As a result of the divestments of Catella Bank’s operations, the entire Banking business area has been reported as a disposal group held for sale in accordance with IFRS 5. This means that in the Consolidated Income Statement net profit (after tax) is reported on a separate line under period profit from disposal group held for sale. » A Catella clearly positioned for future growth. Year-End Report Janua Ja uary – Decem ecember er 2019 2019 1 Catella group | Interim report 21 FEBRUARY 2020
CATELLA GROUP Summary Leading finance group in property and alternative investments Catella was founded in 1987, has 29 offices across 15 countries and 550+ employees within three business areas: CORPORATE PROPERTY INVESTMENT EQUITY, HEDGE AND FINANCE MANAGEMENT FIXED INCOME FUNDS Leading European advisor Offers institutions, companies Leading independent fund within high-end real estate and individuals specialized manager in the Nordics and a transaction services and real regulated fund products and global niche player in estate related corporate regional asset management systematic macro. finance. services. NEW YORK HONG KONG Headquartered in Stockholm and listed at Stockholm Stock Exchange, Nasdaq OMX, midcap. MARKET TOTAL INCOME* DISTRIBUTION OF OPERATING PROFIT* ASSETS UNDER CAPITALISATION INCOME (LTM)* MANAGEMENT “AUM”* Property Investment Corporate Management Finance SEK 2 , 3 Bn SEK 2 , 4 Bn SEK 422 M SEK 171 Bn 36% 30% February 2019 Last 12 months “LTM” LTM Q4 2019 Equity,Hedge and 34% Fixed Income Funds *The Banking business area is reported as a Disposal group held for sale and is not included in the Group figures. 2 21 FEBRUARY 2020 Catella group | Interim report
CATELLA GROUP Synergier Differentiated, linked business model with a clear income base Strong growth in Good profitability assets under management drives despite most of fixed earnings and growth already increases Catella’s recognised in the Stable base for potential cash Income Statement position variable earnings TOTAL INCOME * OPERATING PROFIT * ASSETS UNDER MANAGEMENT CASH AND CASH EQUIVALENTS * ** SEK Bn SEK M SEK M SEK M 200 3,000 450 1,200 400 2,500 1,000 350 150 2,000 300 800 250 100 1,500 600 200 1,000 150 400 50 100 500 50 200 - - - 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 - 2015 2016 2017 2018 2019 * The Banking business area has been reported as Disposal group held for sale and has not been included in Group figures. ** The darker areas of the bars show bridge financing of SEK 220 M relating to banking, which will be repaid to Catella’s remaining operations in 2020. 3 21 FEBRUARY 2020 Catella group | Interim report
CATELLA GROUP Financials Sales and results of operations Group Total income increased by SEK 63 M year-on year, OPERATING PROFIT/LOSS, AUM, SEK Bn TOTAL INCOME, SEK M SEK M driven by Property Investment Management and 220 800 180 principal investments. 200 160 700 180 140 Operating profit was SEK 122 M in the fourth 600 160 120 140 quarter, up 102% year-on-year and attributable to 500 100 120 Property Investment Management and Corporate 400 100 80 Finance. Assets under management in Property 300 80 60 60 Investment Management continued to increase. 200 40 40 Growth is mainly organic through new operational 100 20 20 units and products in line with our strategy. 0 0 0 2017 2018 2019 2017 2018 2019 2017 2018 2019 Catella experienced outflows from its hedge products in 2019, which decreased profit from fixed Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 earnings/fixed expenses in Equity, Hedge and Fixed 3 Months 12 Months Income Funds. The annualized rate in was SEK 204 2019 2018 2019 2018 M at the end of the quarter, a decrease of SEK 123 SEK M Oct-Dec Oct-Dec Jan-Dec Jan-Dec M year-on-year. Tot otal i inc ncom ome 761 761 698 698 2, 2,420 420 2,216 2, 216 Assignment expenses and commission -83 -101 -372 -389 The migration of card customers to Advanzia Bank is Operating expenses -556 -537 -1,626 -1,474 proceeding as planned, and is expected to be Opera rating p pro rofit/l /loss ss 122 122 60 60 422 422 352 352 completed in the first quarter 2020. A further SEK 72 72 23 23 148 148 210 210 Pr Prof ofit f for or t the he p period od f from om c cont ontinui nuing ng op operations ons 56 M of the additional purchase consideration was Net p Ne pro rofit/l /loss f ss for t the p peri riod 65 65 -119 119 193 193 -2 -28 recognized as revenue in the fourth quarter, which Profit/loss attributable to the Parent Company shareholders 47 -133 113 -112 means that SEK 104 M was recognized in 2019. Operating margin, % 16 9 17 16 No. of employees, at end of period 582 552 582 552 Asset et u under er m managem emen ent, S , SEK B Bn - - 171. 171.3 186. 186.2 net in-(+) and outflow(-) -13.7 -2.6 -33.0 -0.5 * Includes internal income between business areas. 4 21 FEBRUARY 2020 Catella group | Interim report
CATELLA GROUP Financials CATELLA GROUP Balance Sheet Financial position – Remaining operations Balance sh sheet SEK EK M M 3,298 CASH AND CASH EQUIVALENTS Asse ssets 385 Short and long term investments Loan porfolio 120 128 SEK M Other investments (Securities, Co-investments) 1,200 72 Treasury placements (Bonds, Macro fund) 65 Accrued bonuses invested in own products 1,000 408 Property development projects 800 Deferred tax assets * 78 881 Cash and cash equivalents 600 1,547 Other assets 400 1,266 Equity ty 1,052 Shareholders of the parent company 200 214 Minorities interest - 2,032 Lia iabilit ilitie ies 2015 2016 2017 2018 2019 Unsecured bond ** 750 Other liabilities 1,282 * Deferred tax assets offsettable against tax in Mutual Funds and the loan portfolios. ** 3M Stibor (no floor) + 4% margin, maturity June 2022 *** The darker areas of the bars show bridge financing of SEK 220 M relating to Banking, which will be repaid to Catella’s remaining operations in 2020. 5 21 FEBRUARY 2020 Catella group | Interim report
CORPORATE FINANCE 6 21 FEBRUARY 2020 Catella group | Interim report
CORPORATE FINANCE Sales and results of operations The total transaction market for commercial OPERATING PROFIT/LOSS, CATELLA PROPERTY TOTAL INCOME, SEK M SEK M properties in Europe, excluding the UK, totalled TRANSACTION VOLUME, SEK 350 60 Bn EUR 90.2 Bn (92.9) in the quarter, a decrease of 3% 30 50 300 year-on-year. 25 40 Property transactions where Catella acted as advisor 250 20 30 totalled SEK 32.1 Bn (23.3) in the quarter, of which: 200 20 France 15 SEK 20.9 Bn (10.3) 150 10 Sweden SEK 6.0 Bn (10.2) 10 100 0 Denmark SEK 2.0 Bn (0.2) 5 50 -10 Germany SEK 1.7 Bn (1.0) 0 0 -20 Total income was SEK 287 M (299) and operating 2017 2018 2019 2017 2018 2019 2017 2018 2019 profit was SEK 48 M (30) in the quarter. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Total income adjusted for assignment costs increased by SEK 20 M, and operating profit increased by 20 M 3 Months 12 Months year-on-year. 2019 2018 2019 2018 The decrease in assignment costs is due to France, SEK M Oct-Dec Oct-Dec Jan-Dec Jan-Dec Nordic * 77 89 225 246 where joint invoicing with an external advisor, within Continental Europe * 210 210 482 468 the framework of the mandate, was down on the Tot otal i inc ncom ome 287 287 299 299 709 709 715 715 previous year. Assignment expenses and commission -18 -50 -55 -88 Operating costs were in line with the previous year. Operating expenses -222 -219 -592 -578 In the Nordics, the quarter as weaker compared to Opera rating p pro rofit/l /loss ss 48 48 30 30 62 62 49 49 the corresponding period in the previous year, Operating margin, % 17 10 9 7 where Sweden provided a majority of the decrease - - 214 220 No. of employees, at end of period in income and profit. In continental Europe, Property transaction volume, SEK Bn 32.1 23.3 70.2 68.6 Germany mainly increased operating profit year-on- of which Nordic 9.3 11.8 27.1 30.1 year. of which Continental Europe 22.9 11.5 43.1 38.5 * Includes internal income between business areas. 7 21 FEBRUARY 2020 Catella group | Interim report
PROPERTY INVESTMENT MANAGEMENT 8 21 FEBRUARY 2020 Catella group | Interim report
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