PORTUGAL – The completion of the partnership with Arauco and the subsequent loss of control of Sonae Arauco (formerly Tableros de Fibras or Tafisa), has led to a number of material accounting changes in Sonae Indústria’s consolidated financial statements. 

After the changes consolidated turnover reached EUR 121 million for the semester, an increase of 3.2% (EUR 3.7 million ), when compared to the same period of last year, on a comparable basis. This performance was mainly driven by better results of the Canadian plant, with a better product mix (higher share of melamine products) and increases in average selling prices. In addition, results also benefited from the positive performance of the laminates plant in Portugal in terms of sales volumes, which grew by circa 62%.

Paulo Azevedo, Chairman of Sonae Indústria commented, “As a result of the partnership with Arauco, Sonae Indústria now owns 50% of Sonae Arauco and retains full ownership of the Boards business in North America and of the Laminates & Components business, together with some real estate assets in Europe. The new ownership configuration will allow for greater focus and resourcing of all of the businesses, either through the partnership in the case of Sonae Arauco or directly by Sonae Indústria in the case of both our North American business and our Laminates & Components business.”