EANS-News: CURANUM AG / Curanum on uptrend

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annual report

München (euro adhoc) - Press release

Curanum AG: Curanum on uptrend

Germany's largest listed care home operator, Curanum AG, reports a
return to profitability in its consolidated financial figures
published today. Revenue was up by 9% toEUR289 million, and earnings
before interest and tax (EBIT) posted a significant improvement
toEUR18 million (previous year:EUR-8 million). "Our 6.2% EBIT margin
slightly exceeds our published earnings forecast of 6%," commented
CEO Walther Wever. Consolidated earnings after tax came in at EUR4.2
million.

More stable balance sheet structures

CURANUM reports EUR56 million of equity, reflecting a 21% equity
ratio (previous year: 17%). At the same time, net debt fell by EUR4
million to around EUR47 million despite the purchase price payment
for six former GWA facilities. "The fact that our net debt amounts to
less than our equity for the first time in several years shows that
we are on an uptrend again," as Wever went on to comment.

Follow-on financing secured

Cash inflows from operating activities were up by 17% to EUR24
million. The cash outflow from financing activities also rose to
EUR17 million due to the repayment of bank loans. "Although the
follow-on financing required significantly more time than we
originally assumed due to the fact that banks clearly take a critical
view of our sector, we agreed a new syndicated lending facility with
two banking groups in late autumn 2012. Our basis financing is
secured as a consequence, although it rules out dividend payments and
further growth for the foreseeable future due to the financial
covenants that have been agreed," Wever notes.

Korian takeover

To this extent, the Supervisory and Management boards welcomed the
voluntary public takeover offer submitted by Korian Deutschland AG on
January 21, 2013, and the amendment on February 13, 2013. An in-depth
opinion was issued on this offer on February 4 and February 17, 2013
- with the recommendation that CURANUM shareholders should accept the
offer. "Although the acceptance period for the second offer has still
to run until March 4, 2013," Wever added, "we welcome the fact that
almost 78% of shareholders have meanwhile decided to sell their
CURANUM shares according to Korian's last announcement. This enables
us to secure the company's medium-term financing, and to continue on
our growth path."

Change to the company's executive bodies

The Supervisory and Management boards would like to thank both
Supervisory Board members Dr. Dieter Thomae and Dr. Michael Treichl,
who actively accompanied CURANUM AG's turnaround over recent years.
Given the pending change of ownership, they have declared their
readiness to step down from their Supervisory Board positions soon to
allow Korian, as the new shareholder, to be appropriately represented
on the Supervisory Board in the future. They would also like to thank
Mrs. Judith Barth, whose request to have her Management Board
employment contract as Chief Financial Officer prematurely dissolved
was approved today, thereby releasing Mrs. Barth to pursue a new
career challenge. The company has now launched an executive search
for her successor. Mr. Walther Wever will temporarily assume the role
of CFO until a new CFO has been appointed.

Munich, February 28, 2013

The Management Board

Further inquiry note:
Frau Caroline Lutz
Leitung Unternehmensentwicklung
Tel.: 089 / 242065 - 0
E-Mail: ir@curanum.de

end of announcement euro adhoc
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company: CURANUM AG
Engelbertstraße 23-25
D-81241 München
phone: +49 (0)89 242065 17
FAX: +49 (0)89 242065 10
mail: ir@curanum.de
WWW: http://www.curanum.de
sector: Healthcare Providers
ISIN: DE0005240709
indexes: CDAX, Classic All Share, Prime All Share
stockmarkets: free trade: Berlin, Hamburg, Düsseldorf, Stuttgart, regulated
dealing: München, regulated dealing/prime standard: Frankfurt
language: English