euro adhoc: Curanum AG
quarterly or semiannual financial statement
Curanum achieves its highest ever EBIT margin in the third quarter

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In the third quarter of 2006, CURANUM AG, Munich, achieved acquisition-led sales growth of 14.3%, advancing sales to EUR54.2 million compared with EUR47.4 million in the third quarter of 2005. In comparison with the second quarter of 2006, this represents an increase of EUR1.4 million, which is attributable largely to the first-time consolidation of the FAZIT Group on September 1.

Earnings before interest, tax, depreciation and amortization (EBITDA) rose from EUR7.1 million to EUR8.3 million, corresponding to an increase of almost 17%. The EBITDA margin of 15.3% that we achieved in the third quarter exceeded our expectations, particularly since it allowed us to better the very good margin we reached in the third quarter of 2005 (15.0%), despite a lower level of occupancy. Earnings before interest and taxes (EBIT) increased 20% from EUR5.5 million to EUR6.6 million in the third quarter elapsed. This allowed us to reach the highest EBIT margin in the history of the company at 12.2%. Due to retrospective tax payments and high business taxes, the tax burden rose to EUR2.2 million (previous year: EUR1.0 million). As a result, earnings after taxes and minority interests were EUR2.5 million, compared with the previous year's result of EUR2.9 million. Third quarter earnings per share amounted to EUR0.08 (previous year: EUR0.10).

In the first nine months of the 2006 financial year, sales revenues grew from EUR141.1 million to EUR157.9 million, which represents a growth rate of 11.9%. During the same period, EBITDA was up from EUR19.8 million to EUR22.2 million (+12.6%). The EBITDA margin improved from 14.0% to 14.1%. Depreciation rose under-proportionally from EUR4.5 million to EUR5.0 million and operating earnings (EBIT) were up by 13.1% to EUR17.3 million (previous year: EUR15.3 million). Compared with the first nine months of 2005, the EBIT margin improved from 10.8% to 11.0%. As a consequence of the higher tax burden, earnings after taxes and minority interests were at the level of the previous year of EUR7.1 million, and earnings per share were unchanged at EUR0.24.

Due to seasonal factors, the occupancy rate that stabilized in the third quarter is now trending lower. We are therefore retaining the budget for the 2006 full year that we published at the half-year stage. For the coming 2007 financial year, we are cautiously anticipating a slightly improved occupancy rate, and further start-up and restructuring costs for the central laundry operation that is intended by mid-2007 to provide laundry services for all existing facilities, in other words, for both linen and occupants' personal laundry. Overall, we are expecting sales of EUR229.1 million for the 2007 financial year, including the new facilities from the FAZIT Group, and excluding the impact of any further acquisitions. As far as EBITDA is concerned, we are assuming a result of EUR33.7 million. This also includes start-up losses resulting from the opening in February 2007 of the new facility in Bad Lauterberg that comprises 122 beds and 18 apartments. After depreciation, we are expecting EBIT of EUR26.7 million and an after-tax result of EUR12.0 million, excluding any potential impacts from the corporation tax reform.

Munich, November 9, 2006

The Management Board

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ots Originaltext: Curanum AG
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Further inquiry note:
Bernd Rothe
Tel.: +49 (0)89 242065-60

Branche: Healthcare Providers
ISIN:      DE0005240709
WKN:        524070
Index:    CDAX, Classic All Share, Prime All Share, SDAX
Börsen:  Frankfurter Wertpapierbörse / regulated dealing/prime
              Bayerische Börse / regulated dealing
              Börse Berlin-Bremen / free trade
              Hamburger Wertpapierbörse / free trade
              Baden-Württembergische Wertpapierbörse / free trade
              Börse Düsseldorf / free trade

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