  Imputaci\u00f3n a resultados consolidados                       (33)                      (865)                   (5.469)                      -                   (6.367)  Otros                    -                               -  Saldo a 31/12/2021                            1                      4.878                               -    -                     4.879  Altas por nuevas subvenciones (*)                             -                      2.191                               -                      -                      2.191  Derechos de emisi\u00f3n concedidos                              -                               -                      9.103                      -                      9.103  Imputaci\u00f3n a resultados consolidados                             -                      (668)                   (9.103)                      -                   (9.771)  Otros                             -                               -                               -                     6                              6  Saldo a 31/12/2022                            1                      6.401                               -    -                     6.408  (*) Neto de costes incurridos en su obtenci\u00f3n. Miles de Euros Pr\u00e9stamos Subvencionados (Nota 29.2) Subvenciones de Capital Derechos de  Emisi\u00f3n (Nota 21.1) Otros Total ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-34": {
   "value": "25. Instrumentos financieros por categor\u00eda  Los  instrumentos  financieros  por  categor\u00eda  reconciliados  con  las  partidas  en  el  Estado  de  Situaci\u00f3n  Financiera consolidado al 31 de diciembre de 2022 y 2021 son los siguientes:  La valoraci\u00f3n de los instrumentos financieros derivados se ha realizado considerando informaci\u00f3n de nivel  2,  esto  es,  utilizando  variables  diferentes  de  precios  cotizados,  que  son  observables  bien  directa  o  indirectamente a trav\u00e9s de modelos de valoraci\u00f3n (v\u00e9ase Nota 3.8). Por su parte, para la valoraci\u00f3n a valor razonable de la contraprestaci\u00f3n contingente se utilizan variables del nivel 3 incluyendo los t\u00e9rminos del  contrato de venta, el conocimiento por parte del Grupo de su negocio y los efectos el entorno econ\u00f3mico  actual.  El bono convertible emitido por ENCE cotizaba al 31 de diciembre de 2022 al 100,2 % de su valor nominal.  El valor razonable del resto de los activos y pasivos financieros valorados a coste amortizado, entre los que  se incluye la financiaci\u00f3n contratada a tipo de inter\u00e9s fijo (v\u00e9ase Nota 29), no difiere de forma significativa  del importe al que se encuentran registrados. 2022 Miles de Euros Notas Coste amortizado Valor razonable  con cambios en  otro resultado  global Valor razonable  con cambios en  resultados Total a 31/12/2022 Inversiones contabilizadas por el m\u00e9todo de participaci\u00f3n - - 40    40   Instrumentos financieros derivados 31 - 5.910  -   5.910   Deudores comerciales y otras cuentas a cobrar 26 49.168  - -   49.168    Deudores comerciales y otras inversiones financieras -  empresas del Grupo y vinculadas 26 y 35 491  - -   491    Otras inversiones financieras 28.2 18.935  - 23.779    42.714   Efectivo y otros activos l\u00edquidos equivalentes 28.1 412.913  - -   412.913    Total Activos financieros   481.507      5.910      23.819      511.236   Instrumentos financieros derivados 31 - 358  -   358   Acreedores comerciales 27 344.485  - -   344.485    Otras cuentas a pagar 30 111.234  - -   111.234    Deudas comerciales y otros pasivos financieros con  empresas del Grupo y vinculadas 27 y 35 19.663  - -   19.663    Obligaciones y otros valores negociables 29.1 141.736  - -   141.736    Deudas con entidades de cr\u00e9dito 29.1 166.190  - -   166.190    Otros pasivos financieros 29.2 89.273  - -   89.273    Total Pasivos financieros   872.581      358                                  -      872.939 2021 Miles de Euros Notas Coste amortizado Valor razonable  con cambios en  otro resultado  global Valor razonable  con cambios en  resultados Total a 31/12/2021 Inversiones contabilizadas por el m\u00e9todo de participaci\u00f3n - - 26    26   Deudores comerciales y otras cuentas a cobrar 26 78.258  - -   78.258   Deudores comerciales y otras inversiones financieras -  empresas del Grupo y vinculadas 26 y 35 736  - -   736    Otras inversiones financieras 28.2 18.821  - 22.774    41.595   Efectivo y otros activos l\u00edquidos equivalentes 28.1 379.964  - -   379.964   Total Activos financieros   477.779                                  -      22.800      500.579   Instrumentos financieros derivados 31 - 11.753  -   11.753    Acreedores comerciales 27 258.068  - -   258.068   Otras cuentas a pagar 30 86.147  - -   86.147   Deudas comerciales y otros pasivos financieros con  empresas del Grupo y vinculadas 27 y 35 40.397  - -   40.397   Obligaciones y otros valores negociables 29.1 217.674  - -   217.674   Deudas con entidades de cr\u00e9dito 29.1 204.966  - -   204.966   Otros pasivos financieros 29.2 75.609  - -   75.609   Total Pasivos financieros   882.861      11.753                                  -      894.614",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  },
  "fact-36": {
   "value": "26. Deudores comerciales y otras cuentas a cobrar  La  composici\u00f3n  del  ep\u00edgrafe  \u201cDeudores  comerciales  y  otras  cuentas  a  cobrar\u201d  del  activo  del  Estado  de  Situaci\u00f3n Financiera consolidado al cierre de los ejercicios 2022 y 2021 es la siguiente:  El per\u00edodo de cr\u00e9dito para la venta de pasta de celulosa se sit\u00faa en media entre 51 y 55 d\u00edas. En la evoluci\u00f3n  de los saldos a cobrar por ventas de energ\u00eda renovable debe considerarse que los saldos a cobrar del Pool  presentan un periodo de cobro de aproximadamente 10 d\u00edas y los saldos pendientes de cobro de CNMC  presentan un periodo de cobro de aproximadamente 60 d\u00edas. El valor razonable de estos saldos no difiere  de forma significativa de su valor en libros.  26.1 Factoring  El  Grupo  tiene  formalizados  diversos  contratos de  factoring  sin  recurso  (v\u00e9ase  Nota  3.7)  con  un  l\u00edmite disponible  y  un  saldo  dispuesto  al  31  de  diciembre  de  2022  de  115.000  miles  \u20ac  y  45.166  miles  \u20ac,  respectivamente (135.000 miles \u20ac disponibles y 67.106 miles \u20ac dispuestos al 31 de diciembre de 2021). El coste financiero asociado a los cr\u00e9ditos vendidos se establece en el Euribor a 3 meses m\u00e1s un diferencial  que se sit\u00faa en el tramo 1,10%-1,60%. Los saldos comerciales no factorizados al 31 de diciembre de 2022 se prev\u00e9n recuperar mediante su cobro al deudor, y no mediante su venta. Miles de Euros 31/12/2022 31/12/2021 Clientes por ventas-   Celulosa   32.255      42.325      Energ\u00eda   13.163      29.521      Otros conceptos   3.551      1.058   Empresas del grupo y vinculadas, deudores (Nota 35)   455      700   Deudores varios   4.501      9.839   Deterioro de valor             (4.302)             (4.485)     49.623      78.958 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-37": {
   "value": "27. Acreedores comerciales y otras cuentas a pagar  La composici\u00f3n del ep\u00edgrafe \u201cAcreedores comerciales y otras cuentas a pagar\u201d del pasivo del Estado de  Situaci\u00f3n Financiera consolidado al cierre de los ejercicios 2022 y 2021 es la siguiente:  El Grupo reconoce en el ep\u00edgrafe \u201cAcreedores comerciales y otras cuentas a pagar\u201d el importe cobrado del  regulador el\u00e9ctrico en 2022 y que deber\u00e1 ser devuelto en el primer semestre de 2023, como consecuencia Miles de Euros  31/12/2022 31/12/2021 Acreedores comerciales y otras cuentas a pagar         311.132          227.019 Empresas del grupo y vinculadas, acreedores (Nota 35)              1.457               2.301 Proveedores de inmovilizado            22.465             24.452  Remuneraciones pendientes de pago 10.888 6.597        345.942          260.369 de la aplicaci\u00f3n de la regulaci\u00f3n aprobada en 2022 a las liquidaciones provisionales que ha venido emitiendo  la CNMC en dicho ejercicio, por importe de 85,4 millones \u20ac. El  Grupo  tiene  formalizado  diversos  contratos  de  confirming  sin  recurso, con un  l\u00edmite disponible  y  un  importe  dispuesto  al  31  de  diciembre  de  2022  de  178.500  miles  \u20ac  y  99.566  miles  \u20ac,  respectivamente,  (181.000 miles \u20ac y 97.601 miles \u20ac al 31 de diciembre de 2021). Los saldos derivados de la utilizaci\u00f3n de las  l\u00edneas de confirming se clasifican como deuda comercial. Las l\u00edneas de confirming contratadas por ENCE no  contemplan  el  establecimiento  de  garant\u00edas,  no  alteran  el  periodo  medio  de  pago  acordado  con  los  proveedores y no devengan coste financiero a favor de las entidades financieras otorgantes de las l\u00edneas. Se detalla a continuaci\u00f3n la informaci\u00f3n sobre \u201cPeriodo medio de pago\u201d elaborada de conformidad con la  Ley 15/2010, de 5 de julio, de modificaci\u00f3n de la Ley 3/2004, de 29 de diciembre, por la que se establecen  medidas de lucha contra la morosidad en las operaciones comerciales, la Ley 18/2022, de 28 de septiembre,  de creaci\u00f3n y crecimiento de empresas, y de acuerdo con la Resoluci\u00f3n de 29 de enero de 2016, del Instituto  de Contabilidad y Auditor\u00eda de Cuentas, sobre la informaci\u00f3n a incorporar en la Memoria de las Cuentas  anuales en relaci\u00f3n con los aplazamientos de pago a proveedores en operaciones comerciales.  Las especificaciones con que se ha elaborado dicha informaci\u00f3n son las siguientes:  Ratio de operaciones pagadas: importe en d\u00edas resultante del cociente entre el sumatorio de los productos  del importe de cada una de las operaciones pagadas por el n\u00famero de d\u00edas de pago y el importe total de los  pagos realizados en el ejercicio. Ratio de operaciones pendientes de pago: importe en d\u00edas resultante del cociente entre el sumatorio de los  productos del importe de la operaci\u00f3n pendiente de pago por el n\u00famero de d\u00edas pendientes de pago y el importe total de los pagos pendientes.  Quedan fuera del \u00e1mbito de informaci\u00f3n las obligaciones de pago que hayan sido objeto de retenci\u00f3n,  saldos con organismos p\u00fablicos, y pagos domiciliados. Este desglose de informaci\u00f3n correspondiente a entidades espa\u00f1olas incluidas en el conjunto consolidable  una vez eliminados los cr\u00e9ditos y d\u00e9bitos rec\u00edprocos de las empresas dependientes. 2022 2021 Periodo Medio de pago a proveedores (D\u00edas) 64 73 Ratio de operaciones pagadas (D\u00edas) 66 77 Ratio de operaciones pendientes (D\u00edas) 53 53 Total pagos realizados 908.982 712.188 Total pagos pendientes 156.619 154.446 Miles de Euros D\u00edas Miles de euros Importe % Importe % Pagos realizados en un periodo inferior al plazo legal 405.961 45% 255.149 36% N\u00ba facturas pagadas en un periodo inferior al plazo legal 20.062 33% 19.886 32% 2022 2021 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  "fact-623": {
   "value": "28. Activos financieros  28.1 Efectivo y otros activos l\u00edquidos equivalentes  El  ep\u00edgrafe  \u201cEfectivo  y  otros  activos  l\u00edquidos  equivalentes\u201d  incluye  la  tesorer\u00eda  del  Grupo  y  dep\u00f3sitos  bancarios a corto plazo con un vencimiento inicial de tres meses o un plazo inferior. El importe en libros de  estos activos se aproxima a su valor razonable.  El Grupo mantiene efectivo y otros activos l\u00edquidos equivalentes al 31 de diciembre de 2022 por importe de  412.913 miles \u20ac (379.964 miles \u20ac al 31 de diciembre de 2021); 278.376 miles \u20ac correspondientes al negocio  Celulosa y 134.537 miles \u20ac al negocio Energ\u00eda Renovable (318.496 miles \u20ac y 61.648 miles \u20ac respectivamente, al 31 de diciembre de 2021). 28.2 Otros activos financieros  El detalle de este ep\u00edgrafe del Estado de Situaci\u00f3n Financiera consolidado al 31 de diciembre de 2022 y 2021  es el siguiente:   La cuenta \u201cEfectivo para coberturas de deuda financiera\u201d incluye tesorer\u00eda por 10 millones \u20ac destinada a  cubrir la obligaci\u00f3n, establecida en la financiaci\u00f3n del Negocio Energ\u00eda Renovable, de mantener un efectivo m\u00ednimo disponible de 10 millones de euros, cuant\u00eda que puede verse incrementada hasta 30 millones de  euros en funci\u00f3n del grado de utilizaci\u00f3n de la l\u00ednea de cr\u00e9dito contemplada en el tramo 4\u00ba de la financiaci\u00f3n  (v\u00e9ase Nota 29), y que al 31 de diciembre de 2022 y 31 de diciembre de 2021 est\u00e1 \u00edntegramente disponible. Con fecha 20 de diciembre de 2020, Ence Energ\u00eda y Celulosa, S.A. complet\u00f3 la venta a la entidad Woodpecker  Acquisitions  S.a.r.l,  controlada  por  Ancala  Partners  LLP  (gestor  independiente  de  inversiones  en  infraestructuras residente en el Reino Unido), de una participaci\u00f3n minoritaria del 49% de la filial Magnon  Green Energy, S.L., holding del Negocio Energ\u00eda de ENCE. Una parte del precio de venta de la participaci\u00f3n  por importe de 134 millones \u20ac es variable en funci\u00f3n del \u00e9xito en el desarrollo de la cartera de proyectos de energ\u00eda renovable con biomasa, en los pr\u00f3ximos 8 a\u00f1os. Dicho precio contingente est\u00e1 condicionado a lo  siguiente;  1)  hasta  8  millones  \u20ac  adicionales  se  cobrar\u00e1n  con  la  convocatoria  en  Espa\u00f1a  de subastas  de  biomasa por una capacidad de hasta 140 MW, 2) hasta 42 millones \u20ac adicionales en funci\u00f3n del precio  conseguido en las subastas y la tasa de rentabilidad asociada, 3) hasta 18 millones \u20ac adicionales en funci\u00f3n de la inversi\u00f3n requerida para la puesta en marcha de los proyectos y la tasa de rentabilidad asociada, y 4)  hasta 63 millones \u20ac adicionales en funci\u00f3n de la rentabilidad del negocio, con las caracter\u00edsticas establecidas  en el acuerdo, hasta finales del 2028.  ENCE mantiene un importe a cobrar de 21.920 miles \u20ac al 31 de diciembre de 2022 (21.059 miles \u20ac al 31 de  diciembre  de  2021)  que  se  corresponde con  el  valor  presente,  actualizado considerando  como  tasa de  Miles de Euros Corto  Plazo Largo  Plazo Corto  Plazo Largo  Plazo Contrato de liquidez acci\u00f3n Ence (Nota 22.5)         2.058                 -                318                 -   Contraprestaci\u00f3n contingente (Nota 6)         5.630        18.149          8.510        14.264 Cr\u00e9ditos por subarriendos de activos                -            2.557                 -                   -   Efectivo para cobertura de deuda financiera                -          10.000                 -          10.000 Dep\u00f3sitos, fianzas y otras cuentas por cobrar         2.210          2.110          6.287          2.216         9.898        32.816        15.115        26.480 31/12/2022 31/12/2021 descuento un coste de capital del negocio del 8,4%, que se prev\u00e9 recuperar de dicho precio contingente a  lo largo del periodo 2021-2028. De esta cantidad, durante el mes de enero de 2023 se han cobrado 5.630  miles \u20ac, cuant\u00eda asociada a la publicaci\u00f3n de la subasta de biomasa que se produjo en julio de 2022. Por otra parte, la cuenta \u201cContraprestaci\u00f3n contingente\u201d incluye un importe a cobrar de 1.859 miles \u20ac al 31  de diciembre de 2022 (1.715 miles \u20ac al 31 de diciembre de 2021) que se corresponde con el valor actual del precio contingente que surgi\u00f3 en la venta en 2020 de la participaci\u00f3n del Grupo en Ence Energ\u00eda Termollano,  S.A., sociedad titular de una instalaci\u00f3n de generaci\u00f3n de energ\u00eda termosolar.  La  variaci\u00f3n  de  valor  razonable  de  la  contraprestaci\u00f3n  contingente,  principal  instrumento  financiero  clasificado en el Nivel 3 de la jerarqu\u00eda de valor razonable, ha supuesto el registro de ingresos financieros  asociados a la actualizaci\u00f3n financiera del saldo a cobrar por importe de 1.005 miles \u20ac (v\u00e9ase Nota 14).  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-38": {
   "value": "28. Activos financieros 28.1 Efectivo y otros activos l\u00edquidos equivalentes El  ep\u00edgrafe  \u201cEfectivo  y  otros  activos  l\u00edquidos  equivalentes\u201d  incluye  la  tesorer\u00eda  del  Grupo  y  dep\u00f3sitos bancarios a corto plazo con un vencimiento inicial de tres meses o un plazo inferior. El importe en libros de estos activos se aproxima a su valor razonable. El Grupo mantiene efectivo y otros activos l\u00edquidos equivalentes al 31 de diciembre de 2022 por importe de 412.913 miles \u20ac (379.964 miles \u20ac al 31 de diciembre de 2021); 278.376 miles \u20ac correspondientes al negocio Celulosa y 134.537 miles \u20ac al negocio Energ\u00eda Renovable (318.496 miles \u20ac y 61.648 miles \u20ac respectivamente, al 31 de diciembre de 2021). 28.2 Otros activos financieros El detalle de este ep\u00edgrafe del Estado de Situaci\u00f3n Financiera consolidado al 31 de diciembre de 2022 y 2021 es el siguiente: La cuenta \u201cEfectivo para coberturas de deuda financiera\u201d incluye tesorer\u00eda por 10 millones \u20ac destinada a cubrir la obligaci\u00f3n, establecida en la financiaci\u00f3n del Negocio Energ\u00eda Renovable, de mantener un efectivo m\u00ednimo disponible de 10 millones de euros, cuant\u00eda que puede verse incrementada hasta 30 millones de euros en funci\u00f3n del grado de utilizaci\u00f3n de la l\u00ednea de cr\u00e9dito contemplada en el tramo 4\u00ba de la financiaci\u00f3n (v\u00e9ase Nota 29), y que al 31 de diciembre de 2022 y 31 de diciembre de 2021 est\u00e1 \u00edntegramente disponible. Miles de Euros Corto Plazo Largo Plazo Corto Plazo Largo Plazo Contrato de liquidez acci\u00f3n Ence (Nota 22.5)         2.058                 -                318                 -  Contraprestaci\u00f3n contingente (Nota 6)         5.630        18.149          8.510        14.264 Cr\u00e9ditos por subarriendos de activos                -            2.557                 -                   -  Efectivo para cobertura de deuda financiera                -          10.000                 -          10.000 Dep\u00f3sitos, fianzas y otras cuentas por cobrar         2.210          2.110          6.287          2.216         9.898        32.816        15.115        26.480 31/12/2022 31/12/2021 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-608": {
   "value": "La cuenta \u201cEfectivo para coberturas de deuda financiera\u201d incluye tesorer\u00eda por 10 millones \u20ac destinada a  cubrir la obligaci\u00f3n, establecida en la financiaci\u00f3n del Negocio Energ\u00eda Renovable, de mantener un efectivo m\u00ednimo disponible de 10 millones de euros, cuant\u00eda que puede verse incrementada hasta 30 millones de  euros en funci\u00f3n del grado de utilizaci\u00f3n de la l\u00ednea de cr\u00e9dito contemplada en el tramo 4\u00ba de la financiaci\u00f3n  (v\u00e9ase Nota 29), y que al 31 de diciembre de 2022 y 31 de diciembre de 2021 est\u00e1 \u00edntegramente disponible. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-624": {
   "value": "29.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Deuda financiera<span class=\"_ _1be\"> </span></span></span><span class=\"ff5 ls0_1\"><span class=\"ff3\"> </span></span>29.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Deudas con entidade<span class=\"_ _1\"></span>s de cr\u00e9dito y mercado<span class=\"_ _1\"></span> de capitales<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span>La <span class=\"_ _1\"></span>composici\u00f3n de <span class=\"_ _bb\"></span>las deudas <span class=\"_ _bb\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>entidades de <span class=\"_ _1\"></span>cr\u00e9dito <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>31 <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>diciembre <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2021, <span class=\"_ _1\"></span>correspondientes<span class=\"_ _1be\"> </span> a pr\u00e9stamos y<span class=\"_ _2\"></span> l\u00edneas de descuento, clas<span class=\"_ _2\"></span>ificadas de acuerdo co<span class=\"_ _2\"></span>n sus vencimientos, es<span class=\"_ _2\"></span> la siguiente:<span class=\"_ _4\"></span> 2022<span class=\"_ _1be\"> </span>Cort<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>azo<span class=\"_ _1be\"> </span>Miles <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>L\u00edmite<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span> Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span>2023<span class=\"_ _2e\"> </span>2024<span class=\"_ _4a\"> </span>2025<span class=\"_ _92\"> </span>2026<span class=\"_ _1be\"> </span>Tot<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> Largo<span class=\"_ _1be\"> </span> Plazo<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nciera<span class=\"_ _2\"></span> Negocio <span class=\"_ _2\"></span>CE<span class=\"_ _2\"></span>LULO<span class=\"_ _1\"></span>SA -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gacion<span class=\"_ _2\"></span>es emi<span class=\"_ _2\"></span>tid<span class=\"_ _2\"></span>as            63<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            63<span class=\"_ _1\"></span>.3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>            63<span class=\"_ _1\"></span>.3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _117\"> </span>                    -   <span class=\"_ _4e\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -<span class=\"_ _1be\"> </span>   L\u00ednea<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e cr\u00e9di<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>\u2013 <span class=\"_ _2\"></span>revolvi<span class=\"_ _2\"></span>ng          13<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _122\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -<span class=\"_ _1be\"> </span>   Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cario<span class=\"_ _2\"></span>s            95<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            95<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>              7.5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            2<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>14<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>98<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            15<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>            87.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>ctura<span class=\"_ _2\"></span>ci\u00f3n                    -   <span class=\"_ _bc\"></span>               (<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>39<span class=\"_ _1\"></span>)<span class=\"_ _a0\"> </span>                    -   <span class=\"_ _cb\"> </span>               (30<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span>               (1<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>4)<span class=\"_ _c4\"> </span>                 (76<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span>               (<span class=\"_ _1\"></span>53<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>es, cup<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>ros                    -   <span class=\"_ _bb\"></span>              1<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6 <span class=\"_ _14c\"> </span>              1.1<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6 <span class=\"_ _117\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -             28<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>          15<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>.9<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            71<span class=\"_ _1\"></span>.9<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            2<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>            43.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            15.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            86.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> Deuda<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nciera<span class=\"_ _2\"></span> Negocio <span class=\"_ _2\"></span>ENE<span class=\"_ _2\"></span>RGIA <span class=\"_ _2\"></span>RENOVABLE -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gacion<span class=\"_ _2\"></span>es emi<span class=\"_ _2\"></span>tid<span class=\"_ _2\"></span>as            79<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _c0\"></span>            79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>                    -                79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1be\"> </span> L\u00ednea<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e cr\u00e9di<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>\u2013 <span class=\"_ _2\"></span>revolvi<span class=\"_ _2\"></span>ng            20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cario<span class=\"_ _2\"></span>s            71<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>05<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            71<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _c9\"> </span>            27<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            3<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>3 <span class=\"_ _14c\"> </span>            10.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>                    -                43.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>83<span class=\"_ _1\"></span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>ctura<span class=\"_ _2\"></span>ci\u00f3n                    -   <span class=\"_ _2\"></span>            (1.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>94<span class=\"_ _1\"></span>)<span class=\"_ _5f\"> </span>                    -   <span class=\"_ _cb\"> </span>               (9<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>9)<span class=\"_ _c4\"> </span>               (14<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)<span class=\"_ _34\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>4)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>es, cup<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>ros                    -   <span class=\"_ _c0\"></span>                   23<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>                   23<span class=\"_ _1\"></span> <span class=\"_ _d8\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   170.<span class=\"_ _1\"></span>050<span class=\"_ _7b\"> </span>148.97<span class=\"_ _1\"></span>9<span class=\"_ _78\"> </span>27.090<span class=\"_ _87\"> </span>32.784<span class=\"_ _b\"> </span>89.105<span class=\"_ _1e\"> </span>0<span class=\"_ _e\"> </span>121.8<span class=\"_ _1\"></span>89<span class=\"_ _1be\"> </span>458.<span class=\"_ _1\"></span>350<span class=\"_ _7b\"> </span>307.92<span class=\"_ _1\"></span>6<span class=\"_ _78\"> </span>99.076<span class=\"_ _87\"> </span>60.889<span class=\"_ _7b\"> </span>132.<span class=\"_ _1\"></span>932<span class=\"_ _78\"> </span>15.0<span class=\"_ _1\"></span>29<span class=\"_ _7b\"> </span>208.850<span class=\"_ _1be\"> </span>Vencimien<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span><div class=\"c_1 w2_1 h57 gs26f\"><div class=\"t_1 m0_1 x52 h8_1 yd2d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x21 h8_1 y3e0 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Cada  u<span class=\"_ _2\"></span>no  d<span class=\"_ _2\"></span>e  los <span class=\"_ _c6\"> </span>negocios <span class=\"_ _c6\"> </span>se <span class=\"_ _c6\"> </span>financia <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>forma <span class=\"_ _14c\"> </span>in<span class=\"_ _2\"></span>depen<span class=\"_ _2\"></span>diente  del <span class=\"_ _c6\"> </span>otro. <span class=\"_ _c6\"> </span>No <span class=\"_ _14c\"> </span>h<span class=\"_ _2\"></span>ay  re<span class=\"_ _2\"></span>curso <span class=\"_ _c6\"> </span>o  gara<span class=\"_ _2\"></span>nt\u00edas<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y267 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">significativas entre a<span class=\"_ _2\"></span>mbos.<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 yd2e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Los pagos<span class=\"_ _2\"></span> de intereses prev<span class=\"_ _2\"></span>istos en los pr\u00f3ximos<span class=\"_ _2\"></span>  <span class=\"_ _bc\"></span>4 a\u00f1<span class=\"_ _2\"></span>os y asociado<span class=\"_ _2\"></span>s a <span class=\"ls1f\">la</span>s <span class=\"ff6 ls3a\">\u201cD</span>eudas <span class=\"_ _2\"></span>con entidades de cr\u00e9dito<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 yd2f ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">y <span class=\"_ _0\"></span>mercado <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>capita<span class=\"_ _2\"></span>les\u201d <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>\u201cOtros <span class=\"_ _c3\"> </span>pasivos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>financiero<span class=\"_ _2\"></span><span class=\"ff4 ls14\">s <span class=\"_ _c3\"></span></span>\u2013<span class=\"ff4\"> <span class=\"_ _0\"></span></span>financiaci\u00f3n <span class=\"_ _c3\"> </span>organismos <span class=\"_ _c3\"></span>p\u00fablicos\u201d <span class=\"_ _c3\"> </span><span class=\"ff4\">en <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>Negocio<span class=\"_ _1be\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 x21 h8_1 y342 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Celulosa<span class=\"ls1c\">, <span class=\"_ _2\"></span></span>cons<span class=\"_ _2\"></span>iderando <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>endeudamiento <span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>ual, <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>situ<span class=\"_ _2\"></span>ar\u00e1n <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>ngo <span class=\"_ _4\"></span>0,7 <span class=\"_ _2\"></span><span class=\"ff6\">\u2013</span> <span class=\"_ _4\"></span>5,1 <span class=\"_ _2\"></span>millones <span class=\"_ _4\"></span><span class=\"ff6\">\u20ac</span>, <span class=\"_ _2\"></span>anu<span class=\"_ _2\"></span>ales. <span class=\"_ _2\"></span>Por<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y41a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">su <span class=\"_ _1\"></span>parte, <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>pagos <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>intereses previstos <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>Negocio <span class=\"_ _1\"></span>Energ\u00eda <span class=\"_ _1\"></span>Renovable <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>los <span class=\"_ _bb\"></span>pr\u00f3<span class=\"_ _2\"></span>ximos <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>a\u00f1os <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>situar\u00e1n<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 yd30 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">en el tramo 5,2 <span class=\"ff6\">\u2013</span> 8,<span class=\"_ _2\"></span>4 millones <span class=\"ff6\">\u20ac</span>.<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 yd31 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _c3\"> </span>coste <span class=\"_ _c3\"> </span>medio <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>deud<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>ENCE <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>2022 <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>2021 <span class=\"_ _c3\"> </span>ha <span class=\"_ _c3\"> </span>sido <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c3\"> </span><span class=\"ls11\">2,13</span>% <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>2,52%, <span class=\"_ _c3\"> </span>respectiv<span class=\"_ _2\"></span>amente. <span class=\"_ _c3\"></span>Por<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y41c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">negocios, <span class=\"_ _cc\"> </span>el <span class=\"_ _cc\"> </span>negocio <span class=\"_ _cc\"> </span>celulosa <span class=\"_ _cc\"> </span>ha <span class=\"_ _cc\"> </span>tenido <span class=\"_ _cc\"> </span>un <span class=\"_ _cc\"> </span>coste <span class=\"_ _cc\"> </span>medio <span class=\"_ _c9\"> </span>en <span class=\"_ _cc\"> </span>dichos <span class=\"_ _cc\"> </span>period<span class=\"_ _2\"></span>os <span class=\"_ _ca\"> </span>del <span class=\"_ _c9\"> </span>1,55% <span class=\"_ _cc\"> </span>y <span class=\"_ _cc\"> </span>1,<span class=\"ls11\">52</span>%,<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 yd32 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">respectivamente, y el negocio<span class=\"_ _2\"></span> energ\u00eda del <span class=\"_ _2\"></span><span class=\"ls11\">4,03</span>% y <span class=\"_ _2\"></span>4,19%, resp<span class=\"_ _2\"></span>ectivamente.<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 yd33 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Al <span class=\"_ _c0\"></span>31 <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>diciembre <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>2022<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ENCE <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>empresas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>del <span class=\"_ _0\"></span>Gru<span class=\"_ _2\"></span>po <span class=\"_ _0\"></span>cumplen <span class=\"_ _c0\"></span>\u00ednte<span class=\"_ _2\"></span>gramente <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>sus <span class=\"_ _0\"></span>obligaciones<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y271 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">financieras <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cualquier <span class=\"_ _2\"></span>otro <span class=\"_ _2\"></span>tipo<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>pudieran <span class=\"_ _2\"></span>dar <span class=\"_ _2\"></span>lugar <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>vencimiento <span class=\"_ _2\"></span>anticipado <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>s compromis<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y272 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">financieros.  </div><div class=\"t_1 m0_1 x21 h8_1 yd34 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _c7\"> </span>finan<span class=\"_ _2\"></span>ciaci\u00f3n <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _c7\"> </span>no <span class=\"_ _c4\"> </span>est\u00e1 <span class=\"_ _c4\"> </span>sujeta <span class=\"_ _c7\"> </span>a <span class=\"_ _c4\"> </span>ning\u00fa<span class=\"_ _2\"></span>n <span class=\"_ _c7\"> </span>tipo <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>cl\u00e1us<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>que <span class=\"_ _c4\"> </span>implique <span class=\"_ _c4\"> </span>su <span class=\"_ _c7\"> </span>modificaci\u00f3n <span class=\"_ _c4\"> </span>o<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 yd35 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">renegociaci\u00f3n como cons<span class=\"_ _2\"></span>ecuencia de un<span class=\"_ _2\"></span>a variaci\u00f3n en la ca<span class=\"_ _2\"></span>lificaci\u00f3n crediticia.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x21 h68 yafc ff3 fs0_1 fc3 sc0_1 ls0_1 ws0_1\">Endeuda<span class=\"_ _1\"></span>miento Negocio Celulosa<span class=\"_ _1\"></span> </div><div class=\"t_1 m0_1 x21 h9_1 y3ee ff3 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Bono convertible y l\u00ednea de<span class=\"_ _2\"></span> cr\u00e9dito re<span class=\"_ _2\"></span>volving<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 y3d2 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _1\"></span>5 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>marzo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2018 <span class=\"_ _1\"></span>ENCE <span class=\"_ _1\"></span>complet\u00f3 <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>proceso <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>colocaci\u00f3n, entre <span class=\"_ _1\"></span>inversores <span class=\"_ _1\"></span>institucionales <span class=\"_ _1\"></span>cualificados,<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h8_1 yd36 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de una emisi\u00f3n d<span class=\"_ _2\"></span>e bonos convertibles en a<span class=\"_ _2\"></span>cciones ordinarias<span class=\"_ _2\"></span> por importe de 160 millon<span class=\"_ _2\"></span>es de <span class=\"_ _4\"></span>euros<span class=\"ls1a\">. </span> </div><div class=\"t_1 m0_1 x21 h8_1 y2ea ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Los principales<span class=\"_ _2\"></span> t\u00e9rminos y condiciones d<span class=\"_ _2\"></span>e la emisi\u00f3n son los<span class=\"_ _2\"></span> siguient<span class=\"_ _2\"></span>es:<span class=\"_ _1be\"> </span></div><div class=\"t_1 m0_1 x21 h8_1 y3d3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div></div><div class=\"c_1 w11b h240 gs271\"><div class=\"t_1 m4d x9 h241 yd38 ff3 fs5d fc0_1 sc0_1 ls90 ws0_1\">2<span class=\"_ _1be\"> </span>021<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w11b h242 gs272\"><div class=\"t_1 m4d x148 h243 yd3a ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Cort<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>azo<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w11b h240 gs271\"><div class=\"t_1 m4d x9 h243 yd3b ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Miles <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w11b h244 gs273\"><div class=\"t_1 m4d x9f h243 yd3d ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">L\u00edmite<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w11c h244 gs274\"><div class=\"t_1 m4d xbd h243 yd3e ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Sald<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m4d x30 h243 yd3f ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w11b h244 gs273\"><div class=\"t_1 m4d x3b h243 yd3d ff4 fs5d fc0_1 sc0_1 ls90 ws0_1\">2022<span class=\"_ _95\"> </span>2023<span class=\"_ _46\"> </span>2024<span class=\"_ _3a\"> </span>2025<span class=\"_ _8\"> </span>2026<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w11d h244 gs275\"><div class=\"t_1 m4d xa h243 yd3e ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Tot<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Largo<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m4d xbd h243 yd3f ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Plazo<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w11b h240 gs271\"><div class=\"t_1 m4d x9 h243 yd40 ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Deuda<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ciera <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>CELULOSA -<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4d x23 h243 yd41 ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> emit<span class=\"_ _2\"></span>id<span class=\"_ _2\"></span>as</div></div><div class=\"c_1 w11b h245 gs276\"><div class=\"t_1 m4d xef h243 yd43 ff4 fs5d fc0_1 sc0_1 ls91 ws0_1\">          12<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6 <span class=\"_ _14c\"> </span>          12<span class=\"_ _1\"></span>6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> <span class=\"_ _bd\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _cb\"> </span>          126<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6 <span class=\"_ _4e\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _bb\"></span>          12<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> </div></div><div class=\"c_1 w11b h240 gs271\"><div class=\"t_1 m4d x23 h243 yd44 ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> recomp<span class=\"_ _2\"></span>rada<span class=\"_ _2\"></span>s</div></div><div class=\"c_1 w11b h242 gs277\"><div class=\"t_1 m4d x10f h243 yd43 ff4 fs5d fc0_1 sc0_1 ls91 ws0_1\">                    -<span class=\"_ _1be\"> </span>   </div></div><div class=\"c_1 w11b h240 gs271\"><div class=\"t_1 m4d x23 h243 yd46 ff6 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">L\u00ednea <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e cr\u00e9dit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>\u2013 revo<span class=\"_ _2\"></span>lvin<span class=\"_ _2\"></span>g</div></div><div class=\"c_1 w11b h242 gs278\"><div class=\"t_1 m4d xef h243 yd43 ff4 fs5d fc0_1 sc0_1 ls91 ws0_1\">          13<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _d9\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -<span class=\"_ _1be\"> </span>   </div></div><div class=\"c_1 w11b h240 gs271\"><div class=\"t_1 m4d x23 h243 yd48 ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>carios</div></div><div class=\"c_1 w11b h242 gs279\"><div class=\"t_1 m4d xef h243 yd43 ff4 fs5d fc0_1 sc0_1 ls91 ws0_1\">          10<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>          10<span class=\"_ _1\"></span>5.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>              5.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _c1\"> </span>            12<span class=\"_ _1\"></span>.5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>            28<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>4 <span class=\"_ _14c\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>98<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            15.<span class=\"_ _1\"></span>10<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>          100<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> </div></div><div class=\"c_1 w11b h240 gs271\"><div class=\"t_1 m4d x23 h243 yd4a ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>cturaci\u00f3<span class=\"_ _2\"></span>n</div></div><div class=\"c_1 w11b h242 gs27a\"><div class=\"t_1 m4d x82 h243 yd43 ff4 fs5d fc0_1 sc0_1 ls91 ws0_1\">                    -   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>19<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _cb\"> </span>                    -   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>19<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w11b h240 gs271\"><div class=\"t_1 m4d x23 h243 yd4c ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>tereses, <span class=\"_ _2\"></span>cup\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>tro<span class=\"_ _2\"></span>s</div></div><div class=\"c_1 w11b h242 gs27b\"><div class=\"t_1 m4d x82 h243 yd3a ff4 fs5d fc0_1 sc0_1 ls91 ws0_1\">                    -   <span class=\"_ _bb\"></span>              1.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>08<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>              1.2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 <span class=\"_ _14e\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   </div></div><div class=\"c_1 w11b h245 gs27c\"><div class=\"t_1 m4d xef h241 yd43 ff3 fs5d fc0_1 sc0_1 ls91 ws0_1\">          36<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>          23<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>1 <span class=\"_ _14c\"> </span>              6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 <span class=\"_ _c1\"> </span>          13<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            28<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>41<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>81<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            15.<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>          22<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.8<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>3<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w11b h242 gs27d\"><div class=\"t_1 m4d x9 h243 yd43 ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Deuda<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ciera <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>ENERG<span class=\"_ _2\"></span>IA R<span class=\"_ _2\"></span>ENOVABLE -<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w11b h240 gs271\"><div class=\"t_1 m4d x23 h243 yd50 ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> emit<span class=\"_ _2\"></span>id<span class=\"_ _2\"></span>as</div></div><div class=\"c_1 w11b h242 gs27e\"><div class=\"t_1 m4d xef h243 yd43 ff4 fs5d fc0_1 sc0_1 ls91 ws0_1\">            93<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            93<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _170\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c0\"></span>            93<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _106\"> </span>            93.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> </div></div><div class=\"c_1 w11b h240 gs271\"><div class=\"t_1 m4d x23 h243 yd52 ff6 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">L\u00ednea <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e cr\u00e9dit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>\u2013 revo<span class=\"_ _2\"></span>lvin<span class=\"_ _2\"></span>g</div></div><div class=\"c_1 w11b h242 gs27f\"><div class=\"t_1 m4d xef h243 yd54 ff4 fs5d fc0_1 sc0_1 ls91 ws0_1\">            20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _170\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   </div></div><div class=\"c_1 w11b h240 gs271\"><div class=\"t_1 m4d x23 h243 yd55 ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>carios</div></div><div class=\"c_1 w11b h242 gs280\"><div class=\"t_1 m4d xef h243 yd57 ff4 fs5d fc0_1 sc0_1 ls91 ws0_1\">          10<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>          10<span class=\"_ _1\"></span>0.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            29<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>            27.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>67<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            33<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>33<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            10<span class=\"_ _1\"></span>.2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _c9\"> </span>                    -   <span class=\"_ _c2\"> </span>            71<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w11b h240 gs271\"><div class=\"t_1 m4d x23 h243 yd58 ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>cturaci\u00f3<span class=\"_ _2\"></span>n</div></div><div class=\"c_1 w11b h245 gs281\"><div class=\"t_1 m4d xef h243 yd43 ff4 fs5d fc0_1 sc0_1 ls91 ws0_1\">                    -   <span class=\"_ _2\"></span>            (1.<span class=\"_ _1\"></span>89<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _d9\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c0\"> </span>            (1.<span class=\"_ _1\"></span>89<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w11b h240 gs271\"><div class=\"t_1 m4d x23 h243 yd5a ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>tereses, <span class=\"_ _2\"></span>cup\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>tro<span class=\"_ _2\"></span>s</div></div><div class=\"c_1 w11b h242 gs282\"><div class=\"t_1 m4d xef h243 yd43 ff4 fs5d fc0_1 sc0_1 ls91 ws0_1\">                    -   <span class=\"_ _4\"></span>                     6 <span class=\"_ _c6\"> </span>                     6 <span class=\"_ _a1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   </div></div><div class=\"c_1 w11b h242 gs283\"><div class=\"t_1 m4d xf6 h241 yd43 ff3 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">213.<span class=\"_ _1\"></span>450<span class=\"_ _12a\"> </span>191.<span class=\"_ _1\"></span>559<span class=\"_ _156\"> </span>29.40<span class=\"_ _1\"></span>6<span class=\"_ _e9\"> </span>27.06<span class=\"_ _1\"></span>7<span class=\"_ _156\"> </span>33.733<span class=\"_ _12a\"> </span>103<span class=\"_ _1\"></span>.250<span class=\"_ _ca\"> </span><span class=\"ff4 ls91\">                    -   <span class=\"_ _10a\"> </span></span>162.<span class=\"_ _1\"></span>153<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w11b h242 gs284\"><div class=\"t_1 m4d xf6 h241 yd57 ff3 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">574.<span class=\"_ _1\"></span>516<span class=\"_ _12a\"> </span>422.<span class=\"_ _1\"></span>640<span class=\"_ _156\"> </span>35.61<span class=\"_ _1\"></span>4<span class=\"_ _8\"> </span>165.6<span class=\"_ _1\"></span>33<span class=\"_ _156\"> </span>62.147<span class=\"_ _154\"> </span>147.231<span class=\"_ _156\"> </span>15.1<span class=\"_ _1\"></span>05<span class=\"_ _12a\"> </span>387.0<span class=\"_ _1\"></span>26<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w11e h242 gs285\"><div class=\"t_1 m4d x78 h243 yd5f ff4 fs5d fc0_1 sc0_1 ls0_1 ws0_1\">Vencimient<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span></div></div>Los <span class=\"_ _c0\"></span>t\u00e9rminos <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>condiciones <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>bono<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>vertible <span class=\"_ _4\"></span>incluy<span class=\"_ _2\"></span>en, <span class=\"_ _c0\"></span>como <span class=\"_ _4\"></span>es <span class=\"_ _c0\"></span>habitu<span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>este <span class=\"_ _c0\"></span>tipo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>financiaci\u00f3n,<span class=\"_ _2\"></span> una <span class=\"_ _2\"></span>cl\u00e1u<span class=\"_ _2\"></span>sula <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>favor <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>tenedores <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>activar\u00eda <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>caso <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>prod<span class=\"_ _2\"></span>ucirse <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span>cambio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>trol <span class=\"_ _2\"></span>(ya <span class=\"_ _4\"></span>sea<span class=\"_ _1be\"> </span> por <span class=\"_ _2\"></span>adq<span class=\"_ _2\"></span>uisici\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>m\u00e1s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>50% <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>acciones <span class=\"_ _4\"></span>con <span class=\"_ _2\"></span>derecho <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>voto <span class=\"_ _4\"></span>o <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>obten<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>derecho <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>nombrar <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la<span class=\"_ _1be\"> </span> mayor\u00eda <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>Consejeros) <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c3\"> </span>accionariado <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>ENCE, <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ermitir\u00eda <span class=\"_ _0\"></span>al <span class=\"_ _c3\"> </span>tenedor <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"></span>bono <span class=\"_ _c3\"></span>convertir<span class=\"_ _1be\"> </span> anticipadamente <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>precio <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>conv<span class=\"_ _2\"></span>ersi\u00f3n <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>ser\u00e1 <span class=\"_ _0\"></span>variab<span class=\"_ _2\"></span>le <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>funci\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>period<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>reste <span class=\"_ _0\"></span>hasta <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span> vencimiento del bono, con el <span class=\"_ _1\"></span>m\u00ednimo de <span class=\"_ _1\"></span>su valor nominal. Asimismo, incluyen cl\u00e1usu<span class=\"_ _2\"></span>las que pueden ajustar<span class=\"_ _1\"></span> el precio de conversi\u00f3n en fu<span class=\"_ _2\"></span>nci\u00f3n d<span class=\"_ _2\"></span>e los dividend<span class=\"_ _2\"></span>os anuales repartidos po<span class=\"_ _2\"></span>r ENCE.<span class=\"_ _2\"></span> La <span class=\"_ _2\"></span>emisi\u00f3n <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>cuenta<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>con <span class=\"_ _4\"></span>garant\u00edas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>reales <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>obre <span class=\"_ _4\"></span>bienes <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>derechos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NCE, <span class=\"_ _2\"></span>ni <span class=\"_ _4\"></span>contempla <span class=\"_ _4\"></span>restricciones <span class=\"_ _4\"></span>al<span class=\"_ _1be\"> </span> uso <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>recursos <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>capital. <span class=\"_ _0\"></span>Los <span class=\"_ _0\"></span>bonos <span class=\"_ _0\"></span>est\u00e1n <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>par <span class=\"_ _0\"></span>(\u201cpari <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>assu\u201d) <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>resto <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>r\u00e9stamos <span class=\"_ _0\"></span>no<span class=\"_ _1be\"> </span> garantizados<span class=\"_ _2\"></span> y no subordinados.<span class=\"_ _2\"></span> ENCE <span class=\"_ _0\"></span>tras <span class=\"_ _0\"></span>analizar <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>t\u00e9rminos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>condiciones <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>emisi\u00f3n <span class=\"_ _0\"></span>co<span class=\"_ _4\"></span>ncluy\u00f3 <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>tratab<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>instrumento<span class=\"_ _1be\"> </span> compuesto de <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>asivo y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>patrimonio, valor\u00e1ndose <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>componente <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>patrimonio <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>mom<span class=\"_ _2\"></span>ento de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>misi\u00f3n<span class=\"_ _1be\"> </span> en <span class=\"_ _2\"></span>14.551 <span class=\"_ _2\"></span>miles <span class=\"_ _2\"></span>\u20ac, <span class=\"_ _2\"></span>equ<span class=\"_ _2\"></span>ivalente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>cup\u00f3n <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>timado <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>instrumento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>similar<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>caracter\u00edsticas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>sin<span class=\"_ _1be\"> </span> opci\u00f3n <span class=\"_ _c0\"></span>d<span class=\"ff6\">e <span class=\"_ _c0\"></span>convertibilidad <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>3,25%, <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>componente <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>pasivo <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>145.449 <span class=\"_ _4\"></span>miles <span class=\"_ _c0\"></span>\u20ac. <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>l <span class=\"_ _4\"></span>tenedo<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>bono<span class=\"_ _1be\"> </span></span><span class=\"ff6\"> </span>\u00fanicamente  puede  recupe<span class=\"_ _2\"></span>rar  en  efectivo  el  nominal  d<span class=\"_ _2\"></span>e  la  emisi\u00f3n <span class=\"_ _14c\"> </span>ju<span class=\"_ _2\"></span>nto  a  los <span class=\"_ _14c\"> </span>intereses  d<span class=\"_ _2\"></span>evengados<span class=\"_ _1be\"> </span> pendientes  de <span class=\"_ _c5\"> </span>pago.  El <span class=\"_ _c5\"> </span>resto <span class=\"_ _c5\"> </span>de  las  opciones  de <span class=\"_ _c2\"> </span>cancelaci\u00f3n  se  liquidan  en <span class=\"_ _c5\"> </span>acciones <span class=\"_ _c5\"> </span>y  en <span class=\"_ _c2\"> </span>todo  caso<span class=\"_ _1be\"> </span> cumpli\u00e9ndose <span class=\"_ _c9\"> </span>la <span class=\"_ _c9\"> </span>regla <span class=\"_ _c9\"> </span>\u201cfijo <span class=\"_ _c9\"> </span>por <span class=\"_ _c9\"> </span>fijo\u201d. <span class=\"_ _c9\"> </span>As\u00ed <span class=\"_ _c9\"> </span>mismo, <span class=\"_ _cc\"> </span>esta <span class=\"_ _c9\"> </span>financiaci\u00f3n <span class=\"_ _c9\"> </span>cumpl\u00eda <span class=\"_ _c9\"> </span>los <span class=\"_ _c9\"> </span>requis<span class=\"_ _2\"></span>itos <span class=\"_ _c9\"> </span>para <span class=\"_ _c9\"> </span>su<span class=\"_ _1be\"> </span> reconocimiento como nuev<span class=\"_ _2\"></span>a financiaci\u00f3n<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span> Durante <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>ejercicio <span class=\"_ _c0\"></span>2022 <span class=\"_ _c0\"></span>ENCE <span class=\"_ _c0\"></span>ha <span class=\"_ _c0\"></span>realizado <span class=\"_ _c0\"></span>recompras <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>bonos <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>nominal <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>65.4<span class=\"ff6\">00 <span class=\"_ _4\"></span>miles <span class=\"_ _c0\"></span>\u20ac <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>un<span class=\"_ _1be\"> </span></span><span class=\"ff6\"> </span>precio <span class=\"_ _0\"></span>medio <span class=\"_ _c3\"></span>equivalente <span class=\"_ _0\"></span>al <span class=\"_ _c3\"> </span>99,82% <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>nominal. <span class=\"_ _c3\"> </span>As\u00ed <span class=\"_ _0\"></span>mis<span class=\"_ _2\"></span>mo, <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>ejercicios <span class=\"_ _0\"></span>anteriores<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>ENCE <span class=\"_ _0\"></span>ha <span class=\"_ _c3\"></span>realizado<span class=\"_ _1be\"> </span> recompras de bonos<span class=\"_ _2\"></span> con un nominal de 31.300 mil<span class=\"_ _2\"></span>es \u20ac.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>En el <span class=\"_ _1\"></span>marco <span class=\"_ _1\"></span>de esta <span class=\"_ _1\"></span>emisi\u00f3n, se <span class=\"_ _1\"></span>suscribi\u00f3 con <span class=\"_ _1\"></span>un sindicato <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>bancos nacionales e internaciones un <span class=\"_ _1\"></span>contrato<span class=\"_ _1be\"> </span> de cr\u00e9<span class=\"_ _1\"></span>dito (revolving cre<span class=\"_ _1\"></span>dit facility) <span class=\"_ _1\"></span>por im<span class=\"_ _1\"></span>porte de <span class=\"ls11\">130 <span class=\"_ _1\"></span><span class=\"ls0_1\">millones de <span class=\"_ _1\"></span>euros. <span class=\"_ _1\"></span>Esta financiaci\u00f3n <span class=\"_ _1\"></span>devenga un <span class=\"_ _1\"></span>tipo<span class=\"_ _1be\"> </span></span></span><span class=\"ls11\"><span class=\"ls0_1\"> </span></span>de <span class=\"_ _c0\"></span>inter\u00e9s <span class=\"_ _c0\"></span>referenciado <span class=\"_ _c0\"></span>al <span class=\"_ _0\"></span>Euribor <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>tiene <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>v<span class=\"_ _2\"></span>encimiento <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>2026. <span class=\"_ _c0\"></span>Es<span class=\"_ _2\"></span>ta <span class=\"_ _c0\"></span>financiaci\u00f3n <span class=\"_ _0\"></span>est\u00e1 <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>totalidad<span class=\"_ _1be\"> </span> disponible <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>diciembre <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>2022. <span class=\"_ _4\"></span>El <span class=\"_ _4\"></span>tipo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>int<span class=\"_ _2\"></span>er\u00e9s <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>stablecido <span class=\"_ _4\"></span>podr\u00e1 <span class=\"_ _4\"></span>vers<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>modificad<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>anualmente<span class=\"_ _1be\"> </span> en funci\u00f3n del rating d<span class=\"_ _2\"></span>e sostenibilidad<span class=\"_ _2\"></span> medioambiental Sustain<span class=\"_ _2\"></span>alytics obtenido<span class=\"_ _2\"></span> por ENCE, que eval\u00faa d<span class=\"_ _2\"></span>icha<span class=\"_ _1be\"> </span> deuda como \u201cfinanciaci\u00f3n<span class=\"_ _2\"></span> verde\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Pr\u00e9stamos<span class=\"_ _1be\"> </span> Importe d<span class=\"_ _1\"></span>e la Emis<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _b6\"> </span><span class=\"ff6\">160<span class=\"_ _1\"></span>.000.000 \u20ac<span class=\"_ _1be\"> </span></span>No<span class=\"_ _2\"></span>min<span class=\"_ _1\"></span>al Bo<span class=\"_ _2\"></span>no<span class=\"_ _5a\"> </span><span class=\"ff6\">1<span class=\"_ _1\"></span>00.000 \u20ac<span class=\"_ _1be\"> </span></span>Rango de <span class=\"_ _1\"></span>la Deud<span class=\"_ _1\"></span>a<span class=\"_ _186\"> </span>\"Sen<span class=\"_ _1\"></span>ior\" <span class=\"_ _1\"></span>no g<span class=\"_ _1\"></span>arantizada<span class=\"_ _1be\"> </span>Fecha d<span class=\"_ _1\"></span>e la emisi<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _a5\"> </span>05/03/201<span class=\"_ _1\"></span>8<span class=\"_ _1be\"> </span>Fecha d<span class=\"_ _1\"></span>e ven<span class=\"_ _1\"></span>cimien<span class=\"_ _1\"></span>to<span class=\"_ _187\"> </span>05/03/2<span class=\"_ _1\"></span>023<span class=\"_ _1be\"> </span>Cup<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _188\"> </span>1,<span class=\"_ _1\"></span>25%<span class=\"_ _1be\"> </span>Tipo in<span class=\"_ _1\"></span>ter\u00e9s efectivo<span class=\"_ _189\"> </span>1,<span class=\"_ _1\"></span>58%<span class=\"_ _1be\"> </span>Pr<span class=\"_ _1\"></span>ecio<span class=\"_ _2\"></span> de conver<span class=\"_ _1\"></span>si\u00f3n (<span class=\"_ _1\"></span>*)<span class=\"_ _3e\"> </span>8,<span class=\"_ _1\"></span>090<span class=\"_ _1\"></span>1<span class=\"_ _1be\"> </span>Pr<span class=\"_ _1\"></span>ima d<span class=\"_ _1\"></span>e co<span class=\"_ _2\"></span>nv<span class=\"_ _1\"></span>ersi\u00f3n<span class=\"_ _18a\"> </span><span class=\"ls92\">40%<span class=\"_ _1be\"> </span></span>Ratio<span class=\"_ _2\"></span> de convers<span class=\"_ _1\"></span>i\u00f3n (<span class=\"_ _1\"></span>ac<span class=\"_ _2\"></span>c / bono)<span class=\"_ _18b\"> </span>12.361<span class=\"_ _1be\"> </span>M\u00e1ximo ac<span class=\"_ _2\"></span>cio<span class=\"_ _2\"></span>nes a em<span class=\"_ _1\"></span>itir<span class=\"_ _1\"></span> (acc<span class=\"_ _2\"></span>)<span class=\"_ _c\"> </span>19.777.259<span class=\"_ _1be\"> </span>Potencial % in<span class=\"_ _1\"></span>cremen<span class=\"_ _1\"></span>to c<span class=\"_ _2\"></span>apital socia<span class=\"_ _2\"></span>l<span class=\"_ _12f\"> </span>8,<span class=\"_ _1\"></span>03%<span class=\"_ _1be\"> </span>Mer<span class=\"_ _1\"></span>ca<span class=\"_ _2\"></span>do co<span class=\"_ _2\"></span>tizac<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _18c\"> </span>Bo<span class=\"_ _2\"></span>lsa de F<span class=\"_ _1\"></span>rank<span class=\"_ _1\"></span>furt<span class=\"_ _1be\"> </span>ISI<span class=\"_ _2\"></span>N<span class=\"_ _18d\"> </span>XS<span class=\"_ _1\"></span>1783<span class=\"_ _1\"></span>93286<span class=\"_ _1\"></span>3<span class=\"_ _1be\"> </span>Co<span class=\"_ _2\"></span>stes de l<span class=\"_ _1\"></span>a emisi\u00f3n<span class=\"_ _98\"> </span><span class=\"ff6\">2.075.000 \u20ac<span class=\"_ _1be\"> </span></span>(*)<span class=\"_ _1\"></span> Con fec<span class=\"_ _2\"></span>ha 1 d<span class=\"_ _1\"></span>e ju<span class=\"_ _1\"></span>lio d<span class=\"_ _1\"></span>e 2022<span class=\"_ _1\"></span> el p<span class=\"_ _1\"></span>recio de co<span class=\"_ _2\"></span>nv<span class=\"_ _1\"></span>ersi\u00f3n <span class=\"_ _1\"></span>pasa a ser 8,<span class=\"_ _1\"></span>5636<span class=\"_ _1be\"> </span>Al <span class=\"_ _c0\"></span>31 <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>dicie<span class=\"_ _2\"></span>mbre <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>2022 <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _c0\"></span>mantiene <span class=\"_ _c0\"></span>su<span class=\"_ _2\"></span>scritos <span class=\"_ _c0\"></span>pr\u00e9sta<span class=\"_ _2\"></span>mos <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>finan<span class=\"_ _2\"></span>ciar <span class=\"_ _c0\"></span>determinadas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>inversion<span class=\"_ _2\"></span>es contempladas <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>\u201cPlan <span class=\"_ _c2\"> </span>Estrat\u00e9gico <span class=\"_ _c2\"> </span>2019<span class=\"_ _2\"></span><span class=\"ff4\">-</span>2023\u201d, <span class=\"_ _c2\"> </span>por <span class=\"_ _c3\"> </span>u<span class=\"_ _2\"></span>n <span class=\"_ _c2\"> </span>importe <span class=\"_ _c3\"> </span>conju<span class=\"_ _2\"></span>nto <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span><span class=\"ff4 ls11\">95<span class=\"ls0_1\"> <span class=\"_ _c2\"> </span>millones <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>euro<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>y </span></span>vencimientos <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>2023-2026. <span class=\"_ _4\"></span>Una <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>arte <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>pr\u00e9stamos <span class=\"_ _4\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>nominal <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ls11\">37</span> <span class=\"_ _4\"></span>millones <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>euros <span class=\"_ _2\"></span>devenga un <span class=\"_ _c3\"> </span>tipo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>inter\u00e9s <span class=\"_ _c3\"> </span>fijo <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>rango <span class=\"_ _c3\"> </span>1,<span class=\"_ _2\"></span><span class=\"ls11\">80</span>%-<span class=\"ls11\">1,<span class=\"ls2b\">95</span></span>%. <span class=\"_ _c3\"> </span>El <span class=\"_ _c3\"> </span>importe <span class=\"_ _c3\"> </span>res<span class=\"_ _2\"></span>tante <span class=\"_ _c3\"> </span>devenga <span class=\"_ _c3\"> </span>interese<span class=\"_ _2\"></span>s, <span class=\"_ _c3\"> </span>principalmente referenciados <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>Eurib<span class=\"_ _2\"></span>or <span class=\"_ _c2\"> </span>m\u00e1s <span class=\"_ _c2\"> </span>un <span class=\"_ _c2\"> </span>diferencial <span class=\"_ _c2\"> </span>del <span class=\"_ _c2\"> </span>1,43<span class=\"_ _2\"></span>%<span class=\"_ _2\"></span>-2,0%. <span class=\"_ _c2\"> </span>El <span class=\"_ _c2\"> </span>tipo <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>in<span class=\"_ _2\"></span>ter\u00e9s <span class=\"_ _c2\"> </span>establecido <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>odr\u00e1 <span class=\"_ _c2\"> </span>verse modificado anualmente en fu<span class=\"_ _2\"></span>nci\u00f3n del rating d<span class=\"_ _2\"></span>e sostenibilidad medioambiental Susta<span class=\"_ _2\"></span>inalytics obtenid<span class=\"_ _2\"></span>o por ENCE, que eval\u00fa<span class=\"_ _2\"></span>a dicha deuda como \u201cfinanciaci\u00f3n<span class=\"_ _2\"></span> verde\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Otra financiaci\u00f3n<span class=\"_ _2\"></span> Durante <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>2021 <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>Grupo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>c<span class=\"ls18\">el</span>\u00f3 <span class=\"_ _4\"></span><span class=\"ff6\">l\u00edneas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>firming <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>importe <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>15.95<span class=\"_ _2\"></span>8 <span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>les <span class=\"_ _4\"></span>\u20ac, <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>dadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>sus </span>caracter\u00edsticas se encon<span class=\"_ _2\"></span>traban clasificadas<span class=\"_ _2\"></span> como deuda finan<span class=\"_ _2\"></span>ciera.<span class=\"_ _2\"></span> Financiaci\u00f3n Ne<span class=\"_ _1\"></span>gocio Ener<span class=\"_ _1\"></span>g\u00eda Renovable Financiaci\u00f3n corpo<span class=\"_ _2\"></span>rativa Con <span class=\"_ _c0\"></span>fecha <span class=\"_ _0\"></span>24 <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>noviembre <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>2017, <span class=\"_ _0\"></span>Magnon <span class=\"_ _0\"></span>Green <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>nergy<span class=\"_ _2\"></span>, <span class=\"_ _c0\"></span>S.L. <span class=\"_ _0\"></span><span class=\"ff6\">(en <span class=\"_ _0\"></span>adelante <span class=\"_ _0\"></span>\u201cMAGNON\u201d)</span>, <span class=\"_ _0\"></span>holding <span class=\"_ _0\"></span>del negocio <span class=\"_ _c3\"> </span>en<span class=\"_ _2\"></span>erg\u00e9tico <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>ENCE <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>uscribi\u00f3 <span class=\"_ _c2\"> </span>con <span class=\"_ _c3\"> </span>u<span class=\"_ _2\"></span>n <span class=\"_ _c3\"> </span>sin<span class=\"_ _2\"></span>dicato <span class=\"_ _c3\"> </span>formado <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>doce <span class=\"_ _c2\"> </span>entidades <span class=\"_ _c2\"> </span>financieras <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>una compa\u00f1\u00eda de <span class=\"_ _1\"></span>seguros espa\u00f1ola un <span class=\"_ _1\"></span>contrato de pr\u00e9stamo <span class=\"_ _1\"></span>senior, estructurado inicialmente <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>tramos, por un <span class=\"_ _1\"></span>importe <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>isponible <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>170 <span class=\"_ _bb\"></span>millones, <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>llev\u00f3 <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>cabo u<span class=\"_ _1\"></span>na <span class=\"_ _1\"></span>colocaci\u00f3n <span class=\"_ _bb\"></span>priv<span class=\"_ _2\"></span>ada <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>bligaciones <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>importe de 50 millones de euros<span class=\"_ _2\"></span> que fueron s<span class=\"_ _2\"></span>uscritas por un fon<span class=\"_ _2\"></span>do de deuda. <span class=\"_ _2\"></span> Con fecha <span class=\"_ _2\"></span>8 de <span class=\"_ _2\"></span>noviembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2018, <span class=\"_ _2\"></span>Magnon <span class=\"_ _2\"></span>Green E<span class=\"_ _2\"></span>nergy, S.L.<span class=\"_ _2\"></span>, s<span class=\"_ _2\"></span>uscribi\u00f3 <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>ampliaci\u00f3n de <span class=\"_ _2\"></span>este contra<span class=\"_ _2\"></span>to de <span class=\"_ _1\"></span>pr\u00e9stamo <span class=\"_ _1\"></span>senior por <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>porte <span class=\"_ _1\"></span>disponib<span class=\"_ _2\"></span>le <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>17 <span class=\"_ _1\"></span>mill<span class=\"_ _1\"></span>ones de <span class=\"_ _bb\"></span>euro<span class=\"_ _2\"></span>s <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>llev\u00f3 <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cabo <span class=\"_ _1\"></span>una <span class=\"_ _bb\"></span>colo<span class=\"_ _2\"></span>caci\u00f3n <span class=\"_ _1\"></span>privada de <span class=\"_ _2\"></span>obligaciones <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>impor<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>adicional <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>43 <span class=\"_ _4\"></span>millones <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>euros<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>que <span class=\"_ _4\"></span>fueron <span class=\"_ _2\"></span>sus<span class=\"_ _2\"></span>critos <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>dos <span class=\"_ _4\"></span>fondos <span class=\"_ _4\"></span>de deuda.   El detalle de estas finan<span class=\"_ _2\"></span>ciaciones se describ<span class=\"_ _2\"></span>e a con<span class=\"_ _2\"></span>tinuaci\u00f3n: (i)<span class=\"fs1 ls0_1\">  <span class=\"_ _d8\"> </span>E<span class=\"_ _2\"></span>uribor <span class=\"_ _1\"></span>6 meses <span class=\"_ _1\"></span>m\u00e1s diferencial <span class=\"_ _1\"></span>descrito. En l<span class=\"_ _1\"></span>os tramos ban<span class=\"_ _1\"></span>carios, e<span class=\"_ _1\"></span>l tipo <span class=\"_ _1\"></span>es variable en <span class=\"_ _1\"></span>funci\u00f3n del <span class=\"_ _1\"></span>ratio de </span>endeudamiento (Deuda Neta / EBITDA del negocio ENERG\u00cdA Re<span class=\"_ _2\"></span>novable, seg\u00fan definiciones recogidas en el<span class=\"_ _2\"></span> contrato de financiaci\u00f3n). (ii)  <span class=\"_ _b2\"> </span>Vencimiento \u00edntegro (bullet) en la fecha indicada. (iii)  <span class=\"_ _5c\"> </span>Ha financiado la construcci\u00f3n de Huelva 46 MW.  (iv) <span class=\"_ _b2\"> </span>E<span class=\"_ _2\"></span>stas obligaciones est\u00e1n admitidas a cotizaci\u00f3n en la bolsa de valores de Frankfurt (Freiverkeh<span class=\"_ _1\"></span>r).<span class=\"_ _2\"></span> (v) <span class=\"_ _3d\"> </span>Ha financiado la constru<span class=\"_ _1\"></span>cci\u00f3n de Puertollano 50 MW.<span class=\"fs4\"> </span>Tip<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e Dispo<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ib<span class=\"_ _2\"></span>le<span class=\"_ _95\"> </span>Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _10d\"> </span>Vencimi<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Int<span class=\"_ _2\"></span>er\u00e9s (i<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaci\u00f3n<span class=\"_ _2\"></span>/No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> (i<span class=\"_ _2\"></span>v)<span class=\"_ _1e\"> </span><span class=\"ls93\">                     3<span class=\"_ _1\"></span>6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     36<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> </span>di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>3,45%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>1\u00ba                     21<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     21<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>2\u00ba                       6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                       6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>3,45%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>3\u00ba (iii<span class=\"_ _2\"></span>)                     33<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     33<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>4\u00ba                     20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _d9\"> </span>                             -<span class=\"_ _1\"></span>   di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,25%<span class=\"_ _1\"></span>-2,75%<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaci\u00f3n<span class=\"_ _2\"></span>/No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> (i<span class=\"_ _2\"></span>v) y <span class=\"_ _2\"></span>(v)<span class=\"_ _84\"> </span><span class=\"ls93\">                     4<span class=\"_ _1\"></span>3.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> </span>di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>3,45%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>5\u00ba (v)                     11<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     11<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>05<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%                   17<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                   15<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> Miles<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span><div class=\"c_1 w2_1 h57 gs298\"><div class=\"t_1 m0_1 x60 h8_1 y20f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Durante <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ejercicio <span class=\"_ _2\"></span>2022 MA<span class=\"_ _2\"></span>GNON <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>realizado <span class=\"_ _2\"></span>recompras<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Obligaciones/Notas <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>nominal <span class=\"_ _2\"></span>14.000<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y210 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">miles \u20ac por un importe d<span class=\"_ _2\"></span>e 14.300 miles \u20ac. <span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 x78 h8_1 y211 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Esta financiaci\u00f3n<span class=\"_ _2\"></span> incluye como principales garan<span class=\"_ _2\"></span>t\u00edas prenda sobre las acciones d<span class=\"_ _2\"></span>e las sociedades del Grupo<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 y23a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">que <span class=\"_ _0\"></span>desarro<span class=\"_ _2\"></span>llan <span class=\"_ _0\"></span>su <span class=\"_ _c3\"></span>actividad <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>egocio <span class=\"_ _0\"></span>ENE<span class=\"_ _2\"></span>RG\u00cdA <span class=\"_ _0\"></span>Renov<span class=\"_ _2\"></span>able, <span class=\"_ _0\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _0\"></span>activos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>derechos <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>cobro,<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 y25d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">actuales y futu<span class=\"_ _2\"></span>ros.  </div><div class=\"t_1 m0_1 x78 h8_1 yda7 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Asimismo, <span class=\"_ _2\"></span>esta <span class=\"_ _4\"></span>financiaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>incluy<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>determinadas <span class=\"_ _4\"></span>obligaciones, <span class=\"_ _4\"></span>habituales <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>este <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>financiaci\u00f3n; <span class=\"_ _2\"></span>el<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 yda8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">suministro <span class=\"_ _d9\"> </span>de <span class=\"_ _ca\"> </span>determinada <span class=\"_ _d9\"> </span>informaci\u00f3n <span class=\"_ _c8\"> </span>de <span class=\"_ _c8\"> </span>car\u00e1cter <span class=\"_ _c8\"> </span>operativo <span class=\"_ _d9\"> </span>y <span class=\"_ _ca\"> </span>finan<span class=\"_ _2\"></span>ciera, <span class=\"_ _c8\"> </span>el <span class=\"_ _c8\"> </span>cumplimiento <span class=\"_ _c8\"> </span>de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 yda9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">determinados <span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>tios <span class=\"_ _2\"></span>econ\u00f3mi<span class=\"_ _2\"></span>cos <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>solvencia <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>rentabilidad<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>mantenimiento <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>n <span class=\"_ _4\"></span>volumen <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>stock<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydaa ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de biomasa (almacenes y contratos de suministro) equivalente al consumo de 3 <span class=\"_ _1\"></span>meses. S<span class=\"_ _2\"></span>e estima que al <span class=\"_ _1\"></span>31<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydab ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de diciembre de 2022 y<span class=\"_ _2\"></span> 2021 se cumplen \u00edn<span class=\"_ _2\"></span>tegramente dichas<span class=\"_ _2\"></span> obligaciones. <span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x78 h8_1 ydac ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">En la determinaci\u00f3n del ratio de apalancamiento \u201cDeud<span class=\"_ _2\"></span>a Neta<span class=\"_ _2\"></span><span class=\"ff4\"> </span>/ EBITDA\u201d, <span class=\"ff4\">y de acuerdo con las definiciones<span class=\"_ _1be\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 x78 h8_1 ydad ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">recogidas en el contrato de <span class=\"_ _1\"></span>financiaci\u00f3n<span class=\"_ _2\"></span>, se excluyeron del EBITDA a <span class=\"_ _1\"></span>considerar a los efectos del c\u00e1lculo del<span class=\"_ _1\"></span> </div><div class=\"t_1 m0_1 x78 h8_1 ydae ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">ratio de apalancamiento<span class=\"_ _2\"></span> en el ejercicio 2<span class=\"_ _2\"></span>021, los s<span class=\"_ _2\"></span>iguientes conceptos extra<span class=\"_ _2\"></span>ordinarios; 1) cos<span class=\"_ _2\"></span>tes e <span class=\"_ _2\"></span>ingresos<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydaf ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">incurridos <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>ejercicio 20<span class=\"_ _2\"></span>21 y<span class=\"_ _2\"></span> asociad<span class=\"_ _2\"></span>os a <span class=\"_ _2\"></span>las av<span class=\"_ _2\"></span>er\u00edas d<span class=\"_ _2\"></span>e maquinaria <span class=\"_ _2\"></span>de las <span class=\"_ _2\"></span>instalaciones <span class=\"_ _2\"></span>HU 50MW <span class=\"_ _2\"></span>y H<span class=\"_ _2\"></span>U<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydb0 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">41 <span class=\"_ _4\"></span>MW <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>gasto <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>eto <span class=\"_ _4\"></span>por <span class=\"_ _c0\"></span>importe <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>10,4 <span class=\"_ _c0\"></span>millones <span class=\"_ _c0\"></span>\u20ac, <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>2) <span class=\"_ _4\"></span>p\u00e9rdida <span class=\"_ _c0\"></span>excepcional <span class=\"_ _c0\"></span>por <span class=\"_ _4\"></span>importe <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>53,3<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydb1 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">millones <span class=\"_ _c2\"> </span>\u20ac <span class=\"_ _c2\"> </span>ocasionada <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>tratos <span class=\"_ _c2\"> </span><span class=\"ff4\">d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>entrega <span class=\"_ _c2\"> </span>f\u00edsica <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>energ\u00eda <span class=\"_ _c2\"> </span>formalizados <span class=\"_ _c5\"> </span>por <span class=\"_ _c2\"> </span>Magnon <span class=\"_ _c2\"> </span>Green<span class=\"_ _1be\"> </span></span><span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 x78 h8_1 yc8f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Energy, <span class=\"_ _4\"></span>S.L <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>manera <span class=\"_ _4\"></span>excepc<span class=\"_ _2\"></span>ional <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>2020, <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>un <span class=\"_ _c0\"></span>contexto <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>precios <span class=\"_ _c0\"></span>m\u00ednimos <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>elevad<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>incertidumbre<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 yc90 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">provocada por la propagaci\u00f3n del COVID, <span class=\"_ _1\"></span>con el objetivo de asegurar una generaci\u00f3n m<span class=\"_ _1\"></span>\u00ednima de caja.<span class=\"_ _2\"></span> Estos<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydb2 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">contratos <span class=\"_ _c3\"></span>vencieron <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>totalidad <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>2021, <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>previ\u00e9ndose <span class=\"_ _0\"></span>firmar, <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>escenario <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>egulatorio <span class=\"_ _0\"></span>actual,<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydb3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">contratos s<span class=\"_ _2\"></span>imilares a futuro de forma recurrente.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x78 h8_1 y970 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Asimismo, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>establece <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>cuant\u00eda <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>tesorer\u00eda <span class=\"_ _2\"></span>m\u00ednima <span class=\"_ _2\"></span>disponible <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>Energ\u00eda <span class=\"_ _2\"></span>Renov<span class=\"_ _4\"></span>able <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>al<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydb4 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">menos <span class=\"_ _c0\"></span><span class=\"ls11\">30</span> <span class=\"_ _0\"></span>millones <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>euros, <span class=\"_ _c0\"></span>con<span class=\"_ _2\"></span>sider\u00e1ndos<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>como <span class=\"_ _c0\"></span>tal <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>dispon<span class=\"_ _2\"></span>ible <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>tramo <span class=\"_ _c0\"></span>4\u00ba, <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>cumplimiento <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 y971 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">determinados <span class=\"_ _c0\"></span>ratios<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>ligados <span class=\"_ _c0\"></span>al <span class=\"_ _c0\"></span>endeud<span class=\"_ _2\"></span>amiento, <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>situaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>patrimonial <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>capacidad<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>generaci\u00f3n <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 y972 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">caja del negocio, para<span class=\"_ _2\"></span> poder llevar a ca<span class=\"_ _2\"></span>b<span class=\"ls22\">o </span>el reparto d<span class=\"_ _2\"></span>e dividendos y<span class=\"_ _2\"></span> la obtenci\u00f3n de nueva <span class=\"_ _2\"></span>financiaci\u00f3n.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x78 h8_1 y3bc ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _1\"></span>importe <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>comisiones <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>estructuraci\u00f3n <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>otros <span class=\"_ _1\"></span>gastos <span class=\"_ _1\"></span>incurridos <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>la obtenci\u00f3n <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>esta <span class=\"_ _1\"></span>financiaci\u00f3n<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 y3bd ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">fue de 5.813 <span class=\"ff6\">miles \u20ac<span class=\"_ _2\"></span></span>.<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydb5 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Al <span class=\"_ _1\"></span>objeto <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cubrir <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>riesgo <span class=\"_ _1\"></span>derivado<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la contrataci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>esta <span class=\"_ _1\"></span>financiaci\u00f3n a <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>inter\u00e9s <span class=\"_ _1\"></span>variable, <span class=\"_ _1\"></span>ENCE<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydb6 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">reestructur\u00f3, <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>contrataci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>esta <span class=\"_ _2\"></span>financiaci\u00f3n,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>contratos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cobertura <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>ten\u00eda<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydb7 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">suscritos en el marco <span class=\"_ _1\"></span>de financiaci\u00f3n previa. Los nuevos IRS <span class=\"_ _1\"></span>cubren el <span class=\"_ _1\"></span>89% de la financiaci\u00f3n dispuesta <span class=\"_ _1\"></span>a un<span class=\"_ _1\"></span> </div><div class=\"t_1 m0_1 x78 h8_1 ydb8 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">tipo fijo medio de 1,22<span class=\"_ _2\"></span>% (v\u00e9as<span class=\"_ _2\"></span>e Nota 31<span class=\"ls1b\">).<span class=\"_ _2\"></span></span> </div><div class=\"t_1 m0_1 x78 h8_1 ydb9 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">En <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>marco <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>esta <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>ciaci\u00f3n <span class=\"_ _4\"></span>Standard <span class=\"_ _4\"></span>&amp; <span class=\"_ _2\"></span>Poor\u00b4s <span class=\"_ _4\"></span>otorg\u00f3 <span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>Magnon<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Green <span class=\"_ _2\"></span>Energy, <span class=\"_ _4\"></span>S.L. <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>evaluaci\u00f3n <span class=\"_ _4\"></span>E1,<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 y449 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">m\u00e1xima  calificaci\u00f3n  en  su  es<span class=\"_ _2\"></span>cala  de  evaluaci\u00f3n  de  criterios  medioambientales,<span class=\"_ _2\"></span>  consid<span class=\"_ _2\"></span>er\u00e1nd<span class=\"_ _2\"></span>ose  dicha<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydba ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">financiaci\u00f3n como \u201cfinanciaci<span class=\"_ _2\"></span>\u00f3n verde\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 x78 h8_1 ydbb ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Esta financiaci\u00f3n<span class=\"_ _2\"></span> no tiene recurso a la<span class=\"_ _2\"></span>s sociedades del Grupo<span class=\"_ _2\"></span> que confirman el Negocio <span class=\"_ _2\"></span>Celulosa.<span class=\"_ _4\"></span> </div><div class=\"t_1 m0_1 x21 h64 y61b ff3 fs0_1 fc6 sc0_1 ls0_1 ws0_1\">29.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Otros pasivos financ<span class=\"_ _1\"></span>ieros<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span></div><div class=\"t_1 m0_1 x78 h8_1 y513 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El <span class=\"_ _1\"></span>detalle <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>este <span class=\"_ _1\"></span>ep\u00edgrafe <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _1\"></span>Estado <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Situaci\u00f3n <span class=\"_ _1\"></span>Financiera Consolidado <span class=\"_ _1\"></span>al <span class=\"_ _bb\"></span>31 de <span class=\"_ _bb\"></span>dicie<span class=\"_ _2\"></span>mbre <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2021<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydbc ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">es el siguiente:<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w2_1 h57 gs29a\"><div class=\"t_1 m0_1 xa7 h8_1 ydbe ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x15b h8_1 y402 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x78 h8_1 ydbf ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _c3\"> </span>cuenta<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>\u201cFinanciaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>orga<span class=\"_ _2\"></span>nismos <span class=\"_ _c2\"> </span>p\u00fablicos\u201d<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>correspon<span class=\"_ _2\"></span>de <span class=\"_ _c3\"> </span>fundamental<span class=\"_ _2\"></span>mente <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>r\u00e9stamos <span class=\"_ _c2\"> </span>obtenidos,<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydc0 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">normalmente <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>tipos <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>inter\u00e9s <span class=\"_ _c2\"> </span>favorables<span class=\"_ _2\"></span>, <span class=\"_ _c3\"> </span>que <span class=\"_ _c3\"></span>financian <span class=\"_ _c3\"></span>proyectos <span class=\"_ _c3\"> </span>para <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>ampliaci\u00f3n <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>mejo<span class=\"_ _2\"></span>ra <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>la<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydc1 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">capacidad productiv<span class=\"_ _2\"></span>a de <span class=\"_ _1\"></span>las biof\u00e1bricas de producci\u00f3n de celulosa, as\u00ed como el <span class=\"_ _1\"></span>desarrollo de actividades de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydc2 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Investigaci\u00f3n y<span class=\"_ _2\"></span> Desarrollo en ENCE.<span class=\"_ _2\"></span> Su p<span class=\"_ _2\"></span>lazo de amortizaci\u00f3n es d<span class=\"_ _2\"></span>e 10 a\u00f1os, con<span class=\"_ _2\"></span> un periodo de carencia de<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x78 h8_1 ydc3 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">3 a\u00f1os, y devengan<span class=\"_ _2\"></span> un tipo de inter\u00e9s fijo q<span class=\"_ _2\"></span>ue se sit\u00faa en el ra<span class=\"_ _2\"></span>ngo <span class=\"_ _2\"></span>1%-2,29%.<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x21 h64 y447 ff3 fs0_1 fc6 sc0_1 ls0_1 ws0_1\">29.3<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Estado de flujos de efe<span class=\"_ _1\"></span>ctivo (EFE)<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span></div><div class=\"t_1 m0_1 x78 h8_1 y463 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Se <span class=\"_ _2\"></span>muestra <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>continu<span class=\"_ _2\"></span>aci\u00f3n <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>conciliaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>entre <span class=\"_ _2\"></span>las<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>variaciones <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>end<span class=\"_ _2\"></span>eudamiento <span class=\"_ _2\"></span>financiero <span class=\"_ _4\"></span>del <span class=\"_ _2\"></span>Grupo<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x78 h8_1 ydc4 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">(deudas  con <span class=\"_ _c2\"> </span>entidad<span class=\"_ _2\"></span>es <span class=\"_ _c5\"> </span>de <span class=\"_ _c2\"> </span>cr\u00e9dito  y <span class=\"_ _c2\"> </span>mercado  de <span class=\"_ _c5\"> </span>capitales  y <span class=\"_ _c2\"> </span>otros<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>pasivos <span class=\"_ _c2\"> </span>finan<span class=\"_ _2\"></span>cieros) <span class=\"_ _c5\"> </span>y <span class=\"_ _c5\"> </span>los <span class=\"_ _c5\"> </span>flujos  de<span class=\"_ _1\"></span> </div><div class=\"t_1 m0_1 x78 h8_1 y361 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">financiaci\u00f3n <span class=\"_ _0\"></span>recogidos <span class=\"_ _c0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>ep\u00edgrafe <span class=\"_ _c0\"></span>\u201c<span class=\"_ _2\"></span>Cobros <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>agos <span class=\"_ _c0\"></span>por <span class=\"_ _c0\"></span>in<span class=\"_ _2\"></span>strumentos <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>pasivo <span class=\"_ _0\"></span>financiero\u201d <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>stado <span class=\"_ _c0\"></span>de<span class=\"_ _4\"></span><span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 x78 h8_1 y362 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Flujos de Efectivo en 20<span class=\"_ _2\"></span>22 y 2<span class=\"_ _2\"></span>021:<span class=\"_ _1be\"> </span> </div></div>2<span class=\"_ _1be\"> </span>022<span class=\"_ _1be\"> </span>Cort<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pla<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Miles <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span> Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span>2023<span class=\"_ _43\"> </span>2024<span class=\"_ _9b\"> </span>2025<span class=\"_ _24\"> </span>2026<span class=\"_ _24\"> </span>2027<span class=\"_ _154\"> </span><span class=\"ls0_1\">Sigui<span class=\"_ _2\"></span>entes<span class=\"_ _1be\"> </span></span>Tot<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Largo<span class=\"_ _1be\"> </span> pla<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Otros <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>sivos<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cieros <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>CELULOSA -<span class=\"_ _1be\"> </span>Fina<span class=\"_ _2\"></span>nciaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>organ<span class=\"_ _2\"></span>ismo<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>\u00fab<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>cos<span class=\"_ _1be\"> </span>49.973<span class=\"_ _b\"> </span>8.340<span class=\"_ _90\"> </span>8.234<span class=\"_ _b\"> </span>8.109<span class=\"_ _b\"> </span>8.109<span class=\"_ _b\"> </span>6.221<span class=\"_ _7b\"> </span>10.960<span class=\"_ _e\"> </span>41.633<span class=\"_ _1be\"> </span>Pasivo<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>derecho<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e u<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>(no<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>18)           37<span class=\"_ _1\"></span>.6<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>3 <span class=\"_ _c7\"> </span>             3.0<span class=\"_ _1\"></span>15<span class=\"_ _1\"></span> <span class=\"_ _ed\"> </span>             2.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>08<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>             2.<span class=\"_ _1\"></span>93<span class=\"_ _1\"></span>9 <span class=\"_ _c7\"> </span>             1.8<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>             1.<span class=\"_ _1\"></span>47<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>           25.<span class=\"_ _1\"></span>83<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>           34.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>88<span class=\"_ _1\"></span> 87.57<span class=\"_ _1\"></span>6<span class=\"_ _e\"> </span>11.35<span class=\"_ _1\"></span>5<span class=\"_ _14\"> </span>10.7<span class=\"_ _1\"></span>42<span class=\"_ _e\"> </span>11.04<span class=\"_ _1\"></span>8<span class=\"_ _b\"> </span>9.939<span class=\"_ _b\"> </span>7.700<span class=\"_ _7b\"> </span>36.792<span class=\"_ _7b\"> </span>76.221<span class=\"_ _1be\"> </span>Otros <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>sivos<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cieros <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>ENERG<span class=\"_ _2\"></span>IA RE<span class=\"_ _2\"></span>NOVABLE -<span class=\"_ _1be\"> </span>Pasivo<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>derecho<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e u<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>(no<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>18)<span class=\"_ _1be\"> </span>1.697<span class=\"_ _86\"> </span><span class=\"ls94\">661<span class=\"_ _aa\"> </span>389<span class=\"_ _17\"> </span>288<span class=\"_ _17\"> </span>192<span class=\"_ _22\"> </span>50<span class=\"_ _97\"> </span>117<span class=\"_ _b\"> </span></span>1.036<span class=\"_ _1be\"> </span>1.697<span class=\"_ _86\"> </span><span class=\"ls94\">661<span class=\"_ _20\"> </span>389<span class=\"_ _97\"> </span>288<span class=\"_ _17\"> </span>192<span class=\"_ _22\"> </span>50<span class=\"_ _17\"> </span>117<span class=\"_ _78\"> </span></span>1.036<span class=\"_ _1be\"> </span>89.27<span class=\"_ _1\"></span>3<span class=\"_ _e\"> </span>12.01<span class=\"_ _1\"></span>6<span class=\"_ _14\"> </span>11.1<span class=\"_ _1\"></span>31<span class=\"_ _e\"> </span>11.33<span class=\"_ _1\"></span>6<span class=\"_ _e\"> </span>10.131<span class=\"_ _f7\"> </span>7.750<span class=\"_ _e\"> </span>36.90<span class=\"_ _1\"></span>9<span class=\"_ _e\"> </span>77.25<span class=\"_ _1\"></span>7<span class=\"_ _1be\"> </span>Vencimient<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1o<span class=\"_ _1be\"> </span>2<span class=\"_ _1be\"> </span>021<span class=\"_ _1be\"> </span>Cor<span class=\"_ _2\"></span>to pl<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es <span class=\"_ _2\"></span>de E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>do<span class=\"_ _1be\"> </span> Di<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>pues<span class=\"_ _2\"></span>to<span class=\"_ _1be\"> </span>2022<span class=\"_ _2e\"> </span>2023<span class=\"_ _48\"> </span>2024<span class=\"_ _48\"> </span>2025<span class=\"_ _12d\"> </span>2026<span class=\"_ _7\"> </span><span class=\"ls0_1\">Si<span class=\"_ _4\"></span>gui<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span></span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> Lar<span class=\"_ _2\"></span>go<span class=\"_ _1be\"> </span> pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> Ne<span class=\"_ _1\"></span>goci<span class=\"_ _4\"></span>o CELU<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OSA -<span class=\"_ _1be\"> </span>Fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n or<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>ni<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>mos<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>\u00fabl<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>58<span class=\"_ _2\"></span>.03<span class=\"_ _2\"></span>8<span class=\"_ _84\"> </span>6<span class=\"_ _2\"></span>.371<span class=\"_ _90\"> </span>8<span class=\"_ _2\"></span>.049<span class=\"_ _f7\"> </span>8.61<span class=\"_ _2\"></span>8<span class=\"_ _84\"> </span>8<span class=\"_ _2\"></span>.46<span class=\"_ _2\"></span>4<span class=\"_ _84\"> </span>8<span class=\"_ _2\"></span>.464<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.072<span class=\"_ _ff\"> </span>5<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.667<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por<span class=\"_ _2\"></span> derecho d<span class=\"_ _2\"></span>e us<span class=\"_ _2\"></span>o (nota<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>8)           16<span class=\"_ _2\"></span>.445<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>             3.614<span class=\"_ _2\"></span> <span class=\"_ _30\"> </span>             3.26<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>             1<span class=\"_ _2\"></span>.403<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>             1.77<span class=\"_ _2\"></span>3 <span class=\"_ _c6\"> </span>                 94<span class=\"_ _2\"></span>0 <span class=\"_ _c9\"> </span>             5.44<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>           12<span class=\"_ _2\"></span>.830<span class=\"_ _2\"></span> 74<span class=\"_ _2\"></span>.483<span class=\"_ _f7\"> </span>9.98<span class=\"_ _2\"></span>5<span class=\"_ _d\"> </span>11<span class=\"_ _2\"></span>.316<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0.02<span class=\"_ _2\"></span>1<span class=\"_ _ff\"> </span>10<span class=\"_ _2\"></span>.23<span class=\"_ _2\"></span>7<span class=\"_ _84\"> </span>9.40<span class=\"_ _2\"></span>4<span class=\"_ _ff\"> </span>23<span class=\"_ _2\"></span>.51<span class=\"_ _2\"></span>9<span class=\"_ _ff\"> </span>64<span class=\"_ _2\"></span>.497<span class=\"_ _1be\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> Ne<span class=\"_ _1\"></span>goci<span class=\"_ _4\"></span>o ENE<span class=\"_ _1\"></span>RG<span class=\"_ _1\"></span>I<span class=\"_ _2\"></span>A RE<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>OVAB<span class=\"_ _1\"></span>LE<span class=\"_ _1\"></span> -<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por<span class=\"_ _2\"></span> derecho d<span class=\"_ _2\"></span>e us<span class=\"_ _2\"></span>o (nota<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>8)<span class=\"_ _1be\"> </span>1.12<span class=\"_ _2\"></span>7                 38<span class=\"_ _2\"></span>1 <span class=\"_ _ec\"> </span>                 22<span class=\"_ _2\"></span>7 <span class=\"_ _c6\"> </span>                 19<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>                 1<span class=\"_ _2\"></span>11<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>                   35<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>                 1<span class=\"_ _2\"></span>82<span class=\"_ _2\"></span> 746<span class=\"_ _1be\"> </span>1.12<span class=\"_ _2\"></span>7<span class=\"_ _86\"> </span><span class=\"ls96\">381<span class=\"_ _a8\"> </span>227<span class=\"_ _3a\"> </span>191<span class=\"_ _8b\"> </span>111<span class=\"_ _ce\"> </span>35<span class=\"_ _8b\"> </span>182<span class=\"_ _8b\"> </span>746<span class=\"_ _1be\"> </span></span>75<span class=\"_ _2\"></span>.610<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.366<span class=\"_ _d\"> </span>11<span class=\"_ _2\"></span>.543<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.212<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0.34<span class=\"_ _2\"></span>8<span class=\"_ _84\"> </span>9<span class=\"_ _2\"></span>.439<span class=\"_ _ff\"> </span>2<span class=\"_ _2\"></span>3.70<span class=\"_ _2\"></span>1<span class=\"_ _ff\"> </span>65<span class=\"_ _2\"></span>.24<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>Ve<span class=\"_ _1\"></span>nci<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>ento e<span class=\"_ _1\"></span>n e<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span>\u00f1o<span class=\"_ _1be\"> </span><div class=\"c_1 w12c h260 gs29e\"><div class=\"t_1 m52 x9 h261 ydf9 ff3 fs62 fc0_1 sc0_1 ls98 ws0_1\">2022<span class=\"_ _1be\"> </span></div><div class=\"t_1 m52 x9 h262 ydfa ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Mi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> de Euros<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w12d h260 gs29f\"><div class=\"t_1 m52 x23 h262 ydfb ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Sa<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m52 x40 h262 ydfc ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">1/1<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w12d h260 gs2a0\"><div class=\"t_1 m52 x3d h262 ydfd ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Em<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m52 x9 h262 ydfb ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">di<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> </div><div class=\"t_1 m52 x40 h262 ydfc ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">(Ne<span class=\"_ _1\"></span>tas<span class=\"_ _2\"></span> de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m52 x27 h262 ydfe ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">gas<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w12e h260 gs2a1\"><div class=\"t_1 m52 x3d h262 ydfb ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Ree<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bol<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>os<span class=\"_ _2\"></span> /<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m52 x9 h262 ydfc ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Cuota<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w12c h260 gs29e\"><div class=\"t_1 m52 xd h262 ydfb ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Recompra<span class=\"_ _2\"></span> </div><div class=\"t_1 m52 x93 h262 ydfc ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">bonos<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w12f h260 gs2a2\"><div class=\"t_1 m52 x30 h262 ydfb ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Pa<span class=\"_ _2\"></span>go de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m52 xa h262 ydfc ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">i<span class=\"_ _2\"></span>ntereses<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w130 h260 gs2a3\"><div class=\"t_1 m52 x30 h262 ydfb ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Deve<span class=\"_ _1\"></span>ngo de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m52 x23 h262 ydfc ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">i<span class=\"_ _2\"></span>ntereses<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w131 h260 gs2a4\"><div class=\"t_1 m52 x40 h262 ydff ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Deve<span class=\"_ _1\"></span>ngo de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m52 x27 h262 ye00 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">cos<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m52 x43 h262 ye01 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">estruc<span class=\"_ _2\"></span>tura<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w132 h260 gs2a5\"><div class=\"t_1 m52 x43 h262 ydff ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Var<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es p<span class=\"_ _2\"></span>or<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m52 x43 h262 ye00 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">derechos<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e uso<span class=\"_ _2\"></span> </div><div class=\"t_1 m52 xa h262 ye01 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">s<span class=\"_ _2\"></span>obr<span class=\"_ _2\"></span>e ac<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w133 h260 gs2a6\"><div class=\"t_1 m52 x43 h262 ydff ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Actual<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m52 xa h262 ye00 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>era<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m52 x37 h262 ye01 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">otros<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w134 h260 gs2a7\"><div class=\"t_1 m52 x23 h262 ydfb ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Sa<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m52 x3d h262 ydfc ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">31<span class=\"_ _2\"></span>/12<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>22<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w12c h263 gs2a8\"><div class=\"t_1 m52 x9 h262 ye03 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Deuda fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Ne<span class=\"_ _1\"></span>goci<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> CEL<span class=\"_ _1\"></span>UL<span class=\"_ _1\"></span>OSA -<span class=\"_ _1be\"> </span></div><div class=\"t_1 m52 x27 h262 ye04 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Obl<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es y b<span class=\"_ _2\"></span>onos<span class=\"_ _2\"></span> (Nota<span class=\"_ _2\"></span> 29<span class=\"_ _2\"></span>.1)</div></div><div class=\"c_1 w12c h264 gs2a9\"><div class=\"t_1 m52 x125 h262 ydfa ff4 fs63 fc0_1 sc0_1 ls99 ws0_1\">          12<span class=\"_ _2\"></span>5.568<span class=\"_ _2\"></span> <span class=\"_ _129\"> </span>                     -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _bb\"></span>              (6<span class=\"_ _2\"></span>5.279<span class=\"_ _2\"></span>)<span class=\"_ _15\"> </span>                   -   <span class=\"_ _117\"> </span>                           -                        498 <span class=\"_ _bd\"> </span>                           -   <span class=\"_ _1\"></span>                 2.513<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            63.30<span class=\"_ _2\"></span>0<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w12c h263 gs2a8\"><div class=\"t_1 m52 x27 h262 ye06 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Pr<span class=\"_ _2\"></span>\u00e9sta<span class=\"_ _2\"></span>mos<span class=\"_ _2\"></span> ba<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>os</div></div><div class=\"c_1 w12c h264 gs2aa\"><div class=\"t_1 m52 x125 h262 ydfa ff4 fs63 fc0_1 sc0_1 ls99 ws0_1\">          10<span class=\"_ _2\"></span>4.305<span class=\"_ _2\"></span> <span class=\"_ _129\"> </span>                     -   <span class=\"_ _bb\"></span>              (1<span class=\"_ _2\"></span>0.00<span class=\"_ _2\"></span>0)<span class=\"_ _cb\"> </span>                         -   <span class=\"_ _c6\"> </span>                   -   <span class=\"_ _18e\"> </span>                           -   <span class=\"_ _1\"></span>                     156<span class=\"_ _2\"></span> <span class=\"_ _bd\"> </span>                           -   <span class=\"_ _c2\"> </span>                        -   <span class=\"_ _2\"></span>            9<span class=\"_ _2\"></span>4.46<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w12c h263 gs2a8\"><div class=\"t_1 m52 x27 h262 ye08 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Otros<span class=\"_ _4\"></span> pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ero<span class=\"_ _2\"></span>s</div></div><div class=\"c_1 w12c h264 gs2ab\"><div class=\"t_1 m52 x125 h262 ydfa ff4 fs63 fc0_1 sc0_1 ls99 ws0_1\">            58<span class=\"_ _2\"></span>.038 <span class=\"_ _d7\"> </span>                    66<span class=\"_ _2\"></span> <span class=\"_ _c0\"> </span>                 (8.09<span class=\"_ _2\"></span>3)<span class=\"_ _cb\"> </span>                         -   <span class=\"_ _c7\"> </span>                   -   <span class=\"_ _c1\"> </span>                        (6<span class=\"_ _2\"></span>1)<span class=\"_ _cb\"> </span>                        -   <span class=\"_ _c6\"> </span>                           -   <span class=\"_ _4\"></span>                      23<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            49<span class=\"_ _2\"></span>.973<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w12c h263 gs2a8\"><div class=\"t_1 m52 x27 h262 ye0a ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Deudas<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>ntereses<span class=\"_ _2\"></span>, cup<span class=\"_ _2\"></span>\u00f3n y otr<span class=\"_ _2\"></span>os</div></div><div class=\"c_1 w12c h264 gs2ac\"><div class=\"t_1 m52 x125 h262 ye0c ff4 fs63 fc0_1 sc0_1 ls99 ws0_1\">              1.208<span class=\"_ _2\"></span> <span class=\"_ _129\"> </span>                     -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _bc\"></span>           (5.174)<span class=\"_ _18e\"> </span>                    5.152<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>                        -   <span class=\"_ _c7\"> </span>                           -   <span class=\"_ _c5\"> </span>                        -   <span class=\"_ _1\"></span>               1.18<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w12c h263 gs2a8\"><div class=\"t_1 m52 x27 h262 ye0d ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>or d<span class=\"_ _2\"></span>erecho de us<span class=\"_ _2\"></span>o s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>bre a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>tiv<span class=\"_ _2\"></span>os</div></div><div class=\"c_1 w12c h264 gs2ad\"><div class=\"t_1 m52 x125 h262 ydfa ff4 fs63 fc0_1 sc0_1 ls99 ws0_1\">            16<span class=\"_ _2\"></span>.444 <span class=\"_ _185\"> </span>                     -   <span class=\"_ _bf\"></span>                 (4<span class=\"_ _2\"></span>.722<span class=\"_ _2\"></span>)<span class=\"_ _15\"> </span>                         -   <span class=\"_ _d1\"> </span>                    1.92<span class=\"_ _2\"></span>7 <span class=\"_ _bd\"> </span>                        -                     23.95<span class=\"_ _2\"></span>4 <span class=\"_ _c8\"> </span>                        -   <span class=\"_ _4\"></span>            37<span class=\"_ _2\"></span>.603<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w12c h264 gs2ae\"><div class=\"t_1 m52 x125 h265 ydfa ff3 fs63 fc0_1 sc0_1 ls99 ws0_1\">          30<span class=\"_ _2\"></span>5.561<span class=\"_ _2\"></span> <span class=\"_ _d8\"> </span>                    6<span class=\"_ _2\"></span>6 <span class=\"_ _c2\"> </span>              (22<span class=\"_ _2\"></span>.815)<span class=\"_ _c7\"> </span>              (65<span class=\"_ _2\"></span>.279)<span class=\"_ _c5\"> </span>           (5<span class=\"_ _2\"></span>.174)<span class=\"_ _185\"> </span>                    7.018 <span class=\"_ _c5\"> </span>                     6<span class=\"_ _2\"></span>54<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>                  2<span class=\"_ _2\"></span>3.954<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>                 2.536<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>          2<span class=\"_ _2\"></span>46<span class=\"_ _2\"></span>.522 </div></div><div class=\"c_1 w12c h264 gs2af\"><div class=\"t_1 m52 x123 h265 ydfa ff3 fs63 fc0_1 sc0_1 ls99 ws0_1\">          30<span class=\"_ _2\"></span>5.561<span class=\"_ _2\"></span> <span class=\"_ _d8\"> </span>                    6<span class=\"_ _2\"></span>6 <span class=\"_ _c5\"> </span>              (2<span class=\"_ _2\"></span>2.815<span class=\"_ _2\"></span>)<span class=\"_ _c6\"> </span>              (6<span class=\"_ _2\"></span>5.279<span class=\"_ _2\"></span>)<span class=\"_ _14c\"> </span>           (5.17<span class=\"_ _2\"></span>4)<span class=\"_ _117\"> </span>                    7<span class=\"_ _2\"></span>.018 <span class=\"_ _c6\"> </span>                     65<span class=\"_ _2\"></span>4 <span class=\"_ _c6\"> </span>                  23<span class=\"_ _2\"></span>.954 <span class=\"_ _c5\"> </span>                 2<span class=\"_ _2\"></span>.536 <span class=\"_ _c6\"> </span>          24<span class=\"_ _2\"></span>6.522<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w12c h266 gs2b0\"><div class=\"t_1 m52 x9 h262 ye0c ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Deuda fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Ne<span class=\"_ _1\"></span>goci<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> EN<span class=\"_ _1\"></span>ERG<span class=\"_ _1\"></span>I<span class=\"_ _2\"></span>A RE<span class=\"_ _1\"></span>NOVA<span class=\"_ _1\"></span>BL<span class=\"_ _1\"></span>E -<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w12c h263 gs2a8\"><div class=\"t_1 m52 x27 h262 ye12 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Obl<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es y b<span class=\"_ _2\"></span>onos</div></div><div class=\"c_1 w12c h264 gs2b1\"><div class=\"t_1 m52 x125 h262 ye14 ff4 fs63 fc0_1 sc0_1 ls99 ws0_1\">            92<span class=\"_ _2\"></span>.106 <span class=\"_ _ed\"> </span>                     -   <span class=\"_ _c6\"> </span>                         -   <span class=\"_ _bb\"></span>              (1<span class=\"_ _2\"></span>4.000<span class=\"_ _2\"></span>)<span class=\"_ _15\"> </span>                   -   <span class=\"_ _a3\"> </span>                           -                         33<span class=\"_ _2\"></span>0 <span class=\"_ _15\"> </span>                           -   <span class=\"_ _c2\"> </span>                        -   <span class=\"_ _2\"></span>            7<span class=\"_ _2\"></span>8.43<span class=\"_ _2\"></span>6<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w12c h263 gs2a8\"><div class=\"t_1 m52 x27 h262 ye15 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Pr<span class=\"_ _2\"></span>\u00e9sta<span class=\"_ _2\"></span>mos<span class=\"_ _2\"></span> ba<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>os</div></div><div class=\"c_1 w12c h264 gs2b2\"><div class=\"t_1 m52 x125 h262 ydfa ff4 fs63 fc0_1 sc0_1 ls99 ws0_1\">            99<span class=\"_ _2\"></span>.447 <span class=\"_ _10f\"> </span>                     -                  (2<span class=\"_ _2\"></span>9.40<span class=\"_ _2\"></span>0)<span class=\"_ _a0\"> </span>                         -   <span class=\"_ _c7\"> </span>                   -   <span class=\"_ _a3\"> </span>                           -                         473 <span class=\"_ _15\"> </span>                           -   <span class=\"_ _c2\"> </span>                        -   <span class=\"_ _4\"></span>            70<span class=\"_ _2\"></span>.520<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w12c h263 gs2a8\"><div class=\"t_1 m52 x27 h262 ye17 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Deudas<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>ntereses<span class=\"_ _2\"></span>, cup<span class=\"_ _2\"></span>\u00f3n y otr<span class=\"_ _2\"></span>os</div></div><div class=\"c_1 w12c h264 gs2b3\"><div class=\"t_1 m52 x125 h262 ydfa ff4 fs63 fc0_1 sc0_1 ls99 ws0_1\">                      7 <span class=\"_ _117\"> </span>                     -   <span class=\"_ _bd\"> </span>                         -   <span class=\"_ _c6\"> </span>                         -   <span class=\"_ _bc\"></span>           (5.065<span class=\"_ _2\"></span>)<span class=\"_ _117\"> </span>                    5.08<span class=\"_ _2\"></span>1 <span class=\"_ _cb\"> </span>                        -   <span class=\"_ _c6\"> </span>                           -   <span class=\"_ _c5\"> </span>                        -   <span class=\"_ _4\"></span>                    23<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w12c h263 gs2a8\"><div class=\"t_1 m52 x27 h262 ye19 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>or d<span class=\"_ _2\"></span>erecho de us<span class=\"_ _2\"></span>o s<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>bre a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>tiv<span class=\"_ _2\"></span>os</div></div><div class=\"c_1 w12c h264 gs2b4\"><div class=\"t_1 m52 x125 h262 ydfa ff4 fs63 fc0_1 sc0_1 ls99 ws0_1\">              1.127<span class=\"_ _2\"></span> <span class=\"_ _117\"> </span>                     -                     (1.169)<span class=\"_ _ca\"> </span>                         -   <span class=\"_ _106\"> </span>                          51 <span class=\"_ _cc\"> </span>                        -   <span class=\"_ _c3\"> </span>                    1<span class=\"_ _2\"></span>.688<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                        -   <span class=\"_ _c2\"> </span>               1.697<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w12c h266 gs2b5\"><div class=\"t_1 m52 x123 h265 ye1c ff3 fs63 fc0_1 sc0_1 ls99 ws0_1\">          19<span class=\"_ _2\"></span>2.687<span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>                     -                  (30.56<span class=\"_ _2\"></span>9)<span class=\"_ _c7\"> </span>              (14.00<span class=\"_ _2\"></span>0)<span class=\"_ _14c\"> </span>           (5<span class=\"_ _2\"></span>.065)<span class=\"_ _117\"> </span>                    5<span class=\"_ _2\"></span>.132 <span class=\"_ _c6\"> </span>                     80<span class=\"_ _2\"></span>3 <span class=\"_ _c6\"> </span>                    1.688<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>                        -              1<span class=\"_ _2\"></span>50<span class=\"_ _2\"></span>.676<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w135 h267 gs2b6\"><div class=\"t_1 m52 x27 h262 ye1e ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">I<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>trumentos fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>eros<span class=\"_ _4\"></span> deri<span class=\"_ _2\"></span>va<span class=\"_ _4\"></span>dos<span class=\"_ _2\"></span> </div><div class=\"t_1 m52 x27 h262 ye1f ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> l<span class=\"_ _2\"></span>a<span class=\"_ _4\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>\u00f3n</div></div><div class=\"c_1 w12c h267 gs2b6\"><div class=\"t_1 m52 x125 h262 ye20 ff4 fs63 fc0_1 sc0_1 ls99 ws0_1\">              4.781<span class=\"_ _2\"></span> <span class=\"_ _117\"> </span>                     -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _c0\"> </span>           (2.121<span class=\"_ _2\"></span>)<span class=\"_ _129\"> </span>                           -   <span class=\"_ _c7\"> </span>                        -   <span class=\"_ _c7\"> </span>                           -                     3.25<span class=\"_ _2\"></span>0 <span class=\"_ _c7\"> </span>               5.91<span class=\"_ _2\"></span>0 </div></div><div class=\"c_1 w12c h264 gs2b7\"><div class=\"t_1 m52 x123 h265 ye1c ff3 fs63 fc0_1 sc0_1 ls99 ws0_1\">          19<span class=\"_ _2\"></span>7.468<span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>                     -                  (30.56<span class=\"_ _2\"></span>9)<span class=\"_ _c7\"> </span>              (14.00<span class=\"_ _2\"></span>0)<span class=\"_ _14c\"> </span>           (7<span class=\"_ _2\"></span>.186)<span class=\"_ _117\"> </span>                    5<span class=\"_ _2\"></span>.132 <span class=\"_ _c6\"> </span>                     80<span class=\"_ _2\"></span>3 <span class=\"_ _c6\"> </span>                    1.688<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>                 3<span class=\"_ _2\"></span>.250 <span class=\"_ _c6\"> </span>          15<span class=\"_ _2\"></span>6.586<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w12c h264 gs2b8\"><div class=\"t_1 m52 x73 h265 ydfa ff3 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">50<span class=\"_ _2\"></span>3.03<span class=\"_ _2\"></span>0<span class=\"_ _33\"> </span><span class=\"ls9a\">66<span class=\"_ _14c\"> </span><span class=\"ls99\">              (53<span class=\"_ _2\"></span>.384)<span class=\"_ _c7\"> </span>              (79<span class=\"_ _2\"></span>.279)<span class=\"_ _c7\"> </span>        (12<span class=\"_ _2\"></span>.360)<span class=\"_ _90\"> </span></span></span>12<span class=\"_ _2\"></span>.150<span class=\"_ _78\"> </span>1<span class=\"_ _2\"></span>.457<span class=\"_ _8a\"> </span>2<span class=\"_ _2\"></span>5.64<span class=\"_ _2\"></span>2<span class=\"_ _84\"> </span>5<span class=\"_ _2\"></span>.786<span class=\"_ _ed\"> </span>40<span class=\"_ _2\"></span>3.10<span class=\"_ _2\"></span>8<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w136 h267 gs2b9\"><div class=\"t_1 m52 x67 h262 ye01 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Fl<span class=\"_ _2\"></span>uj<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> de efe<span class=\"_ _1\"></span>cti<span class=\"_ _2\"></span>vo<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w137 h267 gs2ba\"><div class=\"t_1 m52 x145 h262 ye01 ff4 fs63 fc0_1 sc0_1 ls0_1 ws0_1\">Var<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es d<span class=\"_ _2\"></span>e de<span class=\"_ _1\"></span>uda<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>n i<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>to en E<span class=\"_ _1\"></span>FE<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w138 h268 gs2bb\"><div class=\"t_1 m53 x9 h269 ye25 ff3 fs64 fc0_1 sc0_1 ls9b ws0_1\">2021<span class=\"_ _1be\"> </span></div><div class=\"t_1 m53 x9 h26a ye26 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Mi<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>es<span class=\"_ _2\"></span> de Euros<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w139 h268 gs2bc\"><div class=\"t_1 m53 x23 h26a ye27 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Sa<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m53 x40 h26a ye28 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">1/1<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w139 h268 gs2bd\"><div class=\"t_1 m53 x3d h26a ye29 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Em<span class=\"_ _1\"></span>i<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m53 x9 h26a ye27 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">di<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>os<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>ones<span class=\"_ _2\"></span> </div><div class=\"t_1 m53 x40 h26a ye28 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">(Ne<span class=\"_ _1\"></span>tas<span class=\"_ _2\"></span> de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m53 x27 h26a ye2a ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">gas<span class=\"_ _4\"></span>tos<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w13a h268 gs2be\"><div class=\"t_1 m53 x3d h26a ye27 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Ree<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span>bol<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>os<span class=\"_ _2\"></span> /<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m53 x9 h26a ye28 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Cuota<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>da<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w138 h268 gs2bb\"><div class=\"t_1 m53 xd h26a ye27 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Recompra<span class=\"_ _2\"></span> </div><div class=\"t_1 m53 x93 h26a ye28 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">bonos<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w13b h268 gs2bf\"><div class=\"t_1 m53 x30 h26a ye27 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Pa<span class=\"_ _2\"></span>go de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m53 xa h26a ye28 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">i<span class=\"_ _2\"></span>ntereses<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w13c h268 gs2c0\"><div class=\"t_1 m53 x30 h26a ye27 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Deve<span class=\"_ _1\"></span>ngo de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m53 x23 h26a ye28 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">i<span class=\"_ _2\"></span>ntereses<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w13d h268 gs2c1\"><div class=\"t_1 m53 x40 h26a ye2b ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Deve<span class=\"_ _1\"></span>ngo de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m53 x27 h26a ye2c ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">cos<span class=\"_ _4\"></span>te<span class=\"_ _1\"></span>s<span class=\"_ _2\"></span> de<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m53 x43 h26a ye2d ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">estruc<span class=\"_ _2\"></span>tura<span class=\"_ _4\"></span>ci<span class=\"_ _4\"></span>\u00f3n<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w13e h268 gs2c2\"><div class=\"t_1 m53 x43 h26a ye2b ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Var<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es p<span class=\"_ _2\"></span>or<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m53 x43 h26a ye2c ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">derechos<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e uso<span class=\"_ _2\"></span> </div><div class=\"t_1 m53 xa h26a ye2d ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">s<span class=\"_ _2\"></span>obr<span class=\"_ _2\"></span>e ac<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w13f h268 gs2c3\"><div class=\"t_1 m53 x43 h26a ye2b ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Actual<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>za<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m53 xa h26a ye2c ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>era<span class=\"_ _2\"></span> y<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m53 x37 h26a ye2d ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">otros<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w140 h268 gs2c4\"><div class=\"t_1 m53 x23 h26a ye27 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Sa<span class=\"_ _2\"></span>l<span class=\"_ _2\"></span>do<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m53 x3d h26a ye28 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">31<span class=\"_ _2\"></span>/12<span class=\"_ _2\"></span>/20<span class=\"_ _2\"></span>21<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w138 h26b gs2c5\"><div class=\"t_1 m53 x9 h26a ye2f ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Deuda fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Ne<span class=\"_ _1\"></span>goci<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> CEL<span class=\"_ _1\"></span>UL<span class=\"_ _1\"></span>OSA -<span class=\"_ _1be\"> </span></div><div class=\"t_1 m53 x27 h26a ye30 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Obl<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es y b<span class=\"_ _2\"></span>onos<span class=\"_ _2\"></span> (Nota<span class=\"_ _2\"></span> 29<span class=\"_ _2\"></span>.1)</div></div><div class=\"c_1 w138 h26c gs2c6\"><div class=\"t_1 m53 x125 h26a ye26 ff4 fs65 fc0_1 sc0_1 ls9c ws0_1\">          14<span class=\"_ _2\"></span>7.158<span class=\"_ _2\"></span> <span class=\"_ _185\"> </span>                     -   <span class=\"_ _c6\"> </span>                         -   <span class=\"_ _bb\"></span>              (2<span class=\"_ _2\"></span>5.749<span class=\"_ _2\"></span>)<span class=\"_ _15\"> </span>                   -   <span class=\"_ _18e\"> </span>                           -   <span class=\"_ _1\"></span>                     700<span class=\"_ _2\"></span> <span class=\"_ _bd\"> </span>                           -   <span class=\"_ _bb\"></span>                 3<span class=\"_ _2\"></span>.459<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>          1<span class=\"_ _2\"></span>25<span class=\"_ _2\"></span>.568<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w138 h26b gs2c5\"><div class=\"t_1 m53 x27 h26a ye32 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Pr<span class=\"_ _2\"></span>\u00e9sta<span class=\"_ _2\"></span>mos<span class=\"_ _2\"></span> ba<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>os</div></div><div class=\"c_1 w138 h26c gs2c7\"><div class=\"t_1 m53 x125 h26a ye26 ff4 fs65 fc0_1 sc0_1 ls9c ws0_1\">          24<span class=\"_ _2\"></span>2.692<span class=\"_ _2\"></span> <span class=\"_ _a1\"> </span>                (16<span class=\"_ _2\"></span>1)<span class=\"_ _c6\"> </span>            (13<span class=\"_ _2\"></span>8.480<span class=\"_ _2\"></span>)<span class=\"_ _15\"> </span>                         -   <span class=\"_ _c7\"> </span>                   -   <span class=\"_ _117\"> </span>                           -                        254 <span class=\"_ _bd\"> </span>                           -   <span class=\"_ _c5\"> </span>                        -             10<span class=\"_ _2\"></span>4.305<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w138 h26b gs2c5\"><div class=\"t_1 m53 x27 h26a ye34 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Otros<span class=\"_ _4\"></span> pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ero<span class=\"_ _2\"></span>s</div></div><div class=\"c_1 w138 h26c gs2c8\"><div class=\"t_1 m53 x125 h26a ye26 ff4 fs65 fc0_1 sc0_1 ls9c ws0_1\">            64<span class=\"_ _2\"></span>.424 <span class=\"_ _d8\"> </span>                  11<span class=\"_ _2\"></span>6                   (6.633)<span class=\"_ _cb\"> </span>                         -   <span class=\"_ _c7\"> </span>                   -   <span class=\"_ _117\"> </span>                           -   <span class=\"_ _c7\"> </span>                        -   <span class=\"_ _c6\"> </span>                           -   <span class=\"_ _2\"></span>                    131<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>            58<span class=\"_ _2\"></span>.038<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w138 h26b gs2c5\"><div class=\"t_1 m53 x27 h26a ye36 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Deudas<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>ntereses<span class=\"_ _2\"></span>, cup<span class=\"_ _2\"></span>\u00f3n y otr<span class=\"_ _2\"></span>os</div></div><div class=\"c_1 w138 h26c gs2c9\"><div class=\"t_1 m53 x167 h26a ye26 ff4 fs65 fc0_1 sc0_1 ls9c ws0_1\">              1.35<span class=\"_ _2\"></span>3 <span class=\"_ _185\"> </span>                     -   <span class=\"_ _c6\"> </span>                         -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _bc\"></span>           (9.594)<span class=\"_ _18e\"> </span>                    9.44<span class=\"_ _2\"></span>9 <span class=\"_ _cb\"> </span>                        -   <span class=\"_ _c6\"> </span>                           -   <span class=\"_ _c5\"> </span>                        -                  1.208<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w138 h26b gs2c5\"><div class=\"t_1 m53 x27 h26a ye38 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>or d<span class=\"_ _2\"></span>erecho de us<span class=\"_ _2\"></span>o s<span class=\"_ _4\"></span>obr<span class=\"_ _2\"></span>e ac<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos</div></div><div class=\"c_1 w138 h26c gs2ca\"><div class=\"t_1 m53 x125 h26a ye26 ff4 fs65 fc0_1 sc0_1 ls9c ws0_1\">            44<span class=\"_ _2\"></span>.785 <span class=\"_ _185\"> </span>                     -   <span class=\"_ _bf\"></span>                 (4<span class=\"_ _2\"></span>.145<span class=\"_ _2\"></span>)<span class=\"_ _15\"> </span>                         -   <span class=\"_ _20\"> </span>                        98<span class=\"_ _2\"></span>9 <span class=\"_ _bd\"> </span>                        -   <span class=\"_ _bb\"></span>                (25.18<span class=\"_ _2\"></span>5)<span class=\"_ _122\"> </span>                        -   <span class=\"_ _2\"></span>            1<span class=\"_ _2\"></span>6.44<span class=\"_ _2\"></span>4 </div></div><div class=\"c_1 w138 h26d gs2cb\"><div class=\"t_1 m53 x125 h26e ye3b ff3 fs65 fc0_1 sc0_1 ls9c ws0_1\">          50<span class=\"_ _2\"></span>0.410<span class=\"_ _2\"></span> <span class=\"_ _a3\"> </span>                  (45)<span class=\"_ _14c\"> </span>            (1<span class=\"_ _2\"></span>49.25<span class=\"_ _2\"></span>8)<span class=\"_ _c7\"> </span>              (25<span class=\"_ _2\"></span>.749)<span class=\"_ _c5\"> </span>           (9.59<span class=\"_ _2\"></span>4)<span class=\"_ _169\"> </span>                  1<span class=\"_ _2\"></span>0.438<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>                     95<span class=\"_ _2\"></span>4 <span class=\"_ _c2\"> </span>                (25<span class=\"_ _2\"></span>.185)<span class=\"_ _c4\"> </span>                 3<span class=\"_ _2\"></span>.590<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>          30<span class=\"_ _2\"></span>5.56<span class=\"_ _2\"></span>1<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w141 h26f gs2cc\"><div class=\"t_1 m53 x27 h26a ye28 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">I<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>trumentos fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>eros<span class=\"_ _4\"></span> deri<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>dos<span class=\"_ _2\"></span> </div><div class=\"t_1 m53 x27 h26a ye2a ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n</div></div><div class=\"c_1 w138 h26f gs2cc\"><div class=\"t_1 m53 x125 h26a ye3d ff4 fs65 fc0_1 sc0_1 ls9c ws0_1\">                  25<span class=\"_ _2\"></span>7 <span class=\"_ _14e\"> </span>                     -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _c6\"> </span>                         -                  (252)<span class=\"_ _ec\"> </span>                           -   <span class=\"_ _c6\"> </span>                        -   <span class=\"_ _c7\"> </span>                           -                           (5<span class=\"_ _2\"></span>)<span class=\"_ _bd\"> </span>                      -   </div></div><div class=\"c_1 w138 h26c gs2cd\"><div class=\"t_1 m53 x125 h26e ye26 ff3 fs65 fc0_1 sc0_1 ls9c ws0_1\">          50<span class=\"_ _2\"></span>0.667<span class=\"_ _2\"></span> <span class=\"_ _d8\"> </span>                  (45)<span class=\"_ _14c\"> </span>            (14<span class=\"_ _2\"></span>9.258<span class=\"_ _2\"></span>)<span class=\"_ _c7\"> </span>              (25.74<span class=\"_ _2\"></span>9)<span class=\"_ _14c\"> </span>           (9<span class=\"_ _2\"></span>.846)<span class=\"_ _18e\"> </span>                  10.43<span class=\"_ _2\"></span>8 <span class=\"_ _c5\"> </span>                     9<span class=\"_ _2\"></span>54<span class=\"_ _2\"></span> <span class=\"_ _c5\"> </span>                (25.18<span class=\"_ _2\"></span>5)<span class=\"_ _c7\"> </span>                 3.585<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>          3<span class=\"_ _2\"></span>05<span class=\"_ _2\"></span>.561<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w138 h26c gs2ce\"><div class=\"t_1 m53 x9 h26a ye40 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Deuda fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>era<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Ne<span class=\"_ _1\"></span>goci<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> EN<span class=\"_ _1\"></span>ERG<span class=\"_ _1\"></span>I<span class=\"_ _2\"></span>A RE<span class=\"_ _1\"></span>NOVA<span class=\"_ _1\"></span>BL<span class=\"_ _1\"></span>E -<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w138 h26b gs2c5\"><div class=\"t_1 m53 x27 h26a ye41 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Obl<span class=\"_ _4\"></span>i<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es y b<span class=\"_ _2\"></span>onos</div></div><div class=\"c_1 w138 h26c gs2cf\"><div class=\"t_1 m53 x125 h26a ye3b ff4 fs65 fc0_1 sc0_1 ls9c ws0_1\">            91<span class=\"_ _2\"></span>.711 <span class=\"_ _ed\"> </span>                     -   <span class=\"_ _c6\"> </span>                         -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _c7\"> </span>                   -   <span class=\"_ _a3\"> </span>                           -                         395<span class=\"_ _2\"></span> <span class=\"_ _122\"> </span>                           -   <span class=\"_ _c5\"> </span>                        -   <span class=\"_ _4\"></span>            92<span class=\"_ _2\"></span>.106<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w138 h26b gs2c5\"><div class=\"t_1 m53 x27 h26a ye43 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Pr<span class=\"_ _2\"></span>\u00e9sta<span class=\"_ _2\"></span>mos<span class=\"_ _2\"></span> ba<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>ri<span class=\"_ _4\"></span>os</div></div><div class=\"c_1 w138 h26c gs2d0\"><div class=\"t_1 m53 x125 h26a ye40 ff4 fs65 fc0_1 sc0_1 ls9c ws0_1\">          12<span class=\"_ _2\"></span>6.071<span class=\"_ _2\"></span> <span class=\"_ _d7\"> </span>              1.30<span class=\"_ _2\"></span>0 <span class=\"_ _14c\"> </span>              (2<span class=\"_ _2\"></span>8.55<span class=\"_ _2\"></span>0)<span class=\"_ _a0\"> </span>                         -   <span class=\"_ _c7\"> </span>                   -   <span class=\"_ _a3\"> </span>                           -                         626<span class=\"_ _2\"></span> <span class=\"_ _15\"> </span>                           -   <span class=\"_ _c2\"> </span>                        -   <span class=\"_ _2\"></span>            9<span class=\"_ _2\"></span>9.44<span class=\"_ _2\"></span>7<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w138 h26b gs2c5\"><div class=\"t_1 m53 x27 h26a ye45 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Otros<span class=\"_ _4\"></span> pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>ero<span class=\"_ _2\"></span>s</div></div><div class=\"c_1 w138 h26c gs2d1\"><div class=\"t_1 m53 x167 h26a ye26 ff4 fs65 fc0_1 sc0_1 ls9c ws0_1\">                     -   <span class=\"_ _14e\"> </span>                     -   <span class=\"_ _c6\"> </span>                         -   <span class=\"_ _bd\"> </span>                         -   <span class=\"_ _c6\"> </span>                   -   <span class=\"_ _117\"> </span>                           -   <span class=\"_ _c7\"> </span>                        -   <span class=\"_ _c7\"> </span>                           -   <span class=\"_ _c5\"> </span>                        -   <span class=\"_ _c5\"> </span>                      -<span class=\"_ _1be\"> </span>   </div></div><div class=\"c_1 w138 h26b gs2c5\"><div class=\"t_1 m53 x27 h26a ye47 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Deudas<span class=\"_ _4\"></span> por<span class=\"_ _2\"></span> i<span class=\"_ _2\"></span>ntereses<span class=\"_ _2\"></span>, cup<span class=\"_ _2\"></span>\u00f3n y otr<span class=\"_ _2\"></span>os</div></div><div class=\"c_1 w138 h26c gs2d2\"><div class=\"t_1 m53 x125 h26a ye26 ff4 fs65 fc0_1 sc0_1 ls9c ws0_1\">                    50<span class=\"_ _2\"></span> <span class=\"_ _10f\"> </span>                     -   <span class=\"_ _d9\"> </span>                         -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _bc\"></span>           (6.432<span class=\"_ _2\"></span>)<span class=\"_ _117\"> </span>                    6.38<span class=\"_ _2\"></span>9 <span class=\"_ _cb\"> </span>                        -   <span class=\"_ _c7\"> </span>                           -   <span class=\"_ _c5\"> </span>                        -   <span class=\"_ _1\"></span>                       7<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w138 h26b gs2c5\"><div class=\"t_1 m53 x27 h26a ye49 ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Pa<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>or d<span class=\"_ _2\"></span>erecho de us<span class=\"_ _2\"></span>o s<span class=\"_ _4\"></span>obr<span class=\"_ _2\"></span>e ac<span class=\"_ _2\"></span>ti<span class=\"_ _2\"></span>vos</div></div><div class=\"c_1 w138 h26c gs2d3\"><div class=\"t_1 m53 x125 h26a ye26 ff4 fs65 fc0_1 sc0_1 ls9c ws0_1\">              1.18<span class=\"_ _2\"></span>1 <span class=\"_ _117\"> </span>                     -                        (9<span class=\"_ _2\"></span>69<span class=\"_ _2\"></span>)<span class=\"_ _cc\"> </span>                         -   <span class=\"_ _42\"> </span>                          34 <span class=\"_ _cc\"> </span>                        -                            88<span class=\"_ _2\"></span>1 <span class=\"_ _c4\"> </span>                        -   <span class=\"_ _c2\"> </span>               1.12<span class=\"_ _2\"></span>7 </div></div><div class=\"c_1 w138 h26c gs2d4\"><div class=\"t_1 m53 x125 h26e ye26 ff3 fs65 fc0_1 sc0_1 ls9c ws0_1\">          21<span class=\"_ _2\"></span>9.013<span class=\"_ _2\"></span> <span class=\"_ _d7\"> </span>              1.300 <span class=\"_ _c6\"> </span>              (29<span class=\"_ _2\"></span>.519)<span class=\"_ _c8\"> </span>                         -               (<span class=\"_ _1\"></span>6.432<span class=\"_ _2\"></span>)<span class=\"_ _117\"> </span>                    6.42<span class=\"_ _2\"></span>3 <span class=\"_ _c7\"> </span>                 1.02<span class=\"_ _2\"></span>1 <span class=\"_ _c6\"> </span>                        88<span class=\"_ _2\"></span>1 <span class=\"_ _c4\"> </span>                        -              1<span class=\"_ _2\"></span>92<span class=\"_ _2\"></span>.687<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w141 h270 gs2d5\"><div class=\"t_1 m53 x27 h26a ye4d ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">I<span class=\"_ _2\"></span>ns<span class=\"_ _2\"></span>trumentos fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>eros<span class=\"_ _4\"></span> deri<span class=\"_ _2\"></span>v<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>dos<span class=\"_ _2\"></span> </div><div class=\"t_1 m53 x27 h26a ye2a ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>oc<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>do<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> a<span class=\"_ _2\"></span> l<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ci<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3n</div></div><div class=\"c_1 w138 h270 gs2d5\"><div class=\"t_1 m53 x125 h26a ye4e ff4 fs65 fc0_1 sc0_1 ls9c ws0_1\">            11<span class=\"_ _2\"></span>.850 <span class=\"_ _117\"> </span>                     -   <span class=\"_ _c6\"> </span>                         -   <span class=\"_ _c7\"> </span>                         -   <span class=\"_ _c0\"> </span>           (3.21<span class=\"_ _2\"></span>4)<span class=\"_ _185\"> </span>                           -   <span class=\"_ _c6\"> </span>                        -   <span class=\"_ _c7\"> </span>                           -                   (3.855)<span class=\"_ _cc\"> </span>               4.781<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w138 h26c gs2d6\"><div class=\"t_1 m53 x125 h26e ye26 ff3 fs65 fc0_1 sc0_1 ls9c ws0_1\">          23<span class=\"_ _2\"></span>0.863<span class=\"_ _2\"></span> <span class=\"_ _d7\"> </span>              1.300 <span class=\"_ _c6\"> </span>              (29<span class=\"_ _2\"></span>.519)<span class=\"_ _c8\"> </span>                         -               (<span class=\"_ _1\"></span>9.646<span class=\"_ _2\"></span>)<span class=\"_ _117\"> </span>                    6.42<span class=\"_ _2\"></span>3 <span class=\"_ _c7\"> </span>                 1.02<span class=\"_ _2\"></span>1 <span class=\"_ _c6\"> </span>                        88<span class=\"_ _2\"></span>1 <span class=\"_ _c2\"> </span>               (3.855<span class=\"_ _2\"></span>)<span class=\"_ _c4\"> </span>          19<span class=\"_ _2\"></span>7.468<span class=\"_ _2\"></span> </div></div><div class=\"c_1 w138 h26c gs2d7\"><div class=\"t_1 m53 x77 h26e ye26 ff3 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">73<span class=\"_ _2\"></span>1.53<span class=\"_ _2\"></span>1<span class=\"_ _17c\"> </span>1.25<span class=\"_ _2\"></span>5<span class=\"_ _c5\"> </span><span class=\"ls9c\">            (1<span class=\"_ _2\"></span>78<span class=\"_ _2\"></span>.777)<span class=\"_ _c7\"> </span>              (25<span class=\"_ _2\"></span>.749)<span class=\"_ _c7\"> </span>        (19<span class=\"_ _2\"></span>.492)<span class=\"_ _90\"> </span></span>16<span class=\"_ _2\"></span>.861<span class=\"_ _48\"> </span>1.97<span class=\"_ _2\"></span>5<span class=\"_ _c6\"> </span><span class=\"ls9c\">                (24<span class=\"_ _2\"></span>.304)<span class=\"_ _c7\"> </span>                  (27<span class=\"_ _2\"></span>0)<span class=\"_ _30\"> </span></span>503<span class=\"_ _2\"></span>.030<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w142 h270 gs2d8\"><div class=\"t_1 m53 x142 h26a ye3d ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Fl<span class=\"_ _2\"></span>uj<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> de efe<span class=\"_ _1\"></span>cti<span class=\"_ _2\"></span>vo<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w143 h270 gs2d9\"><div class=\"t_1 m53 x145 h26a ye3d ff4 fs65 fc0_1 sc0_1 ls0_1 ws0_1\">Var<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>on<span class=\"_ _2\"></span>es d<span class=\"_ _2\"></span>e de<span class=\"_ _1\"></span>uda<span class=\"_ _2\"></span> s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>n i<span class=\"_ _2\"></span>mpa<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>to en E<span class=\"_ _1\"></span>FE<span class=\"_ _1be\"> </span></div></div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-39": {
   "value": "29.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Deuda financiera<span class=\"_ _1be\"> </span></span></span><span class=\"ff5 ls0_1\"><span class=\"ff3\"> </span></span>29.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Deudas con entidade<span class=\"_ _1\"></span>s de cr\u00e9dito y mercado<span class=\"_ _1\"></span> de capitales<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span>La <span class=\"_ _1\"></span>composici\u00f3n de <span class=\"_ _bb\"></span>las deudas <span class=\"_ _bb\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>entidades de <span class=\"_ _1\"></span>cr\u00e9dito <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>31 <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>diciembre <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2021, <span class=\"_ _1\"></span>correspondientes<span class=\"_ _1be\"> </span> a pr\u00e9stamos y<span class=\"_ _2\"></span> l\u00edneas de descuento, clas<span class=\"_ _2\"></span>ificadas de acuerdo co<span class=\"_ _2\"></span>n sus vencimientos, es<span class=\"_ _2\"></span> la siguiente:<span class=\"_ _4\"></span> 2022<span class=\"_ _1be\"> </span>Cort<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>azo<span class=\"_ _1be\"> </span>Miles <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>L\u00edmite<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span> Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span>2023<span class=\"_ _2e\"> </span>2024<span class=\"_ _4a\"> </span>2025<span class=\"_ _92\"> </span>2026<span class=\"_ _1be\"> </span>Tot<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> Largo<span class=\"_ _1be\"> </span> Plazo<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nciera<span class=\"_ _2\"></span> Negocio <span class=\"_ _2\"></span>CE<span class=\"_ _2\"></span>LULO<span class=\"_ _1\"></span>SA -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gacion<span class=\"_ _2\"></span>es emi<span class=\"_ _2\"></span>tid<span class=\"_ _2\"></span>as            63<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            63<span class=\"_ _1\"></span>.3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>            63<span class=\"_ _1\"></span>.3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _117\"> </span>                    -   <span class=\"_ _4e\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -<span class=\"_ _1be\"> </span>   L\u00ednea<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e cr\u00e9di<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>\u2013 <span class=\"_ _2\"></span>revolvi<span class=\"_ _2\"></span>ng          13<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _122\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -<span class=\"_ _1be\"> </span>   Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cario<span class=\"_ _2\"></span>s            95<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            95<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>              7.5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            2<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>14<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>98<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            15<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>            87.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>ctura<span class=\"_ _2\"></span>ci\u00f3n                    -   <span class=\"_ _bc\"></span>               (<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>39<span class=\"_ _1\"></span>)<span class=\"_ _a0\"> </span>                    -   <span class=\"_ _cb\"> </span>               (30<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span>               (1<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>4)<span class=\"_ _c4\"> </span>                 (76<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span>               (<span class=\"_ _1\"></span>53<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>es, cup<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>ros                    -   <span class=\"_ _bb\"></span>              1<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6 <span class=\"_ _14c\"> </span>              1.1<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6 <span class=\"_ _117\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -             28<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>          15<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>.9<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            71<span class=\"_ _1\"></span>.9<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            2<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>            43.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            15.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            86.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> Deuda<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nciera<span class=\"_ _2\"></span> Negocio <span class=\"_ _2\"></span>ENE<span class=\"_ _2\"></span>RGIA <span class=\"_ _2\"></span>RENOVABLE -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gacion<span class=\"_ _2\"></span>es emi<span class=\"_ _2\"></span>tid<span class=\"_ _2\"></span>as            79<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _c0\"></span>            79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>                    -                79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1be\"> </span> L\u00ednea<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e cr\u00e9di<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>\u2013 <span class=\"_ _2\"></span>revolvi<span class=\"_ _2\"></span>ng            20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cario<span class=\"_ _2\"></span>s            71<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>05<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            71<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _c9\"> </span>            27<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            3<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>3 <span class=\"_ _14c\"> </span>            10.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>                    -                43.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>83<span class=\"_ _1\"></span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>ctura<span class=\"_ _2\"></span>ci\u00f3n                    -   <span class=\"_ _2\"></span>            (1.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>94<span class=\"_ _1\"></span>)<span class=\"_ _5f\"> </span>                    -   <span class=\"_ _cb\"> </span>               (9<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>9)<span class=\"_ _c4\"> </span>               (14<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)<span class=\"_ _34\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>4)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>es, cup<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>ros                    -   <span class=\"_ _c0\"></span>                   23<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>                   23<span class=\"_ _1\"></span> <span class=\"_ _d8\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   170.<span class=\"_ _1\"></span>050<span class=\"_ _7b\"> </span>148.97<span class=\"_ _1\"></span>9<span class=\"_ _78\"> </span>27.090<span class=\"_ _87\"> </span>32.784<span class=\"_ _b\"> </span>89.105<span class=\"_ _1e\"> </span>0<span class=\"_ _e\"> </span>121.8<span class=\"_ _1\"></span>89<span class=\"_ _1be\"> </span>458.<span class=\"_ _1\"></span>350<span class=\"_ _7b\"> </span>307.92<span class=\"_ _1\"></span>6<span class=\"_ _78\"> </span>99.076<span class=\"_ _87\"> </span>60.889<span class=\"_ _7b\"> </span>132.<span class=\"_ _1\"></span>932<span class=\"_ _78\"> </span>15.0<span class=\"_ _1\"></span>29<span class=\"_ _7b\"> </span>208.850<span class=\"_ _1be\"> </span>Vencimien<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Cada  u<span class=\"_ _2\"></span>no  d<span class=\"_ _2\"></span>e  los <span class=\"_ _c6\"> </span>negocios <span class=\"_ _c6\"> </span>se <span class=\"_ _c6\"> </span>financia <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>forma <span class=\"_ _14c\"> </span>in<span class=\"_ _2\"></span>depen<span class=\"_ _2\"></span>diente  del <span class=\"_ _c6\"> </span>otro. <span class=\"_ _c6\"> </span>No <span class=\"_ _14c\"> </span>h<span class=\"_ _2\"></span>ay  re<span class=\"_ _2\"></span>curso <span class=\"_ _c6\"> </span>o  gara<span class=\"_ _2\"></span>nt\u00edas<span class=\"_ _1be\"> </span> significativas entre a<span class=\"_ _2\"></span>mbos.<span class=\"_ _1be\"> </span> Los pagos<span class=\"_ _2\"></span> de intereses prev<span class=\"_ _2\"></span>istos en los pr\u00f3ximos<span class=\"_ _2\"></span>  <span class=\"_ _bc\"></span>4 a\u00f1<span class=\"_ _2\"></span>os y asociado<span class=\"_ _2\"></span>s a <span class=\"ls1f\">la</span>s <span class=\"ff6 ls3a\">\u201cD</span>eudas <span class=\"_ _2\"></span>con entidades de cr\u00e9dito<span class=\"_ _1be\"> </span> y <span class=\"_ _0\"></span>mercado <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>capita<span class=\"_ _2\"></span>les\u201d <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>\u201cOtros <span class=\"_ _c3\"> </span>pasivos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>financiero<span class=\"_ _2\"></span><span class=\"ff4 ls14\">s <span class=\"_ _c3\"></span></span>\u2013<span class=\"ff4\"> <span class=\"_ _0\"></span></span>financiaci\u00f3n <span class=\"_ _c3\"> </span>organismos <span class=\"_ _c3\"></span>p\u00fablicos\u201d <span class=\"_ _c3\"> </span><span class=\"ff4\">en <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>Negocio<span class=\"_ _1be\"> </span></span><span class=\"ff4\"> </span>Celulosa<span class=\"ls1c\">, <span class=\"_ _2\"></span></span>cons<span class=\"_ _2\"></span>iderando <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>endeudamiento <span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>ual, <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>situ<span class=\"_ _2\"></span>ar\u00e1n <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>ngo <span class=\"_ _4\"></span>0,7 <span class=\"_ _2\"></span><span class=\"ff6\">\u2013</span> <span class=\"_ _4\"></span>5,1 <span class=\"_ _2\"></span>millones <span class=\"_ _4\"></span><span class=\"ff6\">\u20ac</span>, <span class=\"_ _2\"></span>anu<span class=\"_ _2\"></span>ales. <span class=\"_ _2\"></span>Por<span class=\"_ _1be\"> </span> su <span class=\"_ _1\"></span>parte, <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>pagos <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>intereses previstos <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>Negocio <span class=\"_ _1\"></span>Energ\u00eda <span class=\"_ _1\"></span>Renovable <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>los <span class=\"_ _bb\"></span>pr\u00f3<span class=\"_ _2\"></span>ximos <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>a\u00f1os <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>situar\u00e1n<span class=\"_ _1be\"> </span> en el tramo 5,2 <span class=\"ff6\">\u2013</span> 8,<span class=\"_ _2\"></span>4 millones <span class=\"ff6\">\u20ac</span>.<span class=\"_ _1be\"> </span> El <span class=\"_ _c3\"> </span>coste <span class=\"_ _c3\"> </span>medio <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>deud<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>ENCE <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>2022 <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>2021 <span class=\"_ _c3\"> </span>ha <span class=\"_ _c3\"> </span>sido <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c3\"> </span><span class=\"ls11\">2,13</span>% <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>2,52%, <span class=\"_ _c3\"> </span>respectiv<span class=\"_ _2\"></span>amente. <span class=\"_ _c3\"></span>Por<span class=\"_ _1be\"> </span> negocios, <span class=\"_ _cc\"> </span>el <span class=\"_ _cc\"> </span>negocio <span class=\"_ _cc\"> </span>celulosa <span class=\"_ _cc\"> </span>ha <span class=\"_ _cc\"> </span>tenido <span class=\"_ _cc\"> </span>un <span class=\"_ _cc\"> </span>coste <span class=\"_ _cc\"> </span>medio <span class=\"_ _c9\"> </span>en <span class=\"_ _cc\"> </span>dichos <span class=\"_ _cc\"> </span>period<span class=\"_ _2\"></span>os <span class=\"_ _ca\"> </span>del <span class=\"_ _c9\"> </span>1,55% <span class=\"_ _cc\"> </span>y <span class=\"_ _cc\"> </span>1,<span class=\"ls11\">52</span>%,<span class=\"_ _1be\"> </span> respectivamente, y el negocio<span class=\"_ _2\"></span> energ\u00eda del <span class=\"_ _2\"></span><span class=\"ls11\">4,03</span>% y <span class=\"_ _2\"></span>4,19%, resp<span class=\"_ _2\"></span>ectivamente.<span class=\"_ _1be\"> </span> Al <span class=\"_ _c0\"></span>31 <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>diciembre <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>2022<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ENCE <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>empresas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>del <span class=\"_ _0\"></span>Gru<span class=\"_ _2\"></span>po <span class=\"_ _0\"></span>cumplen <span class=\"_ _c0\"></span>\u00ednte<span class=\"_ _2\"></span>gramente <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>sus <span class=\"_ _0\"></span>obligaciones<span class=\"_ _1be\"> </span> financieras <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cualquier <span class=\"_ _2\"></span>otro <span class=\"_ _2\"></span>tipo<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>pudieran <span class=\"_ _2\"></span>dar <span class=\"_ _2\"></span>lugar <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>vencimiento <span class=\"_ _2\"></span>anticipado <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>s compromis<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span> financieros.  La <span class=\"_ _c7\"> </span>finan<span class=\"_ _2\"></span>ciaci\u00f3n <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _c7\"> </span>no <span class=\"_ _c4\"> </span>est\u00e1 <span class=\"_ _c4\"> </span>sujeta <span class=\"_ _c7\"> </span>a <span class=\"_ _c4\"> </span>ning\u00fa<span class=\"_ _2\"></span>n <span class=\"_ _c7\"> </span>tipo <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>cl\u00e1us<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>que <span class=\"_ _c4\"> </span>implique <span class=\"_ _c4\"> </span>su <span class=\"_ _c7\"> </span>modificaci\u00f3n <span class=\"_ _c4\"> </span>o<span class=\"_ _1be\"> </span> renegociaci\u00f3n como cons<span class=\"_ _2\"></span>ecuencia de un<span class=\"_ _2\"></span>a variaci\u00f3n en la ca<span class=\"_ _2\"></span>lificaci\u00f3n crediticia.<span class=\"_ _2\"></span> Endeuda<span class=\"_ _1\"></span>miento Negocio Celulosa<span class=\"_ _1\"></span> 2<span class=\"_ _1be\"> </span>021<span class=\"_ _1be\"> </span>Cort<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>azo<span class=\"_ _1be\"> </span>Miles <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>L\u00edmite<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span> Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span>2022<span class=\"_ _95\"> </span>2023<span class=\"_ _46\"> </span>2024<span class=\"_ _3a\"> </span>2025<span class=\"_ _8\"> </span>2026<span class=\"_ _1be\"> </span>Tot<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Largo<span class=\"_ _1be\"> </span> Plazo<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ciera <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>CELULOSA -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> emit<span class=\"_ _2\"></span>id<span class=\"_ _2\"></span>as          12<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6 <span class=\"_ _14c\"> </span>          12<span class=\"_ _1\"></span>6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> <span class=\"_ _bd\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _cb\"> </span>          126<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6 <span class=\"_ _4e\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _bb\"></span>          12<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> recomp<span class=\"_ _2\"></span>rada<span class=\"_ _2\"></span>s                    -<span class=\"_ _1be\"> </span>   L\u00ednea <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e cr\u00e9dit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>\u2013 revo<span class=\"_ _2\"></span>lvin<span class=\"_ _2\"></span>g          13<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _d9\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -<span class=\"_ _1be\"> </span>   Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>carios          10<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>          10<span class=\"_ _1\"></span>5.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>              5.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _c1\"> </span>            12<span class=\"_ _1\"></span>.5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>            28<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>4 <span class=\"_ _14c\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>98<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            15.<span class=\"_ _1\"></span>10<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>          100<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>cturaci\u00f3<span class=\"_ _2\"></span>n                    -   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>19<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _cb\"> </span>                    -   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>19<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>tereses, <span class=\"_ _2\"></span>cup\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>tro<span class=\"_ _2\"></span>s                    -   <span class=\"_ _bb\"></span>              1.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>08<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>              1.2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 <span class=\"_ _14e\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -             36<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>          23<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>1 <span class=\"_ _14c\"> </span>              6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 <span class=\"_ _c1\"> </span>          13<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            28<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>41<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>81<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            15.<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>          22<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.8<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>3<span class=\"_ _1be\"> </span> Deuda<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ciera <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>ENERG<span class=\"_ _2\"></span>IA R<span class=\"_ _2\"></span>ENOVABLE -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> emit<span class=\"_ _2\"></span>id<span class=\"_ _2\"></span>as            93<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            93<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _170\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c0\"></span>            93<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _106\"> </span>            93.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> L\u00ednea <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e cr\u00e9dit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>\u2013 revo<span class=\"_ _2\"></span>lvin<span class=\"_ _2\"></span>g            20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _170\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>carios          10<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>          10<span class=\"_ _1\"></span>0.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            29<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>            27.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>67<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            33<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>33<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            10<span class=\"_ _1\"></span>.2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _c9\"> </span>                    -   <span class=\"_ _c2\"> </span>            71<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1be\"> </span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>cturaci\u00f3<span class=\"_ _2\"></span>n                    -   <span class=\"_ _2\"></span>            (1.<span class=\"_ _1\"></span>89<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _d9\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c0\"> </span>            (1.<span class=\"_ _1\"></span>89<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>tereses, <span class=\"_ _2\"></span>cup\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>tro<span class=\"_ _2\"></span>s                    -   <span class=\"_ _4\"></span>                     6 <span class=\"_ _c6\"> </span>                     6 <span class=\"_ _a1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   213.<span class=\"_ _1\"></span>450<span class=\"_ _12a\"> </span>191.<span class=\"_ _1\"></span>559<span class=\"_ _156\"> </span>29.40<span class=\"_ _1\"></span>6<span class=\"_ _e9\"> </span>27.06<span class=\"_ _1\"></span>7<span class=\"_ _156\"> </span>33.733<span class=\"_ _12a\"> </span>103<span class=\"_ _1\"></span>.250<span class=\"_ _ca\"> </span><span class=\"ff4 ls91\">                    -   <span class=\"_ _10a\"> </span></span>162.<span class=\"_ _1\"></span>153<span class=\"_ _1be\"> </span>574.<span class=\"_ _1\"></span>516<span class=\"_ _12a\"> </span>422.<span class=\"_ _1\"></span>640<span class=\"_ _156\"> </span>35.61<span class=\"_ _1\"></span>4<span class=\"_ _8\"> </span>165.6<span class=\"_ _1\"></span>33<span class=\"_ _156\"> </span>62.147<span class=\"_ _154\"> </span>147.231<span class=\"_ _156\"> </span>15.1<span class=\"_ _1\"></span>05<span class=\"_ _12a\"> </span>387.0<span class=\"_ _1\"></span>26<span class=\"_ _1be\"> </span>Vencimient<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Pr\u00e9stamos<span class=\"_ _1be\"> </span> Al <span class=\"_ _c0\"></span>31 <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>dicie<span class=\"_ _2\"></span>mbre <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>2022 <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _c0\"></span>mantiene <span class=\"_ _c0\"></span>su<span class=\"_ _2\"></span>scritos <span class=\"_ _c0\"></span>pr\u00e9sta<span class=\"_ _2\"></span>mos <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>finan<span class=\"_ _2\"></span>ciar <span class=\"_ _c0\"></span>determinadas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>inversion<span class=\"_ _2\"></span>es contempladas <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>\u201cPlan <span class=\"_ _c2\"> </span>Estrat\u00e9gico <span class=\"_ _c2\"> </span>2019<span class=\"_ _2\"></span><span class=\"ff4\">-</span>2023\u201d, <span class=\"_ _c2\"> </span>por <span class=\"_ _c3\"> </span>u<span class=\"_ _2\"></span>n <span class=\"_ _c2\"> </span>importe <span class=\"_ _c3\"> </span>conju<span class=\"_ _2\"></span>nto <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span><span class=\"ff4 ls11\">95<span class=\"ls0_1\"> <span class=\"_ _c2\"> </span>millones <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>euro<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>y </span></span>vencimientos <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>2023-2026. <span class=\"_ _4\"></span>Una <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>arte <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>pr\u00e9stamos <span class=\"_ _4\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>nominal <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ls11\">37</span> <span class=\"_ _4\"></span>millones <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>euros <span class=\"_ _2\"></span>devenga un <span class=\"_ _c3\"> </span>tipo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>inter\u00e9s <span class=\"_ _c3\"> </span>fijo <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>rango <span class=\"_ _c3\"> </span>1,<span class=\"_ _2\"></span><span class=\"ls11\">80</span>%-<span class=\"ls11\">1,<span class=\"ls2b\">95</span></span>%. <span class=\"_ _c3\"> </span>El <span class=\"_ _c3\"> </span>importe <span class=\"_ _c3\"> </span>res<span class=\"_ _2\"></span>tante <span class=\"_ _c3\"> </span>devenga <span class=\"_ _c3\"> </span>interese<span class=\"_ _2\"></span>s, <span class=\"_ _c3\"> </span>principalmente referenciados <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>Eurib<span class=\"_ _2\"></span>or <span class=\"_ _c2\"> </span>m\u00e1s <span class=\"_ _c2\"> </span>un <span class=\"_ _c2\"> </span>diferencial <span class=\"_ _c2\"> </span>del <span class=\"_ _c2\"> </span>1,43<span class=\"_ _2\"></span>%<span class=\"_ _2\"></span>-2,0%. <span class=\"_ _c2\"> </span>El <span class=\"_ _c2\"> </span>tipo <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>in<span class=\"_ _2\"></span>ter\u00e9s <span class=\"_ _c2\"> </span>establecido <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>odr\u00e1 <span class=\"_ _c2\"> </span>verse modificado anualmente en fu<span class=\"_ _2\"></span>nci\u00f3n del rating d<span class=\"_ _2\"></span>e sostenibilidad medioambiental Susta<span class=\"_ _2\"></span>inalytics obtenid<span class=\"_ _2\"></span>o por ENCE, que eval\u00fa<span class=\"_ _2\"></span>a dicha deuda como \u201cfinanciaci\u00f3n<span class=\"_ _2\"></span> verde\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Otra financiaci\u00f3n<span class=\"_ _2\"></span> Durante <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>2021 <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>Grupo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>c<span class=\"ls18\">el</span>\u00f3 <span class=\"_ _4\"></span><span class=\"ff6\">l\u00edneas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>firming <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>importe <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>15.95<span class=\"_ _2\"></span>8 <span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>les <span class=\"_ _4\"></span>\u20ac, <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>dadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>sus </span>caracter\u00edsticas se encon<span class=\"_ _2\"></span>traban clasificadas<span class=\"_ _2\"></span> como deuda finan<span class=\"_ _2\"></span>ciera.<span class=\"_ _2\"></span> Financiaci\u00f3n Ne<span class=\"_ _1\"></span>gocio Ener<span class=\"_ _1\"></span>g\u00eda Renovable Financiaci\u00f3n corpo<span class=\"_ _2\"></span>rativa Con <span class=\"_ _c0\"></span>fecha <span class=\"_ _0\"></span>24 <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>noviembre <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>2017, <span class=\"_ _0\"></span>Magnon <span class=\"_ _0\"></span>Green <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>nergy<span class=\"_ _2\"></span>, <span class=\"_ _c0\"></span>S.L. <span class=\"_ _0\"></span><span class=\"ff6\">(en <span class=\"_ _0\"></span>adelante <span class=\"_ _0\"></span>\u201cMAGNON\u201d)</span>, <span class=\"_ _0\"></span>holding <span class=\"_ _0\"></span>del negocio <span class=\"_ _c3\"> </span>en<span class=\"_ _2\"></span>erg\u00e9tico <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>ENCE <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>uscribi\u00f3 <span class=\"_ _c2\"> </span>con <span class=\"_ _c3\"> </span>u<span class=\"_ _2\"></span>n <span class=\"_ _c3\"> </span>sin<span class=\"_ _2\"></span>dicato <span class=\"_ _c3\"> </span>formado <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>doce <span class=\"_ _c2\"> </span>entidades <span class=\"_ _c2\"> </span>financieras <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>una compa\u00f1\u00eda de <span class=\"_ _1\"></span>seguros espa\u00f1ola un <span class=\"_ _1\"></span>contrato de pr\u00e9stamo <span class=\"_ _1\"></span>senior, estructurado inicialmente <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>tramos, por un <span class=\"_ _1\"></span>importe <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>isponible <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>170 <span class=\"_ _bb\"></span>millones, <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>llev\u00f3 <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>cabo u<span class=\"_ _1\"></span>na <span class=\"_ _1\"></span>colocaci\u00f3n <span class=\"_ _bb\"></span>priv<span class=\"_ _2\"></span>ada <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>bligaciones <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>importe de 50 millones de euros<span class=\"_ _2\"></span> que fueron s<span class=\"_ _2\"></span>uscritas por un fon<span class=\"_ _2\"></span>do de deuda. <span class=\"_ _2\"></span> Con fecha <span class=\"_ _2\"></span>8 de <span class=\"_ _2\"></span>noviembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2018, <span class=\"_ _2\"></span>Magnon <span class=\"_ _2\"></span>Green E<span class=\"_ _2\"></span>nergy, S.L.<span class=\"_ _2\"></span>, s<span class=\"_ _2\"></span>uscribi\u00f3 <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>ampliaci\u00f3n de <span class=\"_ _2\"></span>este contra<span class=\"_ _2\"></span>to de <span class=\"_ _1\"></span>pr\u00e9stamo <span class=\"_ _1\"></span>senior por <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>porte <span class=\"_ _1\"></span>disponib<span class=\"_ _2\"></span>le <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>17 <span class=\"_ _1\"></span>mill<span class=\"_ _1\"></span>ones de <span class=\"_ _bb\"></span>euro<span class=\"_ _2\"></span>s <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>llev\u00f3 <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cabo <span class=\"_ _1\"></span>una <span class=\"_ _bb\"></span>colo<span class=\"_ _2\"></span>caci\u00f3n <span class=\"_ _1\"></span>privada de <span class=\"_ _2\"></span>obligaciones <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>impor<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>adicional <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>43 <span class=\"_ _4\"></span>millones <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>euros<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>que <span class=\"_ _4\"></span>fueron <span class=\"_ _2\"></span>sus<span class=\"_ _2\"></span>critos <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>dos <span class=\"_ _4\"></span>fondos <span class=\"_ _4\"></span>de deuda.   El detalle de estas finan<span class=\"_ _2\"></span>ciaciones se describ<span class=\"_ _2\"></span>e a con<span class=\"_ _2\"></span>tinuaci\u00f3n: (i)<span class=\"fs1 ls0_1\">  <span class=\"_ _d8\"> </span>E<span class=\"_ _2\"></span>uribor <span class=\"_ _1\"></span>6 meses <span class=\"_ _1\"></span>m\u00e1s diferencial <span class=\"_ _1\"></span>descrito. En l<span class=\"_ _1\"></span>os tramos ban<span class=\"_ _1\"></span>carios, e<span class=\"_ _1\"></span>l tipo <span class=\"_ _1\"></span>es variable en <span class=\"_ _1\"></span>funci\u00f3n del <span class=\"_ _1\"></span>ratio de </span>endeudamiento (Deuda Neta / EBITDA del negocio ENERG\u00cdA Re<span class=\"_ _2\"></span>novable, seg\u00fan definiciones recogidas en el<span class=\"_ _2\"></span> contrato de financiaci\u00f3n). (ii)  <span class=\"_ _b2\"> </span>Vencimiento \u00edntegro (bullet) en la fecha indicada. (iii)  <span class=\"_ _5c\"> </span>Ha financiado la construcci\u00f3n de Huelva 46 MW.  (iv) <span class=\"_ _b2\"> </span>E<span class=\"_ _2\"></span>stas obligaciones est\u00e1n admitidas a cotizaci\u00f3n en la bolsa de valores de Frankfurt (Freiverkeh<span class=\"_ _1\"></span>r).<span class=\"_ _2\"></span> (v) <span class=\"_ _3d\"> </span>Ha financiado la constru<span class=\"_ _1\"></span>cci\u00f3n de Puertollano 50 MW.<span class=\"fs4\"> </span>Tip<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e Dispo<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ib<span class=\"_ _2\"></span>le<span class=\"_ _95\"> </span>Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _10d\"> </span>Vencimi<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Int<span class=\"_ _2\"></span>er\u00e9s (i<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaci\u00f3n<span class=\"_ _2\"></span>/No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> (i<span class=\"_ _2\"></span>v)<span class=\"_ _1e\"> </span><span class=\"ls93\">                     3<span class=\"_ _1\"></span>6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     36<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> </span>di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>3,45%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>1\u00ba                     21<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     21<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>2\u00ba                       6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                       6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>3,45%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>3\u00ba (iii<span class=\"_ _2\"></span>)                     33<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     33<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>4\u00ba                     20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _d9\"> </span>                             -<span class=\"_ _1\"></span>   di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,25%<span class=\"_ _1\"></span>-2,75%<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaci\u00f3n<span class=\"_ _2\"></span>/No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> (i<span class=\"_ _2\"></span>v) y <span class=\"_ _2\"></span>(v)<span class=\"_ _84\"> </span><span class=\"ls93\">                     4<span class=\"_ _1\"></span>3.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> </span>di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>3,45%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>5\u00ba (v)                     11<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     11<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>05<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%                   17<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                   15<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> Miles<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>Durante <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ejercicio <span class=\"_ _2\"></span>2022 MA<span class=\"_ _2\"></span>GNON <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>realizado <span class=\"_ _2\"></span>recompras<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Obligaciones/Notas <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>nominal <span class=\"_ _2\"></span>14.000<span class=\"_ _1be\"> </span> miles \u20ac por un importe d<span class=\"_ _2\"></span>e 14.300 miles \u20ac. <span class=\"_ _2\"></span><span class=\"ff4\"> </span>Esta financiaci\u00f3n<span class=\"_ _2\"></span> incluye como principales garan<span class=\"_ _2\"></span>t\u00edas prenda sobre las acciones d<span class=\"_ _2\"></span>e las sociedades del Grupo<span class=\"_ _1be\"> </span> que <span class=\"_ _0\"></span>desarro<span class=\"_ _2\"></span>llan <span class=\"_ _0\"></span>su <span class=\"_ _c3\"></span>actividad <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>egocio <span class=\"_ _0\"></span>ENE<span class=\"_ _2\"></span>RG\u00cdA <span class=\"_ _0\"></span>Renov<span class=\"_ _2\"></span>able, <span class=\"_ _0\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _0\"></span>activos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>derechos <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>cobro,<span class=\"_ _1be\"> </span> actuales y futu<span class=\"_ _2\"></span>ros.  Asimismo, <span class=\"_ _2\"></span>esta <span class=\"_ _4\"></span>financiaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>incluy<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>determinadas <span class=\"_ _4\"></span>obligaciones, <span class=\"_ _4\"></span>habituales <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>este <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>financiaci\u00f3n; <span class=\"_ _2\"></span>el<span class=\"_ _1be\"> </span> suministro <span class=\"_ _d9\"> </span>de <span class=\"_ _ca\"> </span>determinada <span class=\"_ _d9\"> </span>informaci\u00f3n <span class=\"_ _c8\"> </span>de <span class=\"_ _c8\"> </span>car\u00e1cter <span class=\"_ _c8\"> </span>operativo <span class=\"_ _d9\"> </span>y <span class=\"_ _ca\"> </span>finan<span class=\"_ _2\"></span>ciera, <span class=\"_ _c8\"> </span>el <span class=\"_ _c8\"> </span>cumplimiento <span class=\"_ _c8\"> </span>de<span class=\"_ _1be\"> </span> determinados <span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>tios <span class=\"_ _2\"></span>econ\u00f3mi<span class=\"_ _2\"></span>cos <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>solvencia <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>rentabilidad<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>mantenimiento <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>n <span class=\"_ _4\"></span>volumen <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>stock<span class=\"_ _1be\"> </span> de biomasa (almacenes y contratos de suministro) equivalente al consumo de 3 <span class=\"_ _1\"></span>meses. S<span class=\"_ _2\"></span>e estima que al <span class=\"_ _1\"></span>31<span class=\"_ _1be\"> </span> de diciembre de 2022 y<span class=\"_ _2\"></span> 2021 se cumplen \u00edn<span class=\"_ _2\"></span>tegramente dichas<span class=\"_ _2\"></span> obligaciones. <span class=\"_ _2\"></span> En la determinaci\u00f3n del ratio de apalancamiento \u201cDeud<span class=\"_ _2\"></span>a Neta<span class=\"_ _2\"></span><span class=\"ff4\"> </span>/ EBITDA\u201d, <span class=\"ff4\">y de acuerdo con las definiciones<span class=\"_ _1be\"> </span></span><span class=\"ff4\"> </span>recogidas en el contrato de <span class=\"_ _1\"></span>financiaci\u00f3n<span class=\"_ _2\"></span>, se excluyeron del EBITDA a <span class=\"_ _1\"></span>considerar a los efectos del c\u00e1lculo del<span class=\"_ _1\"></span> ratio de apalancamiento<span class=\"_ _2\"></span> en el ejercicio 2<span class=\"_ _2\"></span>021, los s<span class=\"_ _2\"></span>iguientes conceptos extra<span class=\"_ _2\"></span>ordinarios; 1) cos<span class=\"_ _2\"></span>tes e <span class=\"_ _2\"></span>ingresos<span class=\"_ _1be\"> </span> incurridos <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>ejercicio 20<span class=\"_ _2\"></span>21 y<span class=\"_ _2\"></span> asociad<span class=\"_ _2\"></span>os a <span class=\"_ _2\"></span>las av<span class=\"_ _2\"></span>er\u00edas d<span class=\"_ _2\"></span>e maquinaria <span class=\"_ _2\"></span>de las <span class=\"_ _2\"></span>instalaciones <span class=\"_ _2\"></span>HU 50MW <span class=\"_ _2\"></span>y H<span class=\"_ _2\"></span>U<span class=\"_ _1be\"> </span> 41 <span class=\"_ _4\"></span>MW <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>gasto <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>eto <span class=\"_ _4\"></span>por <span class=\"_ _c0\"></span>importe <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>10,4 <span class=\"_ _c0\"></span>millones <span class=\"_ _c0\"></span>\u20ac, <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>2) <span class=\"_ _4\"></span>p\u00e9rdida <span class=\"_ _c0\"></span>excepcional <span class=\"_ _c0\"></span>por <span class=\"_ _4\"></span>importe <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>53,3<span class=\"_ _1be\"> </span> millones <span class=\"_ _c2\"> </span>\u20ac <span class=\"_ _c2\"> </span>ocasionada <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>tratos <span class=\"_ _c2\"> </span><span class=\"ff4\">d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>entrega <span class=\"_ _c2\"> </span>f\u00edsica <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>energ\u00eda <span class=\"_ _c2\"> </span>formalizados <span class=\"_ _c5\"> </span>por <span class=\"_ _c2\"> </span>Magnon <span class=\"_ _c2\"> </span>Green<span class=\"_ _1be\"> </span></span><span class=\"ff4\"> </span>Energy, <span class=\"_ _4\"></span>S.L <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>manera <span class=\"_ _4\"></span>excepc<span class=\"_ _2\"></span>ional <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>2020, <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>un <span class=\"_ _c0\"></span>contexto <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>precios <span class=\"_ _c0\"></span>m\u00ednimos <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>elevad<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>incertidumbre<span class=\"_ _1be\"> </span> provocada por la propagaci\u00f3n del COVID, <span class=\"_ _1\"></span>con el objetivo de asegurar una generaci\u00f3n m<span class=\"_ _1\"></span>\u00ednima de caja.<span class=\"_ _2\"></span> Estos<span class=\"_ _1be\"> </span> contratos <span class=\"_ _c3\"></span>vencieron <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>totalidad <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>2021, <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>previ\u00e9ndose <span class=\"_ _0\"></span>firmar, <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>escenario <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>egulatorio <span class=\"_ _0\"></span>actual,<span class=\"_ _1be\"> </span> contratos s<span class=\"_ _2\"></span>imilares a futuro de forma recurrente.<span class=\"_ _2\"></span> Asimismo, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>establece <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>cuant\u00eda <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>tesorer\u00eda <span class=\"_ _2\"></span>m\u00ednima <span class=\"_ _2\"></span>disponible <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>Energ\u00eda <span class=\"_ _2\"></span>Renov<span class=\"_ _4\"></span>able <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>al<span class=\"_ _1be\"> </span> menos <span class=\"_ _c0\"></span><span class=\"ls11\">30</span> <span class=\"_ _0\"></span>millones <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>euros, <span class=\"_ _c0\"></span>con<span class=\"_ _2\"></span>sider\u00e1ndos<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>como <span class=\"_ _c0\"></span>tal <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>dispon<span class=\"_ _2\"></span>ible <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>tramo <span class=\"_ _c0\"></span>4\u00ba, <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>cumplimiento <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span> determinados <span class=\"_ _c0\"></span>ratios<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>ligados <span class=\"_ _c0\"></span>al <span class=\"_ _c0\"></span>endeud<span class=\"_ _2\"></span>amiento, <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>situaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>patrimonial <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>capacidad<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>generaci\u00f3n <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span> caja del negocio, para<span class=\"_ _2\"></span> poder llevar a ca<span class=\"_ _2\"></span>b<span class=\"ls22\">o </span>el reparto d<span class=\"_ _2\"></span>e dividendos y<span class=\"_ _2\"></span> la obtenci\u00f3n de nueva <span class=\"_ _2\"></span>financiaci\u00f3n.<span class=\"_ _2\"></span> El <span class=\"_ _1\"></span>importe <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>comisiones <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>estructuraci\u00f3n <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>otros <span class=\"_ _1\"></span>gastos <span class=\"_ _1\"></span>incurridos <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>la obtenci\u00f3n <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>esta <span class=\"_ _1\"></span>financiaci\u00f3n<span class=\"_ _1be\"> </span> fue de 5.813 <span class=\"ff6\">miles \u20ac<span class=\"_ _2\"></span></span>.<span class=\"_ _1be\"> </span> Al <span class=\"_ _1\"></span>objeto <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cubrir <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>riesgo <span class=\"_ _1\"></span>derivado<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la contrataci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>esta <span class=\"_ _1\"></span>financiaci\u00f3n a <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>inter\u00e9s <span class=\"_ _1\"></span>variable, <span class=\"_ _1\"></span>ENCE<span class=\"_ _1be\"> </span> reestructur\u00f3, <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>contrataci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>esta <span class=\"_ _2\"></span>financiaci\u00f3n,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>contratos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cobertura <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>ten\u00eda<span class=\"_ _1be\"> </span> suscritos en el marco <span class=\"_ _1\"></span>de financiaci\u00f3n previa. Los nuevos IRS <span class=\"_ _1\"></span>cubren el <span class=\"_ _1\"></span>89% de la financiaci\u00f3n dispuesta <span class=\"_ _1\"></span>a un<span class=\"_ _1\"></span> tipo fijo medio de 1,22<span class=\"_ _2\"></span>% (v\u00e9as<span class=\"_ _2\"></span>e Nota 31<span class=\"ls1b\">).<span class=\"_ _2\"></span></span> En <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>marco <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>esta <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>ciaci\u00f3n <span class=\"_ _4\"></span>Standard <span class=\"_ _4\"></span>&amp; <span class=\"_ _2\"></span>Poor\u00b4s <span class=\"_ _4\"></span>otorg\u00f3 <span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>Magnon<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Green <span class=\"_ _2\"></span>Energy, <span class=\"_ _4\"></span>S.L. <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>evaluaci\u00f3n <span class=\"_ _4\"></span>E1,<span class=\"_ _1be\"> </span> m\u00e1xima  calificaci\u00f3n  en  su  es<span class=\"_ _2\"></span>cala  de  evaluaci\u00f3n  de  criterios  medioambientales,<span class=\"_ _2\"></span>  consid<span class=\"_ _2\"></span>er\u00e1nd<span class=\"_ _2\"></span>ose  dicha<span class=\"_ _1be\"> </span> financiaci\u00f3n como \u201cfinanciaci<span class=\"_ _2\"></span>\u00f3n verde\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Esta financiaci\u00f3n<span class=\"_ _2\"></span> no tiene recurso a la<span class=\"_ _2\"></span>s sociedades del Grupo<span class=\"_ _2\"></span> que confirman el Negocio <span class=\"_ _2\"></span>Celulosa.<span class=\"_ _4\"></span> 29.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Otros pasivos financ<span class=\"_ _1\"></span>ieros<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span>El <span class=\"_ _1\"></span>detalle <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>este <span class=\"_ _1\"></span>ep\u00edgrafe <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _1\"></span>Estado <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Situaci\u00f3n <span class=\"_ _1\"></span>Financiera Consolidado <span class=\"_ _1\"></span>al <span class=\"_ _bb\"></span>31 de <span class=\"_ _bb\"></span>dicie<span class=\"_ _2\"></span>mbre <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2021<span class=\"_ _1be\"> </span> es el siguiente:<span class=\"_ _1be\"> </span> La <span class=\"_ _c3\"> </span>cuenta<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>\u201cFinanciaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>orga<span class=\"_ _2\"></span>nismos <span class=\"_ _c2\"> </span>p\u00fablicos\u201d<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>correspon<span class=\"_ _2\"></span>de <span class=\"_ _c3\"> </span>fundamental<span class=\"_ _2\"></span>mente <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>r\u00e9stamos <span class=\"_ _c2\"> </span>obtenidos,<span class=\"_ _1be\"> </span> normalmente <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>tipos <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>inter\u00e9s <span class=\"_ _c2\"> </span>favorables<span class=\"_ _2\"></span>, <span class=\"_ _c3\"> </span>que <span class=\"_ _c3\"></span>financian <span class=\"_ _c3\"></span>proyectos <span class=\"_ _c3\"> </span>para <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>ampliaci\u00f3n <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>mejo<span class=\"_ _2\"></span>ra <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>la<span class=\"_ _1be\"> </span> capacidad productiv<span class=\"_ _2\"></span>a de <span class=\"_ _1\"></span>las biof\u00e1bricas de producci\u00f3n de celulosa, as\u00ed como el <span class=\"_ _1\"></span>desarrollo de actividades de<span class=\"_ _1be\"> </span> Investigaci\u00f3n y<span class=\"_ _2\"></span> Desarrollo en ENCE.<span class=\"_ _2\"></span> Su p<span class=\"_ _2\"></span>lazo de amortizaci\u00f3n es d<span class=\"_ _2\"></span>e 10 a\u00f1os, con<span class=\"_ _2\"></span> un periodo de carencia de<span class=\"_ _2\"></span> 3 a\u00f1os, y devengan<span class=\"_ _2\"></span> un tipo de inter\u00e9s fijo q<span class=\"_ _2\"></span>ue se sit\u00faa en el ra<span class=\"_ _2\"></span>ngo <span class=\"_ _2\"></span>1%-2,29%.<span class=\"_ _1be\"> </span> 022<span class=\"_ _1be\"> </span>Cort<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pla<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Miles <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span> Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span>2023<span class=\"_ _43\"> </span>2024<span class=\"_ _9b\"> </span>2025<span class=\"_ _24\"> </span>2026<span class=\"_ _24\"> </span>2027<span class=\"_ _154\"> </span><span class=\"ls0_1\">Sigui<span class=\"_ _2\"></span>entes<span class=\"_ _1be\"> </span></span>Tot<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Largo<span class=\"_ _1be\"> </span> pla<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Otros <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>sivos<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cieros <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>CELULOSA -<span class=\"_ _1be\"> </span>Fina<span class=\"_ _2\"></span>nciaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>organ<span class=\"_ _2\"></span>ismo<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>\u00fab<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>cos<span class=\"_ _1be\"> </span>49.973<span class=\"_ _b\"> </span>8.340<span class=\"_ _90\"> </span>8.234<span class=\"_ _b\"> </span>8.109<span class=\"_ _b\"> </span>8.109<span class=\"_ _b\"> </span>6.221<span class=\"_ _7b\"> </span>10.960<span class=\"_ _e\"> </span>41.633<span class=\"_ _1be\"> </span>Pasivo<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>derecho<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e u<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>(no<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>18)           37<span class=\"_ _1\"></span>.6<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>3 <span class=\"_ _c7\"> </span>             3.0<span class=\"_ _1\"></span>15<span class=\"_ _1\"></span> <span class=\"_ _ed\"> </span>             2.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>08<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>             2.<span class=\"_ _1\"></span>93<span class=\"_ _1\"></span>9 <span class=\"_ _c7\"> </span>             1.8<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>             1.<span class=\"_ _1\"></span>47<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>           25.<span class=\"_ _1\"></span>83<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>           34.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>88<span class=\"_ _1\"></span> 87.57<span class=\"_ _1\"></span>6<span class=\"_ _e\"> </span>11.35<span class=\"_ _1\"></span>5<span class=\"_ _14\"> </span>10.7<span class=\"_ _1\"></span>42<span class=\"_ _e\"> </span>11.04<span class=\"_ _1\"></span>8<span class=\"_ _b\"> </span>9.939<span class=\"_ _b\"> </span>7.700<span class=\"_ _7b\"> </span>36.792<span class=\"_ _7b\"> </span>76.221<span class=\"_ _1be\"> </span>Otros <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>sivos<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cieros <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>ENERG<span class=\"_ _2\"></span>IA RE<span class=\"_ _2\"></span>NOVABLE -<span class=\"_ _1be\"> </span>Pasivo<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>derecho<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e u<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>(no<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>18)<span class=\"_ _1be\"> </span>1.697<span class=\"_ _86\"> </span><span class=\"ls94\">661<span class=\"_ _aa\"> </span>389<span class=\"_ _17\"> </span>288<span class=\"_ _17\"> </span>192<span class=\"_ _22\"> </span>50<span class=\"_ _97\"> </span>117<span class=\"_ _b\"> </span></span>1.036<span class=\"_ _1be\"> </span>1.697<span class=\"_ _86\"> </span><span class=\"ls94\">661<span class=\"_ _20\"> </span>389<span class=\"_ _97\"> </span>288<span class=\"_ _17\"> </span>192<span class=\"_ _22\"> </span>50<span class=\"_ _17\"> </span>117<span class=\"_ _78\"> </span></span>1.036<span class=\"_ _1be\"> </span>89.27<span class=\"_ _1\"></span>3<span class=\"_ _e\"> </span>12.01<span class=\"_ _1\"></span>6<span class=\"_ _14\"> </span>11.1<span class=\"_ _1\"></span>31<span class=\"_ _e\"> </span>11.33<span class=\"_ _1\"></span>6<span class=\"_ _e\"> </span>10.131<span class=\"_ _f7\"> </span>7.750<span class=\"_ _e\"> </span>36.90<span class=\"_ _1\"></span>9<span class=\"_ _e\"> </span>77.25<span class=\"_ _1\"></span>7<span class=\"_ _1be\"> </span>Vencimient<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1o<span class=\"_ _1be\"> </span>021<span class=\"_ _1be\"> </span>Cor<span class=\"_ _2\"></span>to pl<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es <span class=\"_ _2\"></span>de E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>do<span class=\"_ _1be\"> </span> Di<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>pues<span class=\"_ _2\"></span>to<span class=\"_ _1be\"> </span>2022<span class=\"_ _2e\"> </span>2023<span class=\"_ _48\"> </span>2024<span class=\"_ _48\"> </span>2025<span class=\"_ _12d\"> </span>2026<span class=\"_ _7\"> </span><span class=\"ls0_1\">Si<span class=\"_ _4\"></span>gui<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span></span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> Lar<span class=\"_ _2\"></span>go<span class=\"_ _1be\"> </span> pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> Ne<span class=\"_ _1\"></span>goci<span class=\"_ _4\"></span>o CELU<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OSA -<span class=\"_ _1be\"> </span>Fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n or<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>ni<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>mos<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>\u00fabl<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>58<span class=\"_ _2\"></span>.03<span class=\"_ _2\"></span>8<span class=\"_ _84\"> </span>6<span class=\"_ _2\"></span>.371<span class=\"_ _90\"> </span>8<span class=\"_ _2\"></span>.049<span class=\"_ _f7\"> </span>8.61<span class=\"_ _2\"></span>8<span class=\"_ _84\"> </span>8<span class=\"_ _2\"></span>.46<span class=\"_ _2\"></span>4<span class=\"_ _84\"> </span>8<span class=\"_ _2\"></span>.464<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.072<span class=\"_ _ff\"> </span>5<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.667<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por<span class=\"_ _2\"></span> derecho d<span class=\"_ _2\"></span>e us<span class=\"_ _2\"></span>o (nota<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>8)           16<span class=\"_ _2\"></span>.445<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>             3.614<span class=\"_ _2\"></span> <span class=\"_ _30\"> </span>             3.26<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>             1<span class=\"_ _2\"></span>.403<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>             1.77<span class=\"_ _2\"></span>3 <span class=\"_ _c6\"> </span>                 94<span class=\"_ _2\"></span>0 <span class=\"_ _c9\"> </span>             5.44<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>           12<span class=\"_ _2\"></span>.830<span class=\"_ _2\"></span> 74<span class=\"_ _2\"></span>.483<span class=\"_ _f7\"> </span>9.98<span class=\"_ _2\"></span>5<span class=\"_ _d\"> </span>11<span class=\"_ _2\"></span>.316<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0.02<span class=\"_ _2\"></span>1<span class=\"_ _ff\"> </span>10<span class=\"_ _2\"></span>.23<span class=\"_ _2\"></span>7<span class=\"_ _84\"> </span>9.40<span class=\"_ _2\"></span>4<span class=\"_ _ff\"> </span>23<span class=\"_ _2\"></span>.51<span class=\"_ _2\"></span>9<span class=\"_ _ff\"> </span>64<span class=\"_ _2\"></span>.497<span class=\"_ _1be\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> Ne<span class=\"_ _1\"></span>goci<span class=\"_ _4\"></span>o ENE<span class=\"_ _1\"></span>RG<span class=\"_ _1\"></span>I<span class=\"_ _2\"></span>A RE<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>OVAB<span class=\"_ _1\"></span>LE<span class=\"_ _1\"></span> -<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por<span class=\"_ _2\"></span> derecho d<span class=\"_ _2\"></span>e us<span class=\"_ _2\"></span>o (nota<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>8)<span class=\"_ _1be\"> </span>1.12<span class=\"_ _2\"></span>7                 38<span class=\"_ _2\"></span>1 <span class=\"_ _ec\"> </span>                 22<span class=\"_ _2\"></span>7 <span class=\"_ _c6\"> </span>                 19<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>                 1<span class=\"_ _2\"></span>11<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>                   35<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>                 1<span class=\"_ _2\"></span>82<span class=\"_ _2\"></span> 746<span class=\"_ _1be\"> </span>1.12<span class=\"_ _2\"></span>7<span class=\"_ _86\"> </span><span class=\"ls96\">381<span class=\"_ _a8\"> </span>227<span class=\"_ _3a\"> </span>191<span class=\"_ _8b\"> </span>111<span class=\"_ _ce\"> </span>35<span class=\"_ _8b\"> </span>182<span class=\"_ _8b\"> </span>746<span class=\"_ _1be\"> </span></span>75<span class=\"_ _2\"></span>.610<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.366<span class=\"_ _d\"> </span>11<span class=\"_ _2\"></span>.543<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.212<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0.34<span class=\"_ _2\"></span>8<span class=\"_ _84\"> </span>9<span class=\"_ _2\"></span>.439<span class=\"_ _ff\"> </span>2<span class=\"_ _2\"></span>3.70<span class=\"_ _2\"></span>1<span class=\"_ _ff\"> </span>65<span class=\"_ _2\"></span>.24<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>Ve<span class=\"_ _1\"></span>nci<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>ento e<span class=\"_ _1\"></span>n e<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span>\u00f1o<span class=\"_ _1be\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-519": {
   "value": "29.<span class=\"ff5 ls0_1\"> <span class=\"_ _bb\"></span><span class=\"ff3\">Deuda financiera<span class=\"_ _1be\"> </span></span></span><span class=\"ff5 ls0_1\"><span class=\"ff3\"> </span></span>29.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Deudas con entidade<span class=\"_ _1\"></span>s de cr\u00e9dito y mercado<span class=\"_ _1\"></span> de capitales<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span>La <span class=\"_ _1\"></span>composici\u00f3n de <span class=\"_ _bb\"></span>las deudas <span class=\"_ _bb\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>entidades de <span class=\"_ _1\"></span>cr\u00e9dito <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>31 <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>diciembre <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2021, <span class=\"_ _1\"></span>correspondientes<span class=\"_ _1be\"> </span> a pr\u00e9stamos y<span class=\"_ _2\"></span> l\u00edneas de descuento, clas<span class=\"_ _2\"></span>ificadas de acuerdo co<span class=\"_ _2\"></span>n sus vencimientos, es<span class=\"_ _2\"></span> la siguiente:<span class=\"_ _4\"></span> 2022<span class=\"_ _1be\"> </span>Cort<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>azo<span class=\"_ _1be\"> </span>Miles <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>L\u00edmite<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span> Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span>2023<span class=\"_ _2e\"> </span>2024<span class=\"_ _4a\"> </span>2025<span class=\"_ _92\"> </span>2026<span class=\"_ _1be\"> </span>Tot<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> Largo<span class=\"_ _1be\"> </span> Plazo<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nciera<span class=\"_ _2\"></span> Negocio <span class=\"_ _2\"></span>CE<span class=\"_ _2\"></span>LULO<span class=\"_ _1\"></span>SA -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gacion<span class=\"_ _2\"></span>es emi<span class=\"_ _2\"></span>tid<span class=\"_ _2\"></span>as            63<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            63<span class=\"_ _1\"></span>.3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>            63<span class=\"_ _1\"></span>.3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _117\"> </span>                    -   <span class=\"_ _4e\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -<span class=\"_ _1be\"> </span>   L\u00ednea<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e cr\u00e9di<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>\u2013 <span class=\"_ _2\"></span>revolvi<span class=\"_ _2\"></span>ng          13<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _122\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -<span class=\"_ _1be\"> </span>   Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cario<span class=\"_ _2\"></span>s            95<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            95<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>              7.5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            2<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>14<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>98<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            15<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>            87.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>ctura<span class=\"_ _2\"></span>ci\u00f3n                    -   <span class=\"_ _bc\"></span>               (<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>39<span class=\"_ _1\"></span>)<span class=\"_ _a0\"> </span>                    -   <span class=\"_ _cb\"> </span>               (30<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span>               (1<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>4)<span class=\"_ _c4\"> </span>                 (76<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span>               (<span class=\"_ _1\"></span>53<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>es, cup<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>ros                    -   <span class=\"_ _bb\"></span>              1<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6 <span class=\"_ _14c\"> </span>              1.1<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6 <span class=\"_ _117\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -             28<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>          15<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>.9<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            71<span class=\"_ _1\"></span>.9<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            2<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>            43.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            15.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            86.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> Deuda<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nciera<span class=\"_ _2\"></span> Negocio <span class=\"_ _2\"></span>ENE<span class=\"_ _2\"></span>RGIA <span class=\"_ _2\"></span>RENOVABLE -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gacion<span class=\"_ _2\"></span>es emi<span class=\"_ _2\"></span>tid<span class=\"_ _2\"></span>as            79<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _c0\"></span>            79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>                    -                79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1be\"> </span> L\u00ednea<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e cr\u00e9di<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>\u2013 <span class=\"_ _2\"></span>revolvi<span class=\"_ _2\"></span>ng            20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cario<span class=\"_ _2\"></span>s            71<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>05<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            71<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _c9\"> </span>            27<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            3<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>3 <span class=\"_ _14c\"> </span>            10.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>                    -                43.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>83<span class=\"_ _1\"></span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>ctura<span class=\"_ _2\"></span>ci\u00f3n                    -   <span class=\"_ _2\"></span>            (1.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>94<span class=\"_ _1\"></span>)<span class=\"_ _5f\"> </span>                    -   <span class=\"_ _cb\"> </span>               (9<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>9)<span class=\"_ _c4\"> </span>               (14<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)<span class=\"_ _34\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>4)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>es, cup<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>ros                    -   <span class=\"_ _c0\"></span>                   23<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>                   23<span class=\"_ _1\"></span> <span class=\"_ _d8\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   170.<span class=\"_ _1\"></span>050<span class=\"_ _7b\"> </span>148.97<span class=\"_ _1\"></span>9<span class=\"_ _78\"> </span>27.090<span class=\"_ _87\"> </span>32.784<span class=\"_ _b\"> </span>89.105<span class=\"_ _1e\"> </span>0<span class=\"_ _e\"> </span>121.8<span class=\"_ _1\"></span>89<span class=\"_ _1be\"> </span>458.<span class=\"_ _1\"></span>350<span class=\"_ _7b\"> </span>307.92<span class=\"_ _1\"></span>6<span class=\"_ _78\"> </span>99.076<span class=\"_ _87\"> </span>60.889<span class=\"_ _7b\"> </span>132.<span class=\"_ _1\"></span>932<span class=\"_ _78\"> </span>15.0<span class=\"_ _1\"></span>29<span class=\"_ _7b\"> </span>208.850<span class=\"_ _1be\"> </span>Vencimien<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Cada  u<span class=\"_ _2\"></span>no  d<span class=\"_ _2\"></span>e  los <span class=\"_ _c6\"> </span>negocios <span class=\"_ _c6\"> </span>se <span class=\"_ _c6\"> </span>financia <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>forma <span class=\"_ _14c\"> </span>in<span class=\"_ _2\"></span>depen<span class=\"_ _2\"></span>diente  del <span class=\"_ _c6\"> </span>otro. <span class=\"_ _c6\"> </span>No <span class=\"_ _14c\"> </span>h<span class=\"_ _2\"></span>ay  re<span class=\"_ _2\"></span>curso <span class=\"_ _c6\"> </span>o  gara<span class=\"_ _2\"></span>nt\u00edas<span class=\"_ _1be\"> </span> significativas entre a<span class=\"_ _2\"></span>mbos.<span class=\"_ _1be\"> </span> Los pagos<span class=\"_ _2\"></span> de intereses prev<span class=\"_ _2\"></span>istos en los pr\u00f3ximos<span class=\"_ _2\"></span>  <span class=\"_ _bc\"></span>4 a\u00f1<span class=\"_ _2\"></span>os y asociado<span class=\"_ _2\"></span>s a <span class=\"ls1f\">la</span>s <span class=\"ff6 ls3a\">\u201cD</span>eudas <span class=\"_ _2\"></span>con entidades de cr\u00e9dito<span class=\"_ _1be\"> </span> y <span class=\"_ _0\"></span>mercado <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>capita<span class=\"_ _2\"></span>les\u201d <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>\u201cOtros <span class=\"_ _c3\"> </span>pasivos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>financiero<span class=\"_ _2\"></span><span class=\"ff4 ls14\">s <span class=\"_ _c3\"></span></span>\u2013<span class=\"ff4\"> <span class=\"_ _0\"></span></span>financiaci\u00f3n <span class=\"_ _c3\"> </span>organismos <span class=\"_ _c3\"></span>p\u00fablicos\u201d <span class=\"_ _c3\"> </span><span class=\"ff4\">en <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>Negocio<span class=\"_ _1be\"> </span></span><span class=\"ff4\"> </span>Celulosa<span class=\"ls1c\">, <span class=\"_ _2\"></span></span>cons<span class=\"_ _2\"></span>iderando <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>endeudamiento <span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>ual, <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>situ<span class=\"_ _2\"></span>ar\u00e1n <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>ngo <span class=\"_ _4\"></span>0,7 <span class=\"_ _2\"></span><span class=\"ff6\">\u2013</span> <span class=\"_ _4\"></span>5,1 <span class=\"_ _2\"></span>millones <span class=\"_ _4\"></span><span class=\"ff6\">\u20ac</span>, <span class=\"_ _2\"></span>anu<span class=\"_ _2\"></span>ales. <span class=\"_ _2\"></span>Por<span class=\"_ _1be\"> </span> su <span class=\"_ _1\"></span>parte, <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>pagos <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>intereses previstos <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>Negocio <span class=\"_ _1\"></span>Energ\u00eda <span class=\"_ _1\"></span>Renovable <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>los <span class=\"_ _bb\"></span>pr\u00f3<span class=\"_ _2\"></span>ximos <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>a\u00f1os <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>situar\u00e1n<span class=\"_ _1be\"> </span> en el tramo 5,2 <span class=\"ff6\">\u2013</span> 8,<span class=\"_ _2\"></span>4 millones <span class=\"ff6\">\u20ac</span>.<span class=\"_ _1be\"> </span> El <span class=\"_ _c3\"> </span>coste <span class=\"_ _c3\"> </span>medio <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>deud<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>ENCE <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>2022 <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>2021 <span class=\"_ _c3\"> </span>ha <span class=\"_ _c3\"> </span>sido <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c3\"> </span><span class=\"ls11\">2,13</span>% <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>2,52%, <span class=\"_ _c3\"> </span>respectiv<span class=\"_ _2\"></span>amente. <span class=\"_ _c3\"></span>Por<span class=\"_ _1be\"> </span> negocios, <span class=\"_ _cc\"> </span>el <span class=\"_ _cc\"> </span>negocio <span class=\"_ _cc\"> </span>celulosa <span class=\"_ _cc\"> </span>ha <span class=\"_ _cc\"> </span>tenido <span class=\"_ _cc\"> </span>un <span class=\"_ _cc\"> </span>coste <span class=\"_ _cc\"> </span>medio <span class=\"_ _c9\"> </span>en <span class=\"_ _cc\"> </span>dichos <span class=\"_ _cc\"> </span>period<span class=\"_ _2\"></span>os <span class=\"_ _ca\"> </span>del <span class=\"_ _c9\"> </span>1,55% <span class=\"_ _cc\"> </span>y <span class=\"_ _cc\"> </span>1,<span class=\"ls11\">52</span>%,<span class=\"_ _1be\"> </span> respectivamente, y el negocio<span class=\"_ _2\"></span> energ\u00eda del <span class=\"_ _2\"></span><span class=\"ls11\">4,03</span>% y <span class=\"_ _2\"></span>4,19%, resp<span class=\"_ _2\"></span>ectivamente.<span class=\"_ _1be\"> </span> Al <span class=\"_ _c0\"></span>31 <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>diciembre <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>2022<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ENCE <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>empresas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>del <span class=\"_ _0\"></span>Gru<span class=\"_ _2\"></span>po <span class=\"_ _0\"></span>cumplen <span class=\"_ _c0\"></span>\u00ednte<span class=\"_ _2\"></span>gramente <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>sus <span class=\"_ _0\"></span>obligaciones<span class=\"_ _1be\"> </span> financieras <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cualquier <span class=\"_ _2\"></span>otro <span class=\"_ _2\"></span>tipo<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>pudieran <span class=\"_ _2\"></span>dar <span class=\"_ _2\"></span>lugar <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>vencimiento <span class=\"_ _2\"></span>anticipado <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>s compromis<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span> financieros.  La <span class=\"_ _c7\"> </span>finan<span class=\"_ _2\"></span>ciaci\u00f3n <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _c7\"> </span>no <span class=\"_ _c4\"> </span>est\u00e1 <span class=\"_ _c4\"> </span>sujeta <span class=\"_ _c7\"> </span>a <span class=\"_ _c4\"> </span>ning\u00fa<span class=\"_ _2\"></span>n <span class=\"_ _c7\"> </span>tipo <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>cl\u00e1us<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>que <span class=\"_ _c4\"> </span>implique <span class=\"_ _c4\"> </span>su <span class=\"_ _c7\"> </span>modificaci\u00f3n <span class=\"_ _c4\"> </span>o<span class=\"_ _1be\"> </span> renegociaci\u00f3n como cons<span class=\"_ _2\"></span>ecuencia de un<span class=\"_ _2\"></span>a variaci\u00f3n en la ca<span class=\"_ _2\"></span>lificaci\u00f3n crediticia.<span class=\"_ _2\"></span> Endeuda<span class=\"_ _1\"></span>miento Negocio Celulosa<span class=\"_ _1\"></span> Bono convertible y l\u00ednea de<span class=\"_ _2\"></span> cr\u00e9dito re<span class=\"_ _2\"></span>volving<span class=\"_ _1be\"> </span> El <span class=\"_ _1\"></span>5 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>marzo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2018 <span class=\"_ _1\"></span>ENCE <span class=\"_ _1\"></span>complet\u00f3 <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>proceso <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>colocaci\u00f3n, entre <span class=\"_ _1\"></span>inversores <span class=\"_ _1\"></span>institucionales <span class=\"_ _1\"></span>cualificados,<span class=\"_ _1be\"> </span> de una emisi\u00f3n d<span class=\"_ _2\"></span>e bonos convertibles en a<span class=\"_ _2\"></span>cciones ordinarias<span class=\"_ _2\"></span> por importe de 160 millon<span class=\"_ _2\"></span>es de <span class=\"_ _4\"></span>euros<span class=\"ls1a\">. </span> Los principales<span class=\"_ _2\"></span> t\u00e9rminos y condiciones d<span class=\"_ _2\"></span>e la emisi\u00f3n son los<span class=\"_ _2\"></span> siguient<span class=\"_ _2\"></span>es:<span class=\"_ _1be\"> </span>021<span class=\"_ _1be\"> </span>Cort<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>azo<span class=\"_ _1be\"> </span>Miles <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>L\u00edmite<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span> Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span>2022<span class=\"_ _95\"> </span>2023<span class=\"_ _46\"> </span>2024<span class=\"_ _3a\"> </span>2025<span class=\"_ _8\"> </span>2026<span class=\"_ _1be\"> </span>Tot<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Largo<span class=\"_ _1be\"> </span> Plazo<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ciera <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>CELULOSA -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> emit<span class=\"_ _2\"></span>id<span class=\"_ _2\"></span>as          12<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6 <span class=\"_ _14c\"> </span>          12<span class=\"_ _1\"></span>6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> <span class=\"_ _bd\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _cb\"> </span>          126<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6 <span class=\"_ _4e\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _bb\"></span>          12<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> recomp<span class=\"_ _2\"></span>rada<span class=\"_ _2\"></span>s                    -<span class=\"_ _1be\"> </span>   L\u00ednea <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e cr\u00e9dit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>\u2013 revo<span class=\"_ _2\"></span>lvin<span class=\"_ _2\"></span>g          13<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _d9\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -<span class=\"_ _1be\"> </span>   Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>carios          10<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>          10<span class=\"_ _1\"></span>5.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>              5.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _c1\"> </span>            12<span class=\"_ _1\"></span>.5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>            28<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>4 <span class=\"_ _14c\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>98<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            15.<span class=\"_ _1\"></span>10<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>          100<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>cturaci\u00f3<span class=\"_ _2\"></span>n                    -   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>19<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _cb\"> </span>                    -   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>19<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>tereses, <span class=\"_ _2\"></span>cup\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>tro<span class=\"_ _2\"></span>s                    -   <span class=\"_ _bb\"></span>              1.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>08<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>              1.2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 <span class=\"_ _14e\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -             36<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>          23<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>1 <span class=\"_ _14c\"> </span>              6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 <span class=\"_ _c1\"> </span>          13<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            28<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>41<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>81<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            15.<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>          22<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.8<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>3<span class=\"_ _1be\"> </span> Deuda<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ciera <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>ENERG<span class=\"_ _2\"></span>IA R<span class=\"_ _2\"></span>ENOVABLE -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> emit<span class=\"_ _2\"></span>id<span class=\"_ _2\"></span>as            93<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            93<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _170\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c0\"></span>            93<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _106\"> </span>            93.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> L\u00ednea <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e cr\u00e9dit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>\u2013 revo<span class=\"_ _2\"></span>lvin<span class=\"_ _2\"></span>g            20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _170\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>carios          10<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>          10<span class=\"_ _1\"></span>0.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            29<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>            27.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>67<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            33<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>33<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            10<span class=\"_ _1\"></span>.2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _c9\"> </span>                    -   <span class=\"_ _c2\"> </span>            71<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1be\"> </span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>cturaci\u00f3<span class=\"_ _2\"></span>n                    -   <span class=\"_ _2\"></span>            (1.<span class=\"_ _1\"></span>89<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _d9\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c0\"> </span>            (1.<span class=\"_ _1\"></span>89<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>tereses, <span class=\"_ _2\"></span>cup\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>tro<span class=\"_ _2\"></span>s                    -   <span class=\"_ _4\"></span>                     6 <span class=\"_ _c6\"> </span>                     6 <span class=\"_ _a1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   213.<span class=\"_ _1\"></span>450<span class=\"_ _12a\"> </span>191.<span class=\"_ _1\"></span>559<span class=\"_ _156\"> </span>29.40<span class=\"_ _1\"></span>6<span class=\"_ _e9\"> </span>27.06<span class=\"_ _1\"></span>7<span class=\"_ _156\"> </span>33.733<span class=\"_ _12a\"> </span>103<span class=\"_ _1\"></span>.250<span class=\"_ _ca\"> </span><span class=\"ff4 ls91\">                    -   <span class=\"_ _10a\"> </span></span>162.<span class=\"_ _1\"></span>153<span class=\"_ _1be\"> </span>574.<span class=\"_ _1\"></span>516<span class=\"_ _12a\"> </span>422.<span class=\"_ _1\"></span>640<span class=\"_ _156\"> </span>35.61<span class=\"_ _1\"></span>4<span class=\"_ _8\"> </span>165.6<span class=\"_ _1\"></span>33<span class=\"_ _156\"> </span>62.147<span class=\"_ _154\"> </span>147.231<span class=\"_ _156\"> </span>15.1<span class=\"_ _1\"></span>05<span class=\"_ _12a\"> </span>387.0<span class=\"_ _1\"></span>26<span class=\"_ _1be\"> </span>Vencimient<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span><div class=\"c_1 w2_1 h57 gs287\"><div class=\"t_1 m0_1 x113 h8_1 y7ba ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x60 h8_1 yd61 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Los <span class=\"_ _c0\"></span>t\u00e9rminos <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>condiciones <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>bono<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>vertible <span class=\"_ _4\"></span>incluy<span class=\"_ _2\"></span>en, <span class=\"_ _c0\"></span>como <span class=\"_ _4\"></span>es <span class=\"_ _c0\"></span>habitu<span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>este <span class=\"_ _c0\"></span>tipo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>financiaci\u00f3n,<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 yd62 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">una <span class=\"_ _2\"></span>cl\u00e1u<span class=\"_ _2\"></span>sula <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>favor <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>tenedores <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>activar\u00eda <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>caso <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>prod<span class=\"_ _2\"></span>ucirse <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span>cambio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>trol <span class=\"_ _2\"></span>(ya <span class=\"_ _4\"></span>sea<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yd63 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">por <span class=\"_ _2\"></span>adq<span class=\"_ _2\"></span>uisici\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>m\u00e1s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>50% <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>acciones <span class=\"_ _4\"></span>con <span class=\"_ _2\"></span>derecho <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>voto <span class=\"_ _4\"></span>o <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>obten<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>derecho <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>nombrar <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yd64 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">mayor\u00eda <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>Consejeros) <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c3\"> </span>accionariado <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>ENCE, <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ermitir\u00eda <span class=\"_ _0\"></span>al <span class=\"_ _c3\"> </span>tenedor <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"></span>bono <span class=\"_ _c3\"></span>convertir<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yd65 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">anticipadamente <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>precio <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>conv<span class=\"_ _2\"></span>ersi\u00f3n <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>ser\u00e1 <span class=\"_ _0\"></span>variab<span class=\"_ _2\"></span>le <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>funci\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>period<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>reste <span class=\"_ _0\"></span>hasta <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yd66 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">vencimiento del bono, con el <span class=\"_ _1\"></span>m\u00ednimo de <span class=\"_ _1\"></span>su valor nominal. Asimismo, incluyen cl\u00e1usu<span class=\"_ _2\"></span>las que pueden ajustar<span class=\"_ _1\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 yd67 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">el precio de conversi\u00f3n en fu<span class=\"_ _2\"></span>nci\u00f3n d<span class=\"_ _2\"></span>e los dividend<span class=\"_ _2\"></span>os anuales repartidos po<span class=\"_ _2\"></span>r ENCE.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 yd68 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">La <span class=\"_ _2\"></span>emisi\u00f3n <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>cuenta<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>con <span class=\"_ _4\"></span>garant\u00edas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>reales <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>obre <span class=\"_ _4\"></span>bienes <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>derechos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NCE, <span class=\"_ _2\"></span>ni <span class=\"_ _4\"></span>contempla <span class=\"_ _4\"></span>restricciones <span class=\"_ _4\"></span>al<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yb80 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">uso <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>recursos <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>capital. <span class=\"_ _0\"></span>Los <span class=\"_ _0\"></span>bonos <span class=\"_ _0\"></span>est\u00e1n <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>par <span class=\"_ _0\"></span>(\u201cpari <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>assu\u201d) <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>resto <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>r\u00e9stamos <span class=\"_ _0\"></span>no<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yb81 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">garantizados<span class=\"_ _2\"></span> y no subordinados.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 yd69 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">ENCE <span class=\"_ _0\"></span>tras <span class=\"_ _0\"></span>analizar <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>t\u00e9rminos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>condiciones <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>emisi\u00f3n <span class=\"_ _0\"></span>co<span class=\"_ _4\"></span>ncluy\u00f3 <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>tratab<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>instrumento<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y76d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">compuesto de <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>asivo y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>patrimonio, valor\u00e1ndose <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>componente <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>patrimonio <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>mom<span class=\"_ _2\"></span>ento de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>misi\u00f3n<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yb84 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">en <span class=\"_ _2\"></span>14.551 <span class=\"_ _2\"></span>miles <span class=\"_ _2\"></span>\u20ac, <span class=\"_ _2\"></span>equ<span class=\"_ _2\"></span>ivalente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>cup\u00f3n <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>timado <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>instrumento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>similar<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>caracter\u00edsticas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>sin<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yb85 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">opci\u00f3n <span class=\"_ _c0\"></span>d<span class=\"ff6\">e <span class=\"_ _c0\"></span>convertibilidad <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>3,25%, <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>componente <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>pasivo <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>145.449 <span class=\"_ _4\"></span>miles <span class=\"_ _c0\"></span>\u20ac. <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>l <span class=\"_ _4\"></span>tenedo<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>bono<span class=\"_ _1be\"> </span></span><span class=\"ff6\"> </span></div><div class=\"t_1 m0_1 x60 h8_1 yd6a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">\u00fanicamente  puede  recupe<span class=\"_ _2\"></span>rar  en  efectivo  el  nominal  d<span class=\"_ _2\"></span>e  la  emisi\u00f3n <span class=\"_ _14c\"> </span>ju<span class=\"_ _2\"></span>nto  a  los <span class=\"_ _14c\"> </span>intereses  d<span class=\"_ _2\"></span>evengados<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yd6b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">pendientes  de <span class=\"_ _c5\"> </span>pago.  El <span class=\"_ _c5\"> </span>resto <span class=\"_ _c5\"> </span>de  las  opciones  de <span class=\"_ _c2\"> </span>cancelaci\u00f3n  se  liquidan  en <span class=\"_ _c5\"> </span>acciones <span class=\"_ _c5\"> </span>y  en <span class=\"_ _c2\"> </span>todo  caso<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yd6c ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">cumpli\u00e9ndose <span class=\"_ _c9\"> </span>la <span class=\"_ _c9\"> </span>regla <span class=\"_ _c9\"> </span>\u201cfijo <span class=\"_ _c9\"> </span>por <span class=\"_ _c9\"> </span>fijo\u201d. <span class=\"_ _c9\"> </span>As\u00ed <span class=\"_ _c9\"> </span>mismo, <span class=\"_ _cc\"> </span>esta <span class=\"_ _c9\"> </span>financiaci\u00f3n <span class=\"_ _c9\"> </span>cumpl\u00eda <span class=\"_ _c9\"> </span>los <span class=\"_ _c9\"> </span>requis<span class=\"_ _2\"></span>itos <span class=\"_ _c9\"> </span>para <span class=\"_ _c9\"> </span>su<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yd6d ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">reconocimiento como nuev<span class=\"_ _2\"></span>a financiaci\u00f3n<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yd6e ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Durante <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>ejercicio <span class=\"_ _c0\"></span>2022 <span class=\"_ _c0\"></span>ENCE <span class=\"_ _c0\"></span>ha <span class=\"_ _c0\"></span>realizado <span class=\"_ _c0\"></span>recompras <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>bonos <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>nominal <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>65.4<span class=\"ff6\">00 <span class=\"_ _4\"></span>miles <span class=\"_ _c0\"></span>\u20ac <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>un<span class=\"_ _1be\"> </span></span><span class=\"ff6\"> </span></div><div class=\"t_1 m0_1 x60 h8_1 yd6f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">precio <span class=\"_ _0\"></span>medio <span class=\"_ _c3\"></span>equivalente <span class=\"_ _0\"></span>al <span class=\"_ _c3\"> </span>99,82% <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>nominal. <span class=\"_ _c3\"> </span>As\u00ed <span class=\"_ _0\"></span>mis<span class=\"_ _2\"></span>mo, <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>ejercicios <span class=\"_ _0\"></span>anteriores<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>ENCE <span class=\"_ _0\"></span>ha <span class=\"_ _c3\"></span>realizado<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yd70 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">recompras de bonos<span class=\"_ _2\"></span> con un nominal de 31.300 mil<span class=\"_ _2\"></span>es \u20ac.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 x60 h8_1 yd71 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">En el <span class=\"_ _1\"></span>marco <span class=\"_ _1\"></span>de esta <span class=\"_ _1\"></span>emisi\u00f3n, se <span class=\"_ _1\"></span>suscribi\u00f3 con <span class=\"_ _1\"></span>un sindicato <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>bancos nacionales e internaciones un <span class=\"_ _1\"></span>contrato<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yb40 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de cr\u00e9<span class=\"_ _1\"></span>dito (revolving cre<span class=\"_ _1\"></span>dit facility) <span class=\"_ _1\"></span>por im<span class=\"_ _1\"></span>porte de <span class=\"ls11\">130 <span class=\"_ _1\"></span><span class=\"ls0_1\">millones de <span class=\"_ _1\"></span>euros. <span class=\"_ _1\"></span>Esta financiaci\u00f3n <span class=\"_ _1\"></span>devenga un <span class=\"_ _1\"></span>tipo<span class=\"_ _1be\"> </span></span></span><span class=\"ls11\"><span class=\"ls0_1\"> </span></span></div><div class=\"t_1 m0_1 x60 h8_1 y974 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _c0\"></span>inter\u00e9s <span class=\"_ _c0\"></span>referenciado <span class=\"_ _c0\"></span>al <span class=\"_ _0\"></span>Euribor <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>tiene <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>v<span class=\"_ _2\"></span>encimiento <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>2026. <span class=\"_ _c0\"></span>Es<span class=\"_ _2\"></span>ta <span class=\"_ _c0\"></span>financiaci\u00f3n <span class=\"_ _0\"></span>est\u00e1 <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>totalidad<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 y573 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">disponible <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>diciembre <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>2022. <span class=\"_ _4\"></span>El <span class=\"_ _4\"></span>tipo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>int<span class=\"_ _2\"></span>er\u00e9s <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>stablecido <span class=\"_ _4\"></span>podr\u00e1 <span class=\"_ _4\"></span>vers<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>modificad<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>anualmente<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 yd72 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">en funci\u00f3n del rating d<span class=\"_ _2\"></span>e sostenibilidad<span class=\"_ _2\"></span> medioambiental Sustain<span class=\"_ _2\"></span>alytics obtenido<span class=\"_ _2\"></span> por ENCE, que eval\u00faa d<span class=\"_ _2\"></span>icha<span class=\"_ _1be\"> </span> </div><div class=\"t_1 m0_1 x60 h8_1 ya1f ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">deuda como \u201cfinanciaci\u00f3n<span class=\"_ _2\"></span> verde\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 x60 h9_1 y452 ff3 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Pr\u00e9stamos<span class=\"_ _1be\"> </span> </div></div><div class=\"c_1 w11f h247 gs288\"><div class=\"t_1 m4e x9 h248 yd74 ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">Importe d<span class=\"_ _1\"></span>e la Emis<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _b6\"> </span><span class=\"ff6\">160<span class=\"_ _1\"></span>.000.000 \u20ac<span class=\"_ _1be\"> </span></span></div><div class=\"t_1 m4e x9 h248 yd75 ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">No<span class=\"_ _2\"></span>min<span class=\"_ _1\"></span>al Bo<span class=\"_ _2\"></span>no<span class=\"_ _5a\"> </span><span class=\"ff6\">1<span class=\"_ _1\"></span>00.000 \u20ac<span class=\"_ _1be\"> </span></span></div><div class=\"t_1 m4e x9 h248 yd76 ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">Rango de <span class=\"_ _1\"></span>la Deud<span class=\"_ _1\"></span>a<span class=\"_ _186\"> </span>\"Sen<span class=\"_ _1\"></span>ior\" <span class=\"_ _1\"></span>no g<span class=\"_ _1\"></span>arantizada<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4e x9 h248 yd77 ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">Fecha d<span class=\"_ _1\"></span>e la emisi<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _a5\"> </span>05/03/201<span class=\"_ _1\"></span>8<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4e x9 h248 yd78 ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">Fecha d<span class=\"_ _1\"></span>e ven<span class=\"_ _1\"></span>cimien<span class=\"_ _1\"></span>to<span class=\"_ _187\"> </span>05/03/2<span class=\"_ _1\"></span>023<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4e x9 h248 yd79 ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">Cup<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _188\"> </span>1,<span class=\"_ _1\"></span>25%<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4e x9 h248 yd7a ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">Tipo in<span class=\"_ _1\"></span>ter\u00e9s efectivo<span class=\"_ _189\"> </span>1,<span class=\"_ _1\"></span>58%<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4e x9 h248 yd7b ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">Pr<span class=\"_ _1\"></span>ecio<span class=\"_ _2\"></span> de conver<span class=\"_ _1\"></span>si\u00f3n (<span class=\"_ _1\"></span>*)<span class=\"_ _3e\"> </span>8,<span class=\"_ _1\"></span>090<span class=\"_ _1\"></span>1<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4e x9 h248 yd7c ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">Pr<span class=\"_ _1\"></span>ima d<span class=\"_ _1\"></span>e co<span class=\"_ _2\"></span>nv<span class=\"_ _1\"></span>ersi\u00f3n<span class=\"_ _18a\"> </span><span class=\"ls92\">40%<span class=\"_ _1be\"> </span></span></div><div class=\"t_1 m4e x9 h248 yd7d ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">Ratio<span class=\"_ _2\"></span> de convers<span class=\"_ _1\"></span>i\u00f3n (<span class=\"_ _1\"></span>ac<span class=\"_ _2\"></span>c / bono)<span class=\"_ _18b\"> </span>12.361<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4e x9 h248 yd7e ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">M\u00e1ximo ac<span class=\"_ _2\"></span>cio<span class=\"_ _2\"></span>nes a em<span class=\"_ _1\"></span>itir<span class=\"_ _1\"></span> (acc<span class=\"_ _2\"></span>)<span class=\"_ _c\"> </span>19.777.259<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4e x9 h248 yd7f ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">Potencial % in<span class=\"_ _1\"></span>cremen<span class=\"_ _1\"></span>to c<span class=\"_ _2\"></span>apital socia<span class=\"_ _2\"></span>l<span class=\"_ _12f\"> </span>8,<span class=\"_ _1\"></span>03%<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4e x9 h248 yd80 ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">Mer<span class=\"_ _1\"></span>ca<span class=\"_ _2\"></span>do co<span class=\"_ _2\"></span>tizac<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _18c\"> </span>Bo<span class=\"_ _2\"></span>lsa de F<span class=\"_ _1\"></span>rank<span class=\"_ _1\"></span>furt<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4e x9 h248 yd81 ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">ISI<span class=\"_ _2\"></span>N<span class=\"_ _18d\"> </span>XS<span class=\"_ _1\"></span>1783<span class=\"_ _1\"></span>93286<span class=\"_ _1\"></span>3<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4e x9 h248 yd82 ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">Co<span class=\"_ _2\"></span>stes de l<span class=\"_ _1\"></span>a emisi\u00f3n<span class=\"_ _98\"> </span><span class=\"ff6\">2.075.000 \u20ac<span class=\"_ _1be\"> </span></span></div></div><div class=\"c_1 w120 h249 gs289\"><div class=\"t_1 m4e x9 h248 yd84 ff4 fs5e fc0_1 sc0_1 ls0_1 ws0_1\">(*)<span class=\"_ _1\"></span> Con fec<span class=\"_ _2\"></span>ha 1 d<span class=\"_ _1\"></span>e ju<span class=\"_ _1\"></span>lio d<span class=\"_ _1\"></span>e 2022<span class=\"_ _1\"></span> el p<span class=\"_ _1\"></span>recio de co<span class=\"_ _2\"></span>nv<span class=\"_ _1\"></span>ersi\u00f3n <span class=\"_ _1\"></span>pasa a ser 8,<span class=\"_ _1\"></span>5636<span class=\"_ _1be\"> </span></div></div>Al <span class=\"_ _c0\"></span>31 <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>dicie<span class=\"_ _2\"></span>mbre <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>2022 <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _c0\"></span>mantiene <span class=\"_ _c0\"></span>su<span class=\"_ _2\"></span>scritos <span class=\"_ _c0\"></span>pr\u00e9sta<span class=\"_ _2\"></span>mos <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>finan<span class=\"_ _2\"></span>ciar <span class=\"_ _c0\"></span>determinadas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>inversion<span class=\"_ _2\"></span>es contempladas <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>\u201cPlan <span class=\"_ _c2\"> </span>Estrat\u00e9gico <span class=\"_ _c2\"> </span>2019<span class=\"_ _2\"></span><span class=\"ff4\">-</span>2023\u201d, <span class=\"_ _c2\"> </span>por <span class=\"_ _c3\"> </span>u<span class=\"_ _2\"></span>n <span class=\"_ _c2\"> </span>importe <span class=\"_ _c3\"> </span>conju<span class=\"_ _2\"></span>nto <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span><span class=\"ff4 ls11\">95<span class=\"ls0_1\"> <span class=\"_ _c2\"> </span>millones <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>euro<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>y </span></span>vencimientos <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>2023-2026. <span class=\"_ _4\"></span>Una <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>arte <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>pr\u00e9stamos <span class=\"_ _4\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>nominal <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ls11\">37</span> <span class=\"_ _4\"></span>millones <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>euros <span class=\"_ _2\"></span>devenga un <span class=\"_ _c3\"> </span>tipo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>inter\u00e9s <span class=\"_ _c3\"> </span>fijo <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>rango <span class=\"_ _c3\"> </span>1,<span class=\"_ _2\"></span><span class=\"ls11\">80</span>%-<span class=\"ls11\">1,<span class=\"ls2b\">95</span></span>%. <span class=\"_ _c3\"> </span>El <span class=\"_ _c3\"> </span>importe <span class=\"_ _c3\"> </span>res<span class=\"_ _2\"></span>tante <span class=\"_ _c3\"> </span>devenga <span class=\"_ _c3\"> </span>interese<span class=\"_ _2\"></span>s, <span class=\"_ _c3\"> </span>principalmente referenciados <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>Eurib<span class=\"_ _2\"></span>or <span class=\"_ _c2\"> </span>m\u00e1s <span class=\"_ _c2\"> </span>un <span class=\"_ _c2\"> </span>diferencial <span class=\"_ _c2\"> </span>del <span class=\"_ _c2\"> </span>1,43<span class=\"_ _2\"></span>%<span class=\"_ _2\"></span>-2,0%. <span class=\"_ _c2\"> </span>El <span class=\"_ _c2\"> </span>tipo <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>in<span class=\"_ _2\"></span>ter\u00e9s <span class=\"_ _c2\"> </span>establecido <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>odr\u00e1 <span class=\"_ _c2\"> </span>verse modificado anualmente en fu<span class=\"_ _2\"></span>nci\u00f3n del rating d<span class=\"_ _2\"></span>e sostenibilidad medioambiental Susta<span class=\"_ _2\"></span>inalytics obtenid<span class=\"_ _2\"></span>o por ENCE, que eval\u00fa<span class=\"_ _2\"></span>a dicha deuda como \u201cfinanciaci\u00f3n<span class=\"_ _2\"></span> verde\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Otra financiaci\u00f3n<span class=\"_ _2\"></span> Durante <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>2021 <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>Grupo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>c<span class=\"ls18\">el</span>\u00f3 <span class=\"_ _4\"></span><span class=\"ff6\">l\u00edneas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>firming <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>importe <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>15.95<span class=\"_ _2\"></span>8 <span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>les <span class=\"_ _4\"></span>\u20ac, <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>dadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>sus </span>caracter\u00edsticas se encon<span class=\"_ _2\"></span>traban clasificadas<span class=\"_ _2\"></span> como deuda finan<span class=\"_ _2\"></span>ciera.<span class=\"_ _2\"></span> Financiaci\u00f3n Ne<span class=\"_ _1\"></span>gocio Ener<span class=\"_ _1\"></span>g\u00eda Renovable Financiaci\u00f3n corpo<span class=\"_ _2\"></span>rativa Con <span class=\"_ _c0\"></span>fecha <span class=\"_ _0\"></span>24 <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>noviembre <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>2017, <span class=\"_ _0\"></span>Magnon <span class=\"_ _0\"></span>Green <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>nergy<span class=\"_ _2\"></span>, <span class=\"_ _c0\"></span>S.L. <span class=\"_ _0\"></span><span class=\"ff6\">(en <span class=\"_ _0\"></span>adelante <span class=\"_ _0\"></span>\u201cMAGNON\u201d)</span>, <span class=\"_ _0\"></span>holding <span class=\"_ _0\"></span>del negocio <span class=\"_ _c3\"> </span>en<span class=\"_ _2\"></span>erg\u00e9tico <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>ENCE <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>uscribi\u00f3 <span class=\"_ _c2\"> </span>con <span class=\"_ _c3\"> </span>u<span class=\"_ _2\"></span>n <span class=\"_ _c3\"> </span>sin<span class=\"_ _2\"></span>dicato <span class=\"_ _c3\"> </span>formado <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>doce <span class=\"_ _c2\"> </span>entidades <span class=\"_ _c2\"> </span>financieras <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>una compa\u00f1\u00eda de <span class=\"_ _1\"></span>seguros espa\u00f1ola un <span class=\"_ _1\"></span>contrato de pr\u00e9stamo <span class=\"_ _1\"></span>senior, estructurado inicialmente <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>tramos, por un <span class=\"_ _1\"></span>importe <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>isponible <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>170 <span class=\"_ _bb\"></span>millones, <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>llev\u00f3 <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>cabo u<span class=\"_ _1\"></span>na <span class=\"_ _1\"></span>colocaci\u00f3n <span class=\"_ _bb\"></span>priv<span class=\"_ _2\"></span>ada <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>bligaciones <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>importe de 50 millones de euros<span class=\"_ _2\"></span> que fueron s<span class=\"_ _2\"></span>uscritas por un fon<span class=\"_ _2\"></span>do de deuda. <span class=\"_ _2\"></span> Con fecha <span class=\"_ _2\"></span>8 de <span class=\"_ _2\"></span>noviembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2018, <span class=\"_ _2\"></span>Magnon <span class=\"_ _2\"></span>Green E<span class=\"_ _2\"></span>nergy, S.L.<span class=\"_ _2\"></span>, s<span class=\"_ _2\"></span>uscribi\u00f3 <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>ampliaci\u00f3n de <span class=\"_ _2\"></span>este contra<span class=\"_ _2\"></span>to de <span class=\"_ _1\"></span>pr\u00e9stamo <span class=\"_ _1\"></span>senior por <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>porte <span class=\"_ _1\"></span>disponib<span class=\"_ _2\"></span>le <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>17 <span class=\"_ _1\"></span>mill<span class=\"_ _1\"></span>ones de <span class=\"_ _bb\"></span>euro<span class=\"_ _2\"></span>s <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>llev\u00f3 <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cabo <span class=\"_ _1\"></span>una <span class=\"_ _bb\"></span>colo<span class=\"_ _2\"></span>caci\u00f3n <span class=\"_ _1\"></span>privada de <span class=\"_ _2\"></span>obligaciones <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>impor<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>adicional <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>43 <span class=\"_ _4\"></span>millones <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>euros<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>que <span class=\"_ _4\"></span>fueron <span class=\"_ _2\"></span>sus<span class=\"_ _2\"></span>critos <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>dos <span class=\"_ _4\"></span>fondos <span class=\"_ _4\"></span>de deuda.   El detalle de estas finan<span class=\"_ _2\"></span>ciaciones se describ<span class=\"_ _2\"></span>e a con<span class=\"_ _2\"></span>tinuaci\u00f3n: (i)<span class=\"fs1 ls0_1\">  <span class=\"_ _d8\"> </span>E<span class=\"_ _2\"></span>uribor <span class=\"_ _1\"></span>6 meses <span class=\"_ _1\"></span>m\u00e1s diferencial <span class=\"_ _1\"></span>descrito. En l<span class=\"_ _1\"></span>os tramos ban<span class=\"_ _1\"></span>carios, e<span class=\"_ _1\"></span>l tipo <span class=\"_ _1\"></span>es variable en <span class=\"_ _1\"></span>funci\u00f3n del <span class=\"_ _1\"></span>ratio de </span>endeudamiento (Deuda Neta / EBITDA del negocio ENERG\u00cdA Re<span class=\"_ _2\"></span>novable, seg\u00fan definiciones recogidas en el<span class=\"_ _2\"></span> contrato de financiaci\u00f3n). (ii)  <span class=\"_ _b2\"> </span>Vencimiento \u00edntegro (bullet) en la fecha indicada. (iii)  <span class=\"_ _5c\"> </span>Ha financiado la construcci\u00f3n de Huelva 46 MW.  (iv) <span class=\"_ _b2\"> </span>E<span class=\"_ _2\"></span>stas obligaciones est\u00e1n admitidas a cotizaci\u00f3n en la bolsa de valores de Frankfurt (Freiverkeh<span class=\"_ _1\"></span>r).<span class=\"_ _2\"></span> (v) <span class=\"_ _3d\"> </span>Ha financiado la constru<span class=\"_ _1\"></span>cci\u00f3n de Puertollano 50 MW.<span class=\"fs4\"> </span>Tip<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e Dispo<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ib<span class=\"_ _2\"></span>le<span class=\"_ _95\"> </span>Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _10d\"> </span>Vencimi<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Int<span class=\"_ _2\"></span>er\u00e9s (i<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaci\u00f3n<span class=\"_ _2\"></span>/No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> (i<span class=\"_ _2\"></span>v)<span class=\"_ _1e\"> </span><span class=\"ls93\">                     3<span class=\"_ _1\"></span>6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     36<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> </span>di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>3,45%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>1\u00ba                     21<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     21<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>2\u00ba                       6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                       6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>3,45%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>3\u00ba (iii<span class=\"_ _2\"></span>)                     33<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     33<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>4\u00ba                     20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _d9\"> </span>                             -<span class=\"_ _1\"></span>   di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,25%<span class=\"_ _1\"></span>-2,75%<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaci\u00f3n<span class=\"_ _2\"></span>/No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> (i<span class=\"_ _2\"></span>v) y <span class=\"_ _2\"></span>(v)<span class=\"_ _84\"> </span><span class=\"ls93\">                     4<span class=\"_ _1\"></span>3.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> </span>di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span>3,45%<span class=\"_ _1be\"> </span>Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>5\u00ba (v)                     11<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     11<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>05<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%                   17<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                   15<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> Miles<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>Durante <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ejercicio <span class=\"_ _2\"></span>2022 MA<span class=\"_ _2\"></span>GNON <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>realizado <span class=\"_ _2\"></span>recompras<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Obligaciones/Notas <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>nominal <span class=\"_ _2\"></span>14.000<span class=\"_ _1be\"> </span> miles \u20ac por un importe d<span class=\"_ _2\"></span>e 14.300 miles \u20ac. <span class=\"_ _2\"></span><span class=\"ff4\"> </span>Esta financiaci\u00f3n<span class=\"_ _2\"></span> incluye como principales garan<span class=\"_ _2\"></span>t\u00edas prenda sobre las acciones d<span class=\"_ _2\"></span>e las sociedades del Grupo<span class=\"_ _1be\"> </span> que <span class=\"_ _0\"></span>desarro<span class=\"_ _2\"></span>llan <span class=\"_ _0\"></span>su <span class=\"_ _c3\"></span>actividad <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>egocio <span class=\"_ _0\"></span>ENE<span class=\"_ _2\"></span>RG\u00cdA <span class=\"_ _0\"></span>Renov<span class=\"_ _2\"></span>able, <span class=\"_ _0\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _0\"></span>activos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>derechos <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>cobro,<span class=\"_ _1be\"> </span> actuales y futu<span class=\"_ _2\"></span>ros.  Asimismo, <span class=\"_ _2\"></span>esta <span class=\"_ _4\"></span>financiaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>incluy<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>determinadas <span class=\"_ _4\"></span>obligaciones, <span class=\"_ _4\"></span>habituales <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>este <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>financiaci\u00f3n; <span class=\"_ _2\"></span>el<span class=\"_ _1be\"> </span> suministro <span class=\"_ _d9\"> </span>de <span class=\"_ _ca\"> </span>determinada <span class=\"_ _d9\"> </span>informaci\u00f3n <span class=\"_ _c8\"> </span>de <span class=\"_ _c8\"> </span>car\u00e1cter <span class=\"_ _c8\"> </span>operativo <span class=\"_ _d9\"> </span>y <span class=\"_ _ca\"> </span>finan<span class=\"_ _2\"></span>ciera, <span class=\"_ _c8\"> </span>el <span class=\"_ _c8\"> </span>cumplimiento <span class=\"_ _c8\"> </span>de<span class=\"_ _1be\"> </span> determinados <span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>tios <span class=\"_ _2\"></span>econ\u00f3mi<span class=\"_ _2\"></span>cos <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>solvencia <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>rentabilidad<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>mantenimiento <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>n <span class=\"_ _4\"></span>volumen <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>stock<span class=\"_ _1be\"> </span> de biomasa (almacenes y contratos de suministro) equivalente al consumo de 3 <span class=\"_ _1\"></span>meses. S<span class=\"_ _2\"></span>e estima que al <span class=\"_ _1\"></span>31<span class=\"_ _1be\"> </span> de diciembre de 2022 y<span class=\"_ _2\"></span> 2021 se cumplen \u00edn<span class=\"_ _2\"></span>tegramente dichas<span class=\"_ _2\"></span> obligaciones. <span class=\"_ _2\"></span> En la determinaci\u00f3n del ratio de apalancamiento \u201cDeud<span class=\"_ _2\"></span>a Neta<span class=\"_ _2\"></span><span class=\"ff4\"> </span>/ EBITDA\u201d, <span class=\"ff4\">y de acuerdo con las definiciones<span class=\"_ _1be\"> </span></span><span class=\"ff4\"> </span>recogidas en el contrato de <span class=\"_ _1\"></span>financiaci\u00f3n<span class=\"_ _2\"></span>, se excluyeron del EBITDA a <span class=\"_ _1\"></span>considerar a los efectos del c\u00e1lculo del<span class=\"_ _1\"></span> ratio de apalancamiento<span class=\"_ _2\"></span> en el ejercicio 2<span class=\"_ _2\"></span>021, los s<span class=\"_ _2\"></span>iguientes conceptos extra<span class=\"_ _2\"></span>ordinarios; 1) cos<span class=\"_ _2\"></span>tes e <span class=\"_ _2\"></span>ingresos<span class=\"_ _1be\"> </span> incurridos <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>ejercicio 20<span class=\"_ _2\"></span>21 y<span class=\"_ _2\"></span> asociad<span class=\"_ _2\"></span>os a <span class=\"_ _2\"></span>las av<span class=\"_ _2\"></span>er\u00edas d<span class=\"_ _2\"></span>e maquinaria <span class=\"_ _2\"></span>de las <span class=\"_ _2\"></span>instalaciones <span class=\"_ _2\"></span>HU 50MW <span class=\"_ _2\"></span>y H<span class=\"_ _2\"></span>U<span class=\"_ _1be\"> </span> 41 <span class=\"_ _4\"></span>MW <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>gasto <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>eto <span class=\"_ _4\"></span>por <span class=\"_ _c0\"></span>importe <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>10,4 <span class=\"_ _c0\"></span>millones <span class=\"_ _c0\"></span>\u20ac, <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>2) <span class=\"_ _4\"></span>p\u00e9rdida <span class=\"_ _c0\"></span>excepcional <span class=\"_ _c0\"></span>por <span class=\"_ _4\"></span>importe <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>53,3<span class=\"_ _1be\"> </span> millones <span class=\"_ _c2\"> </span>\u20ac <span class=\"_ _c2\"> </span>ocasionada <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>tratos <span class=\"_ _c2\"> </span><span class=\"ff4\">d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>entrega <span class=\"_ _c2\"> </span>f\u00edsica <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>energ\u00eda <span class=\"_ _c2\"> </span>formalizados <span class=\"_ _c5\"> </span>por <span class=\"_ _c2\"> </span>Magnon <span class=\"_ _c2\"> </span>Green<span class=\"_ _1be\"> </span></span><span class=\"ff4\"> </span>Energy, <span class=\"_ _4\"></span>S.L <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>manera <span class=\"_ _4\"></span>excepc<span class=\"_ _2\"></span>ional <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>2020, <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>un <span class=\"_ _c0\"></span>contexto <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>precios <span class=\"_ _c0\"></span>m\u00ednimos <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>elevad<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>incertidumbre<span class=\"_ _1be\"> </span> provocada por la propagaci\u00f3n del COVID, <span class=\"_ _1\"></span>con el objetivo de asegurar una generaci\u00f3n m<span class=\"_ _1\"></span>\u00ednima de caja.<span class=\"_ _2\"></span> Estos<span class=\"_ _1be\"> </span> contratos <span class=\"_ _c3\"></span>vencieron <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>totalidad <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>2021, <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>previ\u00e9ndose <span class=\"_ _0\"></span>firmar, <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>escenario <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>egulatorio <span class=\"_ _0\"></span>actual,<span class=\"_ _1be\"> </span> contratos s<span class=\"_ _2\"></span>imilares a futuro de forma recurrente.<span class=\"_ _2\"></span> Asimismo, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>establece <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>cuant\u00eda <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>tesorer\u00eda <span class=\"_ _2\"></span>m\u00ednima <span class=\"_ _2\"></span>disponible <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>Energ\u00eda <span class=\"_ _2\"></span>Renov<span class=\"_ _4\"></span>able <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>al<span class=\"_ _1be\"> </span> menos <span class=\"_ _c0\"></span><span class=\"ls11\">30</span> <span class=\"_ _0\"></span>millones <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>euros, <span class=\"_ _c0\"></span>con<span class=\"_ _2\"></span>sider\u00e1ndos<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>como <span class=\"_ _c0\"></span>tal <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>dispon<span class=\"_ _2\"></span>ible <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>tramo <span class=\"_ _c0\"></span>4\u00ba, <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>cumplimiento <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span> determinados <span class=\"_ _c0\"></span>ratios<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>ligados <span class=\"_ _c0\"></span>al <span class=\"_ _c0\"></span>endeud<span class=\"_ _2\"></span>amiento, <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>situaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>patrimonial <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>capacidad<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>generaci\u00f3n <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span> caja del negocio, para<span class=\"_ _2\"></span> poder llevar a ca<span class=\"_ _2\"></span>b<span class=\"ls22\">o </span>el reparto d<span class=\"_ _2\"></span>e dividendos y<span class=\"_ _2\"></span> la obtenci\u00f3n de nueva <span class=\"_ _2\"></span>financiaci\u00f3n.<span class=\"_ _2\"></span> El <span class=\"_ _1\"></span>importe <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>comisiones <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>estructuraci\u00f3n <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>otros <span class=\"_ _1\"></span>gastos <span class=\"_ _1\"></span>incurridos <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>la obtenci\u00f3n <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>esta <span class=\"_ _1\"></span>financiaci\u00f3n<span class=\"_ _1be\"> </span> fue de 5.813 <span class=\"ff6\">miles \u20ac<span class=\"_ _2\"></span></span>.<span class=\"_ _1be\"> </span> Al <span class=\"_ _1\"></span>objeto <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cubrir <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>riesgo <span class=\"_ _1\"></span>derivado<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la contrataci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>esta <span class=\"_ _1\"></span>financiaci\u00f3n a <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>inter\u00e9s <span class=\"_ _1\"></span>variable, <span class=\"_ _1\"></span>ENCE<span class=\"_ _1be\"> </span> reestructur\u00f3, <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>contrataci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>esta <span class=\"_ _2\"></span>financiaci\u00f3n,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>contratos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cobertura <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>ten\u00eda<span class=\"_ _1be\"> </span> suscritos en el marco <span class=\"_ _1\"></span>de financiaci\u00f3n previa. Los nuevos IRS <span class=\"_ _1\"></span>cubren el <span class=\"_ _1\"></span>89% de la financiaci\u00f3n dispuesta <span class=\"_ _1\"></span>a un<span class=\"_ _1\"></span> tipo fijo medio de 1,22<span class=\"_ _2\"></span>% (v\u00e9as<span class=\"_ _2\"></span>e Nota 31<span class=\"ls1b\">).<span class=\"_ _2\"></span></span> En <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>marco <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>esta <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>ciaci\u00f3n <span class=\"_ _4\"></span>Standard <span class=\"_ _4\"></span>&amp; <span class=\"_ _2\"></span>Poor\u00b4s <span class=\"_ _4\"></span>otorg\u00f3 <span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>Magnon<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Green <span class=\"_ _2\"></span>Energy, <span class=\"_ _4\"></span>S.L. <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>evaluaci\u00f3n <span class=\"_ _4\"></span>E1,<span class=\"_ _1be\"> </span> m\u00e1xima  calificaci\u00f3n  en  su  es<span class=\"_ _2\"></span>cala  de  evaluaci\u00f3n  de  criterios  medioambientales,<span class=\"_ _2\"></span>  consid<span class=\"_ _2\"></span>er\u00e1nd<span class=\"_ _2\"></span>ose  dicha<span class=\"_ _1be\"> </span> financiaci\u00f3n como \u201cfinanciaci<span class=\"_ _2\"></span>\u00f3n verde\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Esta financiaci\u00f3n<span class=\"_ _2\"></span> no tiene recurso a la<span class=\"_ _2\"></span>s sociedades del Grupo<span class=\"_ _2\"></span> que confirman el Negocio <span class=\"_ _2\"></span>Celulosa.<span class=\"_ _4\"></span> 29.2<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Otros pasivos financ<span class=\"_ _1\"></span>ieros<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span>El <span class=\"_ _1\"></span>detalle <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>este <span class=\"_ _1\"></span>ep\u00edgrafe <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span>l <span class=\"_ _1\"></span>Estado <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>Situaci\u00f3n <span class=\"_ _1\"></span>Financiera Consolidado <span class=\"_ _1\"></span>al <span class=\"_ _bb\"></span>31 de <span class=\"_ _bb\"></span>dicie<span class=\"_ _2\"></span>mbre <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2021<span class=\"_ _1be\"> </span> es el siguiente:<span class=\"_ _1be\"> </span> 2<span class=\"_ _1be\"> </span>022<span class=\"_ _1be\"> </span>Cort<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pla<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Miles <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span> Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span>2023<span class=\"_ _43\"> </span>2024<span class=\"_ _9b\"> </span>2025<span class=\"_ _24\"> </span>2026<span class=\"_ _24\"> </span>2027<span class=\"_ _154\"> </span><span class=\"ls0_1\">Sigui<span class=\"_ _2\"></span>entes<span class=\"_ _1be\"> </span></span>Tot<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Largo<span class=\"_ _1be\"> </span> pla<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Otros <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>sivos<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cieros <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>CELULOSA -<span class=\"_ _1be\"> </span>Fina<span class=\"_ _2\"></span>nciaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>organ<span class=\"_ _2\"></span>ismo<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>\u00fab<span class=\"_ _2\"></span>li<span class=\"_ _2\"></span>cos<span class=\"_ _1be\"> </span>49.973<span class=\"_ _b\"> </span>8.340<span class=\"_ _90\"> </span>8.234<span class=\"_ _b\"> </span>8.109<span class=\"_ _b\"> </span>8.109<span class=\"_ _b\"> </span>6.221<span class=\"_ _7b\"> </span>10.960<span class=\"_ _e\"> </span>41.633<span class=\"_ _1be\"> </span>Pasivo<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>derecho<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e u<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>(no<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>18)           37<span class=\"_ _1\"></span>.6<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>3 <span class=\"_ _c7\"> </span>             3.0<span class=\"_ _1\"></span>15<span class=\"_ _1\"></span> <span class=\"_ _ed\"> </span>             2.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>08<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>             2.<span class=\"_ _1\"></span>93<span class=\"_ _1\"></span>9 <span class=\"_ _c7\"> </span>             1.8<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>             1.<span class=\"_ _1\"></span>47<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>           25.<span class=\"_ _1\"></span>83<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>           34.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>88<span class=\"_ _1\"></span> 87.57<span class=\"_ _1\"></span>6<span class=\"_ _e\"> </span>11.35<span class=\"_ _1\"></span>5<span class=\"_ _14\"> </span>10.7<span class=\"_ _1\"></span>42<span class=\"_ _e\"> </span>11.04<span class=\"_ _1\"></span>8<span class=\"_ _b\"> </span>9.939<span class=\"_ _b\"> </span>7.700<span class=\"_ _7b\"> </span>36.792<span class=\"_ _7b\"> </span>76.221<span class=\"_ _1be\"> </span>Otros <span class=\"_ _2\"></span>pa<span class=\"_ _2\"></span>sivos<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cieros <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>ENERG<span class=\"_ _2\"></span>IA RE<span class=\"_ _2\"></span>NOVABLE -<span class=\"_ _1be\"> </span>Pasivo<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>derecho<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e u<span class=\"_ _2\"></span>so <span class=\"_ _2\"></span>(no<span class=\"_ _2\"></span>ta <span class=\"_ _2\"></span>18)<span class=\"_ _1be\"> </span>1.697<span class=\"_ _86\"> </span><span class=\"ls94\">661<span class=\"_ _aa\"> </span>389<span class=\"_ _17\"> </span>288<span class=\"_ _17\"> </span>192<span class=\"_ _22\"> </span>50<span class=\"_ _97\"> </span>117<span class=\"_ _b\"> </span></span>1.036<span class=\"_ _1be\"> </span>1.697<span class=\"_ _86\"> </span><span class=\"ls94\">661<span class=\"_ _20\"> </span>389<span class=\"_ _97\"> </span>288<span class=\"_ _17\"> </span>192<span class=\"_ _22\"> </span>50<span class=\"_ _17\"> </span>117<span class=\"_ _78\"> </span></span>1.036<span class=\"_ _1be\"> </span>89.27<span class=\"_ _1\"></span>3<span class=\"_ _e\"> </span>12.01<span class=\"_ _1\"></span>6<span class=\"_ _14\"> </span>11.1<span class=\"_ _1\"></span>31<span class=\"_ _e\"> </span>11.33<span class=\"_ _1\"></span>6<span class=\"_ _e\"> </span>10.131<span class=\"_ _f7\"> </span>7.750<span class=\"_ _e\"> </span>36.90<span class=\"_ _1\"></span>9<span class=\"_ _e\"> </span>77.25<span class=\"_ _1\"></span>7<span class=\"_ _1be\"> </span>Vencimient<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1o<span class=\"_ _1be\"> </span>2<span class=\"_ _1be\"> </span>021<span class=\"_ _1be\"> </span>Cor<span class=\"_ _2\"></span>to pl<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Mi<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>es <span class=\"_ _2\"></span>de E<span class=\"_ _1\"></span>uro<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>Sa<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span>do<span class=\"_ _1be\"> </span> Di<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>pues<span class=\"_ _2\"></span>to<span class=\"_ _1be\"> </span>2022<span class=\"_ _2e\"> </span>2023<span class=\"_ _48\"> </span>2024<span class=\"_ _48\"> </span>2025<span class=\"_ _12d\"> </span>2026<span class=\"_ _7\"> </span><span class=\"ls0_1\">Si<span class=\"_ _4\"></span>gui<span class=\"_ _4\"></span>ente<span class=\"_ _1\"></span>s<span class=\"_ _1be\"> </span></span>Tot<span class=\"_ _1\"></span>a<span class=\"_ _2\"></span>l<span class=\"_ _4\"></span> Lar<span class=\"_ _2\"></span>go<span class=\"_ _1be\"> </span> pl<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>zo<span class=\"_ _1be\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> Ne<span class=\"_ _1\"></span>goci<span class=\"_ _4\"></span>o CELU<span class=\"_ _1\"></span>L<span class=\"_ _1\"></span>OSA -<span class=\"_ _1be\"> </span>Fi<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>a<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>a<span class=\"_ _2\"></span>c<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>\u00f3<span class=\"_ _2\"></span>n or<span class=\"_ _2\"></span>ga<span class=\"_ _2\"></span>ni<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>mos<span class=\"_ _2\"></span> p<span class=\"_ _2\"></span>\u00fabl<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>co<span class=\"_ _2\"></span>s<span class=\"_ _1be\"> </span>58<span class=\"_ _2\"></span>.03<span class=\"_ _2\"></span>8<span class=\"_ _84\"> </span>6<span class=\"_ _2\"></span>.371<span class=\"_ _90\"> </span>8<span class=\"_ _2\"></span>.049<span class=\"_ _f7\"> </span>8.61<span class=\"_ _2\"></span>8<span class=\"_ _84\"> </span>8<span class=\"_ _2\"></span>.46<span class=\"_ _2\"></span>4<span class=\"_ _84\"> </span>8<span class=\"_ _2\"></span>.464<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>8<span class=\"_ _2\"></span>.072<span class=\"_ _ff\"> </span>5<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span>.667<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por<span class=\"_ _2\"></span> derecho d<span class=\"_ _2\"></span>e us<span class=\"_ _2\"></span>o (nota<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>8)           16<span class=\"_ _2\"></span>.445<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>             3.614<span class=\"_ _2\"></span> <span class=\"_ _30\"> </span>             3.26<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>             1<span class=\"_ _2\"></span>.403<span class=\"_ _2\"></span> <span class=\"_ _c9\"> </span>             1.77<span class=\"_ _2\"></span>3 <span class=\"_ _c6\"> </span>                 94<span class=\"_ _2\"></span>0 <span class=\"_ _c9\"> </span>             5.44<span class=\"_ _2\"></span>7<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>           12<span class=\"_ _2\"></span>.830<span class=\"_ _2\"></span> 74<span class=\"_ _2\"></span>.483<span class=\"_ _f7\"> </span>9.98<span class=\"_ _2\"></span>5<span class=\"_ _d\"> </span>11<span class=\"_ _2\"></span>.316<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0.02<span class=\"_ _2\"></span>1<span class=\"_ _ff\"> </span>10<span class=\"_ _2\"></span>.23<span class=\"_ _2\"></span>7<span class=\"_ _84\"> </span>9.40<span class=\"_ _2\"></span>4<span class=\"_ _ff\"> </span>23<span class=\"_ _2\"></span>.51<span class=\"_ _2\"></span>9<span class=\"_ _ff\"> </span>64<span class=\"_ _2\"></span>.497<span class=\"_ _1be\"> </span>Otro<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span> pa<span class=\"_ _4\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _4\"></span> fi<span class=\"_ _4\"></span>na<span class=\"_ _2\"></span>nc<span class=\"_ _2\"></span>i<span class=\"_ _4\"></span>eros<span class=\"_ _4\"></span> Ne<span class=\"_ _1\"></span>goci<span class=\"_ _4\"></span>o ENE<span class=\"_ _1\"></span>RG<span class=\"_ _1\"></span>I<span class=\"_ _2\"></span>A RE<span class=\"_ _1\"></span>N<span class=\"_ _1\"></span>OVAB<span class=\"_ _1\"></span>LE<span class=\"_ _1\"></span> -<span class=\"_ _1be\"> </span>Pa<span class=\"_ _2\"></span>s<span class=\"_ _4\"></span>i<span class=\"_ _4\"></span>vos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>por<span class=\"_ _2\"></span> derecho d<span class=\"_ _2\"></span>e us<span class=\"_ _2\"></span>o (nota<span class=\"_ _2\"></span> 1<span class=\"_ _2\"></span>8)<span class=\"_ _1be\"> </span>1.12<span class=\"_ _2\"></span>7                 38<span class=\"_ _2\"></span>1 <span class=\"_ _ec\"> </span>                 22<span class=\"_ _2\"></span>7 <span class=\"_ _c6\"> </span>                 19<span class=\"_ _2\"></span>1<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>                 1<span class=\"_ _2\"></span>11<span class=\"_ _2\"></span> <span class=\"_ _c7\"> </span>                   35<span class=\"_ _2\"></span> <span class=\"_ _14c\"> </span>                 1<span class=\"_ _2\"></span>82<span class=\"_ _2\"></span> 746<span class=\"_ _1be\"> </span>1.12<span class=\"_ _2\"></span>7<span class=\"_ _86\"> </span><span class=\"ls96\">381<span class=\"_ _a8\"> </span>227<span class=\"_ _3a\"> </span>191<span class=\"_ _8b\"> </span>111<span class=\"_ _ce\"> </span>35<span class=\"_ _8b\"> </span>182<span class=\"_ _8b\"> </span>746<span class=\"_ _1be\"> </span></span>75<span class=\"_ _2\"></span>.610<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.366<span class=\"_ _d\"> </span>11<span class=\"_ _2\"></span>.543<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0<span class=\"_ _2\"></span>.212<span class=\"_ _ff\"> </span>1<span class=\"_ _2\"></span>0.34<span class=\"_ _2\"></span>8<span class=\"_ _84\"> </span>9<span class=\"_ _2\"></span>.439<span class=\"_ _ff\"> </span>2<span class=\"_ _2\"></span>3.70<span class=\"_ _2\"></span>1<span class=\"_ _ff\"> </span>65<span class=\"_ _2\"></span>.24<span class=\"_ _2\"></span>3<span class=\"_ _1be\"> </span>Ve<span class=\"_ _1\"></span>nci<span class=\"_ _4\"></span>mi<span class=\"_ _2\"></span>ento e<span class=\"_ _1\"></span>n e<span class=\"_ _1\"></span>l<span class=\"_ _2\"></span> a<span class=\"_ _4\"></span>\u00f1o<span class=\"_ _1be\"> </span>La <span class=\"_ _c3\"> </span>cuenta<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>\u201cFinanciaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>orga<span class=\"_ _2\"></span>nismos <span class=\"_ _c2\"> </span>p\u00fablicos\u201d<span class=\"_ _2\"></span> <span class=\"_ _c3\"> </span>correspon<span class=\"_ _2\"></span>de <span class=\"_ _c3\"> </span>fundamental<span class=\"_ _2\"></span>mente <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>p<span class=\"_ _2\"></span>r\u00e9stamos <span class=\"_ _c2\"> </span>obtenidos,<span class=\"_ _1be\"> </span> normalmente <span class=\"_ _c3\"> </span>a <span class=\"_ _c3\"> </span>tipos <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>inter\u00e9s <span class=\"_ _c2\"> </span>favorables<span class=\"_ _2\"></span>, <span class=\"_ _c3\"> </span>que <span class=\"_ _c3\"></span>financian <span class=\"_ _c3\"></span>proyectos <span class=\"_ _c3\"> </span>para <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>ampliaci\u00f3n <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>mejo<span class=\"_ _2\"></span>ra <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>la<span class=\"_ _1be\"> </span> capacidad productiv<span class=\"_ _2\"></span>a de <span class=\"_ _1\"></span>las biof\u00e1bricas de producci\u00f3n de celulosa, as\u00ed como el <span class=\"_ _1\"></span>desarrollo de actividades de<span class=\"_ _1be\"> </span> Investigaci\u00f3n y<span class=\"_ _2\"></span> Desarrollo en ENCE.<span class=\"_ _2\"></span> Su p<span class=\"_ _2\"></span>lazo de amortizaci\u00f3n es d<span class=\"_ _2\"></span>e 10 a\u00f1os, con<span class=\"_ _2\"></span> un periodo de carencia de<span class=\"_ _2\"></span> 3 a\u00f1os, y devengan<span class=\"_ _2\"></span> un tipo de inter\u00e9s fijo q<span class=\"_ _2\"></span>ue se sit\u00faa en el ra<span class=\"_ _2\"></span>ngo <span class=\"_ _2\"></span>1%-2,29%.<span class=\"_ _1be\"> </span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-561": {
   "value": "29.1<span class=\"ff5\"> <span class=\"_ _bc\"></span><span class=\"ff3 fc3\">Deudas con entidade<span class=\"_ _1\"></span>s de cr\u00e9dito y mercado<span class=\"_ _1\"></span> de capitales<span class=\"_ _1be\"> </span></span></span><span class=\"ff5\"><span class=\"ff3 fc3\"> </span></span>La <span class=\"_ _1\"></span>composici\u00f3n de <span class=\"_ _bb\"></span>las deudas <span class=\"_ _bb\"></span>con<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>entidades de <span class=\"_ _1\"></span>cr\u00e9dito <span class=\"_ _1\"></span>al <span class=\"_ _1\"></span>31 <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>diciembre <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2022 <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>2021, <span class=\"_ _1\"></span>correspondientes<span class=\"_ _1be\"> </span> a pr\u00e9stamos y<span class=\"_ _2\"></span> l\u00edneas de descuento, clas<span class=\"_ _2\"></span>ificadas de acuerdo co<span class=\"_ _2\"></span>n sus vencimientos, es<span class=\"_ _2\"></span> la siguiente:<span class=\"_ _4\"></span> 2022<span class=\"_ _1be\"> </span>Cort<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>azo<span class=\"_ _1be\"> </span>Miles <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>L\u00edmite<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span> Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span>2023<span class=\"_ _2e\"> </span>2024<span class=\"_ _4a\"> </span>2025<span class=\"_ _92\"> </span>2026<span class=\"_ _1be\"> </span>Tot<span class=\"_ _2\"></span>al<span class=\"_ _2\"></span> Largo<span class=\"_ _1be\"> </span> Plazo<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nciera<span class=\"_ _2\"></span> Negocio <span class=\"_ _2\"></span>CE<span class=\"_ _2\"></span>LULO<span class=\"_ _1\"></span>SA -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gacion<span class=\"_ _2\"></span>es emi<span class=\"_ _2\"></span>tid<span class=\"_ _2\"></span>as            63<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            63<span class=\"_ _1\"></span>.3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>            63<span class=\"_ _1\"></span>.3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _117\"> </span>                    -   <span class=\"_ _4e\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -<span class=\"_ _1be\"> </span>   L\u00ednea<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e cr\u00e9di<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>\u2013 <span class=\"_ _2\"></span>revolvi<span class=\"_ _2\"></span>ng          13<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _122\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -<span class=\"_ _1be\"> </span>   Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cario<span class=\"_ _2\"></span>s            95<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            95<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>              7.5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            2<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>14<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>98<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            15<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>            87.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>ctura<span class=\"_ _2\"></span>ci\u00f3n                    -   <span class=\"_ _bc\"></span>               (<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>39<span class=\"_ _1\"></span>)<span class=\"_ _a0\"> </span>                    -   <span class=\"_ _cb\"> </span>               (30<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span>               (1<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>4)<span class=\"_ _c4\"> </span>                 (76<span class=\"_ _1\"></span>)<span class=\"_ _c9\"> </span>               (<span class=\"_ _1\"></span>53<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>es, cup<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>ros                    -   <span class=\"_ _bb\"></span>              1<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6 <span class=\"_ _14c\"> </span>              1.1<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6 <span class=\"_ _117\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -             28<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>30<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>          15<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>.9<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            71<span class=\"_ _1\"></span>.9<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            2<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>            43.<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            15.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            86.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> Deuda<span class=\"_ _2\"></span> fi<span class=\"_ _2\"></span>na<span class=\"_ _2\"></span>nciera<span class=\"_ _2\"></span> Negocio <span class=\"_ _2\"></span>ENE<span class=\"_ _2\"></span>RGIA <span class=\"_ _2\"></span>RENOVABLE -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gacion<span class=\"_ _2\"></span>es emi<span class=\"_ _2\"></span>tid<span class=\"_ _2\"></span>as            79<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _c0\"></span>            79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _ca\"> </span>                    -                79<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1be\"> </span> L\u00ednea<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e cr\u00e9di<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>\u2013 <span class=\"_ _2\"></span>revolvi<span class=\"_ _2\"></span>ng            20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _149\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>cario<span class=\"_ _2\"></span>s            71<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>05<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            71<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _c9\"> </span>            27<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span> <span class=\"_ _a1\"> </span>            3<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>3 <span class=\"_ _14c\"> </span>            10.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span> <span class=\"_ _c7\"> </span>                    -                43.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>83<span class=\"_ _1\"></span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>ctura<span class=\"_ _2\"></span>ci\u00f3n                    -   <span class=\"_ _2\"></span>            (1.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>94<span class=\"_ _1\"></span>)<span class=\"_ _5f\"> </span>                    -   <span class=\"_ _cb\"> </span>               (9<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>9)<span class=\"_ _c4\"> </span>               (14<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)<span class=\"_ _34\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>4)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span>r i<span class=\"_ _2\"></span>nteres<span class=\"_ _2\"></span>es, cup<span class=\"_ _2\"></span>\u00f3n<span class=\"_ _2\"></span> y <span class=\"_ _2\"></span>ot<span class=\"_ _2\"></span>ros                    -   <span class=\"_ _c0\"></span>                   23<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>                   23<span class=\"_ _1\"></span> <span class=\"_ _d8\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _14c\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   170.<span class=\"_ _1\"></span>050<span class=\"_ _7b\"> </span>148.97<span class=\"_ _1\"></span>9<span class=\"_ _78\"> </span>27.090<span class=\"_ _87\"> </span>32.784<span class=\"_ _b\"> </span>89.105<span class=\"_ _1e\"> </span>0<span class=\"_ _e\"> </span>121.8<span class=\"_ _1\"></span>89<span class=\"_ _1be\"> </span>458.<span class=\"_ _1\"></span>350<span class=\"_ _7b\"> </span>307.92<span class=\"_ _1\"></span>6<span class=\"_ _78\"> </span>99.076<span class=\"_ _87\"> </span>60.889<span class=\"_ _7b\"> </span>132.<span class=\"_ _1\"></span>932<span class=\"_ _78\"> </span>15.0<span class=\"_ _1\"></span>29<span class=\"_ _7b\"> </span>208.850<span class=\"_ _1be\"> </span>Vencimien<span class=\"_ _2\"></span>to <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Cada  u<span class=\"_ _2\"></span>no  d<span class=\"_ _2\"></span>e  los <span class=\"_ _c6\"> </span>negocios <span class=\"_ _c6\"> </span>se <span class=\"_ _c6\"> </span>financia <span class=\"_ _c6\"> </span>de <span class=\"_ _c6\"> </span>forma <span class=\"_ _14c\"> </span>in<span class=\"_ _2\"></span>depen<span class=\"_ _2\"></span>diente  del <span class=\"_ _c6\"> </span>otro. <span class=\"_ _c6\"> </span>No <span class=\"_ _14c\"> </span>h<span class=\"_ _2\"></span>ay  re<span class=\"_ _2\"></span>curso <span class=\"_ _c6\"> </span>o  gara<span class=\"_ _2\"></span>nt\u00edas<span class=\"_ _1be\"> </span> significativas entre a<span class=\"_ _2\"></span>mbos.<span class=\"_ _1be\"> </span> Los pagos<span class=\"_ _2\"></span> de intereses prev<span class=\"_ _2\"></span>istos en los pr\u00f3ximos<span class=\"_ _2\"></span>  <span class=\"_ _bc\"></span>4 a\u00f1<span class=\"_ _2\"></span>os y asociado<span class=\"_ _2\"></span>s a <span class=\"ls1f\">la</span>s <span class=\"ff6 ls3a\">\u201cD</span>eudas <span class=\"_ _2\"></span>con entidades de cr\u00e9dito<span class=\"_ _1be\"> </span> y <span class=\"_ _0\"></span>mercado <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>capita<span class=\"_ _2\"></span>les\u201d <span class=\"_ _0\"></span>y <span class=\"_ _c3\"></span>\u201cOtros <span class=\"_ _c3\"> </span>pasivos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>financiero<span class=\"_ _2\"></span><span class=\"ff4 ls14\">s <span class=\"_ _c3\"></span></span>\u2013<span class=\"ff4\"> <span class=\"_ _0\"></span></span>financiaci\u00f3n <span class=\"_ _c3\"> </span>organismos <span class=\"_ _c3\"></span>p\u00fablicos\u201d <span class=\"_ _c3\"> </span><span class=\"ff4\">en <span class=\"_ _c3\"></span>el <span class=\"_ _0\"></span>Negocio<span class=\"_ _1be\"> </span></span><span class=\"ff4\"> </span>Celulosa<span class=\"ls1c\">, <span class=\"_ _2\"></span></span>cons<span class=\"_ _2\"></span>iderando <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>endeudamiento <span class=\"_ _2\"></span>act<span class=\"_ _2\"></span>ual, <span class=\"_ _4\"></span>se <span class=\"_ _2\"></span>situ<span class=\"_ _2\"></span>ar\u00e1n <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>ngo <span class=\"_ _4\"></span>0,7 <span class=\"_ _2\"></span><span class=\"ff6\">\u2013</span> <span class=\"_ _4\"></span>5,1 <span class=\"_ _2\"></span>millones <span class=\"_ _4\"></span><span class=\"ff6\">\u20ac</span>, <span class=\"_ _2\"></span>anu<span class=\"_ _2\"></span>ales. <span class=\"_ _2\"></span>Por<span class=\"_ _1be\"> </span> su <span class=\"_ _1\"></span>parte, <span class=\"_ _1\"></span>los <span class=\"_ _1\"></span>pagos <span class=\"_ _1\"></span>de <span class=\"_ _bb\"></span>intereses previstos <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>el <span class=\"_ _1\"></span>Negocio <span class=\"_ _1\"></span>Energ\u00eda <span class=\"_ _1\"></span>Renovable <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>los <span class=\"_ _bb\"></span>pr\u00f3<span class=\"_ _2\"></span>ximos <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>a\u00f1os <span class=\"_ _1\"></span>se <span class=\"_ _1\"></span>situar\u00e1n<span class=\"_ _1be\"> </span> en el tramo 5,2 <span class=\"ff6\">\u2013</span> 8,<span class=\"_ _2\"></span>4 millones <span class=\"ff6\">\u20ac</span>.<span class=\"_ _1be\"> </span> El <span class=\"_ _c3\"> </span>coste <span class=\"_ _c3\"> </span>medio <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>la <span class=\"_ _c3\"> </span>deud<span class=\"_ _2\"></span>a <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>ENCE <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>2022 <span class=\"_ _c3\"> </span>y <span class=\"_ _c2\"> </span>2021 <span class=\"_ _c3\"> </span>ha <span class=\"_ _c3\"> </span>sido <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>el <span class=\"_ _c3\"> </span><span class=\"ls11\">2,13</span>% <span class=\"_ _c3\"> </span>y <span class=\"_ _c3\"> </span>2,52%, <span class=\"_ _c3\"> </span>respectiv<span class=\"_ _2\"></span>amente. <span class=\"_ _c3\"></span>Por<span class=\"_ _1be\"> </span> negocios, <span class=\"_ _cc\"> </span>el <span class=\"_ _cc\"> </span>negocio <span class=\"_ _cc\"> </span>celulosa <span class=\"_ _cc\"> </span>ha <span class=\"_ _cc\"> </span>tenido <span class=\"_ _cc\"> </span>un <span class=\"_ _cc\"> </span>coste <span class=\"_ _cc\"> </span>medio <span class=\"_ _c9\"> </span>en <span class=\"_ _cc\"> </span>dichos <span class=\"_ _cc\"> </span>period<span class=\"_ _2\"></span>os <span class=\"_ _ca\"> </span>del <span class=\"_ _c9\"> </span>1,55% <span class=\"_ _cc\"> </span>y <span class=\"_ _cc\"> </span>1,<span class=\"ls11\">52</span>%,<span class=\"_ _1be\"> </span> respectivamente, y el negocio<span class=\"_ _2\"></span> energ\u00eda del <span class=\"_ _2\"></span><span class=\"ls11\">4,03</span>% y <span class=\"_ _2\"></span>4,19%, resp<span class=\"_ _2\"></span>ectivamente.<span class=\"_ _1be\"> </span> Al <span class=\"_ _c0\"></span>31 <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>diciembre <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>2022<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>ENCE <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>las <span class=\"_ _c0\"></span>empresas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>del <span class=\"_ _0\"></span>Gru<span class=\"_ _2\"></span>po <span class=\"_ _0\"></span>cumplen <span class=\"_ _c0\"></span>\u00ednte<span class=\"_ _2\"></span>gramente <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>sus <span class=\"_ _0\"></span>obligaciones<span class=\"_ _1be\"> </span> financieras <span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cualquier <span class=\"_ _2\"></span>otro <span class=\"_ _2\"></span>tipo<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>pudieran <span class=\"_ _2\"></span>dar <span class=\"_ _2\"></span>lugar <span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>vencimiento <span class=\"_ _2\"></span>anticipado <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>su<span class=\"_ _2\"></span>s compromis<span class=\"_ _2\"></span>os<span class=\"_ _1be\"> </span> financieros.  La <span class=\"_ _c7\"> </span>finan<span class=\"_ _2\"></span>ciaci\u00f3n <span class=\"_ _c4\"> </span>de <span class=\"_ _c7\"> </span>EN<span class=\"_ _2\"></span>CE <span class=\"_ _c7\"> </span>no <span class=\"_ _c4\"> </span>est\u00e1 <span class=\"_ _c4\"> </span>sujeta <span class=\"_ _c7\"> </span>a <span class=\"_ _c4\"> </span>ning\u00fa<span class=\"_ _2\"></span>n <span class=\"_ _c7\"> </span>tipo <span class=\"_ _c7\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c7\"> </span>cl\u00e1us<span class=\"_ _2\"></span>ula<span class=\"_ _2\"></span> <span class=\"_ _c4\"> </span>que <span class=\"_ _c4\"> </span>implique <span class=\"_ _c4\"> </span>su <span class=\"_ _c7\"> </span>modificaci\u00f3n <span class=\"_ _c4\"> </span>o<span class=\"_ _1be\"> </span> renegociaci\u00f3n como cons<span class=\"_ _2\"></span>ecuencia de un<span class=\"_ _2\"></span>a variaci\u00f3n en la ca<span class=\"_ _2\"></span>lificaci\u00f3n crediticia.<span class=\"_ _2\"></span> Endeuda<span class=\"_ _1\"></span>miento Negocio Celulosa<span class=\"_ _1\"></span> Bono convertible y l\u00ednea de<span class=\"_ _2\"></span> cr\u00e9dito re<span class=\"_ _2\"></span>volving<span class=\"_ _1be\"> </span> El <span class=\"_ _1\"></span>5 <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>marzo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>2018 <span class=\"_ _1\"></span>ENCE <span class=\"_ _1\"></span>complet\u00f3 <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>proceso <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>colocaci\u00f3n, entre <span class=\"_ _1\"></span>inversores <span class=\"_ _1\"></span>institucionales <span class=\"_ _1\"></span>cualificados,<span class=\"_ _1be\"> </span> de una emisi\u00f3n d<span class=\"_ _2\"></span>e bonos convertibles en a<span class=\"_ _2\"></span>cciones ordinarias<span class=\"_ _2\"></span> por importe de 160 millon<span class=\"_ _2\"></span>es de <span class=\"_ _4\"></span>euros<span class=\"ls1a\">. </span> Los principales<span class=\"_ _2\"></span> t\u00e9rminos y condiciones d<span class=\"_ _2\"></span>e la emisi\u00f3n son los<span class=\"_ _2\"></span> siguient<span class=\"_ _2\"></span>es:<span class=\"_ _1be\"> </span>2<span class=\"_ _1be\"> </span>021<span class=\"_ _1be\"> </span>Cort<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>pl<span class=\"_ _2\"></span>azo<span class=\"_ _1be\"> </span>Miles <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span>L\u00edmite<span class=\"_ _1be\"> </span>Sald<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span> Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _1be\"> </span>2022<span class=\"_ _95\"> </span>2023<span class=\"_ _46\"> </span>2024<span class=\"_ _3a\"> </span>2025<span class=\"_ _8\"> </span>2026<span class=\"_ _1be\"> </span>Tot<span class=\"_ _2\"></span>al <span class=\"_ _2\"></span>Largo<span class=\"_ _1be\"> </span> Plazo<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ciera <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>CELULOSA -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> emit<span class=\"_ _2\"></span>id<span class=\"_ _2\"></span>as          12<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6 <span class=\"_ _14c\"> </span>          12<span class=\"_ _1\"></span>6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> <span class=\"_ _bd\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _cb\"> </span>          126<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6 <span class=\"_ _4e\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _bb\"></span>          12<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> recomp<span class=\"_ _2\"></span>rada<span class=\"_ _2\"></span>s                    -<span class=\"_ _1be\"> </span>   L\u00ednea <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e cr\u00e9dit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>\u2013 revo<span class=\"_ _2\"></span>lvin<span class=\"_ _2\"></span>g          13<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _d9\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -<span class=\"_ _1be\"> </span>   Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>carios          10<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>          10<span class=\"_ _1\"></span>5.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>              5.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _c1\"> </span>            12<span class=\"_ _1\"></span>.5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>            28<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>4 <span class=\"_ _14c\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>98<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            15.<span class=\"_ _1\"></span>10<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>          100<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>cturaci\u00f3<span class=\"_ _2\"></span>n                    -   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>19<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _cb\"> </span>                    -   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _bc\"></span>            (1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>19<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>tereses, <span class=\"_ _2\"></span>cup\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>tro<span class=\"_ _2\"></span>s                    -   <span class=\"_ _bb\"></span>              1.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>08<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>              1.2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 <span class=\"_ _14e\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -             36<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>06<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>          23<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>1 <span class=\"_ _14c\"> </span>              6.<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8 <span class=\"_ _c1\"> </span>          13<span class=\"_ _1\"></span>8.<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>66<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            28<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>41<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>81<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            15.<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5 <span class=\"_ _14c\"> </span>          22<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>.8<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>3<span class=\"_ _1be\"> </span> Deuda<span class=\"_ _2\"></span> fin<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>ciera <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>ENERG<span class=\"_ _2\"></span>IA R<span class=\"_ _2\"></span>ENOVABLE -<span class=\"_ _1be\"> </span>Obli<span class=\"_ _2\"></span>gaciones<span class=\"_ _2\"></span> emit<span class=\"_ _2\"></span>id<span class=\"_ _2\"></span>as            93<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c6\"> </span>            93<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _170\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c0\"></span>            93<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 <span class=\"_ _106\"> </span>            93.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> L\u00ednea <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e cr\u00e9dit<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>\u2013 revo<span class=\"_ _2\"></span>lvin<span class=\"_ _2\"></span>g            20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _cc\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _170\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   Pr\u00e9stamo<span class=\"_ _2\"></span>s b<span class=\"_ _2\"></span>an<span class=\"_ _2\"></span>carios          10<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _14c\"> </span>          10<span class=\"_ _1\"></span>0.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>50<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            29<span class=\"_ _1\"></span>.4<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> <span class=\"_ _c1\"> </span>            27.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>67<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            33<span class=\"_ _1\"></span>.7<span class=\"_ _1\"></span>33<span class=\"_ _1\"></span> <span class=\"_ _14c\"> </span>            10<span class=\"_ _1\"></span>.2<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0 <span class=\"_ _c9\"> </span>                    -   <span class=\"_ _c2\"> </span>            71<span class=\"_ _1\"></span>.0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1be\"> </span> Cos<span class=\"_ _2\"></span>tes <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>estru<span class=\"_ _2\"></span>cturaci\u00f3<span class=\"_ _2\"></span>n                    -   <span class=\"_ _2\"></span>            (1.<span class=\"_ _1\"></span>89<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _d9\"> </span>                    -<span class=\"_ _1\"></span>   <span class=\"_ _c1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c0\"> </span>            (1.<span class=\"_ _1\"></span>89<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _1be\"> </span>Deuda<span class=\"_ _2\"></span>s p<span class=\"_ _2\"></span>or <span class=\"_ _2\"></span>in<span class=\"_ _2\"></span>tereses, <span class=\"_ _2\"></span>cup\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>y o<span class=\"_ _2\"></span>tro<span class=\"_ _2\"></span>s                    -   <span class=\"_ _4\"></span>                     6 <span class=\"_ _c6\"> </span>                     6 <span class=\"_ _a1\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   <span class=\"_ _c5\"> </span>                    -   213.<span class=\"_ _1\"></span>450<span class=\"_ _12a\"> </span>191.<span class=\"_ _1\"></span>559<span class=\"_ _156\"> </span>29.40<span class=\"_ _1\"></span>6<span class=\"_ _e9\"> </span>27.06<span class=\"_ _1\"></span>7<span class=\"_ _156\"> </span>33.733<span class=\"_ _12a\"> </span>103<span class=\"_ _1\"></span>.250<span class=\"_ _ca\"> </span><span class=\"ff4 ls91\">                    -   <span class=\"_ _10a\"> </span></span>162.<span class=\"_ _1\"></span>153<span class=\"_ _1be\"> </span>574.<span class=\"_ _1\"></span>516<span class=\"_ _12a\"> </span>422.<span class=\"_ _1\"></span>640<span class=\"_ _156\"> </span>35.61<span class=\"_ _1\"></span>4<span class=\"_ _8\"> </span>165.6<span class=\"_ _1\"></span>33<span class=\"_ _156\"> </span>62.147<span class=\"_ _154\"> </span>147.231<span class=\"_ _156\"> </span>15.1<span class=\"_ _1\"></span>05<span class=\"_ _12a\"> </span>387.0<span class=\"_ _1\"></span>26<span class=\"_ _1be\"> </span>Vencimient<span class=\"_ _2\"></span>o <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span>Los <span class=\"_ _c0\"></span>t\u00e9rminos <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>condiciones <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>bono<span class=\"_ _2\"></span> <span class=\"_ _4\"></span>con<span class=\"_ _2\"></span>vertible <span class=\"_ _4\"></span>incluy<span class=\"_ _2\"></span>en, <span class=\"_ _c0\"></span>como <span class=\"_ _4\"></span>es <span class=\"_ _c0\"></span>habitu<span class=\"_ _2\"></span>al <span class=\"_ _4\"></span>en <span class=\"_ _c0\"></span>este <span class=\"_ _c0\"></span>tipo <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>financiaci\u00f3n,<span class=\"_ _2\"></span> una <span class=\"_ _2\"></span>cl\u00e1u<span class=\"_ _2\"></span>sula <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>favor <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>tenedores <span class=\"_ _4\"></span>que <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>activar\u00eda <span class=\"_ _4\"></span>en <span class=\"_ _2\"></span>caso <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>prod<span class=\"_ _2\"></span>ucirse <span class=\"_ _2\"></span>un <span class=\"_ _4\"></span>cambio <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>trol <span class=\"_ _2\"></span>(ya <span class=\"_ _4\"></span>sea<span class=\"_ _1be\"> </span> por <span class=\"_ _2\"></span>adq<span class=\"_ _2\"></span>uisici\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>m\u00e1s<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>del <span class=\"_ _2\"></span>50% <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>las <span class=\"_ _4\"></span>acciones <span class=\"_ _4\"></span>con <span class=\"_ _2\"></span>derecho <span class=\"_ _4\"></span>a <span class=\"_ _2\"></span>voto <span class=\"_ _4\"></span>o <span class=\"_ _2\"></span>por <span class=\"_ _2\"></span>obten<span class=\"_ _2\"></span>er <span class=\"_ _2\"></span>derecho <span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>nombrar <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>la<span class=\"_ _1be\"> </span> mayor\u00eda <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>Consejeros) <span class=\"_ _c3\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _c3\"> </span>accionariado <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"></span>ENCE, <span class=\"_ _c3\"></span>y <span class=\"_ _0\"></span>qu<span class=\"_ _2\"></span>e <span class=\"_ _0\"></span>p<span class=\"_ _2\"></span>ermitir\u00eda <span class=\"_ _0\"></span>al <span class=\"_ _c3\"> </span>tenedor <span class=\"_ _c3\"> </span>del <span class=\"_ _c3\"></span>bono <span class=\"_ _c3\"></span>convertir<span class=\"_ _1be\"> </span> anticipadamente <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>precio <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>conv<span class=\"_ _2\"></span>ersi\u00f3n <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>ser\u00e1 <span class=\"_ _0\"></span>variab<span class=\"_ _2\"></span>le <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>funci\u00f3n <span class=\"_ _0\"></span>del <span class=\"_ _0\"></span>period<span class=\"_ _4\"></span>o<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>reste <span class=\"_ _0\"></span>hasta <span class=\"_ _0\"></span>el<span class=\"_ _1be\"> </span> vencimiento del bono, con el <span class=\"_ _1\"></span>m\u00ednimo de <span class=\"_ _1\"></span>su valor nominal. Asimismo, incluyen cl\u00e1usu<span class=\"_ _2\"></span>las que pueden ajustar<span class=\"_ _1\"></span> el precio de conversi\u00f3n en fu<span class=\"_ _2\"></span>nci\u00f3n d<span class=\"_ _2\"></span>e los dividend<span class=\"_ _2\"></span>os anuales repartidos po<span class=\"_ _2\"></span>r ENCE.<span class=\"_ _2\"></span> La <span class=\"_ _2\"></span>emisi\u00f3n <span class=\"_ _4\"></span>no <span class=\"_ _2\"></span>cuenta<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>con <span class=\"_ _4\"></span>garant\u00edas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>reales <span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>obre <span class=\"_ _4\"></span>bienes <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>derechos<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>E<span class=\"_ _2\"></span>NCE, <span class=\"_ _2\"></span>ni <span class=\"_ _4\"></span>contempla <span class=\"_ _4\"></span>restricciones <span class=\"_ _4\"></span>al<span class=\"_ _1be\"> </span> uso <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _0\"></span>recursos <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>capital. <span class=\"_ _0\"></span>Los <span class=\"_ _0\"></span>bonos <span class=\"_ _0\"></span>est\u00e1n <span class=\"_ _0\"></span>a <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>par <span class=\"_ _0\"></span>(\u201cpari <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>assu\u201d) <span class=\"_ _0\"></span>con <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>resto <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>los <span class=\"_ _c0\"></span>p<span class=\"_ _2\"></span>r\u00e9stamos <span class=\"_ _0\"></span>no<span class=\"_ _1be\"> </span> garantizados<span class=\"_ _2\"></span> y no subordinados.<span class=\"_ _2\"></span> ENCE <span class=\"_ _0\"></span>tras <span class=\"_ _0\"></span>analizar <span class=\"_ _0\"></span>los<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>t\u00e9rminos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>condiciones <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>la <span class=\"_ _0\"></span>emisi\u00f3n <span class=\"_ _0\"></span>co<span class=\"_ _4\"></span>ncluy\u00f3 <span class=\"_ _0\"></span>que <span class=\"_ _0\"></span>se <span class=\"_ _0\"></span>tratab<span class=\"_ _2\"></span>a <span class=\"_ _0\"></span>de <span class=\"_ _c0\"></span>un<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>instrumento<span class=\"_ _1be\"> </span> compuesto de <span class=\"_ _bb\"></span>p<span class=\"_ _2\"></span>asivo y<span class=\"_ _1\"></span> <span class=\"_ _1\"></span>patrimonio, valor\u00e1ndose <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>componente <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>patrimonio <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>el <span class=\"_ _bb\"></span>mom<span class=\"_ _2\"></span>ento de <span class=\"_ _1\"></span>la <span class=\"_ _1\"></span>e<span class=\"_ _1\"></span>misi\u00f3n<span class=\"_ _1be\"> </span> en <span class=\"_ _2\"></span>14.551 <span class=\"_ _2\"></span>miles <span class=\"_ _2\"></span>\u20ac, <span class=\"_ _2\"></span>equ<span class=\"_ _2\"></span>ivalente <span class=\"_ _2\"></span>a <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>cup\u00f3n <span class=\"_ _2\"></span>es<span class=\"_ _2\"></span>timado <span class=\"_ _2\"></span>para <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>instrumento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>similar<span class=\"_ _2\"></span>es <span class=\"_ _2\"></span>caracter\u00edsticas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>y <span class=\"_ _2\"></span>sin<span class=\"_ _1be\"> </span> opci\u00f3n <span class=\"_ _c0\"></span>d<span class=\"ff6\">e <span class=\"_ _c0\"></span>convertibilidad <span class=\"_ _c0\"></span>del <span class=\"_ _4\"></span>3,25%, <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>el <span class=\"_ _c0\"></span>componente <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>pasivo <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>145.449 <span class=\"_ _4\"></span>miles <span class=\"_ _c0\"></span>\u20ac. <span class=\"_ _4\"></span>E<span class=\"_ _2\"></span>l <span class=\"_ _4\"></span>tenedo<span class=\"_ _2\"></span>r <span class=\"_ _4\"></span>del <span class=\"_ _c0\"></span>bono<span class=\"_ _1be\"> </span></span><span class=\"ff6\"> </span>\u00fanicamente  puede  recupe<span class=\"_ _2\"></span>rar  en  efectivo  el  nominal  d<span class=\"_ _2\"></span>e  la  emisi\u00f3n <span class=\"_ _14c\"> </span>ju<span class=\"_ _2\"></span>nto  a  los <span class=\"_ _14c\"> </span>intereses  d<span class=\"_ _2\"></span>evengados<span class=\"_ _1be\"> </span> pendientes  de <span class=\"_ _c5\"> </span>pago.  El <span class=\"_ _c5\"> </span>resto <span class=\"_ _c5\"> </span>de  las  opciones  de <span class=\"_ _c2\"> </span>cancelaci\u00f3n  se  liquidan  en <span class=\"_ _c5\"> </span>acciones <span class=\"_ _c5\"> </span>y  en <span class=\"_ _c2\"> </span>todo  caso<span class=\"_ _1be\"> </span> cumpli\u00e9ndose <span class=\"_ _c9\"> </span>la <span class=\"_ _c9\"> </span>regla <span class=\"_ _c9\"> </span>\u201cfijo <span class=\"_ _c9\"> </span>por <span class=\"_ _c9\"> </span>fijo\u201d. <span class=\"_ _c9\"> </span>As\u00ed <span class=\"_ _c9\"> </span>mismo, <span class=\"_ _cc\"> </span>esta <span class=\"_ _c9\"> </span>financiaci\u00f3n <span class=\"_ _c9\"> </span>cumpl\u00eda <span class=\"_ _c9\"> </span>los <span class=\"_ _c9\"> </span>requis<span class=\"_ _2\"></span>itos <span class=\"_ _c9\"> </span>para <span class=\"_ _c9\"> </span>su<span class=\"_ _1be\"> </span> reconocimiento como nuev<span class=\"_ _2\"></span>a financiaci\u00f3n<span class=\"_ _2\"></span>.<span class=\"_ _1be\"> </span> Durante <span class=\"_ _c0\"></span>el <span class=\"_ _4\"></span>ejercicio <span class=\"_ _c0\"></span>2022 <span class=\"_ _c0\"></span>ENCE <span class=\"_ _c0\"></span>ha <span class=\"_ _c0\"></span>realizado <span class=\"_ _c0\"></span>recompras <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>bonos <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>nominal <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>65.4<span class=\"ff6\">00 <span class=\"_ _4\"></span>miles <span class=\"_ _c0\"></span>\u20ac <span class=\"_ _c0\"></span>a <span class=\"_ _c0\"></span>un<span class=\"_ _1be\"> </span></span><span class=\"ff6\"> </span>precio <span class=\"_ _0\"></span>medio <span class=\"_ _c3\"></span>equivalente <span class=\"_ _0\"></span>al <span class=\"_ _c3\"> </span>99,82% <span class=\"_ _0\"></span>d<span class=\"_ _2\"></span>el <span class=\"_ _0\"></span>nominal. <span class=\"_ _c3\"> </span>As\u00ed <span class=\"_ _0\"></span>mis<span class=\"_ _2\"></span>mo, <span class=\"_ _0\"></span>en <span class=\"_ _c3\"></span>ejercicios <span class=\"_ _0\"></span>anteriores<span class=\"_ _2\"></span> <span class=\"_ _c3\"></span>ENCE <span class=\"_ _0\"></span>ha <span class=\"_ _c3\"></span>realizado<span class=\"_ _1be\"> </span> recompras de bonos<span class=\"_ _2\"></span> con un nominal de 31.300 mil<span class=\"_ _2\"></span>es \u20ac.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>En el <span class=\"_ _1\"></span>marco <span class=\"_ _1\"></span>de esta <span class=\"_ _1\"></span>emisi\u00f3n, se <span class=\"_ _1\"></span>suscribi\u00f3 con <span class=\"_ _1\"></span>un sindicato <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>bancos nacionales e internaciones un <span class=\"_ _1\"></span>contrato<span class=\"_ _1be\"> </span> de cr\u00e9<span class=\"_ _1\"></span>dito (revolving cre<span class=\"_ _1\"></span>dit facility) <span class=\"_ _1\"></span>por im<span class=\"_ _1\"></span>porte de <span class=\"ls11\">130 <span class=\"_ _1\"></span><span class=\"ls0_1\">millones de <span class=\"_ _1\"></span>euros. <span class=\"_ _1\"></span>Esta financiaci\u00f3n <span class=\"_ _1\"></span>devenga un <span class=\"_ _1\"></span>tipo<span class=\"_ _1be\"> </span></span></span><span class=\"ls11\"><span class=\"ls0_1\"> </span></span>de <span class=\"_ _c0\"></span>inter\u00e9s <span class=\"_ _c0\"></span>referenciado <span class=\"_ _c0\"></span>al <span class=\"_ _0\"></span>Euribor <span class=\"_ _c0\"></span>y <span class=\"_ _0\"></span>tiene <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>v<span class=\"_ _2\"></span>encimiento <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>2026. <span class=\"_ _c0\"></span>Es<span class=\"_ _2\"></span>ta <span class=\"_ _c0\"></span>financiaci\u00f3n <span class=\"_ _0\"></span>est\u00e1 <span class=\"_ _c0\"></span>en <span class=\"_ _c0\"></span>su <span class=\"_ _c0\"></span>totalidad<span class=\"_ _1be\"> </span> disponible <span class=\"_ _4\"></span>al <span class=\"_ _4\"></span>31 <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>diciembre <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>2022. <span class=\"_ _4\"></span>El <span class=\"_ _4\"></span>tipo <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>int<span class=\"_ _2\"></span>er\u00e9s <span class=\"_ _2\"></span>e<span class=\"_ _2\"></span>stablecido <span class=\"_ _4\"></span>podr\u00e1 <span class=\"_ _4\"></span>vers<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>modificad<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>anualmente<span class=\"_ _1be\"> </span> en funci\u00f3n del rating d<span class=\"_ _2\"></span>e sostenibilidad<span class=\"_ _2\"></span> medioambiental Sustain<span class=\"_ _2\"></span>alytics obtenido<span class=\"_ _2\"></span> por ENCE, que eval\u00faa d<span class=\"_ _2\"></span>icha<span class=\"_ _1be\"> </span> deuda como \u201cfinanciaci\u00f3n<span class=\"_ _2\"></span> verde\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Pr\u00e9stamos<span class=\"_ _1be\"> </span> Importe d<span class=\"_ _1\"></span>e la Emis<span class=\"_ _1\"></span>i\u00f3n<span class=\"_ _b6\"> </span><span class=\"ff6\">160<span class=\"_ _1\"></span>.000.000 \u20ac<span class=\"_ _1be\"> </span></span>No<span class=\"_ _2\"></span>min<span class=\"_ _1\"></span>al Bo<span class=\"_ _2\"></span>no<span class=\"_ _5a\"> </span><span class=\"ff6\">1<span class=\"_ _1\"></span>00.000 \u20ac<span class=\"_ _1be\"> </span></span>Rango de <span class=\"_ _1\"></span>la Deud<span class=\"_ _1\"></span>a<span class=\"_ _186\"> </span>\"Sen<span class=\"_ _1\"></span>ior\" <span class=\"_ _1\"></span>no g<span class=\"_ _1\"></span>arantizada<span class=\"_ _1be\"> </span>Fecha d<span class=\"_ _1\"></span>e la emisi<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _a5\"> </span>05/03/201<span class=\"_ _1\"></span>8<span class=\"_ _1be\"> </span>Fecha d<span class=\"_ _1\"></span>e ven<span class=\"_ _1\"></span>cimien<span class=\"_ _1\"></span>to<span class=\"_ _187\"> </span>05/03/2<span class=\"_ _1\"></span>023<span class=\"_ _1be\"> </span>Cup<span class=\"_ _1\"></span>\u00f3n<span class=\"_ _188\"> </span>1,<span class=\"_ _1\"></span>25%<span class=\"_ _1be\"> </span>Tipo in<span class=\"_ _1\"></span>ter\u00e9s efectivo<span class=\"_ _189\"> </span>1,<span class=\"_ _1\"></span>58%<span class=\"_ _1be\"> </span>Pr<span class=\"_ _1\"></span>ecio<span class=\"_ _2\"></span> de conver<span class=\"_ _1\"></span>si\u00f3n (<span class=\"_ _1\"></span>*)<span class=\"_ _3e\"> </span>8,<span class=\"_ _1\"></span>090<span class=\"_ _1\"></span>1<span class=\"_ _1be\"> </span>Pr<span class=\"_ _1\"></span>ima d<span class=\"_ _1\"></span>e co<span class=\"_ _2\"></span>nv<span class=\"_ _1\"></span>ersi\u00f3n<span class=\"_ _18a\"> </span><span class=\"ls92\">40%<span class=\"_ _1be\"> </span></span>Ratio<span class=\"_ _2\"></span> de convers<span class=\"_ _1\"></span>i\u00f3n (<span class=\"_ _1\"></span>ac<span class=\"_ _2\"></span>c / bono)<span class=\"_ _18b\"> </span>12.361<span class=\"_ _1be\"> </span>M\u00e1ximo ac<span class=\"_ _2\"></span>cio<span class=\"_ _2\"></span>nes a em<span class=\"_ _1\"></span>itir<span class=\"_ _1\"></span> (acc<span class=\"_ _2\"></span>)<span class=\"_ _c\"> </span>19.777.259<span class=\"_ _1be\"> </span>Potencial % in<span class=\"_ _1\"></span>cremen<span class=\"_ _1\"></span>to c<span class=\"_ _2\"></span>apital socia<span class=\"_ _2\"></span>l<span class=\"_ _12f\"> </span>8,<span class=\"_ _1\"></span>03%<span class=\"_ _1be\"> </span>Mer<span class=\"_ _1\"></span>ca<span class=\"_ _2\"></span>do co<span class=\"_ _2\"></span>tizac<span class=\"_ _2\"></span>i\u00f3n <span class=\"_ _18c\"> </span>Bo<span class=\"_ _2\"></span>lsa de F<span class=\"_ _1\"></span>rank<span class=\"_ _1\"></span>furt<span class=\"_ _1be\"> </span>ISI<span class=\"_ _2\"></span>N<span class=\"_ _18d\"> </span>XS<span class=\"_ _1\"></span>1783<span class=\"_ _1\"></span>93286<span class=\"_ _1\"></span>3<span class=\"_ _1be\"> </span>Co<span class=\"_ _2\"></span>stes de l<span class=\"_ _1\"></span>a emisi\u00f3n<span class=\"_ _98\"> </span><span class=\"ff6\">2.075.000 \u20ac<span class=\"_ _1be\"> </span></span>(*)<span class=\"_ _1\"></span> Con fec<span class=\"_ _2\"></span>ha 1 d<span class=\"_ _1\"></span>e ju<span class=\"_ _1\"></span>lio d<span class=\"_ _1\"></span>e 2022<span class=\"_ _1\"></span> el p<span class=\"_ _1\"></span>recio de co<span class=\"_ _2\"></span>nv<span class=\"_ _1\"></span>ersi\u00f3n <span class=\"_ _1\"></span>pasa a ser 8,<span class=\"_ _1\"></span>5636<span class=\"_ _1be\"> </span><div class=\"c_1 w2_1 h57 gs28b\"><div class=\"t_1 m0_1 x21 h8_1 y20f ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Al <span class=\"_ _c0\"></span>31 <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>dicie<span class=\"_ _2\"></span>mbre <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>2022 <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>NCE <span class=\"_ _c0\"></span>mantiene <span class=\"_ _c0\"></span>su<span class=\"_ _2\"></span>scritos <span class=\"_ _c0\"></span>pr\u00e9sta<span class=\"_ _2\"></span>mos <span class=\"_ _c0\"></span>para <span class=\"_ _c0\"></span>finan<span class=\"_ _2\"></span>ciar <span class=\"_ _c0\"></span>determinadas<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>inversion<span class=\"_ _2\"></span>es </div><div class=\"t_1 m0_1 x21 h8_1 y238 ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">contempladas <span class=\"_ _c2\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c2\"> </span>\u201cPlan <span class=\"_ _c2\"> </span>Estrat\u00e9gico <span class=\"_ _c2\"> </span>2019<span class=\"_ _2\"></span><span class=\"ff4\">-</span>2023\u201d, <span class=\"_ _c2\"> </span>por <span class=\"_ _c3\"> </span>u<span class=\"_ _2\"></span>n <span class=\"_ _c2\"> </span>importe <span class=\"_ _c3\"> </span>conju<span class=\"_ _2\"></span>nto <span class=\"_ _c3\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c2\"> </span><span class=\"ff4 ls11\">95<span class=\"ls0_1\"> <span class=\"_ _c2\"> </span>millones <span class=\"_ _c2\"> </span>de <span class=\"_ _c3\"> </span>euro<span class=\"_ _2\"></span>s <span class=\"_ _c3\"> </span>y </span></span></div><div class=\"t_1 m0_1 x21 h8_1 y239 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">vencimientos <span class=\"_ _2\"></span>en <span class=\"_ _4\"></span>2023-2026. <span class=\"_ _4\"></span>Una <span class=\"_ _2\"></span>p<span class=\"_ _2\"></span>arte <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>los <span class=\"_ _4\"></span>pr\u00e9stamos <span class=\"_ _4\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>nominal <span class=\"_ _4\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _2\"></span><span class=\"ls11\">37</span> <span class=\"_ _4\"></span>millones <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>euros <span class=\"_ _2\"></span>devenga </div><div class=\"t_1 m0_1 x21 h8_1 y25c ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">un <span class=\"_ _c3\"> </span>tipo <span class=\"_ _c3\"> </span>de <span class=\"_ _c3\"> </span>inter\u00e9s <span class=\"_ _c3\"> </span>fijo <span class=\"_ _c3\"> </span>en <span class=\"_ _c3\"> </span>el <span class=\"_ _c3\"> </span>rango <span class=\"_ _c3\"> </span>1,<span class=\"_ _2\"></span><span class=\"ls11\">80</span>%-<span class=\"ls11\">1,<span class=\"ls2b\">95</span></span>%. <span class=\"_ _c3\"> </span>El <span class=\"_ _c3\"> </span>importe <span class=\"_ _c3\"> </span>res<span class=\"_ _2\"></span>tante <span class=\"_ _c3\"> </span>devenga <span class=\"_ _c3\"> </span>interese<span class=\"_ _2\"></span>s, <span class=\"_ _c3\"> </span>principalmente </div><div class=\"t_1 m0_1 x21 h8_1 y1ed ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">referenciados <span class=\"_ _c2\"> </span>al <span class=\"_ _c2\"> </span>Eurib<span class=\"_ _2\"></span>or <span class=\"_ _c2\"> </span>m\u00e1s <span class=\"_ _c2\"> </span>un <span class=\"_ _c2\"> </span>diferencial <span class=\"_ _c2\"> </span>del <span class=\"_ _c2\"> </span>1,43<span class=\"_ _2\"></span>%<span class=\"_ _2\"></span>-2,0%. <span class=\"_ _c2\"> </span>El <span class=\"_ _c2\"> </span>tipo <span class=\"_ _c2\"> </span>d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>in<span class=\"_ _2\"></span>ter\u00e9s <span class=\"_ _c2\"> </span>establecido <span class=\"_ _c2\"> </span>p<span class=\"_ _2\"></span>odr\u00e1 <span class=\"_ _c2\"> </span>verse </div><div class=\"t_1 m0_1 x21 h8_1 y3ad ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">modificado anualmente en fu<span class=\"_ _2\"></span>nci\u00f3n del rating d<span class=\"_ _2\"></span>e sostenibilidad medioambiental Susta<span class=\"_ _2\"></span>inalytics obtenid<span class=\"_ _2\"></span>o por </div><div class=\"t_1 m0_1 x21 h8_1 y3ae ff6 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">ENCE, que eval\u00fa<span class=\"_ _2\"></span>a dicha deuda como \u201cfinanciaci\u00f3n<span class=\"_ _2\"></span> verde\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span></div><div class=\"t_1 m0_1 x21 h9_1 y308 ff3 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Otra financiaci\u00f3n<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x60 h8_1 y260 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Durante <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>a\u00f1<span class=\"_ _2\"></span>o <span class=\"_ _4\"></span>2021 <span class=\"_ _4\"></span>el <span class=\"_ _4\"></span>Grupo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>can<span class=\"_ _2\"></span>c<span class=\"ls18\">el</span>\u00f3 <span class=\"_ _4\"></span><span class=\"ff6\">l\u00edneas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>con<span class=\"_ _2\"></span>firming <span class=\"_ _4\"></span>por <span class=\"_ _4\"></span>importe <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>15.95<span class=\"_ _2\"></span>8 <span class=\"_ _2\"></span>mi<span class=\"_ _2\"></span>les <span class=\"_ _4\"></span>\u20ac, <span class=\"_ _4\"></span>que <span class=\"_ _4\"></span>dadas<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>sus </span></div><div class=\"t_1 m0_1 x60 h8_1 y261 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">caracter\u00edsticas se encon<span class=\"_ _2\"></span>traban clasificadas<span class=\"_ _2\"></span> como deuda finan<span class=\"_ _2\"></span>ciera.<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x78 h68 yd86 ff3 fs0_1 fc3 sc0_1 ls0_1 ws0_1\">Financiaci\u00f3n Ne<span class=\"_ _1\"></span>gocio Ener<span class=\"_ _1\"></span>g\u00eda Renovable </div><div class=\"t_1 m0_1 x78 h9_1 yaf3 ff3 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Financiaci\u00f3n corpo<span class=\"_ _2\"></span>rativa </div><div class=\"t_1 m0_1 x78 h8_1 yd87 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Con <span class=\"_ _c0\"></span>fecha <span class=\"_ _0\"></span>24 <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>noviembre <span class=\"_ _0\"></span>de <span class=\"_ _0\"></span>2017, <span class=\"_ _0\"></span>Magnon <span class=\"_ _0\"></span>Green <span class=\"_ _c0\"></span>E<span class=\"_ _2\"></span>nergy<span class=\"_ _2\"></span>, <span class=\"_ _c0\"></span>S.L. <span class=\"_ _0\"></span><span class=\"ff6\">(en <span class=\"_ _0\"></span>adelante <span class=\"_ _0\"></span>\u201cMAGNON\u201d)</span>, <span class=\"_ _0\"></span>holding <span class=\"_ _0\"></span>del </div><div class=\"t_1 m0_1 x78 h8_1 yb03 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">negocio <span class=\"_ _c3\"> </span>en<span class=\"_ _2\"></span>erg\u00e9tico <span class=\"_ _c3\"> </span>de <span class=\"_ _c2\"> </span>ENCE <span class=\"_ _c2\"> </span>s<span class=\"_ _2\"></span>uscribi\u00f3 <span class=\"_ _c2\"> </span>con <span class=\"_ _c3\"> </span>u<span class=\"_ _2\"></span>n <span class=\"_ _c3\"> </span>sin<span class=\"_ _2\"></span>dicato <span class=\"_ _c3\"> </span>formado <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>doce <span class=\"_ _c2\"> </span>entidades <span class=\"_ _c2\"> </span>financieras <span class=\"_ _c2\"> </span>y <span class=\"_ _c2\"> </span>una </div><div class=\"t_1 m0_1 x78 h8_1 yaf6 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">compa\u00f1\u00eda de <span class=\"_ _1\"></span>seguros espa\u00f1ola un <span class=\"_ _1\"></span>contrato de pr\u00e9stamo <span class=\"_ _1\"></span>senior, estructurado inicialmente <span class=\"_ _1\"></span>en <span class=\"_ _1\"></span>4 <span class=\"_ _1\"></span>tramos, por </div><div class=\"t_1 m0_1 x78 h8_1 y6a1 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">un <span class=\"_ _1\"></span>importe <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>isponible <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>170 <span class=\"_ _bb\"></span>millones, <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>llev\u00f3 <span class=\"_ _1\"></span>a <span class=\"_ _bb\"></span>cabo u<span class=\"_ _1\"></span>na <span class=\"_ _1\"></span>colocaci\u00f3n <span class=\"_ _bb\"></span>priv<span class=\"_ _2\"></span>ada <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>bligaciones <span class=\"_ _1\"></span>por <span class=\"_ _1\"></span>un <span class=\"_ _bb\"></span>importe </div><div class=\"t_1 m0_1 x78 h8_1 yd88 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de 50 millones de euros<span class=\"_ _2\"></span> que fueron s<span class=\"_ _2\"></span>uscritas por un fon<span class=\"_ _2\"></span>do de deuda. <span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x78 h8_1 y2c6 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">Con fecha <span class=\"_ _2\"></span>8 de <span class=\"_ _2\"></span>noviembre <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>2018, <span class=\"_ _2\"></span>Magnon <span class=\"_ _2\"></span>Green E<span class=\"_ _2\"></span>nergy, S.L.<span class=\"_ _2\"></span>, s<span class=\"_ _2\"></span>uscribi\u00f3 <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>ampliaci\u00f3n de <span class=\"_ _2\"></span>este contra<span class=\"_ _2\"></span>to </div><div class=\"t_1 m0_1 x78 h8_1 yd89 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _1\"></span>pr\u00e9stamo <span class=\"_ _1\"></span>senior por <span class=\"_ _1\"></span>un <span class=\"_ _1\"></span>im<span class=\"_ _1\"></span>porte <span class=\"_ _1\"></span>disponib<span class=\"_ _2\"></span>le <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>17 <span class=\"_ _1\"></span>mill<span class=\"_ _1\"></span>ones de <span class=\"_ _bb\"></span>euro<span class=\"_ _2\"></span>s <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>llev\u00f3 <span class=\"_ _1\"></span>a <span class=\"_ _1\"></span>cabo <span class=\"_ _1\"></span>una <span class=\"_ _bb\"></span>colo<span class=\"_ _2\"></span>caci\u00f3n <span class=\"_ _1\"></span>privada </div><div class=\"t_1 m0_1 x78 h8_1 y5ef ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">de <span class=\"_ _2\"></span>obligaciones <span class=\"_ _4\"></span>por <span class=\"_ _2\"></span>u<span class=\"_ _2\"></span>n <span class=\"_ _2\"></span>impor<span class=\"_ _2\"></span>te <span class=\"_ _2\"></span>adicional <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>43 <span class=\"_ _4\"></span>millones <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>euros<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>que <span class=\"_ _4\"></span>fueron <span class=\"_ _2\"></span>sus<span class=\"_ _2\"></span>critos <span class=\"_ _2\"></span>po<span class=\"_ _2\"></span>r <span class=\"_ _2\"></span>dos <span class=\"_ _4\"></span>fondos <span class=\"_ _4\"></span>de </div><div class=\"t_1 m0_1 x78 h8_1 y5b0 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">deuda.   </div><div class=\"t_1 m0_1 x60 h8_1 yd8a ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\">El detalle de estas finan<span class=\"_ _2\"></span>ciaciones se describ<span class=\"_ _2\"></span>e a con<span class=\"_ _2\"></span>tinuaci\u00f3n: </div><div class=\"t_1 m0_1 x158 h8_1 yd8b ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div><div class=\"t_1 m0_1 x61 h8_1 yd8c ff4 fs4 fc0_1 sc0_1 ls1b ws0_1\">(i)<span class=\"fs1 ls0_1\">  <span class=\"_ _d8\"> </span>E<span class=\"_ _2\"></span>uribor <span class=\"_ _1\"></span>6 meses <span class=\"_ _1\"></span>m\u00e1s diferencial <span class=\"_ _1\"></span>descrito. En l<span class=\"_ _1\"></span>os tramos ban<span class=\"_ _1\"></span>carios, e<span class=\"_ _1\"></span>l tipo <span class=\"_ _1\"></span>es variable en <span class=\"_ _1\"></span>funci\u00f3n del <span class=\"_ _1\"></span>ratio de </span></div><div class=\"t_1 m0_1 xb0 he0 yd8d ff4 fs1 fc0_1 sc0_1 ls0_1 ws0_1\">endeudamiento (Deuda Neta / EBITDA del negocio ENERG\u00cdA Re<span class=\"_ _2\"></span>novable, seg\u00fan definiciones recogidas en el<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 xb0 he0 y40c ff4 fs1 fc0_1 sc0_1 ls0_1 ws0_1\">contrato de financiaci\u00f3n). </div><div class=\"t_1 m0_1 x61 he0 yd8e ff4 fs1 fc0_1 sc0_1 ls0_1 ws0_1\">(ii)  <span class=\"_ _b2\"> </span>Vencimiento \u00edntegro (bullet) en la fecha indicada. </div><div class=\"t_1 m0_1 x61 he0 y5f8 ff4 fs1 fc0_1 sc0_1 ls0_1 ws0_1\">(iii)  <span class=\"_ _5c\"> </span>Ha financiado la construcci\u00f3n de Huelva 46 MW.  </div><div class=\"t_1 m0_1 x61 he0 yd8f ff4 fs1 fc0_1 sc0_1 ls0_1 ws0_1\">(iv) <span class=\"_ _b2\"> </span>E<span class=\"_ _2\"></span>stas obligaciones est\u00e1n admitidas a cotizaci\u00f3n en la bolsa de valores de Frankfurt (Freiverkeh<span class=\"_ _1\"></span>r).<span class=\"_ _2\"></span> </div><div class=\"t_1 m0_1 x61 h8_1 y643 ff4 fs1 fc0_1 sc0_1 ls0_1 ws0_1\">(v) <span class=\"_ _3d\"> </span>Ha financiado la constru<span class=\"_ _1\"></span>cci\u00f3n de Puertollano 50 MW.<span class=\"fs4\"> </span></div><div class=\"t_1 m0_1 x61 h8_1 yd90 ff4 fs4 fc0_1 sc0_1 ls0_1 ws0_1\"> </div></div><div class=\"c_1 w121 h24b gs28c\"><div class=\"t_1 m4f x11c h24c yd92 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">Tip<span class=\"_ _2\"></span>o<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e </div></div><div class=\"c_1 w121 h24d gs28d\"><div class=\"t_1 m4f x159 h24c yd94 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">Dispo<span class=\"_ _2\"></span>n<span class=\"_ _2\"></span>ib<span class=\"_ _2\"></span>le<span class=\"_ _95\"> </span>Dispu<span class=\"_ _2\"></span>esto<span class=\"_ _10d\"> </span>Vencimi<span class=\"_ _2\"></span>ent<span class=\"_ _2\"></span>o<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4f xd8 h24c yd95 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">Int<span class=\"_ _2\"></span>er\u00e9s (i<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w121 h24e gs28e\"><div class=\"t_1 m4f x9 h24c yd95 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">Obli<span class=\"_ _2\"></span>gaci\u00f3n<span class=\"_ _2\"></span>/No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> (i<span class=\"_ _2\"></span>v)<span class=\"_ _1e\"> </span><span class=\"ls93\">                     3<span class=\"_ _1\"></span>6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     36<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> </span></div><div class=\"t_1 m4f x3c h24c yd97 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4f x3e h24c yd95 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">3,45%<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w121 h24b gs28c\"><div class=\"t_1 m4f x9 h24c yd98 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>1\u00ba</div></div><div class=\"c_1 w121 h24e gs28f\"><div class=\"t_1 m4f x10e h24c yd95 ff4 fs5f fc0_1 sc0_1 ls93 ws0_1\">                     21<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     21<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> </div><div class=\"t_1 m4f x15a h24c yd97 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w121 h24b gs28c\"><div class=\"t_1 m4f x9 h24c yd9a ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>2\u00ba</div></div><div class=\"c_1 w121 h24f gs290\"><div class=\"t_1 m4f x10e h24c yd9c ff4 fs5f fc0_1 sc0_1 ls93 ws0_1\">                       6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                       6.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0 </div><div class=\"t_1 m4f x3c h24c yd97 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4f x3e h24c yd9c ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">3,45%<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w121 h24b gs28c\"><div class=\"t_1 m4f x9 h24c yd9d ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>3\u00ba (iii<span class=\"_ _2\"></span>)</div></div><div class=\"c_1 w121 h250 gs291\"><div class=\"t_1 m4f x10e h24c yd9c ff4 fs5f fc0_1 sc0_1 ls93 ws0_1\">                     33<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     33<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> </div><div class=\"t_1 m4f x15a h24c yd9f ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w121 h24b gs28c\"><div class=\"t_1 m4f x9 h24c yda0 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>4\u00ba</div></div><div class=\"c_1 w121 h24e gs292\"><div class=\"t_1 m4f x10e h24c yd95 ff4 fs5f fc0_1 sc0_1 ls93 ws0_1\">                     20<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _d9\"> </span>                             -<span class=\"_ _1\"></span>   </div><div class=\"t_1 m4f x15a h24c yd97 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>024<span class=\"_ _d5\"> </span>1,25%<span class=\"_ _1\"></span>-2,75%<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w121 h250 gs293\"><div class=\"t_1 m4f x9 h24c yd95 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">Obli<span class=\"_ _2\"></span>gaci\u00f3n<span class=\"_ _2\"></span>/No<span class=\"_ _2\"></span>ta<span class=\"_ _2\"></span> (i<span class=\"_ _2\"></span>v) y <span class=\"_ _2\"></span>(v)<span class=\"_ _84\"> </span><span class=\"ls93\">                     4<span class=\"_ _1\"></span>3.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     43<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>00<span class=\"_ _1\"></span> </span></div><div class=\"t_1 m4f x3c h24c yd97 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025 (ii<span class=\"_ _2\"></span>)<span class=\"_ _1be\"> </span></div><div class=\"t_1 m4f x3e h24c yd95 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">3,45%<span class=\"_ _1be\"> </span></div></div><div class=\"c_1 w121 h24b gs28c\"><div class=\"t_1 m4f x9 h24c yda3 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">Tramo<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>5\u00ba (v)</div></div><div class=\"c_1 w121 h24f gs294\"><div class=\"t_1 m4f x10e h24c yd9c ff4 fs5f fc0_1 sc0_1 ls93 ws0_1\">                     11<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                     11<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>05<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> </div><div class=\"t_1 m4f x15a h24c yd9f ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">di<span class=\"_ _2\"></span>c-2<span class=\"_ _1\"></span>025<span class=\"_ _d5\"> </span>1,75%<span class=\"_ _1\"></span>-3,25%</div></div><div class=\"c_1 w121 h24e gs295\"><div class=\"t_1 m4f x10e h251 yd95 ff3 fs5f fc0_1 sc0_1 ls93 ws0_1\">                   17<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> <span class=\"_ _c4\"> </span>                   15<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span> </div></div><div class=\"c_1 w122 h24e gs296\"><div class=\"t_1 m4f x13d h24c yd97 ff4 fs5f fc0_1 sc0_1 ls0_1 ws0_1\">Miles<span class=\"_ _2\"></span> d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>Eu<span class=\"_ _2\"></span>ros<span class=\"_ _1be\"> </span></div></div>Durante <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>ejercicio <span class=\"_ _2\"></span>2022 MA<span class=\"_ _2\"></span>GNON <span class=\"_ _2\"></span>ha <span class=\"_ _2\"></span>realizado <span class=\"_ _2\"></span>recompras<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>Obligaciones/Notas <span class=\"_ _2\"></span>con <span class=\"_ _2\"></span>un <span class=\"_ _2\"></span>nominal <span class=\"_ _2\"></span>14.000<span class=\"_ _1be\"> </span> miles \u20ac por un importe d<span class=\"_ _2\"></span>e 14.300 miles \u20ac. <span class=\"_ _2\"></span><span class=\"ff4\"> </span>Esta financiaci\u00f3n<span class=\"_ _2\"></span> incluye como principales garan<span class=\"_ _2\"></span>t\u00edas prenda sobre las acciones d<span class=\"_ _2\"></span>e las sociedades del Grupo<span class=\"_ _1be\"> </span> que <span class=\"_ _0\"></span>desarro<span class=\"_ _2\"></span>llan <span class=\"_ _0\"></span>su <span class=\"_ _c3\"></span>actividad <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>egocio <span class=\"_ _0\"></span>ENE<span class=\"_ _2\"></span>RG\u00cdA <span class=\"_ _0\"></span>Renov<span class=\"_ _2\"></span>able, <span class=\"_ _0\"></span>sob<span class=\"_ _2\"></span>re <span class=\"_ _c0\"></span>s<span class=\"_ _2\"></span>us <span class=\"_ _0\"></span>activos<span class=\"_ _2\"></span> <span class=\"_ _0\"></span>y <span class=\"_ _0\"></span>derechos <span class=\"_ _c3\"></span>de <span class=\"_ _0\"></span>cobro,<span class=\"_ _1be\"> </span> actuales y futu<span class=\"_ _2\"></span>ros.  Asimismo, <span class=\"_ _2\"></span>esta <span class=\"_ _4\"></span>financiaci\u00f3n<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>incluy<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>determinadas <span class=\"_ _4\"></span>obligaciones, <span class=\"_ _4\"></span>habituales <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>este <span class=\"_ _2\"></span>tipo <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>financiaci\u00f3n; <span class=\"_ _2\"></span>el<span class=\"_ _1be\"> </span> suministro <span class=\"_ _d9\"> </span>de <span class=\"_ _ca\"> </span>determinada <span class=\"_ _d9\"> </span>informaci\u00f3n <span class=\"_ _c8\"> </span>de <span class=\"_ _c8\"> </span>car\u00e1cter <span class=\"_ _c8\"> </span>operativo <span class=\"_ _d9\"> </span>y <span class=\"_ _ca\"> </span>finan<span class=\"_ _2\"></span>ciera, <span class=\"_ _c8\"> </span>el <span class=\"_ _c8\"> </span>cumplimiento <span class=\"_ _c8\"> </span>de<span class=\"_ _1be\"> </span> determinados <span class=\"_ _2\"></span>ra<span class=\"_ _2\"></span>tios <span class=\"_ _2\"></span>econ\u00f3mi<span class=\"_ _2\"></span>cos <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>solvencia <span class=\"_ _4\"></span>y <span class=\"_ _2\"></span>rentabilidad<span class=\"_ _2\"></span>, <span class=\"_ _2\"></span>y <span class=\"_ _4\"></span>el <span class=\"_ _2\"></span>mantenimiento <span class=\"_ _4\"></span>de <span class=\"_ _2\"></span>u<span class=\"_ _4\"></span>n <span class=\"_ _4\"></span>volumen <span class=\"_ _2\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _2\"></span>stock<span class=\"_ _1be\"> </span> de biomasa (almacenes y contratos de suministro) equivalente al consumo de 3 <span class=\"_ _1\"></span>meses. S<span class=\"_ _2\"></span>e estima que al <span class=\"_ _1\"></span>31<span class=\"_ _1be\"> </span> de diciembre de 2022 y<span class=\"_ _2\"></span> 2021 se cumplen \u00edn<span class=\"_ _2\"></span>tegramente dichas<span class=\"_ _2\"></span> obligaciones. <span class=\"_ _2\"></span> En la determinaci\u00f3n del ratio de apalancamiento \u201cDeud<span class=\"_ _2\"></span>a Neta<span class=\"_ _2\"></span><span class=\"ff4\"> </span>/ EBITDA\u201d, <span class=\"ff4\">y de acuerdo con las definiciones<span class=\"_ _1be\"> </span></span><span class=\"ff4\"> </span>recogidas en el contrato de <span class=\"_ _1\"></span>financiaci\u00f3n<span class=\"_ _2\"></span>, se excluyeron del EBITDA a <span class=\"_ _1\"></span>considerar a los efectos del c\u00e1lculo del<span class=\"_ _1\"></span> ratio de apalancamiento<span class=\"_ _2\"></span> en el ejercicio 2<span class=\"_ _2\"></span>021, los s<span class=\"_ _2\"></span>iguientes conceptos extra<span class=\"_ _2\"></span>ordinarios; 1) cos<span class=\"_ _2\"></span>tes e <span class=\"_ _2\"></span>ingresos<span class=\"_ _1be\"> </span> incurridos <span class=\"_ _2\"></span>en el <span class=\"_ _2\"></span>ejercicio 20<span class=\"_ _2\"></span>21 y<span class=\"_ _2\"></span> asociad<span class=\"_ _2\"></span>os a <span class=\"_ _2\"></span>las av<span class=\"_ _2\"></span>er\u00edas d<span class=\"_ _2\"></span>e maquinaria <span class=\"_ _2\"></span>de las <span class=\"_ _2\"></span>instalaciones <span class=\"_ _2\"></span>HU 50MW <span class=\"_ _2\"></span>y H<span class=\"_ _2\"></span>U<span class=\"_ _1be\"> </span> 41 <span class=\"_ _4\"></span>MW <span class=\"_ _c0\"></span>con <span class=\"_ _c0\"></span>un <span class=\"_ _c0\"></span>gasto <span class=\"_ _4\"></span>n<span class=\"_ _2\"></span>eto <span class=\"_ _4\"></span>por <span class=\"_ _c0\"></span>importe <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>10,4 <span class=\"_ _c0\"></span>millones <span class=\"_ _c0\"></span>\u20ac, <span class=\"_ _c0\"></span>y <span class=\"_ _c0\"></span>2) <span class=\"_ _4\"></span>p\u00e9rdida <span class=\"_ _c0\"></span>excepcional <span class=\"_ _c0\"></span>por <span class=\"_ _4\"></span>importe <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>53,3<span class=\"_ _1be\"> </span> millones <span class=\"_ _c2\"> </span>\u20ac <span class=\"_ _c2\"> </span>ocasionada <span class=\"_ _c2\"> </span>por <span class=\"_ _c2\"> </span>los <span class=\"_ _c2\"> </span>con<span class=\"_ _2\"></span>tratos <span class=\"_ _c2\"> </span><span class=\"ff4\">d<span class=\"_ _2\"></span>e <span class=\"_ _c3\"> </span>entrega <span class=\"_ _c2\"> </span>f\u00edsica <span class=\"_ _c2\"> </span>de <span class=\"_ _c2\"> </span>energ\u00eda <span class=\"_ _c2\"> </span>formalizados <span class=\"_ _c5\"> </span>por <span class=\"_ _c2\"> </span>Magnon <span class=\"_ _c2\"> </span>Green<span class=\"_ _1be\"> </span></span><span class=\"ff4\"> </span>Energy, <span class=\"_ _4\"></span>S.L <span class=\"_ _c0\"></span>de <span class=\"_ _4\"></span>manera <span class=\"_ _4\"></span>excepc<span class=\"_ _2\"></span>ional <span class=\"_ _4\"></span>en <span class=\"_ _4\"></span>2020, <span class=\"_ _c0\"></span>en <span class=\"_ _4\"></span>un <span class=\"_ _c0\"></span>contexto <span class=\"_ _4\"></span>de <span class=\"_ _4\"></span>precios <span class=\"_ _c0\"></span>m\u00ednimos <span class=\"_ _4\"></span>y <span class=\"_ _4\"></span>elevad<span class=\"_ _2\"></span>a <span class=\"_ _4\"></span>incertidumbre<span class=\"_ _1be\"> </span> provocada por la propagaci\u00f3n del COVID, <span class=\"_ _1\"></span>con el objetivo de asegurar una generaci\u00f3n m<span class=\"_ _1\"></span>\u00ednima de caja.<span class=\"_ _2\"></span> Estos<span class=\"_ _1be\"> </span> contratos <span class=\"_ _c3\"></span>vencieron <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>su <span class=\"_ _0\"></span>totalidad <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>2021, <span class=\"_ _0\"></span>n<span class=\"_ _2\"></span>o <span class=\"_ _0\"></span>previ\u00e9ndose <span class=\"_ _0\"></span>firmar, <span class=\"_ _0\"></span>en <span class=\"_ _0\"></span>el <span class=\"_ _0\"></span>escenario <span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>egulatorio <span class=\"_ _0\"></span>actual,<span class=\"_ _1be\"> </span> contratos s<span class=\"_ _2\"></span>imilares a futuro de forma recurrente.<span class=\"_ _2\"></span> Asimismo, <span class=\"_ _2\"></span>se <span class=\"_ _2\"></span>establece <span class=\"_ _2\"></span>una <span class=\"_ _2\"></span>cuant\u00eda <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>tesorer\u00eda <span class=\"_ _2\"></span>m\u00ednima <span class=\"_ _2\"></span>disponible <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>Negocio <span class=\"_ _2\"></span>Energ\u00eda <span class=\"_ _2\"></span>Renov<span class=\"_ _4\"></span>able <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>al<span class=\"_ _1be\"> </span> menos <span class=\"_ _c0\"></span><span class=\"ls11\">30</span> <span class=\"_ _0\"></span>millones <span class=\"_ _c0\"></span>de <span class=\"_ _0\"></span>euros, <span class=\"_ _c0\"></span>con<span class=\"_ _2\"></span>sider\u00e1ndos<span class=\"_ _2\"></span>e <span class=\"_ _c0\"></span>como <span class=\"_ _c0\"></span>tal <span class=\"_ _0\"></span>el <span class=\"_ _c0\"></span>dispon<span class=\"_ _2\"></span>ible <span class=\"_ _c0\"></span>del <span class=\"_ _c0\"></span>tramo <span class=\"_ _c0\"></span>4\u00ba, <span class=\"_ _0\"></span>y <span class=\"_ _c0\"></span>el <span class=\"_ _0\"></span>cumplimiento <span class=\"_ _c0\"></span>d<span class=\"_ _2\"></span>e<span class=\"_ _1be\"> </span> determinados <span class=\"_ _c0\"></span>ratios<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>ligados <span class=\"_ _c0\"></span>al <span class=\"_ _c0\"></span>endeud<span class=\"_ _2\"></span>amiento, <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>situaci\u00f3<span class=\"_ _2\"></span>n <span class=\"_ _c0\"></span>patrimonial <span class=\"_ _c0\"></span>y<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>la <span class=\"_ _c0\"></span>capacidad<span class=\"_ _2\"></span> <span class=\"_ _c0\"></span>de <span class=\"_ _c0\"></span>generaci\u00f3n <span class=\"_ _c0\"></span>de<span class=\"_ _1be\"> </span> caja del negocio, para<span class=\"_ _2\"></span> poder llevar a ca<span class=\"_ _2\"></span>b<span class=\"ls22\">o </span>el reparto d<span class=\"_ _2\"></span>e dividendos y<span class=\"_ _2\"></span> la obtenci\u00f3n de nueva <span class=\"_ _2\"></span>financiaci\u00f3n.<span class=\"_ _2\"></span> El <span class=\"_ _1\"></span>importe <span class=\"_ _bb\"></span>de<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>las <span class=\"_ _1\"></span>comisiones <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>estructuraci\u00f3n <span class=\"_ _1\"></span>y <span class=\"_ _1\"></span>otros <span class=\"_ _1\"></span>gastos <span class=\"_ _1\"></span>incurridos <span class=\"_ _1\"></span>en <span class=\"_ _bb\"></span>la obtenci\u00f3n <span class=\"_ _bb\"></span>d<span class=\"_ _2\"></span>e <span class=\"_ _1\"></span>esta <span class=\"_ _1\"></span>financiaci\u00f3n<span class=\"_ _1be\"> </span> fue de 5.813 <span class=\"ff6\">miles \u20ac<span class=\"_ _2\"></span></span>.<span class=\"_ _1be\"> </span> Al <span class=\"_ _1\"></span>objeto <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>cubrir <span class=\"_ _1\"></span>el <span class=\"_ _1\"></span>riesgo <span class=\"_ _1\"></span>derivado<span class=\"_ _2\"></span> <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>la contrataci\u00f3n <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>esta <span class=\"_ _1\"></span>financiaci\u00f3n a <span class=\"_ _1\"></span>tipo <span class=\"_ _1\"></span>de <span class=\"_ _1\"></span>inter\u00e9s <span class=\"_ _1\"></span>variable, <span class=\"_ _1\"></span>ENCE<span class=\"_ _1be\"> </span> reestructur\u00f3, <span class=\"_ _2\"></span>en <span class=\"_ _2\"></span>el <span class=\"_ _2\"></span>momento <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>la <span class=\"_ _2\"></span>contrataci\u00f3n <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>esta <span class=\"_ _2\"></span>financiaci\u00f3n,<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>los <span class=\"_ _2\"></span>contratos <span class=\"_ _2\"></span>de <span class=\"_ _2\"></span>cobertura <span class=\"_ _2\"></span>que <span class=\"_ _2\"></span>ten\u00eda<span class=\"_ _1be\"> </span> suscritos en el marco <span class=\"_ _1\"></span>de financiaci\u00f3n previa. Los nuevos IRS <span class=\"_ _1\"></span>cubren el <span class=\"_ _1\"></span>89% de la financiaci\u00f3n dispuesta <span class=\"_ _1\"></span>a un<span class=\"_ _1\"></span> tipo fijo medio de 1,22<span class=\"_ _2\"></span>% (v\u00e9as<span class=\"_ _2\"></span>e Nota 31<span class=\"ls1b\">).<span class=\"_ _2\"></span></span> En <span class=\"_ _2\"></span>el <span class=\"_ _4\"></span>marco <span class=\"_ _2\"></span>de <span class=\"_ _4\"></span>esta <span class=\"_ _2\"></span>finan<span class=\"_ _2\"></span>ciaci\u00f3n <span class=\"_ _4\"></span>Standard <span class=\"_ _4\"></span>&amp; <span class=\"_ _2\"></span>Poor\u00b4s <span class=\"_ _4\"></span>otorg\u00f3 <span class=\"_ _2\"></span>a <span class=\"_ _c0\"></span>Magnon<span class=\"_ _2\"></span> <span class=\"_ _2\"></span>Green <span class=\"_ _2\"></span>Energy, <span class=\"_ _4\"></span>S.L. <span class=\"_ _4\"></span>la <span class=\"_ _4\"></span>evaluaci\u00f3n <span class=\"_ _4\"></span>E1,<span class=\"_ _1be\"> </span> m\u00e1xima  calificaci\u00f3n  en  su  es<span class=\"_ _2\"></span>cala  de  evaluaci\u00f3n  de  criterios  medioambientales,<span class=\"_ _2\"></span>  consid<span class=\"_ _2\"></span>er\u00e1nd<span class=\"_ _2\"></span>ose  dicha<span class=\"_ _1be\"> </span> financiaci\u00f3n como \u201cfinanciaci<span class=\"_ _2\"></span>\u00f3n verde\u201d.<span class=\"_ _2\"></span><span class=\"ff4\"> </span>Esta financiaci\u00f3n<span class=\"_ _2\"></span> no tiene recurso a la<span class=\"_ _2\"></span>s sociedades del Grupo<span class=\"_ _2\"></span> que confirman el Negocio <span class=\"_ _2\"></span>Celulosa.<span class=\"_ _4\"></span> ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-40": {
   "value": "29.3 Estado de flujos de efectivo (EFE)  Se muestra a continuaci\u00f3n la conciliaci\u00f3n entre las variaciones en el endeudamiento financiero del Grupo  (deudas  con  entidades  de  cr\u00e9dito  y  mercado  de  capitales  y  otros  pasivos  financieros)  y  los  flujos  de financiaci\u00f3n recogidos en el ep\u00edgrafe \u201cCobros y pagos por instrumentos de pasivo financiero\u201d Estado de Flujos de Efectivo en 2022 y 2021:  2022 Miles de Euros Saldo  1/1/2022 Emisiones y  disposiciones (Netas de  gastos) Reembolsos /  Cuotas pagadas Recompra bonos Pago de  intereses Devengo de  intereses Devengo de  costes de  estructuraci\u00f3n Variaciones por  derechos de uso sobre activos Actualizaci\u00f3n  financiera y  otros Saldo  31/12/2022 Deuda financiera Negocio CELULOSA - Obligaciones y bonos (Nota 29.1)          125.568                       -                             -                 (65.279)                    -                               -                        498                             -                    2.513              63.300  Pr\u00e9stamos bancarios          104.305                       -                 (10.000)                          -                       -                               -                        156                             -                            -               94.461  Otros pasivos financieros            58.038                      66                   (8.093)                          -                       -                            (61)                         -                               -                         23              49.973 Deudas por intereses, cup\u00f3n y otros              1.208                       -                             -                             -              (5.174)                     5.152                          -                               -                            -                  1.186  Pasivos por derecho de uso sobre activos            16.444                       -                    (4.722)                          -                        1.927                          -                     23.954                          -               37.603           305.561                      66                (22.815)               (65.279)            (5.174)                     7.018                       654                    23.954                   2.536            246.522           305.561                      66                (22.815)               (65.279)            (5.174)                     7.018                       654                    23.954                   2.536            246.522 Deuda financiera Negocio ENERGIA RENOVABLE - Obligaciones y bonos            92.106                       -                             -                 (14.000)                    -                               -                         330                             -                            -               78.436  Pr\u00e9stamos bancarios            99.447                       -                  (29.400)                          -                       -                               -                         473                             -                            -               70.520 Deudas por intereses, cup\u00f3n y otros                      7                       -                             -                             -              (5.065)                     5.081                          -                               -                            -                       23 Pasivos por derecho de uso sobre activos              1.127                       -                     (1.169)                          -                              51                          -                        1.688                          -                   1.697           192.687                       -                  (30.569)               (14.000)            (5.065)                     5.132                       803                      1.688                          -              150.676  Instrumentos financieros derivados asociados a la financiaci\u00f3n              4.781                       -                             -                             -               (2.121)                            -                            -                               -                     3.250                 5.910           197.468                       -                  (30.569)               (14.000)            (7.186)                     5.132                       803                      1.688                   3.250            156.586 503.030 66               (53.384)               (79.279)         (12.360) 12.150 1.457 25.642 5.786 403.108 Flujos de efectivo Variaciones de deuda sin impacto en EFE 2021 Miles de Euros Saldo  1/1/2021 Emisiones y  disposiciones (Netas de  gastos) Reembolsos /  Cuotas pagadas Recompra bonos Pago de  intereses Devengo de  intereses Devengo de  costes de  estructuraci\u00f3n Variaciones por  derechos de uso sobre activos Actualizaci\u00f3n  financiera y  otros Saldo  31/12/2021 Deuda financiera Negocio CELULOSA - Obligaciones y bonos (Nota 29.1)          147.158                       -                             -                 (25.749)                    -                               -                        700                             -                    3.459            125.568 Pr\u00e9stamos bancarios          242.692                  (161)             (138.480)                          -                       -                               -                        254                             -                            -             104.305 Otros pasivos financieros            64.424                    116                   (6.633)                          -                       -                               -                            -                               -                       131              58.038 Deudas por intereses, cup\u00f3n y otros              1.353                       -                             -                             -              (9.594)                     9.449                          -                               -                            -                  1.208  Pasivos por derecho de uso sobre activos            44.785                       -                    (4.145)                          -                            989                          -                   (25.185)                         -               16.444           500.410                    (45)             (149.258)               (25.749)            (9.594)                   10.438                       954                  (25.185)                  3.590            305.561  Instrumentos financieros derivados asociados a la financiaci\u00f3n                  257                       -                             -                             -                  (252)                            -                            -                               -                           (5)                       -             500.667                    (45)             (149.258)               (25.749)            (9.846)                   10.438                       954                  (25.185)                  3.585            305.561  Deuda financiera Negocio ENERGIA RENOVABLE - Obligaciones y bonos            91.711                       -                             -                             -                       -                               -                         395                             -                            -               92.106 Pr\u00e9stamos bancarios          126.071                1.300                (28.550)                          -                       -                               -                         626                             -                            -               99.447  Otros pasivos financieros                     -                         -                             -                             -                       -                               -                            -                               -                            -                          -    Deudas por intereses, cup\u00f3n y otros                    50                       -                             -                             -              (6.432)                     6.389                          -                               -                            -                          7  Pasivos por derecho de uso sobre activos              1.181                       -                        (969)                          -                              34                          -                            881                          -                   1.127           219.013                1.300                (29.519)                          -               (6.432)                     6.423                   1.021                          881                          -              192.687  Instrumentos financieros derivados asociados a la financiaci\u00f3n            11.850                       -                             -                             -               (3.214)                            -                            -                               -                   (3.855)                4.781           230.863                1.300                (29.519)                          -               (9.646)                     6.423                   1.021                          881                 (3.855)           197.468 731.531 1.255             (178.777)               (25.749)         (19.492) 16.861 1.975                 (24.304)                   (270) 503.030 Flujos de efectivo Variaciones de deuda sin impacto en EFE ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-547": {
   "value": "    30. Otros activos y pasivos corrientes y no corrientes  Su detalle al 31 de diciembre de 2022 y 2021 es el siguiente:  Miles \u20ac Corto Plazo Largo Plazo Corto Plazo Largo Plazo Valor de ajuste por desviaciones              6.892            103.099               1.528             83.514  Otros                     -                  1.243                      -      1.105                6.892            104.342               1.528             84.619 31/12/2022 31/12/2021 Los ep\u00edgrafes \u201cOtros pasivos  no  corrientes\u201d  y \u201cOtros pasivos corrientes\u201d  en  2022  y 2021 del Estado  de  situaci\u00f3n financiera consolidado adjunto recogen la cuenta \u201cValor de ajuste por desviaciones de precio del  mercado\u201d que incluye los saldos a largo plazo ante la Comisi\u00f3n Nacional de los Mercados y la Competencia  (CNMC) derivados de la aplicaci\u00f3n del Real Decreto 413/2014, de 6 de junio, por el que se regula la actividad  de producci\u00f3n de energ\u00eda el\u00e9ctrica a partir de fuentes de energ\u00eda renovables, cogeneraci\u00f3n y residuos, en  lo relativo al \u201cValor de ajuste por desviaciones\u201d (v\u00e9anse Notas 3.14, 10 y Anexo III).  La composici\u00f3n del \u201cValor de ajuste por desviaciones\u201d al 31 de diciembre de 2022 y 2021 clasificada de  acuerdo con los ejercicios en que se liquidar\u00e1 por parte de la CNMC (situaci\u00f3n que se produce cuando la  instalaci\u00f3n se encuentra en el \u00faltimo semiperiodo regulatorio), y/o se traspasar\u00e1 al resultado del ejercicio,  es la siguiente: Corto plazo 2022 Total 2023 2024 2025 2026 2027 Siguientes Total Largo  Plazo Saldos Acreedores-      Negocio CELULOSA - 34.321                         1.930               2.073               2.226               2.391               2.568             23.133 32.391               Negocio ENERGIA RENOVABLE -           75.670                 4.962               5.329               5.723               5.549               5.959             48.148             70.708          109.991                 6.892               7.402               7.949               7.940               8.527             71.281           103.099 Posici\u00f3n neta         109.991                 6.892               7.402               7.949               7.940               8.527             71.281           103.099 Vencimiento en el a\u00f1o Corto plazo 2021 Total 2022 2023 2024 2025 2026 Siguientes Total Largo  Plazo Saldos Acreedores-      Negocio CELULOSA - 19.817                            223               1.106               1.188               1.276               1.370             14.654 19.594               Negocio ENERGIA RENOVABLE -           65.225                 1.305               7.737               8.309               8.924               5.352             33.598             63.920            85.042                 1.528               8.843               9.497             10.200               6.722             48.252             83.514  Posici\u00f3n neta           85.042                 1.528               8.843               9.497             10.200               6.722             48.252             83.514  Vencimiento en el a\u00f1o ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-41": {
   "value": "30. Otros activos y pasivos corrientes y no corrientes  Su detalle al 31 de diciembre de 2022 y 2021 es el siguiente: Miles \u20ac Corto Plazo Largo Plazo Corto Plazo Largo Plazo Valor de ajuste por desviaciones              6.892            103.099               1.528             83.514  Otros                     -                  1.243                      -      1.105                6.892            104.342               1.528             84.619 31/12/2022 31/12/2021 Los ep\u00edgrafes \u201cOtros pasivos  no  corrientes\u201d  y \u201cOtros pasivos corrientes\u201d  en  2022  y 2021 del Estado  de  situaci\u00f3n financiera consolidado adjunto recogen la cuenta \u201cValor de ajuste por desviaciones de precio del  mercado\u201d que incluye los saldos a largo plazo ante la Comisi\u00f3n Nacional de los Mercados y la Competencia  (CNMC) derivados de la aplicaci\u00f3n del Real Decreto 413/2014, de 6 de junio, por el que se regula la actividad  de producci\u00f3n de energ\u00eda el\u00e9ctrica a partir de fuentes de energ\u00eda renovables, cogeneraci\u00f3n y residuos, en  lo relativo al \u201cValor de ajuste por desviaciones\u201d (v\u00e9anse Notas 3.14, 10 y Anexo III).  La composici\u00f3n del \u201cValor de ajuste por desviaciones\u201d al 31 de diciembre de 2022 y 2021 clasificada de  acuerdo con los ejercicios en que se liquidar\u00e1 por parte de la CNMC (situaci\u00f3n que se produce cuando la  instalaci\u00f3n se encuentra en el \u00faltimo semiperiodo regulatorio), y/o se traspasar\u00e1 al resultado del ejercicio,  es la siguiente: Corto plazo 2022 Total 2023 2024 2025 2026 2027 Siguientes Total Largo  Plazo Saldos Acreedores-      Negocio CELULOSA - 34.321                         1.930               2.073               2.226               2.391               2.568             23.133 32.391               Negocio ENERGIA RENOVABLE -           75.670                 4.962               5.329               5.723               5.549               5.959             48.148             70.708          109.991                 6.892               7.402               7.949               7.940               8.527             71.281           103.099 Posici\u00f3n neta         109.991                 6.892               7.402               7.949               7.940               8.527             71.281           103.099 Vencimiento en el a\u00f1o Corto plazo 2021 Total 2022 2023 2024 2025 2026 Siguientes Total Largo  Plazo Saldos Acreedores-      Negocio CELULOSA - 19.817                            223               1.106               1.188               1.276               1.370             14.654 19.594               Negocio ENERGIA RENOVABLE -           65.225                 1.305               7.737               8.309               8.924               5.352             33.598             63.920            85.042                 1.528               8.843               9.497             10.200               6.722             48.252             83.514  Posici\u00f3n neta           85.042                 1.528               8.843               9.497             10.200               6.722             48.252             83.514  Vencimiento en el a\u00f1o ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-550": {
   "value": "30. Otros activos y pasivos corrientes y no corrientes  Su detalle al 31 de diciembre de 2022 y 2021 es el siguiente: Miles \u20ac Corto Plazo Largo Plazo Corto Plazo Largo Plazo Valor de ajuste por desviaciones              6.892            103.099               1.528             83.514  Otros                     -                  1.243                      -      1.105                6.892            104.342               1.528             84.619  31/12/2022 31/12/2021 Los ep\u00edgrafes \u201cOtros pasivos  no  corrientes\u201d  y \u201cOtros pasivos corrientes\u201d  en  2022  y 2021 del Estado  de  situaci\u00f3n financiera consolidado adjunto recogen la cuenta \u201cValor de ajuste por desviaciones de precio del  mercado\u201d que incluye los saldos a largo plazo ante la Comisi\u00f3n Nacional de los Mercados y la Competencia  (CNMC) derivados de la aplicaci\u00f3n del Real Decreto 413/2014, de 6 de junio, por el que se regula la actividad  de producci\u00f3n de energ\u00eda el\u00e9ctrica a partir de fuentes de energ\u00eda renovables, cogeneraci\u00f3n y residuos, en  lo relativo al \u201cValor de ajuste por desviaciones\u201d (v\u00e9anse Notas 3.14, 10 y Anexo III).  La composici\u00f3n del \u201cValor de ajuste por desviaciones\u201d al 31 de diciembre de 2022 y 2021 clasificada de  acuerdo con los ejercicios en que se liquidar\u00e1 por parte de la CNMC (situaci\u00f3n que se produce cuando la  instalaci\u00f3n se encuentra en el \u00faltimo semiperiodo regulatorio), y/o se traspasar\u00e1 al resultado del ejercicio,  es la siguiente: Corto plazo 2022 Total 2023 2024 2025 2026 2027 Siguientes Total Largo  Plazo Saldos Acreedores-      Negocio CELULOSA - 34.321                         1.930               2.073               2.226               2.391               2.568             23.133 32.391               Negocio ENERGIA RENOVABLE -           75.670                 4.962               5.329               5.723               5.549               5.959             48.148             70.708          109.991                 6.892               7.402               7.949               7.940               8.527             71.281           103.099 Posici\u00f3n neta         109.991                 6.892               7.402               7.949               7.940               8.527             71.281           103.099 Vencimiento en el a\u00f1o Corto plazo 2021 Total 2022 2023 2024 2025 2026 Siguientes Total Largo  Plazo Saldos Acreedores-      Negocio CELULOSA - 19.817                            223               1.106               1.188               1.276               1.370             14.654 19.594               Negocio ENERGIA RENOVABLE -           65.225                 1.305               7.737               8.309               8.924               5.352             33.598             63.920            85.042                 1.528               8.843               9.497             10.200               6.722             48.252             83.514  Posici\u00f3n neta           85.042                 1.528               8.843               9.497             10.200               6.722             48.252             83.514  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-548": {
   "value": "30. Otros activos y pasivos corrientes y no corrientes  Su detalle al 31 de diciembre de 2022 y 2021 es el siguiente: Miles \u20ac Corto Plazo Largo Plazo Corto Plazo Largo Plazo Valor de ajuste por desviaciones              6.892            103.099               1.528             83.514  Otros                     -                  1.243                      -      1.105                6.892            104.342               1.528             84.619  31/12/2022 31/12/2021 Los ep\u00edgrafes \u201cOtros pasivos  no  corrientes\u201d  y \u201cOtros pasivos corrientes\u201d  en  2022  y 2021 del Estado  de  situaci\u00f3n financiera consolidado adjunto recogen la cuenta \u201cValor de ajuste por desviaciones de precio del  mercado\u201d que incluye los saldos a largo plazo ante la Comisi\u00f3n Nacional de los Mercados y la Competencia  (CNMC) derivados de la aplicaci\u00f3n del Real Decreto 413/2014, de 6 de junio, por el que se regula la actividad  de producci\u00f3n de energ\u00eda el\u00e9ctrica a partir de fuentes de energ\u00eda renovables, cogeneraci\u00f3n y residuos, en  lo relativo al \u201cValor de ajuste por desviaciones\u201d (v\u00e9anse Notas 3.14, 10 y Anexo III).  La composici\u00f3n del \u201cValor de ajuste por desviaciones\u201d al 31 de diciembre de 2022 y 2021 clasificada de  acuerdo con los ejercicios en que se liquidar\u00e1 por parte de la CNMC (situaci\u00f3n que se produce cuando la  instalaci\u00f3n se encuentra en el \u00faltimo semiperiodo regulatorio), y/o se traspasar\u00e1 al resultado del ejercicio,  es la siguiente: Corto plazo 2022 Total 2023 2024 2025 2026 2027 Siguientes Total Largo  Plazo Saldos Acreedores-      Negocio CELULOSA - 34.321                         1.930               2.073               2.226               2.391               2.568             23.133 32.391               Negocio ENERGIA RENOVABLE -           75.670                 4.962               5.329               5.723               5.549               5.959             48.148             70.708          109.991                 6.892               7.402               7.949               7.940               8.527             71.281           103.099 Posici\u00f3n neta         109.991                 6.892               7.402               7.949               7.940               8.527             71.281           103.099 Vencimiento en el a\u00f1o Corto plazo 2021 Total 2022 2023 2024 2025 2026 Siguientes Total Largo  Plazo Saldos Acreedores-      Negocio CELULOSA - 19.817                            223               1.106               1.188               1.276               1.370             14.654 19.594               Negocio ENERGIA RENOVABLE -           65.225                 1.305               7.737               8.309               8.924               5.352             33.598             63.920            85.042                 1.528               8.843               9.497             10.200               6.722             48.252             83.514  Posici\u00f3n neta           85.042                 1.528               8.843               9.497             10.200               6.722             48.252             83.514  Vencimiento en el a\u00f1o ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-549": {
   "value": "30. Otros activos y pasivos corrientes y no corrientes  Su detalle al 31 de diciembre de 2022 y 2021 es el siguiente: Miles \u20ac Corto Plazo Largo Plazo Corto Plazo Largo Plazo Valor de ajuste por desviaciones              6.892            103.099               1.528             83.514  Otros                     -                  1.243                      -      1.105                6.892            104.342               1.528             84.619  31/12/2022 31/12/2021 Los ep\u00edgrafes \u201cOtros pasivos  no  corrientes\u201d  y \u201cOtros pasivos corrientes\u201d  en  2022  y 2021 del Estado  de  situaci\u00f3n financiera consolidado adjunto recogen la cuenta \u201cValor de ajuste por desviaciones de precio del  mercado\u201d que incluye los saldos a largo plazo ante la Comisi\u00f3n Nacional de los Mercados y la Competencia  (CNMC) derivados de la aplicaci\u00f3n del Real Decreto 413/2014, de 6 de junio, por el que se regula la actividad  de producci\u00f3n de energ\u00eda el\u00e9ctrica a partir de fuentes de energ\u00eda renovables, cogeneraci\u00f3n y residuos, en  lo relativo al \u201cValor de ajuste por desviaciones\u201d (v\u00e9anse Notas 3.14, 10 y Anexo III).  La composici\u00f3n del \u201cValor de ajuste por desviaciones\u201d al 31 de diciembre de 2022 y 2021 clasificada de  acuerdo con los ejercicios en que se liquidar\u00e1 por parte de la CNMC (situaci\u00f3n que se produce cuando la  instalaci\u00f3n se encuentra en el \u00faltimo semiperiodo regulatorio), y/o se traspasar\u00e1 al resultado del ejercicio,  es la siguiente: Corto plazo 2022 Total 2023 2024 2025 2026 2027 Siguientes Total Largo  Plazo Saldos Acreedores-      Negocio CELULOSA - 34.321                         1.930               2.073               2.226               2.391               2.568             23.133 32.391               Negocio ENERGIA RENOVABLE -           75.670                 4.962               5.329               5.723               5.549               5.959             48.148             70.708          109.991                 6.892               7.402               7.949               7.940               8.527             71.281           103.099 Posici\u00f3n neta         109.991                 6.892               7.402               7.949               7.940               8.527             71.281           103.099 Vencimiento en el a\u00f1o Corto plazo 2021 Total 2022 2023 2024 2025 2026 Siguientes Total Largo  Plazo Saldos Acreedores-      Negocio CELULOSA - 19.817                            223               1.106               1.188               1.276               1.370             14.654 19.594               Negocio ENERGIA RENOVABLE -           65.225                 1.305               7.737               8.309               8.924               5.352             33.598             63.920            85.042                 1.528               8.843               9.497             10.200               6.722             48.252             83.514  Posici\u00f3n neta           85.042                 1.528               8.843               9.497             10.200               6.722             48.252             83.514  Vencimiento en el a\u00f1o ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-552": {
   "value": "30. Otros activos y pasivos corrientes y no corrientes  Su detalle al 31 de diciembre de 2022 y 2021 es el siguiente: Miles \u20ac Corto Plazo Largo Plazo Corto Plazo Largo Plazo Valor de ajuste por desviaciones              6.892            103.099               1.528             83.514  Otros                     -                  1.243                      -      1.105                6.892            104.342               1.528             84.619  31/12/2022 31/12/2021 Los ep\u00edgrafes \u201cOtros pasivos  no  corrientes\u201d  y \u201cOtros pasivos corrientes\u201d  en  2022  y 2021 del Estado  de  situaci\u00f3n financiera consolidado adjunto recogen la cuenta \u201cValor de ajuste por desviaciones de precio del  mercado\u201d que incluye los saldos a largo plazo ante la Comisi\u00f3n Nacional de los Mercados y la Competencia  (CNMC) derivados de la aplicaci\u00f3n del Real Decreto 413/2014, de 6 de junio, por el que se regula la actividad  de producci\u00f3n de energ\u00eda el\u00e9ctrica a partir de fuentes de energ\u00eda renovables, cogeneraci\u00f3n y residuos, en  lo relativo al \u201cValor de ajuste por desviaciones\u201d (v\u00e9anse Notas 3.14, 10 y Anexo III).  La composici\u00f3n del \u201cValor de ajuste por desviaciones\u201d al 31 de diciembre de 2022 y 2021 clasificada de  acuerdo con los ejercicios en que se liquidar\u00e1 por parte de la CNMC (situaci\u00f3n que se produce cuando la  instalaci\u00f3n se encuentra en el \u00faltimo semiperiodo regulatorio), y/o se traspasar\u00e1 al resultado del ejercicio,  es la siguiente: Corto plazo 2022 Total 2023 2024 2025 2026 2027 Siguientes Total Largo  Plazo Saldos Acreedores-      Negocio CELULOSA - 34.321                         1.930               2.073               2.226               2.391               2.568             23.133 32.391               Negocio ENERGIA RENOVABLE -           75.670                 4.962               5.329               5.723               5.549               5.959             48.148             70.708          109.991                 6.892               7.402               7.949               7.940               8.527             71.281           103.099 Posici\u00f3n neta         109.991                 6.892               7.402               7.949               7.940               8.527             71.281           103.099 Vencimiento en el a\u00f1o Corto plazo 2021 Total 2022 2023 2024 2025 2026 Siguientes Total Largo  Plazo Saldos Acreedores-      Negocio CELULOSA - 19.817                            223               1.106               1.188               1.276               1.370             14.654 19.594               Negocio ENERGIA RENOVABLE -           65.225                 1.305               7.737               8.309               8.924               5.352             33.598             63.920            85.042                 1.528               8.843               9.497             10.200               6.722             48.252             83.514  Posici\u00f3n neta           85.042                 1.528               8.843               9.497             10.200               6.722             48.252             83.514  Vencimiento en el a\u00f1o ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-42": {
   "value": "31. Instrumentos financieros derivados  Siguiendo la pol\u00edtica de gesti\u00f3n de riesgos financieros descrita en la Nota 5, el Grupo realiza contrataciones  de instrumentos financieros derivados principalmente para cubrir sus riesgos financieros.  El detalle de este ep\u00edgrafe del Estado de Situaci\u00f3n Financiera Consolidado al 31 de diciembre de 2022 y 2021  que se corresponde con el valor razonable de los instrumentos financieros derivados en esas fechas, es el siguiente:  Miles de Euros 31/12/2022 31/12/2021 31/12/2022 31/12/2021 31/12/2022 31/12/2021 31/12/2022 31/12/2021 Cobertura de flujos de efectivo-   IRSwap             3,224                     -               2,579                     -                       -               2,441                     -               2,615    Comisi\u00f3n estructuraci\u00f3n IRSwap                107                     -                       -                       -                       -                 (280)                    -                       -      Coberturas de divisa                    -                       -                       -                       -                       -                       -                  358              6,977  Total             3,331                     -               2,579                     -                       -    2,161 358 9,592 Activo no corriente Activo corriente Pasivo no corriente Pasivo corriente El importe del valor razonable traspasado al resultado del ejercicio de los instrumentos financieros derivados al 31 de diciembre de 2022 y 2021 es el siguiente:  Todos los instrumentos financieros derivados contratados por ENCE al 31 de diciembre de 2022 califican  como cobertura contable.  31.1 Coberturas de divisa  ENCE cubre las fluctuaciones del tipo de cambio d\u00f3lar/euro, que afectan significativamente al precio de  venta de celulosa, con t\u00faneles en la modalidad asi\u00e1tica. Su detalle al 31 de diciembre de 2022 es el siguiente:  Los contratos vigentes al 31 de diciembre de 2022 cubren aproximadamente un 10,11% y un 8,13% de las  ventas de celulosa previstas en el primer y segundo semestre de 2023, respectivamente. Al 31 de diciembre  de 2021, los contratos  vigentes cubr\u00edan  aproximadamente  un  54%  y  un  21% de las ventas  de  celulosa  previstas en el primer y segundo semestre de 2022, respectivamente. El valor de mercado negativo de dichos instrumentos a 31 de diciembre de 2022 asciende a 358 miles \u20ac  (6.977 miles \u20ac negativo a 31 de diciembre de 2021). Por  su  parte,  la  sensibilidad  del  resultado  de  explotaci\u00f3n  y  del  patrimonio  a  las  apreciaciones  o  depreciaciones del d\u00f3lar frente  al euro, como  consecuencia del efecto en los  instrumentos financieros  derivados contratados por ENCE a 31 de diciembre de 2022, se detalla a continuaci\u00f3n:  Miles de Euros - Ingreso/(Gasto) 31/12/2022 31/12/2021 Impacto en resultados de explotaci\u00f3n-   Coberturas de divisa         (20.425)                437 Coberturas precio de la celulosa                   73          (53.192)   Coberturas precio venta energ\u00eda el\u00e9ctrica                     9          (35.411)   Coberturas precio compra energ\u00eda el\u00e9ctrica                      -                       -  Subtotal         (20.343)         (88.166) Impacto en resultados financieros-   IRSwap (Nota 14)           (1.469)           (2.301) Total         (21.812)         (90.467) Stricke Stricke Nocional Subyacente Call Put (Mn. USD) EUR/USD 1,114 1,144 24,5 EUR/USD 1,033 1,120 15,0 EUR/USD 0,999 1,077 15,0 EUR/USD 1,035 1,060 10,0 64,5 4\u00ba Trimestre 2023 3\u00ba Trimestre 2023 2\u00ba Trimestre 2023 1\u00ba Trimestre 2023 Venc imiento 31.2 Interest Rate Swap-  Los derivados sobre tipos de inter\u00e9s contratados por el Grupo y vigentes al 31 de diciembre de 2022 y 2021  son los siguientes: Durante el ejercicio 2022 se han producido ineficacias en los derivados sobre tipos de inter\u00e9s que han  supuesto el reconocimiento de un ingreso por importe de 301 miles \u20ac que se encuentra registrado en el ep\u00edgrafe \u201cvariaci\u00f3n en el valor razonable de instrumentos financieros\u201d del estado de resultado consolidado  al 31 de diciembre de 2022. La sensibilidad del resultado y del patrimonio a las variaciones del tipo de inter\u00e9s, como consecuencia del  efecto en los instrumentos financieros contratados por el Grupo a 31 de diciembre de 2022, se detalla a continuaci\u00f3n:  31.3 Cobertura de precio de celulosa  Al 31 de diciembre de 2022 y 2021 ENCE no ten\u00eda contratadas coberturas sobre el precio de la celulosa.  ENCE contrat\u00f3 en 2020, al inicio de la pandemia y ante la incertidumbre generada por COVID-19, swaps para  cubrir  el  precio  de  venta  de  la  celulosa  BEKP  por  247.200  toneladas  de  celulosa,  equivalentes  a  aproximadamente  el  20%  de  las  ventas  previstas  en  2021.  Durante  el  a\u00f1o  2021  se  liquidaron  dichas  coberturas  lo  que supuso una liquidaci\u00f3n negativa por importe  de 53.192 miles \u20ac que se registr\u00f3 en el  ep\u00edgrafe \u201cResultados por operaciones de cobertura\u201d del Estado de Resultado consolidado.  Miles \u20ac Variaci\u00f3n  Tipo Cambio US$/\u20ac Resultado de  explotaci\u00f3n (-)/+ Efecto en patrimonio  neto (-)/+ 2022 Depreciaci\u00f3n 5% 2.087 1.565 Apreciaci\u00f3n 5% (2.488) (1.866) 2021 Depreciaci\u00f3n 5% 7.770 5.828 Apreciaci\u00f3n 5% (10.474) (7.856 ) Valor Miles de Euros Razonable 2021 2022 2023 2024 2022 Negocio de energ\u00eda 5.803                 -    134.038 111.371 3.188 2021 (*) Negocio de energ\u00eda 5.056 158.688 134.038 111.371 3.188 (*) Saldo acreedor. Nocional al cierre del: Miles \u20ac Variaci\u00f3n  Tipo Inter\u00e9s Efecto en coste  financiero  (-)/+ Efecto en patrimonio  neto (-)/+ 2022 Aumento 50 pb (308) (900) Disminuci\u00f3n 50 pb 308 913 2021 Aumento 50 pb (370) (1.746) Disminuci\u00f3n 50 pb 370 1.715 31.4 Cobertura de compra y venta de energ\u00eda Al 31 de diciembre de 2022 y 2021 ENCE no ten\u00eda contratadas coberturas sobre el precio de la energ\u00eda. En el marco de la incertidumbre generada por COVID-19, ENCE contrat\u00f3 en 2020 Commodity Swaps sobre  el precio de venta  de  la  energ\u00eda  el\u00e9ctrica-OMEL  por  un  total  de  516.840  MWh  y  vencimiento  en  2021.  Durante el a\u00f1o 2021 se liquidaron dichas coberturas lo que supuso una liquidaci\u00f3n negativa por importe de 35.411 miles \u20ac, que se encuentra registrada en el ep\u00edgrafe \u201cResultados por operaciones de cobertura\u201d del  Estado  de  Resultado  consolidado.  Igualmente,  en  el  ejercicio  2021  distintas  sociedades  integrantes  del  Negocio  Energ\u00eda  mantuvieron  vigentes  contratos  de  venta  de  energ\u00eda  a  precio  fijo  por  un  volumen  de  aproximadamente 215 GWh. El ingreso obtenido fue inferior al que se habr\u00eda percibido vendiendo dicha  energ\u00eda al mercado en un importe de 17.887 miles \u20ac. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-531": {
   "value": "31. Instrumentos financieros derivados  Siguiendo la pol\u00edtica de gesti\u00f3n de riesgos financieros descrita en la Nota 5, el Grupo realiza contrataciones  de instrumentos financieros derivados principalmente para cubrir sus riesgos financieros.  El detalle de este ep\u00edgrafe del Estado de Situaci\u00f3n Financiera Consolidado al 31 de diciembre de 2022 y 2021  que se corresponde con el valor razonable de los instrumentos financieros derivados en esas fechas, es el siguiente:  Miles de Euros 31/12/2022 31/12/2021 31/12/2022 31/12/2021 31/12/2022 31/12/2021 31/12/2022 31/12/2021 Cobertura de flujos de efectivo-   IRSwap             3,224                     -               2,579                     -                       -               2,441                     -               2,615    Comisi\u00f3n estructuraci\u00f3n IRSwap                107                     -                       -                       -                       -                 (280)                    -                       -      Coberturas de divisa                    -                       -                       -                       -                       -                       -                  358              6,977  Total             3,331                     -               2,579                     -                       -    2,161 358 9,592 Activo no corriente Activo corriente Pasivo no corriente Pasivo corriente El importe del valor razonable traspasado al resultado del ejercicio de los instrumentos financieros derivados al 31 de diciembre de 2022 y 2021 es el siguiente:  Todos los instrumentos financieros derivados contratados por ENCE al 31 de diciembre de 2022 califican  como cobertura contable.  31.1 Coberturas de divisa  ENCE cubre las fluctuaciones del tipo de cambio d\u00f3lar/euro, que afectan significativamente al precio de  venta de celulosa, con t\u00faneles en la modalidad asi\u00e1tica. Su detalle al 31 de diciembre de 2022 es el siguiente:  Los contratos vigentes al 31 de diciembre de 2022 cubren aproximadamente un 10,11% y un 8,13% de las  ventas de celulosa previstas en el primer y segundo semestre de 2023, respectivamente. Al 31 de diciembre  de 2021, los contratos  vigentes cubr\u00edan  aproximadamente  un  54%  y  un  21% de las ventas  de  celulosa  previstas en el primer y segundo semestre de 2022, respectivamente. El valor de mercado negativo de dichos instrumentos a 31 de diciembre de 2022 asciende a 358 miles \u20ac  (6.977 miles \u20ac negativo a 31 de diciembre de 2021). Por  su  parte,  la  sensibilidad  del  resultado  de  explotaci\u00f3n  y  del  patrimonio  a  las  apreciaciones  o  depreciaciones del d\u00f3lar frente  al euro, como  consecuencia del efecto en los  instrumentos financieros  derivados contratados por ENCE a 31 de diciembre de 2022, se detalla a continuaci\u00f3n:  Miles de Euros - Ingreso/(Gasto) 31/12/2022 31/12/2021 Impacto en resultados de explotaci\u00f3n-   Coberturas de divisa         (20.425)                437 Coberturas precio de la celulosa                   73          (53.192)   Coberturas precio venta energ\u00eda el\u00e9ctrica                     9          (35.411)   Coberturas precio compra energ\u00eda el\u00e9ctrica                      -                       -  Subtotal         (20.343)         (88.166) Impacto en resultados financieros-   IRSwap (Nota 14)           (1.469)           (2.301) Total         (21.812)         (90.467) Stricke Stricke Nocional Subyacente Call Put (Mn. USD) EUR/USD 1,114 1,144 24,5 EUR/USD 1,033 1,120 15,0 EUR/USD 0,999 1,077 15,0 EUR/USD 1,035 1,060 10,0 64,5   31.2 Interest Rate Swap-  Los derivados sobre tipos de inter\u00e9s contratados por el Grupo y vigentes al 31 de diciembre de 2022 y 2021  son los siguientes:  Durante el ejercicio 2022 se han producido ineficacias en los derivados sobre tipos de inter\u00e9s que han  supuesto el reconocimiento de un ingreso por importe de 301 miles \u20ac que se encuentra registrado en el ep\u00edgrafe \u201cvariaci\u00f3n en el valor razonable de instrumentos financieros\u201d del estado de resultado consolidado  al 31 de diciembre de 2022. La sensibilidad del resultado y del patrimonio a las variaciones del tipo de inter\u00e9s, como consecuencia del  efecto en los instrumentos financieros contratados por el Grupo a 31 de diciembre de 2022, se detalla a continuaci\u00f3n:   31.3 Cobertura de precio de celulosa  Al 31 de diciembre de 2022 y 2021 ENCE no ten\u00eda contratadas coberturas sobre el precio de la celulosa.  ENCE contrat\u00f3 en 2020, al inicio de la pandemia y ante la incertidumbre generada por COVID-19, swaps para  cubrir  el  precio  de  venta  de  la  celulosa  BEKP  por  247.200  toneladas  de  celulosa,  equivalentes  a  aproximadamente  el  20%  de  las  ventas  previstas  en  2021.  Durante  el  a\u00f1o  2021  se  liquidaron  dichas  coberturas  lo  que supuso una liquidaci\u00f3n negativa por importe  de 53.192 miles \u20ac que se registr\u00f3 en el  ep\u00edgrafe \u201cResultados por operaciones de cobertura\u201d del Estado de Resultado consolidado.  Miles \u20ac Variaci\u00f3n  Tipo Cambio US$/\u20ac Resultado de  explotaci\u00f3n (-)/+ Efecto en patrimonio  neto (-)/+ 2022 Depreciaci\u00f3n 5% 2.087 1.565 Apreciaci\u00f3n 5% (2.488) (1.866) 2021 Depreciaci\u00f3n 5% 7.770 5.828 Apreciaci\u00f3n 5% (10.474) (7.856 ) Valor Miles de Euros Razonable 2021 2022 2023 2024 2022 Negocio de energ\u00eda 5.803                 -    134.038 111.371 3.188 2021 (*) Negocio de energ\u00eda 5.056 158.688 134.038 111.371 3.188 (*) Saldo acreedor. Nocional al cierre del: Miles \u20ac Variaci\u00f3n  Tipo Inter\u00e9s Efecto en coste  financiero  (-)/+ Efecto en patrimonio  neto (-)/+ 2022 Aumento 50 pb (308) (900) Disminuci\u00f3n 50 pb 308 913 2021 Aumento 50 pb (370) (1.746) Disminuci\u00f3n 50 pb 370 1.715 31.4 Cobertura de compra y venta de energ\u00eda Al 31 de diciembre de 2022 y 2021 ENCE no ten\u00eda contratadas coberturas sobre el precio de la energ\u00eda. En el marco de la incertidumbre generada por COVID-19, ENCE contrat\u00f3 en 2020 Commodity Swaps sobre  el precio de venta  de  la  energ\u00eda  el\u00e9ctrica-OMEL  por  un  total  de  516.840  MWh  y  vencimiento  en  2021.  Durante el a\u00f1o 2021 se liquidaron dichas coberturas lo que supuso una liquidaci\u00f3n negativa por importe de 35.411 miles \u20ac, que se encuentra registrada en el ep\u00edgrafe \u201cResultados por operaciones de cobertura\u201d del  Estado  de  Resultado  consolidado.  Igualmente,  en  el  ejercicio  2021  distintas  sociedades  integrantes  del  Negocio  Energ\u00eda  mantuvieron  vigentes  contratos  de  venta  de  energ\u00eda  a  precio  fijo  por  un  volumen  de  aproximadamente 215 GWh. El ingreso obtenido fue inferior al que se habr\u00eda percibido vendiendo dicha  energ\u00eda al mercado en un importe de 17.887 miles \u20ac. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-535": {
   "value": "31. Instrumentos financieros derivados  Siguiendo la pol\u00edtica de gesti\u00f3n de riesgos financieros descrita en la Nota 5, el Grupo realiza contrataciones  de instrumentos financieros derivados principalmente para cubrir sus riesgos financieros.  El detalle de este ep\u00edgrafe del Estado de Situaci\u00f3n Financiera Consolidado al 31 de diciembre de 2022 y 2021  que se corresponde con el valor razonable de los instrumentos financieros derivados en esas fechas, es el siguiente:  Miles de Euros 31/12/2022 31/12/2021 31/12/2022 31/12/2021 31/12/2022 31/12/2021 31/12/2022 31/12/2021 Cobertura de flujos de efectivo-   IRSwap             3,224                     -               2,579                     -                       -               2,441                     -               2,615    Comisi\u00f3n estructuraci\u00f3n IRSwap                107                     -                       -                       -                       -                 (280)                    -                       -      Coberturas de divisa                    -                       -                       -                       -                       -                       -                  358              6,977  Total             3,331                     -               2,579                     -                       -    2,161 358 9,592 Activo no corriente Activo corriente Pasivo no corriente Pasivo corriente El importe del valor razonable traspasado al resultado del ejercicio de los instrumentos financieros derivados al 31 de diciembre de 2022 y 2021 es el siguiente:  Todos los instrumentos financieros derivados contratados por ENCE al 31 de diciembre de 2022 califican  como cobertura contable.  31.1 Coberturas de divisa  ENCE cubre las fluctuaciones del tipo de cambio d\u00f3lar/euro, que afectan significativamente al precio de  venta de celulosa, con t\u00faneles en la modalidad asi\u00e1tica. Su detalle al 31 de diciembre de 2022 es el siguiente:  Los contratos vigentes al 31 de diciembre de 2022 cubren aproximadamente un 10,11% y un 8,13% de las  ventas de celulosa previstas en el primer y segundo semestre de 2023, respectivamente. Al 31 de diciembre  de 2021, los contratos  vigentes cubr\u00edan  aproximadamente  un  54%  y  un  21% de las ventas  de  celulosa  previstas en el primer y segundo semestre de 2022, respectivamente. El valor de mercado negativo de dichos instrumentos a 31 de diciembre de 2022 asciende a 358 miles \u20ac  (6.977 miles \u20ac negativo a 31 de diciembre de 2021). Por  su  parte,  la  sensibilidad  del  resultado  de  explotaci\u00f3n  y  del  patrimonio  a  las  apreciaciones  o  depreciaciones del d\u00f3lar frente  al euro, como  consecuencia del efecto en los  instrumentos financieros  derivados contratados por ENCE a 31 de diciembre de 2022, se detalla a continuaci\u00f3n:  Miles de Euros - Ingreso/(Gasto) 31/12/2022 31/12/2021 Impacto en resultados de explotaci\u00f3n-   Coberturas de divisa         (20.425)                437 Coberturas precio de la celulosa                   73          (53.192)   Coberturas precio venta energ\u00eda el\u00e9ctrica                     9          (35.411)   Coberturas precio compra energ\u00eda el\u00e9ctrica                      -                       -  Subtotal         (20.343)         (88.166) Impacto en resultados financieros-   IRSwap (Nota 14)           (1.469)           (2.301) Total         (21.812)         (90.467) Stricke Stricke Nocional Subyacente Call Put (Mn. USD) EUR/USD 1,114 1,144 24,5 EUR/USD 1,033 1,120 15,0 EUR/USD 0,999 1,077 15,0 EUR/USD 1,035 1,060 10,0 64,5 4\u00ba Trimestre 2023 3\u00ba Trimestre 2023 2\u00ba Trimestre 2023 1\u00ba Trimestre 2023 Venc 31.2 Interest Rate Swap-  Los derivados sobre tipos de inter\u00e9s contratados por el Grupo y vigentes al 31 de diciembre de 2022 y 2021  son los siguientes: Durante el ejercicio 2022 se han producido ineficacias en los derivados sobre tipos de inter\u00e9s que han  supuesto el reconocimiento de un ingreso por importe de 301 miles \u20ac que se encuentra registrado en el ep\u00edgrafe \u201cvariaci\u00f3n en el valor razonable de instrumentos financieros\u201d del estado de resultado consolidado  al 31 de diciembre de 2022. La sensibilidad del resultado y del patrimonio a las variaciones del tipo de inter\u00e9s, como consecuencia del  efecto en los instrumentos financieros contratados por el Grupo a 31 de diciembre de 2022, se detalla a continuaci\u00f3n:  31.3 Cobertura de precio de celulosa  Al 31 de diciembre de 2022 y 2021 ENCE no ten\u00eda contratadas coberturas sobre el precio de la celulosa.  ENCE contrat\u00f3 en 2020, al inicio de la pandemia y ante la incertidumbre generada por COVID-19, swaps para  cubrir  el  precio  de  venta  de  la  celulosa  BEKP  por  247.200  toneladas  de  celulosa,  equivalentes  a  aproximadamente  el  20%  de  las  ventas  previstas  en  2021.  Durante  el  a\u00f1o  2021  se  liquidaron  dichas  coberturas  lo  que supuso una liquidaci\u00f3n negativa por importe  de 53.192 miles \u20ac que se registr\u00f3 en el  ep\u00edgrafe \u201cResultados por operaciones de cobertura\u201d del Estado de Resultado consolidado.  Miles \u20ac Variaci\u00f3n  Tipo Cambio US$/\u20ac Resultado de  explotaci\u00f3n (-)/+ Efecto en patrimonio  neto (-)/+ 2022 Depreciaci\u00f3n 5% 2.087 1.565 Apreciaci\u00f3n 5% (2.488) (1.866) 2021 Depreciaci\u00f3n 5% 7.770 5.828 Apreciaci\u00f3n 5% (10.474) (7.856 ) Valor Miles de Euros Razonable 2021 2022 2023 2024 2022 Negocio de energ\u00eda 5.803                 -    134.038 111.371 3.188 2021 (*) Negocio de energ\u00eda 5.056 158.688 134.038 111.371 3.188 (*) Saldo acreedor. Nocional al cierre del: Miles \u20ac Variaci\u00f3n  Tipo Inter\u00e9s Efecto en coste  financiero  (-)/+ Efecto en patrimonio  neto (-)/+ 2022 Aumento 50 pb (308) (900) Disminuci\u00f3n 50 pb 308 913 2021 Aumento 50 pb (370) (1.746) Disminuci\u00f3n 50 pb 370 1.715 31.4 Cobertura de compra y venta de energ\u00eda Al 31 de diciembre de 2022 y 2021 ENCE no ten\u00eda contratadas coberturas sobre el precio de la energ\u00eda. En el marco de la incertidumbre generada por COVID-19, ENCE contrat\u00f3 en 2020 Commodity Swaps sobre  el precio de venta  de  la  energ\u00eda  el\u00e9ctrica-OMEL  por  un  total  de  516.840  MWh  y  vencimiento  en  2021.  Durante el a\u00f1o 2021 se liquidaron dichas coberturas lo que supuso una liquidaci\u00f3n negativa por importe de 35.411 miles \u20ac, que se encuentra registrada en el ep\u00edgrafe \u201cResultados por operaciones de cobertura\u201d del  Estado  de  Resultado  consolidado.  Igualmente,  en  el  ejercicio  2021  distintas  sociedades  integrantes  del  Negocio  Energ\u00eda  mantuvieron  vigentes  contratos  de  venta  de  energ\u00eda  a  precio  fijo  por  un  volumen  de  aproximadamente 215 GWh. El ingreso obtenido fue inferior al que se habr\u00eda percibido vendiendo dicha  energ\u00eda al mercado en un importe de 17.887 miles \u20ac. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-524": {
   "value": "31.1 Coberturas de divisa  ENCE cubre las fluctuaciones del tipo de cambio d\u00f3lar/euro, que afectan significativamente al precio de  venta de celulosa, con t\u00faneles en la modalidad asi\u00e1tica. Su detalle al 31 de diciembre de 2022 es el siguiente:  Los contratos vigentes al 31 de diciembre de 2022 cubren aproximadamente un 10,11% y un 8,13% de las  ventas de celulosa previstas en el primer y segundo semestre de 2023, respectivamente. Al 31 de diciembre  de 2021, los contratos  vigentes cubr\u00edan  aproximadamente  un  54%  y  un  21% de las ventas  de  celulosa  previstas en el primer y segundo semestre de 2022, respectivamente. El valor de mercado negativo de dichos instrumentos a 31 de diciembre de 2022 asciende a 358 miles \u20ac  (6.977 miles \u20ac negativo a 31 de diciembre de 2021). Por  su  parte,  la  sensibilidad  del  resultado  de  explotaci\u00f3n  y  del  patrimonio  a  las  apreciaciones  o  depreciaciones del d\u00f3lar frente  al euro, como  consecuencia del efecto en los  instrumentos financieros  derivados contratados por ENCE a 31 de diciembre de 2022, se detalla a continuaci\u00f3n:  Stricke Stricke Nocional Subyacente Call Put (Mn. USD) EUR/USD 1,114 1,144 24,5 EUR/USD 1,033 1,120 15,0 EUR/USD 0,999 1,077 15,0 EUR/USD 1,035 1,060 10,0 64,5 Miles \u20ac Variaci\u00f3n  Tipo Cambio US$/\u20ac Resultado de  explotaci\u00f3n (-)/+ Efecto en patrimonio  neto (-)/+ 2022 Depreciaci\u00f3n 5% 2.087 1.565 Apreciaci\u00f3n 5% (2.488) (1.866) 2021 Depreciaci\u00f3n 5% 7.770 5.828 Apreciaci\u00f3n 5% (10.474) (7.856 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-43": {
   "value": "32. Provisiones, garant\u00edas y pasivos contingentes  32.3  Activos y pasivos contingentes  Al cierre del ejercicio 2022, el Grupo mantiene reclamaciones y controversias legales como consecuencia  natural de su negocio. Se resumen a continuaci\u00f3n las reclamaciones m\u00e1s significativas:  Cultivos energ\u00e9ticos-  En los ejercicios 2013 y 2014 se aprobaron un conjunto de disposiciones normativas que modificaron el  esquema  retributivo  y  el  r\u00e9gimen  de  tributaci\u00f3n  aplicable  a  las  instalaciones  de  generaci\u00f3n  de  energ\u00eda  renovable,  incluida  la  generaci\u00f3n  y  cogeneraci\u00f3n  con  biomasa.  Esta nueva  regulaci\u00f3n,  que  en  t\u00e9rminos  retributivos equiparaba los cultivos energ\u00e9ticos a los restos forestales y agr\u00edcolas, oblig\u00f3 a ENCE a iniciar un  proceso  para  abandonar  ordenadamente  la  gesti\u00f3n  de  las  plantaciones  de  cultivos  energ\u00e9ticos  desarrolladas, incluyendo la resoluci\u00f3n de contratos de arrendamientos, con el consiguiente deterioro de  las inversiones realizadas y la dotaci\u00f3n de las necesarias provisiones. Como consecuencia de ello, el 14 de julio de 2014, ENCE y determinadas sociedades del Grupo (en adelante  \u201cENCE\u201d),  presentaron  ante  el  entonces  Ministerio  de  Industria,  Energ\u00eda  y  Turismo  una  reclamaci\u00f3n  de  Responsabilidad  Patrimonial  de  la  Administraci\u00f3n  General  del  Estado  (en  adelante  \u201cRPA\u201d),  cuya  cuantificaci\u00f3n final, seg\u00fan informes  elaborados  por  un  experto  independiente,  ascendi\u00f3 a la cuant\u00eda de  63.300 miles \u20ac. Con fecha 17 de febrero de 2021 ENCE present\u00f3 un escrito ante el Ministerio para la Transici\u00f3n Ecol\u00f3gica y  el Reto Demogr\u00e1fico, hoy competente en materia de energ\u00eda, reiterando la solicitud a la Administraci\u00f3n para  que dictase resoluci\u00f3n expresa en el expediente de RPA planteado, en base a la cual evaluar el posible  ejercicio de acciones ulteriores. Con fecha 15 de noviembre se notific\u00f3 a Ence un oficio del Ministerio para la Transici\u00f3n Energ\u00e9tica y el Reto Demogr\u00e1fico adjuntando un informe de la Direcci\u00f3n General de Pol\u00edtica  Energ\u00e9tica y Minas en el que se concluye que no procede la indemnizaci\u00f3n reclamada.  Ante  el silencio  de  la  solicitud de RPA  ,  ENCE  ha  interpuesto  con  fecha  10  de  febrero de  2023 recurso  contencioso  administrativo  por el perjuicio econ\u00f3mico directamente  causado  por la  indebida  aplicaci\u00f3n  retroactiva  del  r\u00e9gimen  retributivo  de  las  instalaciones  de  producci\u00f3n  de  energ\u00eda  el\u00e9ctrica  a  partir  de  biomasa procedente de cultivos energ\u00e9ticos establecido por la Orden Ministerial IET/1045/2014, de 16 de  junio, por la que se aprueban los par\u00e1metros retributivos de las instalaciones tipo aplicables a determinadas  instalaciones de producci\u00f3n de energ\u00eda el\u00e9ctrica a partir de fuentes de energ\u00eda renovables, cogeneraci\u00f3n y  residuos, dictada en desarrollo de lo previsto en el Real Decreto 413/2014, de 6 de Junio, por el que se regula  la actividad de producci\u00f3n de energ\u00eda el\u00e9ctrica a partir de fuentes de energ\u00eda renovables, cogeneraci\u00f3n y  residuos,  ambas  dictadas  en  desarrollo  y  aplicaci\u00f3n  de  la  Ley  24/2013,  de  26  de  diciembre,  del  Sector  El\u00e9ctrico y del Real Decreto-ley 9/2013,  de 12 de julio, por  el que se adoptaron medidas urgentes para  garantizar la estabilidad financiera del sistema el\u00e9ctrico. La interposici\u00f3n del recurso podr\u00eda implicar,  de  acuerdo a lo establecido en el Real Decreto-ley 17/2019, de 22 de noviembre, el establecimiento como  rentabilidad razonable desde el 1 de enero de 2020, el 7,09% (v\u00e9ase Anexo III).  Regulaci\u00f3n sector el\u00e9ctrico-  Con fecha 20 de diciembre de 2022 las sociedades del Grupo que como parte de su actividad est\u00e1n afectadas  por la regulaci\u00f3n del sector el\u00e9ctrico, han interpuesto recursos contencioso-administrativos, ante la Sala de  lo Contencioso-Administrativo del Tribunal Supremo, frente a las siguientes \u00f3rdenes ministeriales; Orden  TED/989/2022,  Orden  TED/995/2022,  y Orden TED/1232/2022.  Del mismo modo, se interpondr\u00e1  en los  pr\u00f3ximos d\u00edas recurso contencioso-administrativo frente a la Orden TED/1295/2022 (v\u00e9ase Anexo III). La impugnaci\u00f3n de las \u00f3rdenes referidas se fundamentar\u00e1 en el incumplimiento de los plazos establecidos  en relaci\u00f3n con el r\u00e9gimen retributivo contenido en la Ley del Sector El\u00e9ctrico en el Real Decreto 413/2014,  la  infracci\u00f3n  de  las  normas  que  regulan  la  metodolog\u00eda  retributiva,  la  vulneraci\u00f3n  del  principio  de  interdicci\u00f3n de la arbitrariedad de los poderes p\u00fablicos basado en la falta de justificaci\u00f3n de las \u00f3rdenes de  par\u00e1metros, la ausencia de metodolog\u00eda en la determinaci\u00f3n de la retribuci\u00f3n de la biomasa y la ausencia  de inclusi\u00f3n en la retribuci\u00f3n del coste del transporte. Adem\u00e1s de en argumentos de car\u00e1cter jur\u00eddico, la impugnaci\u00f3n se fundamentar\u00e1 en un an\u00e1lisis pericial que determine la existencia de un impacto econ\u00f3mico  relevante, en la medida en que las \u00f3rdenes impugnadas fijan una retribuci\u00f3n a la operaci\u00f3n alejada de los  costes reales.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-510": {
   "value": "32. Provisiones, garant\u00edas y pasivos contingentes  32.3  Activos y pasivos contingentes  Al cierre del ejercicio 2022, el Grupo mantiene reclamaciones y controversias legales como consecuencia  natural de su negocio. Se resumen a continuaci\u00f3n las reclamaciones m\u00e1s significativas:  Cultivos energ\u00e9ticos-  En los ejercicios 2013 y 2014 se aprobaron un conjunto de disposiciones normativas que modificaron el  esquema  retributivo  y  el  r\u00e9gimen  de  tributaci\u00f3n  aplicable  a  las  instalaciones  de  generaci\u00f3n  de  energ\u00eda  renovable,  incluida  la  generaci\u00f3n  y  cogeneraci\u00f3n  con  biomasa.  Esta nueva  regulaci\u00f3n,  que  en  t\u00e9rminos  retributivos equiparaba los cultivos energ\u00e9ticos a los restos forestales y agr\u00edcolas, oblig\u00f3 a ENCE a iniciar un  proceso  para  abandonar  ordenadamente  la  gesti\u00f3n  de  las  plantaciones  de  cultivos  energ\u00e9ticos  desarrolladas, incluyendo la resoluci\u00f3n de contratos de arrendamientos, con el consiguiente deterioro de  las inversiones realizadas y la dotaci\u00f3n de las necesarias provisiones. Como consecuencia de ello, el 14 de julio de 2014, ENCE y determinadas sociedades del Grupo (en adelante  \u201cENCE\u201d),  presentaron  ante  el  entonces  Ministerio  de  Industria,  Energ\u00eda  y  Turismo  una  reclamaci\u00f3n  de  Responsabilidad  Patrimonial  de  la  Administraci\u00f3n  General  del  Estado  (en  adelante  \u201cRPA\u201d),  cuya  cuantificaci\u00f3n final, seg\u00fan informes  elaborados  por  un  experto  independiente,  ascendi\u00f3 a la cuant\u00eda de  63.300 miles \u20ac. Con fecha 17 de febrero de 2021 ENCE present\u00f3 un escrito ante el Ministerio para la Transici\u00f3n Ecol\u00f3gica y  el Reto Demogr\u00e1fico, hoy competente en materia de energ\u00eda, reiterando la solicitud a la Administraci\u00f3n para  que dictase resoluci\u00f3n expresa en el expediente de RPA planteado, en base a la cual evaluar el posible  ejercicio de acciones ulteriores. Con fecha 15 de noviembre se notific\u00f3 a Ence un oficio del Ministerio para la Transici\u00f3n Energ\u00e9tica y el Reto Demogr\u00e1fico adjuntando un informe de la Direcci\u00f3n General de Pol\u00edtica  Energ\u00e9tica y Minas en el que se concluye que no procede la indemnizaci\u00f3n reclamada.  Ante  el silencio  de  la  solicitud de RPA  ,  ENCE  ha  interpuesto  con  fecha  10  de  febrero de  2023 recurso  contencioso  administrativo  por el perjuicio econ\u00f3mico directamente  causado  por la  indebida  aplicaci\u00f3n  retroactiva  del  r\u00e9gimen  retributivo  de  las  instalaciones  de  producci\u00f3n  de  energ\u00eda  el\u00e9ctrica  a  partir  de  biomasa procedente de cultivos energ\u00e9ticos establecido por la Orden Ministerial IET/1045/2014, de 16 de  junio, por la que se aprueban los par\u00e1metros retributivos de las instalaciones tipo aplicables a determinadas  instalaciones de producci\u00f3n de energ\u00eda el\u00e9ctrica a partir de fuentes de energ\u00eda renovables, cogeneraci\u00f3n y  residuos, dictada en desarrollo de lo previsto en el Real Decreto 413/2014, de 6 de Junio, por el que se regula  la actividad de producci\u00f3n de energ\u00eda el\u00e9ctrica a partir de fuentes de energ\u00eda renovables, cogeneraci\u00f3n y  residuos,  ambas  dictadas  en  desarrollo  y  aplicaci\u00f3n  de  la  Ley  24/2013,  de  26  de  diciembre,  del  Sector  El\u00e9ctrico y del Real Decreto-ley 9/2013,  de 12 de julio, por  el que se adoptaron medidas urgentes para  garantizar la estabilidad financiera del sistema el\u00e9ctrico. La interposici\u00f3n del recurso podr\u00eda implicar,  de  acuerdo a lo establecido en el Real Decreto-ley 17/2019, de 22 de noviembre, el establecimiento como  rentabilidad razonable desde el 1 de enero de 2020, el 7,09% (v\u00e9ase Anexo III).  Regulaci\u00f3n sector el\u00e9ctrico-  Con fecha 20 de diciembre de 2022 las sociedades del Grupo que como parte de su actividad est\u00e1n afectadas  por la regulaci\u00f3n del sector el\u00e9ctrico, han interpuesto recursos contencioso-administrativos, ante la Sala de  lo Contencioso-Administrativo del Tribunal Supremo, frente a las siguientes \u00f3rdenes ministeriales; Orden  TED/989/2022,  Orden  TED/995/2022,  y Orden TED/1232/2022.  Del mismo modo, se interpondr\u00e1  en los  pr\u00f3ximos d\u00edas recurso contencioso-administrativo frente a la Orden TED/1295/2022 (v\u00e9ase Anexo III). La impugnaci\u00f3n de las \u00f3rdenes referidas se fundamentar\u00e1 en el incumplimiento de los plazos establecidos  en relaci\u00f3n con el r\u00e9gimen retributivo contenido en la Ley del Sector El\u00e9ctrico en el Real Decreto 413/2014,  la  infracci\u00f3n  de  las  normas  que  regulan  la  metodolog\u00eda  retributiva,  la  vulneraci\u00f3n  del  principio  de  interdicci\u00f3n de la arbitrariedad de los poderes p\u00fablicos basado en la falta de justificaci\u00f3n de las \u00f3rdenes de  par\u00e1metros, la ausencia de metodolog\u00eda en la determinaci\u00f3n de la retribuci\u00f3n de la biomasa y la ausencia  de inclusi\u00f3n en la retribuci\u00f3n del coste del transporte. Adem\u00e1s de en argumentos de car\u00e1cter jur\u00eddico, la impugnaci\u00f3n se fundamentar\u00e1 en un an\u00e1lisis pericial que determine la existencia de un impacto econ\u00f3mico  relevante, en la medida en que las \u00f3rdenes impugnadas fijan una retribuci\u00f3n a la operaci\u00f3n alejada de los  costes reales.  ",
   "dimensions": {
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    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-514": {
   "value": "32. Provisiones, garant\u00edas y pasivos contingentes  32.2 Garant\u00edas comprometidas con terceros  Al 31 de diciembre de 2022 diversas entidades financieras han otorgado avales a las distintas sociedades  del Grupo, de acuerdo con el siguiente detalle (95.434 miles \u20ac al 31 de diciembre de 2021): Los Administradores no esperan que de los importes avalados o de las garant\u00edas prestadas se deriven pasivos  significativos para el Grupo, adicionales a los recogidos en estas cuentas anuales consolidadas.  Miles de Euros Tramitaci\u00f3n administrativa de  plantas generaci\u00f3n  energ\u00eda el\u00e9ctrica renovable 37.898 Prestamos Subvencionados (Nota 29.2) 9.004 Acceso a red-Preasignaciones 15.764 L\u00edneas de descuento de facturas  7.500 Arrendamiento de fincas 3.703 Ejecuci\u00f3n de proyectos forestales 5.814 Concesi\u00f3n de Pontevedra 3.050 Mercado el\u00e9ctrico 9.000 Medio ambiente 1.598 Pagos a proveedores 1.960 Otros 1.252 96.543 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCollateralExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-556": {
   "value": "32. Provisiones, garant\u00edas y pasivos contingentes  32.1 Provisiones  El detalle del movimiento de las cuentas \u201cProvisiones\u201d del pasivo a largo y corto plazo del Estado de Situaci\u00f3n  Financiera consolidado en los ejercicios 2022 y 2021 es el siguiente:  2022 Saldo al 01/01/2022 Adiciones o  Dotaciones Retiros o  reducciones Saldo al 31/12/2022 Largo plazo: Plan retribuci\u00f3n a largo plazo (Nota 12.2)   375      48                         -      423   Provisi\u00f3n desmantelamiento (Nota 7)   42.631                         -           (18.033)      24.598   Provisiones por obligaciones contratuales (Nota 7)   6.059      62              (6.121)                         -   Otros   2.160      1.121                 (319)      2.962     51.225      1.231           (24.473)      27.983   Corto plazo Plan retribuci\u00f3n a largo plazo (Nota 12.2)   309                         -                 (309)                         -   Derechos de Emisi\u00f3n (Notas 13 y 21.1)   7.578      11.100              (7.578)      11.100   Pacto ambiental Pontevedra (Nota 7)                      -      21.000                         -      21.000   Otras provisiones   10.935                         -                 (235)      10.700     18.822      32.100              (8.122)      42.800   Miles de euros La cuenta \u201cOtras provisiones\u201d recoge principalmente el importe m\u00e1ximo estimado que asumir\u00eda ENCE en la  cancelaci\u00f3n de determinados contratos suscritos en 2008, relacionados con la log\u00edstica de la madera y el  producto terminado de la biof\u00e1brica de Navia, que no resultan competitivos considerando las opciones  existentes actualmente en el mercado. Provisi\u00f3n por desmantelamiento-  En el ejercicio 2021 ENCE, con la asistencia de un experto independiente de reconocido prestigio, reestimo  el valor presente de las obligaciones asumidas derivadas del desmantelamiento de la planta de producci\u00f3n  de celulosa ubicada en Pontevedra y la remediaci\u00f3n del lugar sobre el que se asienta, considerando que  esta labor se iniciar\u00eda en 2024-2025, en un importe de 42.631 miles \u20ac.  Las sentencias del Tribunal Supremo, que confirman la legalidad de la pr\u00f3rroga de la concesi\u00f3n sobre la  biof\u00e1brica de Pontevedra hasta 2073, ha permitido  ha permitido restimar dicho pasivo en la cuant\u00eda de  24.598 miles \u20ac al 31 de diciembre de 2022.  Dicha  obligaci\u00f3n  se  ha  cuantificado  considerando  un  coste  presente  de  43  millones  \u20ac,  unas  tasas  de  actualizaci\u00f3n en el entorno del 2%-3% y unas tasas de descuento en el entorno del 7,7%.  2021 Saldo al  01/01/2021 Adiciones o Dotaciones Retiros o  reducciones Traspasos Saldo al  31/12/2021 Largo plazo: Plan retribuci\u00f3n a largo plazo (Nota 12.2)   715      93                   (39)                 (394)      375   Provisi\u00f3n desmantelamiento (Nota 7)                     -      42.631                        -                        -      42.631   Provisiones por obligaciones contratuales (Nota 7)                     -      6.059                        -                        -      6.059   Otros   2.117      901                 (858)                        -      2.160     2.832      49.684                 (897)                 (394)      51.225    Corto plazo Plan retribuci\u00f3n a largo plazo (Nota 12.2)                     -                   (85)                        -      394      309   Derechos de Emisi\u00f3n (Notas 13 y 21.1)   4.152      7.578              (4.152)                        -      7.578    Pacto ambiental Pontevedra (Nota 7 y 13)   14.000      1.250            (15.250)                        -                        -    Otras provisiones   11.202                        -                 (267)                        -      10.935     29.354      8.743            (19.669)      394      18.822 Miles de euros ",
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    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  "fact-536": {
   "value": "33. Situaci\u00f3n fiscal  Los saldos deudores y acreedores mantenidos con las distintas Administraciones P\u00fablicas al 31 de diciembre  de 2022 y 2021 son los siguientes: Miles de Euros Activo Pasivo Activo Pasivo Partidas no corrientes-  Activo por impuestos diferidos            73.014                       -               64.149                       -   Pasivo por impuestos diferidos           (19.923)                      -              (18.586)                      -   Total 53.091                       -    45.563                       -   Partidas corrientes- Hacienda P\u00fablica por IVA             20.555                4.101             15.414             11.474 Impuesto de Sociedades del ejercicio corriente               8.028                     13                1.842                     78 Impuesto a la electricidad                      -               (7.866)                      -                     149 Hacienda P\u00fablica por diversos conceptos                  455             12.549                   481                3.955 Total 29.038  8.797  17.737  15.656 31/12/2022 31/12/2021 33.1 Aplicaci\u00f3n de reg\u00edmenes y grupos fiscales  Sociedades del Grupo con residencia fiscal en Espa\u00f1a-  ENCE tributa en el Impuesto de Sociedades a trav\u00e9s de dos Grupos de consolidaci\u00f3n fiscal:  \u2022  ENCE Energ\u00eda y Celulosa, S.A. tributa desde 2002 en el R\u00e9gimen de Consolidaci\u00f3n Fiscal del Impuesto  sobre Sociedades previsto en el Cap\u00edtulo VII del T\u00edtulo VIII de la Ley del Impuesto sobre Sociedades  (Grupo n\u00ba 149/02), con todas las sociedades espa\u00f1olas detalladas en el Anexo I en las que tiene una  participaci\u00f3n superior al 75%.   \u2022  Magnon Green Energy, S.L. tributa desde 2021 en el R\u00e9gimen de Consolidaci\u00f3n Fiscal del Impuesto  sobre Sociedades previsto en el Cap\u00edtulo VI del T\u00edtulo VIII de la Ley del Impuesto sobre Sociedades  (Grupo n\u00ba 410/21), con todas las sociedades espa\u00f1olas detalladas en el Anexo I en las que tiene una  participaci\u00f3n superior al 75%.  El resto de las sociedades del Grupo tributan en r\u00e9gimen individual.  La tasa impositiva nominal del Impuesto sobre Sociedades en Espa\u00f1a es del 25%. Las tasas impositivas en el  impuesto  equivalente  al  Impuesto  sobre  Sociedades  en  Portugal  y  Uruguay  son  del  21%  y  25%,  respectivamente.  De acuerdo con el r\u00e9gimen de consolidaci\u00f3n fiscal, la base imponible del Impuesto sobre Sociedades no se  determina a partir del resultado contable consolidado, sino a partir del agregado de las bases imponibles  individuales de las sociedades que lo integran, determinadas seg\u00fan su respectivo r\u00e9gimen individual de  tributaci\u00f3n,  a  la  cual  se  le  aplicar\u00e1n,  con  posterioridad,  las  correspondientes  eliminaciones  e  incorporaciones aplicables de acuerdo con la normativa de consolidaci\u00f3n fiscal.  33.2 Conciliaci\u00f3n entre el resultado contable y la base imponible del  Impuesto sobre Sociedades  La conciliaci\u00f3n del resultado contable y la base imponible del Impuesto sobre Beneficios a 31 de diciembre  de 2022 y 2021 es como sigue:   (*) El resultado antes de impuestos procede \u00edntegramente de operaciones continuadas Miles de Euros 2022 2021 Resultado antes de impuestos (*)         253.589         (192.539) Diferencias permanentes- Con origen en resultados           12.681               3.015 Con origen en resultados - Concesi\u00f3n Pontevedra (Nota 7)       (163.830)          163.830  Con origen en patrimonio                 (45)                  (46) Difrencias temporales- Con origen en el ejercicio           24.052             18.543  Con origen en ejercicio anteriores            (9.317)          (22.724) Ajustes de consolidaci\u00f3n            (6.185)          (10.417) Compensaci\u00f3n de bases imponibles negativas         (24.959)                (625) Base Imponible           85.986           (40.963 Las diferencias permanentes con origen en resultados se corresponden principalmente con dotaciones de  deterioros sobre participaciones en empresas del Grupo y deterioros de valor sobre el inmovilizado material.  As\u00ed mismo, este apartado incorpora una menor diferencia permanente por importe de 4,8 millones \u20ac que se  corresponde con la integraci\u00f3n en la base imponible del deterioro fiscal equivalente a la amortizaci\u00f3n de los  activos  deteriorados  de  la biof\u00e1brica de Pontevedra en el ejercicio 2021  considerando que la instalaci\u00f3n  podr\u00eda estar operativa hasta el 2073 (v\u00e9anse Notas 7 y 17).  Las diferencias temporales tienen su origen en divergencias en la imputaci\u00f3n temporal de ingresos y gastos entre  la  normativa  contable  y  fiscal.  Su  detalle  por  naturaleza  se  describe  en  el  apartado  32.4. Adicionalmente, las diferencias temporales con origen en el ejercicio no reconocidas en estas cuentas anuales  en el ejercicio 2022, y por tanto tratadas como permanentes, se corresponden con deterioros dotados sobre  activos no financieros por importe de 13,9 millones \u20ac (v\u00e9ase Nota 20).  En el ejercicio 2021 las diferencias \u201cCon origen en resultados \u2013 Concesi\u00f3n Pontevedra\u201d se correspond\u00edan con  los deterioros y provisiones registrados como consecuencia de las sentencias que anulan la pr\u00f3rroga de la  concesi\u00f3n  administrativa  sobre la que se asienta la biof\u00e1brica  de Pontevedra, con un ajuste positivo por  importe de 194.897 miles \u20ac, compensado por un ajuste negativo por 31.067 miles \u20ac que se correspond\u00eda con  la  integraci\u00f3n  en  la  base  imponible  del  deterioro  fiscal  equivalente  a  la  amortizaci\u00f3n  de  los  activos  deteriorados  considerando  su  vida  \u00fatil  estimada  restante  (v\u00e9ase  Nota  7).  Estas  diferencias  revierten  \u00edntegramente en 2022 tras las sentencias confirmatorias del plazo concesional de la biof\u00e1brica de Pontevedra  hasta 2073 por parte del Tribunal Supremo.  33.3 Conciliaci\u00f3n entre el resultado contable y el gasto por Impuesto  sobre Sociedades  La conciliaci\u00f3n del resultado contable y la base imponible del Impuesto sobre Sociedades a 31 de  diciembre de 2022 y 2021 es como sigue:    (*) El resultado antes de impuestos procede \u00edntegramente de operaciones continuadas Por su parte, la distribuci\u00f3n del Gasto por impuesto sobre Sociedades por los distintos conceptos que lo  conforman en 2022 y 2021 es la siguiente:  Miles de Euros 2022 2021 Resultado antes de impuestos (*)         253.589         (192.539) Diferencias permanentes-  Con origen en resultados           12.681               3.015  Con origen en resultados - Concesi\u00f3n Pontevedra (Nota 7)       (163.830)          163.830 Baja/ (Alta) de Bases imponibles negativas previamente reconocidas         (81.927)            85.699  Eliminaci\u00f3n del resultado de las entidades no residentes en Espa\u00f1a                 228                  615  Eliminaciones / incorporaciones de consolidaci\u00f3n            (5.610)          (10.521) Base Imponible           15.131             50.099  Cuota             3.783             12.525 Deducciones y ajustes impositivos del ejercicio anterior                861              (3.120) Imposici\u00f3n socieddes no residentes en Espa\u00f1a                   19                     15  Gasto / (Ingreso)  por Impuesto sobre Beneficios             4.663               9.420   33.4  Activos y pasivos por impuesto diferido reconocidos  Las variaciones que se han producido durante los ejercicios 2022 y 2021 en estos ep\u00edgrafes del Estado de  Situaci\u00f3n Financiera Consolidado han sido las siguientes: Activos por Impuesto Diferido   Miles de Euros 2022 2021 Impuesto corrriente y otros           15.079               2.140  Por impuesto diferido         (10.416)              7.280  Gasto / (Ingreso)  por Impuesto sobre Beneficios             4.663               9.420  Miles de Euros A\u00f1o 2022 Impuestos diferidos de activo reconocidos en resultados-   Amortizaci\u00f3n de activos no corrientes             2.818                        -                      (940)                      1               1.879    Deterioro en activos no corrientes             2.543               5.101                   (1.796)                  (48)              5.800    Provisiones              2.955                  307                          (3)                       -               3.259    Compromisos con el personal             1.406                     66                        (96)                    84               1.460    Deterioro activos corrientes             1.917                  716                        (56)                       -               2.577    Limitaci\u00f3n gastos financieros y otros             1.567                        -                   (1.450)                      1                  118    Sociedades no residentes y ajustes de consolidaci\u00f3n             3.618                        -                      (244)                       -               3.374    Bases Imponibles Negativas           30.339                     65                   (6.240)            20.419             44.583    Deducciones           14.513                     17                   (4.696)                    41               9.875            61.676               6.272                (15.521)            20.498             72.925 Impuestos diferidos de activo reconocidos en patrimonio-   Instrumentos financieros de cobertura (Nota 32)             2.473                     49                   (2.434)                       -                     89              2.473                     49                  (2.434)                       -                     89 Total           64.149             73.014  Saldo al  31/12/2022 Traspasos y  otros Disminuciones Aumentos Saldo al  01/01/2022 Miles de Euros A\u00f1o 2021 Impuestos diferidos de activo reconocidos en resultados-   Amortizaci\u00f3n de activos no corrientes              3.061                         -                   (940)                  697                2.818    Deterioro en activos no corrientes              4.947                   250               (1.067)             (1.587)               2.543    Provisiones               5.387                         -               (2.425)                     (7)               2.955    Compromisos con el personal              1.330                      49                     (59)                     86                1.406    Deterioro activos corrientes              1.931                   220                   (233)                     (1)               1.917    Limitaci\u00f3n gastos financieros y otros                 843                   773                   (853)                  804                1.567    Sociedades no residentes y ajustes de consolidaci\u00f3n                 794                3.412                   (598)                     10                3.618    Bases Imponibles Negativas            42.251                7.964                   (156)           (19.720)             30.339    Deducciones              8.717                   956                          -                4.840              14.513             69.261              13.624               (6.331)           (14.878)             61.676 Impuestos diferidos de activo reconocidos en patrimonio-   Instrumentos financieros de cobertura (Nota 32)              2.691                1.744               (1.963)                        -                2.473               2.691                1.744               (1.963)                        -                2.473 Total            71.952              64.149 Saldo al  31/12/2021 Traspasos y  otros Disminuciones Aumentos Saldo al  01/01/2021 La Ley 27/2014, de 27 de noviembre, del Impuesto sobre Sociedades elimin\u00f3 con efectos 1 de enero del  2015 el plazo establecido para la compensaci\u00f3n de las bases imponibles negativas, por lo que pas\u00f3 a ser  ilimitado, y ampli\u00f3 al menos a 15 a\u00f1os el plazo general de compensaci\u00f3n de las deducciones. Los  activos  por  impuestos  diferidos  se  corresponden  con  deterioros  sobre  activos,  provisiones,  gastos  financieros que fiscalmente resultar\u00e1n deducibles de la base imponible del Impuesto sobre Sociedades en ejercicios futuros, deducciones y bases imponibles pendientes de aplicar/compensar, y diferencias entre amortizaciones  contables  y  fiscales  derivadas  principalmente  de  la  limitaci\u00f3n  a  la  deducibilidad  de  la  amortizaci\u00f3n contable introducida con car\u00e1cter temporal para los ejercicios 2013 y 2014.  ENCE  s\u00f3lo  reconoce  activos  por  impuesto  diferido  cuando  considera  probable  que  las  entidades  (individualmente  o  de  forma  consolidada)  que  los  han  generado  van  a  tener  en  el  futuro  suficientes  ganancias fiscales con las que hacerlos efectivos. En cada cierre contable se revisan los impuestos diferidos de activo registrados, con el fin de comprobar  que se mantienen vigentes y que se consideran recuperables en un plazo aproximado de 10 a\u00f1os. Dichos an\u00e1lisis se basan en: (i) la consideraci\u00f3n de hip\u00f3tesis para concluir sobre existencia de suficientes ganancias  fiscales que permitan compensar dichas p\u00e9rdidas fiscales que coinciden con las utilizadas en la ejecuci\u00f3n de  los test de deterioro sobre activos no financieros (v\u00e9ase Nota 20); y (ii) el per\u00edodo y l\u00edmites establecidos en  la legislaci\u00f3n para la recuperaci\u00f3n de los cr\u00e9ditos fiscales. Los flujos previstos permiten concluir que los activos por impuesto diferido del Grupo son, en su mayor  parte, recuperables en un plazo aproximado de 10 a\u00f1os. El importe de las diferencias temporales y bases  imponibles negativas acreditadas y no reconocidas en el Estado de Situaci\u00f3n financiera al 31 de diciembre de 2022 asciende a 18,0 millones \u20ac y (88,4 millones \u20ac al 31 de diciembre de 2021).  Con fecha 29 de diciembre de 2021 se public\u00f3 en el BOE la Ley 22/2021, de 28 de diciembre, de Presupuestos  Generales del Estado para el a\u00f1o 2022 (LPGE) por la cual se modifica la Ley del Impuesto sobre Sociedades  estableciendo que, para los ejercicios que se inicien a partir del 1 de enero de 2022, se aplica el concepto  de  \u201ctributaci\u00f3n  m\u00ednima\u201d  en  Espa\u00f1a.  ENCE  ha  tenido  en  cuenta  esta  modificaci\u00f3n  en  el  an\u00e1lisis  de  la  recuperabilidad de las deducciones. Pasivos por Impuesto Diferido   Miles de Euros A\u00f1o 2022 Reconocidos en resultados-   Libertad de amortizaci\u00f3n (RDL 4/2004)                731                        -                      (182)                       -                  549    Gastos financieros                   51                        -                        (16)                       -                     35    Ajustes de consolidaci\u00f3n y otros             3.690               1.948                   (1.926)                      2               3.714              4.472               1.948                  (2.124)                      2               4.298  Reconocidos en patrimonio-   Revalorizaci\u00f3n suelos forestales (Nota 17.3)           13.510                        -                             -                        -             13.510    Bono convertible (Nota 30)                196                        -                        (59)                       -                  137    Ajustes de consolidaci\u00f3n y otros                408               2.199                      (629)                       -               1.978            14.114               2.199                      (688)                       -             15.625  Total           18.586             19.923  Saldo al  31/12/2022 Traspasos y  otros Disminuciones Aumentos Saldo al  01/01/2022 33.5 Ejercicios pendientes de comprobaci\u00f3n y actuaciones inspectoras.  Seg\u00fan las disposiciones fiscales vigentes, las liquidaciones de impuestos no pueden considerarse definitivas  hasta que no han sido inspeccionadas por las autoridades fiscales o ha transcurrido el plazo de prescripci\u00f3n  establecido en cada jurisdicci\u00f3n tributaria; cuatro a\u00f1os en Espa\u00f1a y Portugal, y cinco a\u00f1os en Uruguay.  La  Agencia  Tributaria  inici\u00f3  en  julio  de  2022  un  procedimiento  de  comprobaci\u00f3n  del  Impuesto  sobre  Sociedades de Ence Energ\u00eda y Celulosa, S.A. (cabecera del Grupo fiscal consolidado), Celulosas de Asturias,  S.A. y Magnon Green Energy, S.L. por los ejercicios 2018, 2019 y 2020. Adicionalmente, dicho procedimiento  incluye el Impuesto sobre el Valor A\u00f1adido (IVA) y Retenciones de los ejercicios 2019 y 2020.  Todas  las  actuaciones  relevantes  del  Grupo  han  sido  analizadas  internamente  y  tambi\u00e9n  por  asesores  externos, tanto en este ejercicio como en los precedentes, determinando que estas actuaciones han sido  ajustadas  a  derecho  y  se  basan  en  interpretaciones  razonables de la  norma  tributaria.  La  existencia  de  incertidumbres fiscales es igualmente objeto de an\u00e1lisis y el criterio general del Grupo consiste en considerar  de  forma  prudente  dicha  incertidumbre  en  la  determinaci\u00f3n  del  impuesto.  ENCE  no  ha  identificado incertidumbres fiscales que hayan sido objeto de consideraci\u00f3n. \u00f1o 2021 Reconocidos en resultados-   Libertad de amortizaci\u00f3n (RDL 4/2004)                 912                         -                   (182)                       1                   731    Gastos financieros                    68                         -                     (16)                     (1)                     51    Ajustes de consolidaci\u00f3n y otros              3.931                4.423               (4.650)                   (14)               3.690               4.911                4.423               (4.848)                   (14)               4.472 Reconocidos en patrimonio-   Revalorizaci\u00f3n suelos forestales (Nota 17.3)            13.510                         -                          -                         -              13.510    Bono convertible (Nota 30)              1.654                         -               (1.458)                        -                   196    Ajustes de consolidaci\u00f3n y otros              1.586                   174               (1.542)                  190                   408             16.750                   174               (3.000)                  190              14.114 Total            21.661              18.586 Saldo al 31/12/2021 Traspasos y  otros Disminuciones Aumentos Saldo al 01/01/2021 Miles de Euros ",
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  "fact-562": {
   "value": "Los saldos deudores y acreedores mantenidos con las distintas Administraciones P\u00fablicas al 31 de diciembre  de 2022 y 2021 son los siguientes: Miles de Euros Activo Pasivo Activo Pasivo Partidas no corrientes-  Activo por impuestos diferidos            73.014                       -               64.149                       -   Pasivo por impuestos diferidos           (19.923)                      -              (18.586)                      -   Total 53.091                       -    45.563                       -   Partidas corrientes- Hacienda P\u00fablica por IVA             20.555                4.101             15.414             11.474 Impuesto de Sociedades del ejercicio corriente               8.028                     13                1.842                     78 Impuesto a la electricidad                      -               (7.866)                      -                     149 Hacienda P\u00fablica por diversos conceptos                  455             12.549                   481                3.955 Total 29.038  8.797  17.737  15.656 31/12/2022 31/12/2021 ",
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    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  },
  "fact-44": {
   "value": "33.4  Activos y pasivos por impuesto diferido reconocidos  Las variaciones que se han producido durante los ejercicios 2022 y 2021 en estos ep\u00edgrafes del Estado de  Situaci\u00f3n Financiera Consolidado han sido las siguientes: Activos por Impuesto Diferido Miles de Euros 2022 2021 Impuesto corrriente y otros           15.079               2.140  Por impuesto diferido         (10.416)              7.280  Gasto / (Ingreso)  por Impuesto sobre Beneficios             4.663               9.420  Miles de Euros A\u00f1o 2022 Impuestos diferidos de activo reconocidos en resultados-   Amortizaci\u00f3n de activos no corrientes             2.818                        -                      (940)                      1               1.879    Deterioro en activos no corrientes             2.543               5.101                   (1.796)                  (48)              5.800    Provisiones              2.955                  307                          (3)                       -               3.259    Compromisos con el personal             1.406                     66                        (96)                    84               1.460    Deterioro activos corrientes             1.917                  716                        (56)                       -               2.577    Limitaci\u00f3n gastos financieros y otros             1.567                        -                   (1.450)                      1                  118    Sociedades no residentes y ajustes de consolidaci\u00f3n             3.618                        -                      (244)                       -               3.374    Bases Imponibles Negativas           30.339                     65                   (6.240)            20.419             44.583    Deducciones           14.513                     17                   (4.696)                    41               9.875            61.676               6.272                (15.521)            20.498             72.925 Impuestos diferidos de activo reconocidos en patrimonio-   Instrumentos financieros de cobertura (Nota 32)             2.473                     49                   (2.434)                       -                     89              2.473                     49                  (2.434)                       -                     89 Total           64.149             73.014  Saldo al  31/12/2022 Traspasos y  otros Disminuciones Aumentos Saldo al  01/01/2022 Miles de Euros A\u00f1o 2021 Impuestos diferidos de activo reconocidos en resultados-   Amortizaci\u00f3n de activos no corrientes              3.061                         -                   (940)                  697                2.818    Deterioro en activos no corrientes              4.947                   250               (1.067)             (1.587)               2.543    Provisiones               5.387                         -               (2.425)                     (7)               2.955    Compromisos con el personal              1.330                      49                     (59)                     86                1.406    Deterioro activos corrientes              1.931                   220                   (233)                     (1)               1.917    Limitaci\u00f3n gastos financieros y otros                 843                   773                   (853)                  804                1.567    Sociedades no residentes y ajustes de consolidaci\u00f3n                 794                3.412                   (598)                     10                3.618    Bases Imponibles Negativas            42.251                7.964                   (156)           (19.720)             30.339    Deducciones              8.717                   956                          -                4.840              14.513             69.261              13.624               (6.331)           (14.878)             61.676 Impuestos diferidos de activo reconocidos en patrimonio-   Instrumentos financieros de cobertura (Nota 32)              2.691                1.744               (1.963)                        -                2.473               2.691                1.744               (1.963)                        -                2.473 Total            71.952              64.149 Saldo al  31/12/2021 Traspasos y  otros Disminuciones Aumentos Saldo al  01/01/2021 La Ley 27/2014, de 27 de noviembre, del Impuesto sobre Sociedades elimin\u00f3 con efectos 1 de enero del  2015 el plazo establecido para la compensaci\u00f3n de las bases imponibles negativas, por lo que pas\u00f3 a ser  ilimitado, y ampli\u00f3 al menos a 15 a\u00f1os el plazo general de compensaci\u00f3n de las deducciones. Los  activos  por  impuestos  diferidos  se  corresponden  con  deterioros  sobre  activos,  provisiones,  gastos  financieros que fiscalmente resultar\u00e1n deducibles de la base imponible del Impuesto sobre Sociedades en ejercicios futuros, deducciones y bases imponibles pendientes de aplicar/compensar, y diferencias entre amortizaciones  contables  y  fiscales  derivadas  principalmente  de  la  limitaci\u00f3n  a  la  deducibilidad  de  la  amortizaci\u00f3n contable introducida con car\u00e1cter temporal para los ejercicios 2013 y 2014.  ENCE  s\u00f3lo  reconoce  activos  por  impuesto  diferido  cuando  considera  probable  que  las  entidades  (individualmente  o  de  forma  consolidada)  que  los  han  generado  van  a  tener  en  el  futuro  suficientes  ganancias fiscales con las que hacerlos efectivos. En cada cierre contable se revisan los impuestos diferidos de activo registrados, con el fin de comprobar  que se mantienen vigentes y que se consideran recuperables en un plazo aproximado de 10 a\u00f1os. Dichos an\u00e1lisis se basan en: (i) la consideraci\u00f3n de hip\u00f3tesis para concluir sobre existencia de suficientes ganancias  fiscales que permitan compensar dichas p\u00e9rdidas fiscales que coinciden con las utilizadas en la ejecuci\u00f3n de  los test de deterioro sobre activos no financieros (v\u00e9ase Nota 20); y (ii) el per\u00edodo y l\u00edmites establecidos en  la legislaci\u00f3n para la recuperaci\u00f3n de los cr\u00e9ditos fiscales. Los flujos previstos permiten concluir que los activos por impuesto diferido del Grupo son, en su mayor  parte, recuperables en un plazo aproximado de 10 a\u00f1os. El importe de las diferencias temporales y bases  imponibles negativas acreditadas y no reconocidas en el Estado de Situaci\u00f3n financiera al 31 de diciembre de 2022 asciende a 18,0 millones \u20ac y (88,4 millones \u20ac al 31 de diciembre de 2021).  Con fecha 29 de diciembre de 2021 se public\u00f3 en el BOE la Ley 22/2021, de 28 de diciembre, de Presupuestos  Generales del Estado para el a\u00f1o 2022 (LPGE) por la cual se modifica la Ley del Impuesto sobre Sociedades  estableciendo que, para los ejercicios que se inicien a partir del 1 de enero de 2022, se aplica el concepto  de  \u201ctributaci\u00f3n  m\u00ednima\u201d  en  Espa\u00f1a.  ENCE  ha  tenido  en  cuenta  esta  modificaci\u00f3n  en  el  an\u00e1lisis  de  la  recuperabilidad de las deducciones. Pasivos por Impuesto Diferido  Miles de Euros A\u00f1o 2022 Reconocidos en resultados-   Libertad de amortizaci\u00f3n (RDL 4/2004)                731                        -                      (182)                       -                  549    Gastos financieros                   51                        -                        (16)                       -                     35    Ajustes de consolidaci\u00f3n y otros             3.690               1.948                   (1.926)                      2               3.714              4.472               1.948                  (2.124)                      2               4.298  Reconocidos en patrimonio-   Revalorizaci\u00f3n suelos forestales (Nota 17.3)           13.510                        -                             -                        -             13.510    Bono convertible (Nota 30)                196                        -                        (59)                       -                  137    Ajustes de consolidaci\u00f3n y otros                408               2.199                      (629)                       -               1.978            14.114               2.199                      (688)                       -             15.625  Total           18.586             19.923  Saldo al  31/12/2022 Traspasos y  otros Disminuciones Aumentos Saldo al  01/01/2022 Miles de Euros A\u00f1o 2021 Reconocidos en resultados-   Libertad de amortizaci\u00f3n (RDL 4/2004)                 912                         -                   (182)                       1                   731    Gastos financieros                    68                         -                     (16)                     (1)                     51    Ajustes de consolidaci\u00f3n y otros              3.931                4.423               (4.650)                   (14)               3.690               4.911                4.423               (4.848)                   (14)               4.472 Reconocidos en patrimonio-   Revalorizaci\u00f3n suelos forestales (Nota 17.3)            13.510                         -                          -                         -              13.510    Bono convertible (Nota 30)              1.654                         -               (1.458)                        -                   196    Ajustes de consolidaci\u00f3n y otros              1.586                   174               (1.542)                  190                   408             16.750                   174               (3.000)                  190              14.114 Total            21.661              18.586 Saldo al 31/12/2021 Traspasos y  otros Disminuciones Aumentos Saldo al 01/01/2021 ",
   "dimensions": {
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    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-563": {
   "value": "\u00danicamente  tienen  la  consideraci\u00f3n  de  alta  direcci\u00f3n  los  directores  generales  que  tienen  dependencia directa del del Presidente y Consejero Delegado o del Consejo de Administraci\u00f3n, junto al director del \u00e1rea de  Auditor\u00eda  Interna,  y  cualquier  otro  directivo  a  quien  el  Consejo  de  Administraci\u00f3n  reconozca  tal condici\u00f3n. Su detalle es el siguiente:  Se desglosan a continuaci\u00f3n las retribuciones y otras prestaciones a la alta direcci\u00f3n durante los ejercicios 2022 y 2021: Miles \u20ac 2022 2021 Retribuci\u00f3n fija 1.843 1.753 Retribuci\u00f3n variable 1.169 120 Sistenas de ahorro (Nota 3.13) 92 102 Retribuci\u00f3n especie y otros 100 89 3.204 2.064 ILP 2019-2023 (Nota 12.2) 196 26 Indemnizaciones 654 220 4.054 2.310 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-45": {
   "value": "35. Operaciones con empresas del grupo y vinculadas  35.1 Operaciones con sociedades que consolidan por el m\u00e9todo de la  participaci\u00f3n  Los saldos mantenidos con sociedades que consolidan por el m\u00e9todo de la participaci\u00f3n al 31 de diciembre  de 2022 y 2021 son los siguientes: Las transacciones que se han efectuado con sociedades que consolidan por el m\u00e9todo de la participaci\u00f3n durante el ejercicio 2022 y 2021 son las siguientes:  31 de diciembre de 2022 Oleoenerg\u00eda de Puertollano, S.L. 36                      -                         -   Capacitaci\u00f3n de Servicios Forestales, S.L.                      -    417 737 36 417 737 Miles \u20ac Cr\u00e9ditos a Corto Plazo Deudores a Corto Plazo  (Nota 26) Acreedores a Corto Plazo  (Nota 27) 31 de diciembre de 2021 Oleoenerg\u00eda de Puertollano, S.L. 36                     -                        -   Capacitaci\u00f3n de Servicios Forestales, S.L.                     -    464 864 36 464 864 Deudores a  Corto Plazo  (Nota 26) Acreedores a  Corto Plazo  (Nota 27) Miles \u20ac Cr\u00e9ditos a  Corto Plazo 2022 Capacitaci\u00f3n de Servicios Forestales, S.L.                  757                2.792  757 2.792 Servicios Prestados Gastos de Explotaci\u00f3n Miles \u20ac",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-625": {
   "value": "36. Medio Ambiente  El  respeto  al  medioambiente  es  inherente  al  prop\u00f3sito  de  Ence  y  forma  parte  de  los  compromisos  y  principios de actuaci\u00f3n establecidos en el C\u00f3digo de Conducta y la Pol\u00edtica de Sostenibilidad de la compa\u00f1\u00eda. Este compromiso de Ence con la protecci\u00f3n del medioambiente se materializa en primer lugar, a trav\u00e9s de  la propia actividad de la compa\u00f1\u00eda y su visi\u00f3n estrat\u00e9gica: \u2713  La  actividad  de  producci\u00f3n  de  celulosa  a  partir  de  madera  de  proximidad  y  con  gesti\u00f3n  forestal  sostenible  certificada  tiene  efectos  ambientales  positivos,  ya  que  pone  en  el  mercado  productos  naturales, renovables y reciclables que pueden sustituir materiales basados en combustibles f\u00f3siles,  como los pl\u00e1sticos. Adem\u00e1s, la actividad forestal de Ence no s\u00f3lo contribuye a retirar carbono de la  atm\u00f3sfera, sino que protege la biodiversidad y otros servicios de los ecosistemas forestales.  \u2713  En el  dise\u00f1o de nuevos productos, Ence  persigue  mejorar  la  huella  ambiental de sus productos  y  contribuir a reducir el impacto ambiental de los procesos productivos de los clientes. Un ejemplo de  esta apuesta  es el desarrollo de la  pasta de celulosa  no blanqueada  Naturcell  en la  biof\u00e1brica  de  Pontevedra, que al no requerir etapa de blanqueo en su producci\u00f3n, tiene un consumo espec\u00edfico de  materiales, agua y energ\u00eda menor que la pasta est\u00e1ndar.  \u2713  En su actividad de generaci\u00f3n de energ\u00eda renovable, Ence no s\u00f3lo contribuye a descarbonizar el mix  el\u00e9ctrico nacional, sino que valorizando biomasa agr\u00edcola evita las emisiones contaminantes difusas  que se producen cuando se queman de forma incontrolada los restos de cultivos en el medio rural, sin  ning\u00fan tipo de sistemas de tratamiento. Adicionalmente, movilizando biomasa forestal.  \u2713  En su estrategia de diversificaci\u00f3n, Ence busca actividades alineadas con su modelo de negocio de  bioeconom\u00eda circular y, en 2022, ha creado su filial Ence biog\u00e1s para la producci\u00f3n de biometano y  fertilizantes a  partir de residuos org\u00e1nicos. Una nueva l\u00ednea de actividad basada en el reciclaje de  residuos agroganaderos que no s\u00f3lo contribuir\u00e1 a solucionar el problema de su gesti\u00f3n, sino que los  transformar\u00e1 en productos de alto valor a\u00f1adido como biocombustibles y fertilizantes org\u00e1nicos con  menor huella ambiental que los qu\u00edmicos.  Adem\u00e1s de contribuir a la protecci\u00f3n del medioambiente a trav\u00e9s de su propia actividad, Ence tiene como  principio llevar a cabo sus procesos industriales con el m\u00e1ximo respeto por el entorno, siguiendo la m\u00e1xima  de ir m\u00e1s all\u00e1 de los l\u00edmites legales establecidos en las autorizaciones ambientales de sus instalaciones y  aplicando las mejores t\u00e9cnicas disponibles y la mejora continua para reducir el impacto ambiental de sus  actividades en t\u00e9rminos de consumo de recursos, generaci\u00f3n de residuos, emisiones, efluentes, ruidos u olores entre otros.  Este  compromiso  de  Ence  se  traduce  en  importantes  inversiones  para  aplicar  las  mejores  t\u00e9cnicas disponibles y mejorar la eficiencia de los procesos entre las que destacan las correspondientes a sistemas  de depuraci\u00f3n y de medida de emisiones y calidad del aire que contribuyen a continuar con la reducci\u00f3n de  los posibles impactos ambientales y mejora en las relaciones con las comunidades cercanas.  Se detallan a continuaci\u00f3n el valor de las inversiones de car\u00e1cter medioambiental ejecutadas en 2022:  As\u00ed, la compa\u00f1\u00eda busca la mejora continua en el desempe\u00f1o ambiental impulsada por la alta direcci\u00f3n y  compartida por toda la organizaci\u00f3n. Pero Ence es consciente de que la huella ambiental de su actividad  trasciende el alcance operativo de la compa\u00f1\u00eda, por lo que extiende su compromiso con el medioambiente  a lo largo de todas las fases de su cadena de valor, tanto en su actividad forestal y de producci\u00f3n de celulosa  como en la generaci\u00f3n de energ\u00eda, haciendo especial foco en los potenciales impactos ambientales de su  cadena  de  suministro  y  trasladando  a  sus  proveedores  el  m\u00e1ximo  nivel  de  exigencia  ambiental  en  las  operaciones.  Cumplimiento normativo y mejores t\u00e9cnicas disponibles Aunque la ambici\u00f3n de la compa\u00f1\u00eda va m\u00e1s all\u00e1 de las obligaciones legales, el compromiso medioambiental  de Ence pasa en primer lugar por el cumplimiento riguroso y exhaustivo de la normativa vigente en la que  se establecen los requisitos que deben cumplir todas las actividades relacionadas con la producci\u00f3n de  celulosa y la generaci\u00f3n de energ\u00eda renovable, as\u00ed como la adaptaci\u00f3n a las Mejores T\u00e9cnicas Disponibles  (MTD) establecidas en los documentos BREF de la industria de pasta y papel (Best Available Thecniques in  the Pulp and Paper Industry 2014) aprobado por la Comisi\u00f3n del Medio Ambiente del Parlamento Europeo  y las MTD conforme a la Directiva 2010/75/UE para las grandes instalaciones de combusti\u00f3n en 2017.  En 2022 se ha continuado con la ejecuci\u00f3n de los proyectos enfocados a la adaptaci\u00f3n de las plantas para la implantaci\u00f3n de las Mejores T\u00e9cnicas Disponibles con el objeto de cumplir con lo establecido en el BREF de  Grandes Instalaciones de Combusti\u00f3n. Los trabajos se han enfocado al cumplimiento de los nuevos valores  l\u00edmite de emisi\u00f3n, finalizando la implantaci\u00f3n de diferentes tipos de sistemas de depuraci\u00f3n de emisiones  seg\u00fan las necesidades de cada planta y a la incorporaci\u00f3n de todas las mejoras tecnol\u00f3gicas, de operaci\u00f3n  y gesti\u00f3n. As\u00ed, durante 2022 la  Biof\u00e1brica de Navia,  ha ejecutado el proyecto  que,  a partir del 2023,  le  permitir\u00e1 abatir las emisiones de HCl en su caldera de biomasa hasta valores por debajo de la propuesta del  documento BREF de GIC.  Todas las plantas industriales de Ence cuentan con su Autorizaci\u00f3n Ambiental Integrada (AAI) o Autorizaci\u00f3n  Sectorial, en las que se establecen las condiciones para la operaci\u00f3n de la instalaci\u00f3n desde el punto de vista  ambiental. En estas autorizaciones se fijan tambi\u00e9n los valores l\u00edmites de emisi\u00f3n basados en las mejores  t\u00e9cnicas disponibles as\u00ed como los planes de vigilancia para todos los aspectos ambientales relevantes. Ence  pone todas las medidas a su alcance para cumplir e incluso mejorar estos valores l\u00edmite fijados por la AAI e  informa puntualmente a las administraciones correspondientes de su evoluci\u00f3n. Las AAI de las plantas de  Ence est\u00e1n disponibles p\u00fablicamente en los registros de las correspondientes comunidades aut\u00f3nomas.  Modelo y sistema de gesti\u00f3n ambiental Los principios de gesti\u00f3n ambiental de Ence est\u00e1n recogidos en la Pol\u00edtica de Gesti\u00f3n de la compa\u00f1\u00eda y se  basan en ir m\u00e1s all\u00e1 del cumplimiento de la normativa vigente, aplicando los principios de prevenci\u00f3n y precauci\u00f3n y siguiendo el principio de mejora continua. As\u00ed, desde hace m\u00e1s de diez a\u00f1os, Ence aplica el  modelo  TQM  (Total Quality  Management) como  est\u00e1ndar  de  transformaci\u00f3n  cultural y de gesti\u00f3n, que  aborda  de  forma  integrada  los  aspectos  de  calidad,  seguridad  y  salud,  respeto  al  medio  ambiente  y  prevenci\u00f3n de la contaminaci\u00f3n. En el marco de este modelo existe una Pol\u00edtica de Medio Ambiente en la  Miles de Euros Negocio celulosa 16.564 Negocio energ\u00eda renovable 3.093 19.657 que se definen los objetivos generales de la compa\u00f1\u00eda en esta materia y se establecen una serie de Objetivos  de Mejora Fundamental (OMF) orientados a distintos vectores ambientales: \u2022  Reducci\u00f3n del impacto oloroso  \u2022  Reducci\u00f3n del impacto ac\u00fastico  \u2022  Reducci\u00f3n del impacto en la calidad del aire \u2022  Reducci\u00f3n del impacto de nuestros vertidos \u2022  Mejora de la eficiencia energ\u00e9tica  \u2022  Reducci\u00f3n del consumo de agua \u2022  Reducci\u00f3n del consumo de materias primas \u2022  Reducci\u00f3n en la generaci\u00f3n de residuos \u2022  Mejora de los Sistemas de Gesti\u00f3n   Dentro del modelo TQM se han desarrollado los est\u00e1ndares operativos (procedimientos, etc.) que permiten  el control y la  gesti\u00f3n  de los posibles impactos ambientales mediante la  identificaci\u00f3n y gesti\u00f3n de los  riesgos  con  potencial  afecci\u00f3n  medioambiental.  En  el  marco  de  este  modelo  y  en  l\u00ednea  con  los  OMF  marcados, se desarrollan acciones de mejora bien puntuales o bien para la gesti\u00f3n de la actividad diaria y  control de la estabilidad de los procesos, y con ello, mejorar el desempe\u00f1o ambiental de las instalaciones.  Adem\u00e1s, Ence dispone de un Sistema Integrado de Gesti\u00f3n para asegurar que todas las actividades de la  compa\u00f1\u00eda se realizan de acuerdo  a su Pol\u00edtica de Gesti\u00f3n. El sistema est\u00e1 implantado de acuerdo a las siguientes normas internacionales: \u2022  UNE-EN-ISO 9001, de gesti\u00f3n de la calidad \u2022  UNE-EN-ISO 14001, de gesti\u00f3n medioambiental \u2022  ISO 45001, de gesti\u00f3n de la seguridad y la salud en el trabajo  \u2022  UNE-EN-ISO 50001 de gesti\u00f3n de la energ\u00eda Este  sistema  est\u00e1  certificado  por  un  organismo  acreditado  que  realiza  anualmente  las  auditor\u00edas  correspondientes. En 2022, tras obtener la certificaci\u00f3n en las plantas de La Loma y Enemansa e implantar  y certificar el sistema en la planta de Lucena, la compa\u00f1\u00eda ha conseguido alcanzar la certificaci\u00f3n del Sistema  de Gesti\u00f3n Medioambiental, conforme a la norma UNE-EN 14001, en todas las plantas de Magnon.  Adem\u00e1s, las biof\u00e1bricas de Pontevedra y Navia y el  centro de operaciones de energ\u00eda de Huelva fueron  pioneras en sus respectivas CCAA en adherirse al Reglamento 1221/2009 de la Uni\u00f3n Europea de Ecogesti\u00f3n  y Ecoauditor\u00eda (EMAS). Para formar parte de este registro, las instalaciones deben realizar y auditar por un  organismo acreditado independiente su Declaraci\u00f3n Ambiental anual, documento en el que se reportan sus  principales  indicadores  de  desempe\u00f1o  ambiental,  as\u00ed  como  sus  objetivos  anuales  y  su  nivel  de  cumplimiento.  Otras certificaciones de excelencia ambiental  El  excelente  desempe\u00f1o  ambiental  de  las  biof\u00e1bricas  de  Ence  permite  que  la  celulosa  producida  en  El  excelente desempe\u00f1o ambiental de las biof\u00e1bricas de Ence permite que su celulosa cuente tambi\u00e9n desde  2014 con la aprobaci\u00f3n de la etiqueta Nordic Swan Ecolabel por cumplir con los est\u00e1ndares m\u00e1s exigentes de respeto ambiental. Tras un riguroso proceso de evaluaci\u00f3n del impacto en el medio ambiente de los productos a lo largo de todo su ciclo de vida, esta ecoetiqueta garantiza el cumplimiento de sus exigentes  requisitos  en materia de mitigaci\u00f3n  de cambio clim\u00e1tico, eficiencia  energ\u00e9tica  y uso de recursos (agua,  productos qu\u00edmicos y materias primas). La celulosa producida en las biof\u00e1bricas de Ence tambi\u00e9n ha sido  validada como materia prima de acuerdo a la Decisi\u00f3n (EU) 2019/70 de la Uni\u00f3n Europea por la que se establecen los criterios de la Etiqueta Ecol\u00f3gica de la UE (EU Ecolabel) para el papel gr\u00e1fico, para el papel  tis\u00fa y los productos de papel tis\u00fa.  En cuanto al desempe\u00f1o en econom\u00eda circular, en 2022 Ence ha conseguido certificar todas sus plantas con  el sello Residuo Cero de AENOR, que reconoce a aquellas instalaciones referentes en la gesti\u00f3n y valorizaci\u00f3n  de residuos que recuperan al menos el 90% de sus residuos.  Desde 2021. Ence tambi\u00e9n tiene implantado un sistema de gesti\u00f3n para demostrar la sostenibilidad de la  biomasa  seg\u00fan  el  esquema  alem\u00e1n  SURE.  Este  sistema  de  certificaci\u00f3n  es  una  de  las  herramientas  desarrolladas para asegurar el cumplimiento de las exigencias de la Directiva de Energ\u00edas Renovables (UE)  2018/2001, norma europea que establece exigentes criterios que debe cumplir la biomasa empleada en la generaci\u00f3n energ\u00e9tica. En 2022, todas las instalaciones de Ence cuentan con este certificado y la compa\u00f1\u00eda  ha trabajado durante todo el a\u00f1o para promover la  certificaci\u00f3n  tambi\u00e9n entre sus suministradores  de  biomasa.  Avanzando hacia la econom\u00eda circular Ence contribuye a avanzar hacia una econom\u00eda circular poniendo en el mercado productos procedentes de  fuentes renovables como es la pasta de celulosa, que los clientes de Ence utilizan a su vez para fabricar  productos finales reciclables y biodegradables. En cuanto al negocio de energ\u00eda, Ence ofrece una soluci\u00f3n  para la gesti\u00f3n de residuos agr\u00edcolas y forestales, valorizando la biomasa para la generaci\u00f3n de energ\u00eda  renovable y circularizando estos sectores tan relevantes para el medio rural.  Ence aplica los principios de la econom\u00eda circular en sus propios procesos productivos, buscando alternativas  para  reducir  el  consumo espec\u00edfico de materiales  y  para  minimizar  la  generaci\u00f3n  y  recuperar  la  mayor cantidad posible de residuos.  Mitigaci\u00f3n del cambio clim\u00e1tico y huella de carbono Ence contribuye a mitigar el cambio clim\u00e1tico a trav\u00e9s de su propio modelo de negocio. Por una parte,  gracias  a  su  actividad  en  generaci\u00f3n  de  energ\u00eda  renovable,  Ence  est\u00e1  ayudando  a  cambiar  el  modelo  energ\u00e9tico  espa\u00f1ol,  aportando  un  tipo  de  energ\u00eda  como  es  la  generada  con  biomasa  que  no  solo  es  renovable sino que adem\u00e1s, aporta gestionabilidad, un factor con el que otras tecnolog\u00edas de generaci\u00f3n  renovable  no  cuentan.  El  aprovechamiento  de  la  biomasa  excedentaria  representa  una  alternativa  energ\u00e9tica sostenible con grandes ventajas medioambientales, de reducci\u00f3n de emisiones y de contribuci\u00f3n  a la transici\u00f3n hacia un modelo energ\u00e9tico bajo en carbono, en l\u00ednea con las directrices de la Uni\u00f3n Europea  y con la pol\u00edtica energ\u00e9tica espa\u00f1ola.  Por otra parte, con su negocio de producci\u00f3n de celulosa, Ence contribuye a cambiar el modelo de consumo  de la sociedad, ofreciendo alternativas renovables, reciclables y con menor huella de carbono a productos  como el pl\u00e1stico. Adem\u00e1s de su contribuci\u00f3n a trav\u00e9s del propio modelo de negocio de la compa\u00f1\u00eda, Ence tambi\u00e9n trabaja  para reducir las emisiones de gases de efecto invernadero de sus operaciones. No obstante, en 2022, Ence  se  ha  visto  obligada  a  modificar  su  plan  de  descarbonizaci\u00f3n  por  las  circunstancias  excepcionales  del  mercado de la energ\u00eda derivadas del conflicto en Ucrania. En concreto, la escalada de precios del gas natural  y el potencial riesgo de disrupci\u00f3n de suministro llevaron a Ence a tomar la decisi\u00f3n en diciembre de 2021  de sustituir este combustible por fuel para alimentar los hornos de cal de la biof\u00e1brica de Navia. De esta  forma se ha garantizado la viabilidad de la operaci\u00f3n de la planta pero como contrapartida, la sustituci\u00f3n  de gas por fuel ha provocado un aumento de las emisiones de GEI respecto al valor de 2021. Este aumento  ser\u00e1 coyuntural y excepcional y la planta volver\u00e1 a su ratio de emisi\u00f3n est\u00e1ndar cuando el mercado de la  energ\u00eda recupere la normalidad. Adem\u00e1s, en paralelo durante 2022 se ha continuado avanzando en la hoja  de ruta marcada para descarbonizar la biof\u00e1brica, avanzando en la ingenier\u00eda de los proyectos de sustituci\u00f3n  de combustibles f\u00f3siles por combustibles renovables para comenzar su implantaci\u00f3n a lo largo de 2023. Gesti\u00f3n agroforestal sostenible Durante  el  a\u00f1o  2022,  Ence  ha  mantenido  su  posici\u00f3n  como  primer  gestor  forestal  privado  y  actor  de referencia en el mercado de productos basados en la madera en Espa\u00f1a.  En este sentido, Ence gestiona la cadena completa de valor en el \u00e1rea forestal (desde la plantaci\u00f3n a la corta),  en  sus  montes  patrimoniales,  que  incluyen  montes  en  propiedad  y  superficies  consorciadas  y  arrendadas  a  terceros  a  trav\u00e9s  de  sus  empresas  patrimoniales.  La  puesta  en  valor  de  las  superficies  gestionadas por Ence supone cada a\u00f1o importantes inversiones en el conjunto del patrimonio destinadas a  trabajos silv\u00edcolas, de repoblaci\u00f3n, mejora de infraestructuras y defensa contra incendios, y pago de rentas.  Esta producci\u00f3n e inversiones, en un marco de sostenibilidad ambiental y social, suponen una importante  aportaci\u00f3n directa de la compa\u00f1\u00eda en el medio rural. De  forma  complementaria  a  su  actividad  patrimonial,  Ence  mantiene  y  refuerza  su  pol\u00edtica  de  aprovisionamiento  de  madera  a  trav\u00e9s  de  las  \u00e1reas  de  Compras  de  Madera  en  Pie  (donde  Ence  es responsable de la compra al propietario, su conformidad administrativa y normativa, el aprovechamiento y  el  transporte  de  madera  a  planta)  y  de  Suministro  (en  la  que  Ence  compra  directamente  la  madera  a  rematantes que intermedian con la propiedad). En ambos casos, gesti\u00f3n patrimonial y compras a terceros, los requisitos de gesti\u00f3n y sostenibilidad son los  mismos, y se desarrollan en el marco del Sistema Integrado de Gesti\u00f3n Agroforestal (SIGFA), que tiene como  bases  normativas  en  el  caso  de  la  madera  el  cumplimiento  legal,  y  los  est\u00e1ndares  de  Gesti\u00f3n  Forestal  Sostenible y de Cadena de Custodia de los referentes FSC\u00ae, con n\u00fameros de licencia FSC\u00ae-C099970 y FSC\u00ae- C081854 (Forest Stewardship Council\u00ae) y PEFC\u00ae, con n\u00fameros de licencia PEFC/14-22-00010 y PEFC/14-33- 00001 (Programme for the Endorsement of Forest Certification Schemes). La Direcci\u00f3n de Sostenibilidad Agroforestal es la encargada de realizar el seguimiento del cumplimiento legal  y normativo de todas las fuentes de materias primas para producci\u00f3n de madera y energ\u00eda, ya se produzca  en superficies propias, como en las de terceros (compras en pie y suministros).  El refuerzo del marco normativo de referencia, en concreto los aspectos derivados del cumplimiento del  Reglamento  EUTR  de  Diligencia  Debida  de  la  madera,  contin\u00faa  siendo  uno  de  los  principales  valores  sectoriales. La actividad de Ence en este sentido, sigue siendo el impulso de dicho marco a lo largo de toda  la cadena de Suministro, garantizando que la producci\u00f3n final provenga siempre de fuentes trazables con  m\u00e1ximo rigor en el cumplimiento legal. En este sentido, Ence trabaja intensamente con todos los actores  del sector para lograr la implantaci\u00f3n de las mejores t\u00e9cnicas de seguimiento al respecto, y su transmisi\u00f3n  a sus colaboradores, para lo que hay un contacto continuo con ellos que permite transmitir los requisitos  de  gesti\u00f3n  deseables  y  esperados,  incluyendo  los  aspectos  voluntarios  (esencialmente  sociales  y  ambientales) destinados a la perdurabilidad en el tiempo de las masas, la minimizaci\u00f3n de los impactos, de  la actividad, el mantenimiento de la diversidad estructural y espec\u00edfica de las formaciones forestales, el  fomento de la multifuncionalidad en bienes y servicios, la innovaci\u00f3n continua, los principios de extensi\u00f3n  forestal al mundo rural, la participaci\u00f3n activa con los Grupos de Inter\u00e9s, y la certificaci\u00f3n forestal. Las mejoras de esta pol\u00edtica se han podido constatar a trav\u00e9s del incremento progresivo de los porcentajes  de madera certificada hasta el actual porcentaje global del 73%. En cuanto a la actividad patrimonial, m\u00e1s  de un 85% de la superficie que Ence gestiona est\u00e1 certificado por alguno de los esquemas.  Adem\u00e1s de promover una gesti\u00f3n forestal sostenible certificada, Ence tambi\u00e9n trabaja en la investigaci\u00f3n y  desarrollo  de  mejores  pr\u00e1cticas  silv\u00edcolas,  planta  mejorada  para  adaptarse  a  las  nuevas  condiciones  clim\u00e1ticas  y  m\u00e9todos  innovadores  de  lucha  biol\u00f3gica  contra  las  plagas  y  enfermedades  que  afectan  al  eucalipto.  El  conjunto  de  actuaciones  de  I+D+i  que  se  desarrollan  en  el  marco  de  la  actividad  directa  de  Ence,  constituyen un importante soporte t\u00e9cnico y de conocimiento que Ence se esfuerza en transmitir al sector  a trav\u00e9s de foros, y charlas. Aspectos tales como la selvicultura, la selecci\u00f3n de plantas, la lucha contra  plagas,  el  cumplimiento  legal  o  la  certificaci\u00f3n  forestal,  son  objeto  de  transmisi\u00f3n  de  know-how  a  propietarios y suministradores y al sector en general, alimentando un continuo debate sobre la mejora  sectorial, incluyendo aqu\u00ed a la Administraci\u00f3n y la sociedad civil.  Otro de los principales efectos beneficiosos a la sociedad de la actividad de suministro de madera, es la  generaci\u00f3n de rentas y empleo en el mundo rural, contribuyendo a la vertebraci\u00f3n del territorio en \u00e1reas  donde las actividades productoras de materia prima constituyen una de las principales fuentes de ingreso  social. Este aporte econ\u00f3mico de Ence a la econom\u00eda rural, se enfoca no solo a trav\u00e9s del desarrollo de su  negocio directo, sino mediante el necesario aporte a la mejora funcional de su entorno: financiaci\u00f3n de grupos  de  certificaci\u00f3n,  bonificaci\u00f3n  de  planta,  transmisi\u00f3n  de  know-how  a  propietarios  y  empresas  forestales, apoyo al cumplimiento normativo de propietarios y empresas de servicios, etc. con el objeto de  lograr un aut\u00e9ntico desarrollo sectorial a partir  de las bases en que se fijan las pol\u00edticas  ambientales y  sociales del grupo.  En este sentido, Ence promueve el desarrollo de los entornos en los que opera la compa\u00f1\u00eda, potenciando la  compra de madera local en Galicia, Asturias, Cantabria y Pa\u00eds Vasco. El hecho de comprar madera local no  s\u00f3lo contribuye a generar valor en el entorno pr\u00f3ximo, sino que reduce los transportes y reduce la huella  de carbono de alcance 3 de nuestra actividad. A lo largo de 2022, se han realizado compras a unos 1.700  propietarios  forestales  y  casi  200  suministradores.  De  estos  proveedores,  m\u00e1s  del  85%  son  peque\u00f1os propietarios y suministradores, lo que demuestra el apoyo de Ence a las peque\u00f1as empresas. Adicionalmente, Ence mantiene su participaci\u00f3n en las principales asociaciones sectoriales, bien como socio  (Asociaci\u00f3n Monte Industria, Aspapel, Cluster de la Madera de Galicia, Mesa Forestal de FADE, Rematantes  de  Lugo\u2026),  bien  como  observador,  en  las  que  participando  activamente  en  los  debates,  desarrollo  de  herramientas normativas o t\u00e9cnicas, o en el fomento de nuevos requisitos alineados con sus pol\u00edticas de  sostenibilidad.  Gesti\u00f3n de la sostenibilidad de la biomasa En 2022, Ence mantiene y refuerza su posici\u00f3n como comprador de referencia de biomasa agr\u00edcola y forestal  para  uso  energ\u00e9tico  para  el  suministro  de  sus  plantas,  tanto  las  Plantas  Independientes,  como  las  biof\u00e1bricas. En este sentido, Ence asegura que el suministro de biomasa a sus instalaciones cumple con los  requisitos de sostenibilidad necesarios, trabajando para ello con los est\u00e1ndares voluntarios que se detallan  a continuaci\u00f3n.  En  relaci\u00f3n  a  la  biomasa  agr\u00edcola,  en  2022  Ence  ha  seguido  desarrollando  el  marco  operativo  de  implantaci\u00f3n  del Dec\u00e1logo para la  Sostenibilidad de la  Biomasa lanzado en 2017,  contando ya con una  sistem\u00e1tica afianzada de seguimiento y evaluaci\u00f3n de indicadores, y un plan progresivo de implantaci\u00f3n de  los mismos, enmarcado en el plan Director de Sostenibilidad de la Compa\u00f1\u00eda.  Adem\u00e1s,  este  a\u00f1o  Ence  ha  renovado  la  certificaci\u00f3n  de  todas  sus  instalaciones  (biof\u00e1bricas  y  plantas  independientes) con el esquema Sure, que da conformidad a los requisitos establecidos por la Directiva de  Energ\u00edas  Renovables  (UE)  2018/2001.  Esta  normativa  europea  establece  diversos  criterios  que  deben  cumplir  todas  las  biomasas  empleadas  en  el  sector  de  la  bioenerg\u00eda,  enfocados  a  garantizar  su  sostenibilidad, un correcto balance de masas, la reducci\u00f3n de las emisiones de gases de efecto invernadero  y la eficiencia energ\u00e9tica. La  planta  de  M\u00e9rida  fue  la  primera  instalaci\u00f3n  de la  compa\u00f1\u00eda  en  obtener la certificaci\u00f3n  del  Grupo y  tambi\u00e9n la primera en Europa bajo el esquema Sure, garantizando de esta forma la plena sostenibilidad de  la biomasa consumida en sus procesos.   El proceso de certificaci\u00f3n Sure implica de forma transversal a todo el proceso de gesti\u00f3n de la biomasa,  desde  el  origen  de  la  misma  (parcela  agr\u00edcola,  monte  o  industria),  la  propia  cadena  de  suministros,  la  log\u00edstica en las plantas y parques y la producci\u00f3n de energ\u00eda renovable. Todo engranado para alcanzar el  m\u00e1ximo de eficiencia.  En 2022, adem\u00e1s de renovar esta certificaci\u00f3n en las instalaciones de Ence, se ha hecho hincapi\u00e9 en otra l\u00ednea de trabajo importante en referencia a la certificaci\u00f3n Sure: la certificaci\u00f3n de la cadena de suministro.  Para dar cumplimiento a lo dispuesto en la Directiva y su trasposici\u00f3n espa\u00f1ola, Ence no solo debe acometer  la certificaci\u00f3n de sus plantas, sino que toda la cadena de suministro ha de ser certificada, logrando con ello conseguir los hitos de consumo de biomasa certificada que requiere la normativa.   Por \u00faltimo, como se ha mencionado anteriormente, Ence contribuye a la sociedad a trav\u00e9s de su actividad  de suministro de materias primas, entre ellas la biomasa, mediante la generaci\u00f3n de rentas y empleo en el  mundo rural. En este sentido, a lo largo de 2022 el suministro de biomasa ha involucrado a un total de m\u00e1s  de 800 proveedores entre propietarios, suministradores, transportistas y contratas de aprovechamiento.  Negocio Celulosa Biof\u00e1brica de Navia La Biof\u00e1brica de Navia inici\u00f3 en 2019 un proyecto de mejora y optimizaci\u00f3n tecnol\u00f3gica de las instalaciones  que incluye la implantaci\u00f3n de las mejoras t\u00e9cnicas disponibles en una parte importante de los procesos  productivos  que  supone  un  incremento  de  producci\u00f3n  de  80.000  tAD  as\u00ed  como  la  mejora  del  actual  comportamiento ambiental de las instalaciones, basada en la optimizaci\u00f3n tecnol\u00f3gica directa de equipos  y sistemas a lo largo de todo el proceso, enfocada a la mejora del comportamiento ambiental asociado a  las mejores t\u00e9cnicas disponibles.  Desde la ejecuci\u00f3n del proyecto, se han ido consolidando los resultados  de  mejora  ambiental  evidenci\u00e1ndose  mejoras  ambientales  en  la  calidad  del  efluente  l\u00edquido  y  en  la  reducci\u00f3n de emisiones de par\u00e1metros significativos.  En cuanto a volumen de vertido El Plan Director de Sostenibilidad de Ence contempla como prioridad a  gesti\u00f3n y mejora de la huella de agua, de la compa\u00f1\u00eda, tanto a nivel de consumo de recursos h\u00eddricos como  de calidad de sus efluentes. As\u00ed, en las biof\u00e1bricas se vienen estableciendo objetivos anuales de reducci\u00f3n  del consumo espec\u00edfico de agua (m3/t de celulosa producida) desde hace varios a\u00f1os. En la biof\u00e1brica de  Navia, en 2022 tambi\u00e9n se han puesto en marcha ambicioso plan de mejora operacional para conseguir  reducir  el  consumo  de  agua,  siendo  las  principales  iniciativas:  cierres  de  circuitos,  reutilizaci\u00f3n  de  condensados, recuperaci\u00f3n de aguas de contra lavados, reutilizaci\u00f3n de agua de scrubbers, etc, de este  modo, a cierre  del a\u00f1o, se ha  logrado  una  reducci\u00f3n del 14%  en relaci\u00f3n al ratio de consumo del a\u00f1o  anterior.  En cuanto a la calidad de vertido, se han implementado mejoras en la Planta de tratamiento de efluentes  para mejorar la depuraci\u00f3n de las aguas mediante la optimizaci\u00f3n del sistema biol\u00f3gico y del sistema de  refrigeraci\u00f3n  existentes,  adem\u00e1s  de mejorar  los sistemas  de  aireaci\u00f3n  y  refrigeraci\u00f3n.  Asimismo,  se ha  consolidado el funcionamiento del nuevo sistema de tratamiento primario de efluentes constituido por una  nueva unidad  de flotaci\u00f3n de aire disuelto (DAF) en sustituci\u00f3n del decantador primario  existente que  permite realizar una separaci\u00f3n de las part\u00edculas en suspensi\u00f3n del efluente a tratar mediante la inyecci\u00f3n  de  microburbujas  de  aire,  de  modo  que  los  s\u00f3lidos  se  adhieren  a  las  microburbujas  en  su  recorrido ascendente flotando hacia el sistema separador superior, y que ha supuesto una reducci\u00f3n significativa del  ratio de s\u00f3lidos totales en efluente de vertido final de la Biof\u00e1brica por tonelada de pasta producida.   En el proceso de producci\u00f3n de celulosa se generan compuestos reducidos de azufre que, si no se tratan  adecuadamente, pueden provocar impactos olorosos en las inmediaciones de las plantas. Consciente de la  importancia de gestionar adecuadamente este aspecto ambiental para mantener la licencia social para  operar, Ence fij\u00f3 como prioridad reducir al m\u00e1ximo el impacto oloroso de sus biof\u00e1bricas y puso en marcha  hace ya m\u00e1s de diez a\u00f1os el Plan Olor Cero. Gracias a las actuaciones enmarcadas en dicho plan se han  conseguido reducir m\u00e1s de un 99% las emisiones olorosas de ambas biof\u00e1bricas, pero Ence sigue fijando  objetivos de reducci\u00f3n cada a\u00f1o. En 2022 se ha seguido avanzando en este aspecto y en la biof\u00e1brica de Navia se ha desarrollado un proyecto  para el control de focos de olor difusos, con medidas tales como el abatimiento de olor en el entorno del  DAF (unidad de flotaci\u00f3n de aire disuelto del sistema de tratamiento primario de efluentes) mediante un  aditivo antiolor, la mejora del control operacional de planta de tratamiento de efluentes y la instalaci\u00f3n de  nuevos  de medidores de SH2  en  el entorno, y el desarrollo  de  modelo matem\u00e1tico  predictivo de olor.  Adem\u00e1s, se han aprobado las inversiones y se ha puesto en marcha la ingenier\u00eda para el capotado del DAF  para la mejora del abatimiento de los vahos de la arqueta de mezcla y la neutralizaci\u00f3n de efluentes de  entrada a la depuradora, que fueron dos de los puntos identificados como de mayor desorci\u00f3n de olores  difusos.  Gracias a estas iniciativas y a la mejora en la operaci\u00f3n y control de procesos, en 2022 se han conseguido  importantes mejoras en los indicadores de olor, reduci\u00e9ndose un 65% los minutos de olor en la biof\u00e1brica  de Navia respecto al a\u00f1o 2021.  En julio del a\u00f1o 2022, la Biof\u00e1brica de Navia ha renovado su certificado en el sistema de gesti\u00f3n de acuerdo  a los requerimientos establecidos en el Reglamento de Residuo Cero de AENOR, siendo una de las primeras  empresas  de  Espa\u00f1a  en  obtener  este  certificado  y  unos  ratios  de  valorizaci\u00f3n  de  cerca  del  97%.  Esta  certificaci\u00f3n, se une a las ya disponibles y consolidadas en auditor\u00edas externas del Sistema Integrado de  Gesti\u00f3n (SIG), sin la existencia de ninguna no conformidad en el proceso y avalando la excelencia ambiental hacia la que estamos encaminados. Asimismo,  en  mayo  de  2022,  La  Biof\u00e1brica  fue  auditada  satisfactoriamente  para  la  renovaci\u00f3n  de  la  certificaci\u00f3n de su sistema de Gesti\u00f3n Ambiental conforme a los requisitos de la norma ISO 14001/2015, as\u00ed  como la verificaci\u00f3n frente a los requisitos establecidos en el Reglamento N\u00ba1221/2009 del Parlamento  Europeo  y  del  Consejo,  de  Gesti\u00f3n  y  Auditor\u00eda  Medioambientales  (EMAS  III)  Reglamento  1505/2017  y Reglamento  2026/2018  que  modifica  al  primero,  y  verificada  la  Declaraci\u00f3n  Ambiental  2021,  demostr\u00e1ndose la conformidad de dicha declaraci\u00f3n y cumplimiento de requisitos de ambos Reglamentos,  sin  destacar  \u00e1reas  de  especial  atenci\u00f3n  destacando  la  clara  apuesta  por  la  Mejora  continua  de  la  organizaci\u00f3n y su determinaci\u00f3n en el cumplimiento legal y adaptaci\u00f3n a los mejores est\u00e1ndares del sector  (BREF), destacando el logro en la participaci\u00f3n activa de toda la organizaci\u00f3n en el control ambiental y la  mejora, dando sus frutos a nivel de resultados. La eficiencia energ\u00e9tica es otra de las prioridades en la gesti\u00f3n ambiental de la biof\u00e1brica de Navia. Es por  ello que en septiembre del 2022 Ence Navia mantiene la certificaci\u00f3n del sistema de gesti\u00f3n de la energ\u00eda  de acuerdo a la norma internacional ISO 50001. La certificaci\u00f3n permite implantar una pol\u00edtica energ\u00e9tica y  a gestionar adecuadamente los aspectos energ\u00e9ticos derivados de la actividad de la biof\u00e1brica lo que se  traduce en un ahorro real y cuantificable del coste energ\u00e9tico. Desde 2021, La Biof\u00e1brica tiene implantado un sistema de gesti\u00f3n para demostrar la sostenibilidad de la  biomasa  seg\u00fan  el  esquema  alem\u00e1n  SURE.  Este  sistema  de  certificaci\u00f3n  es  una  de  las  herramientas  desarrolladas para asegurar el cumplimiento de las exigencias de la Directiva de Energ\u00edas Renovables (UE)  2018/2001  (RED  II),  norma  europea  que  establece  exigentes  criterios  que  debe  cumplir  la  biomasa  empleada en la generaci\u00f3n energ\u00e9tica.  El seguimiento y la mejora de los par\u00e1metros de emisi\u00f3n es otro de los objetivos de la gesti\u00f3n ambiental de la compa\u00f1\u00eda en todas sus instalaciones. En la biof\u00e1brica de Navia se disponen de sistemas de medici\u00f3n en  continuo para monitorizar los principales par\u00e1metros de emisi\u00f3n y asegurar no s\u00f3lo que no se superan los  l\u00edmites de emisi\u00f3n establecidos de la autorizaci\u00f3n ambiental sino que, de acuerdo al sistema integrado de  gesti\u00f3n basado en la mejora continua, se puedan mejorar paulatinamente.  En 2022, Ence ha continuado trabajando en la implantaci\u00f3n de las MTD, enfoc\u00e1ndose en la implantaci\u00f3n de  diferentes tipos de sistemas de depuraci\u00f3n de emisiones seg\u00fan las necesidades de cada planta, durante el  presente a\u00f1o la Biof\u00e1brica de Navia, ha ejecutado el proyecto que, a partir del 2023, le permitir\u00e1 abatir las  emisiones de HCl en su caldera de biomasa a valores por de la propuesta del documento BREF de GIC.  En relaci\u00f3n con las emisiones de los Hornos de Cal, en la biof\u00e1brica de Navia y como consecuencia de las  circunstancias excepcionales del mercado de la energ\u00eda derivadas del conflicto en Ucrania (la escalada de  precios del gas natural y el potencial riesgo de disrupci\u00f3n de suministro) se sustituy\u00f3 el gas natural utilizado  en los hornos de cal por fuel para garantizar la viabilidad de la operaci\u00f3n de la planta, sin embargo aplico  importantes mejoras y controles de proceso, para mantener y disminuir la emisiones de sus principales  emisiones a la atm\u00f3sfera.  Biof\u00e1brica de Pontevedra 1   Para la biof\u00e1brica de Pontevedra, la convivencia y el respeto a las comunidades en las que se emplazan sus  instalaciones son una prioridad estrat\u00e9gica para garantizar la licencia social para operar. Por ello, entre los  objetivos ambientales prioritarios, Ence enfoca sus esfuerzos en aquellos aspectos que pueden afectar a las  comunidades  vecinas,  tales  como  el  impacto  ac\u00fastico,  la  calidad  del  aire  o  el  impacto  oloroso  de  la  biof\u00e1brica.  De esta manera, se contin\u00faa trabajando en el Plan Olor Cero, gracias al cual se ha conseguido reducir un 25 % el n\u00famero de minutos de olor respecto al mismo periodo del a\u00f1o pasado. De esta forma, se contin\u00faa  avanzando en la mejora de la percepci\u00f3n olorosa, consiguiendo una reducci\u00f3n de m\u00e1s del 99% las emisiones  olorosas de los focos canalizados desde el inicio del proyecto en el a\u00f1o 2010. La  gesti\u00f3n  responsable  de  los  recursos  h\u00eddricos  es  otra  de  las  principales  prioridades  en  materia  de  sostenibilidad, y en consecuencia, se trabaja tanto para mejorar la eficiencia en el consumo como la calidad  de  sus  efluentes.  As\u00ed,  aplicando  la  metodolog\u00eda  TQM  y  ajustes  en  el  proceso  que  permiten  mejorar  la  eficiencia y  maximizar la reutilizaci\u00f3n de agua, se ha alcanzado en el a\u00f1o 2022 un nuevo hito al haber  conseguido un consumo de 27,7 m\u00b3 por tonelada de pasta, siendo nuevamente el menor consumo de agua  por tonelada de pasta de la historia de la biof\u00e1brica.  Debido a las excepcionales condiciones de sequ\u00eda que ha sufrido Galicia el pasado verano, la biof\u00e1brica se  ha visto obligada a suspender temporalmente la actividad por la falta de agua en el r\u00edo L\u00e9rez. Esta situaci\u00f3n  se vio tambi\u00e9n impactada por los incidentes registrados en las infraestructuras de captaci\u00f3n originados por   1 Debido a las circunstancias excepcionales en la biof\u00e1brica de Pontevedra causadas por la falta de agua del r\u00edo L\u00e9rez y que ocasion\u00f3 la parada  de la f\u00e1brica durante 4 meses, los datos reflejados se refieren al periodo comprendido entre los meses de enero y julio y del mes de diciembre.   las inundaciones sufridas en la galer\u00eda por la que transcurren. Se estableci\u00f3 un plan de contingencia que ha  permitido operar la f\u00e1brica en ausencia de agua fresca.  La soluci\u00f3n dise\u00f1ada est\u00e1 plenamente alineada con la econom\u00eda circular, ya que se basa en la reutilizaci\u00f3n del agua procedente de la  cercana  estaci\u00f3n  depuradora de aguas residuales urbanas  de  Placeres y del  tratamiento del efluente del vertido para su reutilizaci\u00f3n en el proceso de producci\u00f3n. As\u00ed, como soluci\u00f3n temporal y excepcional, el agua residual depurada, en lugar de verterse al mar desde las dos depuradoras  (municipal e industrial), una vez tratada y acondicionada, es reutilizada por la biof\u00e1brica para la producci\u00f3n  de celulosa. Esta soluci\u00f3n permitir\u00eda a ENCE, una vez adecuadas sus infraestructuras de captaci\u00f3n, continuar con sus operaciones de manera regular si se produjeran en el futuro nuevas situaciones de sequ\u00eda.   Referente al vertido l\u00edquido, la biof\u00e1brica Pontevedra en el a\u00f1o 2022 mantiene los resultados alcanzados  a\u00f1os anteriores. Todos los par\u00e1metros del efluente de la planta se sit\u00faan muy por debajo de los l\u00edmites  fijados en la AAI, entre los que cabe destacar la DQO (Demanda Qu\u00edmica de Ox\u00edgeno), principal medida de  la calidad del efluente, que mejor\u00f3 un 58 % el l\u00edmite marcado en la autorizaci\u00f3n de vertido, situ\u00e1ndose en  2,9 kg/tAD, frente al m\u00e1ximo establecido en 7 kg/tAD. La evoluci\u00f3n de este dato confirma los avances que la biof\u00e1brica ha logrado en la calidad de su efluente  final y as\u00ed la DQO de Ence Pontevedra mejora en un  85% el rango superior de referencia  que marca la  normativa europea BREF de mejores pr\u00e1cticas ambientales del sector de la celulosa para este par\u00e1metro. El modelo productivo de Ence es un ejemplo de circularidad, ya que se basa en el aprovechamiento de  materias primas renovables (madera y biomasa) y aplica procesos productivos de ciclo cerrado en los que  se recuperan la mayor\u00eda de los materiales utilizados. Adem\u00e1s, dado que las materias primas empleadas son naturales y renovables, la gran mayor\u00eda de los residuos que se generan en biof\u00e1brica son recuperables y  valorizables mediante la elaboraci\u00f3n de tecnosuelos. Esto permite a la biof\u00e1brica de Pontevedra revalidar  la  certificaci\u00f3n  Residuo  Cero  de  AENOR,  que  reconoce  a  las  organizaciones  que  valorizan  las  distintas  fracciones de residuos que generan, y evitan as\u00ed su dep\u00f3sito en vertedero. La biof\u00e1brica de Pontevedra fue  la primera instalaci\u00f3n de Ence en conseguir este certificado. En el a\u00f1o 2022 el ratio de valorizaci\u00f3n de los  residuos se sit\u00faa por encima del 99 %. Al igual que la generaci\u00f3n de residuos, el enfoque de econom\u00eda circular que aplica Ence en su modelo productivo  persigue  reducir  las  emisiones  a  la  atm\u00f3sfera.  Por  ello,  el  seguimiento  y  la  mejora  de  los par\u00e1metros  de  emisi\u00f3n  es  otro  de  los  objetivos  de  la  gesti\u00f3n  ambiental  de  la  biof\u00e1brica.  Para  ello  se  disponen de sistemas de medici\u00f3n en continuo para monitorizar los principales par\u00e1metros de emisi\u00f3n y  asegurar que no s\u00f3lo que no se superan los l\u00edmites de emisi\u00f3n establecidos de la Autorizaci\u00f3n Ambiental  Integrada, sino que, de acuerdo al sistema integrado de gesti\u00f3n basado en la mejora continua, se puedan  mejorar paulatinamente. La  biof\u00e1brica  de  Ence  en  Pontevedra  es  autosuficiente  desde  el  punto  de  vista  energ\u00e9tico  ya  que  se autoabastece de energ\u00eda renovable, generando el 100 % de la energ\u00eda que se consume. Con esta energ\u00eda  renovable, producida a partir de la biomasa, Ence Pontevedra contribuye a reducir la intensidad energ\u00e9tica y la huella de carbono, al tiempo que ayuda a la consecuci\u00f3n de los objetivos de descarbonizaci\u00f3n marcados  desde la Comisi\u00f3n Europea.  El compromiso de Ence con la sostenibilidad ambiental se evidencia tambi\u00e9n en la certificaci\u00f3n de la norma  ISO  50001  implantada  por  la  biof\u00e1brica  de  Pontevedra.  Dicha  certificaci\u00f3n,  acredita  a  Ence  como  una  organizaci\u00f3n  que  desarrolla  un  enfoque  sistem\u00e1tico  con  respecto  al  rendimiento,  la  adquisici\u00f3n  y  el  consumo de la energ\u00eda durante su proceso productivo, poniendo en valor  la excelencia ambiental de la  biof\u00e1brica.  El cambio clim\u00e1tico es una de las grandes amenazas medioambientales a las que se enfrenta el planeta y un reto para las industrias, los gobiernos y la sociedad en general. En un contexto como el actual, marcado por  una situaci\u00f3n de crisis mundial, adoptar una visi\u00f3n que ponga al medio ambiente en el centro de la toma  de decisiones es clave para lograr un cambio positivo y transformador y as\u00ed la Uni\u00f3n Europea, a trav\u00e9s de  los  objetivos  de  la  Agenda  2030  se  ha  propuesto  cumplir  unas  metas  ambiciosas  sobre  el  clima  y  la  biodiversidad,  Dentro  de  este  contexto,  el  modelo  de  negocio  de  Ence  Pontevedra  \u201cEnce  Advanced\u201d,  basado  en  el aprovechamiento de recursos naturales renovables para la generaci\u00f3n de bioenerg\u00eda y bioproductos, cobra  especial relevancia al ofrecer a la sociedad, productos naturales que a la vez, son bajos en emisiones de  carbono, adem\u00e1s de promover el desarrollo del entorno rural. La celulosa  Naturcell dise\u00f1ada y desarrollada en  la biof\u00e1brica de Pontevedra representa un ejemplo de  econom\u00eda circular y de transici\u00f3n ecol\u00f3gica  hacia  un nuevo modelo de consumo. Se trata de una fibra  natural,  renovable,  biodegradable  y  muy  vers\u00e1til,  proveniente  de  una  producci\u00f3n  sostenible  y medioambientalmente  respetuosa.  Es  una  celulosa  no  blanqueada,  que  permite,  elaborar  papel  tis\u00fa  y  papeles  de  packaging  no  blanqueados,  adem\u00e1s  de  la  producci\u00f3n  de  bolsas,  platos  y  envases  para  alimentaci\u00f3n, dando un paso adelante en materia de sostenibilidad, con un menor consumo de madera,  agua y energ\u00eda en su proceso de fabricaci\u00f3n y una reducci\u00f3n de la huella de carbono, proporcionando una  alternativa renovable y de origen natural al uso de fibras sint\u00e9ticas y pl\u00e1sticos.  Ence Energ\u00eda y Celulosa, S.A. suscribi\u00f3 en 2016 un Pacto Ambiental y un Convenio de Colaboraci\u00f3n con la  Conseller\u00eda de Medio Ambiente de la Xunta de Galicia, por la que se compromet\u00eda, entre otros, a mejorar  la calidad de vida de los Gallegos, y en especial de los que habitan en el entorno de la R\u00eda de Pontevedra,  asumiendo  unos  compromisos  que  supon\u00edan  acometer  inversiones  y  contribuciones  por  un  importe  conjunto m\u00e1ximo de 176 millones \u20ac; proyectos de inversi\u00f3n para la mejora medioambiental y la creaci\u00f3n  de empleo en la biof\u00e1brica de Pontevedra por 61 millones \u20ac, inversi\u00f3n ya ejecutada en ejercicios anteriores,  creaci\u00f3n de 3 nuevos centros de bioenerg\u00eda y construcci\u00f3n de una instalaci\u00f3n de generaci\u00f3n de energ\u00eda con  biomasa  en  Galicia  con  una  inversi\u00f3n  prevista  de  20  millones  \u20ac  y  74  millones  \u20ac,  respectivamente,  y  contribuciones orientadas a la mejora en la calidad de vida de los gallegos por 21 millones \u20ac, as\u00ed como la puesta en marcha de  un programa marco para hacer part\u00edcipe a la poblaci\u00f3n del entorno de la R\u00eda Gallega  de los beneficios de su pol\u00edtica de responsabilidad social corporativa de ENCE con una dotaci\u00f3n anual de  hasta 3 millones \u20ac, durante el periodo de 60 a\u00f1os de la concesi\u00f3n (Pacto Social).  Negocio Energ\u00eda Renovable  Durante el a\u00f1o 2022, en el \u00e1rea de energ\u00eda se ha trabajado en diferentes objetivos ambientales como Objetivos de  Mejora Ambiental utilizando como herramienta metodolog\u00eda TQM. Entre ellos, se establecieron objetivos en el \u00e1rea  de Sistema de Gesti\u00f3n Medio Ambiental, consigui\u00e9ndose en septiembre la certificaci\u00f3n a nivel de grupo de dicho sistema conforme a la norma UNE 14.0001. Se establecieron tambi\u00e9n objetivos de reducci\u00f3n de consumos de agua,  de mejora en la gesti\u00f3n de residuos y reducci\u00f3n de ruidos y revisi\u00f3n de los an\u00e1lisis de riesgos ambientales en los  diferentes centros de operaciones.  Durante 2022 se ha continuado igualmente con la participaci\u00f3n de esta \u00e1rea de negocio en proyectos transversales  como la Fiabilidad de Medida  de  Datos  Medioambientales,  an\u00e1lisis y cuantificaci\u00f3n de los impactos del  cambio  clim\u00e1tico y evaluaci\u00f3n del alineamiento de nuestras actividades con los criterios de taxonom\u00eda verde. An\u00e1lisis de Riesgos Ambientales Durante 2022 se ha realizado la actualizaci\u00f3n de los An\u00e1lisis de Riesgos Ambientales de las plantas de Huelva, M\u00e9rida  y  Biollano  tras  algunas  modificaciones  realizadas  en  las  plantas.  Estos  an\u00e1lisis  de  riesgos  ambientales  son  una  herramienta que permite identificar las potenciales situaciones de emergencia y escenarios de mayor impacto. Tras  la realizaci\u00f3n de estos an\u00e1lisis, Ence toma las medidas pertinentes de prevenci\u00f3n y mitigaci\u00f3n de riesgos e impactos  a trav\u00e9s de sus diferentes herramientas de gesti\u00f3n ambiental.   Econom\u00eda Circular  Durante el a\u00f1o 2022 se ha puesto en marcha en Magnon un equipo de trabajo espec\u00edfico para estudiar e impulsar  alternativas de gesti\u00f3n sostenible a los residuos generados durante la operaci\u00f3n de las plantas. Mediante el mismo,  se  persigue  optimizar la  gesti\u00f3n  de  los  residuos, desde  un  punto  de  vista  hol\u00edstico,  basado  en  el  conocimiento  profundo de sus caracter\u00edsticas y aptitudes para dotarlos de nuevas oportunidades en diferentes procesos, tanto  dentro de nuestras instalaciones como en otras de terceros.  Se vienen aplicando principios como el de prevenci\u00f3n en la producci\u00f3n de residuos y de reutilizaci\u00f3n y fomentando  los  mecanismos  de  simbiosis  empresarial  y  de  circularidad  de  las  materias.  Todo  ello  para  conseguir incidir  de  manera positiva en la reducci\u00f3n de los consumos de recursos naturales, disminuci\u00f3n de las emisiones asociadas a  los  procesos  y,  en  definitiva,  la  reducci\u00f3n  de  la  huella  del  proceso  industrial  en  general  y,  en  particular,  la  sostenibilidad de la generaci\u00f3n de energ\u00eda a partir de biomasa cada vez de manera m\u00e1s eficiente. Ence  mantiene  la  realizaci\u00f3n  de  estudios  y  colaboraciones  con  entidades  especializadas,  como  por  ejemplo  el Consejo  Superior  de  Investigaciones  Cient\u00edficas,  CSIC,  para  seguir  explorando  las  aptitudes  de  los  residuos producidos por la combusti\u00f3n de biomasa de Magnon en diferentes aplicaciones, como pueden ser la generaci\u00f3n de  suelos artificiales y/o tecnosuelos, mejoras de materiales de construcci\u00f3n y aditivos de resinas, entre otros. En cuanto al desempe\u00f1o en econom\u00eda circular, en 2022 Ence ha conseguido certificar todas sus plantas con el sello  Residuo Cero de AENOR, que reconoce a aquellas instalaciones referentes en la gesti\u00f3n y valorizaci\u00f3n de residuos  que recuperan al menos el 90% de sus residuos.  Centro de Operaciones de Huelva El centro de operaciones de Huelva es un exponente en la producci\u00f3n de energ\u00eda renovable con biomasa al  albergar dos de los principales centros de generaci\u00f3n de energ\u00eda con las plantas de HU41, HU50 y la nueva  planta HU46.    En materia ambiental, todos los par\u00e1metros de vertido de la instalaci\u00f3n durante este a\u00f1o, tanto el caudal, como los principales indicadores que caracterizan la calidad del efluente, se mantienen por debajo de los  l\u00edmites establecidos en la AAI.  Se han continuado los proyectos de mejora en los \u00e1mbitos de calidad del aire y emisiones ac\u00fasticas para los  cuales, a trav\u00e9s de Objetivos Fundamentales de Mejora, se siguen desarrollado y ejecutado planes de acci\u00f3n  para reducir las emisiones de part\u00edculas difusas.  Durante el a\u00f1o 2022 se ha construido una nueva planta fotovoltaica que permitir\u00e1 reducir consumos de red  y mejorar en los rendimientos de la planta. Con estas instalaciones se cubren parte de los consumos de las  instalaciones auxiliares y se mejora la eficiencia del complejo.  Finalmente, en lo que respecta al desmantelamiento de las instalaciones de producci\u00f3n de celulosa, durante  2022 se ha finalizado el proyecto, destacando tanto su cumplimiento con la seguridad de las personas como  su desempe\u00f1o ambiental especialmente relacionado con las emisiones difusas, ruidos y gesti\u00f3n de residuos.  En relaci\u00f3n con los residuos cabe destacar el estudio realizado para la utilizaci\u00f3n de las cenizas de la planta  de Huelva como sustituyente de parte del cemento en la pasta de relleno usada en explotaciones mineras  subterr\u00e1neas.  \u00c9ste  es  un  claro  ejemplo  de  colaboraci\u00f3n  con  otras  empresas  en  materia  de  econom\u00eda  circular, donde se valoriza un residuo, se reducen los costes de gesti\u00f3n y se sustituye a una materia prima  por lo que evita una degradaci\u00f3n del medio natural. Centro de Operaciones de M\u00e9rida Durante el primer semestre de 2022 M\u00e9rida mantiene sus niveles de cumplimiento ambiental tanto en  vertidos como emisiones.  En las instalaciones se ha realizado la ampliaci\u00f3n y mejora del almacenamiento de biomasa permitiendo  aumentar  la  capacidad  de  recepci\u00f3n  de  biomasa  y  reduciendo  la  emisi\u00f3n  de  part\u00edculas  difusas  en  los  trasiegos internos de materiales.  La planta de M\u00e9rida ha logrado el objetivo de reducci\u00f3n de consumo de agua establecido en 2022 con  diferentes mejoras realizadas en las torres de refrigeraci\u00f3n y otras partes del proceso de generaci\u00f3n de  energ\u00eda.  En  relaci\u00f3n  con  los  residuos,  cabe  destacar  que  desde  noviembre  del  2022  se  ha  participado  en  la  restauraci\u00f3n  de  una  explotaci\u00f3n  pr\u00f3xima  con  las  cenizas  de  fondo  de  caldera  de  la  instalaci\u00f3n,  experimentada la buena acogida por la administraci\u00f3n as\u00ed como la optimizaci\u00f3n de los resultados de la  restauraci\u00f3n,  la  propuesta  del  Equipo  de  Valorizaci\u00f3n  es  replicar  esta  actuaci\u00f3n  en  otros  espacios  degradados cercanos a otras Plantas del grupo, como ya estamos haciendo en Puertollano.  Otro proyecto  en el que se ha participado con las cenizas de la Planta de M\u00e9rida es BIO-ECOMATTER, se trata del dise\u00f1o  un mortero sin cemento y sin arena fabricado a partir de cenizas de combusti\u00f3n de la planta de biomasa.  Centro de Operaciones de Enemansa  Durante  2022  en  materia  ambiental  el  trabajo  en  la  planta  de  Enemansa  ha  continuado  centrando  el  esfuerzo en la reducci\u00f3n del impacto ac\u00fastico, y emisiones a la atm\u00f3sfera de part\u00edculas difusas, adem\u00e1s de  optimizar a\u00fan m\u00e1s si cabe la calidad del efluente l\u00edquido.  La  planta  se  encuentra  adaptada  a  las  Mejores  T\u00e9cnicas  Disponibles  de  las  Grandes  Instalaciones  de Combusti\u00f3n destacando su avanzado sistema de depuraci\u00f3n de emisiones de NOX denominado Sistema de Reducci\u00f3n Catal\u00edtica.  Centro de Operaciones de La Loma Durante 2022 se ha continuado con el proyecto de  modificaci\u00f3n del punto de vertido y segregaci\u00f3n de  efluentes.  En relaci\u00f3n a las emisiones, y sensibilizada con la situaci\u00f3n de calidad del aire del municipio pr\u00f3ximo de  Villanueva  del  Arzobispo,  la  planta  mantiene  unos  resultados  excelentes  en  la  emisi\u00f3n  de  part\u00edculas  provenientes  de  la  caldera  de  biomasa.  Destacan  la  mejora  en  todos  los  par\u00e1metros  ambientales  de  emisiones, vertidos y gesti\u00f3n de residuos.  Al igual que la planta de Enemansa, La Loma se encuentra adaptada a las Mejores T\u00e9cnicas Disponibles de  Grandes Instalaciones de Combusti\u00f3n destacando su avanzado sistema de depuraci\u00f3n de emisiones de NOX por Reducci\u00f3n Catal\u00edtica.  Centro de Operaciones de Lucena  Todos los resultados de las mediciones reglamentarias de las emisiones atmosf\u00e9ricas y los par\u00e1metros de  vertido de la planta de Lucena se encuentran en 2022 dentro de los l\u00edmites establecidos en la Autorizaci\u00f3n  Ambiental Integrada.  Durante el primer semestre del 2022 se ha avanzado en el proyecto de cambio de ubicaci\u00f3n del punto de  vertido solicitado por la administraci\u00f3n.  Este a\u00f1o tambi\u00e9n se ha realizado la integraci\u00f3n de la planta en el sistema de gesti\u00f3n ambiental incluy\u00e9ndose  dentro de dicho certificado y obteniendo adem\u00e1s el Certificado de Residuo Cero.  Centro de Operaciones de Biollano (Puertollano).  En materia ambiental, en 2022 el trabajo ha continuado centrado en la reducci\u00f3n y mantenimiento de la  mejora  en  emisiones  a  la  atm\u00f3sfera.  Se  ha  mantenido  la  certificaci\u00f3n  de  residuo  Cero  por  AENOR  garantizando que el m\u00e1ximo de nuestros residuos se valoriza.  Se  ha  mantenido  asimismo  el  Sistema  de  Gesti\u00f3n  Medio  Ambiental  como  herramienta  clave  de  la  instalaci\u00f3n, destacando las formaciones y acciones de sensibilizaci\u00f3n ambiental llevadas a cabo en la planta tanto para personal propio de Ence como para subcontratas.  Cabe destacar tambi\u00e9n todo el trabajo realizado en la planta de Biollano para la implantaci\u00f3n y optimizaci\u00f3n de herramientas de gesti\u00f3n ambiental como las observaciones preventivas de medio ambiente. ",
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    "concept": "enceenergiaycelulosa:MedioAmbiente",
    "language": "es",
    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  "fact-46": {
   "value": "37. Hechos posteriores El d\u00eda 8 de marzo de 2023 han sido notificadas a ENCE las sentencias del Tribunal Supremo de fecha 6 de marzo de 2023, que estiman los  recursos de casaci\u00f3n interpuestos por la Sociedad contra las sentencias de la Audiencia Nacional de 15 de julio de 2021, dictadas en los  procedimientos iniciados, respectivamente, por Greenpeace Espa\u00f1a y el Ayuntamiento de Pontevedra en relaci\u00f3n con la pr\u00f3rroga de la concesi\u00f3n sobre los terrenos de dominio p\u00fablico mar\u00edtimo-terrestre en los que se ubica la biof\u00e1brica de Pontevedra. Ambas sentencias del Tribunal Supremo declaran nulas las citadas sentencias de la Audiencia Nacional y confirman la legalidad de la pr\u00f3rroga de la concesi\u00f3n y, por tanto, el plazo de duraci\u00f3n de 60 a\u00f1os de la misma, el cual que se computa desde el d\u00eda de solicitud de la pr\u00f3rroga (v\u00e9ase Nota 7).  Por  otra  parte,  el  Consejo  de  Administraci\u00f3n  de  ENCE  en  su  sesi\u00f3n  de  fecha  31  de  marzo  de  2023  ha propuesto a aprobaci\u00f3n de la Junta de Accionistas un plan de incentivo a largo plazo dirigido a directivos, incluido el Presidente y Consejero Delegado de la Sociedad, y otros empleados del Grupo Ence (el \u201cPlan\u201d). El Plan permite a los beneficiarios del mismo percibir, transcurrido un determinado periodo de tiempo, un incentivo pagadero en acciones de Ence y en met\u00e1lico, siempre que se cumplan determinados objetivos plurianuales de la Sociedad y se re\u00fanan los requisitos previstos para ello en el Reglamento del Plan.  Inicialmente ser\u00e1n potenciales beneficiarios del Plan de Incentivo los principales directivos de la Sociedad y otro  personal  clave  que,  bien  por  sus  responsabilidades o por su perfil, tengan  capacidad  de  influir  de manera directa sobre el \u00e9xito de los planes estrat\u00e9gicos. El Plan tendr\u00e1 una duraci\u00f3n de 5 a\u00f1os, esto es, desde el 1/1/2023 hasta el 31/12/2027 y se dividir\u00e1 en 3 ciclos anuales solapados de 3 a\u00f1os de duraci\u00f3n cada uno de ellos independientes entre s\u00ed. El n\u00famero concreto de acciones de Ence que, dentro del m\u00e1ximo establecido,  ser\u00e1  objeto  de  entrega  a  los  beneficiarios  del  Plan  a  la  finalizaci\u00f3n  de  cada  ciclo  estar\u00e1 condicionado  al  cumplimiento  de  objetivos  financieros,  no  financieros  y  de  creaci\u00f3n  de  valor  para  el accionista.  Con  fecha  28  de  marzo  de  2023,  Magnon  Green  Energy  S.L.  ha  completado  la  venta  de  una  planta fotovoltaica en construcci\u00f3n, en la localidad de And\u00fajar (Ja\u00e9n), con una capacidad de 100 MW, lo que ha supuesto el cobro de 27,7 millones \u20ac (v\u00e9ase Nota 1). No se han producido otros  hechos destacables  desde  el 31 de diciembre de 2022,  adicionales a los ya desglosados en estas cuentas anuales consolidadas, que impliquen su modificaci\u00f3n.",
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    "entity": "scheme:95980020140005309084",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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  "fact-47": {
   "value": "Anexo I - Per\u00edmetro de consolidaci\u00f3n A continuaci\u00f3n se detalla el porcentaje de participaci\u00f3n directa o indirecta que Ence Energ\u00eda y Celulosa, S.A. mantiene en las sociedades de sus ramas de negocio a 31 de diciembre de 2022 y 2021: 2022 2021 Negocio de celulosa- Celulosas de Asturias, S.A.U. (a) Celulosas de Asturias, S.A.U. (a) Producci\u00f3n celulosa y energ\u00eda el\u00e9ctrica 100 100 I.G. Silvasur Agroforestal, S.A.U. (a) Beatriz de Bobadilla, 14 (Madrid) Gesti\u00f3n patrimonio forestal 100 100 I.G. Ibersilva, S.A.U. Ctra A-5000 Km 7,5 (Huelva) Servicios forestales 100 100 I.G. Norte Forestal, S.A.U. (a) Beatriz de Bobadilla, 14 (Madrid) Gesti\u00f3n patrimonio forestal 100 100 I.G. Ence Investigaci\u00f3n y Desarrollo, S.A.U. Marisma de  Louriz\u00e1n s/n (Pontevedra) Investigaci\u00f3n y desarrollo de nuevos materiales productos y procesos 100 100 I.G. Liptoflor , S.A. (a) Lisboa (Portugal) Compraventa de madera 100 100 I.G. Sierras Calmas, S.A. Montevideo (Uruguay) Inactiva 100 100 I.G. Maderas Aserradas del Litoral, S.A. Montevideo (Uruguay) Inactiva - - I.G. Las Pl\u00e9yades Uruguay, S.A. \u2013 Sucursal en Argentina Montevideo (Uruguay) Inactiva 100 100 I.G. Las Pl\u00e9yades Uruguay, S.A. Montevideo (Uruguay) Inactiva 100 100 I.G. Ence Servicios Corporativos, S.L.U. Beatriz de Bobadilla, 14 (Madrid) Inactiva 100 100 I.G. Capacitaci\u00f3n de Servicios Forestales, S.L. Curtis (La Coru\u00f1a) Trabajos forestales 25 25 M.P. Ence Biog\u00e1s, S.L. Beatriz de Bobadilla, 14 (Madrid) Producci\u00f3n y venta de biog\u00e1s y fertilizantes 100 - I.G. BioCH4 Developments, S.L. Beatriz de Bobadilla, 14 (Madrid) Desarrollo y construcci\u00f3n plantas de biogas 60 - I.G. Negocio de energ\u00eda renovable- Magnon Green Energy, S.L. (a) Beatriz de Bobadilla, 14 (Madrid) Holding y gesti\u00f3n de biomasa 51 51 I.G. Celulosa Energ\u00eda, S.A.U. (a) Armental s/n 33710-Navia (Asturias) Producci\u00f3n y venta de energ\u00eda el\u00e9ctrica 51 51 I.G. Ence Energ\u00eda Huelva, S.L.U. (a) Beatriz de Bobadilla, 14 (Madrid) Producci\u00f3n y venta de energ\u00eda el\u00e9ctrica 51 51 I.G. Ence Energ\u00eda Extremadura, S.L.U. (a) Beatriz de Bobadilla, 14 (Madrid) Producci\u00f3n y venta de energ\u00eda el\u00e9ctrica 51 51 I.G. Ence Energ\u00eda Huelva Dos, S.L.U. (a) Beatriz de Bobadilla, 14 (Madrid) Producci\u00f3n y venta de energ\u00eda el\u00e9ctrica 51 51 I.G. Energ\u00eda de la Loma, S.A. (a) Villanueva del Arzobispo (Ja\u00e9n) Producci\u00f3n y venta de energ\u00eda el\u00e9ctrica 32,67 32,67 I.G. Energ\u00edas de la Mancha Eneman, S.A. (a) Villarta de San Juan (Ciudad Real) Producci\u00f3n y venta de energ\u00eda el\u00e9ctrica 34,89 34,89 I.G. Ence Energ\u00eda Puertollano, S.L.U. (a) Beatriz de Bobadilla, 14 (Madrid) Producci\u00f3n y venta de energ\u00eda el\u00e9ctrica 51 51 I.G. Bioenerg\u00eda Santamar\u00eda, S.A (a) Camino Viejo de Benamej\u00ed, s/n,  Lucena (Cordoba) Producci\u00f3n y venta de energ\u00eda el\u00e9ctrica 35,7 35,7 I.G. Ancen Solar VI, S.L.U.  Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Ancen Solar II, S.L.U.  Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Ence Energ\u00eda Este, S.L.U. Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Ence Energ\u00eda Extremadura 2, S.L.U. Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Sostenibilidad y Econom\u00eda Circular, S.L.U. Beatriz de Bobadilla, 14 (Madrid) Gesti\u00f3n de residuos no peligrosos 51 51 I.G. Ence Energ\u00eda Celta, S.L.U.  Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Ence Energ\u00eda Castilla y Le\u00f3n, S.L.U. Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Ence Energ\u00eda Castilla y Le\u00f3n Dos, S.L.U. Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Ence Energ\u00eda Pami, S.L.U. Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Ence Biomasa C\u00f3rdoba, S.L.U Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Lepe 40 Solar, S.L.U.  Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Huelva 10 Solar, S.L.U Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. And\u00fajar 100 Solar, S.L.U. Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Ancen Solar III, S.L.U. Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Granada 133 Solar, S.L.U. Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Sevilla 90 Solar, S.L.U. Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Ancen Solar IV, S.L.U. Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Ancen Solar V, S.L.U. Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Ence Energ\u00eda Puertollano 2, S.L.U. Beatriz de Bobadilla, 14 (Madrid) (***) 51 51 I.G. Oleoenerg\u00eda de Puertollano, S.L. Arruzafa, 21 (C\u00f3rdoba) Producci\u00f3n y venta de energ\u00eda el\u00e9ctrica 15,30 15 M.P. (a) Cuentas anuales auditadas (c) Durante 2022 Fuerzas Energ\u00e9ticas Sur Europa XXIX, S.L. se ha fusionado con Ence Energ\u00eda Puertollano, S.L.U. (***) Actualmente en fase de tramitaci\u00f3n administrativa de nuevas plantas de generaci\u00f3n de energ\u00eda renovable. (**) Variaciones del per\u00edmetro durante el ejercicio 2021 (ver Nota 6). (****) Cambio de denominaci\u00f3n en 2022 (b) M\u00e9todo de consolidaci\u00f3n:  I.G. (integraci\u00f3n global); M.P. (M\u00e9todo de participaci\u00f3n) (*) Variaciones del per\u00edmetro durante el ejercicio 2022 (ver Nota 6). % de participaci\u00f3n directa o indirecta M\u00e9todo de cosolidaci\u00f3n (b) Actividad Domicilio Sociedad ",
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    "entity": "scheme:95980020140005309084",
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}