Kategori: Catella

The Board of Directors of Catella AB (publ) has decided today to wind down operations in Catella Bank with the ambition to return the banking license to the supervisory authority during the first half of 2021.
Catella has previously announced that it expects a net result from divestments and costs related to the wind down, which protects value in the form of equity of SEK 437 million. Sales revenue has been in line with the values that were projected, while costs are higher, partly due to the fact that the wind down took longer than expected. Approximately SEK 350 million in values related to the wind down of the bank is expected to benefit Catella when the process is completed. Costs for wind down of approximately SEK 80 million will be reserved in Q2 2020.
The banking operations is expected to be completed during the first half of 2021 when a request of revoking the bank license will be submitted to the supervisory authority CSSF. Catella will then exit from the consolidated situation, which has resulted in extensive regulatory framework and an inefficient capital structure for the entire Group.

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 7.00 p.m. CET on May 26, 2020.

For more information, please contact:
Johan Claesson
CEO and President
+46 70 547 16 36
knut.pedersen@catella.se

Niklas Bommelin
Investor Relations
+46 76 891 12 40
niklas.bommelin@catella.se

Catella is a leading specialist in property investments, fund management and banking, with operations in 15 countries. The group has assets under management of approximately SEK 160 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more online at catella.com.

he beginning of 2020 was characterized by the Corona pandemic, which is having a significant effect on all businesses, including Catella’s. We noted particularly heavy outflows from Equity, Hedge and Fixed Income Funds towards the end of the quarter. For remaining operations, total income amounted to SEK 503 M in the first quarter of 2020, up SEK 49 M on the first quarter 2019. The increase was mainly attributable to Property Investment Management. Operating profit increased by SEK 10 M, and amounted to SEK 72 M. Total assets under management decreased by SEK 12 Bn in year-on-year terms, adjusted for the terminated product Systematic Equity, and amounted to SEK 156 Bn at the end of the period, corresponding to a decrease of SEK 15 Bn on the end of 2019. Catella’s total cash and cash equivalents for remaining operations amounted to SEK 920 M at the end of the period, of which the majority in Catella’s subsidiaries.
January – March 2020
• Total income SEK 503 M (454)
• Net sales SEK 449 M (447)
• Operating profit/loss SEK 72 M (62)
• Profit/loss before tax SEK 46 M (45)
• Profit for the period from remaining operations SEK 24 M (23)
• Profit/loss for the period from disposal group held for sale SEK -14 M (110)
• Profit/loss for the period SEK 10 M (133), of which SEK 0 M (111) attributable to shareholders of the Parent Company
• Earnings per share* SEK 0 (1.32)
• Equity* SEK 1,577 M (1,604)
• Equity per share* SEK 18.28 (19.06)
• Assets under management SEK 156.2 Bn (168.2***)
• Variable earnings**, which will be recognized for profit at year-end, in Systematic Funds totalled SEK 0 M at the end of the period.
• Against the background of the coronavirus pandemic, the Board has decided to revoke the proposed dividend of SEK 0.90 per share, and proposes to the Annual General Meeting that no dividend be paid. Catella’s ambition is to convene an Extraordinary General Meeting in the second half of 2020 to address the matter of dividends.

* 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). *** Adjusted for the product Systematic Equity.

For more information, please contact:
Marcus Holmstrand, CFO
Telephone: +46 8 463 32 52
Email: marcus.holmstrand@catella.se
Niklas Bommelin, IR
Telephone: +46 8 463 34 26
Email: niklas.bommelin@catella.se

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 8 May 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 160 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more at catella.com.

In response to the coronavirus pandemic, the board of directors of Catella AB (publ) has decided to withdraw the proposal for a dividend of SEK 0.90 per share and to recommend to the annual general meeting that no dividend be distributed. Catella is in a good financial position, but as future developments are difficult to assess at this point, the board of directors wishes to secure liquidity in the event that the crisis worsens. The board intends to convene an extraordinary general meeting during the second half of 2020 to address the matter of dividends.
Considering the general uncertainty and the actions taken to reduce the spread of the Covid-19 virus, the board has decided to withdraw the dividend proposal and instead recommend to the annual general meeting that no dividend be distributed. Catella is in a good financial position, but market conditions have changed since the board of directors submitted its original dividend proposal. As the consequential effects of the pandemic are difficult to assess at this point, the board of directors is withdrawing the dividend proposal and intends to convene an extraordinary general meeting during the second half of 2020 to address the matter of dividends.

For more information, please contact:
Knut Pedersen
CEO and President
+46 8 463 33 10
knut.pedersen@catella.se
Niklas Bommelin
Investor Relations
+46 76 891 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. The information was submitted for publication, through the agency of the contact person set out above, at 9:05 p.m. CET on 23 April 2020.
Catella is a leading specialist in property investments and fund management, with operations in 15 countries. The group has assets under management of approximately SEK 160 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more online at catella.com.

Total income for continuing operations rose by SEK 49 million compared to the first quarter of 2019 and amounted to SEK 503 million for the first quarter of 2020. Operating profit grew by SEK 10 million to SEK 72 million. Profit after tax for the period was SEK 24 million, on par with the preceding year. Profit attributable to shareholders in the parent company, for continuing operations, amounted to SEK 14 million (1) for the same period. Assets under management at the end of the period were SEK 156 billion, a decrease of SEK 15 billion compared to year-end 2019. The Covid-19 outbreak is adversely impacting Catella and due to the uncertain situation, it is currently impossible to estimate the full potential impact on the Catella Group.
First quarter 2020
Total income for continuing operations rose by SEK 49 million compared to the first quarter of 2019 and amounted to SEK 503 million for the first quarter of 2020. The increase is primarily attributable to Property Investment Management. Operating profit grew by SEK 10 million to SEK 72 million. Total assets under management fell by SEK 12 billion compared to the preceding year, adjusted for the discontinued product Systematic Equity, and amounted to SEK 156 billion at the end of the period, a decrease of SEK 15 billion compared to year-end 2019. Total cash and cash equivalents in continuing operations amounted to SEK 920 million at the end of the period, of which the majority is found in subsidiaries of Catella.
Assets under management in the Equity, Hedge and Fixed Income Funds business area decreased by SEK 31 billion, adjusted for the Systematic Equity product, compared to the preceding year, and amounted to SEK 48 billion at the end of the period. The decrease during the first quarter amounted to SEK 23 billion, the majority of which is attributable to Systematic Funds. The outflows during the quarter occurred in both service segments alongside the effects of value depreciation and exchange rates on assets under management. Total income for the first quarter amounted to SEK 160 million, a decrease of SEK 49 million compared to the preceding year. Operating profit decreased by SEK 30 million to SEK 57 million for the quarter. The declines in total income and operating profit are mainly attributable to Systematic Funds. Annualised profit in the business area from fixed revenues/fixed expenses amounted to SEK 81 million at the end of March.
Property Investment Management grew assets under management by SEK 19 billion compared to the preceding year to SEK 108 billion at the end of the period. Assets under management grew by SEK 8 billion in the first quarter, driven mainly by Property Funds. Total income increased by SEK 88 million and operating profit grew by SEK 45 million compared to the preceding year, driven mainly by Property Funds and Property Asset Management in the UK, which exited a mandate and generated significant variable revenues. Total income amounted to SEK 229 million and operating profit to SEK 44 million for the first quarter.
Total income in Corporate Finance was SEK 109 million, an increase by SEK 5 million compared to the preceding year, driven primarily by the Nordics, where Sweden accounted for the majority of the increase. The operating loss amounted to SEK -13 million, on par with the preceding year.
The migration of card customers to Advanzia Bank was completed in the first quarter of 2020 and Catella was paid contingent consideration of approximately SEK 125 million. SEK 104 million of the contingent consideration was recognised in income in 2019.
Effects on operations of Covid-19
The Covid-19 outbreak is adversely affecting Catella and there is risk of material financial impact on the Catella Group. Considering the uncertain situation, it is currently impossible to estimate the full potential impact on the Catella Group in upcoming quarters. We are proceeding from the assumption that the second and third quarters of 2020 will be characterised by widespread nervousness, which will affect the willingness of investors to execute deals and invest capital.
Up to this point, Catella is reporting a reduction in assets under management in the Equity, Hedge and Fixed Income Funds business area and an increase in assets under management in the Property Investment Management business area, both of which will affect fixed revenues going forward. Within Equity, Hedge and Fixed Income Funds, Catella has, like the market, been affected by withdrawals from funds in which Catella has thus far managed product liquidity without having to close any funds. Property Investment Management has thus far not received any queries from investors concerning significant withdrawals from the property funds. There has been no material effect on operations in Property Investment Management, as most of the investment structures are locked in over an extended period of time. There has been a steep fall in transaction volumes in the Corporate Finance business area due to the Covid-19 outbreak in Europe following normal activity for the business in the early months of the year. Transaction volumes in the market are expected to remain low in the next few months, but it is currently difficult to assess the long-term effect on Corporate Finance operations. Projects within Catella’s project development business are ongoing with no material impact other than postponement of the close of the sale of Grand Central in Dusseldorf, previously planned for 31 March, to 30 June. The buyer has provided collateral in liquidity of a total of approximately SEK 80 million to Catella in exchange for the opportunity to close the deal during the second quarter of 2020, which corresponds to Catella’s share of capital investment in the project.
Catella is in a good liquidity position and thus has the resilience to respond to the crisis, while the organisation has the ability to swiftly change course if the crisis worsens.

For more information, please contact:
Knut Pedersen
CEO and President
+46 8 463 33 10
knut.pedersen@catella.se
Niklas Bommelin
Investor Relations
+46 76 891 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. The information was submitted for publication, through the agency of the contact person set out above, at 9:00 p.m. CET on 23 April 2020.

The Board of directors of Catella AB (publ) has decided to appoint Chairman Johan Claesson as acting CEO as of April 14, 2020. In conjunction with Johan Claesson taking over as CEO, the current Board member Jan Roxendal will take up the role as acting Chairman of the Board. Eva Bång will take up the position as acting CFO.

Catella’s current CEO Knut Pedersen, who will continue in his role until April 14, will assist with handover and certain matters until May 17, 2020.

Jan Roxendal has been a Board member of Catella AB since 2011 and member of the Audit Committee and Chairman of the Remuneration Committee since 2016. Jan Roxendal is currently Chairman of the Board of the Second Swedish National Pension Fund (AP 2) and Board member of Magnolia Bostad and has a background as CEO of Gambro AB, CEO of Intrum Jusitia Group and Vice President ABB Group.

Johan Claesson has been a member of the Board of Catella AB since 2008 and Chairman of the Board since 2011 and will now continue to be a member of the Board.

Eva Bång, who is appointed acting CFO, most recently comes from the position as Global CFO for Ingka (IKEA) Centres and has previously been Vice President and CFO of Hemsö Fastighets AB. Current CFO Marcus Holmstrand will remain in his role until April 14, and will then assist with handover during the remaining notice period.

The recruitment of a permanent CEO and CFO is ongoing with the ambition that both candidates will be in place before the end of the year.
For further information, please contact:

Johan Claesson, Acting CEO and President
+46 70 547 16 36

Jonas Burvall, Head of Group Communications
+46 766 27 97 55
jonas.burvall@catella.se

 

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 09:15 a.m. CET on 13 March 2020.

Catella is a leading specialist in property investments and fund management, with operations in 15 countries. The group has assets under management of approximately SEK 170 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more online at catella.com.