Board of Directors approves results as of June 30 2010
KOS (CIR GROUP): REVENUES OF 159 MILLION IN FIRST HALF, GROSS OPERATING MARGIN APPROXIMATELY 20 MILLION
Consolidated results of first half 2010
Revenues: € 159 million (+17.9% from € 134.9 million in 1H 2009)
EBITDA: € 20.2 million (+21.7% from € 16.6 million in 1H 2009)
Net income: € 2.4 million (€ 1.2 million in 1H 2009)
Net debt: € 215.7 million (€ 209.7 million at 31/03/2010), offset by owned properties with a book value of € 144.5 million
Milan, July 23 2010 – The Board of Directors of KOS SpA (CIR group) met today under the chairmanship of Claudio Stabon to examine the results of the first half of 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 half 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.
KOS today manages 59 facilities, mainly in the centre-north of Italy with a total of over 5,500 beds in operation, plus approximately 400 more under construction.
Consolidated results
The consolidated revenues of the first half of 2010 totalled 159 million euro and were up by 17.9% on the same period of 2009 (134.9 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 2.2 million euro for the IPO procedure (1.6 million euro) and for expenses relating to the acquisitions made in the period (0.6 million euro).
The gross operating margin (EBITDA) before the IPO and acquisition costs came to 22.4 million euro. EBITDA after the said costs was 20.2 million euro, up by 21.7% compared to the first half of 2009 (16.6 million euro).
The net result for the first half before the IPO and acquisition costs was 4.2 million euro. The net income after the said costs was 2.4 million euro, up from a result of 1.2 million euro in the first half of 2009.
The consolidated net debt of the KOS group at June 30 2010 amounted to 215.7 million euro (209.7 million at March 31 2010), offsetting owned properties with a carrying value of approximately 144.5 million euro. The rise compared to the figure for year end 2009 was due mainly to the acquisitions made during the first half and to the change in working capital.
The KOS group had 3,823 employees at June 30 2010 (3,421 at December 31 2009)
