euro adhoc: Curanum AG
Financial Figures/Balance Sheet
CURANUM publishes
2007 preliminary results
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
20.03.2008
Ad hoc announcement
CURANUM publishes 2007 preliminary results
CURANUM AG is publishing its 2007 results today due to the earlier than planned completion of its annual audit.
Group revenue grew 6.6% to E230.1 million in the financial year just passed (2006: E215.7 million), and fully met our expectations despite a lower level of capacity utilization than planned. The increase in revenue was primarily attributable to the full-year integration of the Fazit Group, and of the Armbrustergasse senior citizens' home in Vienna.
Earnings before interest, tax, depreciation, amortization and rent (EBITDAR) rose from E71.9 million in 2006 to E75.8 million in 2007, which represents an increase of 5.4 %. The EBITDAR margin consequently fell slightly from 33.3% to 32.9%, which continues to represent an operating return well above the sector average. EBITDA earnings after rental expense rose from E29.5 million to E30.7 million, and the EBITDA margin fell from 13.7% to 13.3% in 2007.
Depreciation increased from E6.8 million to E8.6 million in 2007 due to the consolidation of the Fazit Group, the senior citizens' home in Vienna, real estate in Bad Lauterberg and Greiz, and investments in the laundry. Operating earnings (EBIT) correspondingly fell from E22.8 million in 2006 to E22.2 million.
After deducting income tax of E4.7 million (2006: E5.5 million), consolidated annual earnings before deferred tax amounted to E8.0 million (2006: E10.2 million), which corresponds to earnings per share before deferred tax of E0.25. The earnings tax rate was 37.3%, and was slightly higher than in the previous year (35.0%) due to retrospective tax payments relating to deferred tax.
Due to the adjustment to deferred tax to the lower rate of corporate taxation in the future, we were required to book additional deferred tax of E1.6 million in 2007, so that the overall deferred tax amounted to E3.1 million. Net profit after deferred tax amounted to E4.9 million in 2007 (2006: E9.3 million), which corresponds to earnings per share of E0.16 (2006: E0.31).
Cash flow from operating activities fell from E15.8 million to E10.5 million in 2007. This was mainly due to rental prepayments, and the reclassification of deferred and accrued items, and of other receivables and liabilities. Gross cash flow, when considered before changes in net current assets and provisions, rose from E18.6 million in 2006 to E19.3 million in 2007, despite lower operating earnings. The overall cash position increased from E9.1 million to E25.6 million as of December 31, 2007.
After the repayment of the convertible profit-sharing certificate (E12.3 million), and the reduction of overdrafts (E10.4 million), CURANUM AG issued a borrower's note loan of E30 million at the end of 2007 in order to refinance the purchase price of Elisa Seniorenstift GmbH, and to create further flexibility for future acquisitions. The operating facility in Grossalmerode was sold as of December 31, 2007. This will lead to the discontinuation of E2.6 million of revenue, and of around E0.4 million of EBITDA, in the 2008 financial year. It was advantageous for CURANUM AG to sell the operation due to the lack of an opportunity to integrate it into an existing cluster, and the end of the rental agreement.
Excluding further acquisitions, we anticipate revenue in a range between E260 million and E265 million for the 2008 financial year, EBITDA earnings before interest, depreciation, and amortization of between E32 million and E34 million, and net profit between E10.5 million and E12 million. The increase in revenues is based mainly on the acquisition of the Elisa facilities. The budget currently excludes the rise in the capacity utilization ratio we are currently aiming for. Further acquisitions we plan to make in the course of the year are also not included in the budget.
Munich, March 20, 2008
The Management Board
|Key figures IFRS as of Dec. 31, 2007 | | | | | | | | | | | | | | | | | | |mil. E |2007 | |2006 | |yoy | | | | | | | | |Sales |230.1| |215.7 | |6.7% | |Staff costs |115.1| |106.9 | |7.7% | |Rental costs |45.1 | |42.4 | |6.4% | |EBITDA |30.7 | |29.5 | |4.1% | |in % of sales |13.3%| |13.7% | | | |Depreciation |8.6 | |6.8 | |26.5% | |EBIT |22.2 | |22.8 | |-2.6% | |in % of sales |9.6% | |10.6% | | | |Financial result |-9.4 | |-7.2 | |30.6% | |EBT |12.7 | |15.6 | |-18.6%| |Net profit before deferred |8.0 | |10.2 | |-21.6%| |taxes | | | | | | |Net profit |4.9 | |9.3 | |-47.3%| |EPS (E) |0.16 | |0.31 | |-49.4%| | | | | | | | |Cashflow |10.5 | |15.8 | |-33.5%| |CPS (E) |0.34 | |0.53 | |-35.8%| | | | | | | | |Cash and cash equivalents |25.6 | |9.1 | |181.3%| |Equity capital |62.5 | |38.6 | |61.9% | |in % of balance sum |26.1%| |17.6% | | | |Balance sheet total |239.7| |219.9 | |9.0% |
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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