Board of Directors approves results as of December 31 2010
KOS (CIR GROUP): REVENUES 325.4 MILLION, EBITDA 42.1 MILLION, NET INCOME 4 MILLION
The company confirms its position as one of the top private healthcare operators in Italy, especially in the sectors of care-homes, rehabilitation and hi-tech services
The entry of AXA Private Equity into the capital with a 41.1% interest will give KOS fresh resources to fund the company’s development plans
Consolidated results for financial year 2010
Revenues: € 325.4 million (+19% from € 273.4 million in 2009)
EBITDA: € 42.1 million (+27.5% from € 33 million in 2009)
Net result: € 4 million (breakeven in 2009)
Net debt: € 189.3 million (€ 211.9 million at 30/09/2010)
Milan, February 25 2011 – The Board of Directors of KOS SpA (CIR group), which met today under the chairmanship of Claudio Stabon, approved the proposed financial statements for financial year 2010.
Performance of operations
The KOS group is one of the top private operators in Italy in the healthcare and care-home sectors. Founded in 2002, KOS today operates in three different areas: nursing homes (RSAs), rehabilitation centres and hospital management (managing a hospital and high-tech services in public and private hospitals).
During 2010 the KOS group achieved an improvement in its main economic indicators compared to 2009, thanks to the development of all of its operating companies and the extension of its portfolio of activities.
In December 2010 the entry was finalized of AXA Private Equity into the capital of the company with a minority interest, currently standing at 41.1%. This deal enabled KOS to reach its objectives in terms of raising new funding for its development plans. The significant investment made by one of the main global private equity funds, together with the renewed commitment of the majority shareholder CIR, shows how the work done by the company to date is appreciated and how there is confidence in its future development prospects.
Consolidated results
In 2010, the KOS group reported consolidated revenues of 325.4 million euro, with a rise of 19% on the year 2009 (273.4 million euro), thanks to the development of all areas of the business and to the new acquisitions made during the year.
The gross operating margin (EBITDA) was 42.1 million euro, up by 27.5% compared to 2009 (33 million euro). During the year the company incurred costs of approximately 3.1 million euro for the IPO procedure and expenses relating to the acquisitions made in the period.
The KOS group closed 2010 with net income for the year of 4 million euro whereas it substantially broke even in 2009 (-0.4 million euro).
The consolidated net debt of the KOS group at December 31 2010 amounted to 189.3 million euro (211.9 million euro at September 30 2010), offset by owned property with a carrying value of approximately 167 million euro. The rise compared to the figure at year end 2009 (163.5 million euro) was due mainly to the acquisitions made during the year, which had an impact of over 62 million euro, net of the capital increases made in December for a total of 34.5 million euro.
The KOS group had 4,006 employees at December 31 2010 (3,421 at December 31 2009).
Activities of the KOS group
The KOS group, which today manages over 5,600 beds, plus more than 900 under construction, is active in three sectors:
– RSAs (residences for the non self-sufficient elderly), with 37 care homes under management, with a total of 3,829 beds in operation.
– Rehabilitation (management of hospitals and rehabilitation centres), with 13 rehabilitation facilities (in Lombardy, Emilia Romagna, Trentino and Marche), 9 psychiatric rehabilitation communities (in Liguria, Piedmont and Lombardy) and 13 day hospitals, with a total of 1.684 beds in operation.
– Hospital management (management of one hospital and high-tech services in public and private facilities) in 18 hospitals .
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The documentation and information contained in this area of the website are not, and must not be sent by, or transmitted to or distributed to, directly or indirectly, persons resident or physically present in the United States of America, Australia, Canada, Japan, and do not constitute and cannot be interpreted as an offer to purchase or a solicitation of an offer to sell financial instruments addressed to U.S. Persons - as defined under the U.S. Securities Act of 1933, as amended, or to persons resident in Other Countries. The shares of COFIDE – Gruppo De Benedetti S.p.A. – which will change its company name to “CIR S.p.A. – Compagnie Industriali Riunite” on the effective date of the merger by incorporation with CIR S.p.A. – Compagnie Industriali Riunite - referred to in this area of the website have not been and will not be registered under the U.S. Securities Act of 1933, and may not be offered or sold in the United States of America absent registration or an applicable exemption from registration thereunder.
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