CORESTATE is presenting its Annual Report today for 2017, a year in which the company experienced dynamic growth. All financial targets in 2017 were clearly surpassed, with aggregate revenues of Euro 195.0 million, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of Euro 123.3 million and adjusted net income of Euro 93.3 million, in addition to comprehensive integration steps with the strategic acquisitions of Hannover Leasing, HFS and ATOS.
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment manager and co-investor based in Luxembourg, is presenting its Annual Report today for 2017, a year in which the company experienced dynamic growth. All financial targets in 2017 were clearly surpassed, with aggregate revenues of Euro 195.0 million, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of Euro 123.3 million and adjusted net income of Euro 93.3 million, in addition to comprehensive integration steps with the strategic acquisitions of Hannover Leasing, HFS and ATOS.
In light of these excellent operating figures, the Management Board and the Supervisory Board will propose the appropriation of the balance sheet profit with a dividend of Euro 2.00 per CORESTATE share at the 2018 Annual Annual General Meeting. That corresponds to a dividend payout of around Euro 42 million and a payout ratio of 45% based on adjusted net income.
“An attractive dividend yield of currently around 4% allows our shareholders to extensively participate in the company’s success. Furthermore, the two major reallocations within our shareholder base in late February saw free float rise to 63%, with positive consequences for our stock market liquidity and positioning in the SDAX stock market segment following our admission on March 19. We are very confident that we will be able to address new investor Groups and look forward to the continuation of our consistent success story within the capital market,” said Lars Schnidrig, CORESTATE’s Chief Financial Officer.
The pipeline for potential new business was expanded to around Euro 6 billion at the end of last year (+5% since Q3 2017). Thomas Landschreiber, CORESTATE’s Chief Investment Officer, adds: “The broad and attractive product offering that we can provide for our clients by establishing the new multi-boutique platform is a major contribution to the success of our business model. We are only at the beginning when it comes to exploring the strategic potential that lies in the interaction of our acquisitions. We therefore feel that we are in the best position to implement our organic growth targets as well as further acquisitions.”
This backdrop allows the financial outlook for the current financial year to be fully confirmed. The company expects aggregate revenues for 2018, including income from real estate investments, to be between Euro 230 and 240 million, adjusted EBITDA of between Euro 155 and 165 million and adjusted net income of Euro 120 to 130 million. These figures exclude any acquisitions.
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.
