euro adhoc: Curanum AG / quarterly or semiannual financial statement / CURANUM raises EBITDA in first half-year of 2007 to EUR14.5 million

--------------------------------------------------------------------------------
Disclosure announcement transmitted by euro adhoc. The issuer is responsible
for the content of this announcement.
--------------------------------------------------------------------------------

6-month report/HY 1/Q2-figures

09.08.2007

Revenue in the second quarter of 2007 rose from EUR52.8 million to
EUR56.9 million, representing an increase of 7.9%. Earnings before
interest, tax, depreciation and amortization (EBITDA) fell slightly
from EUR6.5 million to EUR6.4 million, and the EBITDA margin amounted
to 11.2% in the second quarter (previous year: 12.3%). As in the
previous year, depreciation rose in line with the first quarter, from
EUR1.6 million to EUR2.1 million, and EBIT operating earnings
consequently fell from EUR4.9 million to EUR4.3 million. The EBIT
margin in the second quarter amounted to 7.6%, following 9.3% in the
second quarter of the previous year.

As a result of the higher interest burden, the net financial result
also developed negatively to -EUR3.0 million (previous year: -EUR1.8
million). Pre-tax earnings correspondingly fell from EUR3.1 million
to EUR1.3 million, and earnings after tax amounted to EUR0.8 million
in the second quarter (previous year: EUR2.0 million). Earnings per
share totaled EUR0.02 for the second quarter of 2007 (previous year:
EUR0.08).

Revenue in the first half-year of 2007 rose from EUR103.7 million by
9.5% to reach EUR113.5 million. Earnings before interest, tax,
depreciation and amortization (EBITDA) climbed from EUR14.0 million
to EUR14.5 million, and the EBITDA margin declined to 12.8% (previous
year: 13.5%). After deducting depreciation of EUR4.2 million
(previous year: EUR3.2 million), EBIT operating earnings in the first
half-year amounted to EUR10.3 million (previous year: EUR10.7
million). As a result of the disproportionate fall in the net
financial result and an unchanged tax rate, consolidated net earnings
in the first half of 2007 fell from EUR4.6 million to EUR3.2 million,
and earnings per share amounted to EUR0.10 (previous year: EUR0.17).
Operating cash flow increased from EUR6.2 million in the previous
year to EUR0.7 million in the first half-year of 2007.

We are adjusting our forecasts for the full financial year as a
result of the negative developments in the second quarter. We
correspondingly expect revenue of EUR228.4 million, EBITDA of EUR30.4
million, EBIT of EUR22.2 million, and consolidated net income for the
year of EUR8.1 million. As far as the second half of the year is
concerned, we are already working on rapidly turning around the
negative effects, and further raising profit margins. We continue to
focus on pursuing our acquisition strategy, and we are retaining the
growth objective of 800 - 1,000 beds in the planned timeframe. We are
confident that we can achieve the planned EBITDA margin of 15% for
2008.

Munich, August 8, 2007

The Management Board

End of the ad hoc announcement
Notes

Revenue growth: We are largely within budget with respect to revenue
despite the negative impact of three effects. Only a few facilities
were able to implement rises in care rates due to the restrictive
positions adopted in care rate negotiations by care funds and
providers of social security benefits. Organic growth was
consequently limited. The average care level also fell slightly as
the result of a reticent classification practice, which had a direct
impact on revenues from care services. The third effect concerns our
new facility in Bad Lauterberg, which has been in operation since
April 1 and whose occupancy has underperformed our expectations.

Operating earnings: The divergence of operating earnings from our
budget arises from several effects overall, which, although having
little effect on an individual basis, nevertheless led to the
significant fall in earnings in aggregate terms. Besides the matters
already mentioned, which resulted in lower revenues relative to
planning, high personnel costs, higher legal and consulting fees
arising from the financial statements, as well as the delay in
converting facilities to our laundry, brought about the above result.
Moderate rises in care rates also only partially covered higher costs
and the VAT expense.

Interest payments: As a result of higher levels of borrowing on the
part of properties included in the balance sheet, higher leasing
payments for acquired operations, as well as a higher interest
expense for acquisition loans, the interest expense rose compared
with the previous year from EUR2.1 million to EUR3.0 million in the
second quarter of 2007. Compared with the first quarter of the
reporting year, this item was also burdened further by the fact that
poor payment practices meant that credit lines were utilized to a
greater degree, and interest income fell.

Cash flow: It was not only the tax paid of EUR3.7 million (previous
year: EUR0.5 million), interest paid, and the release of provisions
and value adjustments made in the previous year amounting to EUR1.5
million, that catered for an optical decline in cash flow. The change
in net current assets amounts to a negative EUR4.5 million as the
result of a one-off and early payment of salaries. This effect will
unwind as of the next reporting date, however, so that, when adjusted
for this effect and the actual tax expense, cash flow will be
achieved equivalent to the amount in the previous year.

end of announcement euro adhoc 09.08.2007 08:09:04
--------------------------------------------------------------------------------

ots Originaltext: Curanum AG
Im Internet recherchierbar: http://www.presseportal.de

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, SDAX
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse München / regulated dealing
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade