Press Room

In 2011 MSF SGPS registered a consolidated Turnover of 508.9 million Euros, an overall increase of 20% in comparison to the 2010 turnover of 425 million Euros. Enhanced performance in the Engineering and Construction sector were the main reasons behind this improvement, representing, at the end of the year, a very significant percentage of the consolidated sales and services provided by the Group.


At the end of 2011, EBITDA (Earnings Before Interest, Taxes and Amortization) totalled 38 million Euros (+25%), whereas Operational Results (EBIT), over the same period, totalled 20.4 million Euros, a 59% level of growth in comparison to 2010. Both of these favourable results are due to enhanced operating performance by companies within the construction industry. MSF Group reported consolidated Net Income of 1 million Euros.


The Group’s main areas of activity are focused on Construction, Concessions, Tourism and Real Estate, Information Technology and Finance sectors. It should also be noted, as in previous years, that directly or indirectly owned concessionary companies are integrated in relation to equivalent net worth, their respective incomes therefore having no impact on the consolidation of total Group income.




MSF Engenharia registered Consolidated Turnover in 2011 of 508 million Euros, a level of growth equivalent to 22% in comparison to 2010 (415.7 million Euros). This increase is a result of the company’s sustained growth strategy, involving a process of consistent internationalisation developed over the last fifteen years.


2011 EBITDA was calculated at 35.3 million Euros (+26%) in comparison to the verified 28.1 million Euros of 2010, with Operational Results (EBIT) increasing by 56% and reaching a total of 20.2 million Euros at the end of the year (compared to 13.0 million Euros in 2010). Net Income, also consolidated, grew by 13% to 7 million Euros, in comparison to the 6.2 million Euros of 2010.


Net Consolidated Debt dropped a total 19 million Euros, the Net Financial Debt/EBITDA ratio being 2.2.


Increase in turnover in domestic and international markets

Contrary to typical behaviour and performance characteristics within this market sector, MSF market turnover within Portugal rose by 9% to 302 million Euros (compared to 278 million Euros in 2010), a total of 59% of all company business.


Of additional note is the significant increase in registered turnover in international markets (+49%), in which the value of sales and services, in comparison to 138 million Euros in 2010, rose to a total of 206 million Euros.


Business activity taking place abroad in countries such as Angola, Cape Verde, Ghana, Equatorial Guinea, Poland and Senegal, for example, increased from 33% (in 2010) to 41% (in 2011) in terms of consolidated services and sales.


Perspectives for 2012

Taking into account the current state of the construction industry in Portugal and the adverse national and international economic climate, 2012 will once again present MSF with increased challenges in fulfilling its objectives.


As in previous years, various factors such as the significant level of company internationalisation, the amount of work currently in progress around the world, in which maintenance and strengthening of economic and financial stability are priorities, underlines MSF’s determination to continue with the implementation of its strategy, sustained through an order book that, at the end of 2011, amounted to 744 million Euros.