Press Releases of 03/13/2018
Publication of 2017 Annual Report and dividend proposal
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 EUR 195.0 million, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 123.3 million and adjusted net income of EUR 93.3 million, in addition to comprehensive integration steps with the strategic acquisitions of Hannover Leasing, HFS and ATOS.
CORESTATE: Publication of 2017 Annual Report and dividend proposal
- 2017 a successful year of strong and solid growth
- Dividend proposal of EUR 2.00 per share for the 2018 Annual General Meeting
- Free float increased to 63%, admission to the SDAX on March 19, 2018
- Financial outlook for 2018 fully confirmed
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 EUR 195.0 million, adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of EUR 123.3 million and adjusted net income of EUR 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 EUR 2.00 per CORESTATE share at the 2018 Annual General Meeting. That corresponds to a dividend payout of around EUR 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 EUR 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 EUR 230 and 240 million, adjusted EBITDA of between EUR 155 and 165 million and adjusted net income of EUR 120 to 130 million. These figures exclude any acquisitions.
Dr. Kai Gregor Klinger
T: +49 69 3535630-107 / M: +49 152 22755400
Phone: +49 69 264867715 / Cell phone: +49 176 10430063
About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approximately EUR 22bn 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 41 offices including in Frankfurt, London, Madrid, Singapore and Zurich. The company employs over 560 people and is listed in the regulated market (Prime Standard) of the Frankfurt Stock Exchange.
Further information is available at www.corestate-capital.com.
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 [ir.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.