LOGO LOGO

Back to overview

Press Releases of 02/14/2019

Preliminary figures for 2018: CORESTATE exceeds raised forecast

CORESTATE according to its preliminary figures for fiscal year 2018, partly significantly exceeded the forecast it raised in November. Accordingly, aggregated revenues increased from EUR 195 million to EUR 292 million. Adjusted EBITDA rose to EUR 184 million compared to EUR 123 million in the previous year, while adjusted net profit increased to EUR 135 million (previous year: EUR 93 million). Assets under management (AuM) rose by more than 15% in excess of EUR 25 billion. At the same time, the core business, Real Estate AuMs, grew organically by more than 9%. CORESTATE has thus very successfully completed its first full fiscal year following the major acquisitions Hannover Leasing, HFS and ATOS.

 

Preliminary figures for 2018: CORESTATE exceeds raised forecast

  • Aggregated revenues increase by 50% to EUR 292 million,
    adjusted EBITDA of EUR 184 million (+50%),
    adjusted net profit of EUR 135 million (+45%)
  • Assets under management increased to more than EUR 25 billion
  • Net debt significantly reduced over the course of the year
  • Forecast for 2019: Further profitable growth in the core business
  • Increase of the dividend proposal to EUR 2.50 per share reaffirmed

CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, according to its preliminary figures for fiscal year 2018, partly significantly exceeded the forecast it raised in November. Accordingly, aggregated revenues increased from EUR 195 million to EUR 292 million. Adjusted EBITDA rose to EUR 184 million compared to EUR 123 million in the previous year, while adjusted net profit increased to EUR 135 million (previous year: EUR 93 million). Assets under management (AuM) rose by more than 15% in excess of EUR 25 billion. At the same time, the core business, Real Estate AuMs, grew organically by more than 9%. CORESTATE has thus very successfully completed its first full fiscal year following the major acquisitions Hannover Leasing, HFS and ATOS.
 
“We have grown organically and through acquisitions into a new dimension. In just two years, we have increased our assets under management by more than seven times and significantly enhanced our profitability. Our subsidiary Hannover Leasing has had one of the best fiscal years in its almost 40-year company history. Together we are creating significant added value for our customers on our new platform. At the same time, we have reduced our net debt as planned and still have sufficient headroom to grow profitably,” said Lars Schnidrig, CFO and interim CEO of CORESTATE.
 
The sharp increase in consolidated net income also boosted earnings per share by more than 50% to EUR 4.93. Reported EBITDA amounted to EUR 174 million and reported net profit to EUR 104 million. At the end of 2018, net financial debt amounted to EUR 389 million, the financial leverage (net debt to adjusted EBITDA) was 2.1x and thus at the lower end of the target corridor of 2.0x to 3.0x. Twelve months ago, this figure was still above 4.0x.
 
“Profits will be distributed to our shareholders, and our dividend policy is very attractive. We are currently planning a distribution of EUR 2.50 per share for 2018 and thus a return of about 8 percent at the current share price level. On the basis of EUR 4.93 earnings per share, our payout ratio would be around 50 percent – a good point of reference for future years as well,” said Lars Schnidrig.
 
For 2019, CORESTATE expects aggregated revenues in the range of EUR 285 million to EUR 295 million, an EBITDA of between EUR 165 million and EUR 175 million and an adjusted net profit of between EUR 130 million and EUR 140 million. Organic growth in the core business together with interesting acquisitions, in particular in Real Estate Investment Management, will enable an improvement of the quality and sustainability of the income streams.
 
 
“We are focusing early on new trends in the European real estate market – such as in micro living. Most recently, we acquired the largest independent student housing operator in the UK and thus gained enormous implementation expertise and project experience for our Europe-wide micro living activities. We offer our clients high-quality investment opportunities also beyond established markets. We will broaden our choice of products in private debt and thus further expand our existing Mezzanine business. Given our revenues mostly come from German speaking areas, we have enormous growth potentials in Europe and beyond,” added Thomas Landschreiber, co-founder and Chief Investment Officer of CORESTATE.

IR Contact
Dr. Kai Gregor Klinger
T: +49 69 3535630107 / M: +49 152 22755400
ir@corestate-capital.com

PR Contact
Andre Zahlten
T: +49 69 3535630-108 / M: +49 174 4022348
andre.zahlten@corestate-capital.com

About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approximately EUR 25bn 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 including in Frankfurt, London, Madrid, Singapore and Zurich. The company employs over 730 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange.

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 [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.

 

04/12/2019

Ad Hoc Announcement: Corestate Capital Holding S.A. resolves on implementation of second tranche of announced share buy-back programme

04/04/2019

CORESTATE acquires further value-add commercial property in Munich

CORESTATE has acquired a further value-add commercial property in Munich with an investment volume of around EUR 54 million. The value creation potential of the property will be leveraged as part of CORESTATE’s manage-to-core strategy. The deal has already been signed, closing is scheduled for the end of May 2019.

04/01/2019

Ad Hoc Announcement: CORESTATE Capital Holding S.A. resolves on share buy-back programme

The management board of CORESTATE Capital Holding S.A. with its registered office in Luxembourg, ISIN LU1296758029 (the "Company") today resolved, with the consent of the supervisory board, to make use of the authorisation to purchase treasury shares as resolved by the annual general meeting of the Company on 27 April 2018 and to purchase up to 500,000 treasury shares in the period from 1 April 2019 to (and including) 25 April 2019.