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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
KOS (CIR GROUP): IN FIRST QUARTER REVENUES AT 87 MILLION,
EBITDA AT 12.1 MILLION, NET INCOME AT 2.8 MILLION
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.
KOS (CIR group): revenues 325.4 million, Ebitda 42.1 million, net income 4 million
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 .
KOS (CIR group): entry finalized of Axa Private Equity into the company’s capital
KOS (CIR GROUP): ENTRY FINALIZED OF AXA PRIVATE EQUITY INTO THE COMPANY’S CAPITAL
Milan, December 23 2010 – CIR-Compagnie Industriali Riunite SpA gives notice that the agreement between the shareholders of its subsidiary KOS announced on October 28 has today been completed following the authorization of the European Antitrust Authority. This agreement involves the entry of AXA Private Equity into the capital of KOS with a minority interest. KOS is one of the main operators in the healthcare sector in Italy.
In detail, AXA Private Equity has acquired most of the minority interests in KOS, including the entire stakes held by Morgan Stanley and Wise, for an amount of 92.5 million euro and has subscribed to a dedicated capital increase of 20 million euro. CIR too has bought shares for an amount of 5.7 million euro. Thus, as of today the shareholders of KOS are the following: CIR 56.7%, AXA Private Equity 41.1%, management and other shareholders 2.2%. The agreement establishes that over the next three years AXA Private Equity will make further dedicated capital increases, in one or more stages. The total financial commitment of AXA Private Equity in the entire deal will rise to 150 million euro with a total shareholding interest of 46.7%.
CIR, which has been involved in the development of KOS since the company was established, will hold on to all the shares it currently owns and will remain majority shareholder with a stake, once AXA Private Equity has completed all its capital injections, of just over 51%.
AXA Private Equity
AXA Private Equity is a leading private equity company with assets under management of $25 billion and an international reach extending through Europe, North America and Asia. The company offers its investors a full range of private equity services for each segment of the market: direct capital, infrastructure financing, small and mid cap buyouts, venture capital, co-investments, funds of funds and mezzanine financing.
With offices in Paris, Frankfurt, London, New York, Singapore, Milan, Zurich and Vienna, AXA Private Equity promotes the development and long-term growth of its portfolio companies, implementing strategies of sustainable expansion and giving them access to AXA’s International network. AXA Private Equity has won the confidence of its investors by regularly providing transparent figures on the performance of its funds and of its portfolio companies. www.axaprivateequity.com.
KOS
The KOS group is one of the main Italian operators in the healthcare sector. Established in 2002 by CIR, the group today operates in three business sectors: nursing homes (RSAs), rehabilitation centres and hospital management (managing a hospital and high-tech facilities in hospitals). 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.
The KOS group reported revenues of 239 million euro in the first nine months of 2010 and has approximately 4 thousand employees. KOS is part of the CIR-Compagnie Industriali Riunite group, which is also active in energy, media, automotive components and financial investments. www.kosgroup.com.
KOS (CIR group): revenues of first nine months at 239 million euro, Ebitda at 32.2 million, net income at 4 million
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)
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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.
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.