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Korian Deutschland AG

euro adhoc: Curanum AG
Financial Figures/Balance Sheet
CURANUM publishes 2007 preliminary results

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
20.03.2008
Ad hoc announcement
CURANUM publishes 2007 preliminary results
CURANUM AG is publishing its 2007 results today due to the earlier 
than planned completion of its annual audit.
Group revenue grew 6.6% to E230.1 million in the financial year just 
passed (2006: E215.7 million), and fully met our expectations despite
a lower level of capacity utilization than planned. The increase in 
revenue was primarily attributable to the full-year integration of 
the Fazit Group, and of the Armbrustergasse senior citizens' home in 
Vienna.
Earnings before interest, tax, depreciation, amortization and rent 
(EBITDAR) rose from E71.9 million in 2006 to E75.8 million in 2007, 
which represents an increase of 5.4 %. The EBITDAR margin 
consequently fell slightly from 33.3% to 32.9%, which continues to 
represent an operating return well above the sector average. EBITDA 
earnings after rental expense rose from E29.5 million to E30.7 
million, and the EBITDA margin fell from 13.7% to 13.3% in 2007.
Depreciation increased from E6.8 million to E8.6 million in 2007 due 
to the consolidation of the Fazit Group, the senior citizens' home in
Vienna, real estate in Bad Lauterberg and Greiz, and investments in 
the laundry. Operating earnings (EBIT) correspondingly fell from 
E22.8 million in 2006 to E22.2 million.
After deducting income tax of E4.7 million (2006: E5.5 million), 
consolidated annual earnings before deferred tax amounted to E8.0 
million (2006: E10.2 million), which corresponds to earnings per 
share before deferred tax of E0.25. The earnings tax rate was 37.3%, 
and was slightly higher than in the previous year (35.0%) due to 
retrospective tax payments relating to deferred tax.
Due to the adjustment to deferred tax to the lower rate of corporate 
taxation in the future, we were required to book additional deferred 
tax of E1.6 million in 2007, so that the overall deferred tax 
amounted to E3.1 million. Net profit after deferred tax amounted to 
E4.9 million in 2007 (2006: E9.3 million), which corresponds to 
earnings per share of E0.16 (2006: E0.31).
Cash flow from operating activities fell from E15.8 million to E10.5 
million in 2007. This was mainly due to rental prepayments, and the 
reclassification of deferred and accrued items, and of other 
receivables and liabilities. Gross cash flow, when considered before 
changes in net current assets and provisions, rose from E18.6 million
in 2006 to E19.3 million in 2007, despite lower operating earnings. 
The overall cash position increased from E9.1 million to E25.6 
million as of December 31, 2007.
After the repayment of the convertible profit-sharing certificate 
(E12.3 million), and the reduction of overdrafts (E10.4 million), 
CURANUM AG issued a borrower's note loan of E30 million at the end of
2007 in order to refinance the purchase price of Elisa Seniorenstift 
GmbH, and to create further flexibility for future acquisitions. The 
operating facility in Grossalmerode was sold as of December 31, 2007.
This will lead to the discontinuation of E2.6 million of revenue, and
of around E0.4 million of EBITDA, in the 2008 financial year. It was 
advantageous for CURANUM AG to sell the operation due to the lack of 
an opportunity to integrate it into an existing cluster, and the end 
of the rental agreement.
Excluding further acquisitions, we anticipate revenue in a range 
between E260 million and E265 million for the 2008 financial year, 
EBITDA earnings before interest, depreciation, and amortization of 
between E32 million and E34 million, and net profit between E10.5 
million and E12 million. The increase in revenues is based mainly on 
the acquisition of the Elisa facilities. The budget currently 
excludes the rise in the capacity utilization ratio we are currently 
aiming for. Further acquisitions we plan to make in the course of the
year are also not included in the budget.
Munich, March 20, 2008
The Management Board
|Key figures IFRS as of Dec. 31, 2007  |        |    |      |
|                              |     | |        |    |      |
|                              |     | |        |    |      |
|mil. E                        |2007 | |2006    |    |yoy   |
|                              |     | |        |    |      |
|Sales                         |230.1| |215.7   |    |6.7%  |
|Staff costs                   |115.1| |106.9   |    |7.7%  |
|Rental costs                  |45.1 | |42.4    |    |6.4%  |
|EBITDA                        |30.7 | |29.5    |    |4.1%  |
|in % of sales                 |13.3%| |13.7%   |    |      |
|Depreciation                  |8.6  | |6.8     |    |26.5% |
|EBIT                          |22.2 | |22.8    |    |-2.6% |
|in % of sales                 |9.6% | |10.6%   |    |      |
|Financial result              |-9.4 | |-7.2    |    |30.6% |
|EBT                           |12.7 | |15.6    |    |-18.6%|
|Net profit before deferred    |8.0  | |10.2    |    |-21.6%|
|taxes                         |     | |        |    |      |
|Net profit                    |4.9  | |9.3     |    |-47.3%|
|EPS (E)                       |0.16 | |0.31    |    |-49.4%|
|                              |     | |        |    |      |
|Cashflow                      |10.5 | |15.8    |    |-33.5%|
|CPS (E)                       |0.34 | |0.53    |    |-35.8%|
|                              |     | |        |    |      |
|Cash and cash equivalents     |25.6 | |9.1     |    |181.3%|
|Equity capital                |62.5 | |38.6    |    |61.9% |
|in % of balance sum           |26.1%| |17.6%   |    |      |
|Balance sheet total           |239.7| |219.9   |    |9.0%  |
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
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Börse München / regulated dealing

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