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Korian Deutschland AG

EANS-Adhoc: CURANUM AG
Publishing the key figures Q1/ 2010

  ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro
  adhoc with the aim of a Europe-wide distribution. The issuer is solely
  responsible for the content of this announcement.
quarterly report
12.05.2010
Ad hoc announcement
CURANUM AG publishes results for first quarter of 2010:
Further increase in revenue
In the first quarter of 2010 revenue generated by CURANUM AG,  Munich,  grew  by
EUR 1.1 million compared with the first quarter of 2009, rising  from
EUR  63.1 million to EUR 64.2 million. The increase results mainly  
from  revenue  of  EUR 0.9 million that was generated by  our  new  
"Alten-  und  Pflegeeinrichtung  Am Stöckheimer Markt" facility in 
Braunschweig, and  additional  revenue  for  care services focusing 
on occupants suffering from dementia.
The personnel expense rose by EUR 0.6 million  from  EUR  32.1  
million  in  the first quarter of 2009 to EUR 32.7 million in the 
current reporting period.  This particularly reflected greater staff 
costs at our facilities  totaling  EUR  0.9 million, including EUR 
0.3 million of  staff  costs  for  our  new  facility  in 
Braunschweig. This increase was offset by  a  EUR  0.3  million  
personnel  cost reduction in our head companies' administration area.
Earnings before interest, tax, depreciation and amortization  
(EBITDA)  fell  by EUR 0.3 million in the current reporting period to
EUR  6.1  million  (previous year: EUR 6.4 million). Consequently, 
the EBITDA margin edged  down  from  10.1% to 9.5% in the first 
quarter of 2010. Earnings before interest  and  tax  (EBIT) fell by 
EUR 0.3 million, from EUR 4.0 million in the first quarter  of  2009 
to EUR 3.7 million in the first quarter of 2010.
Our net financial result improved slightly by  EUR  0.1  million  to 
EUR   -2.2 million in the reporting period (previous year:  EUR  
 -2.3  million).  Earnings after tax in the first quarter of 2010 
fell  by  EUR  0.3  million  to  EUR  0.8 million (previous year: EUR
1.1 million), as a  consequence  of  which  earnings per share (EPS) 
went from EUR 0.04 in the first quarter of 2009 to EUR  0.03  in the 
first quarter of 2010.
Cash flow from operating activities rose by EUR 3.9 million to EUR  
6.5  million during the period under review (previous year: EUR 2.6 
million). This  reflected a significantly lower working capital 
reduction of EUR 0.5 million in the  first quarter of 2010 compared 
with the first quarter of  2009  (EUR   -4.2  million), lower 
formation of provisions,  and  a  EUR  0.2  million  rise  in  income
tax receipts to EUR 0.8 million in the current reporting period.
Equity rose by EUR 0.6 million, from EUR 66.1 million as of  December
31,  2009 to EUR 66.7 million as of the March 31, 2010  balance  
sheet  date.  The  equity ratio rose slightly to 28.23% (December 31,
2009: 27.96%).
Although utilization in our facilities was stable in the first 
quarter of  2010, it proved very difficult to maintain as the result 
of a higher  mortality  rate, and a trend towards shorter stays on 
the part of our occupants. We are  assuming that this trend will 
improve over the further course of the business year.  With a look to
the 2010 financial year,  we  continue  to  budget  total  revenue  
of between EUR 264.6 million and EUR  266.5  million  (excluding  
acquisitions  and care rate increases), EBITDA of between EUR 28.5 
million and EUR  30.0  million, and net income of between EUR 6.5 
million and EUR 7.5 million.
Further information  is  available  at  our  website  www.curanum.de 
under  the Investor Relations menu item.
Munich, May 12, 2010
The Management Board
|Key figures IFRS as of March 31,|         |            |         |
|2010                            |         |            |         |
|                        |       |         |            |         |
|mil. EUR                |Q1/2010|Q1/2009  |YoY in %    |FY '2009 |
|                        |       |         |            |         |
|Sales                   |64.2   |63.1     |1.74        |259.5    |
|Staff costs             |32.7   |32.1     |1.87        |130.5    |
|EBITDAR                 |19.9   |20.2     |-1.49       |83.1     |
|Rental costs            |13.8   |13.9     |-0.72       |55.5     |
|EBITDA                  |6.1    |6.4      |-4.69       |27.6     |
|in % of Sales           |9.5%   |10.1%    |            |10.6%    |
|Depreciation            |2.4    |2.4      |0.00        |9.8      |
|EBIT                    |3.7    |4.0      |-7.50       |17.8     |
|in % of Sales           |5.8%   |6.3%     |            |6.9%     |
|Financial results       |-2.2   |-2.3     |-4.35       |-8.9     |
|EBT                     |1.5    |1.7      |-11.76      |8.9      |
|Net profit              |0.8    |1.1      |-27.27      |5.8      |
|EPS (EUR)*              |0.03   |0.04     |-25.00      |0.18     |
|                        |       |         |            |         |
|Cash Flow               |6.5    |2.6      |150.00      |19.9     |
|CPS (EUR)*              |0.2    |0.08     |150.00      |0.62     |
|                        |       |         |            |         |
|Cash and cash           |9.9    |7.2      |37.50       |8.9      |
|equivalents             |       |         |            |         |
|Equity capital          |66.7   |67.0     |-0.45       |66.1     |
|in % of balance sheet   |28.2   |27.8     |1.44        |28.0%    |
|total                   |       |         |            |         |
|Balance sheet total     |236.3  |241.2    |-2.03       |236.4    |
|                        |       |         |            |         |
|Employees               |6,152  |5,985    |2.79        |6,055    |
|Facilities              |69     |68       |1.47        |69       |
|Care places             |7,802  |7,692    |1.43        |7,805    |
|Assisted living         |1,679  |1,681    |-0.12       |1,681    |
|apantements             |       |         |            |         |
|                        |       |         |            |         |
|*) Number of underlying outstanding shares in Q1 /     |         |
|2010: 32.267.835 shares                                |         |
|*) Number of underlying outstanding shares in Q1 /     |         |
|2009: 32.524.196 shares                                |         |
|*) Number of underlying outstanding shares in 2009:    |         |
|32.267.835 shares                                      |         |
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: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / regulated dealing

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