euro adhoc: Curanum AG / quarterly or semiannual financial statement / Curanum achieves its highest ever EBIT margin in the third quarter

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09.11.2006

In the third quarter of 2006, CURANUM AG, Munich, achieved
acquisition-led sales growth of 14.3%, advancing sales to EUR54.2
million compared with EUR47.4 million in the third quarter of 2005.
In comparison with the second quarter of 2006, this represents an
increase of EUR1.4 million, which is attributable largely to the
first-time consolidation of the FAZIT Group on September 1.

Earnings before interest, tax, depreciation and amortization (EBITDA)
rose from EUR7.1 million to EUR8.3 million, corresponding to an
increase of almost 17%. The EBITDA margin of 15.3% that we achieved
in the third quarter exceeded our expectations, particularly since it
allowed us to better the very good margin we reached in the third
quarter of 2005 (15.0%), despite a lower level of occupancy. Earnings
before interest and taxes (EBIT) increased 20% from EUR5.5 million to
EUR6.6 million in the third quarter elapsed. This allowed us to reach
the highest EBIT margin in the history of the company at 12.2%. Due
to retrospective tax payments and high business taxes, the tax burden
rose to EUR2.2 million (previous year: EUR1.0 million). As a result,
earnings after taxes and minority interests were EUR2.5 million,
compared with the previous year's result of EUR2.9 million. Third
quarter earnings per share amounted to EUR0.08 (previous year:
EUR0.10).

In the first nine months of the 2006 financial year, sales revenues
grew from EUR141.1 million to EUR157.9 million, which represents a
growth rate of 11.9%. During the same period, EBITDA was up from
EUR19.8 million to EUR22.2 million (+12.6%). The EBITDA margin
improved from 14.0% to 14.1%. Depreciation rose under-proportionally
from EUR4.5 million to EUR5.0 million and operating earnings (EBIT)
were up by 13.1% to EUR17.3 million (previous year: EUR15.3 million).
Compared with the first nine months of 2005, the EBIT margin improved
from 10.8% to 11.0%. As a consequence of the higher tax burden,
earnings after taxes and minority interests were at the level of the
previous year of EUR7.1 million, and earnings per share were
unchanged at EUR0.24.

Due to seasonal factors, the occupancy rate that stabilized in the
third quarter is now trending lower. We are therefore retaining the
budget for the 2006 full year that we published at the half-year
stage. For the coming 2007 financial year, we are cautiously
anticipating a slightly improved occupancy rate, and further start-up
and restructuring costs for the central laundry operation that is
intended by mid-2007 to provide laundry services for all existing
facilities, in other words, for both linen and occupants' personal
laundry. Overall, we are expecting sales of EUR229.1 million for the
2007 financial year, including the new facilities from the FAZIT
Group, and excluding the impact of any further acquisitions. As far
as EBITDA is concerned, we are assuming a result of EUR33.7 million.
This also includes start-up losses resulting from the opening in
February 2007 of the new facility in Bad Lauterberg that comprises
122 beds and 18 apartments. After depreciation, we are expecting EBIT
of EUR26.7 million and an after-tax result of EUR12.0 million,
excluding any potential impacts from the corporation tax reform.

Munich, November 9, 2006

The Management Board

end of announcement euro adhoc 09.11.2006 08:15:52
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ots Originaltext: Curanum AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Bernd Rothe
Tel.: +49 (0)89 242065-60
E-Mail: bernd.rothe@curanum.de

Branche: Healthcare Providers
ISIN: DE0005240709
WKN: 524070
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