Tuesday 25 March 2014
MFM S.p.A., 2013 results presented
Significant reduction in the Net Financial Indebtedness, an increase in margins and unchanged consolidated revenues (vs 2012 financial year).
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The MFM Group closes the 2013 financial year with a significant reduction in the Net Financial Indebtedness, an increase in margins and unchanged consolidated revenues (vs 2012 financial year):
• Revenues: € 1,080.6 million (a 0.7% increase on € 1,072.6 million);
• EBITDA : € 118.4 million (a 3.5% increase on € 114.4 million);
• EBIT: € 64.1 million (a 7.4% increase on € 59.6 million);
• Net profit: € 14.1 million (compared to € 33.3 million). Attention is drawn to the fact that the Net profit for the year ended on 31 December 2013 is not directly comparable with that of the previous financial year which, instead, reported a non-recurring benefit in terms of taxation;
• Net financial indebtedness: € 360.9 million (an improvement compared to € 524.6 million)
The Board of Directors of Manutencoop Facility Management S.p.A. presented the Draft Separate Financial Statements and the Consolidated Financial Statements at 31 December 2013, prepared in accordance with the IAS/IFRS, that, despite the ongoing economic crisis prevailing in Italy, show increased margins (EBITDA: +3.5%; EBIT: +7.4%) a slight increase in Revenues (+0.7%) and a considerable reduction in the Net Financial Indebtedness.
In the 2013 financial year, the MFM Group registered Revenues for € 1,080.6 million, a slight increase (+0.7%) compared to € 1,072.6 million achieved in the 2012 financial year, mainly thanks to the organic growth of the Group.
The EBITDA of the MFM Group at 31 December 2013 is € 118.4 million, up by 3.5% compared to € 114.4 million reported at 31 December 2012. This result is principally attributable to the higher turnover as well as to the efficiency and cost-saving policies implemented by the Group.
At 31 December 2013, the EBIT (Operating Result) of the MFM Group is € 64.1 million, a 7.4% increase compared to € 59.6 million reported in the 2012 financial year. This result also benefits from the positive performance in terms of EBITDA, as well as lower write-downs of trade receivables from private clients, compared to 2012.
The Net Profit at 31 December 2013 of the MFM Group is € 14.1 million, compared to € 33.3 million at 31 December 2012. However, It is necessary to underline that the value of the Net Profit in the 2012 financial year was the result of a positive effect ascribable to considerable gains on prior years’ taxes arising from the introduction of new tax regulations (IRES refund pursuant to Law no.214 of 22 December 2011 also known as “Save Italy” Decree). Thus, the 2013 Net Profit cannot be directly compared with that of the previous financial year.
At 31 December 2013, the Consolidated Net Financial Indebtedness of the MFM Group is € 360.9 million, a drop of € 163.7 million compared to € 524.6 million at 31 December 2012. The significant improvement is mainly attributable to the positive effects of Law Decree no. 35 of 8 April 2013 whereby the Italian Government authorised the partial payment of amounts due to enterprises by the Public Administration.
