15.05.2018
Corestate Capital Holding S.A. LU1296758029
DGAP-News: Corestate Capital Holding S.A.: CORESTATE reports a strong first quarter - Full-year outlook confirmed
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Quarterly / Interim
Statement
Corestate Capital Holding S.A.: CORESTATE reports a strong first quarter -
Full-year outlook confirmed
15.05.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
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CORESTATE reports a strong first quarter - Full-year outlook confirmed
- Operating business developed well with synergies from strategic
acquisitions
- Aggregate revenues totalled EUR 61.9m with adjusted EBITDA of EUR 38.8m
and adjusted
net profit of EUR 34.7m
- Free float increased to over 63%; shares admitted to the SDAX; a key bond
offering
successfully completed
- Financial outlook for FY2018 confirmed
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment
manager and co-investor based in Luxembourg, posted a strong first quarter
of 2018 following its dynamic performance in 2017. For the first three
months, aggregate revenues totalled EUR 61.9m, adjusted EBITDA was EUR 38.8m
and adjusted net profit was EUR 34.7m. Assets under management were
approximately EUR 22bn at the end of March.
The company's new CEO, Dr. Michael Buetter, comments: "In contrast to the
usual seasonality of the real estate sector, we are able to report a very
solid first quarter in 2018. The main drivers were our attractive investment
offering for clients and a stable transaction pipeline."
Revenue and cost synergies from last year's strategic acquisitions helped
support the quarter's results. Moreover, the acquisitions broadened our
product portfolio, enabling us to take advantage of a wider range of
transaction opportunities and tap into a larger group of investors.
Looking beyond operating earnings, significant progress was also made on the
capital market side. In mid-March 2018, CORESTATE was admitted to the SDAX
index, supported by the strong share price appreciation in 2017 and the
significant increase in the free float to over 63%. In March, the CORESTATE
Group also made significant progress on the liabilities side by issuing a
EUR 300m senior bond. "Our successful debut bond issue has significantly
increased the average maturity of our financing and further reduced the
Group's average cost of debt," reports CORESTATE's CFO, Lars Schnidrig. "The
bond issue and admission to the SDAX mean that we now have very broad access
to the capital markets, giving us additional flexibility for our ambitious
organic and inorganic growth plans."
Dr. Buetter adds: "On the operational side, we enjoy a solid and diversified
position thanks to our multi-faceted product portfolio, a selective
international expansion strategy and our warehousing activities. Moreover,
beyond our core business, we continue to see opportunities for strategic
acquisitions, and this could enhance our mid- and longer-term growth
profile.
In view of the good first quarter, the company is confirming its financial
outlook for the full year 2018: We anticipate aggregate revenues of EUR
230-240m, adjusted EBITDA of EUR 155-165m and adjusted net profit of EUR
120-130m.
IR contact
Dr. Kai Gregor Klinger
T: +49 69 3535630-107 / M: +49 152 22755400
[email protected]
PR contact
Tom Zeller
T: +49 69 264867715 / M: +49 176 10430063
[email protected]
About CORESTATE Capital Holding S.A.
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and
co-investor with approximately EUR 22bn 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 41 offices
including in Frankfurt, London, Madrid, Singapore and Zurich. The company
employs over 560 people and is listed in the regulated market (SDAX) of the
Frankfurt Stock Exchange.
Further information is available at www.corestate-capital.com.
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 [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.
Published today, the Q1 Report of the CORESTATE Capital Group S.A. for the
first three months of 2018 is available on ir.corestate-capital.com
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15.05.2018 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The DGAP Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.dgap.de
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Language: English
Company: Corestate Capital Holding S.A.
4, Rue Jean Monnet
L-2180 Luxembourg
Luxemburg
Phone: +49 69 3535630-107
Fax: +49 69 3535630-29
E-mail: [email protected]
Internet: www.corestate-capital.com
ISIN: LU1296758029
WKN: A141J3
Indices: SDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart, Tradegate Exchange
End of News DGAP News Service
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