Corestate Capital Holding S.A.: CORESTATE reports a strong first quarter – Full-year outlook confirmed
DGAP-News: Corestate Capital Holding S.A.: CORESTATE reports a strong first quarter – Full-year outlook confirmed
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Quarterly / Interim Statement
15.05.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
CORESTATE reports a strong first quarter – Full-year outlook confirmed
– Operating business developed well with synergies from strategic acquisitions
– Aggregate revenues totalled EUR 61.9m with adjusted EBITDA of EUR 38.8m and adjusted
net profit of EUR 34.7m
– Free float increased to over 63%; shares admitted to the SDAX; a key bond offering
– Financial outlook for FY2018 confirmed
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment manager and co-investor based in Luxembourg, posted a strong first quarter of 2018 following its dynamic performance in 2017. For the first three months, aggregate revenues totalled EUR 61.9m, adjusted EBITDA was EUR 38.8m and adjusted net profit was EUR 34.7m. Assets under management were approximately EUR 22bn at the end of March.
The company’s new CEO, Dr. Michael Buetter, comments: “In contrast to the usual seasonality of the real estate sector, we are able to report a very solid first quarter in 2018. The main drivers were our attractive investment offering for clients and a stable transaction pipeline.”
Revenue and cost synergies from last year’s strategic acquisitions helped support the quarter’s results. Moreover, the acquisitions broadened our product portfolio, enabling us to take advantage of a wider range of transaction opportunities and tap into a larger group of investors.
Looking beyond operating earnings, significant progress was also made on the capital market side. In mid-March 2018, CORESTATE was admitted to the SDAX index, supported by the strong share price appreciation in 2017 and the significant increase in the free float to over 63%. In March, the CORESTATE Group also made significant progress on the liabilities side by issuing a EUR 300m senior bond. “Our successful debut bond issue has significantly increased the average maturity of our financing and further reduced the Group’s average cost of debt,” reports CORESTATE’s CFO, Lars Schnidrig. “The bond issue and admission to the SDAX mean that we now have very broad access to the capital markets, giving us additional flexibility for our ambitious organic and inorganic growth plans.”
Dr. Buetter adds: “On the operational side, we enjoy a solid and diversified position thanks to our multi-faceted product portfolio, a selective international expansion strategy and our warehousing activities. Moreover, beyond our core business, we continue to see opportunities for strategic acquisitions, and this could enhance our mid- and longer-term growth profile.
In view of the good first quarter, the company is confirming its financial outlook for the full year 2018: We anticipate aggregate revenues of EUR 230-240m, adjusted EBITDA of EUR 155-165m and adjusted net profit of EUR 120-130m.
Dr. Kai Gregor Klinger
T: +49 69 3535630-107 / M: +49 152 22755400
T: +49 69 264867715 / M: +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 (SDAX) 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.
Published today, the Q1 Report of the CORESTATE Capital Group S.A. for the first three months of 2018 is available on ir.corestate-capital.com