Thursday 04 April 2013
MFM S.p.A., 2012 results presented
High growth in Net Earnings and steady Revenues consolidated in 2012 (compared to 2011), despite the continuing economic crisis.
.jpg)
• Revenues: € 1,072.6 million (an increase of 0.4% compared to € 1,068.8 million);
• EBITDA: € 114.4 million (a decrease of 7.5% compared to € 123.7 million);
• EBIT: € 59.6 million (a decrease of 11.8% compared to € 67.6 million);
• Net Earnings: € 33.3 million (an increase of 172.3% compared to € 12.2 million).
A significant increase also in the Job Order Portfolio and Re-awarding contracts as at 31 December 2012 (compared to 31 December 2011):
• New job orders and contracts re-awarded: € 1,031 million (an increase of 6.5% compared to € 968 million);
• Total portfolio of job orders and re-awarded contracts: € 2,978 million (an increase of 10.0% compared to € 2,707 million).
The Management Board of Manutencoop Facility Management S.p.A. presented the draft financial statements and consolidated financial statements as at 31 December 2012, prepared in compliance with IAS/IFRS, which closed with Net Earnings of € 33.3 million, a rise of 172.3% compared to 2011.
Despite the continuing difficulty in the economic and financial situation, in the 2012 financial year the Manutencoop Facility Management group recorded steady Revenues (+0.4%) and a significant rise in Net Earnings (+172.3%). The marked rise in net earnings is mainly due to lower tax charges following the introduction of recent legal rules on taxes (IRES reimbursement under Law no. 214 of 22 December 2011, known as the “Save Italy Decree”).
However, margins were lower (EBITDA: -7.5%; EBIT: -11.8%) compared to 31 December 2011 due to the continuing difficulty in the markets on the one hand, and on the other hand because of additional write-downs in the receivables portfolio as a result of the financial difficulties experienced by certain customers.
In 2012, the MFM group generated a total of €1,072.6 in revenues, marking a slight increase (+0.4%) compared to € 1,068.8 in 2011.
The EBITDA (Gross Operating Margin) of the MFM group as at 31 December 2012 amounted to € 114.4 million, a decrease of 7.5% compared to € 123.7 million recorded at 31 December 2011.
As at 31 December 2012, the EBIT (Operating Margin) of the MFM group amounted to € 59.6 million, a decrease of 11,8% compared to € 67.6 million recorded in 2011.
Net Earnings for the MFM group as at 31 December 2012 amounted to € 33.3 million, a rise of 172.3% compared to € 12.2 million as at 31 December 2011.
As at 31 December 2012, Net Financial Debt for the MFM group amounted to € 325.6 million compared to 31 December 2011 when it was € 296 million. The Net Financial Debt continues to be impacted by the longer payment timescales customers tend to follow due to the difficult economic situation.
In the 2012 financial year, the Manutencoop Facility Management group was awarded and re-awarded new contracts by public tender for a total amount of approximately € 1,031 million, a rise of +6.5% compared to € 968 million in 2011, € 710 million of which for new job orders.
The total amount of job orders in the portfolio and contracts re-awarded for the MFM group as at 31 December 2012 amounted to € 2,978 million, a rise of +10,0% compared to € 2,707 million as at 31 December 2011.
In particular, in the healthcare segment Manutencoop Facility Management S.p.A., together with Servizi Ospedalieri S.p.A. and MACO S.p.A., were awarded a concession contract in project-financing with Infrastrutture Lombarde S.p.A. for the renovation, improvement and extension of “San Gerardo” hospital in Monza, as well as subsequent management of “no-core” services for the facility. The duration is for thirty years at a total value of € 272 million starting in 2013.
