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 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 --------------------------------------------------------------------------------
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
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / regulated dealing
Original content of: Korian GmbH, transmitted by news aktuell