PORTUGAL - Consolidated turnover for Sonae Indústria was 1,232 million Euros in 2013, 7% below the 2012 level, mainly driven by the reduced industrial footprint and the prevailing lower demand in most European markets.

In addition, the devaluation of both the Canadian dollar and the South African rand led to a lower contribution from both operations to the consolidated turnover. This negative exchange rate effect has more than off-set the improved sales performance, in local currency, achieved in both regions. In terms of breakdown, the reduction in the consolidated turnover was due to a combination of reduced sales volumes (7.7% below 2012) and slightly lower average selling prices (-0.8% when compared to 2012).
In the 4Q13, compared to same quarter of 2012, consolidated turnover also decreased by 7%, with the main negative contribution coming from Northern Europe, basically as result of the stoppage of Horn PB press last September.