Luxembourg, 30 March 2022 – Corestate Capital Holding S.A. (Corestate) has been informed by its auditor Ernst & Young (E&Y) that the ongoing audit procedures will not be fully completed by 31 March 2022 as expected.
A major reason for the delay is an extension of the audit procedures regarding a renewed impairment test of the goodwill-bearing cash-generating units (CGUs) in the Real Estate Debt segment. At Helvetic Financial Services (HFS), wider ranges of the prospective development of fund volumes have arisen in the short term regarding the goodwill recognized at € 520.1 million as at 30 September 2021. The company expects an adjustment of the existing goodwill of HFS as at the balance sheet date 31 December 2021, whereby the amount of the adjustment cannot be quantified finally at this time.
In the event of an impairment, this would be adjusted in the financial reporting at the level of depreciation and amortization. Accordingly, the KPIs reported by Corestate at the beginning of March for aggregated revenue, adjusted EBITDA and adjusted net profit for the financial year 2021 remained unchanged.
From today’s view, the company expects to publish its audited financial statements for 2021 by mid-April, but no later than 30 April 2022.
About CORESTATE Capital Holding S.A. (CORESTATE)
CORESTATE is an investment manager and co-investor with around € 27 billion in assets under management (as of 31 Dec 2021). 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 850 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 and operates as a respected business partner for institutional and semi-institutional investors as well as high-net-worth private investors in 11 countries across Europe, with offices in Frankfurt, Vienna, Zurich, Paris, Madrid and London. Please visit www.corestate-capital.com for further information.
Forward-looking statements
This press release may contain certain forward-looking statements based on current assumptions and forecasts made by our management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial position, development or performance of the Company and the estimates given here. These factors include those described in published reports. These reports are available on our website www.corestate-capital.com. The Company assumes no obligation whatsoever to update these forward-looking statements or to conform them to future events or developments. No inappropriate significance should be attached to forward-looking statements, which apply only to the date of this communication.
