Sonae Indústria reported unaudited consolidated earnings results for the third quarter and nine months ended September 2015. For the quarter, the company reported consolidated turnover were EUR 250 million against EUR 245 million a year ago. EBITDA was EUR 25 million against EUR 35 million a year ago. Recurrent EBITDA was EUR 27 million against EUR 26 million a year ago. Operational profit was EUR 8 million against EUR 11 million a year ago. Loss before taxes continued operations was EUR 5 million against EUR 3 million a year ago. Loss from continued operations was EUR 7 million against EUR 4 million a year ago. Net loss attributable to equity holders was EUR 8 million against EUR 10 million a year ago. Additions to gross tangible fixed assets reached EUR 4.6 million in the third quarter of 2015, which compares with EUR 11.3 million during the same period in 2014. The majority of the investments were related with maintenance works carried out during the normal summer shutdown period of the European operations. In the quarter, consolidated turnover was up by 2%, when compared to same period of 2014, due to higher activity levels in the North America operations. When compared to the previous quarter, consolidated turnover reduced by 7%, naturally impacted by the normal summer maintenance shutdowns of the European plants.

For the nine months, the company reported consolidated EBITDA for the first nine months of 2015 was of EUR 73 million, slightly below the last year value. It should be highlighted that nine months of 2014 value was positively impacted by the receipt of an insurance settlement in the UK in the amount of EUR 13.2 million. Total EBITDA would have improved by EUR 12 million, year on year, on a comparable basis. Total Recurrent EBITDA was of EUR 81 million, EUR 8 million (+11%) above same period of 2014, due to continued better performance of Southern Europe and Rest of the World operations. The group's consolidated performance was still negatively impacted by non-recurrent costs, totaling EUR 7.7 million in the first nine months of 2015, of which EUR 3.2 million associated with on-going cost with inactive sites, EUR 3.2 million related with redundancy payments and circa EUR 1 million with a capital loss in the sale of a real estate asset in Portugal (vacant land). At the end of September 2015, the consolidated net loss of the group was of EUR 28 million, driven in large part by the impact of discontinued operations, with a loss of EUR 19 million. Nevertheless, due to the improved operational performance of the continued operations, the consolidated net losses of the group for the first nine months of the year were reduced by 40% (EUR 19 million), when compared to same period of 2014. Loss before taxes continued operations was EUR 4 million against EUR 23 million a year ago. Consolidated turnover was EUR 778 million against EUR 774 million a year ago. Operational profit was EUR 26 million against EUR 17 million a year ago. Loss from continued operations was EUR 9 million against EUR 25 million a year ago. Net debt decreased by EUR 23 million, to EUR 583 million, when compared to June 2015, and is EUR 106 million below the value registered at the end of September 2014, mostly as a result of the proceeds from the 2014 share capital increase. The increase in consolidated turnover is explained by the improved average selling prices, as volumes sold remained relatively stable.