Mar 01, 2012. /Lesprom Network/. Sonae Industria reported audited Consolidated Results for financial year ended 31 December 2011 (FY11) which are prepared in accordance with IFRS (International Financial Reporting Standards).
FY11 consolidated turnover totaled Euro 1,364 million, 6% higher than FY10. Recurrent EBITDA reached Euro 108 million which resulted in a recurrent EBITDA margin recovery of 2.4pp, achieving 7.9% of Turnover. This margin improvement is mainly driven by a stronger market and operational efficiency gains in Germany and France.
Total EBITDA in 2011 reached Euro 76 million, which includes around Euro 25 million from a fine imposed by the German Competition Authorities to Glunz AG in Germany. This fine would be paid in six annual instalments: the first part of Euro 2 million was already paid in 2011, the second of also Euro 2 million will be paid in 2012, and the remaining of higher amounts, followed by a seventh instalment represents the payment of interest.
FY11 consolidated net losses attributable to Sonae Industria shareholders were Euro 58 million, an improvement of Euro 16 million compared with FY10. Without the costs of the fine, consolidated net losses would be Euro 33 million.
Consolidated turnover in the 4Q 2011 totalled Euro 331 million, representing a 2% recovery from 3Q 2011. However, seasonal raw material cost increases (not compensated by prices adjustments), combined with stock reduction measures implemented, led to a 0.8pp decline in recurrent EBITDA margin, achieving Euro 26 million (8% of turnover).
Total EBITDA in 4Q 2011 amounted to a negative Euro 1 million, which includes around Euro 25 million from the fine, which was already booked in the provisions since 2Q 2011.
In 4Q 2011, consolidated net results attributable to Sonae Industria Shareholders amounted negative Euro 4 million, an improvement of Euro 19 million compared to 4Q 2010.
Sonae Indústria is one of the largest wood based panels producers in the world. The product range includes: particleboard; MDF (Medium Density Fibreboard); hardboard; OSB (Oriented Strand Board).