Thursday 21 November 2013
MFM S.p.A. results for the Third Quarter of 2013
Nine months ended September 30, 2013 show growth in Revenues and Margins, slight decrease in Net Profit, and a sharp decline in Net Financial Position.
The Management Board of Manutencoop Facility Management S.p.A. presented its Third Quarter Financial Report as at 30 September 2013, prepared in accordance with IAS/IFRS. Despite harsh economic and financial conditions in Italy, results show increasing Revenues (+1.4%) and Margins (Ebitda +2.7% and Ebit +7,0%), a slightly decreasing Net Result (-3.0%), whereas Consolidated Net Financial Positions sets a steady strong decline (-18.7%).
In the nine months of 2013, Revenues of the MFM Group totalled € 791.5 million, (+1.4%) from € 780.7 million at 30 September 2012.
The MFM Group’s EBITDA was € 89.4 million as at 30 September 2013, up 2.7% compared to € 87.0 million in the first nine months of 2012.
In the third quarter 2013, the EBIT of the MFM Group totalled € 56.0 million, up 7.0% compared to € 52.4 million as at 30 September 2012. This increase is mainly due to minor accruals for bad debts compared to the same period in 2012.
The MFM Group’s Net Profit was € 18.0 million as at 30 September 2013, down 3.0% compared to € 18.6 million in the first nine months of 2012.
As at 30 September 2013, the Net Financial Indebtedness of the MFM Group stood at € 427 million, showing a sharp reduction compared to 31 December 2012, which equaled € 524,6 milion. The change is mainly due to the Public Administration program of paying trade payable in arrears,
unveiled by the Law Decree (DL) 325/2013 and enacted by Law (L) 64/2013.
Press Release - Results at September 30, 2013
