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Korian Deutschland AG

euro adhoc: Curanum AG
Financial Figures/Balance Sheet
CURANUM AG publishes preliminary results for the 2008 financial year

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
06.03.2009
Ad hoc
CURANUM AG publishes preliminary results for the 2008 financial year:
Fourth quarter weaker than expected, consolidated earnings rise 67% 
as a result                                   of tax effect
Consolidated revenue rose 11.8% in 2007 to EUR 257.1 million 
(previous year: EUR 230.1 million). The increase was mainly 
attributable to the consolidation of the ELISA Group. There was a 
disproportionate rise in rental expense in the year under review, 
from EUR 45.1 million to EUR 54.6 million, representing an increase 
of 21.1%. This was mainly due to a sharp rise in the number of 
managed apartments, and rents consequently represented a higher share
of revenue.
Earnings before interest, tax, depreciation, amortization and rent 
(EBITDAR) rose from EUR 75.8 million in 2007 to EUR 83.9 million in 
2008, which corresponds to an increase of 10.7%. The EBITDAR margin 
fell slightly from 32.9% to 32.6%, which continues to represent an 
operating return well above the sector average.
EBITDA earnings after rental expense declined from EUR 30.7 million 
to EUR 29.3 million, feeding through into a fall in the EBITDA margin
from 13.3% in 2007 to 11.4% in 2008. Depreciation and amortization 
rose from EUR 8.6 million to EUR 9.5 million in 2008 as a result of 
the consolidation of the ELISA Group. Consequently, EBIT earnings 
fell from EUR 22.2 million in the previous year to EUR 19.7 million 
in the reporting period just passed.
The trend of both revenue and earnings was more negative than 
originally budgeted due to the decline in utilization in the fourth 
quarter, and the significantly below budget average utilization over 
the course of the 2008 financial year. In addition, food and gas 
prices rose faster than budgeted in the second half of the year.
Earnings after tax grew by 67.3% from EUR 4.2 million to EUR 7.0 
million as a result of a considerably lower tax burden in 2008, and 
as a result of the negative tax effect in 2007 due to the tax reform.
Earnings per share rose from EUR 0.13 to EUR 0.22 in the 2008 
financial year.
Cash flow from operating activities grew from EUR 10.5 million to EUR
19.8 million, while gross cash flow climbed from EUR 19.3 million to 
EUR 21.8 million. This reflected both lower tax payments as well as 
higher depreciation/amortization and interest payments than in the 
previous year.
The complete results for 2008 financial year will be published on 
March 27, 2009, as planned.
Munich, March 6, 2009
The Management Board
|Key figures IFRS as of Dec. 31, 2008   |           |                |
|                               |       |           |                |
|mil. EUR                       |2008   |2007       |yoy             |
|Sales                          |257.1  |230.1      |11.73           |
|Staff costs                    |127.9  |115.1      |11.03           |
|EBITDAR                        |83.9   |75.8       |10.69           |
|Rental costs                   |54.6   |45.1       |21.06           |
|EBITDA                         |29.3   |30.7       |-4.56           |
|in % of sales                  |11.4%  |13.3%      |                |
|Depreciation                   |9.5    |8.6        |11.76           |
|EBIT                           |19.7   |22.2       |-10.86          |
|in % of sales                  |7.7%   |9.6%       |                |
|Financial result               |-9.5   |-9.4       |1.06            |
|EBT                            |10.2   |12.7       |-19.69          |
|Net profit                     |7.0    |4.2        |68.98           |
|EPS (EUR) *)                   |0.22   |0.13       |61.54           |
|Cashflow                       |19.8   |10.5       |88.57           |
|CPS (EUR) *)                   |0.61   |0.34       |79.41           |
|Cash and cash equivalents      |10.0   |25.6       |-60.94          |
|Equity capital                 |66.6   |64.6       |3.10            |
|in % of balance sum            |27.7%  |26.8%      |                |
|Balance sheet total            |240.4  |240.7      |-0.12           |
|                               |       |           |                |
|*) Number of underlying outstanding    |           |                |
|shares in 2008: 32.611.091 Shares      |           |                |
|*) Number of underlying outstanding    |           |                |
|shares in 2007: 31.240.822 Shares      |           |                |
end of announcement                               euro adhoc

Further inquiry note:

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

Branche: Healthcare Providers
ISIN: DE0005240709
WKN: 524070
Index: SDAX, CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / regulated dealing

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