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Letter to our Stakeholders

Rodolfo De Benedetti - Chairman
Dear Stakeholders,

2015 was a positive year for our group, one in which it completed the process of rebalancing its capital structure and strategic repositioning begun in 2013 and now after four years it has reported significant earnings again. 

At consolidated level, compared to 2014, the CIR group reported growth in revenues of 6.3% to € 2.54 billion and a gross operating margin up by 10.9% to € 218.2 million. Net income came in at € 42 million versus a loss of € 23.4 million in the previous year. The three industrial subsidiaries of the group – Espresso in media, Sogefi in automotive components and KOS in healthcare – made a greater contribution, and the parent company and the non-industrial subsidiaries reported a positive net result of € 22 million thanks to the good return on financial management and the capital gain on the sale of Swiss Education Group, an excellent investment made in 2011 that guaranteed an internal rate of return (IRR) of 30% per year. 

The results obtained enabled the company to return to the distribution of a dividend, of € 0.044 per share, after four years. In our view this is the just reward for shareholders after a satisfactory year but it is also a sign of confidence in the future prospects of the group on the fortieth anniversary of its foundation.

The objective of creating value, which is the main mission of the CIR group, naturally goes beyond the results of a single year. For us creating value means taking initiatives, adopting ways of conduct and, in general, a way of doing business that enables the company to operate successfully in its various markets and obtain results that are sustainable over time. 

Our group, which employs over 14 thousand people worldwide, operates mainly in three sectors that are very different one from the other. Each of them has a significant impact on the community in cultural, social and environmental terms.

Espresso is one of the main Italian publishing groups and through its media it is committed to offering news, culture, opinion and entertainment while respecting the principles of freedom, independence and respect for the individual, in the awareness that it has a great responsibility for the formation of the ethical and moral values of its audience.

KOS, one of the largest social healthcare providers in Italy, has an important social role in assisting the public sector in long-term care and its aim has always been to combine the typical objectives of a private company with a quality service that focuses on people, meaning patients and their families and employees. 

Lastly, Sogefi is an important international producer of car components, which is characterized by its ongoing research to create products and technologies that are able to contribute to reducing the weight and emissions of vehicles. It also has a global industrial presence, which makes the company an important interlocutor for employees, suppliers, customers, cultures and local communities in many countries. 

The preparation of this first CIR Group Sustainability Report is for us a further step forward in the process of continually improving our relationship with you Stakeholders.

With this document, not only do we want to recount the activities of our group and its impact on the internal and external communities that we are involved with, but we also want to start a process of reflection on our points of strength and on the areas where we could do more. We are convinced that this report and more in general an open and transparent dialogue with you our Stakeholders are important elements for achieving the company’s objective of creating value in the long term.


Rodolfo De BenedettiMonica Mondardini
ChairmanChief Executive Officer


Source: Sustainability Report 2015