PORTUGAL (Notifix).-  The difficult economic situation in Europe and the Iberian peninsula significantly affected Sonae in 2012 resulting in a 3% drop in sales.

For the year sales totaled EUR 1.321 million and the EBITDA fell 7,5% to EUR 99 million, compared to EUR 107 million in 2011.

For 2013 company expectations are for a very slow recovery of the European economy and another challenging year. In view of this Sonae had to accommodate to current conditions by closing two plants in Europe.
As stated by CEO, Rui Correia, “In September, we decided to close the Knowsley pant in the UK due to difficulties in its reconstruction following the fire that occurred in June 2011. This decision was the result of the long delays to reconstruct it due to political and licensing difficulties and the reduced and unsustainable capacity utilization levels that we were facing. In December, we started negotiations regarding the closure of Solsona plant in Spain, due to the strong crisis and the consequent drop in demand faced particularly in the construction industry in this country over the last years. These negotiations with the workers representatives were finalized in January.”