Sonae Indústria ended the year 2014 with a loss of 116 million euros, an increase of 48.7% over the previous year, explained by the ongoing reorganization plan in the company.
The turnover of Sonae Indústria amounted to 1015 million, 3% below the 1.51 million euros in 2013 on a comparable basis. Much of the turnover drop was due to, according to the company, demand reduction in OSB segment (panels oriented fibers) in Germany.
On the positive side was the development of the operating result (EBITDA) applicant, which increased 10%, to EUR 96 million.
“This positive development reflects the operational improvements resulting from the reorganization of Sonae Indústria, that achieved a margin of 9.4 %, the best result since 2007, “the company said in a statement sent to the Portuguese Securities Market Commission (CMVM).
Following the reorganization process, which led to the closure and sale of several factories, the company said that managed to “a reduction in total fixed costs of approximately 3% compared to the previous year, excluding the contribution from discontinued operations, which represents a reduction of seven million euros over the figure recorded in 2013 “.
At the end of 2014, fixed costs of Sonae Indústria (excluding the contribution from discontinued operations and restructuring costs) represented about 19% of the consolidated turnover (20% in the previous year).
“The average rate of capacity utilization of the industrial units of Sonae Indústria continued to improve, reaching about 75%, up two percentage points compared to 2013,” the company statement.
The company’s debt, the Belmiro de Azevedo universe, that by Sonae Own PUBLIC, fell 16% to 564 million euros, and investment almost doubled to 43 million.
Commenting on the results, Rui Correia, CEO of Sonae Indústria, points out that the company “has strengthened the sustainability of their activities during the past year, reaching the best operating profitability level since 2007, to increase the EBITDA margin applicant to 9.4%. “
” The result reflects the process of reorganization of our operations, success in launching new products and improving the performance in Northern Europe and North America, along with an increase in capacity utilization to 78% “, also highlighted.
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