Board of Directors approves results as of September 30 2010
KOS (CIR GROUP): REVENUES OF FIRST NINE MONTHS AT 239 MILLION EURO, EBITDA AT 32.2 MILLION, NET INCOME AT 4 MILLION
Consolidated results of the first nine months of 2010
- Revenues: € 239 million (+17.4% from € 203.5 million in 9M 2009);
- EBITDA: € 32.2 million (+30.9% from € 24.6 million in 9M 2009);
- Net income of the group: € 4 million (€ 0.2 million in 9M 2009);
- Net debt: € 211.9 million (€ 215.7 million at 30/06/2010), offset by owned properties with a book value of € 144.9 million
Milan, October 21 2010 – The Board of Directors of KOS SpA (CIR group) met today under the chairmanship of Claudio Stabon and examined the results at September 30 2010.
Performance of operations
The KOS group is one of the main Italian private operators in the care-home sector. Founded in 2002, the group is today active in three business areas: nursing homes (RSAs), rehabilitation centres and hospital management (managing a hospital and high-tech services in hospitals).
In the first nine months of 2010, at consolidated level, KOS achieved an improvement in its main economic indicators compared to the same period of 2009, thanks to the development of all the companies of the group and to the broadening of its sphere of activity. In October the KOS group finalized the acquisition of a psychiatric hospital in Modena (Villa Rosa) with 81 beds, and of a group of diagnostic and radiology facilities in the province of Bologna. These acquisitions took effect after the close of the quarter and are therefore not included in the figures as of September 30.
KOS today manages 60 facilities, mainly in the centre-north of Italy with a total of over 5,600 beds in operation, plus approximately 400 more under construction.
Consolidated results
The consolidated revenues of the first nine months of 2010 totalled 239 million euro and were up by 17.4% on the same period of 2009 (203.5 million euro), thanks to the development of the three business areas and to the new acquisitions made in the period.
In the first half the company incurred costs of approximately 2.4 million euro for the IPO procedure (1.8 million euro) and for expenses relating to the acquisitions made in the period (0.6 million euro).
The gross operating margin (EBITDA) came to 32.2 million euro and was up by 30.9% compared to the first nine months of 2009 (24.6 million euro).
The net income of the group in the first nine months totalled 4 million euro, compared to a result of 0.2 million euro in the same period of 2009.
The consolidated net debt of the KOS group at September 30 2010 amounted to 211.9 million euro (215.7 million at June 30 2010), offsetting owned properties with a carrying value of approximately 144.9 million euro.
The KOS group had 3,954 employees at September 30 2010 (3,421 at December 31 2009)
