euro adhoc: Curanum AG
Financial Figures/Balance Sheet
Publishing the
figures of Q1/ 2008
-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
3-month report
14.05.2008
Ad hoc announcement
CURANUM raises revenue by 12.5%
The CURANUM Group grew its first-quarter earnings from Euro 56.6 million to Euro 63.7 million, which represents a year-on-year rise of 12.5%. The increase in revenue, which reflects the first-time consolidation of the Elisa Group as of January 1, 2008, nevertheless fell short of our expectations. The Group occupancy rate dropped to around 88% due to a greater level of competitive activities, few competitor operations leaving the market, and an increase in mortalities.
As a consequence, earnings before interest, tax, depreciation and amortization (EBITDA) fell in the first quarter from Euro 8.1 million in 2007 to Euro 7.9 million. The EBITDA margin declined from 14.3% to 12.4%, which was due to both the lower occupancy and the budgeted integration expense for the new facilities. Depreciation and amortization rose slightly from Euro 2.1 million to Euro 2.3 million, and EBIT operating earnings in the first quarter amounted to Euro 5.5 million (previous year: Euro 6.0 million). Following a net financial result of - Euro 2.5 million (previous year: - Euro 2.0 million), and the lower tax expense of Euro 0.9 million (previous year: Euro 1.5 million), net income amounted to Euro 2.2 million (previous year: Euro 2.4 million).
As a result of higher expenses arising from depreciation, amortization, and interest, accompanied by lower actual outgoing payments, cash flow rose from Euro 3.5 million in the first quarter of 2007 to Euro 4.1 million in the first quarter of 2008. Cash and cash equivalents increased from Euro 4.2 million to Euro 10.2 million in a quarter-on-quarter comparison, and equity grew from Euro 41.4 million to Euro 64.7 million as of March 31, 2008.
Through the creation of the TQM level last year, and the resultant significant improvement in operating management, we have already achieved successes in terms of improved quality, and we are assuming this progress will continue. This has unfortunately not yet been reflected in occupancy, but we are convinced that quality will prove its value in the long term. We have strengthened our marketing and sales measures, and expanded our extensive education and training program. This is why we are confident that we will further improve our occupancy position over the course of the year, and reach our annual budget.
Munich, May 13, 2008
The Management Board
|Key figures IFRS as of March 31, 2008| | | | | | | | | | | | | | | | |mil. Euro | |Q1/ 2008|Q1/ 2007 |FY 2007 | | | | | | | |Sales | |63.7 |56.6 |230.1 | |Staff costs | |31.5 |27.9 |115.1 | |Rental costs | |13.8 |11.1 |45.1 | |EBITDA | |7.9 |8.1 |30.7 | |in % of sales | |12.4% |14.3% |13.3% | |Depreciation | |2.3 |2.1 |8.5 | |EBIT | |5.5 |6.0 |22.1 | |in % of sales | |8.6% |10.6% |9.6% | |Financial result | |-2.5 |-2.0 |-9.4 | |EBT | |3.0 |4.0 |12.7 | |Net profit | |2.2 |2.4 |4.8 | |EPS (Euro) | |0.07 |0.08 |0.15 | | | | | | | |Cashflow | |4.1 |3.5 |10.5 | |CPS (Euro) | |0.13 |0.11 |0.16 | | | | | | | |Cash and cash equivalents | |10.2 |4.2 |25.6 | |Equity capital | |64.7 |41.4 |62.5 | |in % of balance sum | |25.8% |19.3% |26.0% | |Balance sheet total | |250.8 |214.9 |239.7 | | | | | | |
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
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