Earnings Release • Aug 24, 2018
Earnings Release
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"The second quarter was strong with high activity in a majority of Catella's operations. Total income increased by 18% year-on-year to SEK 691 M, and operating profit was in line with the previous year at SEK 81 M in the quarter despite a number of investments, mainly in Property Investment Management. Assets under management increased by SEK 34.4 Bn year-on-year, and by SEK 11.3 Bn in the second quarter."
24 August 2018 KNUT PEDERSEN, CEO and President
Asset Management and Banking
SECOND QUARTER 2018
$(163.1):$
Banking
Total income SEK 535 M (463)
ADDITIONAL INFORMATION
Operating profit/loss SEK 113 M (99)
Assets under management SEK 197.5 Bn
Equity, Hedge and Fixed Income Funds Total income SEK 235 M (228)
Operating profit/loss SEK 103 M (91)
Operating profit/loss SEK -39 M (0)
Property Investment Management
Operating profit/loss SEK 49 M (8)
* Attributable to parent company shareholders.
Total income SEK 212 M (130)
Total income SEK 88 M (106)
Net sales SEK 529 M (463)
** Adjusted for items affecting comparability. *** Adjusted for the discussion of the performance-based management fee to be settled at year and the matter of the performance-based management fees. In order for the performance-based management fee to be settled at year Accordingly, actual settlement at year end may be higher, lower or entirely absent relative to the indicated amount
$\mathcal{D}$
The second quarter was strong with high activity in a majority of Catella's operations. Total income increased by 18% year-onyear to SEK 691 M, and operating profit was in line with the previous year at SEK 81 M in the quarter despite a number of investments, mainly in Property Investment Management. Assets under management increased by SEK 34.4 Bn year-on-year, and by SEK 11.3 Bn in the second quarter.
Assets under management increased by SEK 13.4 Bn year-on-year, and by SEK 4.8 Bn in the second quarter, reaching SEK 110.7 Bn. A proportion of the increase in the quarter was due to exchange rate effects, while the product mix simultaneously improved with inflows to our more profitable hedge products, both in Mutual Funds and Systematic Funds.
Total income was in line with the previous year at SEK 235 M despite Systematic Funds introducing annual settlement and reporting of variable earnings from the beginning of this year. The increase was driven by increased assets under management which generated higher fixed earnings, although the base for potential variable earnings also increased sharply, shadowing growth in assets under management. Accrued but not chargeable variable earnings in Systematic Funds totalled SEK 125 M at the end of the period, shadowing Systematic Macro's results of operations.
We're continuing our efforts to expand distribution through new permits on existing and new geographical markets, allowing us to reach new customer groups that have not previously been given the opportunity to invest in our products. This work has resulted in the planned establishment of US distribution operations for Systematic Funds' products.
The business area's annualised profit from fixed earnings/fixed expenses totalled SEK 345 M at the end of the quarter, SEK 63 M up on the preceding quarter and an increase of SEK 149 M in year-onyear terms. The sharp increase is mainly due to a strong USD against the SEK, as a
high proportion of Systematic Macro's income is denominated in USD.
Assets under management totalled SEK 64.9 Bn at the end of the period, an increase of SEK 18.7 Bn year-on-year and SEK 4.7 Bn in the second quarter, mainly driven by Property Funds.
The year-on-year increase in total income and operating profit of SEK 82 M and SEK 41 M respectively was mainly derived from Project Management, part of Property Asset Management, which structures property development projects at the early stages to generate exposure required by investors. Project Management partially invoiced services provided in connection with the Grand Central property development project, where Catella also partially financed the early development phase. In the quarter, operating profit was charged with start-up costs from the initiatives in Sweden and France. In France, the new start-up focuses on developing logistics properties for investors.
The business area saw high activity in the quarter, mainly in Continental Europe, with a number of major transactions completed in France. Total income increased by SEK 28 M, up 21%, and reached SEK 159 M in the second quarter.
Income and profit in the quarter was derived from a majority of business area operations, ensuring balanced geographical markets and stabilized earnings.
In the Nordics, we completed fewer capital markets transactions compared to the previous year, although activity was high after the end of the period.
In the quarter, we've seen the positive effects from the reorganisation of the German operations, aimed at further strengthening our position in advisory services on the German market.
As previously communicated in a press release, Catella has initiated a strategic review of its banking operations. This aims to optimize the development and operational efficiency of Catella Bank's various operations, as well as optimizing the Catella Group's capital structure. We're implementing solutions that meet customer needs through a range of partnerships and collaborations that do not comprise a consolidated financial situation for the Catella Group.
As previously communicated, the Card acquiring operations customer portfolio has reduced, implying some SEK 70 M lower income in annualized terms. The effect became apparent in the second half-year, explaining the decrease in total income of SEK 18 M in year-on-year terms. The reduction in related costs has now been initiated, albeit with delayed effect.
The strategic review generates various types of cost that burden profit for the quarter. We anticipate completing the review during the autumn, when we'll also communicate the effects of the review.
In Wealth Management, we're continuing the work of recent years aimed at creating a relevant and attractive offering. Direct exposure to properties and other alternative asset classes, such as private equity, are a key part of value creation for our customers, generating growth in assets under management.
Catella has a structure and platform that creates excellent prospects for expansion. We're continuing to increase our assets under management by creating alternative exposure for our customers. The broad geographical platform and diversified product offering, together with the high competence level of our employees, ensure stable earnings and a high quality offering. Looking ahead, we'll specifically focus on continuing this progress and broadening our product offering, ensuring it becomes even more relevant to various groups of investors.
KNUT PEDERSEN
CEO and President
Catella is a leading specialist in property advisory services and investments, mutual funds and banking, with operations in 14 countries. Our vision is to be the leading partner in Europe for investors in property and finance. Catella is listed in the Mid Cap segment on Nasdaq Stockholm.
Amounts are in SEKM unless otherwise indicated.Figuresintablesandcommentsmay be rounded.
The Group's total income was SEK 691 M (587) and net sales were SEK 683 M (586), of which SEK 157 M (130) relates to Corporate Finance and SEK 529 M (463) relates to Asset Management and Banking. Comments on the progress of each operating segment are on pages 7-10.
The Group's net financial income and expense was SEK -7 M (6). Net financial income/expense also includes interest income of SEK 4 M (6), which mainly relates to loan portfolios, and interest expenses of SEK 5 M (4) relating to Catella's bond issue. Other financial items were SEK-6 M (5) and mainly related to realized gains from terminated currency forwards totalling SEK -10 M, and positive exchange rate differences of SEK 4 M.
The Group's profit before taxwas SEK 74 M (84) and profit after tax was SEK 39 M (61), of which SEK 13 M (33) was attributable to parent company shareholders. This corresponds to Earnings per share of SEK 0.16 (0.40).
4
The Group's total income was SEK 1,231 M (1,081) in the first half of the year and consolidated net sales were SEK 1,193 M $(1,079)$ .
The Group's net financial income and expense was SEK -3 M (12), of which interest income was SEK 8 M (11) and interest expenses SEK 11 M (7).
Fair value measurement of non-current securities and current investments resulted in value adjustment of SEK 2 M (5). Closed currency forwards intended to reduce exchange rate exposure generated a profit of SEK -9 M (4), which was offset by positive exchange rate differences of SEK 7 M $(1).$
The Group's profit before tax was SEK 138 M (156) and profit after tax was SEK 80 M (114), of which SEK 35 M (66) was attributable to parent company shareholders. This corresponds to Earnings per share of SEK 0.41 (0.81).
On 27 April 2018, Catella published the Annual Report for the financial year 2017 which is available for download on Catella's website, catella.com.
The Annual General Meeting in Catella AB (publ) was held on Monday 28 May 2018. For more information about the AGM, go to Catella's website, catella.com.
The number of shares and votes in Catella AB (publ) has changed due to the issue of 2,266,666 new Class B shares in May through the exercise of warrants under the incentive scheme authorized by the Extraordinary General Meeting on 13 February 2014.
At the beginning of June, Catella initiated an in-depth strategic review of Catella Bank with the aim of ensuring that the bank's various operations face the best prospects for developing and achieving operational efficiency, and optimising the Catella Group's capital structure.
In June, Catella issued subsequent unsecured bonds of SEK 250 M under the framework of SEK 750 M at a price of 102.50% of the nominal amount. In the past, Catella has issued bonds totalling SEK 500 M, implying that the total framework has now been utilized. The maturity date is June 2022. The issue proceeds will be used for general corporate purposes and to finance already announced acquisitions.
Later in June, Catella also announced changed terms for it bond issues which became effective on 27 June 2018.
In May, Catella initiated currency hedging using derivatives. Currency hedging was utilised to reduce the exchange rate risk in Catella's net exposure in EUR. Catella intends to apply hedge accounting in accordance with IFRS 9 from the date of hedging net exposure.
There were no significant events after the end of the quarter.
| 3 Months | 12 Months | |||||
|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | Rolling | 2017 | |
| SEK M | Apr-Jun | Apr-Jun | lan-lun | lan-lun | 12 Months | Jan-Dec |
| CORPORATE FINANCE | ||||||
| Total income | 159 | 3 | 270 | 253 | 676 | 659 |
| Operating profit/loss | 16 | $\overline{2}$ | 4 | $\overline{4}$ | 80 | 71 |
| Operating margin, % | 10 2 | $\overline{2}$ | 5 | $\overline{\mathcal{L}}$ | 12 | $\frac{1}{2}$ |
| ASSET MANAGEMENT AND BANKING | ||||||
| Total income | 535 | 463 | 967 | 842 | 1.970 | 1,844 |
| Operating profit/loss before items affecting comparability | 113 | 99 | 194 | 175 | 438 | 419 |
| Operating profit/loss | 113 | 99 | 194 | 175 | 385 | 365 |
| Operating margin, % | 21 | 21 | 20 | 21 | 20 | 20 |
| Equity-, Hedge and Fixed Income Funds | ||||||
| Total income * | 235 | 228 | 443 | 413 | 881 | 851 |
| Operating profit/loss | 103 | 91 | 199 | 164 | 372 | 337 |
| Operating margin, % | 44 | 40 | 45 | $40^{1}$ | 42 | 40 |
| Banking | ||||||
| Total income * | 88 | 106 | 187 | 475 | 187 | 475 |
| Operating profit/loss before items affecting comparability | $-39$ | $\mathbf 0$ | $-60$ | 8 | $-60$ | 8 |
| Operating profit/loss | $-39$ | $\mathbf 0$ | $-60$ | $-45$ | $-60$ | $-45$ |
| Operating margin, % | $-44$ | 0 | $-32$ | $-9$ | $-32$ | $-9$ |
| Property Investment Management | ||||||
| Total income * | 212 | 130 | 338 | 208 | 651 | 521 |
| Operating profit/loss | 49 | 8 | 56 | 8 | 2 | 73 |
| Operating margin, % | 23 | 6 | 17 | $\overline{4}$ | 19 | 14 |
| OTHER ** | ||||||
| Total income | $-3$ | $-8$ | $-5$ | $-13$ | $-18$ | $-26$ |
| Operating profit/loss | $-47$ | $-23$ | $-67$ | $-35$ | $-107$ | $-75$ |
| GROUP | ||||||
| Total income | 691 | 587 | 1,231 | 1,081 | 2,627 | 2,477 |
| Operating profit/loss before items affecting comparability | 8 1 | 78 | 4 | 44 | 412 | 414 |
| Operating profit/loss | 81 | 78 | 4 | 44 | 359 | 361 |
| Operating margin, % | 12 | 13 | $\frac{1}{2}$ | 13 | 14 | 15 |
* Includes internal income.
** Includes eliminations.
| 3 Months | 6 Months | 12 Months | ||||
|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | Rolling | 2017 | |
| GROUP | Apr-Jun | Apr-Jun | lan-lun | lan-lun | 12 Months | Jan-Dec |
| Profit margin, % | 6 | $ 0\rangle$ | 7 | $\vert \vert$ | $\overline{10}$ | $\ $ |
| Adjusted profit margin, % *** | 6 | 10 | 7 | $\frac{1}{2}$ | 12 2 | 4 |
| Return on equity, % * | ٠ | $\sim$ | $\overline{10}$ | 9 | L. | 12 |
| Adjusted return on equity, % **** | $\bar{a}$ | × | 13 | 9 | $\overline{a}$ | 15 |
| Equity/Asset ratio, % | $\sim$ | $\overline{\phantom{a}}$ | 25 | 32 | ÷, | 30 |
| Equity, SEK M * | $\sim$ | $\sim$ | 1.588 | 1,577 | $\overline{a}$ | 1.729 |
| No. of employees, at end of period | $\sim$ | J. | 668 | 615 | $\sim$ | 626 |
| Earnings per share, SEK * | 0.16 | 0.40 | 0.41 | 0.81 | .9 | 2.35 |
| Adjusted earnings per share, SEK **** | 0.16 | 0.40 | 0.41 | 0.81 | 2.54 | 2.99 |
| Equity per share, SEK * | í. | 18.88 | 19.27 | 21.12 | ||
| CORPORATE FINANCE | ||||||
| Profit margin, % | 5 | $\circ$ | $\circ$ | 7 | 7 | |
| Return on equity, % * | 47 | 9 | 30 | |||
| Equity/Asset ratio, % | ÷, | J. | 27 | 29 | $\overline{a}$ | 32 |
| Equity, SEK M * | $\sim$ | $\sim$ | 92 | 78 | $\overline{\phantom{a}}$ | 120 |
| No. of employees, at end of period | $\sim$ | 209 | 225 | $\bar{a}$ | 210 | |
| Property transaction volume for the period, SEK Bn | 16.0 | 15.3 | 28.4 | 22.3 | 62.3 | 56.2 |
| ASSET MANAGEMENT AND BANKING | ||||||
| Profit margin, % | 3 | 16 | 3 | 16 | 13 | 4 |
| Adjusted profit margin, % *** | 13 | 16 | 13 | 16 | 15 | 17 |
| Return on equity, % * | ÷, | J. | 16 | 18 | $\overline{a}$ | 8 |
| Adjusted return on equity, % **** | $\overline{a}$ | $\sim$ | 21 | 18 | $\sim$ | 24 |
| Equity/Asset ratio, % | $\sim$ | J. | 22 | 23 | $\overline{a}$ | 22 |
| Equity, SEK M * | $\sim$ | Î, | 1.097 | 941 | $\overline{a}$ | 931 |
| No. of employees, at end of period | $\overline{\phantom{a}}$ | i, | 442 | 375 | ÷. | 401 |
| Asset under management at end of period, SEK Bn | J. | 197.5 | 63. | $\overline{a}$ | 184.3 | |
| net in-(+) and outflow(-) during the period, mdkr | 3.5 | $-1.0$ | $-0.6$ | 3.9 | 20.0 | 24.5 |
| Card and payment volumes, SEK Bn | 3.8 | 4.1 | 8.1 | 8. | 18.0 | 17.9 |
ard and payment volumes, SEK Bn
Can dianupay international state on the Parent Company.
* Attributable to shareholders of the Parent Company.
*** Adjusted for items affecting comparability.
**** Definitions for the selected key figures are at the end of
The total commercial property transaction market in Europe, excluding the UK, totalled EUR 40.3 Bn (41.6) in the quarter, a reduction of 3% year-on-year.
Property transactions where Catella served as advisor totalled SEK 16.0 Bn (15.3) in the quarter. Of total transaction volumes in the quarter, France provided SEK 7.8 Bn (1.8), Sweden SEK 3.5 Bn (5.9) and Germany SEK 2.0 Bn (0.5).
Total income was SEK 159 M (131) and operating profit was SEK 16 M (2) in the quarter. The increase in total income and operating profit is driven by Continental Europe, mainly France, but also Germany. The German operations completed a number of transactions in the quarter, at the same time as the organisation strives to further strengthen its position as an advisor on the German market.
Transaction volumes in Europe, excluding the UK, totalled EUR 80.5 Bn (93.8) in the period, a decrease of 14% year-on-year. Catella's transaction volumes in the period totalled SEK 28.4 Bn (22.3).
Total income was SEK 270 M (253) and operating profit was SEK 14 M (4) in the period.
| 3 Months | 6 Months | 12 Months | ||||
|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | Rolling | 2017 | |
| SEK M | Apr-Jun | Apr-Jun | lan-lun | lan-lun | 12 Months | Jan-Dec |
| Nordic * | 63 | 76 | 103 | 138 | 278 | 312 |
| Continental Europe * | 96 | 55 | 166 | 114 | 397 | 346 |
| Total income | 159 | 3 | 270 | 253 | 676 | 659 |
| Assignment expenses and commission | $-10$ | $-19$ | $-16$ | $-32$ | $-58$ | $-74$ |
| Operating expenses | $-133$ | $-110$ | $-239$ | $-217$ | $-537$ | $-514$ |
| Operating profit/loss | 16 | $\overline{\mathbf{c}}$ | 4 | $\overline{4}$ | 80 | 71 |
| Key Figures | ||||||
| Operating margin, % | $ 0\rangle$ | 2 | 5 | $\overline{\phantom{a}}$ | 12 | |
| Property transaction volume for the period, SEK Bn | 16.0 | 15.3 | 28.4 | 22.3 | 62.3 | 56.2 |
| of which Nordic | 6.0 | 12.9 | 8.8 | 16.7 | 29.4 | 37.3 |
| of which Continental Europe | 9.9 | 2.4 | 19.6 | 5.6 | 32.9 | 18.9 |
| No. of employees, at end of period | ٠ | 209 | 225 | 210 |
* Includes internal income between business areas. Internal income has been eliminated within the service area for the current and corresponding period in 2017.
New savings in mutual funds in Sweden totalled SEK 13.2 Bn in the quarter. The fund categories with the largest inflows were Mixed, Equity and Fixed Income funds. At the end of the quarter, Catella Mutual Funds' share of Swedish fund volumes was $0.8\%$ (0.8).
Catella's assets under management increased by SEK 4.8 Bn (-4.1) in the quarter, of which net flows were SEK 1.1 Bn (-0.7) in Mutual Funds and SEK - 1.9 Bn (-2.0) in Systematic Funds. During the quarter Systematic Macro experienced inflows and Systematic Equity outflows which had assets under management of SEK 45.2 Bn (40.6) and SEK 23.8 Bn (26.1) respectively at the end of the period. Income is mainly generated by Systematic Macro in Systematic Funds.
Total income was SEK 235 M (228) in the quarter driven by increased assets under management in combination with a more favourable product mix. Operating profit/loss was SEK 103 M (91).
Total income decreased in Mutual Funds, mainly due to lower variable earnings despite higher fixed earnings year-onyear. In Systematic Funds, income and profit increased driven by higher fixed earnings, which were positively influenced by exchange rate effects as Systematic Macros' income is largely denominated in USD.
Up until 31 December 2017, Systematic Funds was able to recognise variable earnings on a quarterly basis for a proportion of assets under management through specific agreements with certain customers. From 1 January 2018, Systematic Funds
moved to annual settlement of all products, meaning that variable earnings are recognised for profit at year end.
In the period, total assets under management in Sweden increased by SEK 220.0 Bn, of which new savings were SEK 21.3 Bn, totalling SEK 4,238 Bn at the end of the neriod
Catella's assets under management increased by SEK 1.3 Bn (-1.7) in the period, amounting to SEK 110.7 BN (97.2) at the end of the period.
Total income was SEK 443 M (413) and operating profit/loss was SEK 199 M (164).
Accrued variable earnings** in Systematic Funds totalled SEK 125 M at the end of the period.
| 3 Months | 6 Months | 12 Months | ||||
|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | Rolling | 2017 | |
| SEK M | Apr-Jun | Apr-Jun | lan-lun | lan-lun | 12 Months | Jan-Dec |
| Mutual Funds * | 85 | 98 | 179 | 187 | 388 | 396 |
| Systematic Funds * | 149 | 130 | 264 | 226 | 493 | 455 |
| Total income | 235 | 228 | 443 | 413 | 881 | 851 |
| Assignment expenses and commission | $-43$ | $-38$ | $-80$ | $-76$ | $-155$ | $-151$ |
| Operating expenses | $-89$ | $-100$ | $-164$ | $-173$ | $-354$ | $-363$ |
| Operating profit/loss | 103 | 9 1 | 199 | 164 | 372 | 337 |
| $+$ 9 n |
|---|
| $1127 + 1520 + 122$ | ||||||
|---|---|---|---|---|---|---|
| Operating margin, % | 44 | 40 | 45 | 40 | 47 | 40 |
| Asset under management at end of period, SEK Bn | $\overline{\phantom{a}}$ | 110.7 | 97.2 | 109.3 | ||
| net in-(+) and outflow(-) during the period, mdkr | $-0.8$ | $-L_{\alpha}$ | $-2.8$ | 8.9 | ||
| of which Mutual Funds | 33.8 | 30.7 | 32.0 | |||
| net in-(+) and outflow(-) during the period, mdkr | $-0.7$ | $\beta$ | $-1$ | 0.0 | ||
| of which Systematic Funds | 76.8 | 66.6 | 77.3 | |||
| net in-(+) and outflow(-) during the period, mdkr | $-19$ | $-2.0$ | -8.0 | -1.5 | $\overline{A}$ . |
8.9 |
| No. of employees, at end of period | $\overline{\phantom{a}}$ | 90 | 84 | 89 |
" Includes internal income between business areas. Internal income has been eliminated within the service area for the current and corresponding period in 2017.
"Accrued non-chargeable (not recognised for profit), variable mance-based management fee to be settled at year end, and recognised for profit/loss, returned must be higher than comparative indices and the most recent level settled (High watermark). Accordingly, actual settlement at year end may be higher, lower or entirely absent relative to the indicated amount.
8
Volumes in the Cards and Payment Solutions operations were SEK 3.8 Bn (4.1) in the quarter.
Assets under management in Wealth Management increased by SEK 1.8 Bn (2.1) and net flows were SEK 1.6 Bn (1.3) in the quarter.
The loan book decreased by SEK 94 M in the quarter, totalling SEK 1.2 Bn (1.3) at the end of the period.
Total income was SEK 88 M (106) in the quarter. Operating profit/loss was SEK -39 M (0) in the quarter.
As previously communicated, the customer portfolio in the card acquiring operations has decreased, which reduced income by some SEK 70 M annually. This explains the decrease in total income of SEK 18 M year-on-year. In addition to the income reduction, the year-on-year decrease in operating profit/loss of SEK 39 M is also due to increased personnel costs from new recruitments in Wealth Management, consulting expenses relating to the implementation of new regulatory frameworks and IT investments charged to costs and costs connection with the strategic review.
Volumes in the Cards and Payment Solutions operations were SEK 8.1 Bn (8.1) in the period.
Assets under management in Wealth Management increased by SEK 1.9 Bn (3.1) and net flows were SEK 1.3 Bn (1.9) in the period, totalling SEK 22.0 Bn (19.6) at the end of the period.
Total income was SEK 187 M (222) and operating profit/loss totalled SEK -60 M $(3).$
| 3 Months | 6 Months | 12 Months | ||||
|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | Rolling | 2017 | |
| SEK M | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | 12 Months | lan-Dec |
| Cards and Payment Solutions * | 50 | 69 | 115 | 144 | 275 | 304 |
| Wealth Management * | 40 | 38 | 77 | -81 | 173 | 177 |
| Total income | 88 | 106 | 187 | 222 | 440 | 475 |
| Assignment expenses and commission | $-24$ | $-31$ | $-48$ | $-63$ | $-107$ | $-122$ |
| Operating expenses | $-103$ | $-74$ | $-199$ | $-156$ | $-388$ | $-344$ |
| Operating profit/loss before items affecting comparability | $-39$ | $\mathbf 0$ | $-60$ | 3 | $-55$ | 8 |
| Items affecting comparability | $\Omega$ | $\circ$ | $\Omega$ | $\overline{0}$ | $-53$ | $-53$ |
| Operating profit/loss | $-39$ | $\mathbf 0$ | $-60$ | 3 | $-108$ | $-45$ |
| Key Figures | ||||||
| Operating margin, % ** | $-44$ | $\circ$ | $-32$ | $-12$ | 2 | |
| Card and payment volumes, SEK Bn | 3.8 | 4.1 | 8.1 | 8.1 | 18.0 | 17.9 |
| Asset under management at end of period, SEK Bn | $\sim$ | 22.0 | 19.6 | 20.0 | ||
| net in-(+) and outflow(-) during the period, mdkr | 1.6 | 1.3 | 1.3 | 1.9 | 1.2 | 1.8 |
| No. of employees, at end of period | $\overline{\phantom{a}}$ | 183 | 175 | 180 |
*Includes internal income between business areas. Internal income has been eliminated within the service area for the current and corresponding period in 2017. Adjusted for items affecting comparability
9
Assets under management increased by SEK 4.7 Bn (1.5) and net flows were SEK 2.7 Bn (0.5) in the quarter, mainly attributable to Property Funds and Property Asset Management in Finland.
Total income was SEK 212 M (130). Operating profit was SEK 49 M (8).
The increase in income and profit was mainly driven by Project Management, which comes under Property Asset Management and which creates and runs property development projects. Project
Management's income was generated by the Grand Central residential property development project, where Catella owns 45% through principal investments (see Note 3).
Assets under management increased by SEK 10.0** Bn (6.0) and net flows were SEK 4.8 Bn (4.8) in the period, amounting to SEK 64.9 Bn (46.3) at the end of the period.
Total income was SEK 338 M (208) and operating profit was SEK 56 M (8). The profit increase was mainly driven by Project Management and growth in assets under management in Property Funds.
| 3 Months | 6 Months | 2 Months | ||||
|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | Rolling | 2017 | |
| SEK M | Apr-Jun | Apr-Jun | lan-lun | lan-lun | 12 Months | Jan-Dec |
| Property Funds * | 130 | 113 | 212 | 176 | 404 | 369 |
| Property Asset Management * | 90 | 9 | 138 | 37 | 266 | 164 |
| Total income | 212 | 130 | 338 | 208 | 651 | 521 |
| Assignment expenses and commission | -66 | $-63$ | $-106$ | -84 | $-168$ | $-146$ |
| Operating expenses | $-97$ | $-59$ | $-176$ | $-116$ | $-362$ | $-302$ |
| Operating profit/loss | 49 | 8 | 56 | 8 | 2 | 73 |
| Key Figures | ||||||
|---|---|---|---|---|---|---|
| Operating margin, % | h | $\cup$ | 4 | |||
| Asset under management at end of period, SEK Bn | $\sim$ | 64.9 | 46.3 | 55.0 | ||
| net in-(+) and outflow(-) during the period, mdkr | 0.5 | 4.8 | 4.8 | 13.7 | 13.7 | |
| of which Property Funds | Sec. | 43.6 | 31.2 | 36.9 | ||
| net in-(+) and outflow(-) during the period, mdkr | 0.5 | 33 | 4.6 | -8.7 | ||
| of which Property Asset Management | $\sim$ | 21.3 | 15. | 18.0 | ||
| net in-(+) and outflow(-) during the period, mdkr | .4 | 0.0 | $1.4^{\circ}$ | 0.2 | 6 | |
| No. of employees, at end of period | 169 | 116 | 132 |
*Includes internal income between business areas. Internal income has been eliminated within the service area for the current and corresponding period in 2017.
** In the fourth quarter 2017, parts of the German Property As
In the first quarter, the Group's total assets increased by SEK 1,070 M, totalling SEK 7,086 M as of 30 June 2018. Cash and cash equivalents and outstanding credit card receivables from partner banks increased by SEK 876 M, mainly due to Catella Bank's increased deposits from Wealth Management clients and Catella AB's issue of subsequent bonds of SEK 250 M. The bank's outstanding credit card receivables from partner banks were reclassified from Cash and cash equivalents to Other current receivables in the second quarter 2018.
In accordance with IAS 12 Income Tax, deferred tax assets attributable to loss carry-forwards are recognized to the extent that it is probable that future taxable profit will be available. In accordance with this standard. Catella recognized a deferred tax asset of SEK 101 M (SEK 99 M as of 31 December 2017), of which the majority consists of tax loss carry-forwards, which is based on an assessment of the Group's future earnings. The Group's total loss carry-forwards amount to some SEK 584 M. A majority of the loss carry-forwards relate to operations in Sweden and have indefinite useful lives.
In June 2018, Catella issued subsequent unsecured bonds of SEK 250 M under the framework of SEK 750 M at a price of 102.50% of the nominal amount. Catella has previously issued bonds totalling SEK 500 M, implying that the total framework has now been utilised. The bond accrues variable interest at 3-month STIBOR plus 400 b.p. with final maturity in lune 2022.
The Group also has approved overdraft facilities totalling SEK 30 M, of which the unutilized part was SEK 30 M as of 30 June 2018
The Group's equity decreased by SEK 44 M in the second quarter, amounting to SEK 1,791 M as of 30 June 2018. Dividends to parent company shareholders and dividends to non-controlling holdings totalled SEK 84 M and SEK 36 M respectively. Other transactions with non-controlling holding amounted to SEK 4 M. Equity also increased by SEK 16 M relating to payments received for newly issued shares in
Catella AB in connection with utilisation of warrants. Other items that influenced Group equity include profit for the period of SEK 39 M, positive translation differences of SEK 11 M and fair value changes in financial assets reported under Other comprehensive income of SEK 7 M. The Group's equity/assets ratio as of 30 June 2018 was 25% (31% as of 31 December $2017$ ).
Consolidated cash flow from operating activities before changes in working capital amounted to SEK 81 M (85). Tax paid totalled SEK 34 M (15) in the period.
Consolidated cash flow from operating activities was SEK 504 M (100), of which changes in working capital for the period totalled SEK 422 M (15). Of the changes in working capital, SEK 614 M is attributable to banking operations and SEK-192 M to other operations. The change in the bank's working capital was mainly due to increased deposits from Wealth Management clients.
Cash flow from investing activities was SEK-188 M (-37) of which SEK -32 M related to a supplementary investment in Danish associated company Kaktus 1 TopCo ApS. and SEK -11 M in investments in the new property development project Biblioteksparken A/S in Denmark. Furthermore, Catella has injected SEK 110 M in capital in new associated company Grand Central Beteiligungs GmbH to finance its acquisition of 85% of the shares in the Living Central Beteiligungs GmbH property development project from Nordic Seeding GmbH. The shareholders of Nordic Seeding GmbH have decided to pay dividends corresponding to capital gains, of which Catellas share amounts to SEK 102 M, from the sale, which Catella is expected to receive in the third quarter 2018. In addition, IPM made net investments of SEK 9 M in proprietary funds and SEK 9 M in Catella's new unlisted limited company Pamica 2 alongside Wealth Management clients. Cashflows from loan portfolios totalled SEK 4 M, and cash flow from terminated currency forwards amounted to SEK -10 M.
Cash flow from financing operations was SEK 150 M (-155), and includes the issue of an additional SEK 250 M in unsecured bonds at a price of 102.50% of the nominal amount. SEK 84 M was also paid in dividends to parent company shareholders, and SEK 36 M was paid in dividend to noncontrolling holdings. Cash flow from financing operations also includes payments totalling SEK 16 M from warrant holders for the subscription on new shares in Catella AB.
Cash flow for the period was SEK 465 M (-92), of which cash flow from banking operations was SEK 573 M (111) and cash flow from other operations was SEK - 108 M (-203).
Cash and cash equivalents at the end of the period were SEK 3,392 M (2,371), of which cash and cash equivalents relating to the banking operations were SEK 2,583 M (1,931) and cash and cash equivalents relating to other activities were SEK 809 M $(440).$
Consolidated cash flow from operating activities before changes in working capital amounted to SEK 92 M (137).
Consolidated cash flow from operating activities was SEK 290 M (-202), of which changes in working capital for the period totalled SEK 198 M (-339). Of the changes in working capital, SEK 406 M are attributable to banking operations and SEK-208 M to other operations.
Cash flow from investing activities was SEK-372 M (-46), of which the largest item related to share acquisitions in IPM totalling SEK 199 M. Furthermore, Catella acquired shares in associated companies Kaktus | TopCo ApS and Grand Central Beteiligungs GmbH of SEK 66 M and SEK 110 M respectively, as well as making a partial payment for the shares in APAM Ltd of SEK 31 M. In addition, investments totalling SEK 29 M were also made in Biblioteksparken A/S and in a couple of unlisted Swedish companies. Cash flow from Ioan portfolios totalled SEK 90 M, of which SEK 83 M relates to the divestment of Minotaure and Ludgate. Furthermore, SEK 16 M was raised from Nordic Light Fund's buy-back of fund units. This means that the fund has now repaid a majority of its realized revenues and will now be liquidated. Cashflow from terminated currency forwards totalled SEK -9 M in the period.
Cash flow from financing operations was SEK 155 M (-153), of which SEK 253 M relates to the issue of a new bond loan. SEK 120 M relates to dividends to parent company shareholders and non-controlling holdings, and SEK 21 M relates to payments from warrant holders for subscription in new shares in Catella AB.
Cash flow for the period was SEK 73 M (-401), of which cash flow from banking operations was SEK 346 M (-142) and cash flow from other operations was SEK-273 M (-259).
Catella AB (publ) is the Parent Company of the Group. Group management and other central Group functions are integrated in the Parent Company.
The Parent Company reported income of SEK 4.6 M (3.0) and operating profit/loss was SEK -15.3 M (-12.5). The profit decrease on the previous year is mainly due to increased consultancy fees as a result of the new General Data Protection Regulation (GDPR).
The Parent Company also reported financial items totalling SEK -4.9 M (84.2), mainly relating to interest and costs associated with arranging bond loans.
In May, the company initiated currency hedging using derivatives. The hedging of EUR 60 M was carried out to reduce the exchange rate risk in Catella's net exposure in EUR. As of the reporting date, the market value of the derivatives was a negative SEK 0.4 M, which has been reported as a financial cost in the Income Statement and as a current financial liability in the Balance Sheet.
Profit/loss before tax was SEK-20.3 M (71.6), and profit /loss for the period was SEK -5.1 M (71.6).
The Parent Company reported total loss carry-forwards of SEK 204 M. Catella's Balance Sheet includes a deferred tax asset of SEK 35.0 M (SEK 19.8 M as of 31 December 2017) relating to these loss carry-
forwards, an increase of SEK 15.2 M on the preceding quartet and as of 31 December 2017. The amount is based on a new estimate of the company's future utilization of loss carry-forwards. A new assessment of other Swedish holding companies' future utilisation of tax loss carry-forwards resulted in a reduction of reported tax loss carry-forwards totalling SEK 13.5 M. The assessments take into consideration the new corporation tax regulations effective from 2019 onwards.
In June, Catella AB issued subsequent unsecured bonds of SEK 250 M under the framework of SEK 750 M at a price of 102.50% of the nominal amount. The parent company previously issued bonds totalling SEK 500 M, implying that the total framework has now been utilized. The maturity date is June 2022. The issue proceeds will be used for general corporate purposes and to finance announced acquisitions.
Cash and cash equivalents on the reporting date were SEK 31.1 M. Cash and cash equivalents in Catella's transaction account in the Group's cash pool with a Swedish credit institute are reported as Current receivables with Group companies. On the reporting date, this item totalled SEK 324.6 M.
In the second quarter, the parent company paid an unconditional shareholder contribution of SEK 198.5 M to whollyowned subsidiary Catella Holding AB. The contribution was paid to finance Catella Holding's supplementary acquisition of shares in IPM AB in February 2018.
The number of employees of the Parent Company expressed as full-time equivalents was 13 (10).
Catella has principal investments which are reported under the 'Other' category, see Notes I and 2. As of 30 June 2018, principal investments totalled SEK 437 M, for more information see Note 3.
The 'Other' category also includes information on the Parent Company, other holding companies, acquisition and financing costs, Catella's brand and eliminations of intra-group transactions between the various operations.
The number of employees expressed as full-time equivalents was 668 (615) at the end of the period, of which 209 (225) in the Corporate Finance operating segment, 442 (375) in the Asset Management and Banking operating segment and 17 (15) in other functions.
As of 30 lune 2018. Catella's registered share capital was SEK 168 M (164), divided between 84, I 15, 238 shares (81, 848, 572). The quotient value per share is 2. Share capital is divided between two share classes with different voting rights. 2,530,555 Class A shares with 5 votes per share, and 81,584,683 Class B shares with 1 vote per share.
In March 2018, 2,266,666 warrants were utilised to subscribe for an equal number of new shares at a price of SEK 9.40 per share. The issue of the new Class B shares was effective on 3 May 2018 through registration with the Swedish Companies Registration Office and inclusion in EuroClear's share register. In March, 66,667 warrants held in treasury expired.
As of 30 June 2018, the parent company has a total of 4,666,667 outstanding warrants, of which 133,333 held in treasury. Upon full utilisation of the 4,666,667 warrants, dilution of the capital and votes in the company would be 5.3% and 4.7% respectively.
Catella is listed on Mid Cap on Nasdag Stockholm, trading under the ticker symbols CAT A and CAT B. The price of Catella's Class B share was SEK 23.00 (20.60) as of 30 June 2018. Total market capitalization at the end of the period was SEK 1,936 M (1,696).
Catella had 7,503 (7,175) shareholders registered at the end of the period. As of 30 June 2018, the single largest shareholders were the Claesson & Anderzén group, with a holding of 48.9% (49.8) of the capital and 48.3% (49.1) of the votes, followed by Swedbank Robur fonder with a holding of 6.0% (6.1) of the capital and 6.2% (6.3) of the votes.
Catella's target is to transfer the Group's profit after tax to shareholders to the extent it is not considered necessary for developing the Group's operating activities and considering the company's strategy and financial position. Adjusted for profit-related unrealized value in-creases. at least 50% of the Group's profit after tax will be transferred to shareholders over time
Given the growth opportunities in existing and new operations that are expected to generate long-term shareholder value, dividend of SEK 1.00 per Class A and B shares were paid to shareholders for the financial year 2017. For the financial year 2016, the Parent Company paid dividend of SEK 0.80 per Class A and B share respectively to shareholders.
Catella is affected by progress on the financial markets. The Corporate Finance operation is affected by the market's willingness to execute transactions, which in turn, is determined by the macroeconomic environment and the availability of debt finance
Asset Management is affected by market progress on Nordic stock exchanges and progress on the property market. The banking operations are exposed to particularly significant operating risks. The bank's real time system containssubstantialvolumes/transactions that require 24-hour availability.
Several companies in the Catella Group conduct licensable operations, regulated by the supervisory authorities of the relevant countries of fiscal domicile. Existing regulatory structures and the rapid evolution of these structures are generally complex, and particularly for Catella's banking operations. These regulations set stringent, and in the future, still more stringent standards on licensable operations, as well as on liquidity and capital reserves. Compliance with these regulatory structures is a prerequisite for licensable operations. Catella works continuously to ensure compliance with cur-rent regulatory structures and prepares for compliance with forthcoming regulatory changes.
The preparation of financial statements requires the Board of Directors and Group managenent to make estimates
and judgments of the value of loan portfolios, goodwill, trademarks and brands, as well as assumptions concerning revenue recognition. The estimates and judgments affect the Consolidated Income Statement and financial position, and disclosures on contingent liabilities, for example. See Note 4 in the Annual Report 2017 for significant estimates and judgments. Actual outcomes may differ from these estimates and judgments due to other circumstances or other conditions.
Through associated companies Nordic Seeding GmbH and new start-up Grand Central Beteiligungs GmbH, Catella has investments in property development projects in Germany (see Note 3). These projects are run by Catella's German subsidiary Catella Project Management GmbH. Through Nordic Seeding GmbH and Grand Central Beteiligungs GmbH intends to invest in the early phases of projects, when concept and frameworks are determined, subsequently divesting projects and realizing capital gains before construction begins and projects are completed. These investments include the risk that Nordic Seeding GmbH or Grand Central Beteiligungs GmbH may encounter situations where the company is obliged to continue to invest in later stages of projects, pursue projects to completion or abandon projects and lose the associated invested capital.
Within the Corporate Finance operating segment, seasonal variations are significant. This means that sales and results of operations vary during the year. In Corp orate Finance, transaction volumes are usually highest in the fourth quarter, followed by the second quarter, the third quarter and finally the first quarter.
This Interim Report has been prepared in compliance with IAS 34 Interim Financial Reporting and the Swedish Annual Accounts Act.
The Consolidated Financial Statements have been prepared in compliance with International Financial Reporting Standards (IFRS) as endorsed by the EU, the Annual Accounts Act and RFR | Complementary Accounting Rules for Groups issued by
RFR, the Swedish Financial Reporting Board.
The Parent Company's financial statements are prepared in compliance with the Swedish Annual Accounts Act and RFR 2 Accounting for Legal Entities issued by RFR.
In the second quarter 2018, Catella initiated currency hedging using derivatives. The hedging is intended to reduce the exchange rate risk (translation risk) in Catella's net investments in foreign operations denominated in EUR. At Group level, Catella applies hedge accounting in accordance with IFRS 9 from the date hedging of net exposure was entered into. According to IFRS 9, the effective portion of the value change of the hedging instrument, plus realized gains, is reported in Other comprehensive income and accumulated in the translation reserve under Equity. The ineffective portion is reported under Net financial items in the Income Statement
In the parent company financial reports, with consideration given to the correlation between reporting and tax, hedging is reported at the lower of cost or market.
Furthermore, in the second quarter 2018 Catella Bank's outstanding credit card receivables from partner banks were reclassified from Cash and cash equivalents to Other current receivables, as these funds do not satisfy the definition of Cash and Cash equivalents. Comparable periods have not been reclassified in the corresponding manner.
The information provided in Note 8 regarding the consolidated situation, relating to parts of Catella's operations, has been prepared in accordance with the Group's accounting policies and the Annual Accounts for Credit Institutions and Securities Companies Act.
IFRS 16 "Leases" was published in January 2016 and is effective from 1 January 2019. The implementation of the standard will imply that essentially all lease contracts are reported in the Balance Sheet. The standard does not distinguish between operating and financial leases. Assets (the right to utilize a leased asset) and financial liabilities corresponding to the company's commitment to pay leasing charges must be reported for essentially all lease commitments. There is one exemption for short contracts and contracts of minor
value. Catella has not yet collated and evaluated the effects of the introduction of the standard. Furthermore, Catella intends to apply the simplified standard, and will not be recalculating comparable figures.
Accounting principles critical to the Group and Parent Company are stated in Catella's Annual Report for 2017. Figures in tables and comments may be rounded.
Catella holds shares in associated companies Nordic Seeding GmbH and new startup Grand Central Beteiligungs GmbH, whose other owners are the Claesson & Anderzén group and the management of Catella Project Management GmbH. As of 30 June 2018. Catella had invested a net amount of SEK 173 M, of which SEK 110 M was invested in the second quarter of 2018. There are no further investment commitments in Nordic Seeding GmbH and Grand Central Beteiligungs GmbH. For more information, see Note 3 in this report and Notes 20 and 39 of the Annual Report 2017.
Catella's German subsidiary Catella Project Management GmbH operates the property development projects within associated company Nordic Seeding GmbH and Grand Central Beteiligungs GmbH. In the second quarter 2018, Catella Project Management GmbH invoiced Nordic Seeding GmbH a total of SEK | M relating to services provided under applicable agreements and SEK 24 M in commission in connection with the transfer of 85% of the shares in the Living Central Beteiligungs GmbH property development project from Nordic Seeding GmbH to Grand Central Beteiligungs GmbH. Furthermore, in the second quarter Catella Project Management GmbH invoiced Grand Central Beteiligungs GmbH SEK 36 M relating to project development expenses according to applicable agreements. No proportion of this income was eliminated in Catella's Consolidated Income Statement as the associated company falls outside of Catella's associated enterprises.
In the second quarter 2018, Catella made supplementary investments totalling SEK 32 M in associated company Kaktus 1 TopCo ApS which acquired land including building rights for student housing in Co-
penhagen. As of 30 June, Catella has invested a total of SEK 71 M of a total investment commitment by Catella of SEK 98 M.
Catella's Danish subsidiary Catella Investment Management A/S operates the property development project in associated company Kaktus | TopCo ApS, In the second quarter of 2018, Catella Investment Management A/S invoiced Kaktus I TopCo ApS, SEK 2 M for services rendered under agreement. No proportion of income or profit was eliminated in Catella's consolidated Income Statement as the associated company is not an associated enterprise.
Forecast
Catella does not publish forecasts.
Financial calendar
Interim Report January-September 2018 15 November 2018 Year-end Report 2018 22 February 2019
Knut Pedersen, CEO and President Tel. +46 (0)8 463 33 10
More information on Catella and all financial reports are available at catella.com.
The information in this Report is mandatory for Catella AB to publish in accordance with the EU's Market Abuse Regulation and the Swedish Securities Markets Act. This information was submitted to the market, through the agency of the above contact, for publication on 24 August 2018 at 07:00 a.m. CET.
The undersigned certify that this Interim report gives a true and fair view of the Parent Company's and the Group's operations, financial position and results of operations, and describes the material risks and uncertainties facing the Parent Company and companies included in the Group.
Stockholm, Sweden, 24 August 2018 Catella AB (publ)
Johan Claesson, Chairman
Johan Damne, Board member
Joachim Gahm, Board member
Anna Ramel, Board member
Jan Roxendal, Board member
Knut Pedersen, CEO and President
| 2018 | 2017 | 2018 | 2017 | 2017 | |
|---|---|---|---|---|---|
| SEK M | Apr-Jun | Apr-Jun | Jan-Jun | lan-lun | Jan-Dec |
| Net sales | 683 | 586 | 1,193 | 1,079 | 2,461 |
| Other operating income | 8 | 39 | $\overline{2}$ | 16 | |
| Total income | 691 | 587 | 1,231 | 1,081 | 2,477 |
| Assignment expenses and commission | $-143$ | $-147$ | $-249$ | $-247$ | -479 |
| Other external expenses | $-169$ | $-116$ | $-317$ | $-233$ | $-496$ |
| Personnel costs | $-267$ | $-226$ | $-480$ | $-431$ | $-1,030$ |
| Depreciation | $-10$ | $-6$ | $-16$ | $-13$ | $-28$ |
| Other operating expenses | $-21$ | $-13$ | $-28$ | $-14$ | $-29$ |
| Operating profit/loss before items affecting comparability | 81 | 78 | 4 | 44 | 414 |
| Items affecting comparability | $\theta$ | $\mathbb O$ | $\overline{0}$ | $\circ$ | $-53$ |
| Operating profit/loss | 81 | 78 | 4 | 44 | 361 |
| Interest income | $\overline{4}$ | 6 | 8 | $\vert \vert$ | 23 |
| Interest expenses | $-5$ | $-4$ | $-$ | $-7$ | $-17$ |
| Other financial items | $-6$ | 5 | $-0$ | 8 | 28 |
| Financial items-net | $-7$ | 6 | $-3$ | 12 | 34 |
| Profit/loss before tax | 74 | 84 | 138 | 156 | 395 |
| Tax | $-35$ | $-23$ | $-58$ | $-42$ | $-111$ |
| Net profit/loss for the period | 39 | 61 | 80 | $ $ 4 | 284 |
| Profit/loss attributable to: | |||||
| Shareholders of the Parent Company | 13 | 33 | 35 | 66 | 192 |
| Non-controlling interests | 26 | 28 | 46 | 48 | 92 |
| 39 | 61 | 80 | $ $ 4 | 284 | |
| Earnings per share attributable to shareholders of the Parent Company, SEK | |||||
| - before dilution | 0.16 | 0.40 | 0.41 | 0.81 | 2.35 |
| - after dilution | 0.15 | 0.37 | 0.39 | 0.75 | 2.17 |
| No. of shares at end of the period | 84, I 15, 238 | 81.848.572 | 84, I 15, 238 | 81.848.572 | 81.848.572 |
| Average weighted number of shares after dilution | 88.724.128 | 88,648,572 | 89.081.634 | 88.648.572 | 88.648.572 |
| 2018 | 2017 | 2018 | 2017 | 2017 | |
|---|---|---|---|---|---|
| SEK M | Apr-Jun | Apr-Jun | an-Jun | an-Jun | Jan-Dec |
| Net profit/loss for the period | 39 | -61 | 80 | $ $ 4 | 284 |
| Other comprehensive income | |||||
| Items that will not be reclassified subsequently to profit or loss: | |||||
| Value change in defined benefit pension plans | $\overline{0}$ | $\mathbf{0}$ | 0 | ||
| Items that will be reclassified subsequently to profit or loss: | |||||
| Fair value changes in financial assets available for sale | $\overline{7}$ | $-()$ | 9 | 3 | 9 |
| Hedging of net investment | $-()$ | $\circ$ | $-()$ | ||
| Translation differences | П | 14 | 63 | $\overline{10}$ | 31 |
| Other comprehensive income for the period, net after tax | 18 | 3 | 4 | 40 | |
| Total comprehensive income/loss for the period | 57 | 74 | 151 | 128 | 325 |
| Profit/loss attributable to: | |||||
| Shareholders of the Parent Company | 31 | 46 | 103 | 80 | 231 |
| Non-controlling interests | 26 | 28 | 48 | 48 | 93 |
| 57 | 74 | 151 | 128 | 325 |
Information on Income Statement by operating segment is in Note 1.
| 2018 | 2017 | 2017 | |
|---|---|---|---|
| SEK M Note |
30 Jun | 30 Jun | 31 Dec |
| ASSETS | |||
| Non-current assets | |||
| Intangible assets | 396 | 413 | 390 |
| Property, plant and equipment | 34 | 25 | 27 |
| Holdings in associated companies | 3 203 |
59 | 45 |
| Other non-current securities 3, 4, 5 |
467 | 427 | 438 |
| Deferred tax receivables | 0 | 96 | 99 |
| Other non-current receivables | 586 | 721 | 607 |
| 1,788 | 1,742 | 1,606 | |
| Current assets | |||
| Current loan receivables | 701 | 656 | 779 |
| Accounts receivable and other receivables | 1,127 | 588 | 725 |
| 3, 4, 5 Current investments |
77 | 93 | 108 |
| Cash and cash equivalents * | 3,392 | 2,371 | 3,177 |
| 5,298 | 3,709 | 4,790 | |
| Total assets | 7,086 | 5,451 | 6,396 |
| EQUITY AND LIABILITIES | |||
| Equity | |||
| Share capital | 168 | 164 | 164 |
| Other contributed capital | 253 | 253 | 253 |
| Reserves | $-16$ | $-97$ | $-77$ |
| Profit brought forward including net profit for the period | 1,183 | 1,257 | 1,389 |
| Equity attributable to shareholders of the Parent Company | 1,588 | 1,577 | 1,729 |
| Non-controlling interests | 203 | 40 | 214 |
| Total equity | 1,791 | 1,717 | 1,943 |
| Liabilities | |||
| Non-current liabilities | |||
| Borrowings | $\theta$ | $\mathbf{I}$ | $\theta$ |
| Long-term Ioan liabilities | 748 | $\circ$ | 494 |
| Deferred tax liabilities | 40 | 35 | 38 |
| Other provisions | 5 | 3 | $\overline{4}$ |
| 793 | 39 | 537 | |
| Current liabilities | |||
| Borrowings | 214 | 224 | 122 |
| Current Ioan liabilities | 3,493 | 2,753 | 2,784 |
| Accounts payable and other liabilities | 686 | 647 | 894 |
| Tax liabilities | 110 | 71 | 116 |
| 4,502 | 3,695 | 3,917 | |
| Total liabilities | 5,295 | 3,734 | 4,453 |
| Total equity and liabilities | 7,086 | 5,451 | 6,396 |
| * Of which pledged and blocked liquid funds | 209 | 199 | 205 |
Information regarding financial position by operating segment is in Note 2.
| 2018 | 2017 | 2018 | 2017 | 2017 | |
|---|---|---|---|---|---|
| SEK M | Apr-Jun | Apr-Jun | lan-lun | lan-lun | Jan-Dec |
| Cash flow from operating activities | |||||
| Profit/loss before tax | 74 | 84 | 138 | 156 | 395 |
| Adjustments for non-cash items: | |||||
| Other financial items | $\epsilon$ | $-5$ | $\overline{0}$ | $-8$ | $-28$ |
| Depreciation | 10 | 6 | 16 | 13 | 28 |
| Items affecting comparability - Impairment of intangible assets | $\,0\,$ | $\theta$ | $\,0\,$ | $\mathbf{0}$ | 53 |
| Impairment / reversal of impairment of current receivables | $-3$ | $\overline{2}$ | $-3$ | 3 | 6 |
| Change in provisions | $-$ 0 | $\circ$ | $\sim$ [ | $\circ$ | $\overline{2}$ |
| Reported interest income from loan portfolios | $-4$ | $-5$ | $-7$ | $-$ | $-22$ |
| Acquisition expenses | $\overline{0}$ | $\circ$ | $\overline{0}$ | $\circ$ | $\overline{2}$ |
| Profit/loss from participations in associated companies | 27 | 9 | 32 | 9 | 20 |
| Personnel costs not affecting cash flow | 6 | 8 | 8 | 16 | 55 |
| Other non-cash items | $\overline{0}$ | $\overline{0}$ | $\mathbf{I}$ | $\sim$ | |
| Paid income tax | $-34$ | $-15$ | $-92$ | $-41$ | $-86$ |
| Cash flow from operating activities before changes in working capital | 81 | 85 | 92 | 137 | 426 |
| Cash flow from changes in working capital | |||||
| Increase (-)/decrease (+) of operating receivables | $-356$ | 53 | $-172$ | $-122$ | $-234$ |
| Increase $(+)$ / decrease $(-)$ in operating liabilities | 779 | $-38$ | 370 | $-217$ | 106 |
| Cash flow from operating activities | 504 | 100 | 290 | $-202$ | 297 |
| Cash flow from investing activities | |||||
| $-4$ | $-3$ | $-$ | $-4$ | $-12$ | |
| Purchase of property, plant and equipment | $-7$ | $-4$ | $-10$ | $-8$ | $-40$ |
| Purchase of intangible assets | $-()$ | $\sim$ [ | $-5$ | ||
| Purchase of subsidiaries, after deductions for acquired cash and cash equivalents | $-0$ | $-199$ | |||
| Purchase of associated companies | $-154$ | $\theta$ | $-192$ | $-16$ | $-12$ |
| Purchase of financial assets | $-45$ | $-37$ | $-86$ | $-46$ | $-50$ |
| Sale of financial assets | 17 | $\overline{\phantom{a}}$ | 35 | 19 | 21 |
| Cash flow from loan portfolios | $\overline{4}$ | 5 | 90 | 10 | 23 |
| Dividends from investments | $\mathbf{0}$ | $\mathbf{I}$ | $\mathbf{0}$ | $\overline{1}$ | $\overline{\phantom{a}}$ |
| Cash flow from investing activities | $-188$ | $-37$ | $-372$ | $-46$ | $-74$ |
| Cash flow from financing activities | |||||
| New share issue | 16 | $\overline{0}$ | 21 | ł, | ÷. |
| Borrowings | 253 | $-$ 0 | 253 | $\mathbf{0}$ | 493 |
| Repayment of loans | $-()$ | $\theta$ | $-0$ | i, | $-202$ |
| Dividend | $-84$ | $-65$ | $-84$ | $-65$ | $-65$ |
| Transactions with, and payments to, non-controlling interests | $-35$ | $-89$ | $-35$ | $-88$ | $-87$ |
| Cash flow from financing activities | 150 | $-155$ | 155 | $-153$ | 139 |
| Cash flow for the period | 465 | $-92$ | 73 | $-401$ | 362 |
| Cash and cash equivalents at beginning of period | 2,886 | 2,435 | 3,177 | 2,750 | 2,750 |
| Exchange rate differences in cash and cash equivalents | 4 1 | 28 | 42 | 22 | 66 |
| Cash and cash equivalents at end of the period | 3,392 | 2,371 | 3,392 | 2,371 | 3,177 |
SEK 2,583 M of the Group's cash and cash equivalents relates to Catella Bank and in compliance with the instructions and regulations that Catella Bank is subject to, the rest of the Group does
not have access to Catella Ba
| SEK M | Share capital | Other contributed capital * |
Translation reserve |
Profit brought forward incl. net profit/loss for the period |
Total | Non- controlling |
interests ** Total equity |
|---|---|---|---|---|---|---|---|
| Opening balance at 1 January 2018 | 164 | 253 | $-77$ | 1,389 | 1,729 | 214 | 1,943 |
| Adjustment for retroactive application of IFRS 9 | |||||||
| Increased provision for anticipated credit losses in accordance with IFRS 9 | $-2$ | $-2$ | $-2$ | ||||
| Adjusted opening balance at 1 January 2018 | 164 | 253 | $-77$ | 1,386 | 1,726 | 214 | 1,940 |
| Comprehensive income for January - June 2018: | |||||||
| Net profit/loss for the period | 35 | 35 | 46 | 80 | |||
| Other comprehensive income, net of tax | 60 | 8 | 68 | 3 | 71 | ||
| Comprehensive income/loss for the period | 60 | 43 | 103 | 48 | 151 | ||
| Transactions with shareholders: | |||||||
| Transactions with non-controlling interests | $-179$ | $-179$ | $-59$ | $-238$ | |||
| New share issue | 5 | 17 | 21 | 21 | |||
| Dividend | $-84$ | $-84$ | $-84$ | ||||
| Closing balance at 30 June 2018 | 168 | 253 | $-16$ | 1,183 | 1,588 | 203 | 1,791 |
Equity attributable to shareholders of the Parent Company
* Other capital contributed pertains to reserve funds in the Parent Company.
**** Non-controlling interestsareattributableto minority holdingsinsubsidiaries in SystematicFundsand Property Funds, and anumber of subsidiaries in Property Asset Management and Corporate Finance
In the first half-year 2018, 2,266,666 warrants were used to subscribe for an equal number of new shares at SEK 9.40 per share, and 66,667 warrants held in treasury expired without being utilised. As of 30 June 2018, the Parent company had 4,666,667 warrants outstanding, of which 133,333 held in treasury.
| Equity attributable to shareholders of the Parent Company | |||||||
|---|---|---|---|---|---|---|---|
| SEK M | Share capital | Other contributed capital * |
Translation reserve |
Profit brought forward incl. net profit/loss for the period |
Total | Non- controlling interests ** Total equity |
|
| Opening balance as of I January 2017 | 164 | 253 | $-107$ | 1,253 | 1,563 | 167 | 1,730 |
| Comprehensive income for January - June 2017: | |||||||
| Net profit/loss for the period | 66 | 66 | 48 | $ $ 4 | |||
| Other comprehensive income, net of tax | 10 | 3 | 4 | 4 | |||
| Comprehensive income/loss for the period | $\overline{0}$ | 70 | 80 | 48 | 128 | ||
| Transactions with shareholders: | |||||||
| Transactions with non-controlling interests | $\theta$ | $\theta$ | $-75$ | $-75$ | |||
| Warrants issued | $\theta$ | $\circ$ | |||||
| Re-purchase of warrants issued | $\theta$ | 0 | |||||
| New share issue | $\theta$ | 0 | |||||
| Dividend | $-65$ | $-65$ | $-65$ | ||||
| Closing balance at 30 June 2017 | 164 | 253 | $-97$ | 1,257 | 1,577 | 40 | 1,717 |
* Other capital contributed pertains to reserve funds in the Parent Company.
** Non-controlling holdings relate to minority holdings in subsidiaries in Systematic Funds and Property Funds, and a majority of subsidiaries in Property Asset Management and Corporate Finance.
As of 31 March 2017, the parent company had a total of 7,000,000 outstanding warrants, of which 200,000 held in treasury. There were no transactions involving warrants in the first half of
2017. Repurchaes of warrants are amounts.
| Corporate Finance | Asset Management and Banking | Other | Group | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2017 | 7018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||
| SEK M | Apr-Jun | Apr-Jun | Apr-Jun | Apr-Jun | Apr-Jun | Apr-Jun | Apr-Jun | Apr-Jun | |
| Net sales | 157 | 130 | 529 | 463 | $-2$ | $-7$ | 683 | 586 | |
| Other operating income | $\overline{2}$ | 6 | $\Omega$ | $-()$ | $=$ $\vert$ | 8 | |||
| Total income | 159 | 3 | 535 | 463 | $-3$ | $-8$ | 691 | 587 | |
| Assignment expenses and commission | $-10$ | $-19$ | $-133$ | $-132$ | $\Omega$ | 4 | $-143$ | $-147$ | |
| Other external expenses | $-44$ | $-33$ | $-114$ | $-78$ | $-12$ | $-5$ | $-169$ | $-116$ | |
| Personnel costs | $-90$ | $-74$ | $-172$ | $-147$ | $-5$ | $-6$ | $-267$ | $-226$ | |
| Depreciation | $\overline{\phantom{a}}$ | $\sim$ [ | $-8$ | $-5$ | $-()$ | $-()$ | $-10$ | $-6$ | |
| Other operating expenses | $\overline{2}$ | $-2$ | 5 | $-3$ | $-27$ | $-8$ | $-21$ | $-13$ | |
| Operating profit/loss before items | 16 | $\overline{2}$ | 113 | 99 | $-47$ | $-23$ | 81 | 78 | |
| affecting comparability | |||||||||
| Items affecting comparability | $\sqrt{a}$ | $\theta$ | $\theta$ | $\theta$ | $\Omega$ | $\theta$ | $\Omega$ | $\theta$ | |
| Operating profit/loss | 16 | $\overline{2}$ | 113 | 99 | $-47$ | $-23$ | 81 | 78 | |
| Interest income | $\,0\,$ | $\overline{0}$ | $\circ$ | $\overline{0}$ | $\overline{4}$ | 5 | $\overline{4}$ | 6 | |
| Interest expenses | $-$ | $-1$ | $-$ | $-()$ | $-3$ | $-3$ | $-5$ | $-4$ | |
| Other financial items | $-$ | $\Omega$ | $-9$ | $\overline{4}$ | $\overline{4}$ | $-()$ | $-6$ | 5 | |
| Financial items-net | $-$ | $-0$ | $-10$ | $\overline{4}$ | 5. | $\overline{2}$ | $-7$ | 6 | |
| Profit/loss before tax | 4 | $\overline{2}$ | 103 | 103 | $-43$ | $-21$ | 74 | 84 | |
| Tax | $-7$ | $-2$ | $-34$ | $-27$ | 5 | 6 | $-35$ | $-23$ | |
| Net profit/loss for the period | $\overline{7}$ | $\mathbf 0$ | 69 | 76 | $-37$ | $-15$ | 39 | 61 | |
| Profit/loss attributable to shareholders | |||||||||
| of the Parent Company | $\overline{7}$ | $\mathbf 0$ | 43 | 48 | $-37$ | $-15$ | 3 | 33 | |
| Corporate Finance | Asset Management and Banking | Other | Group | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2017 | 2017 | 2018 | 2017 | 2017 | 2018 | 2017 | 2017 | 2018 | 2017 | 2017 | |||
| SEK M | lan-lun | lan-lun | Jan-Dec | lan-lun | lan-lun | Jan-Dec | lan-lun | lan-lun | Jan-Dec | lan-lun | lan-lun | Jan-Dec | ||
| Net sales | 266 | 251 | 656 | 931 | 840 | 1,829 | $-5$ | $-12$ | $-24$ | 1,193 | 1,079 | 2,461 | ||
| Other operating income | 3 | $\overline{2}$ | 3 | 37 | $\overline{2}$ | 15 | $\sim$ $\mid$ | $\overline{a}$ | $-2$ | 39 | $\overline{2}$ | 16 | ||
| Total income | 270 | 253 | 659 | 967 | 842 | 1,844 | $-5$ | $-13$ | $-26$ | 1,231 | 1.081 | 2,477 | ||
| Assignment expenses and commission | $-16$ | $-32$ | $-74$ | $-233$ | $-222$ | $-417$ | $\Omega$ | 7 | 12 | $-249$ | $-247$ | $-479$ | ||
| Other external expenses | $-80$ | $-71$ | $-137$ | $-218$ | $-153$ | $-346$ | $-19$ | $-9$ | $-13$ | $-317$ | $-233$ | $-496$ | ||
| Personnel costs | $-160$ | $-142$ | $-372$ | $-310$ | $-277$ | $-629$ | $-10$ | $-12$ | $-29$ | $-480$ | $-431$ | $-1,030$ | ||
| Depreciation | $-2$ | $-2$ | $-4$ | $-13$ | $-10$ | $-24$ | $\sim$ [ | $-0$ | $-()$ | $-16$ | $-13$ | $-28$ | ||
| Other operating expenses | 3 | $-2$ | $-2$ | $-4$ | $-9$ | $-32$ | $-8$ | $-18$ | $-28$ | $-14$ | $-29$ | |||
| Operating profit/loss before items affecting comparability |
4 | 4 | 71 | 194 | 175 | 419 | $-67$ | $-35$ | $-75$ | 4 | 44 | 414 | ||
| Items affecting comparability | $\theta$ | $\Omega$ | $\theta$ | $\theta$ | $\overline{0}$ | $-53$ | $\Omega$ | $\theta$ | $\theta$ | $\overline{0}$ | $\theta$ | $-53$ | ||
| Operating profit/loss | 4 | 4 | 71 | 194 | 175 | 365 | $-67$ | $-35$ | $-75$ | 4 | 44 | 361 | ||
| Interest income | $\circ$ | $\overline{0}$ | $\overline{0}$ | $\theta$ | 8 | $\ $ | 22 | 8 | $\vert \vert$ | 23 | ||||
| Interest expenses | $-2$ | $-1$ | $-3$ | $-3$ | $\overline{a}$ | $-2$ | $-7$ | $-5$ | $-13$ | $-$ | $-7$ | $-17$ | ||
| Other financial items | $\overline{2}$ | $\sim$ $\mid$ $\mid$ | 8 | 8 | $ 0\rangle$ | $\overline{a}$ | 19 | $-()$ | 8 | 28 | ||||
| Financial items-net | $-()$ | $-0$ | $-()$ | $-13$ | 8 | 7 | $\overline{10}$ | 5 | 27 | $-3$ | 12 | 34 | ||
| Profit/loss before tax | 4 | $\overline{4}$ | 70 | 8 | 182 | 372 | $-57$ | $-31$ | $-47$ | 138 | 156 | 395 | ||
| Tax | $-12$ | $-5$ | $-27$ | $-59$ | $-49$ | $-111$ | 13 | 12 | 27 | $-58$ | $-42$ | $-$ | ||
| Net profit/loss for the period | $\overline{2}$ | $-1$ | 43 | 122 | 134 | 262 | $-44$ | $-19$ | $-20$ | 80 | $ $ 4 | 284 | ||
| Profit/loss attributable to shareholders of the Parent Company |
$\overline{2}$ | $\overline{a}$ | 43 | 76 | 86 | 169 | $-44$ | $-19$ | $-20$ | 35 | 66 | 192 |
The operating segments reported above, Corporate Finance and Asset Management and Banking, are consistent with internal reporting submitted to management and the Board of Directors and thus represent the Group's operating Any transactions are conducted on arm's length basis.
| Corporate Finance | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2018 | 2017 | 2017 | 2017 | 2017 | 2016 | 2016 | |||
| SEK M | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | ||
| Net sales | 157 | 110 | 262 | 43 | 130 | 121 | 187 | 42 | ||
| Other operating income | $\overline{2}$ | $\Omega$ | 2 | 2 | ||||||
| Total income | 159 | $ \cdot $ | 262 | 44 | 3 | 2 | 188 | 44 | ||
| Assignment expenses and commission | $-10$ | $-6$ | $-29$ | $-13$ | $-19$ | $-13$ | $-19$ | $-26$ | ||
| Other external expenses | $-44$ | $-36$ | $-33$ | $-33$ | $-33$ | $-38$ | $-32$ | $-29$ | ||
| Personnel costs | $-90$ | $-70$ | $-155$ | $-75$ | $-74$ | $-68$ | $-112$ | $-72$ | ||
| Depreciation | $-$ | $-1$ | $-1$ | $\overline{a}$ | $\overline{a}$ | $\sim$ | $-1$ | $\sim$ | ||
| Other operating expenses | $\overline{2}$ | $-$ | $-2$ | $-0$ | $-4$ | $-2$ | ||||
| Operating profit/loss | 16 | $-2$ | 43 | 23 | $\overline{2}$ | $\overline{2}$ | 20 | 4 | ||
| Interest income | $\overline{0}$ | $\circ$ | $\circ$ | $\theta$ | $\Omega$ | $\theta$ | $\circ$ | $\circ$ | ||
| Interest expenses | $-$ | $-1$ | $-1$ | $-1$ | $\overline{\phantom{0}}$ | $\overline{a}$ | $-()$ | $\circ$ | ||
| Other financial items | $-$ | $\overline{2}$ | $\Omega$ | $\Omega$ | $\Omega$ | 16 | ||||
| Financial items-net | $-$ | $\Omega$ | $-0$ | $-0$ | $-0$ | 16 | ||||
| Profit/loss before tax | 4 | $-0$ | 44 | 23 | $\overline{2}$ | $\overline{2}$ | 36 | 15 | ||
| Tax | $-7$ | $-5$ | $-15$ | $-8$ | $-2$ | $-3$ | $-8$ | $-4$ | ||
| Net profit/loss for the period | $\overline{7}$ | $-5$ | 29 | 15 | $\mathbf 0$ | $\overline{\phantom{a}}$ | 28 | $\vert \vert$ | ||
| Profit/loss attributable to shareholders of the Parent Company | $\overline{7}$ | $-5$ | 29 | 15 | $\mathbf{0}$ | $\overline{a}$ | 28 | $\vert \vert$ |
| Asset Management and Banking | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2018 | 2017 | 2017 | 2017 | 2017 | 2016 | 2016 | |||
| SEK M | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | Apr-Jun | Jan-Mar | Oct-Dec | Jul-Sep | ||
| Net sales | 529 | 402 | 561 | 428 | 463 | 377 | 428 | 345 | ||
| Other operating income | 6 | 31 | $\mathbf{1}$ | 3 | $\Omega$ | $\overline{\phantom{a}}$ | 2 | |||
| Total income | 535 | 433 | 572 | 430 | 463 | 378 | 430 | 345 | ||
| Assignment expenses and commission | $-133$ | $-100$ | $-108$ | $-88$ | $-132$ | $-90$ | $-100$ | $-98$ | ||
| Other external expenses | $-114$ | $-104$ | $-115$ | $-78$ | $-78$ | $-76$ | $-90$ | $-66$ | ||
| Personnel costs | $-172$ | $-139$ | $-206$ | $-145$ | $-147$ | $-130$ | $-154$ | $-126$ | ||
| Depreciation | $-8$ | $-5$ | $-7$ | $-7$ | $-5$ | $-5$ | $-4$ | $-3$ | ||
| Other operating expenses | 5 | $-4$ | $-()$ | $-5$ | $-3$ | $-1$ | $\overline{2}$ | $-4$ | ||
| Operating profit/loss before items affecting comparability | 113 | 81 | 136 | 107 | 99 | 76 | 84 | 49 | ||
| Items affecting comparability | $\Omega$ | $\Omega$ | $-53$ | $\Omega$ | $\Omega$ | $\Omega$ | $\circ$ | $\theta$ | ||
| Operating profit/loss | 113 | 8 1 | 83 | 107 | 99 | 76 | 84 | 49 | ||
| Interest income | $\overline{0}$ | $\mathbf{0}$ | $\mathbf{0}$ | $\Omega$ | $\mathbf{0}$ | $\circ$ | 0 | |||
| Interest expenses | $-$ | $-2$ | $-1$ | $-0$ | $-0$ | $-()$ | $-0$ | $-0$ | ||
| Other financial items | $-9$ | $-1$ | $-2$ | $\overline{4}$ | $\overline{4}$ | $-3$ | $-2$ | |||
| Financial items-net | $-10$ | $-3$ | $-2$ | $\overline{4}$ | 3 | $-4$ | $-2$ | |||
| Profit/loss before tax | 103 | 78 | 8 1 | 108 | 103 | 80 | 80 | 47 | ||
| Tax | $-34$ | $-25$ | $-31$ | $-31$ | $-27$ | $-21$ | $-16$ | $-10$ | ||
| Net profit/loss for the period | 69 | 53 | 50 | 77 | 76 | 58 | 64 | 37 | ||
| Profit/loss attributable to shareholders of the Parent Company | 43 | 33 | 30 | 53 | 48 | 38 | 43 | 27 |
| Corporate Finance | and Banking | Other | Group | |||||
|---|---|---|---|---|---|---|---|---|
| SEK M | 2018 30 Jun |
2017 30 Jun |
2018 30 Jun |
2017 30 Jun |
2018 $30 \mu m$ |
2017 30 Jun |
2018 30 Jun |
2017 30 Jun |
| ASSETS | ||||||||
| Non-current assets | ||||||||
| Intangible assets | 65 | 62 | 273 | 301 | 58 | 50 | 396 | 413 |
| Property, plant and equipment | 12 | $\ $ | 21 | 3 | $\overline{\phantom{a}}$ | 34 | 25 | |
| Holdings in associated companies | $\cal O$ | $\boldsymbol{0}$ | 16 | $\,0\,$ | 187 | 59 | 203 | 59 |
| Other non-current securities | $\mathbf{0}$ | $\theta$ | 233 | 168 | 234 | 259 | 467 | 427 |
| Deferred tax receivables | $\circ$ | $\circ$ | 31 | 28 | 70 | 68 | 0 | 96 |
| Other non-current receivables | 16 | 6 | 582 | 716 | $-12$ | $\overline{a}$ | 586 | 721 |
| 94 | 81 | 1,157 | 1,226 | 538 | 435 | 1,788 | 1,742 | |
| Current assets | ||||||||
| Current loan receivables | $\circ$ | $\theta$ | 701 | 656 | $\circ$ | $\theta$ | 701 | 656 |
| Accounts receivable and other receivables | 156 | 120 | 949 | 460 | 23 | $\, 8$ | 1,127 | 588 |
| Current investments | $\circlearrowright$ | $\,0\,$ | 61 | 65 | 16 | 28 | 77 | 93 |
| Cash and cash equivalents | 108 | 142 | 2,942 | 2,161 | 342 | 67 | 3,392 | 2,371 |
| 264 | 263 | 4,654 | 3,342 | 380 | 104 | 5,298 | 3,709 | |
| Total assets | 357 | 343 | 5,810 | 4,568 | 918 | 539 | 7,086 | 5,451 |
| EQUITY AND LIABILITIES | ||||||||
| Equity | ||||||||
| Equity attributable to shareholders of the Parent Company | 92 | 78 | 1,097 | 941 | 399 | 558 | 1,588 | 1,577 |
| Non-controlling interests | 16 | 21 | 187 | 119 | $-0$ | $-()$ | 203 | 40 |
| Total equity | 108 | 99 | 1,284 | 1,060 | 399 | 558 | 1,791 | 1,717 |
| Liabilities | ||||||||
| Non-current liabilities | ||||||||
| Borrowings | $\mathbf 0$ | $\,0\,$ | $\,0\,$ | $\mathbf 0$ | $\,0\,$ | $\theta$ | $\overline{\phantom{a}}$ | |
| Long-term loan liabilities | $\mathbf{O}$ | $\overline{0}$ | $\theta$ | $\circ$ | 748 | $\,0\,$ | 748 | $\circ$ |
| Deferred tax liabilities | $\,0\,$ | $\mathbf 0$ | 29 | 24 | $\perp$ | П | 40 | 35 |
| Other provisions | $\overline{2}$ | 3 | 3 | $\circ$ | $\theta$ | 5 | 3 | |
| 3 | $\mathsf{I}$ | 43 | 28 | 747 | 9 | 793 | 39 | |
| Current liabilities | ||||||||
| Borrowings | 0 | $\,0\,$ | 214 | 224 | $\Large{0}$ | $\mathbf 0$ | 214 | 224 |
| Current Ioan liabilities | $\rm{O}$ | $\mathbf 0$ | 3,493 | 2,551 | $\rm{O}$ | 202 | 3,493 | 2,753 |
| Accounts payable and other liabilities | 229 | 231 | 685 | 634 | $-228$ | $-219$ | 686 | 647 |
| Tax liabilities | 8 | 12 | 92 | 71 | $\circ$ | $-12$ | 110 | 71 |
| 246 | 243 | 4,483 | 3,480 | $-228$ | $-28$ | 4,502 | 3,695 | |
| Total liabilities | 249 | 244 | 4,527 | 3,508 | 519 | $-19$ | 5,295 | 3,734 |
| Total equity and liabilities | 357 | 343 | 5,810 | 4,568 | 918 | 539 | 7,086 | 5,451 |
From an international perspective, it is important that, in specific circumstances, Catella is able to carry out investments alongside its customers in order to attract capital for the projects and products Catella is working with. Over the coming years, Catella intends to set aside capital for these investments, which are primarily in the property sphere.
The capital to be invested mainly relates to anticipated cash flows from or divestments of Ioan portfolios. Catella perceives significant potential in various projects and dedicated property products where Catella's active participation will contribute to growth and credibility in addition to generating positive returns. The goal is for investments to generate minimum ret urns (IRR) of 20% over time.
Through associated companies, Catella has investments in property development projects in Germany and Denmark (For a description of the projects, see below). The projects are run by Catella's German and Danish subsidiaries. Through its associated companies, Catella intends to invest in the early phases of projects where the concept and framework is determined subsequently divesting projects and realizing
capital gains before construction begins and projects are completed.
In order to structure its principal investment and support new property products, Catella has established an investment committee whose task is to evaluate the respective investments or divestments of assets.
For more information about Catella's principal investments under the 'Other' category divided by Holdings in associated companies, Other non-current securities and Current investments, see below.
| OTHER, SEK M | Holdings in associated companies |
Other non-current | securities Current investments | Total |
|---|---|---|---|---|
| Property Development Projects | 187 | $\sim$ | 187 | |
| Loan portfolios | 203 | 212 | ||
| Other holdings | 38 | |||
| Total | 187 | 234 | 437 | |
| Investment commitments | 61 |
Investment commitments
* Investments include the risk that Catella encounters a situation where it is forced to choose between continuing to invest in later phases of projects, run the projects to completion or abandon projects and the associated invested capital.
Residential property development project located in Düsseldorf consisting of 1,000 apartments over a total of 38,075 m2.
Residential property development project located in Frankfurt consisting of 125 apartments and premises over a total of 4,258 m2.
Residential property development project located in central Copenhagen consisting of 495 apartments over a total of $21,000 \text{ m}^2$ .
The loan portfolios consist of securitised European loans mainly exposed to residential property. The progress of the loan portfolios is closely, monitored, and revaluations are made on a continuous basis. Forecasting is performed by French investment advisor Cartesia SAS. Book value in
Catella's consolidated accounts is determined on the basis of forecast discounted cash flows mainly comprising interest payments, but also amortization.
A summary of Catella's loan portfolio as well as actual and forecast cash flows are presented in the relevant Note below.
Other holdings mainly consist of listed and unlisted shares in Swedish limited companies.
| Forecast | Share of | Forecast | Share of | ||||
|---|---|---|---|---|---|---|---|
| SEK M | undiscounted | undiscounted | discounted | discounted | Discount | ||
| Loan portfolio | Country | cash flow * | cash flow | cash flow | cash flow | rate | Duration, years |
| Pastor 2 | Spain | 52.1 | 18.5% | 48.5 | 23.3% | 5.9% | 1.2 |
| Pastor 3 ** | Spain | $\overline{\phantom{a}}$ | $\sim$ | $\overline{\phantom{a}}$ | $\sim$ | $\overline{\phantom{a}}$ | |
| Pastor 4 | Spain | 26.9 | 9.5% | 14.4 | 6.9% | 10.9% | 6.0 |
| Pastor 5 ** | Spain | ٠ | $\sim$ | $\sim$ | $\sim$ | ||
| Lusitano 3 | Portugal | 83.0 | 29.5% | 69.1 | 33.2% | 5.9% | 3.3 |
| Lusitano 4 ** | Portugal | ٠ | $\sim$ | $\sim$ | $\sim$ | $\sim$ | $\sim$ |
| Lusitano 5 | Portugal | 119.5 | 42.4% | 76.4 | 36.6% | 10.9% | 4.5 |
| Sestante 2 ** | Italy | $\overline{\phantom{a}}$ | $\sim$ | $\overline{\phantom{a}}$ | $\sim$ | $\overline{\phantom{a}}$ | |
| Sestante 3 ** | Italy | $\sim$ | $\sim$ | $\sim$ | $\overline{\phantom{a}}$ | $\sim$ | |
| Sestante 4 ** | Italy | $\sim$ | $\sim$ | $\overline{\phantom{a}}$ | $\sim$ | $\overline{\phantom{a}}$ | |
| Total cash flow *** | 281.6 | 100.0% | 208.5 | 100% | 8,1% | 3.7 | |
| Accrued interest | 3.5 | ||||||
| Carrying amount in consolidated balance sheet | 212.0 |
* The forecast was produced by investment advisor Cartesia S.A.S.
** These investments were assigned a value of SEK 0.
*** The discount rate recognised in the line 'Total cash flow' is the weighted average interest of the total discounted cash flow.
The cash flow for each loan portfolio is presented in the table on the next page and the discount rates by portfolio are stated above. There is more information on Catella's loanportfolio on the website.
The portfolio is valued according to the fair value method, as defined in IFRS. In the absence of a functional and sufficiently liquid market for essentially all in-vestments and comparable subordinated investments, valuation is performed using the markto-model method. This method is based on projecting cash flow until maturity for each investment using market-based credit assumption. Projected cash flows have been produced by the external investment advisor Cartesia. The credit assumption used by Cartesia is based on the historical performance of each investment and a broad selection of comparable transactions.
Projected cash flows include assumptions of potential deterioration of credit variables. They do not include the full effect of a scenario of low probability and high potential negative impact, such as a dissolution of the Euro zone, where one of the countries in which EETI has underlying investments leaves the European Monetary Union, or similar scenarios. Adjustments of cash flows affect this value and are stated in a sensitivity analysis on Catella's website.
The discount rates applied are set internally, and based on a rolling 24-month index of non-investment grade European corporate bonds as underlying assets (iTraxx). The discount rates per portfolio are also set relative to other assets in the absence of market prices for the assets held by EETI. Each quarter, the Board of EETI evaluates the projected cash flows and related assumptions, combined with the market pricing of other assets for possible adjustment of the discount rates in
addition to variations in the index. Adjustments to discount rates affect this value and are stated in a sensitivity analysis on Catella's website.
Most of the investments consist of holdings in and/or financial exposure to securities that are subordinate in terms of payment and are ranked lower than securities that are secured or represent ownership of the same asset class. Some investments also include structural features by which more highly ranked securities that are secured or represented by owner ship of the same asset class are prioritized in instances of default or if the loss exceeds predetermined levels. This could result in interruptions in the income flow that Catella has assumed from its investment portfolio. For more information, see Note 23 in the Annual Report for 2017.
| SEK M | Spain | Portugal | Italy | Netherlands | Germany | France | UK | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Loan portfolio | Pastor 2 | Pastor 3 | Pastor 4 | Pastor 5 | Lusitano 3 Lusitano 5 | Sestante 4 | Memphis ** | Shield ** | Gerns ** | Semper ** | Minotaure $400$ |
Ludgate ** | Outcome | Forecast | Diff | ||
| Outcome | |||||||||||||||||
| Q4 | 2009 | 4.6 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 0.4 | 0.8 | $\sim$ | 0.9 | 1.7 | 0.2 | 1.6 | 2.2 | 0.0 | 12.4 | 7.7 | 4.7 |
| QI | 2010 | 3.4 | $\overline{\phantom{a}}$ | $\sim$ | × | $\sim$ | $\overline{\phantom{a}}$ | $\sim$ | 0.8 | 1.6 | 0.2 | 1.5 | 1.9 | 0.3 | 9.5 | 6.3 | 3.3 |
| Q2 | 2010 | 2.3 | $\sim$ | $\sim$ | $\sim$ | 0.7 | $\overline{\phantom{a}}$ | $\sim$ | 0.8 | 1.5 | 0.2 | 1.4 | 2.3 | 0.1 | 9.3 | 15.5 | $-6.2$ |
| Q3 | 2010 | 0.6 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 2.0 | ÷, | $\overline{\phantom{a}}$ | 0.8 | 1.5 | 0.2 | 1.4 | 2.5 | 0.1 | 9.1 | 8.0 | $\vert \, . \, \vert$ |
| Q4 | 2010 | 1.5 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\sim$ | $\sim$ | $\overline{\phantom{a}}$ | $\sim$ | 0.8 | 1.5 | 0.2 | 1.4 | 2.1 | 0.1 | 7.7 | 5.9 | 1.7 |
| $Q \mid$ | 2011 | 2.8 | $\sim$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 0.8 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 0.8 | 1.5 | 0.2 | 1.3 | 1.2 | 0.1 | 8.6 | 6.5 | 2.1 |
| Q2 | 2011 | 3.4 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 4.7 | $\overline{\phantom{a}}$ | 0.2 | 0.8 | $\mathsf{I}.\mathsf{4}$ | 0.2 | 1.4 | 1.9 | 0.1 | 14.3 | 7.1 | 7.1 |
| Q3 | 2011 | 2.0 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 3.2 | ÷, | 0.2 | 0.8 | 1.5 | 0.2 | 1.5 | 2.2 | 0.1 | 11.8 | 6.9 | 4.9 |
| Q4 | 2011 | 1.5 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 2.5 | $\overline{\phantom{a}}$ | 0.2 | 0.9 | $\overline{\phantom{a}}$ | 0.3 | 1.5 | 1.6 | 0.1 | 8.5 | 7.8 | 0.6 |
| $\mathop{\mathrm{Q}}$ | 2012 | 2.1 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 4.3 | $\overline{\phantom{a}}$ | 0.2 | 0.8 | $\overline{\phantom{a}}$ | 0.2 | 1.4 | 1.7 | 0.0 | 10.8 | 6.9 | 3.9 |
| Q2 | 2012 | 1.5 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\sim$ | 3.4 | $\overline{\phantom{a}}$ | 0.1 | $\overline{\phantom{a}}$ | ÷, | 0.2 | 1.3 | 1.2 | 0.0 | 7.8 | 8.7 | $-0.9$ |
| $\mathbb{Q}^2$ | 2012 | 0.8 | ×. | $\overline{\phantom{a}}$ | $\sim$ | 2.5 | ÷, | 0.1 | $\overline{\phantom{a}}$ | ä, | 0.1 | 1.3 | 0.9 | 0.0 | 5.7 | 7.7 | $-2.0$ |
| 2012 | 0.1 | 0.1 | 0.1 | 1.2 | 0.0 | 1.5 | $6.8\,$ | $-5.3$ | |||||||||
| $\mathbb{Q}4$ | $\sim$ | $\overline{\phantom{a}}$ | $\sim$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\sim$ | $\overline{\phantom{a}}$ | $\bar{z}$ | 1.5 | ||||||||
| $\mathop{\mathbb{Q}}$ | 2013 | 0.1 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\sim$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 0.1 | $\overline{\phantom{a}}$ | $\sim$ | 0.1 | 1.2 | $\overline{\phantom{a}}$ | 0.1 | 1.5 | $-0.0$ | |
| Q2 | 2013 | $\sim$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\sim$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 0.1 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 0.1 | $\overline{\phantom{a}}$ | ÷, | $\bar{a}$ | 0.2 | 2.3 | $-2.1$ |
| Q3 | 2013 | 0.1 | $\sim$ | $\sim$ | $\overline{\phantom{a}}$ | 1.7 | $\sim$ | 0.1 | $\sim$ | $\overline{\phantom{a}}$ | 0.1 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 0.1 | 2.2 | 2.6 | $-0.4$ |
| Q4 | 2013 | $\bar{\phantom{a}}$ | $\sim$ | $\sim$ | $\sim$ | 1.0 | $\bar{z}$ | 0.1 | $\sim$ | $\sim$ | 0.1 | $\mathbb{R}^2$ | $\overline{\phantom{a}}$ | $\bar{\phantom{a}}$ | $\ .\ $ | $\ .\ $ | 0.0 |
| Q١ | 2014 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\sim$ | 1.6 | $\sim$ | 0.1 | $\sim$ | $\sim$ | 0.1 | $\sim$ | $\sim$ | 0.0 | 1.9 | 1.0 | 0.8 |
| Q2 | 2014 | $\overline{\phantom{a}}$ | $\sim$ | × | $\sim$ | 0.7 | $\overline{\phantom{a}}$ | 0.1 | × | ×, | 0.1 | $\overline{\phantom{a}}$ | ä, | 2.6 | 3.5 | 0.3 | 3.3 |
| Q3 | 2014 | $\sim$ | $\sim$ | × | 2.2 | $\overline{\phantom{a}}$ | 0.1 | × | ä, | 0.1 | $\omega$ | ä, | 5.2 | 7.7 | 5.9 | 1.8 | |
| Q4 | 2014 | 0.3 | $\sim$ | × | $\sim$ | 2.2 | $\overline{\phantom{a}}$ | 0.1 | × | $\sim$ | 0.1 | $\sim$ | ä, | 5.2 | 7.9 | 5.7 | 2.2 |
| $\mathop{\mathrm{Q}}$ | 2015 | 0.0 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\vert \, . \, \vert$ | $\overline{\phantom{a}}$ | 0.1 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 0.1 | $\sim$ | $\overline{\phantom{a}}$ | 4.3 | 5.6 | 5.8 | $-0.2$ |
| Q2 | 2015 | 0.0 | $\sim$ | $\sim$ | $\sim$ | 1.0 | $\overline{\phantom{a}}$ | 0.1 | $\sim$ | $\overline{\phantom{a}}$ | 0.1 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 4.5 | 5.7 | 5.9 | $-0.2$ |
| Q3 | 2015 | 0.0 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\sim$ | 0.7 | $\overline{\phantom{a}}$ | 0.1 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 0.1 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 5.1 | 6.0 | 6.1 | $-0.1$ |
| Q 4 | 2015 | $\overline{\phantom{a}}$ | $\sim$ | $\sim$ | $\overline{\phantom{a}}$ | 1.0 | $\overline{\phantom{a}}$ | 0.1 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 0.1 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 3.1 | 4.3 | 5.4 | $-1.2$ |
| $\mathop{\mathrm{Q}}$ | 2016 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\sim$ | $\sim$ | 1.7 | $\overline{\phantom{a}}$ | 0.1 | $\sim$ | $\sim$ | 46.7 | $\sim$ | $\sim$ | 3.9 | 52.4 | 51.3 | $ \cdot $ |
| Q2 | 2016 | 0.1 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 2.0 | $\overline{\phantom{a}}$ | 0.1 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 4.0 | 6.2 | 5.4 | 0.9 |
| Q3 | 2016 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\sim$ | 0.9 | $\overline{\phantom{a}}$ | 0.1 | × | ÷, | ×, | $\sim$ | $\overline{\phantom{a}}$ | 3.4 | 4.5 | 5.0 | $-0.5$ |
| Q4 | 2016 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 3.7 | $\sim$ | 0.1 | $\overline{\phantom{a}}$ | i, | $\sim$ | $\overline{\phantom{a}}$ | i, | 3.4 | 7.2 | 5.2 | 2.1 |
| QI | 2017 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\sim$ | 1.5 | $\overline{\phantom{a}}$ | $\sim$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\sim$ | $\overline{\phantom{a}}$ | 2.6 | 4.1 | 5.0 | $-0.9$ |
| Q2 | 2017 | $\overline{\phantom{a}}$ | $\sim$ | $\sim$ | $\sim$ | 1.9 | $\overline{\phantom{a}}$ | $\sim$ | $\sim$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 3.5 | 5.5 | 5.6 | $-0.1$ |
| Q3 | 2017 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 1.8 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{m}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 4.6 | 6.4 | 5.0 | 1.4 |
| Q4 | 2017 | 0.0 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 3.8 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 2.7 | 6.5 | 4.8 | 1.7 |
| $\mathsf{Q}$ l | 2018 | 0.0 | $\sim$ | $\overline{\phantom{a}}$ | $\sim$ | 3.1 | $\bar{a}$ | $\sim$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\bar{z}$ | $\bar{z}$ | $\bar{z}$ | $\bar{a}$ | 3.1 | 2.6 | $0.5\,$ |
| Q2 | 2018 | 0.0 | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 2.4 | $\sim$ | $\overline{\phantom{a}}$ | ×, | ×, | $\overline{\phantom{a}}$ | ×, | $\overline{\phantom{a}}$ | $\overline{\phantom{a}}$ | 2.4 | 2.7 | $-0.3$ |
| Total | 27.2 | 0.0 | 0.0 | 0.0 | 60.3 | 0.8 | 2.9 | 8.4 | 12.2 | 50.4 | 19.4 | 21.7 | 59.3 | 262.6 | 237.8 | 24.8 | |
| Forecast | Forecast Quarter/ |
||||||||||||||||
| Year | Acc. | ||||||||||||||||
| Q3 | 2018 | 0.0 | $\overline{\phantom{a}}$ | 2.2 | ÷, | 2.2 | 2.2 | ||||||||||
| Q4 | 2018 | 0.0 | $\overline{\phantom{a}}$ | 2.3 | 2.3 | 4.6 | |||||||||||
| Full year | 2019 | 52.1 | $\frac{1}{2}$ | 11.3 | ÷, | 63.4 | 68.0 | ||||||||||
| Full year | 2020 | $\overline{\phantom{a}}$ | 15.5 | $\overline{\phantom{a}}$ | 15.5 | 83.5 | |||||||||||
| Full year | 2021 | ä, | 21.3 | 53.1 | 74.4 | 157.9 | |||||||||||
| Full year | 2022 | ä, | 12.3 | 40.9 | 53.1 | 211.1 | |||||||||||
| Full year | 2023 | ä, | 2.5 | 2.5 | 5.0 | 216.1 | |||||||||||
| Full year | 2024 | 26.9 | 15.6 | 2.1 | 44.5 | 260.7 | |||||||||||
| Full year | 2025 | 1.7 | 1.7 | 262.4 | |||||||||||||
| Full year | 2026 | 1.4 | 1.4 | 263.8 | |||||||||||||
| Full year | 2027 | 17.8 | 17.8 | 281.6 | |||||||||||||
| Total | 52.1 | 0.0 | 26.9 | 0.0 | 83.0 | 119.5 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 281.6 |
* The forecast was produced by investment advisor Cartesia S.A.S.
** Shield was divested in Q4 2011, Memphis in Q2 2012 and Semper in Q2 2013. Gems was re-purchased in Q1 2016 by the issuer. Ludgate and Minotaure were dive
| SEK M | 30 June 2018 |
|---|---|
| Loan portfolios | 212 |
| Operation-related investments | 284 |
| Other securities | 48 |
| $Total*$ | 544 |
* of which short-term investments SEK 77 M and long-term investments SEK 467 M.
In accordance with IFRS7, financial instruments are recognized on the basis of fair value hierarchically with three different levels. Classification is based on the input dataused for measuring instruments. Quoted prices on an active market on the reporting date are applied for level I. Observable market data for the asset or
liability other than quoted prices are used in level 2. Fair value is determined with the aid of valuation techniques. For level 3, fair value is determined on the basis of valuation techniques based on non-observable market data. Specific valuation techniques used for level 3 are the measurement of discounted cash flows to determine the
fair value of financial instruments. For more information, see Note 3 in the Annual Report 2017.
The Group's assets and liabilities measured at fair value as of 30 June 2018 are stated in the following table.
| SEK M | Tier I | Tier 2 | Tier 3 | Total |
|---|---|---|---|---|
| ASSETS | ||||
| Derivative instruments | 13 | 13 | ||
| Financial assets measured at fair value through other comprehensive income |
75 | 75 | ||
| Financial assets measured at fair value through profit or loss |
55 | 126 | 275 | 456 |
| Total assets | 55 | 214 | 275 | 544 |
| LIABILITIES | ||||
| Derivative instruments | 26 | 26 | ||
| Total liabilities | $\mathbf 0$ | 26 | $\Omega$ | 26 |
No changes between levels occurred the previous year.
| 2018 | |
|---|---|
| as of I January | 309 |
| Purchases | 49 |
| Disposals | $-101$ |
| Amortisation | $-4$ |
| Gains and losses recognised through profit or loss | 8 |
| Exchange rate differences | 4 |
| At 30 June | 275 |
| 261 | 248 | 253 | |
|---|---|---|---|
| Other pledged assets | 49 | 48 | |
| Cash and cash equivalents | 209 | 199 | 205 |
| SEK M | 30 lun | 30 lun | Dec |
| 2018 |
Cash and cash equivalents include pledged cash funds. These funds are used as collateral in the Asset Management and Banking operating segment for ongoing transactions. Cash and cash equivalents also include cash funds in accordance with
minimum retention requirements of Catella Bank's card operations, funds that are to be accessible from time to time for regulatory reasons, as well as frozen funds for other purposes.
| 100 | -49 | ||
|---|---|---|---|
| Other contingent liabilities | |||
| Client funds managed on behalf of clients | 85 | 40 | 56 |
| SEK M | 30 lun | 30 lun | 31 Dec |
| 2.018 | 2011 | 2017 |
Client funds relate to assets belonging to customers managed by Catella Bank branch office. These assets are deposited in separate bank accounts by the branch
office under a third-party name. Other contingent liabilities mainly re late to guarantee commitments primarily provided for rental contracts with landlords.
| 2,783 | 2.693 | 2.697 | |
|---|---|---|---|
| Other commitments | |||
| Investment commitments | 6. | 74 | |
| Unutilised credit facilities, granted by Catella Bank | 2.719 | 2.662 | 2.668 |
| SEK M | 30 lun | 30 lun | 31 Dec |
| 2.018 | 2017 | 2017 |
Unutilized credit facilities mainly relate to the credit commitments issued by Catella Bank to its credit card clients. Customers can utilize these facilities under certain circumstances, depending on what collateral they can provide. Investment commitments
mainly relate to associated company Kaktus | TopCo ApS and the unlisted holding in Pamica 2 AB.
Catella AB and those subsidiaries that conduct operations regulated by Swedish or foreign financial supervisory authorities constitute a financial corporate group, known as a consolidated financial situation. The consolidated financial situation is governed by CSSF in Luxemburg. Catella Bank S.A is the reporting entity and responsible institute.
In January 2018, CSSF announced that a further four smaller Group companies, Catella Asset Management AS, Elementum Asset Management AS, Ambolt Advisors Sarl and IPM Informed Portfolio Management UK Ltd, would be included in the consolidated financial situation from 31 December 2017. Group companies cur-
rently included in / excluded from the consolidated financial situation are shown in Note 20 of Catella's Annual Report 2017. Discussions are underway with CSSF regarding reporting and other mattersthat apply to the consolidated financial situation which could lead to all or a majority of the group being considered to constitute a consolidated financial situation. The potential effects of an expanded consolidated financial situation in addition to the companies mentioned above have been analysed and the calculations indicate that the Group as a whole would satisfy the minimum capital adequacy requirement.
The consolidated financial situation complies with the EU 's and the Council's statute (EU) no.575/32013 (CRR).
The Annual Accounts for Credit Institutions and Investment Firms Act (1995: 1559), ÅRKL, stipulates that consolidated accounts shall be prepared for a consolidated financial situation. Catella complies with this requirement by supplying the information contained in this Note on the consolidated financial situation's accounts in accordance with ÅRKL. The accounting principles indicated in Other financial information have been applied when preparing these financial statements, and are consistent with ÅRKL. Otherwise, please refer to Catella AB's consolidated accounts.
The following tables state extracts from the accounts for the consolidated financial situation.
| 2018 | 2017 | 2017 | |
|---|---|---|---|
| SEK M | lan-lun | lan-lun | Jan-Dec |
| Net sales | 833 | 813 | 1,694 |
| Other operating income | 8 | 15 | |
| Total income | 851 | 814 | 1,709 |
| Assignment expenses & commission | $-261$ | $-224$ | $-454$ |
| Income excl. direct assignment costs and commission | 590 | 590 | 1,256 |
| Operating expenses | $-473$ | $-432$ | $-926$ |
| Operating profit/loss before items affecting comparability | 117 | 158 | 330 |
| Amortisation of acquisition-related intangible assets | $\Omega$ | $\Omega$ | $\Omega$ |
| Items affecting comparability | $\mathbf{0}$ | $\Omega$ | $-53$ |
| Operating profit/loss | 117 | 158 | 277 |
| Financial items-net | $-1$ | 85 | 407 |
| Profit/loss before tax | 116 | 243 | 684 |
| Appropriations | $\mathbf{0}$ | $\Omega$ | $\Omega$ |
| Tax | $-30$ | $-38$ | $-72$ |
| Net profit/loss for the period | 86 | 205 | 612 |
| Profit/loss attributable to: | |||
| Shareholders of the Parent Company | 4 1 | 157 | 520 |
| Non-controlling interests | 46 | 48 | 92 |
| 86 | 205 | 612 | |
| Employees at end of period | 357 | 345 | 343 |
| 2018 | 2017 | 2017 | |
|---|---|---|---|
| SEK M | 30 Jun | 30 Jun | 31 Dec |
| Non-current assets | 1,743 | 1,650 | 1,921 |
| Current assets | 5,199 | 3,527 | 4,264 |
| Total assets | 6,942 | 5,177 | 6,185 |
| Equity | 1,884 | 1,581 | 2,011 |
| Liabilities | 5,058 | 3,595 | 4,174 |
| Total equity and liabilities | 6,942 | 5,177 | 6,185 |
The company Catella AB is a parent financial holding company in the Catella Group, and publishes disclosures on capital adequacy for the consolidated financial situation below.
| 2018 | 2017 | 2017 | |
|---|---|---|---|
| SEK M | 30 lun | 30 lun | 31 Dec |
| Common Equity Tier capital | 1,240 | 918 | 1,111 |
| Additional Tier capital | $\boldsymbol{0}$ | $\mathbf 0$ | $\mathbf 0$ |
| Tier 2 capital | $\Omega$ | $\Omega$ | $\Omega$ |
| Own funds | 1,240 | 918 | 1,111 |
| Total risk exposure amount | 5,367 | 5.281 | 5,708 |
| OWN FUNDS AND BUFFERS | |||
| Own funds requirements Pillar | 429 | 422 | 457 |
| of which own funds requirements for credit risk | 256 | 227 | 259 |
| of which own funds requirements for market risk | 17 | 69 | 71 |
| of which own funds requirements for operational risk | 156 | 127 | 126 |
| of which own funds requirements for credit valuation adjustment risk | $\cal O$ | 0 | $\cal O$ |
| Own funds requirements Pillar 2 | 6 | 4 | 184 |
| Institution-specific buffer requirements | 194 | 163 | 200 |
| Internal buffer | 54 | 53 | 57 |
| Total own funds and buffer requirements | 838 | 780 | 898 |
| Capital surplus after own funds and buffer requirements | 402 | 139 | 212 |
| Capital surplus after regulatory required own funds and buffer requirements | 456 | 9 | 269 |
| CAPITAL RATIOS, % OF TOTAL RISK EXPOSURE AMOUNT | |||
| Common Equity Tier capital ratio | 23.1 | 17.4 | 19.5 |
| Tier capital ratio | 23.1 | 17.4 | 19.5 |
| Total capital ratio | 23.1 | 17.4 | 19.5 |
| OWB FUNDS AND BUFFERS, % OF TOTAL RISK EXPOSURE AMOUNT | |||
| Own funds requirements Pillar I | 8.0 | 8.0 | 8.0 |
| Own funds requirements Pillar 2 | 3.0 | 2.7 | 3.2 |
| Institution-specific buffer requirements | 3.6 | 3.1 | 3.5 |
| of which requirement for capital conservation buffer | 2.5 | 2.5 | 2.5 |
| of which requirement for countercyclical capital buffer | 1.1 | 0.6 | $1.0$ |
| Internal buffer | 1.0 | 1.0 | 1.0 |
| Total own funds and buffer requirements | 15.6 | 14.8 | 15.7 |
| Capital surplus after own funds and buffer requirements | 7.5 | 2.6 | 3.7 |
| Capital surplus after regulatory required own funds and buffer requirements | 8.5 | 3.6 | 4.7 |
Catella AB's consolidated financial situation satisfies the minimum capital base requirements. Capital adequacy calculations have also been performed in the event that a majority or all of the group were to be considered a consolidated financial situation. These calculations indicate that the group as a whole would satisfy minimum capital adequacy requirements.
| 2018 | 2017 | 2017 | |
|---|---|---|---|
| Own funds, SEK M | 30 Jun | 30 Jun | 31 Dec |
| Common Equity Tier 1 capital | |||
| Share capital and share premium reserve | 404 | 399 | 399 |
| Retained earnings and other reserves | 1,480 | 1.182 | 1,612 |
| Less: | |||
| Intangible assets | $-303$ | $-318$ | $-298$ |
| Price adjustments | $-23$ | $-28$ | $-31$ |
| Deferred tax receivables | $-70$ | $-68$ | $-68$ |
| Qualifying holdings outside the financial sector | $-34$ | $\overline{\phantom{a}}$ | $-51$ |
| Positive results not yet verified by the Annual General Meeting | $-86$ | $-205$ | $-329$ |
| Other deductions | $-127$ | $-43$ | $-123$ |
| Total Common Equity Tier capital | 1,240 | 918 | 1,111 |
| Additional Tier I capital | $\overline{\phantom{a}}$ | ||
| Tier 2 capital | $\sim$ | ||
| Own funds | 1,240 | 918 | 1,111 |
| 2018 | 2017 | 2017 | ||||||
|---|---|---|---|---|---|---|---|---|
| 30 Jun | 30 Jun | 31 Dec | ||||||
| Specification of risk-weighted exposure amounts and own funds requirements Pillar 1, SEK M |
Risk-weighted exp.amount |
UWII IUIIUS requirements Pillar I |
Risk-weighted exp.amount |
U WILLIAM U requirements Pillar I |
Risk-weighted exp.amount |
OWN TUNNE requirements Pillar I |
||
| Credit risk according to Standardised Approach | ||||||||
| Exposures to institutions | 616 | 49 | 492 | 39 | 584 | 47 | ||
| Exposures to corporates | 758 | 6 1 | 747 | 60 | 850 | 68 | ||
| Exposures to retail | 9 | 3 | $\Omega$ | 3 | $\overline{0}$ | |||
| Exposures secured by mortgages on immovable property | 218 | 17 | 298 | 24 | 744 | 20 | ||
| Exposures in default | 250 | 20 | 275 | 22 | 295 | 24 | ||
| Items associated with particular high risk | 188 | 15 | 174 | 4 | 169 | 13 | ||
| Exposures in the form of covered bonds | 3 | $\mathbf{0}$ | 3 | $\circ$ | 3 | $\mathbf{0}$ | ||
| Exposures to collective investment undertakings (funds) | $\mathbf{0}$ | 4 | 15 | |||||
| Equity exposures | 367 | 29 | 128 | 10 | 340 | 27 | ||
| Other items | 791 | 63 | 701 | 56 | 741 | 59 | ||
| 3,201 | 256 | 2,835 | 227 | 3,242 | 259 | |||
| Market risk | ||||||||
| Interest risk | $\Omega$ | $\boldsymbol{0}$ | $\mathbf{0}$ | $\circ$ | $\Omega$ | $\mathbf{0}$ | ||
| Share price risk | $\Omega$ | $\theta$ | $\Omega$ | $\Omega$ | $\Omega$ | $\mathbf{0}$ | ||
| Foreign exchange risk | 718 | 17 | 857 | 69 | 893 | 71 | ||
| 218 | 17 | 857 | 69 | 893 | 71 | |||
| Operational risk according to the Basic Indicator Approach | 1,948 | 156 | 1,589 | 127 | 1,570 | 126 | ||
| Credit valuation adjustment risk | 0 | $\mathbf 0$ | 0 | 3 | $\mathbf 0$ | |||
| Total | 5,367 | 429 | 5,281 | 422 | 5,708 | 457 |
| 2018 | 2017 | 2018 | 2017 | 2017 | |
|---|---|---|---|---|---|
| SEK M | Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec |
| Net sales | 4.6 | 3.0 | 9.2 | 6.1 | . . |
| Other operating income | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total income | 4.6 | 3.0 | 9.2 | 6.2 | 11.2 |
| Other external expenses | $-12.5$ | $-8.1$ | $-22.1$ | $-14.4$ | $-26.8$ |
| Personnel costs * | $-7.4$ | $-7.4$ | $-14.7$ | $-15.2$ | $-36.2$ |
| Depreciation | $-0.0$ | $-0.0$ | $-0.0$ | $-0.0$ | $-0.0$ |
| Other operating expenses | 0.0 | 0.0 | $-0.0$ | 0.0 | 0.0 |
| Operating profit/loss | $-15.3$ | $-12.5$ | $-27.6$ | $-23.5$ | $-51.9$ |
| Profit/loss from participations in group companies | 0.0 | 90.0 | 0.0 | 90.0 | 190.0 |
| Interest income and similar profit/loss items | 0.5 | 0.0 | 0.5 | 0.0 | $-0.0$ |
| Interest expenses and similar profit/loss items | $-5.4$ | $-5.9$ | $-10.3$ | $-8.2$ | $-18.6$ |
| Financial items | $-4.9$ | 84.2 | $-9.8$ | 81.8 | 171.4 |
| Profit/loss before tax | $-20.3$ | 71.6 | $-37.4$ | 58.3 | 119.5 |
| Tax on net profit for the year | 15.2 | 0.0 | 15.2 | 0.9 | 0.9 |
| Net profit/loss for the period | $-5.1$ | 71.6 | $-22.2$ | 59.2 | 120.4 |
* Personnel costs include directors' fees
| SEK M | 2018 Apr-Jun |
2017 Apr-Jun |
2018 lan-lun |
2017 lan-lun |
2017 Jan-Dec |
|---|---|---|---|---|---|
| Net profit/loss for the period | 71.6 | 59.2 | 20.4 | ||
| Other comprehensive income | |||||
| Other comprehensive income for the period, net after tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total comprehensive income/loss for the period | $-5.1$ | 71.6 | $-22.2$ | 59.2 | 120.4 |
| SEK M | 2018 30 Jun |
2017 30 Jun |
2017 31 Dec |
|---|---|---|---|
| Property, plant and equipment | 0.1 | 0.1 | 0.0 |
| Participations in Group companies | 852.6 | 654.4 | 654.1 |
| Deferred tax receivables | 35.0 | 19.8 | 19.8 |
| Current receivables from Group companies | 324.6 | 14.9 | 46.8 |
| Other current receivables | 10.3 | 10.4 | 103.9 |
| Cash and cash equivalents | 31.1 | 31.4 | 263.9 |
| Total assets | 1,253.7 | 731.0 | 1,088.6 |
| Equity | 489.0 | 512.8 | 574.0 |
| Non-current liabilities | 747.6 | 0.0 | 494.0 |
| Current liabilities to Group companies | 0.3 | 0.5 | 0.5 |
| Other current liabilities | 16.8 | 217.7 | 20.1 |
| Total equity and liabilities | 1,253.7 | 731.0 | 1,088.6 |
There were no assets pledged or contingent liabilities as of 30 June 2018.
$30$ Catella Interim report, Jan-Jun 2018
The Consolidated Accounts of Catella are prepared in accordance with IFRS. See above for more information regarding accounting principles. IFRS defines only a limited number of performance measures. From the second quarter 2016, Catella applies the European Securities and Markets Authority's (ESMA) new guidelines for alternative performance measures. In summary, an alternative performance measure is a financial measure Definitions
of historical or future profit progress, financial position or cash flow not defined by or specified under IFRS. In order to assist corporate management and other stakeholders in their analysis of Group progress, Catella presents certain performance measures not defined under IFRS. Corporate management considers that this information facilitates the analysis of the Group's performance. This additional
information is complementary to the information provided by IFRS and does not replace performance measures defined in IFRS. Catella's definitions of measures not defined under IFRS may differ from other companies' definitions. All of Catella's definitions are presented below. The calculation of all performance measures corresponds to items in the Income Statement and Balance Sheet.
| Non-IFRS performance measure | Description | Reason for using the measure |
|---|---|---|
| Equity per share attributable to | Equity attributable to parent company shareholders di- | Provides investors with a view of equity as represented by a |
| parent company shareholders* | vided by the number of shares at the end of the period. | single share. |
| Return on equity* | Total profit in the period attributable to parent company | The company considers that the performance measure pro- |
| shareholders for the most recent four quarters divided | vides investors with a better understanding of return on eq- | |
| by average equity attributable to parent company share- | uity. | |
| holders in the most recent five quarters. | ||
| Adjusted return on equity* | Total profit in the period attributable to the parent com- | The company considers that the performance measure pro- |
| pany share adjusted for items affecting comparability for | vides investors with a better understanding of return on eq- | |
| the most recent four quarters divided by average equity | uity when making comparisons with earlier periods. | |
| attributable to parent company shareholders in the most | ||
| recent five quarters. | ||
| Equity/assets ratio* | Equity divided by total assets. | Catella considers the measure to be relevant to investors and |
| other stakeholders wishing to assess Catella's financial stability | ||
| and long-term viability. | ||
| Dividend per share | Dividend divided by the number of shares. | Provides investors with a view of the company's dividend |
| over time. | ||
| Profit margin* | Profit for the period divided by total income for the pe- | The measure illustrates profitability regardless of the rate of |
| riod. | corporation tax. | |
| Adjusted profit margin* | Profit for the period adjusted for items affecting compa- | The measure illustrates profitability regardless of the rate of |
| rability divided by total income for the period. | corporation tax when making comparisons with earlier peri- | |
| ods. | ||
| Property transaction volumes in | Property transaction volumes in the period constitutes | An element of Catella's income in Corporate Finance is |
| the period | the value of underlying properties at the transaction | agreed with customers on the basis of the underlying prop- |
| dates. | erty value of the relevant assignments. Provides investors with a view of what drives parts of the income. |
|
| Assets under management at year- | Assets under management constitutes the value of Ca- | An element of Catella's income in Asset |
| end | tella's customers' deposited/invested capital. | Management and Banking is agreed with customers on the |
| basis of the value of the underlying invested capital. Provides | ||
| investors with a view of what drives parts of the income. | ||
| Card and payment volumes | Card and payment volumes are the value of the underly- | Card and payment volumes are value drivers for Catella's in- |
| ing card transactions processed by Catella. | come in Card & Payment Solutions. Provides investors with a | |
| view of what drives an element of Catella's income. | ||
| Adjusted Earnings per share | Profit for the period attributable to parent company | Provides investors with a view of the company's Earnings per |
| shareholders divided by the number of shares. | share when making comparisons with earlier periods. |
* See next page for basis of calculation
| 3 Months | 6 Months | 12 Months | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | Rolling | 2017 | |||||||||||
| GROUP | Apr-Jun | Apr-Jun | lan-lun | lan-lun | 12 Months | Jan-Dec | ||||||||||
| Net profit/loss for the period, SEK M | 39 | 61 | 80 | $ $ 4 | 250 | 284 | ||||||||||
| Total income. SEK M | 691 | 587 | 1,231 | 1,081 | 2,627 | 2,477 | ||||||||||
| Profit margin, % | 6 | $\overline{0}$ | 7 | $\perp$ | $ 0\rangle$ | $\perp$ | ||||||||||
| Adjusted profit for the period, SEK M | 39 | 61 | 80 | $ $ 4 | 303 | 337 | ||||||||||
| Total income. SEK M | 691 | 587 | 1.231 | 1.081 | 2.627 | 2.477 | ||||||||||
| Adjusted Profit margin, % | 6 | $ 0\rangle$ | $\overline{7}$ | $\perp$ | 2 | 4 | ||||||||||
| Equity, SEK M | ٠ | 1.791 | 1.717 | 1.943 | ||||||||||||
| Total assets, SEK M | $\sim$ | 7.086 | 5,451 | 6.396 | ||||||||||||
| Equity/Asset ratio, % | $\sim$ | 25 | 32 | 30 | ||||||||||||
| Net profit/loss for the period, SEK M * | 13 | 33 | 35 | 66 | 160 | 192 | ||||||||||
| No. of shares at end of the period | 84, I 15, 238 | 81.848.572 | 84, I 15, 238 | 81,848,572 | 84, I 15, 238 | 81,848,572 | ||||||||||
| Earnings per share, SEK * | 0.16 | 0.40 | 0.41 | 0.81 | .9 | 2.35 | ||||||||||
| Adjusted profit for the period, SEK M * | 39 | 61 | 80 | $ $ 4 | 303 | 337 | ||||||||||
| No. of shares at end of the period | 84.115.238 | 81.848.572 | 84, I 15, 238 81, 848, 572 | 84, I 15, 238 81, 848, 572 | ||||||||||||
| Adjusted earnings per share, SEK | 0.16 | 0.40 | 0.41 | 0.81 | 2.54 | 2.99 | ||||||||||
| Equity, SEK M * | 1.588 | 1.577 | 1.729 | |||||||||||||
| No. of shares at end of the period | $\sim$ | 84, I 15, 238 81, 848, 572 | $- 81,848,572$ | |||||||||||||
| Equity per share, SEK * | $\overline{a}$ | $\overline{a}$ | 0.00 | 0.00 | ä, | 0.00 | ||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | 2017 | 2016 | 2016 | 2016 | 2016 | 2015 | 2015 | 2015 | 2015 | 2014 | 2014 | |
| GROUP | Apr-Jun Jan-Mar Oct-Dec | Jul-Sep Apr-Jun Jan-MarOct-Dec | Jul-Sep Apr-Jun | Jan-Mar Oct-Dec | Jul-Sep Apr-Jun | Jan-Mar Oct-Dec | lul-Sep | |||||||||
| Net profit/loss for the period, SEK M * | 13 | 22 | 67 | 59 | 33 | 33 | 37 | 35 | 182 | 17 | 122 | 38 | 48 | 35 | 96 | 21 |
| Equity, SEK M * | 1.588 | .626 | 1.729 | 1.628 | 1.577 | 1.597 | 1.563 | 1.534 | .484 | 1,333 | 1.319 | 1.233 | 1.177 | 1,151 | 1.164 | 1.041 |
| Return on equity, % | $ 0\rangle$ | $\mathbf{H}$ | 12 | 0 | 9 | 9 | 9 | 26 | 27 | 8 | 20 | 9 |
| Return on equity, % | $\overline{0}$ | 9 | $ 9\rangle$ | 26 | 8 | 20 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Adjusted profit for the period, SEK M * | 59 | 33 | 37 | 35 | 182 | 122 | 38 | 48 | 96 | ||||||
| Adjusted equity, SEK * | 588 | 1.626 | 1.782 | .628 | .577 | 1.597 | .563 | 1,534 | 1.484 | ,333 | 1.319 | .233 | 1.164 | 1,041 | |
| Adjusted return on equity, % | 14 | $\overline{0}$ | 19 | 19 | 26 | 20 | 19 |
| 3 Months | 6 Months | 12 Months | ||||
|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | Rolling | 2017 | |
| CORPORATE FINANCE | Apr-Jun | Apr-Jun | Jan-Jun | lan-lun | 12 Months | Jan-Dec |
| Net profit/loss for the period, SEK M | $\circ$ | . . | 46 | 43 | ||
| Total income, SEK M | 159 | 131 | 270 | 253 | 676 | 659 |
| Profit margin, % | 0 | $\mathbf{0}$ | $\overline{7}$ | |||
| Equity, SEK M | $\sim$ | 108 | 99 | 165 | ||
| Total assets, SEK M | 407 | 343 | 511 | |||
| Equity/Asset ratio, % | $\overline{\phantom{a}}$ | 27 | 29 | 32 | ||
| 2018. | 2018 | - 2017 | 2017 | 2017 | - 2017 | 2016 | 2016 2016 2016 2015 | 2015 | 2015 2015 2014 | - 2014 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CORPORATE FINANCE | Apr-Jun Jan-MarOct-Dec Jul-Sep Apr-Jun Jan-MarOct-Dec Jul-Sep Apr-Jun Jan-MarOct-Dec Jul-Sep Apr-Jun Jan-MarOct-Dec Jul-Sep | |||||||||||||||
| Net profit/loss for the period, SEK M * | 29 | - 28 - | -36 | $-8$ 32 | -16 | $-15$ | 42 | |||||||||
| Equity, SEK M * | 90 | 78. | $\frac{1}{2}$ | 254 | -237 | 222 | 206 | 213 | 183 | 187 | 181 | 44 | ||||
| Return on equity, % | 30 | 19 | 33 | 29 | 37 | 28 | 25 |
* Attributable to shareholders of the Parent Company.
| 3 Months | 6 Months | 12 Months | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2017 | 2018 | 2017 | Rolling | 2017 | ||||||||||||
| ASSET MANAGEMENT AND BANKING | Apr-Jun | Apr-Jun | lan-lun | lan-lun | 12 Months | Jan-Dec | |||||||||||
| Net profit/loss for the period, SEK M | 69 | 76 | 122 | 134 | 250 | 262 | |||||||||||
| Total income. SEK M | 535 | 463 | 967 | 842 | 1,970 | 1,844 | |||||||||||
| Profit margin, % | 3 | 16 | 3 | 16 | 3 | 4 | |||||||||||
| Adjusted profit for the period, SEK M | 69 | 76 | 122 | 134 | 303 | 315 | |||||||||||
| Total income. SEK M | 535 | 463 | 967 | 842 | 1,970 | 1,844 | |||||||||||
| Adjusted Profit margin, % | 3 | 16 | 3 | 16 | 15 | 17 | |||||||||||
| Equity, SEK M | ×, | 1,284 | 1,060 | 1,100 | |||||||||||||
| Total assets. SEK M | $\overline{\phantom{a}}$ | 5.810 | 4,568 | 5,106 | |||||||||||||
| Equity/Asset ratio, % | 22 | 23 | $\overline{\phantom{a}}$ | 22 | |||||||||||||
| 2018 | 2018 | 2017 | 2017 | 2017 | 2017 | 2016 | 2016 | 2016 | 2016 | 2015 | 2015 | 2015 | 2015 | 2014 | 2014 | ||
| ASSET MANAGEMENT AND BANKING | Apr-Jun Jan-Mar Oct-Dec | Jul-Sep Apr-Jun Jan-Mar Oct-Dec Jul-Sep Apr-Jun Jan-Mar Oct-Dec | Jul-Sep Apr-Jun Jan-Mar Oct-Dec | Jul-Sep | |||||||||||||
| Net profit/loss for the period, SEK M * | 43 | 33 | 30 | 53 | 48 | 38 | 43 | 27 | 158 | 24 | 66 | 4 | 8 | 44 | 26 | 5 | |
| Equity, SEK M * | 1,097 | 1.023 | 931 | 967 | 941 | 898 | 918 | 855 | 789 | 649 | 620 | 686 | 660 | 676 | 159 | 651 | |
| Return on equity, % | 16 | 17 | 8 | 20 | 8 | 32 | 33 | 38 | 39 | 9 | 26 | 8 | |||||
| Adjusted profit for the period, SEK M * | 43 | 33 | 83 | 53 | 48 | 38 | 43 | 27 | 158 | 24 | 66 | 4 | 8 | 44 | 26 | 5 | |
| Adjusted equity, SEK * | 1,097 | 1,023 | 984 | 967 | 941 | 898 | 918 | 855 | 789 | 649 | 620 | 686 | 660 | 676 | 159 | 651 | |
| Adjusted return on equity, % | 21 | 23 | 24 | 20 | 18 | 32 | 33 | 38 | 39 | 9 | 26 | 8 |
* Attributable to shareholders of the Parent Company.
Catella AB (publ)
P.O. Box 5894, 102 40 Stockholm | Visitors: Birger Jarlsgatan 6
Corp. ID no. 556079–1419 | Reg. office: Stockholm, Sweden
Tel. +46 (0)8 463 33 10 | [email protected]
catella.com
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