Roadshow Presentation - January Lars Schnidrig, CFO | Dr. Kai Klinger, CMO - Corestate Capital

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Roadshow Presentation - January Lars Schnidrig, CFO | Dr. Kai Klinger, CMO - Corestate Capital
Roadshow Presentation
January
Lars Schnidrig, CFO | Dr. Kai Klinger, CMO
Roadshow Presentation - January Lars Schnidrig, CFO | Dr. Kai Klinger, CMO - Corestate Capital
Disclaimer

 This presentation contains forward-looking statements that are subject to various      Glossary
 risks and uncertainties. Such statements are based on a number of assumptions,
 estimates, projections or plans that are inherently subject to significant risks, as   € = Euro;
 well as uncertainties and contingencies that are subject to change.                    $ = (US)Dollar;
 Actual results can differ materially from those anticipated in the forward-looking     % = percentage;
 statements of CORESTATE Capital Holding S.A. (the “Company”) as a result of a          a = actual;
 variety of factors, many of which are beyond the control of the Company,
 including those set forth from time to time in the Company’s press releases and
                                                                                        acc. = according;
 reports and those set forth from time to time in the Company’s analyst and             adj. = adjusted;
 investor calls and discussions. The company does not assume any obligation to
                                                                                        aggr. = aggregated;
 update the forward-looking statements contained in this presentation.
                                                                                        approx. = approximately;
 This presentation does not constitute an offer to sell or a solicitation or offer to   c(a) = circa;
 buy any securities of the Company, and no part of this presentation shall form the
 basis of or may be relied upon in connection with any offer or commitment              e = expected;
 whatsoever. This presentation is being presented solely for information purposes       (F)Y = (financial) year(s);
 and is subject to change without notice.
                                                                                        H = half year(s);
                                                                                        LTM = last twelve months;
                                                                                        M = month(s);
                                                                                        Q = quarter(s);
 Extent and impact of the corona pandemic on the course of business in 2020
 cannot yet be conclusively assessed. The company is therefore monitoring further       tba = to be announced
 developments and their impact on business activities very closely and will always      k = thousand(s);
 present reliable information transparently in a timely manner.
                                                                                        m = million(s);
                                                                                        bn = billion(s)

                                                                                                                      2
Roadshow Presentation - January Lars Schnidrig, CFO | Dr. Kai Klinger, CMO - Corestate Capital
A Fully Integrated and Specialized Real Estate Investment Manager

          € >28bn                                                       >55%
           Assets under                                                  EBITDA
           Management                                                    Margin
                                                                        (pre COVID)
                                ~800 FTEs | 45 Offices | 9 Countries

           BB (negative)                 € >4.0bn                      € c1.3bn
          Corporate Credit               Deal Pipeline in              Fund Volume
               Rating                   selected countries             in Real Estate
                                                                         Mezzanine

                                                                                        3
Roadshow Presentation - January Lars Schnidrig, CFO | Dr. Kai Klinger, CMO - Corestate Capital
Attractive Offerings for our Clients in Various Asset Classes

                                                                        Key product range

                  Products

                                              Residential    City Quarters        Office          Logistics    Micro Living   Mezzanine
                  Return1                     3.5%-4.5%       3.5%–5%            3.5%–4%           4%-6%         5%–5.5%      10%–13%
  One-Stop-Shop

                  integrated                                                 Asset & Property Management
                  Platform
                                                              Fundraising, Reporting, Risk Management, Financing etc.

                  Clients /                                 Semi Institutional         Institutional            Retail
                  Investors                                       (>300)                  (>100)              (>70.000)

                                          Significant underallocation to (German) Real Estate: currently 9.8%, target between 11-13%2
                   1 after   costs
                   2 research    as of 2019
                                                                                                                                          4
Highlights of Q3-2020

Operations Recovering Based on an Improved Transaction Environment
   ▪ Deal appetite focusing on lower risk/return profiles – market uncertainty and investment pressure aspiring
     to new equilibriums

   ▪ Organic growth in Q3 of +1.2% is mainly backed by Core/Core+ transactions

   ▪ € 300m landmark deal signed – acquisition of Germany´s largest city quarter development
     in Nuremberg for BVK

   ▪ Revenues from AM & PM and mezzanine lending reveal high resilience through the crisis

   ▪ On track to deliver on financial guidance

   ▪ Extension of Management Board and appointment of a new CEO

Capital Increase on 11 September 2020 as One Key Initiative On Deleveraging Path

   ▪ Issue of 4,186,382 new shares increases share capital by 19.5%; placed at market price (€ 17,82)

   ▪ Gross proceeds of issue € 74.6m

   ▪ Use of proceeds: primarily reduction of net financial debt in the short term, but also increase of
     entrepreneurial flexibility for further significant organic growth

                                                                                                                  5
Management Board Strengthened & New CEO

Enlargement of Management Board to Four Members

                         René Parmantier (aged 45) joined the Management Board as new CEO
                         on 1 December 2020 for an initial term of three years
                         − More than 25 years of experience in financial industry
                         − Focus on Strategy/Business Development & Private Debt, Equity Raising
                         − Prior: CEO of Oddo Seydler Bank

                         Daniel Loehken (aged 41) became Management Board Member as Chief Legal & HR
                         Officer on 1 November 2020 for an initial term of three years
                         − Responsibilities: HR, Legal, Compliance, Risk-Management, Internal Audit and ESG
                         − More than 10 years of experience in capital market law, compliance and real estate
                         − Since 2/2018 Corestate, prior: Vonovia, IKB, Clifford Chance

  ▪ Lars Schnidrig returns to his previous role as Chief Financial Officer with focus on net deb reduction, de-
    leveraging and preparation of refinancing (needed no earlier than end of 2022)

  ▪ Clear division of Management Board responsibilities in operations (clients/investments) and
    corporate functions

                                                                                                                  6
COVID-19 Accelerates Group’s Strategic Re-Positioning

                                                                           COVID-19 as Catalyst for
  Enhanced Market Approach                                                 Shift of Investment Focus
   ▪ Consistent changes in product offerings with high
     focus on core/core+

                                                                    Risk
   ▪ Improvement of private debt business                                                 2019
                                                                               2020

   ▪ Examples of current product range: residential in B-cities,                Shift in pro-           Oppor-
     logistic, student housing, city quarters, affordable housing               duct range              tunistic
     in A-cities, commercial with A-tenants                                                     Value-add
                                                                                      Core+
   ▪ Comprehensive re-branding and new positioning
                                                                             Core
     scheduled for 2021
                                                                                                     Return
   ▪ Strengthening of equity raising in DACH region

   ▪ Group-wide efficiency program launched:
     simplification, productivity and digitalization

                                                                                                                   7
Assets under Management on Record High

 Assets under Management                                                                               Sourcing Pipeline
  ▪ +4.1% net organic growth in RE AuM in 2020 so far                                             ▪ Deal pipeline impacted by COVID-19
  ▪ Planned decrease in non-Real Estate AuM of                                                    ▪ Typical seasonality in RE with strong
    € 0.3bn since 2019                                                                              focus on Q4 is considerably reduced
                                                                                                    in 2020

                                                                                  28.4bn
                                             25bn               26bn                                                        in exclusivity / DD
   non Real Estate                                                                         3.2bn non-RE                            16%
   Logistic/other                                                      +10.5%      9%
                            22bn                      +10%
   Retail                                                                          14%
   Office                          +28%                                                                          € 4.2bn
                                                                                   31%                                                 in LOI
   Micro Living                                                                            25.2bn RE                                    11%
                                                                         22.2bn
   Residential                                        20.7bn                       21%
                                   16.2bn
                    +440%                                                                                  under review / identified
              3bn                                                                  25%                               73%

            FY-2016     FY-2017             FY-2018            FY-2019            9M-2020

                                                                                                                                            8   8
Real Estate Debt with Robust Performance

 Uses of Mezzanine Funds at the End of Sept 2020
  ▪ Total committed fund volume: c € 1.3bn                                               Retail
                                                                Residential
  ▪ # of financed projects: 57                                        68%
                                                                                         16%

  ▪ Ø size of mezzanine financing: c € 23m                                      57
                                                                              projects
  ▪ Pipeline of potential financings on record high                                           Office
                                                                                              16%

Regional Break Down of Current Outstanding Financings
in m€

             c 70% of lending volume goes to
                      Top7 cities in Germany
   270
              204
                        127        118                                42
                                                      61                       91        18            11
                                              50           59

                                                                                                            9
Investor Base and Performance of HFS Stratos Funds

     Mezzanine Funds Showing Strong Organic Growth                                                            Stable and Loyal Investor Landscape
     (in bn€)

           ▪ Stable double-digit returns since inception                                                                        Pension Funds
             2009 and very efficient deployment of funds                                                                             12%                 Investment
                                                                                                               Insurers                                   Funds 8%
           ▪ 3Y-CAGR since acquisition (H1-2017): +7.4%
                                                                                                                 23%                                   Others 3)
                                                                                                                                                         7%
            1.400                                                                      c 1.3                                             c 70
            1.300                                                          1.25                                                      institutional
            1.200                                 1.11
                                                             1.165                                                                      clients
            1.100
                                     0.96
            1.000
              900                                                                                                                    Pension Schemes
              800         0.76                                                                                                             50%
              700

    KPIs                   2015        2016        2017        2018         2019       H1-2020
                                                                                                                 ▪ Increasing demand for new
    Committed        1)   99.2%      98.6%       99.3%        99.2%        99.1%        99.3%                      commitments from existing and
    Investor
                          13.2%      12.8%       12.0%        11.2%        10.4%       5.6% 2)
                                                                                                                   new investors backed by an
    Returns                                                                                                        outstanding performance in the
                                                                                                                   crisis

Average commitment of fund volume to projects
Semi Annual Cash Dividend Distribution of H1-2020; FY2020 Fund accounts not yet finalized, 3) Others incl. Banks, Foundations etc…
                                                                                                                                                                      10
Private Debt – More Than Stable in the Upcoming Years

Bright Outlook for HFS Business
  ▪ All market drivers intact: investor base, product focus, demand, competition
    − Product sweet spot: metropolises in Germany with focus on residential and city quarters (mixed
      use) in A & B locations have been rising for more than 10 years and continue also during the
      crisis
    − HFS project portfolio largely immune to the impact of COVID-19
    − Banks have tightened underwriting criteria and limited lending on higher risk profiles in RE
      → short-term credit crunch
  ▪ Tangible pipeline of requested financings on record level (c € 0.5 billion)
  ▪ Further organic growth in mezzanine fund volumes in 2021 (5-10%)
  ▪ Cross-Selling opportunities for Corestate´s RE equity business
    − City quarters and conversion of former industrial or commercial plots in metropolitan areas
    − Affordable housing in A-cities
    − Residential projects in A & B cities (“ABBA”)
  ▪ Launch of whole-loan fund in 2021 (postponed due to COVID-19)

                                                                                                       11
Fully on Track to Revenue Guidance 2020
and a Promising Approach to 2021

  Revenue Split-up for actual 9M-2020 vs. FY-2020e          Prospects for FY-2021
  (in m€)

                                                            Tendency   Main Drivers

  Acquisition Related Fees 23 25-35                                    ▪ Pick-up in investment activities
                                                                       ▪ Transaction volumes € 2-3bn
  Asset & Property Mgt. Fees                                           ▪ Growing AuM base
                                      106       135-155
  (incl. CPF & Sales/Promote Fees)                                     ▪ Prospering RE debt business (CPF)

  Mezzanine Loans                           7 5-10                     ▪ Steady level of bridge loans

  Warehousing / RE Operations               3    0-10           ?      ▪ Placement of inventories

                                                                       ▪ 2020 burdened by extraordinary
  Alignment Capital                          0 5-10              ?       valuation effects (€ 10-15m)
                                                                       ▪ Tangible upside potential
  Aggr. Revenues                     143          185-210                accelerated by a normalized
                                                                         market environment

                                                                                                            12
Changing Market Conditions Burdening Cost Structure

Key P&L Figures 9M-2020
in m€

 Aggr. revenues & gains             142.7   100%
                                                    ▪ OpEx ratio (>50%) burdened by fixed costs and
 Expenses from RE investment mgt.   -64.7   45.3%     significantly reduced revenues esp. in warehousing
                                                      and alignment capital – efficiency enhancement
 Alignment capital expenses          -9.2    6.5%
                                                      program will tackle this
 Warehousing expenses                -5.1    3.7%   ▪ G&A burdened by HR related one-off items from
                                                      cost adjustments
 G&A expenses                       -24.4   17.1%
                                                    ▪ D&A includes IFRS 16 effect and consolidation of
 Other income                         6.9    4.8%     STAM

 EBITDA                              46.1   32.3%   ▪ Adjustments on net profit level
                                                         − Asset management contracts € 19m
 D&A                                -24.8   17.4%
                                                         − DTA € -2.5m
 EBIT                                21.3   14.9%

 Financial result                   -16.2   11.4%

 Net profit                           4.4    3.1%

 Adj. net profit                     20.8   14.7%

                                                                                                           13
Key Balance Sheet Figures

     Debt Overview at the End of September 2020
     in m€

                                                                                             ▪ Proceeds from capital increase and positive operational
                      597 1)                148                                                 cash flow in Q3 lowered net debt position by € 81m
        Bank &
    other debt         107                                                                      to € 449m
(incl. € 33m in
  warehousing
                                                                                             ▪ Reiteration of net debt reduction plans
          debt)                                                449                                 − Placements out of inventories, associates/JVs and
                                                                                                       financial instruments (>€ 200m in 18-24M)
          Senior
                       296                                                                          − Cash flow from operations
           bond
                                                                                             ▪ Financial leverage IFRS 16-adjusted at 3.7x 3)
                                                                                                mid-term target range of between 2.0x and 3.0x
                                                                                                remains in place
  Convertible
                       194
       bond                                                                                  ▪ Main financial instruments not affected by higher leverage
                                                                                                (>3.5x limits only issuing of new debt instruments)
                 Total   debt 1)          Cash 2)          Net debt

1) Total financial debt adjusted for rental and leasing liabilities of € 29.3m
2) incl. restricted cash
3) Net debt / EBITDA LTM of € 121m; excl. IFRS 16 adjustments financial leverage would be at 4.0x

                                                                                                                                                            14
Outlook 2020

Financial Guidance 2020 Confirmed

  Aggr. Revenues             EBITDA                  Adj. Net Profit
  € 185-210m                 € 55-80m                € 25-50m

  ▪ Several transactions in advanced status to be signed
  ▪ First pickings from cash conversion initiative
  ▪ Intensified AM & PM services on properties affected by the pandemic
  ▪ Transaction volumes of c€ 1.5bn predominantly in core/core+

                                                                          15
Transaction Market in 2021: Continuous Recovery

Market Uncertainties to Prevail in the first Half and to Vanish Gradually in H2
          Q1-2021            Still impact from COVID-19; focus on Core/Core+ transactions

          Q2-2021            Continuously less impact from the pandemic, more deals to come

          H2-2021            Deal volumes tend to normalize – first “spice deals” in the market

Essential Product Offer 2021 Driven by Agile Investment Approach and Proven Track Record

           Residential                  City Quarters                       Office                      Logistics                 Micro Living         Mezzanine
            3.5%-4.5%                      3.5%–5%                        3.5%–4%                        4%-6%                      5%–5.5%            10%–13%     Returns1

       ▪ All long-term fundamental market drivers are intact and highly supportive for organic growth
             prospects in our core disciplines RE equity and RE debt
       ▪ Anchored on a superior core/core+ pipeline and amplified by advanced niche products and
             opportunistic deals esp. from repricing in sub-sectors
       ▪ Comprehensive re-branding and strengthening of equity raising in DACH region
       ▪ Expected transaction volumes in 2021: € 2-3bn
  1)   The returns are based on average performance from the past. All figures are preliminary and only represent forecasts that are not guaranteed.

                                                                                                                                                                              16
Appendix
Appendix: Corestate diversified geographic exposure
and expected near-term expansion

                                           c.€3.3bn                                       Norway
                                                                                                             Sweden
                                                                        BeNeLux c.€1.8bn

   RoW        c.€3.2bn
                                                                                                                      c.€16.6bn
                                                                                              Denmark

                                                                                                                             Micro
                                                                                                                             Living
                                                  Ireland                                            Hamburg
                                                                Oxford
                                                                                                                             Poland
                                                                     London                    Leipzig

                                                                                                                                      c.€0.4bn
                                     c.€1.2bn
                                                                              Luxemburg        Frankfurt
                                                                                Paris          Munich
                                                                          France        Zurich
                                                                                                                 Vienna
                                                                                        Wollerau
                                                                                                                          c.€0.4bn
                                     c.€0.2bn                                                       Milan

                            Micro
                            Living                                                                       Italy

                                                 Portugal
         Micro
         Living                                             Madrid
     Headquarters
     Main offices
     Short-term expansion

                                                                                                                                                 18
Appendix: Breakdown RE AuM

          AuM Distribution                              Completion/Status                                            Risk Classes
                                                                 (RE AuM)                                          (RE standing AuM)

 Non-Real Estate                                                                                           Opportunistic                         Core
      11%                                          Under                                                                                         39%
                                                                                                                 6
                                                construction                           Standing           Value-
                                                    29%                                 assets
                                        Real                                                               add                RE AuM
                        AuM            Estate                      RE AuM                71%                5%                € 16.0bn
  Real
 Estate
                      € 28.4bn         equity                      € 25.2bn                                                (Standing Assets)
  debt                                  62%
  27%                                                                                                                                            Core+
                                                                                                                                                  50%

            Countries (RE AuM)                               Clients (RE AuMs)                                  Funds structures (RE AuM)
                                                                Other
          others 2%                                Alignment     6%
                                 Germany                                                                     Separate                          Closed ended
                                                       3%
                                   64%                                                 Pension               accounts                            funds 21%
 Austria &                                        Retail 6%                           Funds 35%                52%
Switzerland
    5%                                            Family                                                                                               open ended
                    RE AuM                                              RE AuM                                                RE AuM
  France                                        Offices 12%                                                                                             funds 9%
                    € 25.2bn                                            € 25.2bn                                              € 25.2bn
    6%
                                                  Private
  BeNeLux                                       Equity 13%                                                                                              JVs 5%
    8%                                                                            other inst. investors
                                                       Banks                                                                                   Other
           UK 15%                                                                         12%
                                                        5%      Insurance companies                                                             13%
                                                                        8%

                                                                                                                                                                 19
Appendix: Maturity, Risk Segment, Asset Classes Profile
            Asset Classes                                    AuM Risk Cluster                       Asset Classes in Risk Segment
    in Risk Segment Core/Core+                               (Standing Assets)                        Value-Add/Opportunistic
                Logistics et al 9%
                                                                                                                                 Micro Living 51%
                                       Office 37%                                                          Retail
Residential
                                                                                                            10%
   11%
                                                                                     Value-Add /    Logistics/
                                                     Core/Core+   RE Equity
Retail                 AuM                                                          Opportunistic     Other           AuM
                                                        86%         AuM                               15%
 13%                 € 15,0 bn                                                           14%                         € 2.4bn
                                                                  € 17.4bn

                                                                                                         Office
     Micro                                                                                                24%
  Living 30%

                             RE Equity AuM (€ 16.8bn) Maturity Profile & Risk Segments (in €bn)
                                                    Core/Core+            Value-Add/Opportunistic
                                                                                                                           8,7
 Relatively high portion of property management contracts
          running out but being renewed regularly

                                 4,1
                                                                                                             3,5
                                                    2,6            2,6
         1,6                                                                            1,8

         2020                   2021                2022           2023                2024              2025-2029   2030 and beyond

                                                                                                                                             20
Appendix: ESG Strategy – Road to 2025 and YoY Progress (2018-2019)

                 Reduction in                                    Increase in                                 Reduction in water                              Reduction in
               Co2-emissions* by                             energy efficiency* by                           comsumption* by                               residual waste*

              2% annually               - 12 %                5% annually                - 10 %             2% annually               - 12 %              2% annually           - 13 %
                                                                                                                                                             20% by 2025
                  20% by 2025                                     30% by 2025                                    20% by 2025

          Increase in the proportion of                          Introduction of a                          Development of at least                            Support of

       women in management                               Guideline for employee                            5 ESG partnerships                          A CC Charity incl.
          by 5% annually                                       well-being                                  with major tenants                         Soli-Employee Days
                                                            updated every 12 months on track                        by 2025                               annually from 2020     1 charity
                   30% by 2025           on track                                                                                     on track                                  supported

               Implementation of a                         Ensure that every employee                         Implementation of                          Compliance with the
              Compliance &                                        has signed an                             12 ESG Comittees                             highest standards in
            Governance Training                               ethics declaration                        to ensure compliance with set                investor transparency
                of all employees,                              annually from 2020                        targets, annually as of 2019                 continued and continuous
               annually as of 2019        done                                            done                                       done                                    done

1 per m² in the year of the total portfolio; 2 Figure reflects the development from December 2018 to December 2019; since summer 2019 (publication of ESG targets) the
share has increased by 7%. More details on the next page; 3 Will address changes from the corona crisis by including new work topics; 4 Postponed until 2021 due to corona
crisis, not communicated as annual target                                                                                                                                                21
Appendix: Indicative Timeline – Structured Cash Conversion Program

  > € 200m Impact on Net Debt Reduction from    Schedule of Main Levers
  Placements until FY2022
  (in m€)                                        • In 2020 partly wind down of STATOS
                                                   alignment and regular placement of co-
        c 30                                       investments (c € 30m)
                                                 • Warehousing Asset (Giessen) until the end of
                 20-40                             2021 (> € 70m)
                                                 • In 2021 Co-Investments (JVs) in Micro Living
                                                   and Student Housing (> € 20m)
                           60-80
                                                 • Latest until 2022 sale of co-investments in
                                                   Office (>€ 30m)
                                                 • Until 2022 co-investment from Opportunity
                                                   Fund (> € 40m)
                                       60-80

    H2-2020    H1-2021    H2-2021    H1-2022

                                                                                                  22
Appendix: 9M/2020 Profit & Loss Statement

          (€ m)                                                    9M/2020    9M/2019
          Revenue from Acquisition Related Fees                       23.3       24.0
          Revenue from Asset and Property Management                 105.8      103.6
          Revenue from Promote and Sales Fees realized                 3.2          0
          Income from Mezzanine Loans                                  6.8       15.1
          Revenue from Real Estate Investment Management             139.1      142.8
          Management expenses                                        (64.7)     (61.9)
          Earnings from Real Estate Investment Management              74.4       80.9
          Net Rental Income                                             4.1        9.4
          Revenue from Service Charges                                (0.4)        4.7
          Net Gain from Selling Property Holding Companies            (0.5)        8.9
          Total Income from Real Estate Operations / Warehousing        3.3       22.9
          Expenses from Real Estate Operations / Warehousing          (5.1)     (16.8)
          Earnings from Real Estate Operations / Warehousing          (1.9)        6.2
          Earnings from Alignment Capital                             (8.9)       13.9
          General and Administrative Expenses                        (24.4)     (17.1)
          Other Income                                                  6.9       16.3
          EBITDA                                                       46.1     100.1
          Depreciation and Amortisation                              (24.8)     (25.3)
          EBIT                                                         21.3       74.8
          Net Financial Expenses                                     (16.2)     (15.2)
          EBT                                                           5.1       59.6
          Income Tax gains / expenses                                 (0.7)      (8.3)
          Net Profit for the Period                                     4.4       51.3
          of which attributable to equity holders                       4.3       51.3

                                                                                         23
Appendix: Balance Sheet as of 30 September 2020

           (€ m)                                                30 Sept 2020   31 Dec 2019
           Non-Current Assets
           Goodwill                                                   606.8          567.1
           Other Financial Instruments                                173.6          172.2
           Intangible Assets                                           92.4          109.6
           Investment in Associates and Joint Ventures                113.7          126.5
           Other Non-Current Assets                                   112.1          104.9
           Total Non-Current Assets                                  1,098.6       1,069.9
           Current Assets
           Inventories                                                  63.0          62.3
           Cash and Cash Equivalents                                   139.8         103.2
           Other Current Assets                                        208.0         172.6
           Total Current Assets                                        410.8         338.1
           Total Assets                                              1,509.4       1,418.4
           Total Equity                                                760.3         676.3
           Long-term Financial Liabilities to Banks                     41.5          17.0
           Other Long-term Financial Liabilities                       552.4         520.3
           Other Non-Current Liabilities
                                                                        23.1          35.2
           (sum, incl. other non-current Liability positions)
           Total Non-Current Liabilities                              617.0          572.5
           Current Liabilities
           Short-term Financial Liabilities to Banks                    15.5          37.7
           Other Short-term Provisions                                  11.2          13.9
           Other Current Liabilities
                                                                      105.4          117.9
           (sum, incl. other current Liability positions)
           Total Current Liabilities                                   132.1         179.6
           Total Equity and Liabilities                              1,509.4       1,418.4

                                                                                             24
Appendix: Shareholder Structure and Research

                                     Shareholder Structure (acc. to latest public filing)

                                                                                               Free Float
                                           Vestigo                                               90.1%
                                            9.9%                Number of shares
                                                                  25,666,025

                                                            Average target price €28.5

                                                                   € 65
                                                                                                                                        Buy/Add

                                                     € 38                       € 35                                                    Hold
                      € 23                                                                     € 18            € 20
         € 17                       € 15                                                                                    € 15        Sell

     30 Nov 2020   02 Dec 2020   29 April 2020   10 Sept 2020   25 Feb 2020   02 Dec 2020   Suspended       01 Dec 2020   02 Dec 2020

                                                                                                                                               25
IR Contact and Financial Calendar 2021

Investor Contact                     Financial Calendar 2021

Dr. Kai G. Klinger
                                         24 February    Publication preliminary results for FY 2020
Chief Markets Officer

Phone: +49 69 3535630-106                  24 March     Annual financial report 2020
ir@corestate-capital.com
                                             28 April   Annual General Meeting

                                             19 May     Publication results for Q1

                                          11 August     Publication results for H1

                                     10 November        Publication results for first nine months

                                                        Please note that these dates
                                                        may be subject to change
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