CURANUM AG

euro adhoc: Curanum AG
Earnings
CURANUM increases net income for the year by 46% to EUR 5.2 million - target figures comfortably exceeded

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07.04.2005

CURANUM AG, Munich, posted total sales of EUR 189.5 million (previous year: EUR182.3 million) in the financial year 2004, thereby slightly exceeding its sales target (EUR 187.3 million). Sales generated by nursing care and sheltered accommodation increased by 6.8% from EUR 170.2 million to EUR 181.7 million, despite the fact that the company disposed of a care facility in the reporting year.

The key earnings figures increased disproportionately, thanks to increases in occupancy rates and the rigorous exploitation of cost reduction potential. In the Group as a whole, earnings before depreciation and amortization, interest, taxes and extraordinary results (EBITDA) increased by 24.5% to EUR 15.6 million (previous year: EUR 12.5 million). The EBITDA margin in relation to aggregate operating performance thereby increased from 6.9% in the previous year 8.2% in the financial year ended. Earnings before interest, taxes and extraordinary results (EBIT) increased from EUR 9.8 million to EUR 12.5 million (+28.2%). Thanks to the reduction in liabilities and, in contrast to the previous year, no necessity of carrying out amortizations on financial assets, the financial result improved from EUR -3.4 million in the previous year to EUR -0.8 million. As a result, earnings before taxes and extraordinary results (EBT) increased sharply from EUR 6.3 million to EUR 11.7 million (+85.5%).

The extraordinary result amounting to EUR 2.1 million was caused by the valuation allowance for an amount owed by a former affiliated company. Tax expenses in the Group increased from EUR 2.4 million in the previous year to EUR 4.1 million in the financial year ended.

Earnings after tax (EAT) in the Group consequently increased by 46.2% to EUR 5.2 million (previous year: EUR 3.6 million), with the plans made at the start of the year under review being exceeded by almost 50%. Earnings per share (EPS) came to EUR 0.18 (previous year: EUR 0.12 per share), with the number of shares totaling 29,700,000.

The net income for the year (EAT) posted by the parent company CURANUM AG increased to EUR 7.9 million in the financial year 2004 (previous year: EUR 4.6 million), while the distributable net income came to EUR 10.4 million (previous year: EUR 4.8 million). In view of the positive results, the Management and Supervisory Boards propose that the dividend be increased to EUR 0.14 per share (previous year: EUR 0.08).

With regard to the ongoing financial year, the Management Board is planning on generating total sales of EUR 195.8 million and after-tax earnings (EAT) of EUR 6.1 million.

Munich, April 7, 2005

The Management Board

end of announcement                                euro adhoc 07.04.2005 10:01:39
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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:    Prime Standard, CDAX, Classic All Share, Prime All Share
Börsen:  Frankfurter Wertpapierbörse / regulated dealing
              Bayerische Börse / regulated dealing
              Berliner Wertpapierbörse / free trade
              Hamburger Wertpapierbörse / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Börse Düsseldorf / free trade
              Bremer Wertpapierbörse (BWB) / free trade



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