CURANUM AG

EANS-Adhoc: CURANUM AG
Publishing the results of Q2/2010

@@start.t1@@--------------------------------------------------------------------------------   ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro   adhoc with the aim of a Europe-wide distribution. The issuer is solely   responsible for the content of this announcement. --------------------------------------------------------------------------------@@end@@

quarterly report

11.08.2010

Ad hoc

Stable business progress with rising cash flow; one-off effects burden results

Second-quarter sales of the CURANUM-Group was up from EUR 64.3   million  to  EUR 64.9  million.  Firstly,  this  growth  reflects   additional  sales    from    the Braunschweig and Wachtendonk facilities, and  additional  dementia  care  staff. Secondly, sales from existing facilities was below the  previous  year's  levels due to occupancy levels.

The staff costs rose from EUR 32.7 million to EUR 33.4 million in the reporting period elapsed. This was mainly due to the new facilities, and  higher  expenses for temporary help staff. The rental costs fell slightly, and  amounted  to  EUR 13.8 million in the second quarter (previous year: EUR 14.0 million).

In the materials costs area, food  expenses  rose,  not  only  due   to  the  new facilities, but also due to the third-party supply  of   our  facility  in  Werl, which was necessitated because its canteen required renovation. This  renovation was completed on July 1, however. An increase in maintenance  measures  resulted in a further rise in expenses, which was included in the budget.

We were forced to incur an unplanned one-off effect due  to  the   Greek  crisis, and the shock fall in the euro exchange  rate  to  the Swiss  franc  that  this precipitated. This was due to an expiring property loan  partly  denominated  in foreign currency, and which required servicing as of June 30, 2010. The  related provisions amounted to around EUR 0.75 million in the first half  of  the  year. The Group does not have any further foreign currency loans, however.

Earnings before interest, tax, depreciation and amortization (EBITDA) fell  from EUR 6.2 million to EUR 5.7 million in the second quarter of 2010, mainly due  to one-off effects. Earnings before interest and tax  (EBIT)  fell  from  EUR  3.8 million in the second quarter 2009 to EUR 3.2 million in  the  reporting  period elapsed, while depreciation/amortization was almost unchanged.

The net profit for  the  period  declined,  however,  since  the  net financial result, and particularly the tax  expense,  were  also   burdened  by  a  one-off effect. This was due to a ruling arising from the external audit of  past  years at Elisa Seniorenstift GmbH, which resulted in charges to  the  net  result  for the period resulting from a supplementary interest claim for  EUR  0.2  million, and a supplementary  tax  payment  of  EUR  0.8  million.  We  are   nevertheless convinced that we should not have incurred this charge, and we will exhaust  all legal means against the sellers of Elisa Seniorenstift GmbH.

Earnings after tax fell from EUR 1.1 million to EUR  -0.8 million in the  second quarter 2010 due to the above-described developments and one-off effects.

First-half results reflect one-off effects

Sales rose from EUR 127.4 million to EUR 129.1 million in the first half of  the year. Personnel costs were up by EUR 1.3 million over the  same  period  to  EUR 66.1 million (previous year: EUR 64.8 million). Earnings before  interest,  tax, depreciation, amortization and rents (EBITDAR)  consequently  fell  slightly  to EUR 39.4 million (previous year:  EUR  40.4  million).  The  rental  costs   also declined slightly in the first half of  the  year,  and   amounted  to  EUR  27.6 million (previous year: EUR 27.8 million). EBITDA reduced from EUR 12.6  million to EUR 11.8 million, and the EBITDA margin was  9.1%  in  the  reporting  period elapsed. EBIT was also down, from EUR 7.8 million to EUR 6.9  million,  and  the net financial result deteriorated from EUR  -4.4 million to  EUR   -4.7   million due to the above-described one-off effect.

The result in the first half of 2010 fell by the following amounts, particularly due to one-off effects:

@@start.t2@@o Third-party suppliers to Werl facilities                         EUR 0.28 million
      o Currency difference on property loans                              EUR 0.74 million
      o Supplementary interest claim due to external audit         EUR 0.2    million
      o Supplementary tax demand due to external audit                EUR 0.8    million@@end@@

_____________________________________________________________________
__________ Total one-off effects                                                          
EUR 2.02  million

Special effects that were not  only  of  a  one-off  nature  also   burdened  the result, including start-up costs for the new facility in Wachtendonk  (EUR  0.14 million), and deferred taxes of EUR 0.48 million the increase of which,  amongst others, accrued due to  the   valuation  differences  when  capitalizing  finance leases.

Operating cash flow was EUR 10.6 million in the first  half  of   2010,  EUR  1.9 million above the previous year's level of EUR 8.7 million. This is  mainly  due to a total EUR 4.1 million working capital reduction.

The cash position increased by EUR 5.8 million in the first half  of 2010,    in the previous year the cash position had declined by a total of EUR 5.1  million.

CURANUM Group occupancy reported very positive trends in June and July 2010,  in contrast to  the  first  five  months.  Of  particular note  are  the  positive developments at our new facility in Wachtendonk, as well as the  occupancy  rise in some regions of North Rhine Westphalia. We are  assuming  that  we  can  also step up our capacity utilization rates in the other  federal  Länder,  and  that our greater marketing and  sales  measures  will  exert  a  positive effect  on utilization this year.

Due to the above-described one-off effects, we will prospectively be unable  to meet the results that we had budgeted to date for the full 2010 year (sales  EUR 264.5 million to EUR  266.6  million,  EBITDA   EUR  28.5  million  to  EUR  30.0 million, and net income between EUR 6.5 million and EUR  7.5  million).  We  are adjusting our targets accordingly,  and  now  budget  for  sales  of  EUR  261.5 million to EUR 263.5 million, EBITDA of EUR 25.5 million to  EUR  27.0  million, and total net income of EUR 3.5 million to EUR 5.0 million.

Munich, August 11, 2010

The Management Board

Key figures of CURANUM H1/2010 and Q2/2010 IFRS

@@start.t3@@|in mil. EUR              |  |Q2/2010  |Q2/2009  |H1/2010  |H1/2009  |
|                               |  |             |             |             |             |
|Sales                        |  |64.9        |64.3        |129.1      |127.4      |
|Staff costs              |  |33.4        |32.7        |66.1        |64.8        |
|EBITDAR                    |  |19.5        |20.2        |39.4        |40.4        |
|Rental costs            |  |13.8        |14.0        |27.6        |27.8        |
|EBITDA                      |  |5.7         |6.2         |11.8        |12.6        |
|in % of sales          |  |8.8%        |9.6%        |9.1%        |9.9%        |
|Depreciation            |  |2.5         |2.4         |4.9         |4.8         |
|EBIT                         |  |3.2         |3.8         |6.9         |7.8         |
|in % of sales          |  |4.9%        |5.9%        |5.3%        |6.1%        |
|Financial result      |  |-2.5        |-2.1        |-4.7        |-4.4        |
|EBT                          |  |0,7         |1,7         |2,2         |3,4         |
|Net profit                |  |-0,8        |1,1         |0,0         |2,2         |
|EPS (EUR )*              |  |-0,03      |0,03        |0,00        |0,07        |


|* Number of underlying outstanding shares in H1/2009: 32,311,648 shares |
|* Number of underlying outstanding shares in H1/2010: 32,267,835 shares |
|* Number of underlying outstanding shares in Q2/2009: 32,254,898 shares |
|* Number of underlying outstanding shares in Q2/2010: 32,267,835         | |
|shares                                                                                                      | |@@end@@

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

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:    CDAX, Classic All Share, Prime All Share
Börsen:  Frankfurt / regulated dealing/prime standard
              Berlin / free trade
              Hamburg / free trade
              Stuttgart / free trade
              Düsseldorf / free trade
              München / regulated dealing



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