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2020-08-21 7:00 CET | Catella Group | Press release, Regulatory

Catella AB – Interim Report January-June 2020

At the end of the second quarter 2020, assets under management totalled SEK 148.6 Bn, a decrease of SEK 7.6 Bn on the previous quarter, of which SEK 6.2 Bn due to ex-change rate effects. Total income in the quarter was SEK 523 M and operating profit was SEK 39 M, a decrease of SEK 165 M and SEK 125 M respectively. Catella was negatively affected by the pandemic and turbulence on the financial markets, mainly in Equity, Hedge and Fixed Income Funds and Corporate Finance. There was no noticeable impact on Property Investment Management from the pandemic in the second quarter. The earlier negative trend in Equity, Hedge and Fixed Income Funds continued in the quarter, and operating profit decreased by SEK 125 M year-on-year. Profit attributable to Parent Company shareholders amounted to SEK -147 M, including write-downs of Group deferred tax assets of SEK 70 M relating to the divestment of Catella Fondförvaltning AB, and provisions for costs totalling SEK 55 M from the winding down of Catella Bank’s operations. In the quarter, we improved liquidity in parts of the Group through national government borrowing schemes introduced due to the pandemic in some countries.

April - June 2020

  • Total income SEK 523 M (688)

  • Net sales SEK 499 M (677)

  • Operating profit/loss SEK 39 M (164)

  • Profit/loss before tax SEK 21 M (157)

  • Profit for the period from remaining operations SEK -73 M (114)

  • Profit/loss for the period from disposal group held for sale SEK -76 M (-49)

  • Profit/loss for the period SEK -149 M (64), of which SEK -147 M (38) attributable to shareholders of the Parent Company

  • Earnings per share* SEK -1.66 (0.44)

 

January - June 2020

  • Total income SEK 1 027 M (1,142)

  • Net sales SEK 948 M (1,124)

  • Operating profit/loss SEK 111 M (226)

  • Profit/loss before tax SEK 67 M (203)

  • Profit for the period from remaining operations SEK -49 M (-136)

  • Profit/loss for the period from disposal group held for sale SEK -89 M (61)

  • Profit/loss for the period SEK -139 M (197), of which SEK -147 M (149) attributable to shareholders of the Parent Company

  • Earnings per share* SEK -1.67 (1.72)

  • Equity* SEK 1,381 M (1,544)

  • Equity per share* SEK 15.63 (17.89)

  • Assets under management SEK 148.6 Bn (174.9****)

  • Variable earnings** in Systematic Funds levied at year-end totalled SEK 0 M at the end of the period.

 

“Refinement of Catella as a company more focused on products and services associated with the Property Investment Management and Corporate Finance business areas continued in the second quarter. In the future, Catella’s capital and resources will increasingly be focused on Property Investment Management, Corporate Finance and development projects. The most significant changes include that we will sharpen our focus on a ensuring a clearer strategy in asset management and property funds, and create selective funds in segments such as residential property, logistics, development projects, hotels, workout facilities etc. This means that Catella will gradually strengthen its competences and focus in project development both independently and in collabo-ration with partners, with the aim of creating more value at the early stages of projects.” says Johan Claesson, acting CEO and President

* Attributable to shareholders of the Parent Company. Includes disposal group held for sale. ** Variable earnings calculated on Systematic Macros’ performance-based management fee. In order for the performance-based management fee to be settled at year end, and recognized for profit/loss, returns must be higher than comparative indices and the most recent level settled (High watermark). *** Remaining operations. **** Adjusted for the product Systematic Equity.

 

Invitation to presentation of the Interim Report

Catella will be presenting the interim Report and answering questions in a teleconference today 21 August 2020 at 9 a.m. CET. The presentation will be in English and will be made by Catella’s Acting CEO and President Johan Claesson. To participate in the teleconference, go to www.catella.com or call +46 (0)8 566 42 695.

For more information, please contact:

Niklas Bommelin
Investor Relations
+46 8 463 34 26, +46 768 91 12 40
niklas.bommelin@catella.se

This is information that Catella AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and information that Catella AB (publ) is obliged to make public pursuant to the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 7 a.m. CET on 21 August 2020.

About Catella: Catella is a leading specialist in property investments and advisory and fund management, with operations in 15 countries. The group manages assets of SEK 150 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more at catella.com.