Frankfurt, 20 April 2022 – Corestate Capital Holding S.A. (Corestate) today announces the final and audited results for the financial year 2021. The auditor Ernst & Young has concluded all its advanced audit procedures.
The aggregated revenues and gains reported on 8 March 2022 with regard to continued operations remains unchanged at € 215.4m. In relation to valuations, the Management Board has established additional risk provisions and carried out value adjustments in coordination with the auditor. As part of this, the goodwill of Helvetic Financial Services (HFS) was impaired by a total of € 175m to € 345m. In addition, risk provisions totaling € 46m were recognized as an expense, in particular for current balance sheet items with critical maturities. This subsequently led to deviations from the preliminary results for 2021 published at the beginning of March: adjusted EBITDA now amounts to € 43.8m. The reported EBITDA from continued business activities comes to € 26.4m. Adjusted net profit stands at € 23.7m, reported adjusted net profit from continued activities in 2021 totals to € -192.8m.
The Annual Report 2021 including audited consolidated financial statements will be publishes on 21 April 2021.
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.
