EANS-Adhoc: Curanum AG
Results of Q1/ 2009

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quarterly report


Ad hoc announcement

CURANUM presents Q1 report: occupancy stable in the first quarter

Occupancy across the Group was stable in the  first  quarter  of   2009.  Revenue amounted to EUR63.1 million in the quarter  just   elapsed  (previous  year: EUR63.7 million). The key factors behind this  trend  were,  firstly,  an  approximately 1.5% higher occupancy in the first quarter of 2008, and, secondly,  around EUR0.7 million of absent revenue compared with the 2008 leap year due to the fact   that there was one day less in February 2009.

The personnel expense rose to EUR32.1 million (previous year: EUR31.5 million), and the rental expense increased to EUR13.9 million (previous  year:  EUR13.8 million). Earnings before interest, tax, depreciation and amortization (EBITDA) fell  from EUR7.9 million in the first quarter of 2008 to EUR6.4 million in the  first quarter of 2009. The EBITDA margin fell from 12.3% to  10.1%  in  the  reporting period just elapsed.

EBIT amounted to EUR4.0 million in the first quarter of 2009 (previous year: EUR5.5 million), and earnings after tax reduced to EUR1.1 million  (previous  year: EUR2.2 million). Earnings per share fell accordingly from EUR0.07 to EUR0.04 per  share  in the first quarter of 2009.

Gross cash flow from operating activities  (before  changes  in   provisions  and working capital) fell only  slightly,  and  amounted to  EUR4.2  million  in the reporting period, compared with gross cash flow of EUR4.7 million in the previous year. Taking changes in provisions and working capital into account,  cash  flow from operating activities totaled EUR2.6 million (previous year: EUR4.1 million).

Equity increased slightly from EUR66.6 million as of December 31,   2008  to EUR67.0 million as of the end of the first quarter  of   2009.  This  corresponds  to  an equity ratio of 27.8%.

As far as the full 2009  financial  year  is  concerned  our  budget (excluding acquisitions) envisages revenue of EUR257  million  to   EUR259  million,  EBITDA  of EUR27.5 million to EUR29.0 million, and net profit of between EUR6.5 million and  EUR8.5 million.

Munich, May 15, 2009

The Management Board

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ots Originaltext: Curanum AG
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Bettina Pöschl
Tel. +49(0)89-242065-69

Branche: Healthcare Providers
ISIN:      DE0005240709
WKN:        524070
Index:    SDAX, 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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