Corestate Capital Holding S.A.: CORESTATE doubles net profit and revenues in the first Half of 2018

08/14/2018
DGAP-News: Corestate Capital Holding S.A.: CORESTATE doubles net profit and revenues in the first Half of 2018
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Half Year Results

14.08.2018 / 07:00
The issuer is solely responsible for the content of this announcement.

CORESTATE doubles net profit and revenues in the first Half of 2018

– Positive operating performance with rising recurring revenues

– Aggregated revenues of EUR 125.8 million (+152%), adjusted EBITDA of EUR 77.7 million (+200%), adjusted net profit of EUR 60.9 million (+167%)

– Forecast for fiscal year 2018 reaffirmed

CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment manager and co-investor based in Luxembourg, achieved significant organic growth in the first six months of the year and increased its Assets under Management in Real Estate core business by about EUR 900 million.

Dr. Michael Bütter, CEO: “We are pleased with the very good business development throughout the Group, especially at our subsidiaries Helvetic Financial Services (HFS) and Hannover Leasing, which will make sustainable and stable contributions to earnings following their acquisitions in 2017 with their specialized business models. The cornerstone for this is our comfortable “pipeline” of potential transactions of around EUR 5.7 billion.”

In the first six months of the year, CORESTATE generated aggregated revenues of EUR 125.8 million; a year ago, that figure was EUR 48 million. Adjusted EBITDA in the first half of 2018 tripled year-on-year to EUR 77.7 million (EUR 26 million). Adjusted net profit for H1/2018 amounted to EUR 60.9 million, an increase of +167% on H1/2017 (EUR 22.8 million).

Lars Schnidrig, CFO: “The solid results in the first half of the year impressively document our business model’s sustainable revenue structures. We are well on track to meeting our full-year financial outlook and will also achieve further improvement in the debt ratio on the balance sheet side by the end of the year.”

Against this backdrop, the company confirms its financial forecast for the full year 2018 with aggregated revenues of EUR 230 million to 240 million, adjusted EBITDA of EUR 155 to 165 million and adjusted net profit of EUR 120 million to 130 million.

Michael Bütter continues: “CORESTATE stands for stable value development and outstanding performance. Over the past 24 months, we have innovatively expanded our product range to increasingly attract new investor groups. Additional regulatory expenses burden the operating profitability of smaller asset managers, which opens up strategic acquisition opportunities for us. We will also use our extensive experience in micro living and serviced apartments for a new product line addressing decisive changes in urbanization, mobility and demographic change. We are internationalising both on the product side and on the operational level. Our strong product pipeline in conjunction with our broad customer base gives us a very positive outlook for the second half of the year.”

IR contact
Dr. Kai Gregor Klinger
T: +49 69 3535630-106 / 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 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 has41 offices including in Frankfurt, London, Madrid, Singapore and Zurich. The company employs over 600 people and is listed in the regulated market (SDAX) of the Frankfurt Stock Exchange.
Further information is available 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 [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.