Interim report, 1 January – 30 September 2010 for Catella

JULY – SEPTEMBER 2010

  • Net sales for the quarter totalled SEK 55 million (65)
  • For the quarter, a loss of SEK 25 million (profit: 346) was reported. Of this amount, realised and unrealised losses on non-current holdings of securities and short-term investments accounted for losses of SEK 13 million and SEK 6 million, respectively. Earnings for the year-earlier period included a non-recurring item of SEK 295 million pertaining to the reversal of negative goodwill from the acquisition of European Equity Tranche Income
  • Earnings per share for the quarter amounted to a loss of SEK 0.31 (earnings: 4.21)

 JANUARY – SEPTEMBER 2010

  • Net sales for the first nine months of the year totalled SEK 208 million (132)
  • For the first nine months of the year, a loss of SEK 10 million (profit: 498) was reported. Of this amount, realised and unrealised losses on non-current holdings of securities and short-term investments accounted for losses of SEK 9 million and SEK 19 million, respectively. Earnings for the year-earlier period included a non-recurring item of SEK 455 million pertaining to the reversal of negative goodwill from the acquisition of Banque Invik and European Equity Tranche Income
  • Earnings per share for the quarter amounted to a loss of SEK 0.14 (earnings: 6.07)

  

  • Equity per share at the end of the period amounted to SEK 12.07 (12.85). Exchange-rate differences had a negative impact of SEK 108 million on equity during the period
  • Scribona acquired ownership of the shares in Catella AB (renamed Catella Brand AB) on 13 September 2010. The total cash consideration, including redemption of Catella’s loans to the group of sellers, amounted to SEK 426 million, including interest and transaction expenses. The acquisition was financed through external financing of SEK 310 million, the issue of 30,000,000 share warrants with a value of SEK 30 million to senior executives and other key individuals and SEK 86 million in cash and cash equivalents
  • At the Extraordinary General Meeting of Scribona AB (publ) on 15 October, a resolution was passed to rename the company Catella AB (publ)
  • The acquired business is consolidated in the Group as of 30 September 2010 and thus made no contribution to sales or earnings during the first nine months of 2010
  • Johan Ericsson took office as CEO of the new Group on 14 September. Ando Wikström and Lennart Schuss assumed positions on the Catella management team as CFO and deputy CEO, respectively. John Ericsson was most recently CEO of Catella Financial Advisory and is a founding member of Catella’s property advisory, which was formed in the early 1990s

 

CEO’s comments

This is the final interim report in which only the original operation of the former Scribona will be recognised in profit and loss. As of the fourth quarter of 2010, the acquired Catella Group will be included in consolidated earnings. Since the announcement of the acquisition, we have worked to combine the two companies into one. In addition to day-to-day operations, we have been working since the takeover on 13 September 2010 to formulate a long-term strategy for the company, which is expected to be completed in the first quarter of 2011. The strategy will form the basis for the company’s development in the years ahead. Given the stable platform upon which the company stands today, I believe that the prerequisites for generating long-term value for customers and shareholders alike are favourable. As stated in previous communications, the acquired Catella Group will have a positive impact on earnings per share for 2010. Historically the fourth quarter has always a strong contribution to earnings.

For additional information contact:

Johan Ericsson, CEO, phone: +46 (0)8 463 33 10

Visit also: www.catella.com

Catella is listed on First North and Remium AB, +46 (0)8-454 32 00, is the company´s Certified Adviser.

About Catella

Catella is an independent European finance group specialising in Financial Advisory Services. Asset Management and Banking. Operations are pursued in independent but closely co-operating subsidiaries governed by their own boards. Catella has some 400 employees in 14 European countries. Catella is listed on First North and is traded under the ticker symbol CAT A and CAT B.

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About Us

Catella is a leading specialist in property investments, fund management and banking, with operations in 14 European countries. The group has sales of approximately SEK 2 billion and manages assets of approximately SEK 180 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more at catella.com.

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