Tuesday 04 September 2012

MFM S.p.A., results for the First Half of 2012

Despite the difficult macroeconomic and financial context, the Group records growth in Revenue (+3.8%) and EBITDA (+0.5%) and Net Profit is essentially stable when compared to 30 June 2011.

Main consolidated results in the first half of 2012 (compared to the first half of 2011):

• Revenue: € 541.0 million (compared to € 521.1 million);
• EBITDA[1]: € 59.2 million (compared to € 58.9 million);
• EBIT: € 35.9 million (compared to € 38.6 million);
• Net Profit: € 11.2 million (compared to € 11.3 million).
• Net Financial Indebtedness: € 266.5 million (compared to € 296 million as at 31 December 2011).

Manutencoop Facility Management S.p.A.’s Management Board presented the Half-Yearly Financial Report as at 30 June 2012, drafted in accordance with the international accounting standards (IAS/IFRS).

Despite the difficult macroeconomic and financial market context, in the first half of 2012, the Manutencoop Facility Management Group recorded growth in Revenue (+3.8%) and EBITDA (+0.5%) and Net Profit was essentially stable when compared to 30 June 2011, while EBIT fell, mainly as a result of significant write-downs of receivables due to the financial difficulties encountered by certain customers, especially in the private market, as a consequence of the adverse economic situation.

In the first half of 2012, the MFM Group registered Revenue of € 541 million, up 3.8% compared to € 521.1 million achieved in the same period in 2011.

EBITDA (Gross Operating Profit) stood at € 59.2 million as at 30 June 2012, an increase of 0.5% compared to € 58.9 million recorded as at 30 June 2011. This result was particularly important, also in light of the difficult contingent economic situation and confirms the Group's strong position in the market.

The MFM Group’s EBIT (Operating Profit) stood at € 35.9 million in the first half of 2012, down compared to € 38.6 million in the first half of 2011. As mentioned, this result was mainly affected by the write-downs of receivables as a consequence of the financial difficulties faced by some customers, especially in the private market, as a result of the ongoing economic problems.

As at 30 June 2012, MFM’s Net Profit amounted to € 11.2 million, essentially in line with the figure recorded as at 30 June 2011 (€ 11.3 million).

The MFM Group’s Net Financial Indebtedness came to € 266.5 million as at 30 June 2012, an improvement over the € 296 million as at 31 December 2011.

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