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CORESTATE: Preliminary financial result for 2017
- 2017 guidance again exceeded: adjusted net profit more than quadrupled to EUR 93m, adjusted EBITDA of EUR 123m, aggregated revenues of EUR 195m
- Sustainable turnaround of Hannover Leasing, H2 2017 with strong profit increase to EUR 10m (previous year EUR -9m)
- Portion of recurring fee income at approximately 85%
- Planned doubling of the dividend to EUR 2.00 per share
- Financial Forecast raised for 2018
CORESTATE Capital Holding S.A. (CORESTATE), a fully integrated investment manager and co-investor based in Luxembourg, has successfully concluded its first financial year after significant acquisitions: All operative and financial targets for 2017 were reached or exceeded. Aggregated revenues – including income from real estate investments – more than tripled to EUR 195m, adjusted earnings before interests, taxes and amortisation (EBIDTA) increased to EUR 123m and adjusted net profit to EUR 93m. The positive development is also reflected by the increase of the time weighted average earnings per share by around +120% to EUR 3.28 per share. The unadjusted EBITDA of the financial year, which includes one-off burdens, mainly from transactions, amounts to EUR 105m, the unadjusted net profit to EUR 56m.
Lars Schnidrig, Chief Financial Officer of CORESTATE: „The good financial result is a testimony to our ability to implement as well as the trust our clients and investors have in CORESTATE’s sustainable business model. In view of our high portion of recurring fee income of around 85% it gives at the same time scope for a positive dividend development. For the financial year 2017, we are thus planning to pay out an overall dividend of around EUR 42m, which corresponds to EUR 2.00 per share.”
The integration of our strategic acquisitions made far quicker progress than planned. Since their consolidation, HFS and ATOS are both delivering high contributions to the results and are generating already initial substantial synergies. At the same time, Hannover Leasing significantly advanced its business. After the impressive profit increase in the third quarter of 2017, Hannover Leasing’s earnings power was strengthened and expanded in the fourth quarter as well, with a profit of EUR 5m (H2 2017 EUR 10m).
“Following the successful and quick integration of our strategic acquisitions, we can tackle selective acquisitions of further asset managers with complementary asset classes in 2018. Reasonable pricing as well as a unique cachet are the most important factors here,” said Thomas Landschreiber, Chief Investment Officer at CORESTATE. “With our multi-boutique platform, we are already realising promising initial synergies in fund investments for our clients and are expecting to expand these significantly in the coming quarters.”
Against this backdrop, CORESTATE is substantiating and raising its forecast for the financial year 2018. It expects aggregated revenues – including income from real estate investments – of between EUR 230m and EUR 240m, adjusted EBITDA of between EUR 155m and 165m and adjusted net profit of between EUR 120m and 130m, this corresponds roughly to an increase of one third compared to the previous year. The forecast is based on the current portfolio and excludes possible further acquisitions.
The aggregated financial results in hand include the pro-rata consolidation of Helvetic Financial Services AG (since 7/2017), Hannover Leasing (since 7/2017) and ATOS (since 11/2017). They are preliminary, unaudited and may include rounding differences.
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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