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10.08.2006 – 08:49


euro adhoc: Curanum AG
quarterly or semiannual financial statement
CURANUM announces decline in profits in Q2 2006

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


As the result of a temporary decline in the occupancy level and of personnel expenses exceeding planned figures, CURANUM AG, Munich, recorded a decline in profits in the second quarter of 2006. However, sales revenues nevertheless developed positively since, in addition to revenues from nursing care, the CURANUM Group also booked additional revenues from, for example, laundry or catering services for third parties. Consequently, in the second quarter of 2006, Group sales rose from EUR 47.4 million in the previous year to EUR 52.8 million in the reporting period just past (+11.4%).

The transition at the middle management level, which we carried out more rapidly for commercial reasons, entailed higher personnel expenses than planned. As a consequence, earnings before interest, tax, depreciation and amortization (EBITDA) fell in the second quarter from EUR 6.8 million to EUR 6.5 million. The EBITDA margin was 12.3%. After depreciation and amortization of EUR 1.6 million (previous year: EUR 1.1 million), operating profit (EBIT) was EUR 4.9 million (previous year: EUR 5.8 million). In the second quarter of 2006, the EBIT margin was 9.9%.

Given an unchanged financial result of EUR -1.8 million (previous year: EUR -1.8 million) and taxes of EUR 1.1 million, net profit for the period was EUR 2.0 million, compared with EUR 2.5 million in the same period of the previous year. As a result, in the second quarter of 2006, earnings per share amounted to EUR 0.07 (previous year: EUR 0.09).

In the first half of 2006, sales revenues rose from EUR 93.6 million to EUR 103.7 million (+10.8%), of which EUR 95.7 million or 92.3% came from nursing care and related services, 4.7% from outpatient services and rental income, as well as 2.9% from other sales revenues. EBITDA improved by 10.2% to EUR 14.0 million (previous year: EUR 12.7 million). The EBITDA margin fell slightly from 13.6% to 13.5%. EBIT operating profit climbed to EUR 10.7 million (previous year: EUR 9.8 million). Consequently, the EBIT margin in the first half of 2006 was equivalent to 10.3%. Earnings after taxes improved from EUR 4.2 million to EUR 4.6 million. Earnings per share amounted to EUR 0.16, following EUR 0.14 in the previous year. As a result of the change in net current assets, in particular the reduction of trade liabilities as well as loans totaling approximately EUR 6 million, cash flow from current business activities amounted to EUR 6.8 million compared with EUR 8.2 million in the previous year.

The reasons for the decline in profit are partially one-off or temporary. In spite of this, in view of the key profit figures that we have achieved in the first half of 2006, we are adapting our forecasts for the full 2006 financial year. We are proceeding on the basis that we shall achieve sales revenues of EUR 210.1 million. Although the capacity utilization rate has stabilized and is currently rising once again, we are reducing our targets for EBITDA to EUR 29.0 million, EBIT to EUR 22.3 million and net profit to EUR 10.4 million. As a result, the after-tax result will rise by 42.5% in the 2006 financial year.

Munich, August 10, 2006

The Management Board

end of announcement                                                 euro adhoc 10.08.2006 08:14:09

ots Originaltext: Curanum AG
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Further inquiry note:
Bernd Rothe
Tel.: +49 (0)89 242065-60

Branche: Healthcare Providers
ISIN:      DE0005240709
WKN:        524070
Index:    CDAX, Classic All Share, Prime All Share, SDAX
Börsen:  Frankfurter Wertpapierbörse / regulated dealing/prime
              Bayerische Börse / regulated dealing
              Börse Berlin-Bremen / free trade
              Hamburger Wertpapierbörse / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Börse Düsseldorf / free trade

Original content of: Korian, transmitted by news aktuell