Milan, July 27 2009 – The Board of Directors of HSS-Holding Sanità e Servizi SpA met today in Milan under the chairmanship of Claudio Stabon to examine the consolidated results of first half 2009.
Performance of operations
The HSS group closed the first half of 2009 with double-figure growth of its main economic indicators (revenues, EBITDA and net income) compared to the same period of 2008, despite the difficult general economic environment. During the first half of the year the group continued in its strategy of strengthening its operating subsidiaries and seeking new development opportunities to consolidate its presence in the private healthcare sector in Italy. During the first half the management of two residences for the elderly was acquired, in Ancona and in the Cuneo area. With these deals HSS now has over 5,000 beds operational and has further strengthened its position in the area of managing residences for the elderly.
Consolidated results
In first half of 2009 the HSS group reported consolidated revenues of 134.9 million euro, up by 13.8% on the first six months of 2008 (118.5 million euro), thanks to the development of all areas of the business.
The gross operating margin (EBITDA) was 16.6 million euro, up by 17.3% on the first half of 2008 (14.1 million euro). The group’s share of the consolidated net result was a positive figure of 1 million euro, compared to 0.7 million euro in the same period of 2008 (+42.8%).
The consolidated net financial debt of the HSS group at June 30 2009 was 160.9 million euro, offset by real estate properties with a carrying value of approximately 120 million euro. This figure is substantially in line with the group’s net debt figure at March 31 2009 (161.2 million euro). The rise from 149.1 million euro at the close of 2008 was due mainly to the acquisitions made and to a change in working capital.
The group had 3.402 employees at June 30 2009 (3,130 at December 31 2008).
Activities of the HSS group
The HSS group, which today manages a total of 5,059 beds, plus 368 under construction, is active in three sectors:
– managing residences for the elderly, with 38 facilities under management (3,832 beds in operation and 328 under construction);
– managing hospitals and rehabilitation centres, with 6 rehabilitation units (in Lombardy, Emilia Romagna, Trentino and Marche), 8 psychiatric rehabilitation communities (in Liguria, Piedmont and Lombardy) and 13 day hospitals, for a total of 1,107 beds in operation and 40 beds under
construction;
– managing a hospital and high tech services in hospitals, with 7 diagnostic imaging units.
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