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Korian Deutschland AG

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
Index: SDAX, CDAX, Classic All Share, Prime All Share
Börsen: Börse Frankfurt / regulated dealing/prime standard
Börse Berlin / free trade
Börse Hamburg / free trade
Börse Stuttgart / free trade
Börse Düsseldorf / free trade
Börse München / regulated dealing

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