PORTUGAL - Sonae Industria saw a consolidated turnover for the first half of the year of 116.4 million euros, an improvement of close to 4.1 percent against same period of last year (+4.5 million euros), driven by  2.7 million euros favorable exchange rate effect resulting from the appreciation of the Canadian dollar vs. the EUR, but also by an increase in average selling prices y.o.y. in their North American business, which registered the highest ever quarterly turnover in local currency.

For the quarter, Consolidated turnover reached 59.6 million euros, which represents an increase of 2.8 million when compared to the previous quarter, driven by the North American business, with higher sales volumes and average selling prices.

Recurrent EBITDA for the first half of the year reached 13.1 million euros (including a positive effect from the adoption of the IFRS 16 of 1.1 million euros), a reduction of 1.0 million euros compared to the first half 2018, mainly explained by the increase in variable costs. On a quarterly basis, recurrent EBITDA for the 2Q-2019 stood at 8.3 million euros, with Recurrent EBITDA margin of 13.9 percent.

Founded in 1959 as part of SONAE Group, Sonae Indústria quickly became one of the largest Portuguese manufacturers of wood-based panels. Located in the north of Portugal, the company has undergone an expansion process through a combination of organic growth and acquisitions, and has become one of the industry leaders with business units in Europe, North America and South Africa.

In May 2016, Sonae Indústria completed a partnership with Arauco, a company with headquarters in Chile and one of the largest producers of forest resources. As a result of this strategic partnership, Sonae Indústria holds a shareholding of 50 percent in Sonae Arauco.