Interim report 1 January - 31 March for Catella AB (publ)

First quarter of 2012, january – march

  • Net sales in the first quarter totalled SEK 176 M (138). Excluding invoiced direct assignment costs and commission, income amounted to SEK 144 M (96).
  • Profit after tax for the quarter amounted to SEK 7 M (-4).
  • Earnings per share for the total operation amounted to SEK 0.08 (-0.05) for the quarter.
  • Corporate Finance recognised net sales of SEK 82 M (62). Excluding invoicing for assignment costs and commission, income amounted to SEK 77 M (55). The result before tax was SEK -6 M (-11).
  • Asset Management recognised net sales of SEK 95 M (76). Excluding invoicing for assignment costs and commission, income amounted to SEK 66 M (41). Profit before tax amounted to SEK 11 M (2). Profit was positively impacted by higher performance-based fees in Swedish fund operations.

CEO's Comments

Overall, Catella’s two operating segments, Corporate Finance and Asset Management, reported better earnings in the first quarter than in the year-earlier period.

Following a very strong end to 2011 for Corporate Finance, 2012 started weak and then accelerated at the end of the first quarter through a strong order intake. However, there were new indications of macroeconomic turmoil in European markets, thus aggravating assessments of the recent flow of stream in Corporate Finance.

Catella’s financing services initiative involving corporate bonds, which generated start-up costs in 2011, made a successful launch of a major issue totalling SEK 1 Bn during the first quarter. Conditions remain favourable for further expansion in the operating sector. This applies particularly to offerings of financial services aimed at the property sector, a sector in which Catella holds a strong market position.

In Asset Management, fund operations recognised increase of management volumes SEK 1,8 Bn during the quarter, of which SEK 1 Bn is net flow. This, combined with a relatively strong market particularly early in the year, generated higher year-on-year earnings. New fund products with a focus on properties were also launched from the German fond operations.

In Catella’s Treasury Management, the outcome of major holdings, primarily the loan portfolios, surpassed earlier projected values for the period, which is gratifying in the face of the economic conditions currently prevailing in Europe.

Pertaining to Banque Invik, the sales process continues. The process has been delayed because we have under­estimated the complexity of selling a full-scale banking operation during current uncertain market conditions and because of more stringent regulatory requirements for potential buyers.

Johan Ericsson, CEO Catella

For more information, please contact:
Johan Ericsson
Chief Executive Officer, Catella
46 8 463 33 10

Press contact:
Viktoria Ejenäs
Communications Officer, Catella
46 8 463 33 34, 46 72 726 33 34

About Catella: Catella offers specialised financial services and products within selected market segments. Catella has 340 employees in 13 European countries within two operating segments; Corporate Finance and Asset Management. Catella is listed on Nasdaq OMX, First North Premier and the share is traded under the abbreviations CAT A and CAT B. Remium AB is Catella’s Certified Adviser, +46 8 454 32 00. Read more about Catella at www.catella.com.

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About Us

Catella is a leading specialist in property investments, fund management and banking, with operations in 12 European countries. The group has sales of approximately SEK 2 billion and manages assets of approximately SEK 150 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more at catella.com.