Corestate Capital Holding Sa · XETR:CCAP
Corestate Capital Holding Sa — 9M 2021 Earnings Presentation
18 slides from Corestate Capital Holding Sa's earnings presentation, Nov 10, 2021
Slide 1: Results 9M-2021
Results 9M-2021 Presentation – Conference Call for Analysts & Investors – 10 November 2021 René Parmantier, CEO | Udo Giegerich, CFO
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: 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 4: 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 mezzanine financing pipeline maturity of 3rd party PM portfolio in UK (c € 1bn), of c € 500m (project volume > € 2bn)
Slide 5: A. RE Equity Asset Management with € 11.7bn AuM
A. RE Equity Asset Management with € 11.7bn AuM Asset Classes Maturity Profile (on € 11.7bn RE Equity AuM in €bn) Other Logistics 10% 2.7 5% Ø weighted maturity c 5Y 2.3 2.4 Residential 6% 1.4 AuM 1.2 Student Office 0.8 0.8 Housing/Micro € 11.7bn 51% Living 12% Retail 2021 2022 2023 2024 2025-2029 2
Slide 6: B. RE Debt Financing Business with € 6.8bn AuM
B. RE Debt Financing Business with € 6.8bn AuM € 6.8bn Profile of 1.3bn Mezzanine Lending ▪ # 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 7: B. 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 >70% of lending volume Residential Commercial goes to Top7 cities in Germany 165 154 142 143 105 72 54 56
Slide 8: 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 9: Income Lines Shows Strong Recovery from Pandemic
Income Lines Shows Strong Recovery from Pandemic Revenue Split-up for 9M-2021 in m€ (9M-2020) ▪ 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) living deve
Slide 10: Improved Profitability Despite Extraordinary Effects
Improved Profitability Despite Extraordinary Effects Key P&L Figures 9M-2021 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 rati
Slide 11: Key Balance Sheet Figures
Key Balance Sheet Figures Debt Overview at the End of 9M-2021 in m€ 625 61 Bank & Continued strong focus on debt other debt 130 reduction in Q4 and FY-2022 (incl. € 55m in 564 warehousing ▪ Net financial debt remains at c € 564.4m debt) ▪ Slight shift in bridge loan repayments and business driven sh
Slide 12: 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 13: CORESTATE on Good Path to Deliver on Guidance
CORESTATE on Good Path to Deliver on Guidance Financial Outlook 2021 Confirmed Revenues 2021 with Minor Shifts Between Segments (in m€) Aggr. Revenue € 235-260m 25-35 RE Equity Acquisition & Sales Fees 1) adj. EBITDA € 90-115m Asset & Property Management Fees 70-80 1) adj. Net Profit € 50-75m Underw
Slide 14: Appendix
@ CORESTATE Capital Group LM LLL YE: Villa Appendix
Slide 15: RE Debt Segment Covers the Entire Investment Life Cycle
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 16: 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 17: 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 18: 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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