The company confirms its position as one of the principal operators in private healthcare in Italy, especially in the sectors of nursing homes, hospitals and rehabilitation centres, and high-tech services
More than 5,250 beds in operation after recent acquisitions
Consolidated results for financial year 2009
Revenues: € 273.4 million (+11% from € 246.3 million in 2008) EBITDA: € 33 million (+14.9% from € 28.7 million in 2008) Net result: break-even (negative for € 1.2 million in 2008) Net debt: € 163.5 million (€ 149.1 million at December 31 2008)
Milan, February 25 2010 – 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 2009.
Performance of operations
The KOS group closed 2009 with growth in revenues (+11%) and gross operating margin (+14.9%) compared to 2008. In 2009 the company consolidated its position in the Italian market, particularly in the long term care sector (managing skilled nursing homes) and in the healthcare sector (managing hospitals and rehabilitation centres). During the year KOS continued in its growth strategy with the acquisition of two nursing homes in the Marche and in Piedmont. The presence of the company in the rehabilitation area was strengthened further in January 2010 thanks to a new acquisition made in the Marche region, after which the number of beds in operation topped 5,250. To these should be added a further 388 under construction.
Consolidated results
In 2009, the Kos group reported consolidated revenues of 273.4 million euro, with a rise of 11% on 2008 (246.3 million), 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 33 million euro, up by 14.9% compared to 2008 (28.7 million euro). The company closed 2009 with a consolidated net result which broke even (-0.4 million euro excluding minority shareholders), compared to a loss of 1.2 million euro in 2008 (-1.5 million euro excluding minority shareholders). The net result was affected by non-recurring costs of 3.3 million euro due, apart from provisions and write-downs, to a corporate reorganization that in the future will make it possible to further improve the efficiency of the company.
The consolidated net debt of the KOS group at December 31 2009 amounted to 163.5 million euro (149.1 million at December 31 2008), offset by owned property with a carrying value of approximately 120 million euro. This figure was substantially in line with the net debt of the group at September 30 2009 (161.6 million euro). The rise compared to the figure at the end of 2008 was due mainly to the acquisitions made during the year.
The KOS group had 3,421 employees at December 31 2009 (3,130 at December 31 2008).
Activities of the KOS group
The KOS group, which today manages a total of 5,258 beds, plus another 388 under construction, is active in three sectors:
– RSAs (skilled nursing homes), with 38 care homes under management (3,836 beds in operation and 336 under construction);
– Rehabilitation (management of hospitals and rehabilitation centres), with 10 rehabilitation facilities (in Lombardy, Emilia Romagna, Trentino and Marche), 9 psychiatric rehabilitation communities (in Liguria, Piedmont and Lombardy) and 13 outpatient clinics, for a total of 1,292 beds in operation and 52 beds under constructions;
– Hospital management (hospitals and high-tech services in hospitals), with one hospital and 7 diagnostic imaging departments.
This is not a compatible browser.
To continue to navigate on this site, an updated or more recent browser is necessary
Before accessing the contents of this website, please read and accept the legal notice below.
The documentation and information contained in this area of the website are accessible only to persons who are not currently domiciled or located in the United States of America, Australia, Canada, Japan, or in any other jurisdiction other than Italy in which it is required an authorization by the competent regulatory authorities or other fulfillments (such Countries, included the United States of America, Australia, Canada, Japan, jointly the “Other Countries”).
The document and information contained in this area of the website are not, and must not be sent, or in any other way transmitted to or distributed to, directly or indirectly, in the United States of America, Australia, Canada, Japan or any Other Countries.
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.
In order to access the information and documents contained in this area of the website I declare under my personal liability: not to be currently a U.S. Person, and not to find me at present in or not to be resident in the United States of America, Australia, Canada, Japan, or in any Other Country, and I have fully understood and accepted the limitations reported above.
The documentation and information contained in this area of the website are accessible only to persons who are not currently domiciled or located in the United States of America, Australia, Canada, Japan, or in any other jurisdiction other than Italy in which it is required an authorization by the competent regulatory authorities or other fulfillments (such Countries, included the United States of America, Australia, Canada, Japan, jointly the “Other Countries”).
The document and information contained in this area of the website are not, and must not be sent, or in any other way transmitted to or distributed to, directly or indirectly, in the United States of America, Australia, Canada, Japan or any Other Countries.
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.
In order to access the information and documents contained in this area of the website I declare under my personal liability: not to be currently a U.S. Person, and not to find me at present in or not to be resident in the United States of America, Australia, Canada, Japan, or in any Other Country, and I have fully understood and accepted the limitations reported above.