CORESTATE Capital Holding SA · XETR:CCAP
CORESTATE Capital Holding SA — Investor Presentation (September 2022)
16 slides from CORESTATE Capital Holding SA's investor presentation, September 2022
Slide 1: Investors Presentation Aug/Sept 2022
INVESTORS PRESENTATION AUG/SEPT 2022
Slide 2: Disclaimer
DISCLAIMER This presentation contains forward-looking statements that are Glossary subject to various risks and uncertainties. Such statements are based on a number of assumptions, estimates, projections or € = Euro; (F)Y = (financial) plans that are inherently subject to significant risks, as well
Slide 3: A Fully Integrated and Specialized Real Estate Investment House
A FULLY INTEGRATED AND SPECIALIZED REAL ESTATE INVESTMENT HOUSE c 500 FTEs | 40 Offices | 8 Countries € 16bn Assets under Management 1) RE Equity – wide range of products and services with c € 12bn AuM RE Debt – unique financing & structuring capabilities with > € 5bn track record > € 11bn RE Debt –
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: More Challenging Macro Environment, Real Estate Mega Trends Remain in Place
MORE CHALLENGING MACRO ENVIRONMENT, REAL ESTATE MEGA TRENDS REMAIN IN PLACE An integrated approach with comprehensive synergies on products, clients and investors is crucial in a demanding market environment Real Estate Equity Real Estate Debt ▪ Current dynamic inflation and interest rate spiral ▪ C
Slide 6: Business Summary H1-2022
BUSINESS SUMMARY H1-2022 The European RE industry is facing a challenging macro environment with rising interest rates, inflationary pressure and a strong degree of uncertainty among all market participants Corestate Development Operational Financial ▪ Management strengthens ▪ AuM decrease driven by
Slide 7: The RE Equity Segment
THE RE EQUITY SEGMENT AuMs declined – further outflows scheduled in H2 ▪ RE Equity AuM at € 11.7bn (2021: € 12.4bn) with regular outflows of some commercial assets ▪ Uncertainties on corporate side hamper operating business in terms of new commitments and existing portfolios ▪ Further AuM reduction
Slide 8: The RE Debt Segment
THE RE DEBT SEGMENT The situation at the largest of the Stratos funds will have a significant negative impact on future top-line and profitability of HFS ▪ Total debt AuM dropped from € 4.8bn at the end of 2021 to € 4.1bn1), mainly resulting from lower valuations due to HFS - Debt Fund Structure det
Slide 9: Income Lines Show a Subdued Course in 2022
INCOME LINES SHOW A SUBDUED COURSE IN 2022 Revenue Split 1) in m€ (previous year) H1-2022 H1-2021 Acquisition & Sales Fees 2.7 6.5 ▪ Significant lower transaction volume RE Equity Asset and Property Mgt Fees 21.4 20.2 ▪ Stable, with fees on the prior year level Underwriting & Structuring Fees 1.6 27
Slide 10: Earnings Markedly Impacted by Non-Recurring Items for Risk Provisioning and Impairments
EARNINGS MARKEDLY IMPACTED BY NON-RECURRING ITEMS FOR RISK PROVISIONING AND IMPAIRMENTS Key P&L Figures 1) in m€ ▪ OpEx increased significantly to € 141.4m H1-2022 H1-2021 (€ 42.9m), mainly due to € 106.7m one- Aggregate Revenues & Gains 22.9 98.3 off items from risk provisioning & value Expenses fr
Slide 11: Non-Cash Valuation Adjustments to Reflect the New Reality
NON-CASH VALUATION ADJUSTMENTS TO REFLECT THE NEW REALITY Mandatory accounting measures led to a significant balance sheet cut ▪ Major goodwill impairment on HFS and C-Bank, position dropped from € 487.2m (FY-2021 ) to € 162.1m and intangible assets decreased to € 29.6m from € 84.8m (FY-2021) ▪ Due
Slide 12: Outlook FY-2022: Current Status of Financial Restructuring
OUTLOOK FY-2022 CURRENT STATUS OF FINANCIAL RESTRUCTURING ▪ Constructive and continuous dialogue with noteholders' representatives of the 2022 and 2023 bonds with the aim to prepare a proposal of resolutions to be agreed at a noteholders' meeting A set of coherent structuring measures paves the way
Slide 13: Appendix
@ CORESTATE Capital Group LS ee sm 4 APPENDIX
Slide 14: ESG Report FY 2021 Published in June 2022 – Well Above Plan on Key Targets
ESG REPORT FY 2021 PUBLISHED IN JUNE 2022 – 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 portfoli
Slide 15: Shareholder Structure
SHAREHOLDER STRUCTURE (acc. to latest public filing) Shares held by Management* 9.5% Shares 34,193,808 * Shares held by Management ▪Stavros Efremidis: 3,200,000 ▪Ralf Struckmeyer: 32,601 ▪Udo Giegerich: 16,000 © Copyright Corestate Capital. All rights reserved. 15
Slide 16: Investor Contact
INVESTOR CONTACT Dr. Kai G. Klinger Chief Markets Officer ir@corestate-capital.com
Corestate Capital Holding — Investor Presentation (September 2022) on 6ix