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Sonae Indústria - Key takeaways from 3Q18 results

25 Oct 2018

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Sonae Indústria reported on Wednesday after market close its 3Q18 results. The company will hold a conference call tomorrow at 9.30am local time. 

Revenues were broadly flat y/y at €57.0mn in 3Q18.

Recurrent EBITDA stood at €8.6mn in 3Q18, down by 14.9% y/y (or -€1.5mn), with margin declining by 2.7pp y/y to 15.0%, reflecting higher input costs of wood and chemicals. Recurrent EBITDA rose €0.3mn q/q driven by the North American business. 

Gains and losses in joint-ventures stood at €2.8mn in 3Q18 vs. €4.4mn in 3Q17 (or -€1.6mn y/y), corresponding to 50% of the consolidated net profit of Sonae Arauco, reflecting lower activity levels. 3Q18 net profit reached €3.7mn vs. €6.9mn in 3Q17.

Net debt stood at €204.7mn as of the end of September 2018, down by €3mn q/q, benefitting from the dividend received from Sonae Arauco. Proportional net debt reached €336mn in 3Q18, +€23mn q/q (4.3x Net Debt / Proportional LTM Recurrent EBITDA).

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