DGAP-News: Corestate Capital Holding S.A.
/ Key word(s): Annual Results/Real Estate
CORESTATE presents final figures for 2019 and confirms financial outlook for 2020
Frankfurt, 24 March 2020. CORESTATE Capital Holding S.A. (Corestate), a leading independent investment manager for real estate in Europe, presented its 2019 Annual Report today, confirming the preliminary results that had already been published. Fund assets under management (AuM), including the STAM Europe acquisition, amount to around EUR 28 billion, while real estate AuM grew organically by around 10% in 2019. During this period, the company generated revenues of EUR 303.4 million (previous year: EUR 292.2 million), EBITDA of EUR 175.0 million (previous year: EUR 174.1 million) and adjusted net income of EUR 130.3 million (previous year: EUR 135.3 million). In view of various positive one-off effects, the figures from 2018 are only comparable with those from 2019 to a limited extent.
Lars Schnidrig, CEO of CORESTATE Capital Group: "Our figures and the record results for 2019 underscore our solid position in a growing market. We are weatherproofed by our long-term financial instruments with maturities until at least the end of 2022, our healthy balance sheet structure and efficient and IT-based processes. I am delighted that we have made significant structural improvements to the company in recent quarters, while at the same time achieving or exceeding our ambitious growth targets on the customer and earnings side."
The Supervisory Board will be replaced on a regular basis at the 2020 Annual General Meeting; in addition, the Supervisory Board is to be expanded by one additional seat to five members. The company proposes the following candidates:
The Annual General Meeting scheduled for 29 April 2020 must be postponed to a later date due to the corona pandemic. As previously announced, the company continues planning to increase the distribution to EUR 2.60 per share (previous year: EUR 2.50 per share). The formal proposal for the appropriation of profits will be published in the notice convening the Annual General Meeting 30 days before the new date.
Lars Schnidrig, CEO of CORESTATE Capital Group: "Our attractive product range with a focus on urban living and lifestyle meets with the spirit of the times and the high interest of investors in Europe and beyond. This, combined with the unabated demand for investment in the real estate sector, gives us tailwind for the current year, despite the special situation we are currently in."
The company therefore continues to expect aggregated revenues of between EUR 325 million and EUR 335 million, an EBITDA of between EUR 180 million and EUR 190 million and an adjusted net income of between EUR 145 million and EUR 155 million for 2020. Corestate also maintains its expectation of organic growth in fund assets under management of between 5% and 10%. However, the extent and impact of the corona pandemic on the course of business in 2020 cannot yet be conclusively assessed. The company is therefore monitoring further developments and their impact on business activities very closely and will always present reliable information transparently in a timely manner.
24.03.2020 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:||1004785|
|End of News||DGAP News Service|