Sonae recorded a good start to the year of 2018,with Q1 consolidated turnover growing by 8.7% and profitability (EBITDA) by9.5%. The performance of our food retail business and of Worten wereparticularly strong, both in terms of absolute growth but also in terms of LFLsales, recording LFL growth of 5.3% and 8.8% respectively, well above what thecalendar effect can explain. Including the remaining co-controlled companies,which performance also showed a favorable trend, turnover and EBITDA inaggregated terms reached 1,800 million euros (+6.7%) and 230 million euros(+6.0%), respectively.
In addition to these encouraging results, wecontinued the execution of our different businesses’ strategies and managementof our portfolio, namely through the creation of the Iberian Sports RetailGroup, materialised in the beginning of February, which is a result of thecombination of Sport Zone with Sprinter and JD’s Iberian operations and whoseimpact will start to be seen in our accounts from the next quarter onwards.
We also managed to maintain a significant level of investment,particularly into our growth avenues, at the same time as we reduced the costand amount of our group debt and optimized our capital structure that supportsour shareholder remuneration policy through dividends, which have grown at 5% ayear since 2012.