PRESS RELEASE : Preliminary figures FY 2020 - burdens from valuation effects and one-off expenses - basis for sustained growth starting in 2021

DGAP-News: Corestate Capital Holding S.A. / Key word(s): Preliminary Results/Real Estate 
Preliminary figures FY 2020 - burdens from valuation effects and one-off expenses - basis for sustained growth starting 
in 2021 
2021-02-23 / 20:28 
The issuer is solely responsible for the content of this announcement. 
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Preliminary figures FY 2020 - burdens from valuation effects and one-off expenses - basis for sustained growth starting 
in 2021 
  . Aggregated revenues and gains of EUR 191m, EBITDA of EUR 17m, adjusted net profit of EUR -48m 
  . AuM basis slightly increases to nearly EUR 28bn 
  . Valuation adjustments due to COVID-19 at retail and commercial assets as well as at "Serviced Apartments" 
  . Financial outlook for 2021 forecasts substantial growth in aggregated revenues and gains, EBITDA and adjusted net 
    profit 
  . Deleveraging target for 2021 confirmed, with a financial leverage ratio of under 3x 
Frankfurt, 23 February 2021. Corestate Capital Group (Corestate), a leading independent real estate investment manager 
in Europe, announced today its preliminary results for the past financial year. Based on the unaudited figures, 
aggregated revenues and gains amounted to EUR 191m in 2020 and were therefore within the forecast range. EBITDA stood at 
EUR 17m and adjusted net profit at EUR -48m. Due to the crisis, both performance indicators fell significantly short of the 
company's own expectations on account of significant negative, but mainly non cash-relevant valuation effects and 
one-off expenses. 
Real estate assets under management increased to around EUR 24.6bn over the course of the year (end of 2019: EUR 22.8bn). 
The acquisition of STAM Europe at the start of the year and net organic growth of 1.3%, even taking into account 
valuation adjustments triggered by the corona-pandemic, made a significant contribution to this development. Total 
assets under management (AuM) stood at roughly EUR 27.8bn (previous year: EUR 26.3bn). That figure includes non-real estate 
assets, which recorded a decline. 
In a market declining by one third, revenues from the core and core+ real estate asset classes proved to be resilient; 
by contrast, earnings from higher-risk investments in the value-add and opportunistic segments were under pressure. 
This results not only in significantly lower fee income, but also to COVID-19-driven declining property values of 
around EUR -16m, especially in (co-)investments in serviced apartments, retail and office properties with corresponding 
substantial earnings decreases in the revenue segments Alignment Capital and Warehousing. Due to reversal of several 
micro-living-projects, services already rendered in the amount of around 20m had to be adjusted. In non-operational 
business, Corestate additionally wrote down goodwill of roughly EUR -22m on Atos, an asset manager for commercial 
properties the company acquired in 2017 and realised negative tax one-off of around EUR -11m. 
The private debt business showed its resistance to the crisis. The fundamental investment strategy focusing on 
residential real estate in German-speaking conurbations proved successful. Nevertheless, minor revaluations have been 
made and the risk provisioning has been increased. Total mezzanine fund volume stood at some EUR 1.2bn at the end of the 
fourth quarter. This includes cash outflows commonly seen at the end of the fund year. The company expects a noticeable 
increase of the fund volume in the current financial year. In light of record demand for mezzanine and fully invested 
funds, the capacities for highly profitable bridge loans through the company's own balance sheet were expanded for a 
short period of time in the fourth quarter of 2020. Correspondingly, cash and cash equivalents within the Group fell 
temporarily to EUR 91m at the end of the year. The repayment of these mezzanine loans is scheduled for the first half of 
2021 and will increase liquidity accordingly. 
The further development of the product portfolio to account for changing client preferences, along with the 
growth-oriented fixed cost base, led to a temporary substantial rise in the operating cost/income ratio. Various 
one-off burdens in the financial year 2020 of around EUR -9m from acquisitions, changes to the Management Board and the 
efficiency programme also played a role. This will be offset by savings from the cost-reduction programme of around EUR 
10m from 2021. 
CEO René Parmantier comments: "Duration and strength of the second wave of the pandemic led to significant valuation 
discounts in some segments. But we also used the time to set us up more powerful. We remain focused on institutional 
and semi-institutional investors, but we will broad our client base. Thus, we can meet the new and growing demand on a 
higher scale. 
In light of the temporary decrease in cash and cash equivalents, net financial debt stood at EUR 517m at the end of 
December (end of September 2020: EUR 449m). The high negative one-off effects at EBITDA level of more than EUR -45m also 
had a short-term negative impact on the company's financial leverage ratio. Based on the debt reduction already 
announced, the company reaffirms the medium-term target corridor of 2.0x to 3.0x. The acquisition of Frankfurt-based 
Aggregate Financial Services GmbH (AFS), announced on 14 January 2021, is scheduled for completion in the second 
quarter. The purchase price is to be paid through new shares from authorised capital and will have no negative effect 
on net financial debt. 
Lars Schnidrig, CFO, adds: "We are well on track to reduce the financial leverage ratio to under 3x by the end of 2021. 
We have already taken initial important steps towards this goal through last year's capital increase and the additional 
EBITDA from the AFS acquisition. In addition, the program of placing co-investments and other balance sheet assets, 
along with increasing our operating profitability, plays a particularly instrumental role in achieving this objective." 
CEO René Parmantier: "We're re-emerging from the depths. Our focus on the investors' needs is crystal clear. We will 
offer them, along the entire life cycle and the entire value chain, fully integrated, real estate investment solutions. 
It became apparent in the first few weeks of the new year that our organisational enhancement as well as the 
consolidation of sales, will bear fruit over the course of the year. That's why we are confident." 
On the backdrop of the improving macroeconomic environment and a further increase in investment volume among clients, 
the company expects transaction business to pick up over the course of the year and anticipates dynamic demand on the 
private debt market. As a result, the financial outlook for the current year, which was also published today, forecasts 
a significant increase in aggregated revenues and gains to between EUR 235m and EUR 260m, EBITDA adjusted for the 
acquisition costs of the AFS transaction of between EUR 90m and EUR 115m and adjusted net profit of between EUR 50m and EUR 
75m. This outlook takes into account the pro rata consolidation of AFS from July 2021, as well as the currently 
foreseeable impact of the COVID-19 pandemic on the business activities and the economic environment of the company. 
Press contact 
Jorge Person 
T: [phone] / M: [phone] 
[e-mail] 
Investor relations contact 
Mario Groß 
T: [phone] / M: [phone] 
[e-mail] 
About CORESTATE Capital Holding S.A. 
CORESTATE Capital Holding S.A. (CORESTATE) is an investment manager and co-investor with roughly EUR 28 bn in assets 
under management. As a fully integrated real estate platform, CORESTATE offers its customers combined expertise in the 
areas of investment and fund management as well as property management services. The company operates as a respected 
business partner of institutional clients and wealthy private investors internationally. CORESTATE is headquartered in 
Luxembourg and has 42 additional offices in Frankfurt, London, Paris, Madrid, Zurich and Amsterdam, among others. The 
company employs around 800 people and is listed in the Prime Standard (SDAX) of the Frankfurt Stock Exchange. Please 
visit www.corestate-capital.com for further information. 
Forward-looking statements 
This press release may contain certain forward-looking statements based on current assumptions and forecasts made by 
our management. Various known and unknown risks, uncertainties and other factors could lead to material differences 
between the actual future results, financial position, development or performance of the Company and the estimates 
given here. These factors include those described in published reports. These reports are available on our website 
www.corestate-capital.com. The Company assumes no obligation whatsoever to update these forward-looking statements or 
to conform them to future events or developments. No inappropriate significance should be attached to forward-looking 
statements, which apply only to the date of this communication. 
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2021-02-23 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. 
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Language:     English 
Company:      Corestate Capital Holding S.A. 
              4, Rue Jean Monnet 
              L-2180 Luxembourg 
              Luxemburg 
Phone:        [phone] 
Fax:          [phone] 
E-mail:       [e-mail] 
Internet:     www.corestate-capital.com 
ISIN:         LU1296758029 
WKN:          A141J3 
Indices:      SDAX 

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February 23, 2021 14:30 ET (19:30 GMT)