DGAP-Adhoc: Corestate with preliminary figures for 2020: revenues within outlook, EBITDA and adjusted net profit miss company's expectations - outlook for 2021 foresees significant growth

Corestate with preliminary figures for 2020: revenues within outlook, EBITDA and adjusted net profit miss company's expectations - outlook for 2021 foresees significant growth

- Aggregated revenues and gains of € 191m, EBITDA of € 17m, adjusted net profit of € -48m

- Financial outlook for 2021: EBITDA between € 90m and € 115m

- Deleveraging target for 2021 confirmed, with a financial leverage ratio of under 3x

Luxembourg, 23 February 2021. Corestate Capital Holding S.A. (Corestate) has, based on its unaudited and preliminary figures, generated aggregated revenues and gains of € 191m in 2020 and thus met its own financial outlook of € 185m to € 210m. EBITDA was at € 17m and therefor also below the company's own expectations of € 55m and € 80m as was the adjusted net profit with
€ -48m; here, the outlook stood between € 25m and € 50m. Both performance indicators fell significantly short of the company's own expectations on account of mainly non-cash effective, significant negative valuation effects and one-off expenses, but also due to writing-down of goodwill.

Cash and cash equivalents in the company stood at € 91m at year-end. This figure does not yet include around € 100m of mezzanine lending at the real estate financing subsidiary Helvetic Financial Services; repayment is scheduled for the first half of 2021 and will increase liquidity accordingly. Net financial debt at the end of December 2020 was at € 517m. Based on the debt reduction already announced, the company reaffirms to reach the medium-term target corridor of 2.0x to 3.0x. by end of 2021.

The financial outlook for the current year forecasts an increase in aggregated revenues and gains to between € 235m and € 260m, EBITDA adjusted for the transaction costs related to the acquisition of Aggregate Financial Services ("AFS") of between € 90m and € 115m and adjusted net profit of between € 50m and € 75m. This outlook takes into account the pro rata consolidation of AFS from July 2021, as well as the currently foreseeable impact of the COVID-19 pandemic on the business activities and the economic environment of the company.

Notifying Person:
Dr. Kai Gregor Klinger
Chief Markets Officer
T: +49 69 3535630107 / M: +49 152 22755400
[email protected]

Further details on the performance indicators used are available on our website at https://corestate-capital.com/wp-content/uploads/2019/05/KPI-E-eng.pdf.