Wednesday 04 April 2012
MFM S.p.A., results in 2011
Strong growth in the Group’s profits (+55.2%) and margins in 2011, despite the ongoing economic difficulties.
Manutencoop Facility Management S.p.A.’s Management Board presented the Draft Separate Financial Statements and Consolidated Financial Statements for the year ended as at 31 December 2011[3], which recorded Net Profit of € 11.1 million, growth of 55.2% compared to 2010, as well as a considerable increase in margins (EBITDA up 8.1% and EBIT up 43.2%).
The Manutencoop Facility Management Group closed 2011 with highly positive results, despite the persistence of the difficult macroeconomic scenario. In fact, as at 31 December 2011, Net Profit, consolidated EBIT and EBITDA increased considerably, thanks to the benefits of the company restructuring plan implemented by the Group over the last two years, which helped streamline backlog management and general structural costs. Only consolidated revenue recorded a slight decrease with respect to the previous year, as a result of the exit of the Fiat Group from the backlog at the end of 2010. This was due to the customer’s decision to in-source facility management services as part of its restructuring process.
• Revenue: € 1,068.7 million (down slightly by 6.2% compared to € 1,139.1 million);
• EBITDA: € 123.7 million (up by 8.1% compared to € 114.5 million);
• EBIT: € 67.6 million (up by 43.2% compared to € 47.2 million);
•Net Profit: € 11.1 million (up by 55.2% compared to € 7.7 million).
Considerable increase in the Backlog and Re-awarded Projects Portfolio as at 31 December 2011 (compared to 31 December 2010):
• New and re-awarded projects: € 968 million (up by 205% compared to € 317 million);
• Total backlog and re-awarded projects portfolio: € 2,707 million (up by 15.7% compared to € 2,339.9 million).
The MFM Group’s Net Financial Indebtedness as at 31 December 2011 amounted to € 296 million, up considerably when compared to 31 December 2010 (€ 335.1 million). This variation is mainly due to the positive effects of the revolving securitisation of trade receivables completed with Banca Imi S.p.A. in October 2011, which more than offset the lengthening in payment times from both public and private sector customers, as a result of the difficult macroeconomic situation.
