14.08.2018
Corestate Capital Holding S.A. LU1296758029
DGAP-News: Corestate Capital Holding S.A.: CORESTATE doubles net profit and revenues in the first Half of 2018
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Half Year Results
Corestate Capital Holding S.A.: CORESTATE doubles net profit and revenues in
the first Half of 2018
14.08.2018 / 07:00
The issuer is solely responsible for the content of this announcement.
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CORESTATE doubles net profit and revenues in the first Half of 2018
- Positive operating performance with rising recurring revenues
- Aggregated revenues of EUR 125.8 million (+152%), adjusted EBITDA of EUR
77.7 million (+200%), adjusted net profit of EUR 60.9 million (+167%)
- Forecast for fiscal year 2018 reaffirmed
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment
manager and co-investor based in Luxembourg, achieved significant organic
growth in the first six months of the year and increased its Assets under
Management in Real Estate core business by about EUR 900 million.
Dr. Michael Bütter, CEO: "We are pleased with the very good business
development throughout the Group, especially at our subsidiaries Helvetic
Financial Services (HFS) and Hannover Leasing, which will make sustainable
and stable contributions to earnings following their acquisitions in 2017
with their specialized business models. The cornerstone for this is our
comfortable "pipeline" of potential transactions of around EUR 5.7 billion."
In the first six months of the year, CORESTATE generated aggregated revenues
of EUR 125.8 million; a year ago, that figure was EUR 48 million. Adjusted
EBITDA in the first half of 2018 tripled year-on-year to EUR 77.7 million
(EUR 26 million). Adjusted net profit for H1/2018 amounted to EUR 60.9
million, an increase of +167% on H1/2017 (EUR 22.8 million).
Lars Schnidrig, CFO: "The solid results in the first half of the year
impressively document our business model's sustainable revenue structures.
We are well on track to meeting our full-year financial outlook and will
also achieve further improvement in the debt ratio on the balance sheet side
by the end of the year."
Against this backdrop, the company confirms its financial forecast for the
full year 2018 with aggregated revenues of EUR 230 million to 240 million,
adjusted EBITDA of EUR 155 to 165 million and adjusted net profit of EUR 120
million to 130 million.
Michael Bütter continues: "CORESTATE stands for stable value development and
outstanding performance. Over the past 24 months, we have innovatively
expanded our product range to increasingly attract new investor groups.
Additional regulatory expenses burden the operating profitability of smaller
asset managers, which opens up strategic acquisition opportunities for us.
We will also use our extensive experience in micro living and serviced
apartments for a new product line addressing decisive changes in
urbanization, mobility and demographic change. We are internationalising
both on the product side and on the operational level. Our strong product
pipeline in conjunction with our broad customer base gives us a very
positive outlook for the second half of the year."
IR contact
Dr. Kai Gregor Klinger
T: +49 69 3535630-106 / M: +49 152 22755400
[email protected]
PR contact
Andre Zahlten
T: +49 69 3535630-108 / M: +49 174 4022348
[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 has41 offices
including in Frankfurt, London, Madrid, Singapore and Zurich. The company
employs over 600 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.
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14.08.2018 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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713819 14.08.2018
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