DGAP-Adhoc: Corestate publishes new financial outlook for the financial year 2020
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DGAP-Ad-hoc: Corestate Capital Holding S.A. / Key word(s): Forecast Corestate publishes new financial outlook for the financial year 2020 - Aggregated revenues between € 185m and € 210m - EBITDA between € 55m and € 80m - Adjusted net profit between € 25m and € 50m Luxembourg, 9 September 2020 - Corestate Capital Holding S.A. withdrew its financial outlook for 2020 on 22 April 2020 in light of the impact of the COVID-19 pandemic. The Company has since gained a significantly better overview of the further business trends and has therefore issued a financial outlook for the current financial year that has been adjusted for the effects of the COVID-19 crisis. Accordingly, the Company expects aggregated revenues and gains between € 185m and € 210m, EBITDA between € 55m and € 80m and adjusted net profit between € 25m and € 50m. The expectations reflect a reduction in transaction volume and a short-term shift in risk profiles with regard to institutional investors' investment preferences. In terms of revenues, the Company anticipates significantly lower income from transaction fees, success-based compensation elements, warehousing and alignment capital, in comparison to the original targets for the year. A view valuation adjustments on (co-)investments in the retail and serviced apartment sector as well as potential one-off expenses for structural adaptations to the new market conditions will also play a role. The mezzanine business of the private debt subsidiary HFS Helvetic Financial Services AG has so far been affected downstream and to only a very minor extent by the current crisis. At end of August 2020, the Company had a cash position of around € 63m. The Company once again confirmed its ambition to reduce its net debt on short notice. The new forecast takes into account the negative impact of the COVID-19 pandemic to the extent foreseeable at the present time. However, the business impact of any potential official measures due to the further development of the pandemic, particularly new supra-regional lockdowns, cannot be fully predicted.
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. Notifying person:
09-Sep-2020 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
| 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 |
| EQS News ID: | 1129061 |
| End of Announcement | DGAP News Service |
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1129061 09-Sep-2020 CET/CEST
Corestate Capital Holding SA Stock
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