|(Values in Million EUR)||2015||2016*||2017||1Q18||1H18||9M18||2018||1Q19|
|Operational profit / (loss)||29.3||22.6||23.0||2.6||7.5||12.4||16.3||0.7|
|Net financial charges||-40.9||-16.5||-11.6||-2.8||-5.7||-8.5||-11.6||-2.9|
|Profit / (loss) before taxes continued operations||-13.0||11.6||21.7||4.5||20.6||25.4||17.2||1.2|
|Profit / (loss) from discontinued operations||-19.3||7.9||0.0||0.0||0.0||0.0||0.0||0.0|
|Net profit/(loss) attributable to Equity Holders||-36.0||11.0||15.3||3.8||18.9||22.6||11.0||1.2|
|FINANCIAL INDICATORS (excluding IFRS 16)*****|
|Net Financial Indebtedness||570.1||213.5||208.7||208.6||207.7||204.7||195.8||205.6|
|Recurrent EBITDA (annualized)||106.9||38.4||38.1||34.2||31.4||30.0||26.7||25.1|
|Net Debt/ Recurrent EBITDA||5.3||5.6||5.5||6.1||6.6||6.8||7.3||8.2|
|Proportional Net Financial Indebtedness**||-||311.8||301.1||319.7||313.4||335.7||297.5****||316.8|
|Proportional Rec EBITDA (annualized)**||-||89.9||88.5||85.0||83.1||78.6||73.6||70.7|
|Proportional Net Financial Indebtedness/ Proportional Recurrent EBITDA**||-||3.5||3.4||3.8||3.8||4.3||4.0****||4.5|
(*) As from June 30, 2016 inclusive, the Consolidated Statement of Financial Position represents the position of Sonae Indústria under the current perimeter with the 50% shareholding in Sonae Arauco, SA (ex-Tableros de Fibras, SA or Tafisa) equity accounted.
The Consolidated Income Statement for 2016 shows all the companies included in the consolidation perimeter of Sonae Arauco classified as "Discontinued Operations" until May 2016, and accounted by the Equity Method as of 1 June 2016.
(**) Due to the fact that one of Sonae Indústria’s main assets (its 50% shareholding in Sonae Arauco) is now accounted by the Equity method, Proportional financial indicators are presented, given their greater relevance for the purpose of valuation and leverage analysis of Sonae Indústria today.
(***) FTE's excluding Sonae Arauco operations (3,269 FTE’s at the end of 2016, 3,264 at the end of 2017 and 3,242 FTE’s at the end of 2018, including 100% of Sonae Arauco).
(****) Considering an adjustment on Sonae Arauco 2018 Net Debt of 27.6 million euros corresponding to outstanding insurance compensation (related to the damages for the fires in Portugal) already received in 2019 of 32.6 million euros net of estimated 5 million euros for amounts still to be paid by Sonae Arauco at YE18.
(*****) For comparability purposes, figures in the financial indicators (including 1Q19) exclude the effects from the adoption of the IFRS 16, effective from 1 January 2019.
The IFRS 16 implies that lease contracts (except short term and low value leases), previously classified as operational leases, are now recognised in the balance sheet as an asset with a corresponding liability equal to the present value of the lease payments (under financial liabilities). This new treatment also affects the consolidated income statement, with corresponding rental or lease charges being replaced by the recognition of depreciation charges and interest expense.