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Korian Deutschland AG

euro adhoc: Curanum AG
quarterly or semiannual financial statement / Publishing the figures of 2nd Quarter 2008

  Disclosure announcement transmitted by euro adhoc. The issuer is responsible
  for the content of this announcement.
quaterly report
12.08.2008
Ad-hoc-Mitteilung
NET PROFIT CLIMBS BY 18% IN THE FIRTST HALF OF 2008
CURANUM AG, Munich, generated revenue of EUR 63.7 million in the 
second  quarter of 2008 (previous year: EUR 56.9 million), which 
corresponds to an  increase  of 11.9%. The key factor for the  
increase  was  the  first-time  consolidation  of ELISA Seniorenstift
GmbH, with its six facilities,  which  was  acquired  as  of January 
1,  2008.  First-half  revenue   nevertheless   fell   short   of   
our expectations. During the course of the first half of the  year,  
occupancy  fell due to greater competition, with a decline  between  
February  and  the  end  of April to 88%, although it  has  been  
rising  again  since  May.  However,  this positive trend in the 
second quarter was unable  to  fully  compensate  for  the fall in 
utilization.
Earnings before interest, tax, depreciation and amortization (EBITDA)
increased slightly in the second quarter of 2008 from EUR 6.4 million
to EUR 6.8  million. Depreciation and amortization rose from EUR 2.1 
million to EUR 2.4 million,  and EBIT earnings before interest and 
tax grew from  EUR  4.3  million  to  EUR  4.5 million in the second 
quarter. After-tax earnings doubled from EUR  0.8  million to  EUR  
1.7  million  when  compared  with  the  prior-year  reporting  
period, primarily due to lower interest payments and a  lower  tax  
rate.  Earnings  per share correspondingly rose from EUR 0.02 to EUR 
0.05 per share.
Net profit rose 18.2% from EUR 3.2 million in the first half of 2007 
to EUR  3.8 million. This resulted in earnings per share of EUR 0.12 
for the first  half  of 2008 (previous year: EUR 0.11).
Cash flow  from  operating  activities  rose  due  to  the  slight  
increase  in depreciation and amortization, the  increase  in  
provisions,  and  due  to  tax rebates of around EUR 2.0 million in 
the first half of the year,  from  EUR  0.8 million in the previous 
year to EUR 9.0 million in  the  reporting  period  just passed, and 
consequently increased tenfold  compared  with  the  previous  year. 
However, cash flow rose in year-on-year comparison even  after  the  
elimination of special  effects.  For  instance,  gross  cash  flow  
(excluding  changes  in provisions and working capital) rose from EUR
8.0 million in the  previous  year to EUR 11.0 million in the first 
half of 2008.
Equity rose as a result of the second-half result to EUR 66.6 million
(December 31, 2007: EUR 62.5 million). This is equivalent to  an  
equity  ratio  of  27.1% (December 31, 2007: 26.1%).
CURANUM enjoys a solid starting base for  further  acquisitions  due 
to  strong growth in cash flow, pleasing growth in equity,  and  the 
accelerated  rate  of consolidation in the care market, and the 
company is confident that it can  make these acquisitions in the 
second half of 2008. We shall work further on  raising quality and 
occupancy in the remaining months of the year, and we  are  assuming 
that we shall maintain our current budgeting for the 2008 financial 
year.
Munich, August 12, 2008
The Management Board
|Key figures IFRS as of June 30, 2008    |         |         |       |       |
|                          |      |      |         |         |       |       |
|                          |       2nd   |             1st  |    1st Quarter|
|                          |Quarter      |Half              |               |
|mil. EUR                  |2008  |2007  |2008     |2007     |2008   |2007   |
|Sales                     |63.7  |56.9  |127.5    |113.5    |63.7   |56.6   |
|Rental costs              |13.4  |11.1  |27.2     |22.2     |13.8   |11.1   |
|EBITDA                    |6.8   |6.4   |14.7     |14.5     |7.9    |8.1    |
|Depreciation              |2.4   |2.1   |4.7      |4.2      |2.3    |2.1    |
|EBIT                      |4.5   |4.3   |10.0     |10.3     |5.5    |6.0    |
|Financial result          |-2.3  |-3.0  |-4.8     |-5.0     |-2.5   |-2.0   |
|EBT                       |2.2   |1.3   |5.3      |5.3      |3.0    |4.0    |
|Net profit                |1.7   |0.8   |3.8      |3.2      |2.2    |2.4    |
|Cashflow                  |4.9   |-2.8  |9.0      |0.8      |4.1    |3.5    |
|Cash and cash equivalents |11.2  |3.5   |11.2     |3.5      |10.0   |4.2    |
|in % of balance sum       |27.1% |27.4% |27.1%    |27.4%    |25.8%  |19.3%  |
|Balance sheet total       |246.0 |226.1 |246.0    |226.1    |250.8  |214.9  |
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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