Optimise risk-return of Holdco cash by investing in a portfolio of diversified and mostly liquid assets, readily monetisable for strategic investments
3
2022 Highlights
Relevant events
On Sept 12, 2022, the meeting of shareholders of CIR S.p.A. approved the following resolutions, aimed at restoring the holding company's flexibility to make future buyback / dividend distributions (although no proposal has been made on future distributions at present)
Cancellation of n. 170M treasury shares (13,3% of share capital)
Reduction of statutory capital by € 218,6M and creation of distributable reserves for the same amount
On Dec 23, 2022, CIR S.p.A. signed a binding agreement, subject to customary closing conditions, to sell a Real Estate property in Milan (previously rented to third parties), for an amount of € 38,0M (book value € 11,0M). Closing expected in Q4 2023
Consolidated
Financial
results
Sales:
+13,9% vs 2021
Net result: - € 0,2M
Organic sales : +9,4% vs 2021; +4,8% vs 2019 (excl. Charleston)
KOS +6,5% vs 2021; -3,6% vs 2019 (excl. Charleston)
Sogefi +17,5% vs 2021, +7,8% vs 2019
Strong contribution by Sogefi (+€ 16,7M thanks to cost reduction and squeeze containment, despite market challenges)
KOS slightly negative (-€ 0,8M, recovery still underway)
Negative HoldCo contribution (-€ 16,5M due to financial assets' performance)
Outlook
NFP: - € 81,8 M
Consolidated debt before IFRS16 stable, despite positive operational cash flow, due
+€ 2,8M vs Dec.21
to expansion capex and share buy-back
KOS expects a full recovery of pre-Covid activity levels in 2023 for Acute & Rehab and in 2024 for NH; margins also increasing, but transfer of labour and energy cost inflation to tariffs expected to be inhomogeneous across geographies and activities, leading to potential margin pressure over the medium term
Sogefi expects mid single digit market and revenues growth and stable or growing results, in a volatile environment
Absent new adverse events, both companies expect normalised 2023 EBIT to be at least in line or growing vs. 2022
4
Executive Summary
Group
Consolidated
Results
KOS and Sogefi
Group
ESG
strategy
5
Attachments
Original Link
Original Document
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Disclaimer
CIR - Compagnie Industriali Riunite S.p.A. published this content on 13 March 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 March 2023 16:48:04 UTC.
CIR SpA - Compagnie Industriali Riunite, formerly known as Cofide Gruppo de Benedetti SpA, is an Italy-based holding company mainly active in the healthcare and in the automotive part manufacturing industries. It operates through its subsidiaries KOS and Sogefi. KOS focuses on long-term care by managing nursing homes for elderly, functional rehabilitation and psychiatric therapy centers, among others. Sogefi specializes in the manufacturing of suspensions, filters, air and cooling systems. Additionally, the Company manages a portfolio of investments in private equity funds and a diversified portfolio of direct minor equity holdings. The Company is active in Europe, the Americas and Asia.
CIR S.P.A. - COMPAGNIE INDUSTRIALI RIUNITE 
