PORTUGAL - Portuguese Sonae Industria, the world’s 6th largest wooden panel manufacturer, reported 3Q results. Overall consolidated sales turnover for continued operations during 9M15 reached 778 million Euros, which represents a slight increase of 0.5% vs. 9M14. 

The increase in consolidated sales turnover is explained by the improved average selling prices (+2.3 % in 9M15 vs. 9M14), as volumes sold remained relatively stable (- 0.9% vs. 9M14). In the quarter, consolidated turnover was up by 2%, when compared to same period of 2014, due to higher activity levels in the North American operations. When compared to 2Q-14, consolidated turnover reduced by 7%, naturally impacted by the normal summer maintenance shutdowns of the European plants.

Sonae Industria CEO, Rui Correia, commented on results "In operational terms, and notwithstanding the impacts of the operational maintenance shutdowns of our European plants, the performance of our continued operations during this quarter continued to improve. We have thus been able to deliver the sixth consecutive quarter of improvement in the last twelve month recurring EBITDA, now reaching 104 million Euros, up by 11 million Euros when compared to the same period of 2014. The improved performance was mainly driven by the results of our North American operations, which allowed the group to maintain the recurrent EBITDA margin of 10.8% during this third quarter. As regards our financial structure, the reduction of our consolidated Net Debt to 583 million Euros should be highlighted. This has led to a reduction of the Net Debt to Recurrent EBITDA ratio to 5.6x, the lowest value since September 2008. Furthermore, we have successfully completed the negotiations for the refinancing of the remaining 2015 debt maturities."