DGAP-News: Corestate Capital Holding S.A. / Key word(s): Preliminary Results
Preliminary figures for 2018: CORESTATE exceeds raised forecast
"We have grown organically and through acquisitions into a new dimension. In just two years, we have increased our assets under management by more than seven times and significantly enhanced our profitability. Our subsidiary Hannover Leasing has had one of the best fiscal years in its almost 40-year company history. Together we are creating significant added value for our customers on our new platform. At the same time, we have reduced our net debt as planned and still have sufficient headroom to grow profitably," said Lars Schnidrig, CFO and interim CEO of CORESTATE.
The sharp increase in consolidated net income also boosted earnings per share by more than 50% to EUR 4.93. Reported EBITDA amounted to EUR 174 million and reported net profit to EUR 104 million. At the end of 2018, net financial debt amounted to EUR 389 million, the financial leverage (net debt to adjusted EBITDA) was 2.1x and thus at the lower end of the target corridor of 2.0x to 3.0x. Twelve months ago, this figure was still above 4.0x.
"Profits will be distributed to our shareholders, and our dividend policy is very attractive. We are currently planning a distribution of EUR 2.50 per share for 2018 and thus a return of about 8 percent at the current share price level. On the basis of EUR 4.93 earnings per share, our payout ratio would be around 50 percent - a good point of reference for future years as well," said Lars Schnidrig.
For 2019, CORESTATE expects aggregated revenues in the range of EUR 285 million to EUR 295 million, an EBITDA of between EUR 165 million and EUR 175 million and an adjusted net profit of between EUR 130 million and EUR 140 million. Organic growth in the core business together with interesting acquisitions, in particular in Real Estate Investment Management, will enable an improvement of the quality and sustainability of the income streams.
"We are focusing early on new trends in the European real estate market - such as in micro living. Most recently, we acquired the largest independent student housing operator in the UK and thus gained enormous implementation expertise and project experience for our Europe-wide micro living activities. We offer our clients high-quality investment opportunities also beyond established markets. We will broaden our choice of products in private debt and thus further expand our existing Mezzanine business. Given our revenues mostly come from German speaking areas, we have enormous growth potentials in Europe and beyond," added Thomas Landschreiber, co-founder and Chief Investment Officer of CORESTATE.
Dr. Kai Gregor Klinger
T: +49 69 3535630-106 / M: +49 152 22755400
T: +49 69 3535630-108 / M: +49 174 4022348
About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with approximately EUR 25bn 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 42 offices including in Frankfurt, London, Madrid, Singapore and Zurich. The company employs over 730 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.
|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|
|End of News||DGAP News Service|