DGAP-News Preliminary figures FY 2020 - burdens from valuation effects and one-off expenses - basis for sustained growth starting in 2021
DGAP-News: Corestate Capital Holding S.A. / Key word(s): Preliminary Results/Real Estate
Preliminary figures FY 2020 - burdens from valuation effects and one-off expenses - basis for sustained growth starting in 2021
- Aggregated revenues and gains of € 191m, EBITDA of € 17m, adjusted net profit of € -48m
- AuM basis slightly increases to nearly € 28bn
- Valuation adjustments due to COVID-19 at retail and commercial assets as well as at "Serviced Apartments"
- Financial outlook for 2021 forecasts substantial growth in aggregated revenues and gains, EBITDA and adjusted net profit
- Deleveraging target for 2021 confirmed, with a financial leverage ratio of under 3x
Frankfurt, 23 February 2021. Corestate Capital Group (Corestate), a leading independent real estate investment manager in Europe, announced today its preliminary results for the past financial year. Based on the unaudited figures, aggregated revenues and gains amounted to € 191m in 2020 and were therefore within the forecast range. EBITDA stood at € 17m and adjusted net profit at € -48m. Due to the crisis, both performance indicators fell significantly short of the company's own expectations on account of significant negative, but mainly non cash-relevant valuation effects and one-off expenses.
Real estate assets under management increased to around € 24.6bn over the course of the year (end of 2019: € 22.8bn). The acquisition of STAM Europe at the start of the year and net organic growth of 1.3%, even taking into account valuation adjustments triggered by the corona-pandemic, made a significant contribution to this development. Total assets under management (AuM) stood at roughly € 27.8bn (previous year: € 26.3bn). That figure includes non-real estate assets, which recorded a decline.