Thursday 17 November 2011
MFM S.p.A., results for the Third Quarter of 2011
Margins and backlog growth (+49.1% compared to third quarter of 2010).
Consolidated Results for the first nine months of 2011 (compared to the first nine months of 2010):
• Revenue: € 763.8 million (compared to € 823.7 million);
• EBITDA: € 88 million (compared to € 80.9 million);
• EBIT: € 54.3 million (compared to € 44.1 million);
• Net Profit: € 12 million (compared to € 14.3 million).
Backlog and Re-awarded Projects Portfolio:
• New and re-awarded projects in the first nine months of 2011: € 625.7 million (up by 49.1% compared to € 419.7 million as at 30 September 2010);
• Total backlog and re-awarded projects portfolio as at 30 September 2011: € 2,495.6 million (up by 6.7% compared to € 2,339.9 million as at 31 December 2010).
Manutencoop Facility Management S.p.A.’s Management Board approved the Interim Management Report as at 30 September 2011, drafted in accordance with the international accounting standards (IAS/IFRS), which, when compared to the first nine months of 2010, recorded higher margins (EBITDA up 8.7%, EBIT up 23.2%) thanks to the benefits, in terms of operational efficiency, of the company restructuring plan implemented by the Group over the last two years. By contrast, Revenue fell when compared to the same period in 2010. However, if valued on the basis of a constant perimeter, revenue would register an increase of around 1.9%.
As at 30 September 2011, the MFM Group recorded Revenue of € 763.8 million, compared to € 823.7 million in the first nine months of 2010.
EBITDA (Gross Operating Profit) totalled € 88 million as at 30 September 2011, compared to € 80.9 million as at 30 September 2010.
In the first nine months of 2011, the MFM Group’s EBIT (Operating Profit) amounted to € 54.3 million, compared to € 44.1 million in the first nine months of 2010.
As at 30 September 2011 the MFM Group’s Net Profit amounted to € 12 million, compared to € 14.3 million as at 30 September 2010.
The MFM Group’s Net Financial Indebtedness came to € 327.7 million as at 30 September 2011, an improvement over the € 335.1 million as at 31 December 2010.
In the first nine months of 2011, the Manutencoop Facility Management Group was awarded and re-awarded, following new calls for tender, new contracts for a total long-term amount of € 625.7 million, up 49.1% compared to € 419.7 million as at 30 September 2010, of which € 405.1 million relating to new projects and € 220.6 million relating to the re-awarding of projects already in the portfolio. The total backlog and re-awarded projects portfolio of the MFM Group as at 30 September 2011 therefore totalled € 2,495.6 million, up 6.7% compared to € 2,339.9 million as at 31 December 2010.
