Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 33 n° 348

Catella Interim Report January – June 2021

Posted by fidest press agency su venerdì, 20 agosto 2021

Catella’s core operations are developing well and we continue to make progress in important strategic areas. We increased assets under management, completed several major principal investments and were a very active partner on a strong property transaction market. As a result, total income adjusted for operations being divested or wound down increased by 17 percent to SEK 478 M. Adjusted operating profit (EBIT) also improved significantly to SEK 113 M, and increased by 55 percent year-on-year.The strongest drivers behind this improvement are continued growth in assets under management in Property Investment Management (PIM) and a very strong quarter for Corporate Finance, where Catella acted as advisor on several major transactions.Catella’s investments in the Principal Investments business area continue to make good progress and we announced five new projects in Sweden, Germany and Spain in the quarter. No properties were divested in the quarter, and accordingly the business area did not recognize any income.As previously communicated, the winding down of IPM’s operations is progressing as planned, which reduced operating profit/loss for the quarter by SEK 103 M, of which goodwill impairment amounted to SEK 39 M. In June, Catella submitted an application to return Catella Bank’s license to CSSF and a decision is expected in the second half of this year. This resulted in Group operating profit/loss, including operations in divestment or being wound down, of some SEK -31 M. Assets under management increased to SEK 112 Bn, an increase of nearly SEK 15 Bn year-on-year adjusted for the divestment of CAM France. The increase was primarily driven by inflows to residential funds and new mandates in the British asset management business. Operating profit/loss for the quarter was SEK 84 M, an increase of over 10 percent driven by the sustained increase in fixed management fees (+7%) and a larger share of performance fees. Development of three new funds started in the quarter, including CRIM Elithis Towers residential fund with a focus on developing energy positive residential housing across Europe, and we are already noticing interest from investors.In the first half of 2021, PIM’s assets under management increased by SEK 11 Bn (adjusted for the divestment of the French Asset Management operations), and has returned average annual growth of 31% since 2015.Demand for residential and logistics properties remains strong, and the Principal Investments business area announced new projects in and after the end of the quarter. These included a project in central Düsseldorf where Catella will be developing a new landmark focused on sustainability, energy efficiency and modern working. After the end of the quarter, we also announced a fourth project through partly owned Infrahubs. A logistics property of approximately 25,000 m2 will be completed in the commercial node of Ljungby, fully let to PostNord TPL AB with a rental agreement spanning 10 years. Like in previous projects, construction will be characterized by sustainable methods and materials, and energy efficiency.Principal Investments’ total development projects amounted to close to SEK 2.7 Bn in total investments at the end of the quarter, of which SEK 688 M was comprised of Catella’s capital and shareholder loans. This corresponds to an increase of SEK 1.2 Bn and SEK 0.4 Bn on the previous quarter.As usual, the second quarter was intensive in terms of transactions, and Catella presented one of its strongest quarters ever. Income increased by close to 80 percent to SEK 188 M and operating profit/loss improved to SEK 43 M (-3).Catella Corporate Finance acted as advisor in connection with several major transactions across all major markets. We saw the highest activity in Sweden and France, where the breadth of Catella’s offering was reflected in assignments where we acted as transaction advisor for commercial and residential properties, and offered debt and IPO related advisory services. It is very satisfying to see all the hard work pay off after a challenging year for transactions during COVID-19, particularly in large transactions such as the divestment of Biblioteksparken A/S in Denmark and Studentbostäder i Linköping AB. We continue the work of developing a total offering in all major markets in Europe.


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