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euro adhoc: Curanum AG
Financial Figures/Balance Sheet
CURANUM AG - EBITDA climbs to EUR 8.1 in the first quarter

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
3-month report/First Quarter 07
10.05.2007
Revenue in the first quarter of 2007 rose from EUR50.9 million to 
EUR56.6 million, representing an increase of 11.2%. The rise reflects
the contribution made by the FAZIT Group, which was acquired in 
September 2006, and by the Seniorenresidenz Armbrustergasse in 
Vienna, which was consolidated for the first time in November. 
First-quarter revenue was in line with our expectations, although 
occupancy was approximately one percentage point lower than in the 
first quarter of the previous year.
Earnings before interest, tax, depreciation and amortization (EBITDA)
rose from EUR7.4 million to EUR8.1 million, corresponding to an 
increase of 9.5%. The EBITDA margin fell slightly as a consequence, 
and declined from 14.5% in the first quarter of 2006 to 14.3% in the 
first quarter of 2007.
The consolidations performed in the 2006 annual financial statements 
as well as the capitalization required by IFRS of customer bases 
purchased as part of corporate acquisitions, resulted in an 
above-average rate of increase in depreciation and amortization in 
the first quarter. These will reduce partially in the course of the 
financial year, since the amortization period for the customer bases 
is in part very brief, and there are also plans to dispose of real 
estate. Amortization and depreciation overall rose from EUR1.6 
million in 2006 to EUR2.1 million in the first quarter of 2007, with 
the increase arising entirely from the above-described effects.
Growth in earnings before interest and tax (EBIT) was correspondingly
less strong, with an increase from EUR5.8 million to EUR6.0 million. 
The EBIT margin fell from 11.4% in the first quarter of 2006 to 10.6%
in the first quarter of 2007. The higher level of debt in the 
reporting period just passed resulted in an increase of interest 
expense from EUR1.9 million to EUR2.2 million. The net financial 
result reduced from -EUR1.7 million in the reporting period of the 
previous year to -EUR2.0 million in the first quarter of 2007. 
Earnings before tax fell to EUR4.0 million (Q1 2006: EUR4.1 million),
and earnings after tax amounted to EUR2.4 million (Q1 2006: EUR2.6 
million). Earnings per share correspondingly fell from EUR0.09 to 
EUR0.08 per share.
In the view of a traditionally weak first quarter, we are confident 
to deliver our planned figures for the full financial year 2007 of 
EUR229.1m of sales, EUR33.7m EBITDA and EUR12.0m net profit.
Munich May 10, 2007
The Management Board
end of announcement                               euro adhoc 10.05.2007 08:19:15

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: Frankfurter Wertpapierbörse / regulated dealing/prime
standard
Bayerische Börse / regulated dealing
Börse Berlin-Bremen / free trade
Hamburger Wertpapierbörse / free trade
Baden-Württembergische Wertpapierbörse / free trade
Börse Düsseldorf / free trade

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