Assets under management decreased by SEK 5.9 Bn during the quarter, mainly driven by Systematic Funds and exchange rate effects. Within Property Investment Management assets under management increased adjusted for exchange rate changes and had a net inflow of SEK 5.1 Bn. Income after assignment expenses and commissions amounted to SEK 476 million (645, adjusted for Mutual Funds), which was 26 percent lower compared with the fourth quarter of 2019. Most of the decrease is attributable to Systematic Funds but also to Continental Europe in Corporate Finance, which had a challenging quarter. Property Investment Management was in line with the previous year but with a higher share of fixed income. Operating profit amounted to 23 (124, adjusted for Mutual Funds) and was affected by lower variable personnel costs and by impairment attributable to goodwill.
Total income SEK 542 M (761)
- Net sales SEK 534 M (722)
- Operating profit/loss SEK 23 M (122)
- Profit/loss before tax SEK -29 M (133)
- Profit for the period from remaining operations SEK -32 M (72)
- Profit/loss for the period from disposal group held for sale SEK 25 M (-7)
- Profit/loss for the period SEK -7 M (65), of which SEK -8 M (47) attributable to Parent Company shareholders
- Earnings per share* SEK -0.09 (0.55)
Total income SEK 2,312 M (2,420)
- Net sales SEK 2,047 M (2,353)
- Operating profit/loss SEK 393 M (422)
- Profit/loss before tax SEK 285 M (284)
- Profit for the period from remaining operations SEK 134 M (148)
- Profit/loss for the period from disposal group held for sale SEK -60 M (45)
- Profit/loss for the period SEK 74 M (193), of which SEK 65 M (113) attributable to shareholders of the Parent Company
- Earnings per share* SEK 0.74 (1.31)
- Equity* SEK 1,532 M (1,522)
- Equity per share* SEK 17.34 (17.64)
- Assets under management SEK 129.9 Bn (142.3**)
- The Board intends to propose a dividend payment of SEK 80 M, the maximum permissible amount under the bond terms, which corresponds to approximately SEK 0.90 per Class A and B share, to shareholders for the financial year 2020.
"Overall, the fourth quarter results were disappointing, but below the surface there are many other positive measures aimed at increasing assets under management, mainly in Property Investment Management where new product development is under way in several verticals. At the same time, we work actively to strengthen our position in Corporate Finance through product and competence development, and by extending the European collaboration in the business area, and in partnership with Property Investment Management.
We have also started the work of increasing the synergies by utilizing the overall competences and resources of all Catella’s European platforms. One of the Board and Management’s express goals is to support subsidiaries with capital and by focusing on company collaborations, which has generated a strong pipeline of promising projects in areas such as logistics development and residential projects. We are looking forward to connecting business opportunities in the project operations with our funds, which have raised capital which is intended to be invested in 2021. This can also be implemented for other target groups, which is our clear objective." says Johan Claesson, acting CEO and President
* Attributable to Parent Company shareholders. Includes disposal group held for sale. ** Adjusted for Mutual Funds.
Invitation to presentation of the Interim Report
Catella will be presenting the Interim Report and answering questions in a teleconference today 25 February 2021 at 9 a.m. CET. The presentation will be in English and will be made by Catella’s Interim CEO and President Johan Claesson and Catellas CFO Christoffer Abramson. To participate in the teleconference, go to www.catella.com or call +46 (0)8 566 427 07
This is information that Catella AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07.00 CET on 25 February 2021.
About Catella: Catella is a leading specialist in property investments and advisory and fund management, with operations in 14 countries. The group manages assets of SEK 130 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more at catella.com.