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Korian Deutschland AG

euro adhoc: Curanum AG
quarterly or semiannual financial statement
CURANUM doubles net profit in third quarter 2005

  Disclosure announcement transmitted by euro adhoc.
  The issuer is responsible for the content of this announcement.
10.11.2005
Sales revenues of CURANUM AG, Munich, rose from EUR45.0 million in
the third quarter of 2004 to EUR47.5 million in the third quarter of
2005, representing an increase by 5.6%.  EBITDA increased by
approximately 48% compared with the previous year from EUR4.8 million
to EUR7.1 million. CURANUM therefore achieved an EBITDA margin in the
third quarter of 14.9% - thereby clearly reflecting the extremely
positive trend over the year (Q1: EUR5.9m, Q2: EUR6.8m). After
depreciation of EUR1.6 million (previous year, EUR1.3 million), EBIT
rose by around 72% from EUR3.2 million to EUR5.5 million, the EBIT
margin thereby climbing from 7.1% to 11.6% in the third quarter.
Pre-tax profit doubled from EUR1.8 million to EUR3.9 million in the
reporting period, while the net profit also rose by almost 100% to
EUR2.9 million (previous year, EUR1.5 million). The CURANUM Group
therefore reported an earnings per share figure in the third quarter
of EUR0.10 doubling the previous year’s figure of EUR0.05.
In the first nine months of the current year, sales revenues rose by
5.1% from EUR134.2 million in the previous year to EUR141.1 million
in this reporting period. The decisive reason for the rise was the
improvement in the capacity utilization rate in the first half-year
as well as the adjustment of the investment costs in some facilities
in North Rhine-Westphalia region. Of the total figure of EUR141.1
million, 90.4% was derived from care and services activities, 6.0%
from apartments and 3.6% from other sources. EBITDA jumped 32% from
EUR15.0 million to EUR19.8 million, while the EBITDA margin rose from
11.1% to 14.0% in the first nine months of the current year. EBIT was
up from EUR10.8 million to EUR15.3 million, representing an increase
of approximately 42%. Due to a slight improvement in net financial
items, the pre-tax profit climbed by almost 90% to EUR10.6 million
(previous year, EUR5.6 million) whilst the after-tax profit improved
from EUR4.1 million to EUR7.1 million and was therefore slightly
above budget. Earnings per share therefore rose by around 70% to
EUR0.24.
The third-quarter results are slightly above budget so we are
therefore highly confident that the envisaged sales and profits for
2005 financial year will be reached. The reforms currently being
conducted in the administrative function of the facilities will make
a significant contribution to profit in the fourth quarter and
particularly in the coming year whilst we are working flat out on
further increasing the capacity utilization rate.
Munich, November 10, 2005
The management board
millions EUR          9M-05   9M-04         yoy    Q3-05   Q3-04          yoy
Sales                 141,1   135,0         4,5%   47,5    45,0           5,6%
Staff costs           71,3    69,9          2,0%   23,9    24,1           -0,8%
Rental exp.           24,6    23,9          2,9%   8,3     8,0             3,8%
EBITDA                19,8    15,0          32,0%  7,1     4,8            47,9%
% of Sales            14,0%   11,1%         14,9%  10,7%
Depreciation          4,5     4,2           7,1%   1,6     1,3            23,1%
EBIT                  15,3    10,8          41,7%  5,5     3,2            71,9%
% of Sales            10,8%   8,0%          11,6%  7,1%
financial result      -4,7    -5,2          -9,6% -1,5     -1,7          -11,8%
EBT                   10,6    5,6           89,3%  3,9     1,8           116,7%
Net profit            7,1     4,1           73,2%  2,9     1,5           93,3%
EPS (EUR)             0,24    0,14          70,8%  0,10    0,05          100,0%
Cash Flow             15,5    7,5           106,7% 7,2     1,8           300,0%
CPS (EUR)             0,52    0,25          108,0% 0,24    0,06          300,0%
end of announcement                               euro adhoc 10.11.2005 09:13:42

Further inquiry note:

Bernd Rothe
Tel.: +49 (0)89 242065-60
E-Mail: bernd.rothe@curanum.de

Branche: Healthcare Providers
ISIN: DE0005240709
WKN: 524070
Index: CDAX, Classic All Share, Prime All Share
Börsen: Frankfurter Wertpapierbörse / regulated dealing/prime
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