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Korian GmbH

euro adhoc: Curanum AG
Quartals- und Halbjahresbilanz
CURANUM Quarterly Report QIII/2007

  Ad-hoc-Mitteilung übermittelt durch euro adhoc mit dem Ziel einer
  europaweiten Verbreitung. Für den Inhalt ist der Emittent verantwortlich.
9-Monatsbericht
07.11.2007
Ad hoc announcement
CURANUM AG: Earnings increased once again
Sales revenues generated by Munich-based care home operator CURANUM 
AG in the third quarter of 2007 rose from E 54.2 million to E 58.3 
million. Gross earnings which had slipped in the second quarter to E 
8.7 million climbed back to E 9.9 million in Q3 while the gross 
margin improved once again from 15.2 % to 17.0 %. Earnings before 
interest, taxes, depreciation and amortization (EBITDA) increased 
from E 6.4 million in Q2 to E 7.5 million, however in view of the 
poor second quarter it proved impossible to match the strong figure 
of E 8.3 million recorded in the previous year. Earnings before 
interest and taxes (EBIT) for the reporting period came in at E 5.4 
million, down from E 6.6 million in the year before. Nevertheless 
this represented an improvement of 25.6 % over the second quarter (E 
4.3 million).
Following the repayment of the convertible bond at the end of August 
and a reduction in current account borrowings, the financial result 
was reduced from - E 3.0 in Q2 to - E 1.9 million (previous year: 
also - E1.9 million). Earnings before taxes improved from E 1.3 
million in Q2 to E 3.4 million, still somewhat behind the previous 
year's pre-tax earnings of E 4.7 million.
Following ratification by the Bundesrat on July 6, 2007, of the 
corporation tax reform proposals approved earlier this year on May 25
by the Bundestag, the new legislation will take effect on January 1, 
2008. As a result, the combined rate of corporation and trade tax 
payable under German Commercial Code (HGB) regulations by the parent 
company CURANUM AG will be reduced from the previous level of 38.5 % 
to 29.8 % effective January 1 next year. However, while there will be
a welcome effect on cash flow and earnings after tax in 2008, in 
financial year 2007 there will also be a one-off tax charge pursuant 
to IFRS. This results from a correction in deferred taxes as per IFRS
and will thus have no impact on actual tax payments or cash flow.
Prior to this one-off tax effect, net income for the Q3 period 
amounted to E 2.1 million (previous year: E 2.5 million), equal to 
earnings of E 0.07 per share (previous year: E 0.08). After the 
adjustment in deferred taxes, earnings after tax in the third quarter
of the current financial year came in at - TE 376.
In the first nine months of the year sales revenues rose from E 157.9
million to E 171.8 million, representing an increase of 8.8 %. 
Earnings before interest, taxes, depreciation and amortization 
(EBITDA) declined slightly from E 22.3 million to E 22.0 million, 
however the EBITDA margin was down relative to the previous year from
14.1 % to 12.8 %. The operating result (EBIT) slipped to E 15.7 
million (previous year: E 17.3 million), while the EBIT margin at the
end of nine months stood at 9.1 % (previous year: 11.0 %). As a 
result of acquisitions the financial result came in at - E 6.9 
million (previous year: - E 5.4 million). This in turn contributed to
a reduction in the result for the period thus far which amounted 
(prior to the one-off tax effect) to E 5.4 million (previous year: E 
7.1 million). After making the adjustment in deferred taxes, earnings
after tax for the first nine months stood at E 2.9 million.
Leaving aside the one-off tax charge, we anticipate that our targets 
for the current financial year will be achieved. Without further 
acquisitions, we anticipate that sales in financial year 2008 will 
reach E 231.9 million, with earnings before interest, taxes, 
depreciation and amortization (EBITDA) amounting to E 31.7 million 
and a net profit of E 11.3 million.
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Rückfragehinweis:

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

Branche: Gesundheitsdienste
ISIN: DE0005240709
WKN: 524070
Index: CDAX, Classic All Share, Prime All Share, SDAX
Börsen: Börse Frankfurt / Geregelter Markt/Prime Standard
Börse München / Geregelter Markt
Börse Berlin / Freiverkehr
Börse Hamburg / Freiverkehr
Börse Stuttgart / Freiverkehr
Börse Düsseldorf / Freiverkehr

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