EANS-News: CURANUM AG
Curanum on uptrend
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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
Original-Content von: Korian GmbH, übermittelt durch news aktuell