Corestate Capital Holding Sa · XETR:CCAP
Corestate Capital Holding Sa — FY2021 Earnings Presentation
21 slides from Corestate Capital Holding Sa's earnings presentation, Mar 8, 2022
Slide 1: Publication of Preliminary Results FY 2021
PUBLICATION OF PRELIMINARY RESULTS FY 2021 8 March 2022 – Stavros Efremidis, CEO | Udo Giegerich, CFO | Dr. Kai Gregor Klinger, CMO
Slide 2: Disclaimer
DICLAIMER This presentation contains forward-looking statements that are subject to various risks and uncertainties. Such statements are based on a number of assumptions, estimates, projections or Glossary plans that are inherently subject to significant risks, as well as uncertainties and contingen
Slide 3: Statement to the Preliminary Figures 2021
STATEMENT TO THE PRELIMINARY FIGURES 2021 ▪ Ernst & Young has not yet fully completed its audit procedures in certain subdivisions with a focus on Corestate Bank ▪ As a result, the audit opinion and publication of the Corestate Group’s consolidated financial statements has been postponed ▪ Corestate
Slide 4: The New Independent Management Team Fosters the Realignment
THE NEW INDEPENDENT MANAGEMENT TEAM FOSTERS THE REALIGNMENT AND ACCOMPANIES THE TRANSFORMATION OF THE GROUP Clear leadership with state-of-the-art functional setup and corporate governance structure 1 Supervisory Board Dr. Bertrand Malmendier Dr. Roland M. Folz Dr. h.c. Friedrich Oelrich Chairman De
Slide 5: Highlights of 2021
HIGHLIGHTS OF 2021 Corestate emerges stronger from the COVID crisis GUIDANCE REACHED based on a comprehensive restart at all layers ▪ RE investment powerhouse with a unique Strong revenue growth of +33% equity and debt platform and substantially improved ▪ Corestate Bank acquisition fully integrated
Slide 6: Future Focus on Highly Profitable Core Business
FUTURE FOCUS ON HIGH PROFITABLE CORE BUSINESS Assets under Management 27.8bn 27.4bn 26bn 25bn Non-Core 3.1bn ▪ AuM in core business RE Equity 22bn 5.4bn and Debt stable at c € 19bn ▪ Minor decrease in non-core Non-RE business, driven by maturity of 3rd RE 3rd Party PM 6.6bn party PM portfolio in UK
Slide 7: The Real Estate Equity Segment
THE REAL ESTATE EQUITY SEGMENT AuMs show stability with some operational outflows in the course of the pandemic ▪ Market drivers and mega trends in real estate fully ▪ Real estate Equity AuM stable at € 12.4bn intact (esp. high investment pressure and client (previous year: € 12.8bn) with outflows i
Slide 8: The Real Estate Debt Segment
THE REAL ESTATE DEBT SEGMENT Integrated RE Debt shows again very strong results for 2021 Macro environment remains positive – ongoing constraints in bank credits on higher risk profile € 6.6bn Profile of > € 1.2bn Mezzanine Lending HFS (€ 6.5bn) # of financed projects: 42 ▪ Steady product innovation
Slide 9: Key Financials FY 2021 – Revenues and Earnings in Line with Guidance
KEY FINANCIALS FY 2021 – REVENUES AND EARNINGS IN LINE WITH GUIDANCE 2021 GUIDANCE REACHED Aggregated Revenues & Gains ▪ Spin-off of 3rd party PM leads to a Guidance € 235 - 260m decreased reported revenue of c € 30m (discontinued operations) 2021 € 246m 2020 € 191m ▪ Adjustments on EBITDA of € 17.4
Slide 10: Income Lines Show Healthy Recovery from Pandemic
INCOME LINES SHOWS HEALTHY RECOVERY FROM PANDEMIC AND STRONG YEAR-END- BUSINESS Revenue Split-up for FY 2021 1) in m€ (previous year) ▪ Improved investment environment enables RE Equity Acquisition & Sales Fees 33 (20) strong Q4 transaction performance ▪ Reduced fee income from micro living Asset an
Slide 11: Improved Profitability Despite Extraordinary Effects
IMPROVED PROFITABILITY DESPITE EXTRAORDINARY EFFECTS Key P&L Figures 1) in m€ 2021 2020 ▪ OpEx considerably decreased to € 99.0m Aggregate Revenues & Gains 215.4 162.0 (€ 111.0m) and ratio of 46.0% (68.5%) Expenses from RE Equity 66.8 78.9 ▪ G&A including one-off expenses from AFS Expenses from RE D
Slide 12: Key Balance Sheet Items
KEY BALANCE SHEET ITEMS ▪ € 191m Financial Liabilities from bonds reclassified to Total Balance Sheet current liabilities (convertible bond maturity < 1 year) € 1,628m (€ 1,465m) ▪ € 662m (€ 578m) Goodwill driven by acquisition of (in m€) Corestate Bank with € 95m ▪ € 146m (€ 121m) Investment in Ass
Slide 13: Debt Profile & Updated Cash Conversion Program
DEBT PROFILE & UPDATED CASH CONVERSION PROGRAM Path of debt reduction in 2022 largely based on already Financial debt overview FY-2021 signed transactions or contractual obligations (in €) (in m€) Remaining contractual performance & promote/sales fees from 2021 Bank & 622 76 (contract assets 59m, re
Slide 14: Restart and Operational Outlook FY 2022
RESTART AND OPERATIONAL OUTLOOK FY 2022 The newly aligned functional management setup accelerates the ongoing transformation process and safeguards continuity and reliability in external appearance 2022 MARKET FUNDAMENTALS Reinvent Corestate on all layers ▪ Promising growth and new business pipeline
Slide 15: Financial Outlook FY 2022
FINANCIAL OUTLOOK FY 2022 Revive of distribution policy and re-positioning as growth and dividend stock 2022 GUIDANCE Prospective 2022 revenue split-up RE Equity Aggr. Revenues € 210 - 230m Acquisition, Sales & Promote Fees € 30 - 40m Asset & Property Management Fees € 40 - 50m EBITDA € 90 - 110m RE
Slide 16: Appendix
@ CORESTATE Capital Group LS ee sm 4 APPENDIX
Slide 17: Profit and Loss Statement FY 2021 (2020)
PROFIT AND LOSS STATEMENT FY 2021 (2020) 1 million euros 2021 2020 Revenue from Acquisition Related Fees 9.7 15.1 Revenue from Asset Management Fees 37.0 37.3 Revenue from Property Management Fees 5.3 3.9 Revenue from Sales and Promote Fees realised 25.5 14.0 Total Revenue from Real Estate Equity 77
Slide 18: Balance Sheet FY 2021 (2020)
BALANCE SHEET FY 2021 (2020) 1 million euros 2021 2020 Non-Current Assets Goodwill 662.0 577.7 Other Financial Instruments 151.5 153.9 Intangible Assets 84.8 87.8 Investment in Associates and Joint Ventures 145.9 120.8 Other Non-Current Assets 118.3 116.3 Total Non-Current Assets 1,162.5 1,056.6 Cur
Slide 19: Shareholder Structure and Research Coverage
SHAREHOLDER STRUCTURE AND RESEARCH COVERAGE Shareholder Structure (acc. to latest public filing) Shares held by Management* 9.5% Karl Ehlerding 6.2% Shares * Shares held by Management 34,193,808 ▪Stavros Efremidis: 3,200,000 Free Float (acc. to Dt. Börse) ▪Ralf Struckmeyer: 32,601 84.4% ▪Udo Giegeri
Slide 20: Financial Calendar
FINANCIAL CALENDAR 8 March 2022 Annual financial report FY-2021 10 May 2022 Publication results for Q1-2022 17 May 2022 Annual General Meeting 2022 9 August 2022 Publication results for H1-2022 8 November 2022 Publication results for 9M-2022 www.corestate-capital.com/share Preliminary results FY-202
Slide 21: Investor Contact
INVESTOR CONTACT Dr. Kai G. Klinger Chief Markets Officer Phone: +49 69 3535630-106 ir@corestate-capital.com
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