DGAP-News: Corestate Capital Holding S.A.
/ Key word(s): Real Estate/Preliminary Results
2019 preliminary results: CORESTATE with record sales and strong operating performance
Frankfurt, 25 February, 2020. CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, announced today its preliminary figures for fiscal year 2019, according to which real estate assets under management grew organically by approximately 10.1 percent and reached the record level of EUR c 22.8 billion. The assets under management (AuM), i.e. including non-real estate assets, rose to EUR c 26.3 billion. The acquisition of STAM Europe, completed in January, added a further EUR 2 billion in real estate AuM, with the aggregate total today being EUR c 28.3 billion.
All relevant financial ratios are above or within the forecast for fiscal year 2019, with aggregated revenues rising to the record level of EUR c 303 million (previous year EUR 292 million), EBITDA of EUR c 175 million (previous year EUR 184 million) and adjusted net income of EUR c 131 million (previous year EUR 135 million). In view of various positive one-time effects, the previous year's figures are only comparable to a limited extent. The leverage ratio (net financial debt to EBITDA) was c 2.7x at the end of 2019. The company plans to increase its dividend to EUR 2.60 per share (previous year EUR 2.50).
Lars Schnidrig, CEO of CORESTATE: "We look back on another fast-growing and eventful fiscal year 2019, in which we clearly achieved our ambitious sales and earnings targets. In addition, we managed to fundamentally develop and enhance our internal structures and processes over the past year as part of a major transformation process. Tangible examples include the implementation of a comprehensive ESG strategy, the broad internationalization of our business model, and the great successes in acquiring new institutional customers. Like in previous years and as part of our clear shareholder value orientation, we wish our shareholders to take part in these successes. Therefore, we are planning to increase the dividend to EUR 2.60 per share - this currently equates to an attractive yield of around 6%."
The prospering market environment is characterized by urbanization, demographic changes and growing environmental awareness. Institutional clients, who are increasingly searching for profitable real estate investments, are benefitting from the products CORESTATE has been placing for years, time and again, tailor-made to the market. Against this backdrop and in view of a promising start to the year, the company expects significant growth in 2020 and anticipates aggregated revenues in the range of EUR 325 million to EUR 335 million, EBITDA of between EUR 180 million and EUR 190 million and adjusted net profit of between EUR 145 million and EUR 155 million.
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 www.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.
25.02.2020 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
|Company:||Corestate Capital Holding S.A.|
|4, Rue Jean Monnet|
|Phone:||+49 69 3535630-107|
|Fax:||+49 69 3535630-29|
|Listed:||Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Munich, Stuttgart, Tradegate Exchange|
|EQS News ID:||982641|
|End of News||DGAP News Service|