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12.08.2008 – 08:19

Korian

euro adhoc: Curanum AG
quarterly or semiannual financial statement / Publishing the figures of 2nd Quarter 2008

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  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
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quaterly report

12.08.2008

Ad-hoc-Mitteilung

NET PROFIT CLIMBS BY 18% IN THE FIRTST HALF OF 2008

CURANUM AG, Munich, generated revenue of EUR 63.7 million in the second quarter of 2008 (previous year: EUR 56.9 million), which corresponds to an increase of 11.9%. The key factor for the increase was the first-time consolidation of ELISA Seniorenstift GmbH, with its six facilities, which was acquired as of January 1, 2008. First-half revenue nevertheless fell short of our expectations. During the course of the first half of the year, occupancy fell due to greater competition, with a decline between February and the end of April to 88%, although it has been rising again since May. However, this positive trend in the second quarter was unable to fully compensate for the fall in utilization.

Earnings before interest, tax, depreciation and amortization (EBITDA) increased slightly in the second quarter of 2008 from EUR 6.4 million to EUR 6.8 million. Depreciation and amortization rose from EUR 2.1 million to EUR 2.4 million, and EBIT earnings before interest and tax grew from EUR 4.3 million to EUR 4.5 million in the second quarter. After-tax earnings doubled from EUR 0.8 million to EUR 1.7 million when compared with the prior-year reporting period, primarily due to lower interest payments and a lower tax rate. Earnings per share correspondingly rose from EUR 0.02 to EUR 0.05 per share.

Net profit rose 18.2% from EUR 3.2 million in the first half of 2007 to EUR 3.8 million. This resulted in earnings per share of EUR 0.12 for the first half of 2008 (previous year: EUR 0.11).

Cash flow from operating activities rose due to the slight increase in depreciation and amortization, the increase in provisions, and due to tax rebates of around EUR 2.0 million in the first half of the year, from EUR 0.8 million in the previous year to EUR 9.0 million in the reporting period just passed, and consequently increased tenfold compared with the previous year. However, cash flow rose in year-on-year comparison even after the elimination of special effects. For instance, gross cash flow (excluding changes in provisions and working capital) rose from EUR 8.0 million in the previous year to EUR 11.0 million in the first half of 2008.

Equity rose as a result of the second-half result to EUR 66.6 million (December 31, 2007: EUR 62.5 million). This is equivalent to an equity ratio of 27.1% (December 31, 2007: 26.1%).

CURANUM enjoys a solid starting base for further acquisitions due to strong growth in cash flow, pleasing growth in equity, and the accelerated rate of consolidation in the care market, and the company is confident that it can make these acquisitions in the second half of 2008. We shall work further on raising quality and occupancy in the remaining months of the year, and we are assuming that we shall maintain our current budgeting for the 2008 financial year.

Munich, August 12, 2008

The Management Board

|Key figures IFRS as of June 30, 2008    |         |         |       |       |
|                          |      |      |         |         |       |       |
|                          |       2nd   |             1st  |    1st Quarter|
|                          |Quarter      |Half              |               |
|mil. EUR                  |2008  |2007  |2008     |2007     |2008   |2007   |
|Sales                     |63.7  |56.9  |127.5    |113.5    |63.7   |56.6   |
|Rental costs              |13.4  |11.1  |27.2     |22.2     |13.8   |11.1   |
|EBITDA                    |6.8   |6.4   |14.7     |14.5     |7.9    |8.1    |
|Depreciation              |2.4   |2.1   |4.7      |4.2      |2.3    |2.1    |
|EBIT                      |4.5   |4.3   |10.0     |10.3     |5.5    |6.0    |
|Financial result          |-2.3  |-3.0  |-4.8     |-5.0     |-2.5   |-2.0   |
|EBT                       |2.2   |1.3   |5.3      |5.3      |3.0    |4.0    |
|Net profit                |1.7   |0.8   |3.8      |3.2      |2.2    |2.4    |
|Cashflow                  |4.9   |-2.8  |9.0      |0.8      |4.1    |3.5    |
|Cash and cash equivalents |11.2  |3.5   |11.2     |3.5      |10.0   |4.2    |
|in % of balance sum       |27.1% |27.4% |27.1%    |27.4%    |25.8%  |19.3%  |
|Balance sheet total       |246.0 |226.1 |246.0    |226.1    |250.8  |214.9  | 
end of announcement                               euro adhoc
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Further inquiry note:

Bettina Pöschl
Tel. +49(0)89-242065-69
E-Mail: bettina.poeschl@curanum.de

Branche: Healthcare Providers
ISIN: DE0005240709
WKN: 524070
Index: SDAX, CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / regulated dealing

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