EANS-Adhoc: CURANUM AG
Publishing the results of Q2/2010
ad-hoc disclosure pursuant to section 15 of the WpHG transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement.
quarterly report
11.08.2010
Ad hoc
Stable business progress with rising cash flow; one-off effects burden results
Second-quarter sales of the CURANUM-Group was up from EUR 64.3 million to EUR 64.9 million. Firstly, this growth reflects additional sales from the Braunschweig and Wachtendonk facilities, and additional dementia care staff. Secondly, sales from existing facilities was below the previous year's levels due to occupancy levels.
The staff costs rose from EUR 32.7 million to EUR 33.4 million in the reporting period elapsed. This was mainly due to the new facilities, and higher expenses for temporary help staff. The rental costs fell slightly, and amounted to EUR 13.8 million in the second quarter (previous year: EUR 14.0 million).
In the materials costs area, food expenses rose, not only due to the new facilities, but also due to the third-party supply of our facility in Werl, which was necessitated because its canteen required renovation. This renovation was completed on July 1, however. An increase in maintenance measures resulted in a further rise in expenses, which was included in the budget.
We were forced to incur an unplanned one-off effect due to the Greek crisis, and the shock fall in the euro exchange rate to the Swiss franc that this precipitated. This was due to an expiring property loan partly denominated in foreign currency, and which required servicing as of June 30, 2010. The related provisions amounted to around EUR 0.75 million in the first half of the year. The Group does not have any further foreign currency loans, however.
Earnings before interest, tax, depreciation and amortization (EBITDA) fell from EUR 6.2 million to EUR 5.7 million in the second quarter of 2010, mainly due to one-off effects. Earnings before interest and tax (EBIT) fell from EUR 3.8 million in the second quarter 2009 to EUR 3.2 million in the reporting period elapsed, while depreciation/amortization was almost unchanged.
The net profit for the period declined, however, since the net financial result, and particularly the tax expense, were also burdened by a one-off effect. This was due to a ruling arising from the external audit of past years at Elisa Seniorenstift GmbH, which resulted in charges to the net result for the period resulting from a supplementary interest claim for EUR 0.2 million, and a supplementary tax payment of EUR 0.8 million. We are nevertheless convinced that we should not have incurred this charge, and we will exhaust all legal means against the sellers of Elisa Seniorenstift GmbH.
Earnings after tax fell from EUR 1.1 million to EUR -0.8 million in the second quarter 2010 due to the above-described developments and one-off effects.
First-half results reflect one-off effects
Sales rose from EUR 127.4 million to EUR 129.1 million in the first half of the year. Personnel costs were up by EUR 1.3 million over the same period to EUR 66.1 million (previous year: EUR 64.8 million). Earnings before interest, tax, depreciation, amortization and rents (EBITDAR) consequently fell slightly to EUR 39.4 million (previous year: EUR 40.4 million). The rental costs also declined slightly in the first half of the year, and amounted to EUR 27.6 million (previous year: EUR 27.8 million). EBITDA reduced from EUR 12.6 million to EUR 11.8 million, and the EBITDA margin was 9.1% in the reporting period elapsed. EBIT was also down, from EUR 7.8 million to EUR 6.9 million, and the net financial result deteriorated from EUR -4.4 million to EUR -4.7 million due to the above-described one-off effect.
The result in the first half of 2010 fell by the following amounts, particularly due to one-off effects:
o Third-party suppliers to Werl facilities EUR 0.28 million
o Currency difference on property loans EUR 0.74 million
o Supplementary interest claim due to external audit EUR 0.2 million
o Supplementary tax demand due to external audit EUR 0.8 million_____________________________________________________________________ __________ Total one-off effects EUR 2.02 million
Special effects that were not only of a one-off nature also burdened the result, including start-up costs for the new facility in Wachtendonk (EUR 0.14 million), and deferred taxes of EUR 0.48 million the increase of which, amongst others, accrued due to the valuation differences when capitalizing finance leases.
Operating cash flow was EUR 10.6 million in the first half of 2010, EUR 1.9 million above the previous year's level of EUR 8.7 million. This is mainly due to a total EUR 4.1 million working capital reduction.
The cash position increased by EUR 5.8 million in the first half of 2010, in the previous year the cash position had declined by a total of EUR 5.1 million.
CURANUM Group occupancy reported very positive trends in June and July 2010, in contrast to the first five months. Of particular note are the positive developments at our new facility in Wachtendonk, as well as the occupancy rise in some regions of North Rhine Westphalia. We are assuming that we can also step up our capacity utilization rates in the other federal Länder, and that our greater marketing and sales measures will exert a positive effect on utilization this year.
Due to the above-described one-off effects, we will prospectively be unable to meet the results that we had budgeted to date for the full 2010 year (sales EUR 264.5 million to EUR 266.6 million, EBITDA EUR 28.5 million to EUR 30.0 million, and net income between EUR 6.5 million and EUR 7.5 million). We are adjusting our targets accordingly, and now budget for sales of EUR 261.5 million to EUR 263.5 million, EBITDA of EUR 25.5 million to EUR 27.0 million, and total net income of EUR 3.5 million to EUR 5.0 million.
Munich, August 11, 2010
The Management Board
Key figures of CURANUM H1/2010 and Q2/2010 IFRS
|in mil. EUR | |Q2/2010 |Q2/2009 |H1/2010 |H1/2009 | | | | | | | | |Sales | |64.9 |64.3 |129.1 |127.4 | |Staff costs | |33.4 |32.7 |66.1 |64.8 | |EBITDAR | |19.5 |20.2 |39.4 |40.4 | |Rental costs | |13.8 |14.0 |27.6 |27.8 | |EBITDA | |5.7 |6.2 |11.8 |12.6 | |in % of sales | |8.8% |9.6% |9.1% |9.9% | |Depreciation | |2.5 |2.4 |4.9 |4.8 | |EBIT | |3.2 |3.8 |6.9 |7.8 | |in % of sales | |4.9% |5.9% |5.3% |6.1% | |Financial result | |-2.5 |-2.1 |-4.7 |-4.4 | |EBT | |0,7 |1,7 |2,2 |3,4 | |Net profit | |-0,8 |1,1 |0,0 |2,2 | |EPS (EUR )* | |-0,03 |0,03 |0,00 |0,07 |
|* Number of underlying outstanding shares in H1/2009: 32,311,648 shares | |* Number of underlying outstanding shares in H1/2010: 32,267,835 shares | |* Number of underlying outstanding shares in Q2/2009: 32,254,898 shares | |* Number of underlying outstanding shares in Q2/2010: 32,267,835 | | |shares | |
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: CDAX, Classic All Share, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / regulated dealing