Press Releases

José de Mello Group sees sustained growth in 2003

03/06/04

José de Mello, SGPS, SA, saw sustained growth of its business during 2003, with turnover standing at €813 million and cash flow at €89 million, up by 9% and 42% respectively from 2002.

Despite the adverse economic background, the consolidated turnover of the José de Mello Group rose by €65 million, chiefly the result of the positive contribution made by José de Mello Saúde (€25.2M), Soponata (€16.5 million), José de Mello Imobiliária (€15.3 million) and CUF (€11.7 million).

José de Mello, SGPS, SA’s consolidated EBITDA also performed well, increasing by €9 million during 2003, up 17% from the previous year’s figure. A major contribution to this improvement was provided by the growth of turnover, which was greater than the increase of operating costs, which were higher by just €55.9 million

The Group’s consolidated assets fell by €65.6 million compared to the 2002 figure, the result of the sale of two Soponata ships and of the CUF Descobertas Hospital building, acquired by a property fund.

Consolidated net profit amounted to €2.7 million, a decrease of €31 million caused by the impact in 2002 of the application of the accounting standards in respect of deferred taxes.

BUSINESS HIGHLIGHTS

CONSOLIDATED BUSINESS 2003 2002
 Turnover 813 748
 EBITDA 63 54
 Cash flow 89 63
 Net profit 2,7 33,7
 Net assets 2,301 2,367
 Shareholders’ equity 378 378