CURANUM AG

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

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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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ots Originaltext: Curanum AG
Im Internet recherchierbar: http://www.presseportal.ch

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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