Catena — Interim / Quarterly Report 2017

Oct 27, 2017

Note: The information in this Interim Report is such that Catena AB (publ) is required to publish pursuant to the Swedish Securities Markets Act. The information was submitted for publication on 27 October at 08:00 a.m.

Interim Report January–September 2017

• Rental income increased by 12 percent to SEK 658.6 million (586.9).
• The operating surplus increased by 17 percent to SEK 500.9 million (429.9).
• Profit from property management increased by 42 percent to SEK 333.0 million (234.7).
• Profit for the period increased to SEK 531.0 million (172.6), corresponding to earnings per share of SEK 13.20 (5.29), including changes in value of SEK 295.3 million (loss 48.5).
• Net asset value per share, EPRA NAV, increased to SEK 143.7 (132.8).

Significant events in the third quarter

• Catena has entered into an agreement to acquire the remaining 40 percent of Queenswall AB, with 1 October as the transfer date.
• Catena has entered into three lease agreements where new construction has begun in late summer.

Significant events after the end of the period

Catena has submitted an offer to the shareholders of Klockarbäcken Property Investment AB (publ) to acquire all shares in the company.

The distribution centre collects, breaks down and distributes to shops

In previous reports, we have described the first links in the flow of goods – terminals and logistics warehouses. Distribution centres, usually the next part of the chain, are characterised by being the unit that collects, breaks down, and distributes to shops.

The distribution centre – stocks the shops

In a distribution centre, goods are stored before they are distributed to retailers or shops in the region that the distribution centre serves. When terminals and logistics warehouses handle full-size pallets, the distribution centre handles the packages that are gathered.

As rent increases for shops, but especially as customer demand goes up and down more easily and product ranges expand, shops prefer to have less storage space combined with tighter and faster deliveries. A modern distribution centre facilitates this. Here, larger quantities of goods are broken down and various products are collected from different manufacturers and typically gathered onto a pallet or cargo carts and then sent on to a shop.

A well-functioning distribution centre is characterised by custom design and equipment and an optimal location that varies for the product being handled. Food and grocery companies and other FMCG retailers optimise their logistics with frequent deliveries with close proximity to shops from multiple units. Retailers of durable goods such as sporting goods optimise their logistics with fewer but centrally located distribution centres that deliver more or less frequently across a larger area. A distribution centre is often heavily staffed, due to the high volume of articles being handled. Therefore, the way the distribution centre is designed and equipped is also of great significance, and the potential for automation is high.

Custom solutions

An example is Espresso House's distribution centre with its own bakery, shown in the picture below, located on the outskirts of Malmö, where Catena houses a cluster of food distribution companies. The facility collects and distributes various products to the Group's cafés in southern Sweden, alongside its own bakery products.

Another example is Lagret 1 in Nässjö, where Catena helped the sportswear chain Intersport with a distribution centre with new technology and warehouse automation to meet the growing need for efficient logistics, both for e-commerce and retail.

The cover shows some of Catena's distribution centres, Backa 23:5 in Gothenburg, Nattskiftet 11 in Stockholm and Fördelaren 1 in Kungälv.

A modern distribution centre provides significant benefits for the user and can improve their profitability. Digital solutions and a properly-adapted property in the right location provide short lead times and lower inventory volumes at both the producer and the shop, reducing both obsolescence and capital costs such as interest rates and expensive shop space.

The extension of the distribution centre includes city logistics and e-commerce warehouses, often called Last Mile Logistics, which we will return to in our next quarterly report.

Tågarp 16:17, Burlöv

The Group in figures

	2017 Jul-Sep	2016 Jul-Sep	2017 Jan-Sep	2016 Jan-Sep	Rolling 12-month	2016 Jan-Dec
Rental income, SEK M	225.0	208.9	658.6	586.9	858.3	786.6
Net operating surplus, SEK M	170.6	152.0	500.9	429.9	649.1	578.1
Surplus ratio, %	75.8	72.8	76.1	73.2	75.6	73.5
Profit from property management, SEK M	113.7	91.0	333.0	234.7	414.3	316.0
Profit for the period/year, SEK M	194.8	69.3	531.0	172.6	696.8	338.4
Earnings per share, SEK	4.4	2.1	13.2	5.3	17.9	10.2
Equity ratio, %	32.9	28.2	32.9	28.2	32.9	31.6
Economic letting ratio, %	93.4	92.0	93.4	92.0	93.4	93.0

Strong cash flows create conditions for continued growth

"Third quarter earnings are well in line with our strong second quarter. Our continuous stable cash flow makes it possible to continue developing the business primarily through new production."

We are pleased over new strong interim results. Increased rental income combined with an improved letting ratio and operating surplus, as well as restructuring of our financing, contributed to a profit from property management that is just over 40 percent higher than in the corresponding period in 2016. A profit from property management, which is largely purely cash flow, amounts to just over half of our rental income. We achieve continued strong cash flows by continuously working with both current property management and financing.

We want to grow through active project development which, through new construction and refurbishment, renews and streamlines our portfolio of properties in attractive locations. New, modern buildings provide us with better opportunities to reduce costs as well as to broaden our customer offering. This contributes to increased income and improves our bottom-line return.

Current project development

During the quarter, we have initiated a new logistics facility for Cramo at our development property in Mölndal, a new cold-storage facility in Linköping for Bring, as well as a 30,400-square-metre logistics building for Nowaste in a logistics cluster ideally situated for sign visibility next to the E6 motorway outside Helsingborg. The construction of Svensk Cater's new premises in Malmö is ongoing as well as the construction of a terminal for Bring and an automated warehouse for Oriola in

Mölndal. During the quarter, we acquired the remaining 40 percent of the e-commerce cluster E-city in Ängelholm. Catena has already completed two major logistics buildings specialising in e-commerce, with Boozt Fashion AB as the largest tenant. There are plans for further projects in the area. These are some examples of projects where we not only deliver on our ambitions in project development but also in priority areas such as food and grocery products (FMCG) and e-commerce. We are also well in line with our ambition to increase our property portfolio by SEK 500 million annually through active project development. We will continue to do good business where the opportunity arises. A clear acknowledgement of our capacity to develop attractive logistics properties came at the beginning of October when Catena was issued the award "Logistics Establishment of the Year". The award, established by the magazine Intelligent Logistics, went to Boozt's new central warehouse and the E-city Engelholm concept. In its decision, the jury considered choice of logistics location, cargo flows, sustainable infrastructure, flexibility, architecture, environment, energy and smart logistics solutions.

Well-positioned for continued growth

Trends that have bearing for Catena remain strong such as retail in general, strong growth in e-commerce and changes in food distribution. We therefore see continued good demand for logistics properties suited to these trends. Catena is well-positioned for this with a land reserve of 1,500,000 square metres. During the quarter, Catena was listed in the EPRA Global Real Estate Index on the London Stock Exchange, which has been important for attracting both existing and new investors.

We are well-positioned to continue for continued growth. We have the projects and the financial strength and, not least, wet have the knowledge and varied skills to constantly improve our customers' flow of goods while implementing Catena's own goals.

Helsingborg, October 2017

Benny Thögersen

Income and profit

Rental income

Rental income in the period increased by 12 percent to SEK 658.6 million (586.9). The increase is primarily due to the acquisition and leasing of vacant space.

Income from contracts with terms of more than three years accounted for approximately 77 percent of Catena's contractual annual rent, which entails stable income with no appreciable variation between periods, except in connection with acquisitions and sales. The average remaining lease period is approximately five years.

Duration of leases

Duration	Number of contracts	Contractual annual rent, SEK M	Contractual annual rent, %
2017	27	4.8	1
2018	157	122.0	12
2019	61	92.6	10
2020	71	153.6	16
2021	22	131.6	14
2022	14	71.6	7
2023+	59	382.9	40
Total	411	959.1	100

Property expenses

Property expenses increased somewhat to SEK 157.7 million (157.0) due to a larger property portfolio. The effect of the increased rent has led to a relatively lower increase in property expenses. This is occurring as tenants take over media costs, which for vacant premises are paid by the landlord.

There are seasonal variations in the operation and maintenance of properties. Winters with much cold weather and snow entail higher costs for heating and snow removal. A hot summer can mean increased costs for cooling. These variations, which have the greatest impact during the winter and summer months, are, to some extent, offset by a change in billed expenses to tenants.

Financial expenses

Financial expenses amounted to SEK 156.6 million during the period (183.2). Catena has carried out a major reorganisation and extension of SEK 2,266 million of the Group's swap agreements, which represent a total volume of SEK 4,458 million. Existing swaps with a negative fair value, including accrued coupon

interest, of SEK 276.6 million have been discontinued as per 23 March 2017. The restructuring has been value-neutral, meaning that the expense of discontinuing the old swaps and the accrued coupon interest, does not affect liquidity for the period – instead, the bank will be compensated as a supplement to the current swap rate over the maturity of the new swaps. As a non-recurring effect, due to unpaid accrued coupon interest on discontinued swap agreements, the interest expense for the first quarter was affected positively by SEK 16.6 million. The corresponding expense is recovered as part of the period's unrealised value change in derivatives.

Profit

Profit from property management increased by SEK 98.3 million to SEK 333.0 million, compared with the corresponding period the previous year – an increase of 42 percent. The main reasons for the improved profit from property management are an increase in the portfolio and a higher letting ratio. Other significant effects, which can be described as non-recurring in character, are in addition to the aforementioned restructuring of swap agreements, the deconsolidation effect of Tribona being reported as an associated company. The latter affected the corresponding period in 2016 negatively by SEK 12 million.

Profit for the period amounted to SEK 531.0 million, which is SEK 358.4 million higher than in the previous year. The higher profit is largely due to changes in value from investment properties of SEK 356.8 million (133.5) and changes in value of derivatives which, due to the long-term market interest rates increasing during the year, had a positive impact of SEK 23.2 million (negative 143.1). The year's positive change in the value of properties and the decreasing expense for changes in the value of derivatives is partly offset by the resolution of goodwill from the Tribona acquisition of a negative SEK 76.6 million (38.9).

On 18 May 2017, arbitration was notified in proceedings for disputes regarding the redemption of shares in Tribona AB. The arbitration entails an increased purchase consideration for the shares totalling SEK 8.1 million including fees. As the acquisition analysis for Tribona is closed, this additional purchase consideration is recognised as an expense under Value change goodwill etc. in the consolidated income statement.

The unrealised changes in value are of an accounting nature and do not affect cash flow.

Regions

SEK M	2017 Jul-Sep	2016 Jul-Sep	2017 Jan-Sep	2016 Jan-Sep	Rolling 12-month	2016 Jan-Dec
Rental income
Gothenburg	32.0	32.6	94.8	94.2	126.9	126.3
Helsingborg	37.0	28.8	104.4	85.9	134.0	115.5
Jönköping	22.8	21.8	71.8	63.9	94.4	86.5
Malmö	40.2	34.2	105.3	90.3	132.5	117.5
Stockholm	93.0	91.5	282.3	252.6	370.5	340.8
Total	225.0	208.9	658.6	586.9	858.3	786.6

Regions

	2017	2016	2017	2016	Rolling	2016
SEK M	Jul-Sep	Jul-Sep	Jan-Sep	Jan-Sep	12-month	Jan-Dec
Net operating surplus
Gothenburg	27.6	27.3	81.4	76.6	108.4	103.6
Helsingborg	26.2	21.9	73.6	63.9	95.4	85.7
Jönköping	17.9	15.8	53.2	44.8	67.5	59.1
Malmö	26.9	20.5	67.6	51.6	80.9	64.9
Stockholm	72.0	66.5	225.1	193.0	296.9	264.8
Total	170.6	152.0	500.9	429.9	649.1	578.1

Consolidated Statement of Comprehensive Income

SEK M	2017 Jul-Sep	2016 Jul-Sep	2017 Jan-Sep	2016 Jan-Sep	Rolling 12-month	2016 Jan-Dec
Rental income	225.0	208.9	658.6	586.9	858.3	786.6
Property expenses	-54.4	-56.9	-157.7	-157.0	-209.2	-208.5
Net operating surplus	170.6	152.0	500.9	429.9	649.1	578.1
Central administration	-6.4	-11.1	-22.5	-26.1	-29.4	-33.0
Other operating income	0.3	1.1	1.1	6.1	5.3	10.3
Other operating expenses	–	-0.3	-0.4	-0.4	-6.7	-6.7
Interest in profits from associated companies	2.1	1.6	7.0	-7.9	8.9	-6.0
Financial income	0.6	9.2	3.5	16.3	4.8	17.6
Financial expenses	-53.5	-61.5	-156.6	-183.2	-217.7	-244.3
Profit from property management	113.7	91.0	333.0	234.7	414.3	316.0
Realised changes in value of investment properties	–	–	86.3	5.1	91.0	9.8
Unrealised changes in value of investment properties	125.9	–	270.5	128.4	280.4	138.3
Change in value of goodwill etc.	–	–	-84.7	-38.9	-84.7	-38.9
Changes in values of derivatives	15.3	-2.6	23.2	-143.1	127.7	-38.6
Profit before tax	254.9	88.4	628.3	186.2	828.7	386.6
Tax for the period	-60.1	-19.1	-97.3	-13.6	-131.9	-48.2
Profit for the period/year	194.8	69.3	531.0	172.6	696.8	338.4
Other comprehensive income
Translation difference	-3.3	7.1	-0.3	8.1	-1.1	7.3
Comprehensive income for the period/year	191.5	76.4	530.7	180.7	695.7	345.7
Comprehensive income for the period/year distributed among the Parent Company's shareholders	153.8	76.4	471.3	180.7	636.3	345.7
Comprehensive income for the period/year distributed among non-controlling interests	37.7	–	59.4	–	59.4	–
Key share data
Shareholders' equity, SEK per share	118.8	102.6	118.8	102.6	118.8	109.1
Net asset value per share, EPRA NAV, SEK	143.7	132.8	143.7	132.8	143.7	135.8
Profit for the period/year, SEK per share	4.4	2.1	13.2	5.3	17.9	10.2
Number of shares outstanding, millions	35.7	33.2	35.7	33.2	35.7	35.7

Financial position

Cash flow

SEK M	2017 Jan-Sep	2016 Jan-Sep	2016 Jan-Dec
Profit before tax	628.3	186.2	386.6
Adjustments for
non-cash items	-312.7	31.1	-90.7
Tax paid	-0.6	-1.6	-1.6
Cash flow before changes in working capital	315.0	215.7	294.3
Change in operating receivables	9.3	-61.1	-99.0
Change in operating liabilities	-31.5	450.6	94.2
Cash flow from operating activities	292.8	605.2	289.5
Acquisition of assets via subsidiaries	-218.8	-559.9	-827.8
Divestment of operations	174.3	437.2	462.2
Investments in investment properties	-346.9	-362.7	-574.7
Divestment of investment properties	–	–	140.0
Acquisitions of property, plant and equipment	-0.6	-0.3	-0.4
Change in financial assets	251.5	-50.7	222.6
Cash flow from investment operations	-140.5	-536.4	-578.1
New share issue	–	–	323.0
Change in loans	178.7	-104.3	9.2
Dividend paid	-125.1	-99.7	-99.7
Cash flow from financing
operations	53.6	-204.0	232.5
Cash flow for the period	205.9	-135.2	-56.1
Opening cash and cash equivalents	145.5	201.5	201.5
Exchange rate difference in cash and cash equivalents	–	0.2	0.1
Closing cash and cash equivalents	351.4	66.5	145.5

Cash flow for the period before changes in working capital improved by SEK 99.3 million to SEK 315.0 million (215.7). Cash flow was affected by both significant acquisitions and disposals.

The cash outflow for the four formerly joint venture-owned properties and other acquired properties amounts to SEK 218.8 million.

At the end of the period, cash and cash equivalents amounted to SEK 351.4 million (66.5).

SEK M 2017 30 Sep 2016 30 Sep Assets Non-current assets Goodwill 503.0 627.1 613.5 Investment properties 11,750.0 10,377.5 10,786.4 Property, plant and equipment 2.2 2.5 2.3 Financial fixed assets 228.0 705.5 88.2 Deferred tax asset 136.0 167.0 135.6 Current assets

Statement of financial position

Current receivables	128.5	158.2	573.4
Cash and cash equivalents	351.4	66.5	145.5
Total assets	13,099.1	12,104.3	12,344.9
Equity and liabilities
Equity attributable to Parent Company shareholders	4,246.1	3,410.3	3,899.9
Equity attributable to non-controlling interests	63.8	4.4	4.4
Non-current liabilities
Liabilities to credit institutions	6,073.9	2,860.4	2,788.0
Deferred tax liability	1,087.9	1,112.3	1,125.7
Other non-current liabilities	502.0	598.3	517.5
Current liabilities
Liabilities to credit institutions	689.8	3,682.6	3,669.2
Other current liabilities	435.6	436.0	340.2
Total shareholders' equity and liabilities	13,099.1	12,104.3	12,344.9

%

2016 31 Dec

200

50

-17

Debt/equity ratio, %

100

150

Change in Equity

	2017	2016	2016
SEK M	30 Sep	30 Sep	31 Dec
Opening balance	3,904.3	2,477.8	2,477.8
Dividend paid to shareholders	-125.1	-99.7	-99.7
New share issue	–	855.9	1,180.5
Translation difference	-0.3	8.1	7.3
Comprehensive income for the period/year attributable to non-controlling interests	59.4	–	–
Comprehensive income for the period/year attributable to Parent Company shareholders	471.6	172.6	338.4
Closing balance	4,309.9	3,414.7	3,904.3
Attributable to:
Parent Company's shareholders	4,246.1	3,410.3	3,899.9
Non-controlling interests	63.8	4.4	4.4

Liabilities to credit institutions

Liabilities to credit institutions amounted to SEK 6,763.7 million (6,543.0) and the loan framework amounted to SEK 7,324.4 million on 30 September 2017.

Fixed interest

Year	SEK M	Interest rate, %1)	Share, %
2017	1,235.3	2.6	18.3
2018	251.8	1.6	3.7
2019	77.0	0.3	1.1
2020	742.0	1.4	11.0
2021	691.7	4.4	10.2
2022	500.0	3.9	7.4
2023	500.0	3.3	7.4
2024	500.0	3.0	7.4
2025	1,122.0	3.9	16.6
2026	1,143.9	4.2	16.9
Total	6,763.7	3.2	100.0

1) Refers to the current average interest rate as at 30 September 2017. Interest rates are adjusted in line with the changes in the general interest rate but are limited by interest-rate caps.

Capital tied-up

Year	Contract volume, SEK M	Utilised, SEK M.	Unutilised, SEK M
2017	100.0	0.0	100.0
2018	824.0	824.0	–
2019	2,855.4	2,394.7	460.7
2020	3,477.8	3,477.8	–
>2024	67.2	67.2	–
Total	7,324.4	6,763.7	560.7

During the period, Catena has renegotiated financing agreements with a total framework of approximately SEK 3.9 billion. Fixed interest on average amounts to 4.7 years.

During the period, the final part of the deferred purchase consideration for the sale of the project Haga Norra in Solna of SEK 300 million was received. At the same time, the acquisition credit for Tribona, also SEK 300 million, was resolved.

Bond financing

Catena's outstanding covered (through property mortgages) bond financing amounts to SEK 878 million and is fully financed through Svensk FastighetsFinansiering AB (SFF). SFF issues bonds on the Swedish capital market through a covered MTN programme of SEK 12,000 million. SFF is equally owned by Catena, Diös, Fabege, Platzer and Wihlborgs.

During the third quarter, a two-year financing of SEK 77 million was subscribed to at a fixed interest rate of 0.345% via SFF.

Derivative instruments

Financial instruments consist of derivative instruments in Category 2 of the valuation hierarchy. The derivatives are marked to market, meaning that the carrying amount agrees with the fair value. The change is recognised in profit or loss. The carrying amount was a negative SEK 441,3 million (568.9). The change in the value of the derivatives does not affect cash flow and, on reaching maturity, the value of derivatives is always zero.

The nominal value of the derivatives is equivalent to 70 percent of consolidated liabilities to credit institutions.

Reduction in the rate of interest through interest-rate swaps

Start year	End year	Interest rate, %	SEK M
2011	2021	2.9	500.0
2012	2021	2.7	191.7
2012	2022	2.3	500.0
2014	2023	1.7	500.0
2014	2024	1.4	500.0
2017	2025	2.4	561.0
2017	2025	2.3	561.0
2017	2026	2.7	572.0
2017	2026	2.7	572.0
Total			4,457.6

Interest rate hedges through interest-rate caps
Start year	End year	Interest rate, %	SEK M
2013	2018	2.0	251.8
Total			251.8

The property portfolio

Property portfolio

SEK M	Fair value	No. properties
Property portfolio at beginning of
year	10,786.4	94
Acquisitions	785.3	10
Investments in existing properties	328.1
Sales	-419.9	-3
Translation differences, etc.	-0.4
Unrealised changes in value	270.5
Total investment properties	11,750.0	101

Changes in property portfolio

During the period, Catena acquired properties with a value of SEK 785.3 million and sold properties for SEK 419.9 million.

In addition, ongoing investments have been made in existing properties by SEK 328.1 million. The largest ongoing project is at the Solsten 1:102 property in Härryda, where Catena is building a 11,200-square-metre terminal for Bring. An extension of Oriola's high-bay storage facility has also been recently completed on the property.

At the property Tågarp 16:17 in Burlöv, a former ICA warehouse was converted to modern logistics facilities for Espresso House and MatHem – a project that is now completed.

The E-City Engelholm project, of which 58,000 square metres is completed, is continuing and project development of new stages has begun.

Work on the Stockholm property Nattskiftet 11, which was has been remodelled in stages in recent years, is continuing and we are now working to finalise the premises for Västberga Åkeri and Grönsakshallen Sorunda.

Property valuation

Unrealised changes in value of Catena's properties have arisen as a result of coordination, well-executed projects and good property management and amounted to SEK 270.5 million in the period. At the same time, goodwill of SEK 76.6 million has been derecognised in profit or loss with an assessment that the expected synergies from the Tribona acquisition have now materialised in the form of increased property values. The acquisition analysis for Tribona has now been discontinued, with a slightly

reduced goodwill and corresponding reduction in the deferred tax effect. With these changes, the remaining goodwill consists only of what is associated with deferred taxes on the properties acquired from the Tribona portfolio as part of the business combination.

Each quarter, Catena implements internal valuations of all its investment properties and this is used to determine the fair values recognised in the balance sheet. During the autumn, SEK 2 billion of the property portfolio was valued externally.

All of the Group's investment properties are assessed as being at level 3 in the valuation hierarchy. A detailed description of the valuation principles is available on pages 50-51 of Catena's Annual Report for 2016.

A certain discrepancy is permitted between the internal valuation and the fair value before the fair value is adjusted. The discrepancy must lie within a range governed by the permitted discrepancy, +/-0.25%, from the direct yield requirement. Only when the discrepancy exceeds or falls short of this range is the real value adjusted. This discrepancy is accepted since there is always some uncertainty in estimated figures.

investments Disposals

Properties by region

	Number of	Lettable area,	Fair value,	Rental value,	Economic	Contractual
Regions	properties	thousand sq. m.	SEK m	SEK m	letting ratio, %	annual rent, SEK m	Surplus ratio, %
Gothenburg	12	203.8	1,825.7	141.0	98	138.3	86
Helsingborg	24	347.4	2,177.0	183.8	87	159.0	70
Jönköping	12	209.6	1,070.7	136.7	90	123.0	74
Malmö	18	215.7	1,935.3	162.3	98	159.4	64
Stockholm	35	576.8	4,741.3	402.9	94	379.4	80
Total	101	1,553.3	11,750.0	1,026.7	93	959.1	76

Property acquisition

Property designation	Transfer date	Region	Municipality	Space, sq. m.	Property Value, SEK M	Rental income/ year, SEK M
Sunnanå 5:16	10 Jan 2017	Malmö	Burlöv	Land	9.3	0.1
Vångagärdet 20	1 Feb 2017	Helsingborg	Helsingborg	25,690	101.5	8.0
Kärra 1:23	8 Mar 2017	Helsingborg	Ängelholm	Land	3.5	0.1
Morup 5	29 Mar 2017	Malmö	Malmö	24,931	89.1	15.0
Sunnanå 12:51 *)	30 March 2017	Malmö	Burlöv	16,940	300.0	18.7
Sunnanå 12:52 *)	30 March 2017	Malmö	Burlöv	Land	120.0	0.0
Plantehuset 2 *)	30 March 2017	Helsingborg	Helsingborg	4,694	60.0	3.2
Plantehuset 3 *)	30 March 2017	Helsingborg	Helsingborg	Land	80.0	0.0
Part of Björröd 1:3 mfl	31 July 2017	Gothenburg	Mölnlycke	Land	15.3	0.0
Mappen 4	16 August 2017	Stockholm	Linköping	Land	6.7	0.0
Total				72,255	785.4	45.1

*) During the first quarter, Catena acquired the remaining shares in four properties previously owned through a joint venture. On their conversion into wholly owned companies, the Group first conducts a sale of the joint venture shares, generating a capital gain of SEK 68.1 million because the companies had a higher valuation at the time of sale than previously. Two of the properties are project properties, which made them difficult to valuate.

Property sales

					Property
Property designation	Vacated	Region	Municipality	Space, sq. m.	Value, SEK M	Earnings, SEK M
	23 February
Regulatorn 2 *)	2017	Stockholm	Huddinge	45,203	365.0	10.0
Ädelmetallen 1	15 March 2017	Jönköping	Jönköping	20,757	96.0	8.2
Boländerna 22: 9	1 July 2017	Stockholm	Uppsala	3,546	5.0	0.0
Total				69,506	466.0	18.2

*) During the first quarter, Catena divested 50 percent of the property Regulatorn 2. The remaining 50 percent has been converted into a joint venture interest. On conversion into a joint venture, the Group first implemented a 100-percent sale, which generated a capital gain of SEK 10 million.

Bunkagården Mellersta 2, Helsingborg

Property portfolio continued

A selection of current properties

Plantehuset 3, Helsingborg

In a very strategic location where the E6 and E4 meet, Catena is building an approximately 30,000-square-metre property with Nowaste as a tenant. The property is part of the cluster that Catena plans to build in the area comprising 270,000 square metres of land and expected to accommodate 105,000 square metres of logistics area.

Bring, Härryda & Linköping

Catena is currently building two facilities for Bring. In Härryda, Catena is in the process of constructing a new cross-docking terminal, with Bring as the sole tenant with 11,200 square metres, see picture. In Linköping, Catena is now commencing construction of a new approximately 6,000 square-metre property, where Bring will rent 2,400 square metres of space.

Nattskiftet 11, Stockholm

Nattskiftet 11 in the Stockholm Municipality is one of Catena's major rebuilding projects, with the 25,600-square-metre property being transformed from a 1960s standard to a modern FMCG cluster. Adaptations for tenants are currently being made to Sorunda Frukt och Grönt and to Västberga Åkeri.

Personnel, Group

Current earnings capacity

In the table, Catena presents its earnings capacity on a 12-month basis. As this table is not equivalent to a forecast, but is intended to reflect a normal year, actual outcomes may differ because of decisions that affect the outcome positively as well as negatively in relation to normal years, like unforeseen events. The presented earnings capacity does not include any assessment of changes in rent, vacancy or interest rate. Catena's profit or loss is also affected by changes in value and changes in the property portfolio as well as changes in the value of derivative instruments. None of this has been taken into account in the current earnings capacity. The net operating surplus is based, at the balance sheet date, on contracted leases and normalised property costs for the current portfolio. Financial expenses are based on Catena's average interest rate level including hedges for current loan debt less deducted interest rate in normal project volume. The tax is calculated on a conventional basis according to the tax rate at any given time.

Earnings capacity

	2017
SEK M	30 Sep
Rental income	939.7
Property expenses	-234.9
Net operating surplus	704.8
Central administration	-31.2
Interest in profits from associated companies	9.0
Net financial items	-210.8
Profit from property management	471.8
Tax for the period	-103.8
Profit for the period	368.0
Key share data
Profit for the period/year, SEK per share	10.30
Number of shares outstanding, millions	35.7

Plantehuset 2, Helsingborg

Shares and shareholders

The Catena share

On the balance sheet date, the Catena share was registered on the Nasdaq Stockholm – Nordic Mid Cap list. The closing price on 30 September 2017 was SEK 146.50, against the opening price of SEK 128.50 on 2 January 2017, representing an increase of 14 percent over the period. During the period, the highest price noted for the Catena share was SEK 153.00 and the lowest was SEK 124.25.

As of 30 September, Catena had 14,616 shareholders and the number of shares amounted to 35,735,506.

Share price trend 1 October 2015 – 30 September 2017

Ownership structure at 30 September 2017, major shareholders.

	No. of shares,
	000s	Votes, %
Backahill	11,221	31.4
Endicott Sweden AB (CLS Holding plc)	3,971	11.1
Länsförsäkringar fondförvaltning AB	3,509	9.8
SFU Sverige AB	1,810	5.1
Nordea Investment Funds	1,202	3.4
CGML PB Client Acct-Sweden Treaty
(Carve Capital)	951	2.7
Citi Switz AG AS Agent For Clients	905	2.6
Skagen Vekst Verdipapirfond	583	1.6
Danske Capital Sverige AB	565	1.6
BPSS LDN /TR Property Investment TRU	520	1.5
JP Morgan Bank Luxembourg SA	475	1.3
Skagen M2 Verdipapirfond	465	1.3
Origo Quest 1	378	1.1
Other shareholders	9,181	25.5
Total	35,736	100.0

Dividend policy

In the long term, Catena's dividends shall amount to at least 50 percent of profit from property management less standard rate tax.

Financial reporting

16 February 2018 Year-end Report 2017

26 April 2018 Annual General Meeting

Contact

Benny Thögersen, CEO benny.thogersen@catenafastigheter.se Telephone +46 (0)706 608 350

Peter Andersson, Deputy CEO, CFO peter.andersson@catenafastigheter.se Telephone +46 (0)42 449 22 44

Jordbromalm 4:41, Jordbro

Parent Company's financial statements

Parent Company Income Statement

SEK M	2017 Jan-Sep	2016 Jan-Sep	2016 Jan-Dec
Net sales	39.6	32.2	47.6
Cost of services performed	-56.0	-50.3	-70.0
Operating profit/loss	-16.4	-18.1	-22.4
Financial income and expenses
Other interest income and similar income	93.1	75.1	101.0
Profit from participations in Group
companies	–	–	226.6
Interest expenses and similar expenses	-187.5	-245.9	-321.8
Profit before appropriations and taxes	-110.8	-188.9	-16.6
Appropriations	–	–	-0.1
Tax on profit for the period	59.8	41.5	-14.3
Comprehensive income for the period	-51.0	-147.4	-31.0

No items in the Parent Company are recognised in other comprehensive income and total comprehensive income is therefore consistent with profit for the year.

Balance Sheet, Parent Company

SEK M	2017 30 Sep	2016 30 Sep	2016 31 Dec
Assets
Non-current assets
Property, plant and equipment	2.2	2.5	2.3
Financial fixed assets	3,263.3	3,252.6 3,252.6
Deferred tax asset	97.4	54.6	39.4
Long-term receivables	2.7	4.4	4.1
Current assets
Receivables from Group companies	4,285.1	3,571.4 3,983.1
Receivables from associated companies	–	50,5	92.7
Current receivables	12.4	4.2	6.6
Cash and cash equivalents	295.8	20.8	113.7
Total assets	7,958.9	6,961.0 7,494.5
Equity, provisions and liabilities
Equity	1,992.8	1,727.9 2,168.9
Untaxed reserves	0.1		0.1
Non-current liabilities
Other non-current liabilities	441.3	232.2	177.9
Current liabilities
Liabilities to credit institutions	–	352.0	316.8
Liabilities to Group companies	5,486.7	4,512.3 4,740.3
Liabilities to associated companies	3.0	8.4	46.4
Other current liabilities	35.0	128.2	44.1
Total shareholders' equity and liabilities	7,958.9	6,961.0 7,494.5

Financial targets

Other significant events during the period

At the beginning of the year, Catena, via SFF, participated in covered, through property mortgages, bonds totalling SEK 234 million, with the Drivremmen 1 terminal in Stockholm. SEK 170 million matures on 20 April 2020 with a fixed annual nominal interest rate of 1.42

percent, and SEK 64 million maturing on 9 March 2020 with a floating interest rate of three-months STIBOR plus 1 percent with an effective margin of 1.1 percent.

In February, Catena entered into an agreement to relinquish 50 percent of Catena Regulatorn AB, which owns the Regulatorn 2 property in Huddinge, south of Stockholm. Regulatorn 2 has a lettable area of 45,000 square metres with annual rental income of SEK 32 million. The property, which in the long term is unsuitable for logistics operations, will be developed together with the new owner, WA Huddinge AB, which will work to develop a new detailed development plan for the area. The underlying property value for the entire property was SEK 365 million and the purchase consideration for 50 percent of the shares was SEK 77 million.

On 15 March, Catena signed an agreement relinquishing the Ädelmetallen 1 property in Jönköping with a lettable area of 21,000 square metres and which was, at the time of sale, about to be vacated. The purchase consideration and underlying property value amounted to about SEK 96 million.

In March, Catena performed a larger-scale, value-neutral reorganisation and extension of about SEK 2.3 billion of the Company's swap agreements, entailing lower interest rates over a longer period. The weighted average interest rate in the swap portfolio is lowered by about 0.3 percent, from 2.6 to 2.3 percent.

The Morup 5 property in Malmö was acquired and taken control of by Catena of the end of March through a corporate transaction with an underlying value of SEK 89 million. The property has a lettable area of 25,000 square metres and an annual rental income of SEK 15 million with Bring being the seller and largest tenant. The purchase consideration amounted to SEK 22 million and was financed through the Company's own cash flow.

On 30 March, Catena acquired the remainder of the four partly-owned companies from Peab for a total underlying property value of SEK 560 million. The purchase consideration for the remaining 50 percent of all of the companies and properties totalled SEK 104 million. Read more about the properties included in the transaction on page 9.

In April, Catena resolved to invest SEK 106 million in the Sunnanå 12:52 property in Burlöv, outside Malmö, with construction scheduled to commence in autumn 2017. The investment comprises a 8,500-square-metre distribution centre, for which a lease has been signed with Svensk Cater AB for ten years, and is expected to

generate a net operating surplus of approximately SEK 7 million annually. Occupancy is scheduled for the autumn of 2018.

At the 2017 Annual General Meeting, former CEO Gustaf Hermelin was appointed as the new Chairman of the Board of Directors of Catena. At the same time, Deputy CEO Benny Thögersen was appointed as the new CEO and CFO Peter Andersson was appointed as the new Vice President. They will all take up their new posts in conjunction with the Annual General Meeting on 27 April 2017. At the meeting, new auditor Mats Åkerlund was also appointed.

In May, Catena entered into a collaboration as one of four owners of the newly formed company Urban Services in Solna, with the aim of offering logistics and services primarily to property owners, tenants and construction and civil engineering contractors in the expansive Arenastaden in Solna.

On 4 May, Catena, via SFF, participated in covered, through property mortgages, bonds totalling SEK 244 million with the terminals Burlöv Sunnanå 12:52 and Eskilstuna Ekeby 2:2. The increase has been made in SFF's loan No. 105, with a coupon of three-months STIBOR plus 1.00 percent. The issue has been issued at an effective interest rate of three-months STIBOR plus 0.94 percent. The loan matures on 9 March 2020.

Catena has entered into an agreement with Falvir AB to acquire the remaining 40 percent of Queenswall AB, with 1 October as the transfer date. The purchase consideration amounts to SEK 70 million. The underlying property value for completed buildings and remaining

developable land amounts to SEK 498 million. Catena acquired 60 percent of the company in July 2015. The company currently owns 205,000 square metres of land along the E6 motorway south of Ängelholm, where 58,000 square metres of logistics area adapted for e-commerce has been completed.

In August, Catena acquired Mappen 4 in Linköping from Linköping Municipality. On the 22,000-square-metre piece of land, Catena will build an approximately 6,000-square-metre distribution centre with both cold storage warehouses and offices. The investment amounts to SEK 80 million and Bring will be the first tenant with 2,400 square metres, and occupancy is scheduled for summer 2018. Further negotiations with tenants are ongoing and, fully-leased, the rental value amounts to approximately SEK 7 million annually.

On 31 August, Catena signed a seven-year lease agreement with Nowaste Logistics AB for 30,400 square metres in new construction. The investment amounts to SEK 220 million. The property is expected to be operational on 1 September 2018. The annual rent amounts to approximately SEK 18 million. Catena owns an area of approximately 270,000 square metres of land in the Tostarp industrial area outside Helsingborg. An opportunity exists there for new construction of approximately 105,000 square metres of logistics space, and the new building for Nowaste will be in the middle of a logistics cluster ideally situated for sign visibility next to the E6 motorway outside Helsingborg.

On 19 September, Catena signed a ten-year lease agreement with Cramo AB for 3,400 square metres of space. Catena will invest SEK 82 million in a completely new facility that will be built in Björröd's industrial area in Härryda Municipality. The property is expected to be operational during spring 2018 and comprises warehouse space, offices and workshop space as well as a 34,000-square-metre site for Cramo's operations. The annual rent amounts to approximately SEK 6 million.

In September, Erik Paulsson, member of Catena's Board of Directors since 2013, informed the Chairman of the Board that he will be leaving his Board position at the Annual General

Significant events after the end of the period

Meeting on 26 April 2018. In accordance with normal procedures, the Nomination Committee will now propose the election of a prospective replacement ahead of the 2018 Annual General Meeting.

On 2 October, Catena AB presented its offer to the shareholders of Klockarbäcken Property Investment AB (publ) ("Klockarbäcken") to acquire all shares in Klockarbäcken (the "Offer"). As a payment for their shares in Klockarbäcken, Catena is offering shareholders in Klockarbäcken newly issued shares in Catena. The value of the bid corresponds to SEK 110 per share in Klockarbäcken. All shareholders on Klockarbäcken's Board of Directors, including the two largest owners in Klockarbäcken, have stated that they intend to accept the offer.

A new Nomination Committee for the 2018 Annual General Meeting has been appointed for Catena. The Nomination Committee consists of representatives of the four largest shareholders and the Chairman of the Board: Fredrik Widlund appointed by Endicott Sweden AB (CLS Holdings plc) Anders Nelson appointed by Backahill Kil AB Johannes Wingborg appointed by Länsförsäkringar Fondförvaltning AB Gustaf Hermelin, Chairman of the Board and appointed by SFU Sverige AB.

Norra Varalöv 31:11, Ängelholm

Other

Market outlook

Over time, the market for logistics properties is driven by increased cargo flows and growing retail trade, particularly e-commerce. Demand for Catena's logistics spaces, which are well-situated and well-suited for their purposes and which are environmentally efficient, is expected to remain good during the end of 2017.

The availability of modern, strategically located logistics premises, preferably adjacent to container terminals, is limited. For this reason, we expect the letting ratio at our properties to remain high. The availability of developable land with suitable planning permission is also limited within certain geographical areas, providing opportunities for increased rent levels. Accordingly, this provides good opportunities to move forward with new construction at our existing development sites.

Concluded agreement negotiations also indicate stable rent levels in our existing portfolio. In addition, as a result of increased space efficiency, we expect increased rental income per square metre for our newer holdings of larger buildings and newly-constructed properties.

Combined with favourable access to capital at low interest rates, this means that the transaction market for efficient, energy-smart and suitably located logistics properties remains good. Ongoing tax investigation proposals may, however, have a certain inhibiting effect on transactions in the short term.

Through acquisitions and property development, we perceive good opportunities to expand our operations over the coming years.

Catena's sustainability activities

Sustainability is one of Catena's four prioritised strategic areas. Our sustainability efforts focus on participating in social progress by establishing the conditions for more sustainable logistics, reducing environmental impact and being an attractive employer. Catena has daily contact with numerous stakeholders, and one example of a contact forum is Catena's annual Logistics Trends conference. Read more about Catena's sustainability work on pages 30-37 of the 2016 Annual Report.

Related parties

Profit for the year includes the smaller related-party transactions with Hansa AB and Dina el Midani Architect for consulting services.

Quarterly overview

	2017 Q3	2017 Q2	2017 Q1	2016 Q4	2016 Q3	2016 Q2	2016 Q1	2015 Q4
Rental income, SEK M	225.0	222.1	211.5	199.7	208.9	201.2	176.8	119.1
Net operating surplus, SEK M	170.6	173.6	156.7	148.2	152.0	151.3	126.6	88.4
Surplus ratio, %	75.8	78.2	74.1	74.2	72.8	75.2	71.6	74.2
Economic letting ratio, %	93.4	92.8	94.0	93.0	92.0	91.7	85.6	95.5
Profit from property management, SEK M	113.7	110.9	108.4	81.3	91.0	86.8	56.9	67.2
Profit for the period, SEK M	194.8	159.9	176.3	165.8	69.3	63.4	39.9	145.3
Return on equity, %	4.6	3.9	4.4	4.5	2.1	1.9	1.4	6.0
Equity ratio, %	32.9	32.3	32.1	31.6	28.2	28.0	28.4	35.7
Share price at end of the period, SEK	146.50	135.50	132.00	128.50	142.00	123.00	125.00	115.75
Cash flow before change in working capital per share, SEK	3.11	2.79	2.91	2.22	2.65	1.81	2.15	1.99
Earnings per share, SEK	4.4	3.9	4.9	4.7	2.1	1.9	1.3	5.6
Net asset value per share, EPRA NAV, SEK	143.7	141.1	139.2	135.8	132.8	130.1	128.8	115.0

Key financial figures for the Group

Key figures 1, 2) Definitions
	2017	2016	Rolling	2016
Property-related	Jan-Sep	Jan-Sep	12-month	Jan-Dec
Rental income, SEK M	658.6	586.9	858.3	786.6	Rental income according to Statement of comprehensive income
Net operating surplus, SEK M	500.9	429.9	649.1	578.1	Rental income less operating and maintenance costs, property tax, ground rent and property administration.
Surplus ratio, %	76.1	73.2	75.6	73.5	Net operating surplus as a percentage of income from property.
Rental value, SEK M	1,026.7	900.8	1,026.7	925.7	Contractual rents on an annual basis plus a supplement for assessed market rents for vacant space.
Economic letting ratio, %	93.4	92.0	93.4	93.0	Contractual annual rents under leases valid at the end of the period/year end as a percentage of rental value.
Loan-to-value ratio, %	57.6	63.0	57.6	59.9	Interest-bearing liabilities attributable to the properties as a percentage of the carrying amounts of the properties at the end of the period/year.
Lettable area, thousand sq. m.	1,553.3	1,451.7	1,553.3	1,490.9	Total area available for letting.
Financial
Profit from property management, SEK M	333.0	234.7	414.3	316.0	Pre-tax profit with reversal of changes in value.
Pre-tax profit, SEK M	628.3	186.2	828.7	386.6	Profit before tax in accordance with Statement of comprehensive income
Profit for the period/year, SEK M	531.0	172.6	696.8	338.4	Profit for the period/year in accordance with Statement of comprehensive income
Total assets, SEK M		13,099.1 12,104.3 13,099.1 12,344.9
Return on equity, %	12.9	5.9	18.0	10.6	Profit for the period/year as a percentage of average equity.
Return on equity, %	6.0	5.4	7.3	6.9	Pre-tax profit plus financial expenses as a percentage of average total assets.
Interest-coverage ratio, multiple	3.7	2.3	3.3	2.3	Pre-tax profit before reversal of financial expenses and unrealised changes in value in relation to financial expenses.
Average interest rate, %	3.2	3.5	3.2	3.6	Average interest on the loan portfolio with derivatives being taken into account.
Fixed interest, years	4.7	3.5	4.7	3.5	Average remaining period of fixed interest on the loan portfolio with derivatives being taken into account.
Capital tied-up, years	2.1	2.1	2.1	1.5	The average remaining period for which capital is tied up in the loan portfolio.
Equity ratio, %	32.9	28.2	32.9	31.6	Equity including non-controlling interests as a percentage of total assets.
Equity ratio, excluding goodwill, %	34.2	29.8	34.2	33.3	Equity including non-controlling interests as a percentage of total assets less goodwill.
Share-related
Share price at end of the period, SEK	146.50	142.00	146.50	128.50
Cash flow before change in working capital per share, SEK 3)	8.81	6.61	11.04	8.87
Equity per share, SEK	118.82	102.61	118.82	109.13	Equity attributable to Parent Company shareholders in relation to the number of shares outstanding at the end of the period/year.
Profit from property management per share, SEK 3)	9.32	7.19	11.62	9.53	Profit from property management in relation to the number of shares outstanding at the end of the period/year.
Earnings per share, SEK 3)	13.20	5.29	17.87	10.20
Net asset value per share, EPRA NAV(including goodwill), SEK	157.81	148.20	157.81	149.80	Shareholders' equity with reversal of the fair value of interest rate derivatives and deferred taxes in the balance sheet and goodwill associated with the deferred tax, calculated per share.
Net asset value per share, EPRA NAV, SEK	143.73	132.80	143.73	135.80	Shareholders' equity with reversal of the fair value of interest rate derivatives and deferred taxes in the balance sheet, calculated per share.
Number of shares outstanding, millions	35.7	33.2	35.7	35.7
P/E ratio	8	15	8	13	Share price at the end of the period/year in relation to earnings per share for the year.

1) For division into IFRS categories, alternative and other key figures, please refer to Catena's Annual Report for 2016, pages 128-129.

2) On remaining properties at the end of the period.

3) Key figures have been restated taking into account the bonus element of the new share issue 11 October 2016.

Accounting and valuation principles

Catena AB draws up its consolidated accounts in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and also with interpretive statements from the International Financial Interpretations Committee (IFRIC), as approved by the European Commission for application in the EU.

The Parent Company applies the same accounting policies as the Group, with due consideration of the recommendations of the Swedish Council for Financial Reporting: RFR 2 Accounting for Legal Entities of the Swedish Financial Reporting Board.

This Interim Report was drawn up in accordance with IAS 34, Interim Financial Reporting, for the Group and according to the Swedish Annual Accounts Act for the Parent Company. The accounting principles are unchanged compared with the Annual Report for the preceding year. None of the other IFRS or IFRIC interpretations that apply effective from 1 January 2017 are deemed to have any significant impact on the Group.

Risks and uncertainty factors

In order to draw up the accounts according to generally accepted accounting principles, the Company management must make assessments and assumptions that affect the asset and liability items and the income and expense items disclosed in the annual accounts, and also other information provided. Actual outcomes may diverge from these assessments. Catena's financial risks are described in Note 20 on pages 90-91 of the 2016 Annual Report. No essential changes have occurred since its publication.

The Board of Directors and the Chief Executive Officer certify that this report gives a true and fair view of the financial position and results and describes significant risks and uncertainties that the Group and the companies included in the Group face.

Solna 26 October 2017 Catena AB Board of Directors

Lagret 1, Nässjö

Contact

Region Gothenburg, Johan Franzén, Telephone +46 (0)42 449 22 60 Email: johan.franzen@catenafastigheter.se Region Helsingborg, Gran Jönsson, Telephone +46 (0)42 449 22 66 Email: goran.jonsson@catenafastigheter.se Region Jönköping, Christian Berglund, Telephone +46 (0)702 17 83 88 Email: christian.berglund@catenafastigheter.se Region Malmö, Christian Berglund, Telephone +46 (0)702 17 83 88 Email: christian.berglund@catenafastigheter.se Region Stockholm, Maths Carreman, Telephone +46 (0)730 70 22 12 Email: maths.carreman@catenafastigheter.se

Catena in brief

Catena is a leading property company in logistics, offering companies and third party operators customised, cost-effective and sustainable logistics facilities in strategic locations adjacent to the country's cargo flows. In this way, the company generates strong cash flow, enabling stable development of operations and dividends for shareholders.

Vision

Catena links Scandinavia's cargo flows.

Today, flows of goods to and from Scandinavia make use of maritime and air transport, rail and road, individually or in combination, to collect and store goods at selected logistics points, from which goods can be re-distributed to shops and/or end users. At these locations, from which the metropolitan regions of Scandinavia can also easily be reached, Catena continues to develop modern and well-suited logistics facilities.

Business concept

Catena shall sustainably and through partnerships develop efficient logistics facilities that serve the metropolitan regions of Scandinavia. In Sweden, with its substantial distances, transport efficiency is an important factor in companies' profitability. Catena's vision is to link Scandinavia's cargo flows by developing and offering strategi cally located cost– and environmentally efficient logistics facilities that can supply goods to growing metropolitan regions.

Customer offering

Logistics solutions is a collective term for buildings whose purpose is the collection, storage and distribution of goods. The goods, volumes, timing and, above all, the task impose different require ment on r logistics premises. Consequently, Catena provides different types of premises.

Catena owns, actively develops and manages efficient logistics properties in prime locations. The overriding objective is to show strong cash flow to enable stable development and dividends for shareholders. Catena AB is listed on the Nasdaq Stockholm exchange.

Catena AB (publ) Box 5003 SE-250 05 Helsingborg, Sweden Switchboard +46 42 449 22 00 Head office

Regional office Catena AB/Gothenburg JA Pripps Gata 2 SE-421 32 Västra Frölunda, Sweden Switchboard +46 42 449 22 00

Visiting address: Landskronavägen 7a SE-252 32 Helsingborg, Sweden

Catena AB/Helsingborg See Head Office

Deliveries/visitors, effective from 12 May 2017

Landskronavägen 23 SE-252 32 Helsingborg, Sweden

Catena AB/Jönköping See Catena AB/Malmö

Switchboard: +46 42 449 22 00 Catena AB/Malmö Lagervägen 4 SE-232 37 Arlöv, Sweden Switchboard: +46 42 449 22 00

Catena AB/Stockholm Östra Längdgatan 1 SE-611 35 Nyköping, Sweden Switchboard: +46 42 449 22 00

www.rhr.se