KOS (CIR group): in first quarter revenues at 87 million, EBITDA at 12.1 million, net income at 2.8 million

Board of Directors approves results as of March 31 2011


Consolidated results for Q1 2011

Revenues: € 87 million (€ 76.1 million in Q1 2010);
EBITDA: € 12.1 million (€ 8.2 million in Q1 2010);
Net income of the group: € 2.8 million (loss of € 0.4 million in Q1 2010);
Net debt: € 199.3 million (€ 189.3 million at 31/12/2010), offset by owned properties with a carrying value of € 164 million

Milan, April 21 2011 – The Board of Directors of KOS SpA (CIR group) met today and examined the  results of the first quarter of 2011.

Performance of operations

The KOS group is one of the main private operators in Italy in the care-home sector.  Founded in 2002, today the group operates in three different sectors: nursing homes (RSAs), rehabilitation units and the management of hospital facilities (managing one hospital and high-tech services in various hospitals).

For the first three months of  2011, at consolidated level, KOS reported an improvement in all its main economic indicators compared to the same period of 2010, thanks to the development of all the companies of the group and to the extension of the business as a whole.

Consolidated results

Consolidated revenues totalled 87 million euro in the first quarter of 2011, posting a rise of 14.3% compared to the same period of 2010 (76.1 million euro), thanks to the development of the three areas of activity and to the new acquisitions made in 2010.

The gross operating margin (EBITDA) was 12.1 million euro, and was up by 18.6% on the figure for the first quarter of 2010 (10.2 million euro), before non-recurring costs. Last year the company incurred extraordinary costs of approximately 2 million euro for the IPO procedure and for the acquisitions made. Including these costs, the EBITDA of first quarter 2010 came to 8.2 million euro.

The net income of the group for the first three months came in at 2.8 million euro, compared to a negative result of 0.4 million euro in the same period of 2010 (a positive figure of 1.2 million euro before non-recurring costs).

The consolidated net debt of the KOS group stood at 199.3 million euro at March 31 2011 (189.3 million at December 31 2010), offset by owned properties with a carrying value of approximately 164 million euro.

The KOS group had 4,037 employees  at March 31 2011 (4,006 at December 2010)

Activities of the KOS group

The KOS group today manages a total of over 5,600 beds, plus more than  900 under construction, and is active in three sectors:

–       RSAs (nursing homes), with 37 facilities managed, for a total of 3,830 beds in operation.

–       Rehabilitation (management of hospitals and rehabilitation units), with 13 rehabilitation facilities (in Lombardy, Emilia Romagna, Trentino and Marche), 9 psychiatric rehabilitation communities (in Liguria, Piedmont and Lombardy) and 13 day hospitals, for a total of 1,684 beds in operation.

–       Management of hospital facilities (management of one hospital and hi-tech services in public and private hospitals), with 18 facilities.

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