CIR Group
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| Type | Società per azioni (BIT: CIR) |
|---|---|
| Industry | Holding company |
| Founded | 1976 |
| Headquarters | Milan, Italy |
| Key people | Rodolfo De Benedetti (CEO), Stefano Micossi (Chairman) |
| Products | Industrial holdings |
| Operating income | €215.8 million (2010)[1] |
| Profit | €56.9 million (2010)[1] |
| Total assets | €7.622 billion (end 2010)[1] |
| Total equity | €2.523 billion (end 2010)[1] |
| Employees | 15,102 (2011) |
| Website | www.cirgroup.com |
CIR Group (Compagnie Industriali Riunite, BIT: CIR) is an Italian holding company listed on the stock exchange which is 46% controlled by COFIDE of the De Benedetti family. The company was founded in 1976, when Carlo De Benedetti acquired the company Concerie Italiane Riunite, a Turin based tanning company, from its historic owner the Bocca family and transformed it into an industrial holding company. The company was then renamed Compagnie Industriali Riunite. Rodolfo De Benedetti has been the Chief Executive since 1993[2].
Today CIR heads an industrial group active in energy, media, automotive components, healthcare and financial investments. In 2010 the CIR group reported revenues of approximately 4.8 billion euro.[3]. The group has around 15 thousand employees.
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[edit] The Group
Today the most important business of the group is Sorgenia, the company founded by CIR in 1999 thanks to an agreement with the Austrian utility Verbund, which has over the years become one of the principal Italian operators in the electricity and gas sector. Sorgenia is active in the production and sale of electricity and in the sale of natural gas with approximately 500 thousand clients throughout Italy. After having focused for several years on the micro and small business sector, in 2011 the company entered the market as a supplier of electricity to households. CIR is the controlling shareholder of Sorgenia with an interest of 52%. In 2010 Sorgenia reported revenues of approximately 2.7 billion euro.
In the media sector CIR controls Gruppo Editoriale L'Espresso, the publishing company listed on the Italian stock exchange, which owns the daily newspaper la Repubblica, the weekly magazine L’Espresso plus other magazines, 18 local newspapers, three national radio stations (Radio Deejay, Radio Capital and M2O), two television channels, a digital division and an advertising concessionaire. The group is also active in television infrastructure with two multiplexes for digital terrestrial broadcasting. In 2010 Gruppo Editoriale l’Espresso reported revenues of 885 million euro.
In automotive components it is present with the subsidiary SOGEFI, one of the main operators worldwide in the engine system sector (filters and air cooling systems for engines) and suspension components (precision springs, stabilizer bars). Founded in Mantua in 1980, SOGEFI today supplies the most important car manufacturers worldwide and operates in 16 countries in five continents with 46 production plants. SOGEFI’s history includes numerous acquisitions, particularly in Europe and South America, the most recent of which was that of Mark IV Systèmes Moteurs (engine systems), completed at the end of July 2011.
KOS, which is controlled by CIR with AXA Private Equity also having an interest, operates in the care-home sector. Established in 2003 with the name Holding Sanità e Servizi, KOS is active in the management of care homes (with the brand Anni Azzurri) and rehabilitation centres (S.Stefano). The company also supplies and manages diagnostic and therapeutic medical technology through its subsidiary Medipass. The KOS group is one of the main Italian operators in this field with more than 60 facilities under management in the centre and north of Italy. The group recently launched a joint venture in India in the medical technology sector. KOS employs some 4,000 people and has an annual turnover of over 320 million euro.
The CIR group is also active in various investment initiatives such as the venture capital fund CIR Ventures, has a series of interests in the private equity sector and a portfolio of non-performing loans. In 2011 the CIR group acquired an interest of approximately 20% in the SEG group (Swiss Education Group), which is involved in training for the hospitality sector (hotels, catering etc.) with six facilities and over 5,000 students from all over the world.
[edit]
Gruppo Editoriale L'Espresso S.p.A. (55%)
Sorgenia Holding S.p.A. (65.03%, Verbund 34.97%), which controls 79.7% of Sorgenia S.p.A.
Sogefi S.p.A. (57.6%)
KOS S.p.A. (53.6%)
[edit] Board of Directors
The Board of Directors of CIR, appointed on April 29 2011, consists of twelve directors (previously fourteen), seven of whom are independent. CIR is one of the Italian listed companies that has the highest number of female directors (three out of twelve).[4] The current Board will remain in office until the approval of the Financial Statements for the year ended December 31 2013. The Board has the following Directors:
Carlo De Benedetti, Honorary Chairman and Director
Stefano Micossi, Chairman
Rodolfo De Benedetti, Chief Executive Officer
Giampio Bracchi, Director
Franco Debenedetti, Director
Dominique Senequier, Director
Michael Pistauer, Director
Franco Girard, Director
Silvia Giannini, Director
Maristella Botticini, Director
Claudio Recchi, Director
Guido Tabellini, Director
who will remain in office until the approval of the Financial Statements for the year ended December 31 2013.
[edit]
Carlo De Benedetti – 45.92%; through the financial company COFIDE S.p.A.
Bestinver Gestion (an investment subsidiary of Acciona) - 11%
Asset Value Investors – 2.2%
Columbia Wanger - 2%
[edit] References
- ^ a b c d "Annual Report 2010". CIR Group. http://www.cirgroup.com/fileadmin/docs/Cir_Annual_Report_2010.pdf. Retrieved 17 October 2011.
- ^ http://cachef.ft.com/cms/s/0/8a2e6f62-b4f4-11de-8b17-00144feab49a.html#axzz1gR0ID8f7
- ^ http://www.cirgroup.com/press/press-releases/document/cir-group-revenues-at-48-billion-126-margins-up-net-income-of-569-million-euro-an-return-t.html
- ^ http://27esimaora.corriere.it/articolo/quote-anticipare-la-legge-si-puo/
