DGAP-News: CORESTATE presents final figures for 2019 and confirms financial outlook for 2020

2020. március 24., kedd, 06:58







DGAP-News: Corestate Capital Holding S.A.


/ Key word(s): Annual Results/Real Estate






CORESTATE presents final figures for 2019 and confirms financial outlook for 2020








24.03.2020 / 06:58




The issuer is solely responsible for the content of this announcement.




CORESTATE presents final figures for 2019 and confirms financial outlook for 2020



  • Record earnings in 2019 confirmed

  • Around 10% organic growth of Real Estate AuM

  • Solid balance sheet structures with no need for refinancing

  • Supervisory Board to be newly appointed and expanded

  • Dividend of EUR 2.60 per share planned

  • Forecast for 2020 unchanged despite the current uncertainties

Frankfurt, 24 March 2020. CORESTATE Capital Holding S.A. (Corestate), a leading independent investment manager for real estate in Europe, presented its 2019 Annual Report today, confirming the preliminary results that had already been published. Fund assets under management (AuM), including the STAM Europe acquisition, amount to around EUR 28 billion, while real estate AuM grew organically by around 10% in 2019. During this period, the company generated revenues of EUR 303.4 million (previous year: EUR 292.2 million), EBITDA of EUR 175.0 million (previous year: EUR 174.1 million) and adjusted net income of EUR 130.3 million (previous year: EUR 135.3 million). In view of various positive one-off effects, the figures from 2018 are only comparable with those from 2019 to a limited extent.



Lars Schnidrig, CEO of CORESTATE Capital Group: "Our figures and the record results for 2019 underscore our solid position in a growing market. We are weatherproofed by our long-term financial instruments with maturities until at least the end of 2022, our healthy balance sheet structure and efficient and IT-based processes. I am delighted that we have made significant structural improvements to the company in recent quarters, while at the same time achieving or exceeding our ambitious growth targets on the customer and earnings side."



The Supervisory Board will be replaced on a regular basis at the 2020 Annual General Meeting; in addition, the Supervisory Board is to be expanded by one additional seat to five members. The company proposes the following candidates:



  • Dr Georg Allendorf, former Managing Director of DWS Real Estate (as Chairman of the Supervisory Board),

  • Timothy Blackwell, former Head of Real Estate Investment Management at Credit Suisse Asset Management and Head of Europe at UBS Asset Management (as Deputy Chairman of the Supervisory Board),

  • Olaf Klinger, Chief Financial Officer of Symrise AG (as Chairman of the Audit Committee),

  • Dr Gabriele Apfelbacher, capital market law expert and former partner at the law firm Cleary Gottlieb Steen & Hamilton LLP,

  • Marc Driessen, former Managing Director of Hansainvest and member of the Management Board of HSH Real Estate.

The Annual General Meeting scheduled for 29 April 2020 must be postponed to a later date due to the corona pandemic. As previously announced, the company continues planning to increase the distribution to EUR 2.60 per share (previous year: EUR 2.50 per share). The formal proposal for the appropriation of profits will be published in the notice convening the Annual General Meeting 30 days before the new date.



Lars Schnidrig, CEO of CORESTATE Capital Group: "Our attractive product range with a focus on urban living and lifestyle meets with the spirit of the times and the high interest of investors in Europe and beyond. This, combined with the unabated demand for investment in the real estate sector, gives us tailwind for the current year, despite the special situation we are currently in."



The company therefore continues to expect aggregated revenues of between EUR 325 million and EUR 335 million, an EBITDA of between EUR 180 million and EUR 190 million and an adjusted net income of between EUR 145 million and EUR 155 million for 2020. Corestate also maintains its expectation of organic growth in fund assets under management of between 5% and 10%. However, the extent and impact of the corona pandemic on the course of business in 2020 cannot yet be conclusively assessed. The company is therefore monitoring further developments and their impact on business activities very closely and will always present reliable information transparently in a timely manner.




Press Contact

Jorge Person

T: +49 69 3535630-136 / M: +49 162 2632369
jorge.person@corestate-capital.com



IR Contact

Mario Groß

T: +49 69 3535630106 / M: +49 152 22755400
ir@corestate-capital.com




About CORESTATE Capital Holding S.A.

CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and coinvestor with more than EUR 28 billion in assets under management. As a fully integrated real estate platform, CORESTATE offers its clients combined expertise in the areas of investment and fund management as well as real estate management services. The company operates as a respected business partner of institutional clients and wealthy private investors internationally. CORESTATE is headquartered in Luxembourg and has 42 offices, e.g. in Frankfurt, London, Paris, Madrid, Zurich and Amsterdam. The company employs around 800 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange. Further information may be found at www.corestate-capital.com.

Forward-looking statements

This press release may contain 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 situation, development or performance of our company and the estimates given here. These factors include those discussed in our public reports, which are available on our website at www.corestate-capital.com. The company assumes no liability whatsoever to update these forward-looking statements or to conform them to future events or developments. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
















24.03.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

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Language: English
Company: Corestate Capital Holding S.A.

4, Rue Jean Monnet

L-2180 Luxembourg

Luxemburg
Phone: +49 69 3535630-107
Fax: +49 69 3535630-29
E-mail: IR@corestate-capital.com
Internet: www.corestate-capital.com
ISIN: LU1296758029
WKN: A141J3
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1004785





 
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1004785  24.03.2020 



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