In a statement sent to the Portuguese Securities Market Commission (CMVM), Sonae Indústria states that “this positive development reflects the operational improvements resulting from Sonae Indústria reorganization and strengthening of margins in all operations”, compared to the result net negative EUR 11 million in the same quarter of 2015.
Until March, Sonae Indústria also reports an annual improvement of 29% of EBITDA [earnings before interest, taxes, depreciation and amortization] applicant, to 32 million euros, with the margin rising 2.8 percentage points to 12.3 %.
The sales volume reached 259 million euros, one million more than in the first quarter of 2015 and net debt decreased by 19 million euros to 578 million euros, which together with the increase in recurring EBITDA resulted in a net debt to recurring EBITDA of 5.1 times.
As for the average rate of capacity utilization, improved 1.1 percentage points to 80%.
“The first quarter of 2016 represents a turning point in the company’s performance. We achieved the first positive quarter net income since 2009,” said the CEO of Sonae Indústria, Rui Correia, said in the statement.
According reads the document, Sonae Indústria continued in the period “with the optimization of fixed cost structure and the adaptation of structures to support industrial activity, achieving a reduction in total fixed costs one million euros in the continued operations compared with the previous year. ”
“The evolution of the results reflected the execution and completion of the merger strategy of activity in the most efficient industrial units of Sonae Indústria, which opens new perspectives for future development. These perspectives are enhanced by the strategic partnership concluded with Arauco for the markets of Europe and South Africa, “he argues.
In the first quarter, Sonae Indústria said to have made investments of 4.4 million euros, including maintenance activities and implementation of improvements in health and safety.
At the same time, it is investing about 11 million euros at the plant in Lac-Megantic, Canada, to increase the coating production capacity of melamine paper.
Stressing the goal of “making Sonae more profitable and sustainable industry,” Rui Correia advances have been obtained in the first quarter “all authorizations from regulators of European competition and South Africans” for the implementation of the strategic partnership with Arauco, as well as completed “most corporate reorganization requirements” agreed with the partner group.
“Upon completion of our industrial reorganization are today a somewhat smaller company, but much more efficient and with a set of high-quality assets. We believe that the results of this quarter are a clear sign of the strategy merit that we have been implementing, supported on key pillars, namely industrial efficiency, customer focus and orientation of internal processes for continuous improvement, “says the CEO.
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