Corestate Slashes Earnings, Lowers Asset Values After Audit
- Firm’s shares rose as much as 15.6%, still lower this year
- Restructuring advisers pitching for mandate with creditors
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Corestate Capital Holding SA slashed its earnings and cut asset valuations after E&Y completed an audit of its accounts.
The German real estate financing firm said its adjusted Ebitda was 43.8 million euros ($47.7 million) in 2021, less than half what it reported in preliminary results at the beginning of March, according to a statement late on Wednesday. The company also said it was forced to cut the goodwill value of its managed fund unit, HFS, by 175 million euros to 345 million euros.