Corestate Capital Holding S.A.: CORESTATE Issues New Financial Outlook for 2018 and Intends to Apply for a Listing on the Regulated Market (Prime Standard)
DGAP-News: Corestate Capital Holding S.A.: CORESTATE Issues New Financial Outlook for 2018 and Intends to Apply for a Listing on the Regulated Market (Prime Standard)
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Miscellaneous
11.09.2017 / 08:15
The issuer is solely responsible for the content of this announcement.
CORESTATE Issues New Financial Outlook for 2018 and
Intends to Apply for a Listing on the Regulated Market (Prime Standard)
– Recurring fee income will account for ca. 85-90% of expected Aggregate Revenues and Gains in 2018
– Integration of Helvetic Financial Services AG and Hannover Leasing Group well on track
– Strong tangible identified acquisition pipeline of EUR 4.9 billion
– Confirmation of Guidance for 2017
Today the management board of CORESTATE Capital Holding S.A. (“CORESTATE” or the “Company”), a fully integrated investment manager and co-investor based in Luxembourg, decided to announce its outlook for the financial year 2018. The Company expects Aggregate Revenues and Gains of at least EUR 230 million, an Adjusted EBITDA of at least EUR 145 million and an Adjusted Net income of at least EUR 110 million. CORESTATE expects that approximately 85%-90% of expected Aggregate Revenues and Gains will be derived from recurring fee income, a significant increase from previous years. Furthermore, the Company confirms its guidance for 2017 with an Adjusted Net Income of EUR 85-90 million.
CORESTATE is well on track with respect to the integration of the recently acquired Helvetic Financial Services AG (“HFS”) and Hannover Leasing Group (“HL”) and gained further visibility on the organic growth opportunities.
The positive outlook for 2018 is based on the impact of full-year consolidation of the newly acquired companies, bindingly and non-bindingly committed further fund inflows and a tangible identified acquisition pipeline of EUR 4.9 billion, resulting in a larger fee generating AuM base and an increase in recurring revenues. The financial outlook does not take into consideration the Company’s inorganic growth strategy of acquiring additional Asset Managers.
CORESTATE posted significant organic growth with a transaction volume of more than EUR 1.4 billion in H1 2017 increasing the asset base further and underpinning the efficiency of its well-established sourcing and acquisition network in a favourable real estate market environment.
Additionally, the Company intends to take the next step as a public company and intends to apply for the admission to trading on the regulated market segment (Prime Standard) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) in Q4 2017, which was resolved by the management board today. A Prime Standard listing is expected to enhance the visibility and marketability of the Company’s shares, enable the Company’s shares to be included in selected stock indices, underscore the Company’s ambition to benefit from the high demands of the Prime Standard and is in line with the Company’s objective to increase liquidity of the shares. In connection with the Prime Standard listing the Company will, subject to approval by the competent regulator, publish a prospectus which will include, among other things, pro-forma financials for the period ending 30 June 2017 reflecting the acquisitions of HFS and HL.
A presentation and associated webcast can be found at CORESTATE’s IR website (ir.corestate-capital.com) under publications.
Phone: +49 69 3535630-106 / Cell phone: +49 162 2087670
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 20bn* 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 29 offices including in Frankfurt, London, Madrid, Singapore and Zurich. The company employs over 470 people and is listed in the open market (Scale) of the Frankfurt Stock Exchange. Further information is available at www.corestate-capital.com.
*at year end 2017
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.