CORESTATE based on its unaudited and preliminary figures, generated aggregated revenues and gains of € 191m in 2020 and thus met its own financial outlook of € 185m to € 210m. EBITDA was at € 17m and therefor also below the company´s own expectations of € 55m and € 80m as was the adjusted net profit with € -48m; here, the outlook stood between € 25m and € 50m. Both performance indicators fell significantly short of the company’s own expectations on account of mainly non-cash effective, significant negative valuation effects and one-off expenses, but also due to writing-down of goodwill.
Luxembourg, 23 February 2021. Corestate Capital Holding S.A. (Corestate) has, based on its unaudited and preliminary figures, generated aggregated revenues and gains of € 191m in 2020 and thus met its own financial outlook of € 185m to € 210m. EBITDA was at € 17m and therefor also below the company´s own expectations of € 55m and € 80m as was the adjusted net profit with € -48m; here, the outlook stood between € 25m and € 50m. Both performance indicators fell significantly short of the company’s own expectations on account of mainly non-cash effective, significant negative valuation effects and one-off expenses, but also due to writing-down of goodwill.
Cash and cash equivalents in the company stood at € 91m at year-end. This figure does not yet include around € 100m of mezzanine lending at the real estate financing subsidiary Helvetic Financial Services; repayment is scheduled for the first half of 2021 and will increase liquidity accordingly. Net financial debt at the end of December 2020 was at € 517m. Based on the debt reduction already announced, the company reaffirms to reach the medium-term target corridor of 2.0x to 3.0x. by end of 2021.
The financial outlook for the current year forecasts an increase in aggregated revenues and gains to between € 235m and € 260m, EBITDA adjusted for the transaction costs related to the acquisition of Aggregate Financial Services (“AFS”) of between € 90m and € 115m and adjusted net profit of between € 50m and € 75m. This outlook takes into account the pro rata consolidation of AFS from July 2021, as well as the currently foreseeable impact of the COVID-19 pandemic on the business activities and the economic environment of the company.
About CORESTATE Capital
CORESTATE is an investment manager and co-investor with around € 28 billion in assets under management. The company sees itself as a manager for the entire length of the real estate value chain. Thanks to its fully integrated real estate platform, it is able to offer investors a wide range of services, especially the opportunity to invest in large-scale societal trends such as urbanisation, demographic shifts or sustainability – trends that will continue to have a decisive influence on the living and working environment in the long term. The consistent focus on asset classes that will be successful in the long run constitutes a central cornerstone of the company strategy. At CORESTATE, all concepts are supported with ESG expertise that is unique to the industry. With some 800 experts, CORESTATE offers clients and investors a full range of services and consultation from a single source, from project financing and real estate management to sales. CORESTATE is listed on the Frankfurt Stock Exchange (SDAX) and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 13 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London.
Forward-looking statements
This press release may contain forward-looking statements. Forward-looking statements are all statements that are not historical facts and events. This applies wherever there is information about future financial profitability, plans and expectations with regard to the company, growth and profitability as well as economic conditions to which the company is exposed. Statements using the words “should”, “may”, “will”, “believes”, “expects”, “assumes”, “assumes”, “estimates”, “plans”, “believes”, “to the knowledge”, “estimates” or similar expressions indicate such forward-looking statements. Forward-looking statements are based on current estimates and assumptions made by management to the best of their knowledge. Such forward-looking statements are based on assumptions and factors and are subject to uncertainties, the non-occurrence or occurrence of which may cause the actual circumstances, including the Company’s net assets, financial position and results of operations, to differ materially from or be more negative than those expressly or implicitly assumed or described in these statements. Certain forward-looking statements, while appropriate at this time, may prove to be incorrect. Various known and unknown risks, uncertainties and other factors could cause the forward-looking statements, actual results, financial position, development or performance of the Company to be materially different from those expressed or implied by such statements. Therefore, the Company and its management cannot be held responsible for the actual occurrence of the forecasted developments. It should be noted that the Company assumes no obligation to update such forward-looking statements or to conform them to future events or developments.
