CORESTATE CAPITAL HLDG
CORESTATE CAPITAL HLDG
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Ticker: CCAP
ISIN: LU1296758029

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

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DGAP-Ad-hoc: Corestate Capital Holding S.A. / Key word(s): Annual Results
Corestate with preliminary figures for 2020: revenues within outlook, EBITDA and adjusted net profit miss company's expectations - outlook for 2021 foresees significant growth

23-Feb-2021 / 19:50 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


 

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
ir@corestate-capital.com

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.


23-Feb-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de


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: IR@corestate-capital.com
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
EQS News ID: 1170591

 
End of Announcement DGAP News Service

1170591  23-Feb-2021 CET/CEST

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