Sonae Indústria’s consolidated turnover for the first half of the year reached Euro 111.8 million, a reduction of circa Euro 10 million vs. same period of last year, essentially driven by Euro 7.3 million unfavourable exchange rate effect resulting from the depreciation of the Canadian dollar vs. the Euro, as the company said in the press release received by Lesprom Network.
For the 2Q 2018, consolidated turnover reached Euro 57.5 million, down by circa Euro 4.8 million vs. 2Q 2017, explained mainly by the unfavourable exchange rate evolution of the Canadian dollar and lower sales to the Nordic markets by Laminates & Components business. However, when compared to the previous quarter, consolidated turnover increased by Euro 3.2 million, driven by its North American business with higher sales volumes to the Canadian market and an increase in average selling prices.
Recurrent EBITDA for the first half of the year reached circa Euro 14.1 million, a reduction of circa Euro 6.7 million vs. 1H 2017. The lower Recurrent EBITDA when compared to 1H 2017 is mainly explained by the already mentioned reduction in turnover, which was only partially offset by the Euro 2.6 million reduction on variable costs (which benefited from the Canadian dollar depreciation since local currency costs increased as previously explained). It should also be taken to account that 1Q 2017 included a positive one off effect on fixed costs of circa Euro 1.5 million.
Consolidated EBITDA reached circa Euro 13.9 million in the first semester of the year and Euro 8.1 million in 2Q18, a reduction of circa Euro 6.8 million and Euro 2.8 million vs. 1H 2017 and 2Q 2017, respectively. However, when compared to the previous quarter, consolidated EBITDA increased circa Euro 2.4 million. The evolution in consolidated EBITDA is explained by the aforementioned performance of recurrent EBITDA.
Sonae Indústria is one of the largest wood-based panel producers in the world.
