in million Q2/2014 Q2/2013 H1/2014 H1/2013 2013 2012 Revenue 75.0 72.9 148.2 144.9 293.0 288.8 Personnel expense * 38.8 38.0 77.2 76.1 149.1 146.8 Other expenses 12.6 13.1 26.3 27.0 54.4 53.8 Rental expense 13.7 14.0 27.5 28.0 55.5 55.9 Operating EBITDA * 9.9 7.8 17.2 13.7 34.0 32.2 as % of revenue 13.3 10.7 11.6 9.5 11.6 11.1 Extraordinary items 0.6 0.7 2.1 1.5 6.7 0.0 EBITDA after extraordinary items * 9.3 7.1 15.1 12.2 27.3 32.2 as % of revenue 12.4 9.7 10.2 8.4 9.3 11.1 Depreciation and amortization 3.2 3.4 6.4 6.7 14.2 14.4 EBIT before impairment charges * 6.1 3.7 8.7 5.6 13.1 17.8 Impairment charges 0.0 0.0 0.0 0.0 7.4 0.0 EBIT * 6.1 3.7 8.7 5.6 5.7 17.8 as % of revenue 8.1 5.1 5.9 3.9 2.0 6.2 Net financial result -2.7-2.7-5.6-5.4-11.6-12.6 Extraordinary items 0.0 0.6 0.0 0.0 0.0 0.0 Earnings before tax * 3.4 1.6 3.2 0.2-5.9 5.2 Taxes on income * 1.3 0.7 1.2 0.3 0.1 1.0 Earnings after tax * 2.1 0.9 2.0-0.1-6.0 4.2 Earnings per share (EPS) in * 0.05 0.02 0.05 0.00-0.14 0.11 Cash flow (from operating activities) * 8.9 6.6 8.9 6.6 18.6 24.0 CPS in * 0.21 0.16 0.21 0.16 0.44 0.61 Net debt 51.2 51.1 51.2 51.1 50.5 46.4 Equity * 52.2 56.0 52.2 56.0 50.1 55.9 Equity ratio (%) * 20.5 21.2 20.5 21.2 19.4 21.3 Total assets 255.2 264.3 255.2 264.3 258.1 262.5 Employees (as of the reporting date, including trainees and staff on maternity/paternity leave) 7,218 7,034 7,218 7,034 7,102 7,124
Business progress Macroeconomic trends Profitability Sector trends
Net assets Financial position
Summary of profitability, net assets and financial position
Management Board Employees Supervisory Board
Outlook Outlook for the company
Assets in T Jun. 30, 2014 Dec. 31, 2013 Current assets Cash and cash equivalents 8,669 7,600 Trade receivables 8,890 8,396 Inventories 1,210 1,211 Other financial assets 2,097 1,754 Other assets 3,480 3,230 Income tax receivables 344 305 Assets held for sale 321 721 Total current assets 25,011 23,217 Non-current assets Property, plant and equipment 140,489 144,284 Other intangible assets 2,651 3,130 Goodwill 57,644 57,644 Deferred tax 18,198 19,322 Other financial assets 7,581 7,560 Other assets 3,646 2,930 Total non-current assets 230,209 234,870 Total assets 255,220 258,087
Equity and liabilities in T Jun. 30, 2014 Dec. 31, 2013 Current liabilities Lease liabilities 6,969 6,792 Financial liabilities 2,619 20,465 Trade payables 3,896 5,940 Provisions 3,281 3,328 Income tax liabilities 3,407 2,929 Liabilities to shareholders 9,000 1,000 Other finance debt 13,317 15,674 Other liabilities 5,388 5,243 Total current liabilities 47,877 61,371 Non-current liabilities Lease liabilities 97,362 100,896 Financial liabilities 32,253 33,840 Deferred tax 4,977 5,114 Liabilities to shareholders 16,000 2,750 Provisions 4,176 4,041 Other liabilities 334 0 Total non-current liabilities 155,102 146,641 Equity Share capital 42,507 42,507 Additional paid-in capital 39,003 39,003 Treasury shares -1,241-1,241 Revenue reserve and profit/loss carried forward -29,865-23,854 Consolidated net profit/loss 1,992-5,977 Other comprehensive income -155-363 Total equity 52,241 50,075 Total equity and liabilities 255,220 258,087
in T Q2/2014 Q2/2013 H1/2014 H1/2013 1. Revenue 74,968 72,947 148,225 144,933 2. Cost of sales * ** 60,429 61,674 123,121 125,904 3. Gross profit * ** 14,539 11,273 25,104 19,029 4. Selling and marketing expenses 376 484 704 838 5. General administration expenses 8,836 7,418 17,341 13,954 6. Other operating expenses 145 256 298 1,098 7. Other operating income ** 881 648 1,980 2,414 8. Operating profit * 6,063 3,763 8,741 5,553 9. Interest and similar expenses 2,712 2,236 5,689 5,613 10. Other interest and similar income 61 151 129 219 11. Earnings before income taxes * 3,412 1,678 3,181 159 12. Taxes on income * 1,343 827 1,189 262 13. Earnings after income taxes * 2,069 851 1,992-103 of which earnings attributable to non-controlling interests 0 0 0 0 of which earnings attributable to Curanum AG shareholders 2,069 851 1,992-103 Basic and diluted earnings per share on basis of earnings attributable to bearers of Curanum AG ordinary shares 0.05 0.02 0.05 0.00 Number of outstanding shares taken as basis 42,101,898 40,851,980 42,101,898 40,851,980
in T Q2/2014 Q2/2013 H1/2014 H1/2013 Earnings after income taxes 2,069 851 1,992-103 Items that are to be potentially recycled to the income statement 108-274 219 249 Gains/losses from change in fair value of financial instruments deployed for hedging purposes Deferred tax relating to earnings-neutral components of comprehensive income for the period 146-393 313 357-38 119-94 -108 Items not recycled to the income statement -6-7 -11-12 Losses from other changes carried directly to equity -6-7 -11-12 Total value changes reported in equity 102 281 208 237 Total of after-tax earnings and value changes reported in equity 2,171 570 2,200 134 of which attributable to non-controlling interests 0 0 0 0 of which attributable to Curanum AG shareholders 2,171 570 2,200 134
Revenue reserve all amounts in T Share capital Capital reserves Accumulated profit/loss Other revenue reserves Actuarial gains/losses Dec. 31, 2012 42,507 39,003-24,061 741-280 Earnings after income taxes * 0 0-103 0 0 Other comprehensive income after income taxes Total of after-tax earnings and value changes reported in equity * 0 0 0 0 0 0 0-103 0 0 Acquisition of non-controlling interests 0 0 0 27 0 Miscellaneous changes 0 0 0-56 0 Jun. 30, 2013 42,507 39,003-24,164 712-280 Dec. 31, 2013 42,507 39,003-30,038 692-485 Earnings after income taxes 0 0 1,992 0 0 Other comprehensive income after income taxes Total of after-tax earnings and value changes reported in equity 0 0 0 0 0 0 0 1,992 0 0 Miscellaneous changes 0 0 0-34 0 Jun. 30, 2014 42,507 39,003-28,046 658-485
Other comprehensive income Equity attributable to Curanum AG shareholders Non-controlling interests Equity Repurchase of treasury shares Revaluation reserve Cash flow hedge Total Total Total -1,241 469-1,291 55,847 53 55,900 0 0 0-103 0-103 0-12 249 237 0 237 0-12 249 134 0 134 0 0 0 27-53 -26 0 0 0-56 0-56 -1,241 457-1,042 55,952 0 55,952-1,241 447-810 50,075 0 50,075 0 0 0 1,992 0 1,992 0-12 220 208 0 208 0-12 220 2,200 0 2,200 0 0 0-34 0-34 -1,241 435-590 52,241 0 52,241
in T Jun. 30, 2014 Jun. 30, 2013 I. Operating activities Result before taxes and non-controlling interests * 3,181 159 Depreciation/amortization and impairments of non-current assets 6,405 6,690 Other interest and similar income -129-219 Interest and similar expenses 5,689 5,613 Change in provisions 88-1 Gain on the disposal of assets 42 44 Other non-cash expenses/income -223-324 Change in working capital * -4,766-3,274 Income taxes paid -352-300 Income taxes received 131 33 Interest paid -1,208-1,936 Interest received 24 115 Cash inflow from operating activities 8,882 6,600 II. Investing activities Cash inflows from corporate acquisitions -1,100 0 Cash outflows for investments in property, plant and equipment, and intangible assets -2,415-4,735 Cash inflows from disposal of property, plant and equipment 462 0 Cash outflow from investing activities -3,053-4,735 III. Financing activities Cash outflows for redemption of finance debt -20,548-6,918 Cash inflows from drawing down of finance debt 22,750 11,750 Cash outflows for finance leasing (interest and redemption components) -6,962-6,768 Cash outflow from investing activities -4,760-1,936 Net change in cash and cash equivalents 1,069-71 Cash and cash equivalents at the start of the period 7,600 16,207 Cash and cash equivalents at the end of the period 8,669 16,136
Statement of compliance with IFRS Basis of preparation
Changes to accounting principles Consolidated income statement for the period from January 1, 2013 until June 30, 2013 in T Before change Change After change Cost of sales * 124,358 1,866 126,223 Taxes on income 154-560 -406 Earnings after income taxes 1,202-1,306-103 Consolidated balance sheet as of June 30, 2013 in T Before change Change After change Other current liabilities 19,009 1,866 20,875 Income tax receivables 369 560 929 Unappropriated retained profit/loss -22,265-1,306-23,571
Cash flow statement Earnings per share Jun. 30, 2014 Dec. 31, 2013 Net income attributable to Curanum AG shareholders (in T) 2,069-5,977 Weighted average number of ordinary shares outstanding (in thousands) 42,102 42,102 Earnings per share (basic and diluted) in 0.05-0.14
Name Headquarters Interest held in % 1) The following German companies were fully consolidated as of June 30, 2014 (in alphabetical order): 1 Altenheim Betriebsgesellschaft West GmbH Munich 100.0 2 Bad Schwartauer AVG Altenheim-Vermietung GmbH & Co. KG 2) Munich 100.0 3 Curanum AG (parent company) 3) Munich -- 4 CURANUM Akademie Stiftung gemeinnützige GmbH Munich 100.0 5 CURANUM Betriebs GmbH 7) Munich 100.0 6 CURANUM Betriebs GmbH Mitte (formerly: Residenzen Niederrhein GmbH) 4) Munich 100.0 7 CURANUM Betriebs GmbH West (formerly: VGB Beteiligungs- und Verwaltungs-GmbH) 5) Munich 100.0 8 CURANUM Dienstleistung GmbH Munich 100.0 9 CURANUM Franziskushaus GmbH Gelsenkirchen 100.0 10 CURANUM Holding GmbH Munich 100.0 11 CURANUM Liesborn GmbH & Co. KG 2) Munich 100.0 12 CURANUM Verwaltungs- und Beteiligungs GmbH & Co. KG Munich 100.0 13 doc Orange GmbH 6) Munich 100.0 14 GAP Media Service GmbH Munich 100.0 15 RIAG Seniorenzentrum "Ennepetal" GmbH & Co. KG 2) Munich 100.0 16 RIAG Seniorenzentrum "Erste" GmbH & Co. KG Munich 100.0 17 RIAG Seniorenzentrum "Zweite GmbH & Co. KG Munich 100.0 18 Service Gesellschaft West GmbH Munich 100.0 1) 2) 3) 4) 5) 6) 7) Unless otherwise stated, the interest corresponds to the voting right share Curanum AG acquired all of the minority shares in the first quarter of 2013. The difference between the purchase cost and the shares' carrying amount was offset directly with the revenue reserves (please also refer to the consolidated statement of changes in equity). The spin-off of the shares held by Curanum Holding GmbH in OPTICURA Service GmbH, Wäscherei Ellerich GmbH and Lucullus GmbH to CURANUM Baubetreuung und Immobilienmanagement GmbH occurred with retroactive effect as of January 1, 2013 (commercial register entry: January 31, 2013). Also on February 4, 2013, the spin-off of the shares in CURANUM Baubetreuung und Immobilienmanagement GmbH of CURANUM Verwaltungs- und Beteiligungs GmbH & Co. KG to CURANUM Erste Service GmbH & Co. KG, which was newly founded in the 2013 financial year, was entered in the commercial register (commercial register entry January 18, 2013). On February 12, 2013, with the entry in the commercial register, the companies Lucullus GmbH and Wäscherei Ellerich GmbH were merged with CURANUM Baubetreuung und Immobilienmanagement GmbH with retroactive effect as of January 1, 2013. Subsequently with effect as of January 1, 2013, the two companies OPTICURA Service GmbH and CURANUM Baubetreuung und Immobilienmanagement GmbH were merged with CURANUM Erste Service GmbH & Co. KG (mergers entered in the commercial register on February 18, 2013). On February 18, 2013, with the entry in the commercial register, the accrual of CURANUM Erste Service GmbH & Co. KG to Curanum AG became effective with retroactive effect as of January 1, 2013. This company changed its corporate name; this change was entered in the commercial register on February 14, 2013. With retroactive effect as of January 1, 2013, the companies Alten- und Pflegeheim Sieglar GmbH (commercial register entry March 4, 2013), Krankenheim Ruhesitz am Wannsee-Seniorenheimstatt GmbH (commercial register entry January 28, 2013) and Seniorenzentrum Hennef GmbH (commercial register entry February 18, 2013) were merged with CURANUM Betriebs GmbH Mitte (formerly: Residenzen Niederrhein GmbH). This company changed its corporate name; this change was entered in the commercial register on February 14, 2013. On February 18, 2013, with the entries in the commercial register, the mergers of ELISA Seniorenstift GmbH and FAZIT Betriebsträgergesellschaft für soziale Einrichtungen mbh with CURANUM Betriebs GmbH West (formerly: VGB Beteiligungs- und Verwaltungs-GmbH) became effective with retroactive effect as of January 1, 2013. This company was founded on March 28, 2012, and was entered in the commercial register on April 18, 2012. With retroactive effect as of January 1, 2013, the companies Altenheim Betriebsgesellschaft Ost GmbH, Altenheim Betriebsgesellschaft Süd GmbH, CURANUM Bad Hersfeld GmbH, CURANUM Bessenbach GmbH, CURANUM Westfalen GmbH, Wohnstift Bremen GmbH (formerly: Bremer Wohnstift gemeinnützige GmbH), Wohnstift Lingen GmbH (formerly: Wohnstift Lingen gemeinnützige GmbH), Wohnstift Salzgitter-Bad GmbH (formerly: Wohnstift Salzgitter-Bad gemeinnützige GmbH) and Wohnstift Timmendorf GmbH (formerly: Timmendorfer Wohnstift gemeinnützige GmbH) were merged with CURANUM Betriebs GmbH (commercial register entry May 6, 2013).
August 29, 2014 November 5, 2014 Annual General Meeting in Bad Nenndorf Q3/2014 report