CURANUM AG

euro adhoc: Curanum AG
Quarterly or Semiannual Financial Statements / CURANUM reports 12.3 % EBITDA increase in the first half year (E)

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In the first six months of the ongoing business year the Munich headquartered CURANUM Group generated total sales of EUR 90.5 million, thereby exceeded the previous year's figures for the same period by 8.5% (previous year: EUR 83.4 million). As of June 30, 2004, sales had moved up from EUR 81.9 million to EUR 88.0 million. In the second quarter alone sales increased by 9.2% to EUR 45.4 million (previous year: EUR 41.6 million) and total performance amounted to EUR 47.2 million (previous year: EUR 42.2 million), representing an increase by 11.8 %.

This increase in sales is on the one hand driven by the rise in capacity utilization at the end of 2002, as well as the new facilities commissioned in May 2003. On the other hand, Franziskushaus GmbH was initially consolidated as of May 1, 2004 and sales of the three facilities involved have been contributing to Group sales as of this date.

In the first half of the 2004 business year, earnings before interest, tax, depreciation and amortization (EBITDA) moved up by 12.3% from EUR 5.1 million to EUR 5.7 million. Earnings before interest and tax (EBIT) improved from EUR 4.0 million to EUR 4.2 million, representing an increase of 7.2% over the previous year for the entire Group. Earnings after tax (EAT) came in at EUR 2.2 million, following on EUR 2.0 million in the first half of 2003 (+ 11.7%). Earnings per share advanced from EUR 0.07 to EUR 0.08 in the first half of 2004.

In the second quarter from April 1 through to June 30, 2004 earnings before interest, tax, depreciation and amortization advanced from EUR 3.3 million to EUR 3.4 million, while EBIT amounted to EUR 2.6 million as of June 2004 (previous year: EUR 2.7 million). Earnings after tax totaled EUR 1.6 million by comparison with EUR 1.8 million in the second quarter of 2003, translating as EUR 0.05 per share for the second quarter of 2004 (previous year: EUR 0.06). In the second quarter the operating result and surplus for the period was slightly below the same period last year due to the full rental payments now due. In the comparable period last year the newly commissioned facilities had not yet been obligated to make full lease payments.

The results recorded in the first half of 2004 are well in line with planning for the overall year excluding any acquisitions, and the management boards expects that the set targets will be attained. We are currently negotiating with the operators of a number of interesting facilities that would be suitable for complete or partial acquisition. We hope that a number of these negotiations will be successfully concluded this year and that we will be able to adjust our forecasts accordingly at the end of the year.

August 5, 2004

The management board

end of announcement            euro adhoc 05.08.2004
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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, Prime Standard
Börsen:  Bayerische Börse / regulated dealing
              Frankfurter Wertpapierbörse / regulated dealing
              Berliner Wertpapierbörse / free trade
              Hamburger Wertpapierbörse / free trade
              Bremer Wertpapierbörse (BWB) / free trade
              Börse Düsseldorf / free trade
              Baden-Württembergische Wertpapierbörse / free trade



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