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

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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.
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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 million in the third quarter
of 2009. This mainly reflects the first-time consolidation of our
facility in Braunschweig and of our Seniorenresidenz Scheffelhof in
Bad Dürrheim. In the first nine months of the current financial year,
we generated revenue of EUR 193.1 million compared with EUR 192.5
million in the prior-year period.

In the third quarter of 2009, the personnel expense increased from
EUR 32.2 million in the third quarter of 2008 by EUR 0.5 million or
1.6% to EUR 32.7 million. This increase was due, firstly, to higher
expenses for temporary labor, and, secondly, to the fact that one-off
Group restructuring expenses had an impact on the personnel expense.
Rental expenses rose slightly from EUR 13.7 million in the third
quarter of 2008 to EUR 13.8 million in the third quarter of 2009.

Compared with EBITDA generated in the first half-year quarters (Q1:
EUR 6.4 million; Q2: EUR 6.2 million), EBITDA in the third quarter
2009 was highly positive at EUR 7.5 million. Due to higher personnel,
rental and maintenance expenses, however, the figure was somewhat
lower than in the third quarter of 2008 (EUR 7.9 million).

Earnings before interest and tax (EBIT) fell from EUR 5.5 million in
the third quarter of 2008 to EUR 5.0 million in the third quarter of
2009. In a year-on- year comparison, the EBIT margin declined from
8.5% to 7.7% in the third quarter of 2009. Earnings after tax
amounted to EUR 2.0 million in the third quarter of the current
reporting period (previous year: EUR 2.4 million), while earnings per
share (EPS) totaled EUR 0.06 in the third quarter of 2009 (previous
year: EUR 0.07 per share).

In the first nine months, EBITDA declined from EUR 22.6 million in
the comparable period of the previous year to EUR 20.1 million.
Earnings before interest and tax (EBIT) fell from EUR 15.5 million in
the first nine months of 2008 to EUR 12.8 million in 2009, earnings
after tax amounted to EUR 4.2 million (previous year: EUR 6.2
million), and earnings per share totaled EUR 0.13 (previous year: EUR
0.19).

During the first nine months of the current financial year, cash flow
from operating activities of EUR 14.1 million remained highly
positive (previous year: EUR 15.4 million). Besides the lower pre-tax
result, this mainly reflected a reduction in interest payments and
similar expenses, which were down from EUR 8.0 million to EUR 6.8
million, and a change in working capital from minus EUR 3.7 million
to minus EUR 4.6 million.

Shareholders' equity rose from EUR 64.1 million as of December 31,
2008 to EUR 64.3 million as of September 30, 2009. Accordingly, the
equity ratio amounted to 27.2% (December 31, 2008: 27.0%).

With regard to the upcoming months, we assume that the difficult
competitive environment will continue, and we are not expecting
improvements to set in until next year at the earliest. The
utilization rate is expected to prospectively remain at the same
level or to dip slightly due to the seasonally weaker demand in the
fourth quarter. We are retaining our 2009 budget that has been in
place to date. As far as earnings trends are concerned, however, we
are assuming that the outcome will be at the lower end of the range
that we have provided to date.

In the medium term, we are anticipating a recovery in the very low
utilization rate of around 85% across Germany, since investments in
care properties have declined sharply over the last 18 months, and
the refinancing of new care facilities has become significantly more
difficult in some Federal States (Bundesländer) due to the care home
act legislation. For the 2010 financial year, however, we continue to
anticipate a highly competitive environment, and we are budgeting
conservatively with revenue of between EUR 264.5 million and EUR
266.5 million, EBITDA of between EUR 28.5 million and EUR 30.0
million, and earnings after tax between EUR 6.5 million and EUR 7.5
million. These forecasts do not take any acquisitions into account.

Munich, November 12, 2009

The Management Board

|Key figures IFRS as of September 30, 2009 | | | |
| | | | | | |
|mil. Euro |Q 3 2009|Q 3 2008|9M-2009 |9M-2008 |2008 |
| | | | | | |
|Sales |65.7 |65.0 |193.1 |192.5 |257.1 |
|Staff costs |32.7 |32.2 |97.5 |96.0 |127.8 |
|EBITDAR |21.4 |21.6 |61.8 |63.5 |83.9 |
|Rental costs |13.8 |13.7 |41.6 |40.9 |54.6 |
|EBITDA |7.5 |7.9 |20.1 |22.6 |29.3 |
|in % of Sales |11.4% |12.2% |10.4% |11.7% |11.4% |
|Depreciation |2.5 |2.4 |7.3 |7.1 |9.5 |
|EBIT |5.0 |5.5 |12.8 |15.5 |19.7 |
|in % of Sales |7.7% |8.5% |6.7% |8.1% |7.7% |
|Financial results |-2.3 |-2.3 |-6.7 |-7.1 |-9.5 |
|EBT |2.7 |3.1 |6.1 |8.4 |10.2 |
|Net profit |2.0 |2.4 |4.2 |6.2 |7.0 |
|EPS (EUR)* |0.06 |0.08 |0.13 |0.19 |0.22 |
| | | | | | |
|Cashflow |5.4 |6.4 |14.1 |15.4 |19.8 |
|CPS (EUR) ** |0.17 |0.20 |0.44 |0.47 |0.61 |
| | | | | | |
|Cash and cash equivalents|7.6 |9.1 |7.6 |9.1 |10.0 |
|Equity capital |64.3 |65.2 |64.3 |65.2 |64.1 |
|in % of Balance sheet |27.2% |26.9% |27.2% |26.9% |27.0% |
|total | | | | | |
|Balance sheet total |236.8 |242.1 |236.8 |242.1 |237.7 |
| | | | | | |
|Employees |6,091 |5,978 |6,056 |5,964 |5,953 |
|Facilities |69 |67 |69 |67 |68 |
|Care places |7,805 |7,651 |7,805 |7,651 |7,708 |
|Assisted living |1,681 |1,630 |1,681 |1,630 |1,638 |
|apartements | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
|*) Number of underlying outstanding shares in | |
|Q3/2009: 32,254,898 shares | |
|*) Number of underlying outstanding shares in | |
|Q3/2008: 32,660,000 shares | |
|*) Number of underlying outstanding shares 9M/2009: 32,289,742| |
|shares | |
|*) Number of underlying outstanding shares 9M/2008: 32,660,000| |
|shares | |
|**) Cash Flow from operating activities: number of outstanding shares |

end of announcement euro adhoc
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ots Originaltext: CURANUM AG
Im Internet recherchierbar: http://www.presseportal.de

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
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