Tous Actualités
Suivre
Abonner Korian Deutschland AG

Korian Deutschland AG

EANS-Adhoc: CURANUM AG
Publishing the results of Q2/2010

  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
11.08.2010
Ad hoc
Stable business progress with rising cash flow; one-off effects 
burden results
Second-quarter sales of the CURANUM-Group was up from EUR 64.3  
million  to  EUR 64.9  million.  Firstly,  this  growth  reflects  
additional  sales   from   the Braunschweig and Wachtendonk 
facilities, and  additional  dementia  care  staff. Secondly, sales 
from existing facilities was below the  previous  year's  levels due 
to occupancy levels.
The staff costs rose from EUR 32.7 million to EUR 33.4 million in the
reporting period elapsed. This was mainly due to the new facilities, 
and  higher  expenses for temporary help staff. The rental costs fell
slightly, and  amounted  to  EUR 13.8 million in the second quarter 
(previous year: EUR 14.0 million).
In the materials costs area, food  expenses  rose,  not  only  due  
to  the  new facilities, but also due to the third-party supply  of  
our  facility  in  Werl, which was necessitated because its canteen 
required renovation. This  renovation was completed on July 1, 
however. An increase in maintenance  measures  resulted in a further 
rise in expenses, which was included in the budget.
We were forced to incur an unplanned one-off effect due  to  the  
Greek  crisis, and the shock fall in the euro exchange  rate  to  the
Swiss  franc  that  this precipitated. This was due to an expiring 
property loan  partly  denominated  in foreign currency, and which 
required servicing as of June 30, 2010. The  related provisions 
amounted to around EUR 0.75 million in the first half  of  the  year.
The Group does not have any further foreign currency loans, however.
Earnings before interest, tax, depreciation and amortization (EBITDA)
fell  from EUR 6.2 million to EUR 5.7 million in the second quarter 
of 2010, mainly due  to one-off effects. Earnings before interest and
tax  (EBIT)  fell  from  EUR  3.8 million in the second quarter 2009 
to EUR 3.2 million in  the  reporting  period elapsed, while 
depreciation/amortization was almost unchanged.
The net profit for  the  period  declined,  however,  since  the  net
financial result, and particularly the tax  expense,  were  also  
burdened  by  a  one-off effect. This was due to a ruling arising 
from the external audit of  past  years at Elisa Seniorenstift GmbH, 
which resulted in charges to  the  net  result  for the period 
resulting from a supplementary interest claim for  EUR  0.2  million,
and a supplementary  tax  payment  of  EUR  0.8  million.  We  are  
nevertheless convinced that we should not have incurred this charge, 
and we will exhaust  all legal means against the sellers of Elisa 
Seniorenstift GmbH.
Earnings after tax fell from EUR 1.1 million to EUR  -0.8 million in 
the  second quarter 2010 due to the above-described developments and 
one-off effects.
First-half results reflect one-off effects
Sales rose from EUR 127.4 million to EUR 129.1 million in the first 
half of  the year. Personnel costs were up by EUR 1.3 million over 
the  same  period  to  EUR 66.1 million (previous year: EUR 64.8 
million). Earnings before  interest,  tax, depreciation, amortization
and rents (EBITDAR)  consequently  fell  slightly  to EUR 39.4 
million (previous year:  EUR  40.4  million).  The  rental  costs  
also declined slightly in the first half of  the  year,  and  
amounted  to  EUR  27.6 million (previous year: EUR 27.8 million). 
EBITDA reduced from EUR 12.6  million to EUR 11.8 million, and the 
EBITDA margin was  9.1%  in  the  reporting  period elapsed. EBIT was
also down, from EUR 7.8 million to EUR 6.9  million,  and  the net 
financial result deteriorated from EUR  -4.4 million to  EUR   -4.7  
million due to the above-described one-off effect.
The result in the first half of 2010 fell by the following amounts,
particularly due to one-off effects:
o Third-party suppliers to Werl facilities                EUR 0.28 million
    o Currency difference on property loans                   EUR 0.74 million
    o Supplementary interest claim due to external audit      EUR 0.2   million
    o Supplementary tax demand due to external audit          EUR 0.8   million
_____________________________________________________________________
__________ Total one-off effects                                     
EUR 2.02  million
Special effects that were not  only  of  a  one-off  nature  also  
burdened  the result, including start-up costs for the new facility 
in Wachtendonk  (EUR  0.14 million), and deferred taxes of EUR 0.48 
million the increase of which,  amongst others, accrued due to  the  
valuation  differences  when  capitalizing  finance leases.
Operating cash flow was EUR 10.6 million in the first  half  of  
2010,  EUR  1.9 million above the previous year's level of EUR 8.7 
million. This is  mainly  due to a total EUR 4.1 million working 
capital reduction.
The cash position increased by EUR 5.8 million in the first half  of 
2010,   in the previous year the cash position had declined by a 
total of EUR 5.1  million.
CURANUM Group occupancy reported very positive trends in June and 
July 2010,  in contrast to  the  first  five  months.  Of  particular
note  are  the  positive developments at our new facility in 
Wachtendonk, as well as the  occupancy  rise in some regions of North
Rhine Westphalia. We are  assuming  that  we  can  also step up our 
capacity utilization rates in the other  federal  Länder,  and  that 
our greater marketing and  sales  measures  will  exert  a  positive 
effect  on utilization this year.
Due to the above-described one-off effects, we will prospectively be 
unable  to meet the results that we had budgeted to date for the full
2010 year (sales  EUR 264.5 million to EUR  266.6  million,  EBITDA  
EUR  28.5  million  to  EUR  30.0 million, and net income between EUR
6.5 million and EUR  7.5  million).  We  are adjusting our targets 
accordingly,  and  now  budget  for  sales  of  EUR  261.5 million to
EUR 263.5 million, EBITDA of EUR 25.5 million to  EUR  27.0  million,
and total net income of EUR 3.5 million to EUR 5.0 million.
Munich, August 11, 2010
The Management Board
Key figures of CURANUM H1/2010 and Q2/2010 IFRS
|in mil. EUR         |  |Q2/2010  |Q2/2009  |H1/2010  |H1/2009  |
|                    |  |         |         |         |         |
|Sales               |  |64.9     |64.3     |129.1    |127.4    |
|Staff costs         |  |33.4     |32.7     |66.1     |64.8     |
|EBITDAR             |  |19.5     |20.2     |39.4     |40.4     |
|Rental costs        |  |13.8     |14.0     |27.6     |27.8     |
|EBITDA              |  |5.7      |6.2      |11.8     |12.6     |
|in % of sales       |  |8.8%     |9.6%     |9.1%     |9.9%     |
|Depreciation        |  |2.5      |2.4      |4.9      |4.8      |
|EBIT                |  |3.2      |3.8      |6.9      |7.8      |
|in % of sales       |  |4.9%     |5.9%     |5.3%     |6.1%     |
|Financial result    |  |-2.5     |-2.1     |-4.7     |-4.4     |
|EBT                 |  |0,7      |1,7      |2,2      |3,4      |
|Net profit          |  |-0,8     |1,1      |0,0      |2,2      |
|EPS (EUR )*         |  |-0,03    |0,03     |0,00     |0,07     |
|* Number of underlying outstanding shares in H1/2009: 32,311,648 shares |
|* Number of underlying outstanding shares in H1/2010: 32,267,835 shares |
|* Number of underlying outstanding shares in Q2/2009: 32,254,898 shares |
|* Number of underlying outstanding shares in Q2/2010: 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: 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

Plus de actualités: Korian Deutschland AG
Plus de actualités: Korian Deutschland AG
  • 12.05.2010 – 08:44

    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 ...

  • 31.03.2010 – 08:59

    EANS-Adhoc: CURANUM AG / Financial Figures 2009

    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. 31.03.2010 Ad hoc announcement CURANUM AG publishes 2009 results Occupancy stable in 2009, revenue and EBITDA budgets achieved CURANUM AG, Munich, announces its results for the 2009 financial year at today's ...

  • 12.11.2009 – 08:35

    EANS-Adhoc: CURANUM AG / Publishing the results of Q3/ 2009

    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 12.11.2009 Ad hoc announcement EUR 7.5 million of EBITDA in the third quarter of 2009 CURANUM AG, Munich, raised consolidated revenue from EUR 65.0 million in the third quarter of 2008 to EUR 65.7 ...