DGAP-News: Corestate Capital Holding S.A. / Key word(s): Half Year Results/Real Estate
CORESTATE reports solid first half year and confirms 2019 guidance
- Decent operating performance across the entire Group
- Aggregated revenues and gains of EUR 121 million, EBITDA of EUR 68.9 million, adjusted net profit of EUR 47.8 million
- Promising organic growth in Real Estate AuM of 4.4 percent
- Financial guidance of FY 2019 confirmed
- Acquisition of STAM Europe paves way to French Market
Frankfurt, 13 August 2019 - CORESTATE Capital Holding S.A. (CORESTATE), a leading European real estate investment manager, today announced solid figures for the first half year of 2019. Real estate Assets under Management (AuM) rose organically by around 4.4 percent, reaching EUR 21.6 billion for the first time. Including the non-real-estate portfolio, the entire AuM amounted to EUR 26 billion.
"Our operations remain under full steam, and all our subsidiaries delivered to our good half-year results, benefitting from a favorable market environment. Especially, but not only our micro living segment is sought after by a growing number of clients," commented Lars Schnidrig, CEO of CORESTATE.
In the first six months of 2019, the company generated adjusted revenues and gains of EUR 121 million (H1/2018: EUR 125.8 million), an EBITDA of EUR 68.9 million (H1/2018: EUR 69.1 million) and an adjusted net profit of EUR 47.8 million (H1/2018: EUR 60.9 million). Net profit amounted to EUR 36.9 million (H1/2018: EUR 42.8 million). Differences to previous' year are mainly due to slight seasonal fluctuations.
On 8 August, CORESTATE announced the acquisition of the French investment manager STAM Europe, Paris with EUR 1.9 billion AuM. Closing of the transaction is subject to approval of the French regulatory authority and is expected in the fourth quarter of 2019. This paves for CORESTATE the way to selected locations and asset segments in France as well as to new institutional clients. The CORESTATE Group is thus taking another important step towards becoming the leading European real estate platform as part of its comprehensive growth strategy.
As typical for the first six months of 2019, CORESTATE used its balance sheet for clients to enable further effective growth in the second half of the year. This also led to a short-term rise in the leverage ratio (Net Financial Debt to EBITDA), which will get reduced again significantly in the upcoming months - for the fiscal year 2019 the Company confirmed the target ratio of between 2x and 3x.
CEO Lars Schnidrig: "We are constantly winning new customers, our tangible sourcing pipeline of around EUR6 billion remains on a very high level and we are starting now to harvest the fruits of our broad ESG initiative - these are just a few reasons why we are looking very optimistically into the future. We are completely in-line with our seasonal budgets and expect especially our acquisition related fees and our promote fees to pick up in the second half of 2019."
Against this backdrop, the company fully confirms its financial forecast for the full year 2019 of aggregated revenues of EUR 285 to 295 million, adjusted EBITDA of EUR 165 to 175 million and adjusted net profit of EUR 130 to 140 million.
13.08.2019 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:||856405|
|End of News||DGAP News Service|