SONAE INDÚSTRIA, SGPS, SA
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1 Sonae Indústria, SGPS, SA Lugar do Espido Via Norte Apartado Maia Portugal Telefone (+351) Fax (+351) SONAE INDÚSTRIA, SGPS, SA Publicly Traded Company Head-office: Lugar do Espido, Via Norte, Maia Share Capital: Registered at Maia Commercial Registry Office under no VAT no Maia, Portugal, 07 November 2007: Sonae Industria today reports unaudited Consolidated Results for the first nine months of 2007 which have been prepared in accordance with IFRS (International Financial Reporting Standards). Highlights of Financial Performance in 9M07 Compared with 9M06: Turnover increased 32% to 1.6 billion euros; Recurrent EBITDA was 240 million euros, representing an increase of 58% and an EBITDA margin on Turnover of 15.1%; Net Results after minority interests increased to 63 million euros compared with 15 million euros in 9M06. (euro millions) Q'06 2Q'07 3Q'07 3Q'07 / 3Q'07 / % chg 9M'06 9M'07 3Q'06 2Q'07 07/06 Turnover % (5%) % EBITDA % (2%) % Recurrent EBITDA % 0% % Recurrent EBITDA Margin % 13,1% 13,3% 15,8% 16,7% 12,6% 15,1% Net Profit attributable to Shareholders of Sonae Industria % (41%) % Net Debt Message from Carlos Bianchi de Aguiar, CEO I am pleased to be able to report that we have been able to continue to deliver strong operating performance, supported by solid competitive positions in our main markets and despite the construction slowdown felt particularly in North America, Germany and Spain. 3Q07 was affected by the seasonal summer shutdown of production lines for maintenance purposes, which led to a reduction in sales in comparison with the previous two quarters. In an environment where our main raw material costs are still very high, primarily wood, resin and oil related costs, and likely to come under further upward pressure, we continue to focus on achieving improvements in operational efficiency at our plants as well as innovation in terms of product development and business processes. Led by our focus on the delivery of profitable growth in the regions where we currently operate Consolidated Turnover increased from 1.2 billion euros to 1.6 billion euros and Recurrent EBITDA from 152 million euros to 240 million euros, representing a margin on Turnover of 15.1%, compared with 12.6% in 9M06. We have been monitoring our working capital levels and will be taking further actions to reduce levels in coming quarters. I would like to extend my thanks to our team, as the continuous improvement in our results is only possible due to their hard work and commitment to our Group. I am convinced that today we possess a sustainable platform for our future growth. Capital Social Euros (Sociedade Aberta) C.R.C. Maia (Matricula nº ) Pessoa Colectiva nº
2 Geographic Review of Operations Iberia Good sales performance has been or achieved on all fronts as a result of our focus on protecting our market share in Iberia, led by the improvement in our product portfolio, excellence in customer service and consolidation of our presence in strategic export markets. Consolidated Turnover in Iberia increased by 29% to 432 million euros, compared with 334 million euros in 9M07. Underlying volume growth amounted to 24%. Performance in 9M07 is not directly comparable with that of 9M06 due to the inclusion of the Darbo plant as from 4Q06. Demand for our main product lines remains healthy, although there is clearly a slowdown in the construction sector in Spain, the renovation sector is still showing good business indicators, as is the case of the furniture industry. Variable costs in 9M07 were higher than in 9M06, primarily led by higher costs of fuel; we do not anticipate any relief from price pressure for the coming quarters. In particular, the stability of wood prices in Iberia is being threatened by the usage of wood as fuel for biomass energy plants (in some cases wood is even being shipped outside the Iberian Peninsula). We achieved EBITDA growth of 60% to 80 million euros in 9M07, representing an 18.6% margin on Turnover. Iberia Turnover & Recurrent EBITDA Margin ,4% ,0% ,9% 18,5% ,1% Central Europe (Germany, France and UK) The macroeconomic environment in Central Europe was helped by solid domestic demand in Eastern European countries. However, in Germany, the construction sector is weakening, with falling new building permits, leading to lower demand in the DIY and trade sectors of the market. In France, new construction is also weaker, however the new fiscal policy is expected to help stimulate growth. We are now entering a second restructuring phase following the acquisition of the Hornitex plants in 2006 and we 2
3 believe we have room to further increase the efficiency of our operations in the region. In the UK, additional capacity introduced by competitors (160 thousand m 3 annual) together with the slowdown in the previously booming housing market has led to some deterioration in market conditions. Direct comparisons of Sonae Indústria s performance in 9M07 with 9M06 are affected by the integration of the 3 Hornitex plants acquired in July 2006, by the flooring JV with Tarkett and by the accident at our UK plant in February Volumes sold in Central Europe increased by 16% to 3.6 million m 3 leading to a capacity utilization index of 89%. Raw material costs in 9M07 were significantly higher than in 9M06. Industrial maintenance costs were higher in Germany as we sought to improve production efficiencies at some of the older lines in the former Hornitex plants. Turnover in Central Europe in 9M07 was 908 million euros, representing an increase of 38% in comparison with 9M06. Recurrent EBITDA increased to 87 million euros, representing a 9.6% margin on Turnover, compared with 5.3% in 9M06. Central Europe Turnover & Recurrent EBITDA Margin ,2% 10,8% 6,7% 8,3% 6,9% Rest of the World (Canada, Brazil, South Africa) As in previous periods, our performance in Canada, Brazil and South Africa reflects a combination of mixed market trends and of specific impacts which make comparison difficult, such as the fire at our Canadian PB line 2 in April 2006 and the construction and start-up of our new PB line in South Africa. The particleboard industry capacity utilisation rates in North America continue to decline (75% in 3Q07) and some reductions in production capacity have already been announced. New housing starts in the US are significantly below the levels of 2006 although in Canada housing start figures are relatively stable. Non residential construction is marginally higher than in 2006 and demand for office furniture continues to grow. The Brazilian and South African macroeconomic environments remain upbeat, with robust GDP growth and consumer confidence indices. In Brazil, interest rates are at the lowest level of the past 10 years and GDP is posting acceleration in growth to an annual rate of more than 5%. In South Africa, interest rate increases have contributed to a marginal slowdown in economic output, although the increase in Government spending on infrastructure is gaining importance as a driver of growth. In Canada, we are in the final stages of rebuilding our damaged PB line 2, set to start production during 4Q07 and in South Africa we started production on our new PB line at the White River plant in July. 3
4 Turnover in the Rest of the World in 9M07 was 258 million euros, in line with the levels of 9M06, reflecting a combination of lower volumes, due to the damage to the production line in Canada and increased average prices. Recurrent EBITDA increased by 8% to 72 million euros representing a margin on Turnover of 28%. We have been booking insurance compensation for loss of operating profit in Canada since 17 April 2006 which is reflected in our consolidated margin for the region. This results in a higher than normal EBITDA margin for the region, calculated on the lower sales levels. RoW Turnover & Recurrent EBITDA Margin ,8% 32,7% 26,9% 25,5% 31,6% Financial Review of 9M07 As already explained, our business performance in 9M07 is not directly comparable with that of 9M06 due to four main effects: (i) the acquisition of the Hornitex assets in Germany which were consolidated in our accounts as from 1July 2006; (ii) the acquisition of the Darbo plant in France, consolidated as from 30 September 2006; (iii) the contribution of the Eiweiler plant to the 50%-50% partnership with Tarkett, which was formalized on 29 September 2006 and (iv) the fire at our Canadian particleboard line 2 in April Q'06 2Q'07 3Q'07 (euro millions) 3Q'07 / 3Q'07 / %chg 9M'06 9M'07 3Q'06 2Q'07 07/06 Turnover % (5%) % Other Operational Income (98%) (96%) (39%) EBITDA % (2%) % Recurrent EBITDA % 0% % Recurrent EBITDA Margin % 13,1% 13,3% 15,8% 16,7% 12,6% 15,1% Depreciation and amortisation (108) (27) (29) (29) 7% 0% (77) (86) 13% Operational Profit % (2%) % Net Financial Charges (68) (18) (21) (21) 16% 2% (51) (60) 18% o.w. Net Interest Charges (37) (10) (12) (13) 29% 6% (26) (37) 39% o.w. Net Financial Discounts (17) (4) (5) (5) 26% (1%) (11) (16) 50% Profit before taxes (EBT) % (5%) % Taxes (19) (11) (5) (12) 9% 171% (18) (23) 25% o.w. Current Tax (14) (4) (3) (7) 70% 152% (11) (15) 30% Net Profit attributable to Shareholders of Sonae Industria % (41%) % Consolidated Turnover in 9M07 was 1.6 billion euros, representing an increase of 32% compared with 9M06. 4
5 Variable costs continued to increase throughout 9M07 driven by ongoing pressure on global prices for oil and on local wood costs. Consolidated Recurrent EBITDA was 240 million euros, representing a margin on Turnover of 15,1%. Operating Results (EBIT) increased in 9M07 to 153 million euros compared with 84 million euros in 9M06. Consolidated Turnover & Recurrent EBITDA Margin ,3% 14,3% 12,9% 15,8% 16,7% The higher interest rate environment together with a greater average level of gross debt, led to higher Net Interest Charges in 9M07 of 37 million euros, compared with 26 million euros in 9M06. Consolidated Net results attributable to Sonae Indústria Shareholders increased to 63 million euros, compared with 15 million euros in 9M06. Fixed assets increased by 144 million euros in 9M07. This increase includes: (i) 62 million euros of investment in the new line in Canada, the majority of which will be recovered through the insurance policy; (ii) 26 million euros related with the construction of the new PB line in South Africa and (iii) other industrial investments in maintenance and improvements at our plants. In addition to the increase in fixed assets, we bought out the majority of the remaining minority shareholders in our subsidiary Tafisa in May representing a cash outflow of 50 million euros. 5
6 9M' M07 % chg 9M07 / 2006 Non Current Assets % Tangible Assets % Goodwill % Deferred Tax (6%) Other Non Current Assets % Current Assets (11%) Inventories % Trade Debtors % Cash & Investments (81%) Other Current Assets (15%) Total Assets % Shareholders' Funds % Minority Interests % Shareholders' Funds + Minority Interests % Interest Bearing Debt (1%) Short term % L-M term (8%) Trade Creditors (21%) Other Liabilities % Total Liabilities % Total Liabilities, Shareholders' Funds and Minority Interests % Compared with the end of 2006, Net Debt at the end of 9M07 had increased by 151 million euros to 900 million euros. The increase results from the combined effects of the investments made during 9M07, a net increase in working capital of 143 million euros partially offset by operating profitability (EBITDA) of 240 million euros. Annualized Net Debt to EBITDA was 2.99x and Interest Cover 6.57 x at the end of 9M07. In comparison with 9M06, working capital increased by 80 million euros to 422 million euros at the end of 9M07. The increase is driven primarily by the effect of the increase in Turnover (volume and price effect) in receivables and by a higher average level (volume and cost effect) of stocks during recent months. This is an area that is being monitored closely by the management team. Looking Forward Our strategic focus on consolidating our presence in core markets and increasing the profitability of our existing asset base provides us with a platform for sustainable growth for the future. We have already achieved very significant milestones in terms of growth and profitability, however, we believe that there is still potential for improvement, particularly in Central Europe. We will be focusing more attention on this region over the coming quarters. In terms of sales, we anticipate that the strong growth in demand in Brazil and South Africa will continue. However, the construction slowdown in Germany, Spain and North America is likely to hold back overall volume growth. Volatility caused by the credit market crisis over recent months has led to a further deterioration in the construction sector. Our delivery of further growth and improvements in profitability will also be dependent on the ability of our sector to adjust to a likely downturn in volumes. 6
7 Costs of energy, resins (significant increases in 4Q07 methanol prices have already occurred) and wood are set to increase further in coming quarters. However, we will continue our efforts to innovate and to achieve further improvements in terms of industrial efficiency and resource utilization as a means of offsetting higher raw material costs. The Board of Directors Maia, 7 November
CLEAR FOCUS ON STRATEGY EXECUTION AND OPERATIONAL IMPROVEMENT
Sonae Indústria, SGPS, SA Lugar do Espido Via Norte Apartado 1096 4471-909 Maia Portugal Telefone (+351) 220 100 4 00 Fax (+351) 220 100 543 www.sonaeindustria.com SONAE INDÚSTRIA, SGPS, SA Publicly Traded
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