euro adhoc: Curanum AG
quarterly or semiannual financial statement
CURANUM
raises profit after tax by around 60 %
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
11.05.2006
In the first quarter of 2006, the Munich-based operator of care and nursing facilities raised sales revenues by 10 % to EUR 50.9 million (1Q05: EUR 46.2 million) which breaks down as follows: EUR 47.2 million from nursing care services (92.6 %), EUR 2.5 million from letting sheltered apartments and outpatient services (5 %) and EUR 1.2 million from other sales revenues (2.4 %). Earnings before interest, tax, depreciation and amortization (EBITDA) climbed 25.4 % to EUR 7.4 million (1Q05: EUR 5.9 million), bringing the EBITDA margin to 14.5%, up from 12.8 %, in the first quarter of 2006. Earnings before interest and tax (EBIT) rose 45.0 % to EUR 5.8 million (1Q05: EUR 4.0 million), and the EBIT margin stood at 11.4 % (1Q05: EUR 8.7 %). Owing to higher bank and finance lease liabilities, the financial result fell from EUR -1.3 million to EUR -1.7. Earnings before tax (EBT) rose to EUR 4.1 million, up from EUR 2.7 million. Profit after tax developed well, climbing from EUR 1.6 million in the first quarter of 2005 to EUR 2.6 million in the period under review. Earnings per share (EPS) increased from EUR 0.06 to EUR 0.09.
In the first three months of the current financial year, the operating cash flow advanced to EUR 4.2 million (1Q05: EUR 2.0 million), and the cash flow per share (CFS) doubled, from EUR 0.07 to EUR 0.14.
All in all, we are very satisfied with the process of integrating the new facilities in North Rhine Westphalia, although occupancy is slightly below our expectations. The performance figures for the CURANUM Group are in line with our planning. We therefore expect to achieve our targets for the year as a whole.
Munich, 11 May 2006
The Management Board
In EUR million 1Q06 1Q05 y/y 2005 Sales revenues 50.9 46.2 10.2% 188.5 Personnel expenses 25.8 23.4 10.3% 95.5 Rental expenses 10.2 8.2 24.4% 32.7 EBITDA 7.4 5.9 25.4% 25.8 as % of sales 14.5% 12.8% 13.7% Depreciation & amortization 1.6 1.9 -15.8% 6.1 EBIT 5.8 4.0 45.0% 19.6 as % of sales 11.4% 8.7% 10.4% Financial result -1.7 -1.3 30.8% -7.4 EBT 4.1 2.7 51.9% 12.2 Net profit 2.6 1.6 62.5% 7.3 EPS (EUR) 0.09 0.06 50.0% 0.25 Cash flow 4.2 2.0 110.0% 12.7 CPS (EUR) 0.14 0.07 100.0% 0.43 Cash & cash equivalents 7.2 2.2 227.3% 2.2 Equity 39.7 39.5 0.5% 35.9 as % of total assets 22.9% 21.1% 22.4% Total assets 173.5 187.5 -7.5% 160.5 Employees 4,756 4,054 17.3% 4,150 Facilities 52 45 15.6% 45 Care places 6,520 5,641 15.6% 5,641 Sheltered apartments 693 686 1.0% 686
end of announcement euro adhoc 11.05.2006 08:21:28
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
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