Corestate Capital Holding Sa · XETR:CCAP
Corestate Capital Holding Sa — Non-Deal Roadshow (December 2021)
24 slides from Corestate Capital Holding Sa's roadshow presentation, December 2021
Slide 1: Roadshow Presentation
Roadshow Presentation December 2021 René Parmantier, CEO | Udo Giegerich, CFO | Dr. Kai Gregor Klinger, CMO
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements that are Glossary subject to various risks and uncertainties. Such statements are € = Euro; based on a number of assumptions, estimates, projections or $ = (US)Dollar; plans that are inherently subject to significant risks, as well as
Slide 3: A Fully Integrated and Specialized Real Estate Investment House
A Fully Integrated and Specialized Real Estate Investment House Assets under Adj. EBITDA Management Margin ~850 FTEs > € 27bn > 40% * 45 Offices | 11 Countries Corporate Deal Pipeline in Fund Volume Credit Rating Debt & Equity in RE Mezzanine BB- (negative) > € 3bn c € 1.3bn * mid-point financial ou
Slide 4: Strong Support from Macro Environment and Mega Trends
Strong Support from Macro Environment and Mega Trends Real Estate Equity Real Estate Debt ▪ Increasing investment pressure (esp. on pension ▪ Constraints in bank credits on higher risk Key Market Driver schemes and insurers) driven by interest rate profiles (regulation even fostered by corona) envir
Slide 5: Management Board Aligned
Management Board Aligned Members of the Management Board1 ▪ Highly engaged and long-term committed management team ▪ c 10% of company’s shares owned by senior management René Parmantier (CEO) Corporate Strategy, M&A, Equity Raising, Investment Management Sebastian Ernst (Chief Debt Investment Office
Slide 6: Highlights of Q3-2021
Highlights of Q3-2021 General Operations Outlook Ongoing robust performance with Real Estate Equity ▪ Catch-up in Q3 Company very well on track to deliver on further revenue and ▪ Strong year-end rally financial outlook 2021 earnings growth in Q3 Net debt reduction Promising tailwind from re
Slide 7: AuMs Show Stability with Some Outflows in the Course of the Pandemic
AuMs Show Stability with Some Outflows in the Course of the Pandemic Assets under Management Sourcing Pipeline ▪ Slight reduction of RE AuMs to € 24.0bn mainly due to ▪ RE Debt with mezz. pipeline of c € 500m and c € 1bn maturities in micro-living and a commercial assets of mandated financings or pr
Slide 8: RE Equity Asset Management with € 11.7bn AuM
A. RE Equity Asset Management with € 11.7bn AuM Asset Class Maturity 2.7 Other 2.3 2.4 Logistics 10% Average 5% Office 1.4 1.2 Weighted Residential 51% 0.8 0.8 Maturity of 6% Student AuM c 5 Years Housing/Micro € 11.7bn Living 2021 2022 2023 2024 2025-2029 2030 ff unlimited 12% Office Retail Retail
Slide 9: RE Debt Financing Business with € 6.8bn AuM
B. RE Debt Financing Business with € 6.8bn AuM Profile of 1.3bn Mezzanine Lending € 6.8bn ▪ # of financed projects: 45 ▪ Ø size of mezz financing: c € 28m ▪ Consistent enhancement of fund turnover and length of lending, Senior current average loan duration at c 1½ years Debt ▪ Focus on Germany´s lar
Slide 10: High Portfolio Diversification and Comprehensive Counterparty Risk Management
B. High Portfolio Diversification and a Comprehensive Counterparty Risk Management as Key Performance Driver of RE Debt Business Regional Break Down of c € 1.3bn Mezzanine Financings (in m€) 238 Residential Commercial 165 154 >70% of 142 143 lending volume 105 goes to Top 7 72 54 cities in Germany 5
Slide 11: Corestate's Clients Universe
Corestate’s Clients Universe Pan-European Balanced institu- Customer driven reach of investors tional investor base funds structure Austria & CH Others Alignment Other Other France 3% 1% 3% 16% 5% 6% Retail 7% BeNeLux JVs 5% Pension 9% Family Offices Funds 34% 11% AuM AuM open ended AuM Separate UK
Slide 12: ESG Report 2021 – Well Above Plan on Key Targets
ESG Report 2021 – Well Above Plan on Key Targets Corestate has adopted ambitious environmental, social, and corporate governance (ESG) targets to align their business goals with sustainability goals ▪ Targets 2021 clearly exceeded: CO2 emissions in managed property portfolio reduced by -8%, energy c
Slide 13: Income Lines Show Strong Recovery from Pandemic
Income Lines Shows Strong Recovery from Pandemic Revenue Split-up for 9M-2021 in m€ (previous year) ▪ Improved investment environment enables Acquisition & Sales Fees 19 (17) RE Equity increasing transactions volumes ▪ Slightly reduced fee income from micro- Asset and Property Mgt Fees 53 (55) livin
Slide 14: Improved Profitability Despite Extraordinary Effects
Improved Profitability Despite Extraordinary Effects Key P&L Figures 9-Months in m€ 9M-2021 9M-2020 Aggregate revenue 169.6 142.7 ▪ OpEx slightly increased to € 88.4m, mainly due to Expenses from RE Equity -70.1 -58.7 consolidation of CORESTATE Bank and growth initiatives in RE equity. 2021 OpEx rat
Slide 15: Key Balance Sheet Figures
Key Balance Sheet Figures Debt Overview at the End of 9M-2021 in m€ 625 61 Bank & other debt 130 ▪ Net financial debt remains at (incl. € 55m 564 c € 564.4m warehousing Continued strong debt) ▪ Slight shift in bridge loan focus on debt repayments and business driven short-term increase in working re
Slide 16: Cash Conversion Program from Balance Sheet Assets
Cash Conversion Program from Balance Sheet Assets Key Measures on Net Debt Reduction* Source Impact Comment Performance fees 2021 > € 50m ▪ Main driver: CPF of 2021 (Contract assets € 77m) Reduction of bridge loans ▪ € 114m in 11 different loans (€ 2-30m) until 12/2021 (Other curr. fin. assets € 134
Slide 17: CORESTATE on Good Path to Deliver on Guidance
CORESTATE on Good Path to Deliver on Guidance Revenues 2021 with Minor Shifts Between Segments Financial Outlook 2021 Confirmed € 25-35m Aggr. Revenue RE Equity Acquisition & Sales Fees Dynamic upswing in € 235-260m transaction Asset & Property Management Fees € 70-80m environment € 40-50m Adj. EBIT
Slide 18: Appendix
@ CORESTATE Capital Group LM LLL YE: Villa Appendix
Slide 19: Products Examples
RE Debt Segment Covers the Entire Investment Life Cycle and Enables a Unique Eco System in Combination with the RE Equity Segment Integrated Value Chain Approach Secures Strong Synergies Between Products and Clients Acquisition (Plot/Project) Building Permission Pre/Forward Sale Completion/AM/PM & R
Slide 20: CORESTATE Bank – High Profitability in a Dynamic Environment
CORESTATE Bank – High Profitability in a Dynamic Environment A very ▪ Closing in May efficient deal ▪ Rebranding and integration completed execution .. Bank .. backed by a ▪ Private debt market shows strong fundamentals prosperous ▪ CORESTATE Bank hit the ground running: closing of environment .. re
Slide 21: Profit & Loss Statement 9M-2021
Profit & Loss Statement 9M-2021 (€ m) 9M-2021 9M-2020 Revenue from Acquisition Related Fees 6.5 14.0 Revenue from Asset Management Fees 28.1 32.7 Revenue from Property Management Fees 25.0 22.4 Revenue from Sales and Promote Fees realised 12.3 3.2 Total Revenue from Real Estate Equity 72.0 72.4 Tota
Slide 22: Balance Sheet as of September 30, 2021
Balance Sheet as of September 30, 2021 (€ m) September 30, 2021 December 31, 2020 Non-Current Assets Goodwill 642.8 577.7 Other Financial Instruments 160.9 153.9 Intangible Assets 150.2 87.8 Investment in Associates and Joint Ventures 122.0 120.8 Other Non-Current Assets 115.5 116.3 Total Non-Curren
Slide 23: Shareholder Structure and Research Coverage
Shareholder Structure and Research Coverage Shareholder Structure (acc. to latest public filing) Shares held individually by Management* 9.7% Stavros Efremidis 8.8% Karl Ehlerding 6.2% Number of shares * Shares held by management 34,193,808 Free Float ▪ René Parmantier: 753,000 (acc. to Dt. Börse) ▪
Slide 24: IR Contact and Financial Calendar
IR Contact and Financial Calendar Investor Contact Financial Calendar 2021/2022* Dr. Kai G. Klinger 10 November 2021 Publication results for 9M-2021 Chief Markets Officer Phone: +49 69 3535630-106 8 March 2022 Annual financial report FY-2021 ir@corestate-capital.com 10 May 2022 Publication results f
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