Despite the loss, Sonae is expecting stabilisation in some of its markets and even a marginal improvement in the industry’s trading environment.
Sales were down 7% to €1.23bn, mostly related to the group’s reduced industrial footprint with the closure of the Knowsley factory in the UK and Solsona plant in Spain and ceasing of raw particleboard production at the Horn site in Germany.
Sonae said it was still far from its desired level of consolidated profitability and industrial efficiency, but the company remained confident it could achieve its objectives.
Additional restructuring measures have included the stoppage at Horn and the planned sale of two plants in France, while it is also looking to improve its product mix and streamline cost structures.
"These actions, and others that we are undertaking, will help us shape a different, leaner company," it said.
Sonae’s decision to close the Knowsley and Solsona plants led to €13m annual cost savings in 2013.
Its southern European business was hit by challenging economic conditions. New housing permits in Portugal decreased by 30% last year, while in Spain they fell 22% and in France numbers were 11% lower.
Northern European markets were healthier, especially in Germany. Average selling prices were stable, with low particleboard prices being compensated for by rising OSB prices.
