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euro adhoc: Curanum AG
quarterly or semiannual financial statement
CURANUM raises EBITDA in first half-year of 2007 to EUR14.5 million

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
6-month report/HY 1/Q2-figures
09.08.2007
Revenue in the second quarter of 2007 rose from EUR52.8 million to 
EUR56.9 million, representing an increase of 7.9%. Earnings before 
interest, tax, depreciation and amortization (EBITDA) fell slightly 
from EUR6.5 million to EUR6.4 million, and the EBITDA margin amounted
to 11.2% in the second quarter (previous year: 12.3%). As in the 
previous year, depreciation rose in line with the first quarter, from
EUR1.6 million to EUR2.1 million, and EBIT operating earnings 
consequently fell from EUR4.9 million to EUR4.3 million. The EBIT 
margin in the second quarter amounted to 7.6%, following 9.3% in the 
second quarter of the previous year.
As a result of the higher interest burden, the net financial result 
also developed negatively to -EUR3.0 million (previous year: -EUR1.8 
million). Pre-tax earnings correspondingly fell from EUR3.1 million 
to EUR1.3 million, and earnings after tax amounted to EUR0.8 million 
in the second quarter (previous year: EUR2.0 million). Earnings per 
share totaled EUR0.02 for the second quarter of 2007 (previous year: 
EUR0.08).
Revenue in the first half-year of 2007 rose from EUR103.7 million by 
9.5% to reach EUR113.5 million. Earnings before interest, tax, 
depreciation and amortization (EBITDA) climbed from EUR14.0 million 
to EUR14.5 million, and the EBITDA margin declined to 12.8% (previous
year: 13.5%). After deducting depreciation of EUR4.2 million 
(previous year: EUR3.2 million), EBIT operating earnings in the first
half-year amounted to EUR10.3 million (previous year: EUR10.7 
million). As a result of the disproportionate fall in the net 
financial result and an unchanged tax rate, consolidated net earnings
in the first half of 2007 fell from EUR4.6 million to EUR3.2 million,
and earnings per share amounted to EUR0.10 (previous year: EUR0.17). 
Operating cash flow increased from EUR6.2 million in the previous 
year to EUR0.7 million in the first half-year of 2007.
We are adjusting our forecasts for the full financial year as a 
result of the negative developments in the second quarter. We 
correspondingly expect revenue of EUR228.4 million, EBITDA of EUR30.4
million, EBIT of EUR22.2 million, and consolidated net income for the
year of EUR8.1 million. As far as the second half of the year is 
concerned, we are already working on rapidly turning around the 
negative effects, and further raising profit margins. We continue to 
focus on pursuing our acquisition strategy, and we are retaining the 
growth objective of 800 - 1,000 beds in the planned timeframe. We are
confident that we can achieve the planned EBITDA margin of 15% for 
2008.
Munich, August 8, 2007
The Management Board
End of the ad hoc announcement
Notes
Revenue growth: We are largely within budget with respect to revenue 
despite the negative impact of three effects. Only a few facilities 
were able to implement rises in care rates due to the restrictive 
positions adopted in care rate negotiations by care funds and 
providers of social security benefits. Organic growth was 
consequently limited. The average care level also fell slightly as 
the result of a reticent classification practice, which had a direct 
impact on revenues from care services. The third effect concerns our 
new facility in Bad Lauterberg, which has been in operation since 
April 1 and whose occupancy has underperformed our expectations.
Operating earnings: The divergence of operating earnings from our 
budget arises from several effects overall, which, although having 
little effect on an individual basis, nevertheless led to the 
significant fall in earnings in aggregate terms. Besides the matters 
already mentioned, which resulted in lower revenues relative to 
planning, high personnel costs, higher legal and consulting fees 
arising from the financial statements, as well as the delay in 
converting facilities to our laundry, brought about the above result.
Moderate rises in care rates also only partially covered higher costs
and the VAT expense.
Interest payments: As a result of higher levels of borrowing on the 
part of properties included in the balance sheet, higher leasing 
payments for acquired operations, as well as a higher interest 
expense for acquisition loans, the interest expense rose compared 
with the previous year from EUR2.1 million to EUR3.0 million in the 
second quarter of 2007. Compared with the first quarter of the 
reporting year, this item was also burdened further by the fact that 
poor payment practices meant that credit lines were utilized to a 
greater degree, and interest income fell.
Cash flow: It was not only the tax paid of EUR3.7 million (previous 
year: EUR0.5 million), interest paid, and the release of provisions 
and value adjustments made in the previous year amounting to EUR1.5 
million, that catered for an optical decline in cash flow. The change
in net current assets amounts to a negative EUR4.5 million as the 
result of a one-off and early payment of salaries. This effect will 
unwind as of the next reporting date, however, so that, when adjusted
for this effect and the actual tax expense, cash flow will be 
achieved equivalent to the amount in the previous year.
end of announcement                               euro adhoc 09.08.2007 08:09:04

Further inquiry note:

Bernd Rothe
Tel.: +49 (0)89 242065-60
E-Mail: bernd.rothe@curanum.de

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

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