HSS (CIR group): results up in the first half. Revenues +13.8%, Ebitda +17.3%.

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
–  managing a hospital and high tech services in hospitals, with 7 diagnostic imaging units. 

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