euro adhoc: Curanum AG
Financial Figures/Balance Sheet
CURANUM AG:
Publishing the results of Q3/2008
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
quaterly report
13.11.2008
Ad hoc announcement
Positive development of occupancy rate in Q3/2008
Revenue grew from EUR 58.3 million in the third quarter 2007 to EUR 65.0 million in the third quarter of 2008. This represents an 11.5% increase. Total revenue during the first nine months of this financial year amounted to EUR 192.5 million. Curanum AG generated EUR 171.8 million of revenue in the first nine months of last year. This corresponded to a 12% increase relative to the previous year. The consolidation of Elisa Seniorenstift GmbH was the reason for this rise.
Overall personnel expense increased from EUR 29.2 million in the third quarter of 2007 to EUR 32.2 million in the third quarter of 2008. Rental expenses rose from EUR 11.4 million in the third quarter of 2007 to EUR 13.7 million in the third quarter of 2008. The disproportionately low rise in personnel costs of 10.3%, and the disproportionately high rise in rental expenses of 20.2%, result from the different cost structure of the Elisa Group, which is less service- intensive, with 755 managed apartments and 435 care places. Operating profit before rents (EBITDAR) consequently registered good growth, and rose from EUR 18.9 million to EUR 21.6 million (+14.3%), which represents an increase in the EBITDAR margin from 32.4% to 33.2%. Earnings before interest, tax, depreciation and amortization (EBITDA), however, rose only 5.3%, from EUR 7.5 million to EUR 7.9 million in the third quarter of this financial year. Depreciation increased only slightly from EUR 2.2 million in the third quarter of 2007 to EUR 2.4 million in the third quarter of 2008. Earnings before interest and taxes (EBIT) grew 1.9% from EUR 5.4 million to EUR 5.5 million in the current reporting period. Net profit went from EUR-0.4 million to EUR 2.4 million in the third quarter of 2008 due to the additional tax expense in the previous year due to the corporate tax reform, and the positive effect this year. Earnings per share (EPS) rose to EUR 0.07 (previous year: EUR-0.01).
The personnel expense in the first nine months increased 11.6% from EUR 86.0 million to EUR 96.0 million, and rental expenses were up 21.7%, from EUR 33.6 million to EUR 40.9 million. EBITDA improved 2.7%, from EUR 22.0 million to EUR 22.6 million. The EBITDA margin fell from 12.8% to 11.7%. Depreciation was up from EUR 6.4 million to EUR 7.1 million. The EBIT margin also fell, from 9.1% to 7.1%. Due to the tax effect, post-tax earnings leapt 113% to EUR 6.2 million (previous year: EUR 2.9 million). Earnings share (EPS) amounted to EUR 0.19 (previous year: EUR 0.10).
Cash flow from operating activities in the first nine months of 2008 amounted to EUR 15.4 million, compared with EUR 8.0 million during the prior-year period.
Equity rose to EUR 65.5 million as of the reporting date (December 31, 2007: EUR 62.5 million). This corresponds to an equity ratio of 27% (December 31, 2007: 26.1%).
Curanum AG had made up for the sharp decline in occupancy in the second half of 2008 by the end of the current reporting period. There is consequently still the opportunity to meet our current planning for the full year if the uptrend continues. Experience shows, however, that demand for care places declines slightly shortly before Christmas, and recovers in the first two months of the new year. From today's perspective, we are therefore assuming that we will just reach our sales budget, but that we will not quite meet our earnings figures due to the cost situation during the first nine months.
We are planning on high utilization for 2009 due to the fact that the competitive environment continues to be very intense. In terms of costs, we firstly expect a slight rise in personnel costs, and, secondly, in terms of materials costs, the recent sharp downtrend in raw materials and energy prices has not yet been priced in, since gas prices only react to the oil price with a significant delay, and foodstuff prices are unlikely to decline as fast due to the possible recession. Rental indexing was also budgeted on the basis of this year's average inflation level. To this extent, we have calculated conservatively, and we might experience upside effects as a result of deflationary trends.
We are consequently planning conservatively for sales of EUR 259.1 million for the 2009 financial year excluding acquisitions and new openings, EBITDA of EUR 30.2 million, and net profit of EUR 8.9 million.
Munich, November 13, 2008 The Management Board
| | | | | | | | | | | | | | | | | | | | |Key figures IFRS as of September 30, 2008 | | | | | | | | | | | | | | | | | | |mil. EUR |Q 3 2008|Q 3 2007|9M-2008 |9M-2007 |2007 | | | | | | | | |Sales |65.0 |58.3 |192.5 |171.8 |230.1 | |Staff costs |32.2 |29.2 |96.0 |86.0 |115.1 | |Rental costs |13.7 |11.4 |40.9 |33.6 |45.1 | |EBITDA |7.9 |7.5 |22.6 |22.0 |30.7 | |in % of sales |12.2% |12,9% |11.7% |12.8% |13.3% | |Depreciation |2.4 |2.2 |7.1 |6.4 |8.5 | |EBIT |5.5 |5.4 |15.5 |15.7 |22.1 | |in % of sales |8.5% |9,3% |8.1% |9.1% |9.6% | |Financial result |-2.3 |-1.9 |-7.1 |-6.9 |-9.4 | |EBT |3.1 |3.4 |8.4 |8.7 |12.7 | |Net profit |2.4 |-0.4 |6.2 |2.9 |4.8 | |EPS (EUR) |0.07 |-0.01 |0.19 |0.10 |0.15 | | | | | | | | |Cashflow |6.4 |7.1 |15.4 |7.8 |10.5 | |CPS (EUR) |0.20 |0.22 |0.47 |0.24 |0.34 | | | | | | | | |Cash and cash equivalents|9.1 |3.5 |9.1 |3.5 |25.6 | |Equity capital |65.5 |60.6 |65.5 |60.6 |62.5 | |in % of balance sum |27.0% |28.9% |27.0% |28.9% |26.1% | |Balance sheet total |242.7 |210.0 |242.7 |210.0 |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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