EANS-Adhoc: CURANUM AG / Preliminary results for the 2010 financial year

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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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10.03.2011

The Management Board of Curanum AG has today prepared the
consolidated financial statements for the 2010 financial year, which
remain preliminary until certification by the auditor, and approval
by the Supervisory Board. The following are the key points of the
financial statements that have been prepared using International
Financial Reporting Standards (IFRS):

Revenue trends

Consolidated revenue rose by EUR3.7 million (1.5%) year-on-year to
reach EUR256.8 million in 2010, when adjusted for the discontinued
operation of the Vienna facility. This increase is mainly
attributable to the start of operation of new facilities in
Braunschweig in the second half of 2009, and in Wachtendonk in summer
2010. Consolidated revenue amounted to EUR263.1 million including the
Vienna facility. While the inpatient care occupancy rate fell by
around one percentage point in the first two quarters, it recovered
to the previous year's level in the second half of the year.

Operating trends

The Curanum Group reported EBITDA of EUR26.3 million before one-off
effects (previous year: EUR28.0 million). The operating result is
consequently within the forecast bandwidth that was published in
summer 2010. The Curanum Group's cash flow amounted to EUR7.0 million
in the year under review. It is composed of EUR25.7 million of cash
inflow from operating activities (previous year: EUR19.8 million),
minus EUR6.5 million of cash outflow from investing activities
(previous year: minus EUR5.2 million), and a minus EUR12.1 million
cash outflow from financing activities (previous year: minus EUR15.8
million). The EUR5.9 million improvement in cash inflow from
operating activities is also reflected in the EUR15,3 million net
finance debt improvement.

Earnings taking one-off effects into account

Earnings before interest, tax, depreciation and amortization were
burdened by a total of EUR6.7 million of one-off effects in 2010.
These included valuation-related one-off effects (EUR4.8 million),
expenses due to the merger of the head offices in Munich and
Nuremberg into one head office in Munich-Pasing, and other
transaction-related extraordinary charges (EUR0.7 million), as well
as expenses for former board members, and from a currency effect for
the financing of an existing property (EUR1.2 million). EBITDA
amounted to EUR19.7 million including these one-off effects. The
valuation-related one-off effects include the impairment of assets
connected with concluding corporate lease agreements in previous
years, and the formation of risk provisions for previous transactions
(provisions for anticipated losses for a purchase obligation).

Depreciation/amortization and impairment charges rose at a
disproportionately rapid rate to EUR26.9 million in the year under
review. Along with depreciation of EUR10.2 million (previous year:
EUR9.7 million) applied to property, as well as operating and
business equipment, impairments amounting to EUR16.7 million were
also applied. These impairments also include goodwill impairment of
EUR5.9 million, and EUR10.8 million of impairments applied to real
estate, as well as to operating and office equipment. These goodwill
measurement effects resulted from a conservative assessment of future
cash flows, and from an amendment to the IAS 36 accounting
regulation, on whose basis impairment tests are to be conducted at
the level of individual locations from 2010, rather than on a higher
aggregation level, as in previous years.

As a consequence, the Curanum Group reported earnings before interest
and tax (EBIT) of minus EUR7.2 million for the year under review, and
earnings before tax (EBT) of minus EUR16.9 million. Earnings after
tax from the discontinued Vienna operation amounted to almost minus
EUR1.7 million, thereby generating earnings after tax from continuing
operations of minus EUR15.8 million, and of minus EUR17.5 million
including the discontinued operation.

Declaration of compliance

On March 9, 2011, the Supervisory and Management boards issued the
declaration of compliance with the German Corporate Governance Code,
which includes the following statement relating to Figure 4.2.3:

"While no settlement cap were agreed in Management Board employment
contracts in the past, we comply with this regulation when concluding
new Management Board employment contracts after June 1, 2010. The
total remuneration of the Management Board members contains both
fixed and variable components. For 2011, the Supervisory Board has
approved a stock option plan for the Management Board comprising
long-term incentive effects and risk character."

Munich, March 10, 2011
The Management Board of Curanum AG

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

Further inquiry note:

Caroline Lutz
Tel.: + 49 89 242065 17
E-Mail: ir@curanum.de

Branche: Healthcare Providers
ISIN: DE0005240709
WKN: 524070
Index: CDAX, Classic All Share, Prime All Share
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