Earnings before interest, taxes, depreciation and amortization (EBITDA) at the Faro Region Supply Market (MARF) amounted to €486,6 thousand in the second quarter of this year, exceeding the planned amount by €14,1 thousand (+3%) and exceeding the same period last year by €6,2 thousand (+1,3%).
This is one of the data points included in the Budget Execution Report for the second quarter, now approved, according to which the increase in turnover, combined with the maintenance of a policy of containment in operating expenses, allowed the company to present these positive operational performances.
The document also highlights the increase in turnover of €13,7 thousand (+1,9%) compared to the same period in 2018, driven by the increase in "core" revenues, the utilization rates, which grew by €13 thousand (+1,9%).
In turn, EBIT (earnings before interest and taxes) amounted to €387,1 thousand, registering favorable deviations compared to planned figures and those recorded in the same period last year, respectively of €22,1 thousand (+6,1%) and €10,8 thousand (+2,9%), impacted by a reduction in depreciation resulting from the end of the useful life of some assets.
MARF, a company of the SIMAB Group, thus presented positive operating margins of 65% and 48% in terms of EBITDA and EBIT, respectively, in the second quarter.
The financial results also showed favorable deviations compared to the 2Q19 budget and the same period of the previous year, respectively by €1,2 thousand (-22,9%) and €100,5 thousand (-96,3%). The favorable evolution, compared to the same period of the previous year, results from the company's recapitalization operation, carried out in August 2018, embodied in a capital increase operation through the conversion of shareholder loans, in the amount of €13.291,1 thousand, which resulted in a reduction of financial debt and, consequently, of financial charges.
The net result for the period under review amounted to 335,6 thousand euros, higher than projected in the PAO2T19 and 2T18, respectively by 54,3 thousand (+19,3%) and 88,4 thousand (+35,8%).
Within the strategic framework defined for the SIMAB Group companies, namely its repositioning, MARF has been developing its commercial activity seeking to attract operators in the area of modern logistics and distribution. It was in this context that, in the first half of this year, negotiations were intensified with a major logistics operator, Chronopost, with a view to strengthening its market presence through the expansion of its occupancy area. This resulted in a contract being signed with this operator for the occupation of a new building, with an area of 3.282 square meters, for a period of 10 years, translating into an annual income from usage fees of approximately €195.
