CURANUM AG

EANS-Adhoc: CURANUM AG
Preliminary results for the 2010 financial year

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  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.
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10.03.2011

The Management Board of Curanum AG has today prepared the consolidated financial statements for the 2010 financial year, which remain preliminary until certification by the auditor, and approval by the Supervisory Board. The following are the key points of the financial statements that have been prepared using International Financial Reporting Standards (IFRS):

Revenue trends

Consolidated revenue rose by EUR3.7 million (1.5%) year-on-year to reach EUR256.8 million in 2010, when adjusted for the discontinued operation of the Vienna facility. This increase is mainly attributable to the start of operation of new facilities in Braunschweig in the second half of 2009, and in Wachtendonk in summer 2010. Consolidated revenue amounted to EUR263.1 million including the Vienna facility. While the inpatient care occupancy rate fell by around one percentage point in the first two quarters, it recovered to the previous year's level in the second half of the year.

Operating trends

The Curanum Group reported EBITDA of EUR26.3 million before one-off effects (previous year: EUR28.0 million). The operating result is consequently within the forecast bandwidth that was published in summer 2010. The Curanum Group's cash flow amounted to EUR7.0 million in the year under review. It is composed of EUR25.7 million of cash inflow from operating activities (previous year: EUR19.8 million), minus EUR6.5 million of cash outflow from investing activities (previous year: minus EUR5.2 million), and a minus EUR12.1 million cash outflow from financing activities (previous year: minus EUR15.8 million). The EUR5.9 million improvement in cash inflow from operating activities is also reflected in the EUR15,3 million net finance debt improvement.

Earnings taking one-off effects into account

Earnings before interest, tax, depreciation and amortization were burdened by a total of EUR6.7 million of one-off effects in 2010. These included valuation-related one-off effects (EUR4.8 million), expenses due to the merger of the head offices in Munich and Nuremberg into one head office in Munich-Pasing, and other transaction-related extraordinary charges (EUR0.7 million), as well as expenses for former board members, and from a currency effect for the financing of an existing property (EUR1.2 million). EBITDA amounted to EUR19.7 million including these one-off effects. The valuation-related one-off effects include the impairment of assets connected with concluding corporate lease agreements in previous years, and the formation of risk provisions for previous transactions (provisions for anticipated losses for a purchase obligation).

Depreciation/amortization and impairment charges rose at a disproportionately rapid rate to EUR26.9 million in the year under review. Along with depreciation of EUR10.2 million (previous year: EUR9.7 million) applied to property, as well as operating and business equipment, impairments amounting to EUR16.7 million were also applied. These impairments also include goodwill impairment of EUR5.9 million, and EUR10.8 million of impairments applied to real estate, as well as to operating and office equipment. These goodwill measurement effects resulted from a conservative assessment of future cash flows, and from an amendment to the IAS 36 accounting regulation, on whose basis impairment tests are to be conducted at the level of individual locations from 2010, rather than on a higher aggregation level, as in previous years.

As a consequence, the Curanum Group reported earnings before interest and tax (EBIT) of minus EUR7.2 million for the year under review, and earnings before tax (EBT) of minus EUR16.9 million. Earnings after tax from the discontinued Vienna operation amounted to almost minus EUR1.7 million, thereby generating earnings after tax from continuing operations of minus EUR15.8 million, and of minus EUR17.5 million including the discontinued operation.

Declaration of compliance

On March 9, 2011, the Supervisory and Management boards issued the declaration of compliance with the German Corporate Governance Code, which includes the following statement relating to Figure 4.2.3:

"While no settlement cap were agreed in Management Board employment contracts in the past, we comply with this regulation when concluding new Management Board employment contracts after June 1, 2010. The total remuneration of the Management Board members contains both fixed and variable components. For 2011, the Supervisory Board has approved a stock option plan for the Management Board comprising long-term incentive effects and risk character."

Munich, March 10, 2011 The Management Board of Curanum AG

end of announcement                               euro adhoc
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Contact:

Caroline Lutz
Tel.: + 49 89 242065 17
E-Mail: ir@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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