SERVIZI ITALIA: 2010 net profit of Euro 12 million - growth of 41%
• Proposed dividend of Euro 0.25: +38.9% on 2009 (Euro 0.18)
• Consolidated Revenues of Euro 195.1 million: +5.6% on 2009
• Consolidated EBITDA of Euro 56.8 million: +10.5% on 2009
• Net profit of Euro 12.0 million (Euro 8.5 million in 2009)
Castellina di Soragna, March 15, 2011
The Board of Directors of Servizi Italia, Italian leader for outsourcing of hospital sanitary services and listed on the STAR segment of the Italian Stock Exchange today approved the 2010 consolidated and parent company financial statements.
2010 CONSOLIDATED RESULTS
“The Group – stated Luciano Facchini, Chief Executive Officer of Servizi Italia – reports excellent results for 2010, with significant growth in all financial indicators; total revenues grew, with revenues from linen sterilisation and surgical instruments sterilisation reporting strong growth (respectively 12.4% and 26.4%) and both total EBITDA and margin (29%) rose and Net Profit up 41%. We are confident that 2011 will also be a very successful year in which we will consolidate our leadership in the market and the benefits from the significant investments of2010 will become fully apparent.”
Consolidated revenues amounted to Euro 195.1 million, growth of 5.6% on 2009 (Euro 184.7 million in 2009).
This increase stems from the operating efficiencies implemented and particularly:
- the beginning of a newly-awarded contract;
- full entry into force in the year of contracts signed in previous years;
- the renewal of contracts at improved conditions;
- the addition of new services such as sterilisation of surgical instruments and the supply of single-use materials for the Genoa No. 3 Local Health Authority and the San Paolo hospital of Milan.
All business lines report growth and in particular revenues from linen sterilisation services increased from Euro 17.9 million in 2009 to Euro 20.1 million in 2010 (+12.4%) and surgical instrument sterilisation revenues improved significantly to Euro 24.3 million in 2010 (+26.4%). The linen rental business line also grew to Euro 150.7 million (Euro 147.6 million in 2009).
EBITDA totalled Euro 56.8 million in 2010, an increase of 10.5% with the margin improving to 29.1% from 27.8% in 2009 (Euro 51.4 million in 2009). This significant improvement follows the optimisation of service and personnel costs and also more efficient use of plant.
EBIT amounted to Euro 18.9 million, an increase of 17.5% on 2009 due both to production efficiencies and the receipt of default interest written-down in previous periods.
The pre-tax profit amounted to Euro 17.0 million, an increase of 22.3% on the previous year (Euro 13.9 million). This increase is due to the growth in operating margins and improved financial management resulting in reduced gross financial charges. The receipt of dividends from Servizi Italia S.p.A. investments also had a positive impact.
The net profit was Euro 12.0 million compared to Euro 8.5 million in 2009, an increase of40.8%, assisted also by a reduction in the tax charge following investments in new machinery in 2010.