FULLTEXT DEL 1 AV 1
Kvartalsrapport Q1 2024
===== SIDA 1 =====
Interim Report January – March 2024
Focus on developing resilient operations
through the economic cycle
“We continue to consistently improve our operations for increased flexibility and resilience
through the current economic cycle. We do this by investing in new products and a broader
offering to adapt to higher interest rates and lower transaction volumes. At the same time as
we have maintained our AUM, we have reduced our cost base. Our focus remains on in-
creased efficiency and digitalized operations, all while continuously developing innovative prod-
ucts and solutions for our customers.”
Christoffer Abramson, CEO and President
Total income Operating profit Assets under management Invested capital
SEK 2,289 M SEK 140 M SEK 151 Bn SEK 1,437 M
Last 12 months Last 12 months End of period End of period
Progress during the quarter
Financial results
• Total income in the quarter amounted to SEK 424 M (468)
• Operating profit was SEK 5 M (10)
• Operating profit attributable to Catella’s shareholders was
SEK 4 M (2)
• Profit attributable to Catella’s shareholder was SEK 26 M (-
8).
• Earnings per share before dilution was SEK 0.29 (-0.09)
• Earnings per share after dilution was SEK 0.29 (-0.09)
Assets under management
• Assets under management (AUM) were SEK 151 Bn at the
end of the period, a decrease of SEK 1 Bn compared to the
fourth quarter of 2023
Principal Investments
• Catella’s total investment volume decreased by SEK 258 M to
SEK 1,437 M, primarily as an effect of the sale of a logistics
development project in Jönköping, Sweden
===== SIDA 2 =====
Interim Report January – March 2024
2
CEO COMMENTS
“Focus on developing resilient opera-
tions through the economic cycle”
Following a more positive outlook in the fourth quarter 2023, the
market returned to being more hesitant in the first quarter 2024.
Transaction volumes and capital inflows on the European market
remain very low compared to the peak in 2021. In a situation
where central banks continue to search for evidence of stabilized
and lower inflation, we expect that we will have to wait a few
more quarters before we see a clear turnaround on the transac-
tion market. While our pipeline for transactions is stronger than it
has been for some time, most transactions continue to take histor-
ically long to complete and the proportion of completed deals re-
mains relatively low.
In line with a hesitant market and the associated lower revenues,
we are reviewing and adjusting our cost base. Compared to same
quarter last year, total income decreased by SEK 44 M, but we
simultaneously reduced costs by SEK 46 M which led to a slightly
improved operating profit of SEK 4 M (2). The comparison in-
cludes a negative change in market valuation of our fund invest-
ments by SEK -8 M.
At the same time as continuously cutting our costs, we have also
made progress with other initiatives. For example, we have devel-
oped an AI tool that identifies locations for development projects
where future demand for rental apartments is substantial and the
potential for value growth is high. The tool is currently being used
in the launch of our new product “European Living Develop-
ment”. This product strategy has been developed to meet the ex-
tensive demand for, and growing shortage of, modern, sustainable
and affordable living in Europe. At the same time, it also meets in-
vestors’ increased return requirements..
In general, capital raising continue to take longer to complete, but
as interest rate expectations stabilize and financing terms improve,
we expect the investment market to pick up.
Unchanged assets under management
Assets under management in Investment Management totalled
SEK 151 Bn in the quarter, slightly down on SEK 152 Bn at year
end. The background to the decrease primarily relates to a final-
ized asset management mandate in the UK. The mandate totalled
close to SEK 6 Bn and was initiated over six years ago based on an
aggregation strategy in London, and once the portfolio reached
the targeted size, the mandate was ended..
Profit for the quarter amounted to SEK 32 M (31), where income
was slightly down on the previous year although this was offset by
lower costs. After the end of the quarter, we entered into a few
new mandates which support the business area’s long-term
growth.
Project developments and divestments according to plan
In the quarter, we completed the sale of the final logistics property
in the Infrahubs partnership. In Catella Logistics Europe, we com-
pleted and transferred the logistics property in Barcelona, and for
the Isoparc project in France we chose to reclaim the invested
capital relating to the land acquisition and continue our role as
project developer. Principal Investments currently has investments
of approximately SEK 1.4 Bn divided over 8 projects in Denmark,
France, the UK and Germany.
Other development projects are proceeding according to plan and
dialogues relating to future divestments are also progressing ac-
cording to expectations.
Having further strengthened our liquidity, we are well equipped to
invest in new projects that satisfy our required rate of return and
that can lead to new management mandates.
Transaction market more sluggish in the quarter
As mentioned, transaction volumes in the quarter remained at low
levels. This was reflected in Corporate Finance’s revenue, which
decreased by -14 percent year-on-year. While the business area
has adapted its cost structure, the exceptionally low transaction
volumes generated a slightly increased loss.
By focusing operations over the past 12 months, we are prepared
and in a good position to grow cost-effectively as the market re-
covers and our pipeline is realized.
Outlook
With a more efficient organization and lower cost base, Catella
continues to launch attractive products adapted to longer-term
market expectations. With our pronounced ESG focus, use of AI,
and shared intelligence across the Group, we continue to hone
our offering while awaiting a market stabilization and a return to
more normalized transaction levels. Overall, these initiatives en-
sure that we are in a strong and resilient position for continued
profitable and sustainable growth.
Christoffer Abramson, CEO and President
Stockholm, Sweden, 06 May 2024
===== SIDA 3 =====
Interim Report January – March 2024
3
Our business areas
Catella comprises the business areas Investment Management, Principal Investments and Corporate Finance,
which are described in more detail below. The Other category includes the Parent Company and other hold-
ing companies.
Investment Management
Catella is a leading specialist in property investment management with
a presence on 12 geographical markets in Europe. Catella offers
institutional and other professional investors attractive, risk-adjusted
returns through regulated property funds and frequently sustainability-
focused asset management services through two service areas:
Property Funds and Asset Management. Property Funds offers funds
with various investment strategies in terms of risk and return, type of
property and location. Through more than 20 open specialised
property funds, investors gain access to fund management and
efficient allocation between different European markets. Catella’s
Asset Management business area provides asset management services
to property funds, other institutions and family offices.
For more information about the business area, see page 5-6.
Principal Investments
Through Principal Investments, Catella carries out principal property
investments together with partners and external investors. Catella
currently invests in offices, residential properties, retail and logistics
properties on seven geographical markets. Investments are made
through subsidiaries and associated companies with the aim of
generating an average IRR of 20 percent as well as strategic advantages
for Catella’s other business areas.
For more information about the business area, see page 7-8.
Corporate Finance
Catella provides quality capital markets services to property owners
and advisory services for all types of property-related transactions to
various categories of property owners and investors. Operations are
carried out on five markets and offer local expertise about the
property markets in combination with European reach.
For more information about the business area, see page 9.
===== SIDA 4 =====
Interim Report January – March 2024
4
Comments on the Group’s progress
Profit and comments on page 4-9 relate to operating profit attributable to Catella AB’s shareholders, which is
consistent with the internal reporting delivered to Group Management and the Board. The difference to the
Group’s formal Income Statement is that deductions have been made in the Income Statement for profit
attributable to shareholders with non-controlling interests. A full reconciliation can be found in Note 1.
* Net profit for the period is reconciled in Note 1. Income Statement by business area - Profit/loss attributable to the Parent Company Catella AB’s shareholders.
Group net sales and profit/loss
First quarter 2024
Principal Investments’ income from divested
and property development projects recog-
nized in revenue is reported as Net sales
from 2024 onwards, as income is derived
from sales carried out as part of the com-
pany’s regular operations. This reporting rep-
resents a departure from earlier periods,
when the corresponding revenue was recog-
nized as Other operating income. Compara-
tive figures from earlier periods have not been
adjusted in a corresponding manner.
The Group's total income decreased by
44 SEK M, totalling SEK 424 M (468). The
lower income was partly due to Principal
Investments’ divestment of the Infrahubs
platform in 2023. The Barcelona Logistics
project was completed and delivered to
the customer, which generated SEK 54 M
of income in the period. In addition, the
Metz-Eurolog project generated SEK 20 M
in income relating to contractual mile-
stones reached. For the Investment Man-
agement business area, income was closely
in line with the previous year and Corpo-
rate Finance reported a 14 percent (ap-
prox.) reduction in income, mainly derived
from the French units. The transaction
market remains sluggish, and while there
are no clear signs of change in continental
Europe, some improvement was seen in
the Nordic units during the first quarter
2024.
Other external expenses and personnel
expenses decreased by a total of SEK 33 M
to SEK 263 M (296), driven by lower varia
ble salaries, reduced headcount and cost
savings. Other operating expenses
amounted to SEK 17 M (4), of which SEK
14 M related to fair value adjustment of
the unlisted shareholding in the private eq-
uity product Pamica
Comments on the progress of each
business area can be found on pages 5-9.
The Group’s net financial income/ex-
pense was SEK 23 M (-3) and included
positive exchange rate differences of SEK
56 M (13). The SEK depreciated sharply in
the first quarter, which had a positive ef-
fect on revaluation of loan receivables
mainly denominated in EUR and DKK. Net
financial/income expense included interest
expenses totalling SEK 52 M (40). The
higher interest expenses are attributable in
part to Catella AB’s bond loan, which ac-
crues floating-rate interest, and in part to
interest rate expenses for ongoing projects
being recognized in the Income Statement
and not capitalized in the Group’s financial
position to a greater extent than in the
comparative period.
The Group’s profit/loss before tax
amounted to SEK 26 M (-1) and net profit
for the period was SEK 26 M (-8) which
corresponded to earnings per share of
SEK 0.29 (-0.09) attributable to the Parent
Company shareholders.
Profit for the period attributable to
non-controlling interests amounted to SEK
2 M (8). The lower profit compared to the
previous year was due to the divestment
of Infrahubs in July 2023.
Significant events in the quarter
In January, the final Infrahubs logistics prop-
erty was divested under the framework
for the collaboration with other partners.
The transaction raised SEK 280 M in liquid-
ity for Catella but had marginal impact on
profit for the period.
Furthermore, in January, 55,000 Class A
shares were converted into the same
number of Class B shares at the request of
shareholders.
The Extraordinary General Meeting on
20 March resolved to introduce a new
long-term incentive program at market
conditions for Group management and
other key Group executives. The company
will issue a total maximum of 4,700,000
warrants in five different series. Further-
more, a decision was made relating to the
conditional repurchase of outstanding war-
rants under an older incentive program
from 2020, aimed at warrant holders who
remain in Catella’s employment. As of 2
April, Catella repurchased a total of
2,450,000 warrants out of a total of
2,800,000 outstanding warrants.
The Nomination Committee decided to
propose Sofia Watt as new Chair of the
Board and Pernilla Claesson as new Board
member of Catella AB at the AGM on 22
May 2024. Chairman Johan Claesson an-
nounced that he is not available for re-
election.
Significant events after the end of the
quarter
There were no significant events after the
end of the quarter.
2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2024 2023 2023
SEK M Jan-Mar Jan-Mar Jan-Dec Jan-Mar Jan-Mar Jan-Dec Jan-Mar Jan-Mar Jan-Dec Jan-Mar Jan-Mar Jan-Mar Jan-Mar Jan-Dec
Net sales 240 241 1 111 115 46 149 68 80 441 -4 0 420 367 1 697
Other operating income 4 8 25 1 90 607 1 1 5 -1 0 5 99 642
Share of profit from associated companies 0 1 2 -3 -1 -12 0 0 0 1 1 -2 1
Total income 245 250 1 138 114 136 745 69 81 445 -4 1 424 468 2 333
Provisions, direct assigment and production costs -41 -43 -171 -75 -82 -606 -8 -15 -101 6 -0 -118 -139 -874
Other external expenses -48 -51 -250 -11 -14 -29 -24 -28 -105 4 -2 -79 -95 -385
Personnel costs -106 -113 -477 -9 -16 -47 -56 -52 -250 -13 -20 -184 -201 -838
Depreciation -13 -9 -43 -0 -2 -4 -5 -5 -19 -2 -2 -20 -19 -72
Other operating expenses -2 -1 -5 -18 -4 -11 -0 -0 -2 3 2 -17 -4 -18
0 -2 -2 -7 0 -5 -5 0 0 0 0 -1 -2 -8 -13
Operating profit/loss 32 31 186 1 13 42 -23 -20 -33 -6 -22 4 2 133
Interest income 18 16 57
Interest expenses -52 -40 -156
Other financial items 56 21 -4
Financial items—net 23 -3 -103
Profit/loss before tax 26 -1 29
Tax -1 -7 -51
Net profit/loss for the period * 26 -8 -21
Corporate Finance Group
Investment
Management Principal Investments Other & Elimination
===== SIDA 5 =====
Interim Report January – March 2024
5
Investment Management
Net sales and profit/loss
First quarter 2024
Total income was SEK 245 M (250), and
income after assignment costs amounted
to SEK 204 M (207).
Property Funds’ income decreased by
SEK 13 M year-on-year. Fixed income de-
creased by SEK 11 M due to a lower AUM
base as a result of value changes in the
funds.
Variable income in Property Funds in-
creased by SEK 4 M. The increase was pri-
marily related to the acquisition of
properties linked to the Catella Logistik
Deutschland Plus fund. In Asset Manage-
ment, income increased by SEK 11 M,
mainly driven by the acquisition of Aquila
in the previous year which contributed
SEK 10 M to total income. Operating ex-
penses for the segment are in line with the
previous year but decreased by SEK 5 M,
divided over multiple cost items. Operating
profit was SEK 32 M in the quarter, pri-
marily comprised of Property Funds.
* Includes internal revenue between business areas. In total income, internal income has been eliminated for the current period and for the corresponding period in 2023
SEK M
2024 2023 Rolling 2023
INCOME STATEMENT—CONDENSED Jan-Mar Jan-Mar 12 Months Jan-Dec
Property Funds * 195 208 932 945
Asset Management * 72 62 290 280
Other operating income * 7 0 35 28
Eliminations * -29 -20 -124 -115
Total income 245 250 1 133 1 138
Assignment expenses and commission -41 -43 -169 -171
Operating expenses -170 -174 -771 -775
Less profit attributable to non-controlling interests -2 -2 -6 -7
Operating profit/loss 32 31 188 186
KEY FIGURES Jan-Mar Jan-Mar 12 Months Jan-Dec
Operating margin, % 13 12 17 16
Assets under management at end of period, SEK Bn 151,3 140,6 - 152,4
net in-(+) and outflow(-) during the period, SEK Bn -5,1 -1,8 12,3 15,6
of which Property Funds 111,8 106,8 - 107,4
net in-(+) and outflow(-) during the period, SEK Bn 1,6 0,2 6,8 5,3
of which Property Asset Management 39,4 33,7 - 44,6
net in-(+) and outflow(-) during the period, SEK Bn -6,7 -2,0 5,1 9,8
No. of employees, at end of period 293 298 - 309
3 Months 12 Months
ASSETS UNDER MANAGEMENT
TOTAL INCOME OPERATING PROFIT
0,0%
0,2%
0,4%
0,6%
0,8%
1,0%
1,2%
1,4%
0
20
40
60
80
100
120
140
160
180
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
Fees/AuM
SEK Bn
0
200
400
600
800
1000
1200
1400
1600
0
50
100
150
200
250
300
350
400
450
500
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
LTM
SEK M
0
50
100
150
200
250
300
350
400
450
500
0
50
100
150
200
250
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
LTM
SEK M
===== SIDA 6 =====
Interim Report January – March 2024
6
Investment Management
Assets under management by service
area and country
Total assets under management (AUM)
was SEK 151.3 Bn, of which SEK 112 Bn
related to Property Funds and SEK 39 Bn
to Asset Management. Germany is Prop-
erty Funds' largest market with the highest
proportion of invested capital, primarily
through Catella Residential Investment
Management and Catella Real Estate.
ASSETS UNDER MANAGEMENT BY SERVICE AREA
ASSETS UNDER MANAGEMENT BY COUNTRY
Change in assets under management
Assets under management increased from
SEK 140.6 Bn to SEK 151.3 Bn in the last
12-month period, which represents an in-
crease of SEK 10.7 Bn. The increase was
driven by inflows of SEK 25.9 Bn, of which
SEK 15.5 Bn to Asset Management from
the acquisition of the French Aquila
Group, and to Property Funds, with resi-
dential funds Catella Wohnen Europa, Ca-
tella Logistik Deutschland plus and Catella
European Residential, providing the largest
inflows. Outflows of SEK 13.1 Bn were
mainly associated with outflows from Ca-
tella UK linked to a the completion of the
Hollborn Island mandate as well as divest-
ment of assets in various portfolios. In ad-
dition, positive exchange rate effects of
SEK 3.8 Bn, mainly related to exchange
rate differences in EUR/SEK, had a positive
effect on AUM. Assets under management
decreased by SEK 1.1 Bn in the first quar-
ter, compared to SEK 152.4 Bn in the
fourth quarter in the previous year. In-
flows for the quarter of SEK 1.7 Bn were
primarily driven by Property Funds to the
funds Catella Modernes Wohnen,
SpardaWest, and Catella Logistik Deutsch-
land Plus. Outflows of SEK 6.8 Bn were
primarily driven by Catella UK linked to
the termination of the Hollborn Island
mandate. Exchange rate differences,
mainly in EUR/SEK, increased AUM by SEK
6.2 Bn in the quarter.
ASSETS UNDER MANAGEMENT, LAST 12 MONTHS, SEK BN
ASSETS UNDER MANAGEMENT, IN THE QUARTER, SEK BN
Property Funds
74%
Property Asset
Management 26%
SEK 151,3 bn
Germany 34%
France 14%
Netherlands 13%
UK 12%
Denmark 9%
Spain 5%
Austria 4%
Finland 4%
Other 5%
SEK 151,3 bn
151,3
- 13,1
140,6
25,9
-5,9 3,8
mdkr
151,3-6,8 -2,3152,4 1,7 6,2
mdkr
===== SIDA 7 =====
Interim Report January – March 2024
7
Principal Investments
Net sales and profit/loss
First quarter 2024
Income amounted to SEK 114 M (136),
mainly comprising income from Catella Lo-
gistic Europe and its logistics projects Bar-
celona and Metz-Eurolog. The projects
were divested through forward-funding
agreements with investors where revenue
(and project costs) are recognized over
time at a pace with completion of the pro-
ject. The Barcelona project was completed
in its entirety and delivered to the investor
in the period. Income for the period also
comprised rental income from the resi-
dential project Kaktus. Both development
companies and their project companies
have operating costs that are not capital-
ised. Operating profit for the segment
amounted to SEK 1 M (13), a decrease
mainly attributable to fair value adjustment
of the unlisted shareholding in private eq-
uity product Pamica.
As of 31 December, Principal Invest-
ments had invested a total of SEK 1,437 M
in residential projects, logistics projects, of-
fice projects and retail projects in Europe.
SEK M 2024 2023 Rolling 2023
INCOME STATEMENT—CONDENSED Jan-Mar Jan-Mar 12 Months Ja n-Dec
Total income 114 136 722 745
Provisions, direct assigment and production costs -7 5 -82 -599 -606
Operating expenses -38 -37 -92 -91
Less profit attributable to non-controlling interests 0 -5 0 -5
Operating profit/loss 1 13 31 42
KEY FIGURES
Operating margin, % 1 9 4 6
Catella invested capital 1437 1211 - 1695
No. of employees, at end of period 31 39 31 34
3 Months 12 Months
INVESTED CAPITAL BY COUNTRY* INVESTED CAPITAL BY ASSET CLASS* OPERATING PROFIT
* The figures indicate the share of Principal Investments’ total invest-
ment and what proportion consists of capital contributions and loans
issued, respectively.
Denmark 38%
UK 14%
Germany 21%
France 25%
Finland 1%
=?SEK 1437 M
Logistics 25%
Residential 52%
Retail 14%
Office 8%
Hotell 0%
Industri 0%
=?SEK 1437 M
0
50
Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
SEK M
===== SIDA 8 =====
Interim Report January – March 2024
8
Principal Investments
The following table shows the investment status for ongoing property development projects and other investments as of 31 March 2024.
The project company’s total investment includes invested capital from Catella, partners and external financing. Catella’s total investment
related to both capital contributed and loans issued. Seestadt and Düssel-Terrassen include a number of phases in each project, which will
be completed at different times. In 2024, several projects are expected to be concluded and divested.
In the first quarter 2024, Catella’s total investment volume decreased by net SEK 258 M to SEK 1,437 M. Lower investment volumes
were mainly due to the divestment of logistics projects Infrahubs Jönköping and Isoparc of France, and new external financing for the
Kaktus project which enabled partial amortization of loans from Catella. Gross investments for the period totalled SEK 178 M and pri-
marily related to the French logistics projects Polaxis and Metz-Eurolog.
In addition to investments in property development projects, Principal Investments also invested in funds valued at fair value according to
the following table. No new investments were completed in the first quarter. See also Note 4.
Catella’s commitments in Principal Investments that have not been included in the Statement of Financial Position are specified in Note 6.
Pledged assets and contingent liabilities.
Property Development Projects Country Investment type Project start
Estimated
completion
Catella
capital
share, %
Project company's
total investment,
SEK M
Total Catella
Equity Invested,
SEK M *
PROJECTS THAT ARE CONSOLIDATED AS SUBSIDIARIES**
Kaktus Denmark Residential Q2 2017 2024***** 93 1 772 526
Salisbury UK Retail Q4 2021 2026 88 254 92
Ma
nder Centre UK Retail Q1 2022 2027 63 103 103
Total Direct Investments 2 129 722
Metz-Eurolog France Logistics Q3 2020 2024 100 62 62
Polaxis France Logistics Q4 2022 2025 100 323 272
Other Catella Logistic Europé France Logistics 30 30
Total Catella Logistic Europe**** 415 364
Subtotal Subsidiaries 2 544 1 086
PROJECTS THAT ARE REPORTED AS ASSOCIATED COMPANIES***
Seestadt mg+ GmbH Germany Residential Q1 2019 2030+ 45 908 151
Düssel-Terrassen GmbH Germany Residential Q4 2018 2030+ 45 203 44
Königsallee 106 Germany Office Q2 2021 2027 23 972 114
Total Catella Project Capital 2 083 309
Subtotal Associated companies 2 083 309
PROJECTS/HOLDINGS THAT ARE REPORTED AS NON-CURRENT SECURITIES
Total Co-Investments 42
Total 4 627 1 437
* Refers to both capital injections and loans provided
** The project is consolidated as a subsidiary with full consolidation
***** The residential part of the building is completed and residents moved in in September 2022. The commercial part is expected to be finished during 2024
*** The project is consolidated as an associated company according to the equity method
**** Project within Catella Logstic Europé are sold through forward -funding arrangements with investors . Catella's profit is realized over time with the completion of the
project
2024 2023 2023
SEK M 31-mar 31-mar 31-dec
Total fund holdings 250 104 258
===== SIDA 9 =====
Interim Report January – March 2024
9
Corporate Finance
Net sales and profit/loss
First quarter 2024
The transaction market remained hesitant
in the first quarter.
Property transactions where Catella
acted as advisor totalled SEK 6.6 Bn (5.8)
in the quarter. Of total transaction vol-
umes in the quarter, Sweden provided SEK
3.4 Bn (1.1), France 1.5 Bn (4.0), Denmark
1.1 Bn (0.5), Finland 0.6 Bn (0.2) and Spain
0.0 Bn (0.1).
Corporate Finance’s income was SEK 69
M (81) and income adjusted for assign-
ment costs was SEK 61 M (66), a decrease
of SEK 5 M.
Operating costs were in line with the
corresponding period of the previous year,
and operating profit totalled SEK -23 M (-
20) driven by the reduced income.
* Includes internal revenue between business areas. Internal revenue has been eliminated within the business area for the current period and for the corresponding period in 2023.
SEK M
2024 2023 Rolling 2023
INCOME STATEMENT—CONDENSED Jan-Mar Jan-Mar 12 Months Ja n-Dec
Nordic * 33 19 113 99
Continental Europe * 36 61 320 346
T
otal income 69 81 434 445
Assignment expenses and commission -8 -15 -95 -101
Operating expenses -84 -85 -377 -377
Less profit attributable to non-controlling interests 0 0 0 0
Operating profit/loss -23 -20 -37 -33
2024 2023 Rolling 2023
KEY FIGURES Jan-Mar Jan-Mar 12 Months Jan-Dec
Operating margin, % - 34 -24 -9 -8
Property transaction volume for the period, SEK Bn 6,6 5,8 25,1 24,3
of which Nordic 5,1 1,7 12,7 9,3
of which Continental Europe 1,5 4,1 12,4 15,0
No. of employees, at end of period 149 159 - 147
3 Months 12 Months
TRANSACTION VOLUMES TOTAL INCOME OPERATING PROFIT
0
10
20
30
40
50
60
70
0
2
4
6
8
10
12
14
16
18
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
LTM
SEK Bn
0
100
200
300
400
500
600
700
800
0
50
100
150
200
250
300
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
LTM
SEK M
-40
-20
0
20
40
60
80
100
-30
-20
-10
0
10
20
30
40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2022 2023 2024
LTM
SEK M
===== SIDA 10 =====
Interim Report January – March 2024
10
Other financial information
The Group’s financial position
First quarter 2024
The following information relates to the
Group formal accounts.
The Group's total assets increased by
SEK 425 M in the first quarter, amounting
to SEK 5,869 M as of 31 March 2024. The
increase was mainly due to loans from
credit institutions of SEK 321 M for the fi-
nancing of the Kaktus and Polaxis projects.
Furthermore, Group equity increased by
SEK 79 M to SEK 2,115 M as of 31 March
2024. Apart from profit/loss for the pe-
riod of SEK 27 M, equity was primarily af-
fected by positive translation differences of
SEK 51 M. As of the Balance Sheet date,
the Group’s equity/assets ratio was 36 per-
cent (37 percent as of 31 December
2023).
Group financing
Catella AB issued a new unsecured bond
of SEK 1,250 M with a term of 4 years and
maturity in March 2025. The bond was re-
classified in the period from non-current
to current liabilities in the Group’s State-
ment of Financial Position. The bond loan
accrues floating-rate interest at 3-month
Stibor plus 475 b.p. The effective interest
rate, excluding loan arrangement fees, was
8.8 percent (7.4) in first quarter 2024. Fi-
nancing is conditional on a minimum
Group equity requirement of SEK 800 M
from time to time. Otherwise, there are
no restrictions on dividend.
In addition, the Group’s property devel-
opment company received loans from
credit institutions relating to ongoing prop-
erty projects. As of 31 March 2024, these
loans amounted to SEK 1,522 M (1,506).
Group cash flow
First quarter 2024
Consolidated cash flow from operating ac-
tivities was SEK 25 M (-61), of which cash
flow from property projects amounted to
SEK 95 M (39). The sale of Infrahubs Jön-
köping raised SEK 280 M in cash and cash
equivalents for Catella, and additional in-
vestments in the French projects Polaxis
and Metz generated outflows of SEK 188
M.
Cash flow from financing activities
amounted to SEK 306 M (-20), of which
SEK 321 M related to extended financing
from credit institutes for the Kaktus and
Polaxis project.
Cash flow in the period was SEK 330 M
(-99) and cash and cash equivalents at the
end of the period was SEK 1,152 M
(1,710), of which cash and cash equivalents
relating to the Group’s Swedish holding
company amounted to SEK 409 M (629).
Parent Company
First quarter 2024
Parent Company income was SEK 10.9 M
(11.1), and operating profit was SEK -11.7
M (-20.8). The profit improvement was
mainly due to lower personnel expenses.
Profit/loss for the previous year included
non-recurring costs for redundancies. Fur-
thermore, variable salary costs for the pe-
riod were lower than in the previous year.
Net financial income/expense for the
period totalled SEK -28.4 M (-23.9) where
the deterioration was due to higher inter-
est rate costs for the bond loan accruing
variable interest.
The number of employees at the end of
the period was 20 (23).
Employees
At the end of the period, there were 494
(520) employees, expressed as full-time
equivalents.
Risks and uncertainties
Macroeconomic conditions relating to in-
flation and interest rates affect transaction
levels and assets under management, im-
pacting results of operations in Investment
Management and Corporate Finance.
Lower transaction volumes can also affect
Principal Investments' ability to divest pro-
jects at acceptable prices. These uncer-
tainty factors may affect future returns.
Catella AB is indirectly exposed to the
same risks as the Group through its hold-
ing of shares in subsidiaries and associated
companies.
For more information, see the section
Risks and uncertainties in the Directors’
Report of the Annual Report for 2023.
Seasonal variations
Seasonal variations are significant in the
Corporate Finance business area. Transac-
tion volumes and income have historically
been highest in the fourth quarter.
Accounting principles
This Interim Report has been prepared in
compliance with IAS 34 Interim Financial
Reporting and the Swedish Annual Ac-
counts Act. The Consolidated Financial
Statements have been prepared in compli-
ance with IFRS Accounting Standards as
endorsed by the EU, the Annual Accounts
Act and RFR 1 Complementary Account-
ing Rules for Groups issued by RFR, the
Swedish Financial Reporting Board. Infor-
mation according to IAS 34.16A also ap-
pears, in addition to in the financial reports
and associated notes, in other parts of the
Interim Report.
The Parent Company applies the Annual
Accounts Act and recommendation RFR 2
Accounting for legal entities, from the
Swedish Financial Reporting Council.
The Group’s and Parent Company’s key
accounting principles are presented in Ca-
tella’s Annual Report for 2023. Figures in
tables and comments may be rounded.
Related party transactions
No new transactions with related parties
have taken place during the quarter. For
more information, see notes 20 and 38 in
the Annual Report 2023.
Forecast
Catella does not publish forecasts. This in-
formation is mandatory for Catella AB to
publish in accordance with EU’s Market
Abuse Regulation. This information was
submitted to the market, through the
gency of the below contact, for publication
on 06 May 2024 at 07:00 a.m. CEST. This
Report has not been subject to review by
the Company’s Auditors.
===== SIDA 11 =====
Interim Report January – March 2024
11
Stockholm, Sweden, 6 May 2024
Catella AB (publ)
Christoffer Abramson
CEO and President
===== SIDA 12 =====
Interim Report January – March 2024
12
Consolidated Income Statement
Information on the Income Statement by business area can be found in Note 1.
Consolidated Statement of Comprehensive Income
2024 2023 2023
SEK M Note Jan-Mar Jan-Mar Jan-Dec
Net sales 420 367 1 697
Other operating income 5 99 642
Share of profit from associated companies -2 1 -6
Total income 424 468 2 333
Provisions, direct assigment and production costs -118 -139 -874
Other external expenses -79 -95 -385
Personnel costs -184 -201 -838
Depreciation -20 -19 -72
Other operating expenses -17 -4 -18
Operating profit/loss 5 10 145
Interest income 18 16 57
Interest expenses -52 -40 -156
Other financial items 56 21 -4
Financial items—net 23 -3 -103
Profit/loss before tax 28 7 42
Tax -1 -7 -51
Net profit/loss for the period 27 0 -9
Profit/loss attributable to:
Shareholders of the Parent Company 26 -8 -21
Non-controlling interests 2 8 12
27 0 -9
Earnings per share attributable to shareholders of the Parent Company, SEK
- before dilution 0,29 -0,09 -0,24
- after dilution 0,29 -0,09 -0,24
No. of shares at end of the period 88 348 572 88 348 572 88 348 572
Average weighted number of shares after dilution 88 348 572 90 929 822 90 562 208
2024 2023 2023
SEK M Jan-Mar Jan-Mar Jan-Dec
Net profit/loss for the period 27 0 -9
Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
Fair value changes in financial assets through other comprehensive income 4 2 8
Items that will be reclassified subsequently to profit or loss:
Translation differences 51 18 7
O
ther comprehensive income for the period, net after tax 55 20 15
Total comprehensive income/loss for the period 82 21 7
Total comprehensive income/loss attributable to:
Shareholders of the Parent Company 78 12 -6
Non-controlling interests 4 9 13
82 21 7
===== SIDA 13 =====
Interim Report January – March 2024
13
Consolidated Statement of Financial Position – condensed
Information on financial position by operating segment can be found in Note 2.
2024 2023 2023
SEK M Note 31 Mar 31 Mar 31 Dec
ASSETS
Non-current assets
Intangible assets 590 461 573
Contract assets leasing agreements 147 101 115
Property, plant and equipment 34 25 33
Holdings in associated companies 139 172 136
Non-current receivables from associated companies 170 173 158
Other non-current securities 3, 4, 5 496 322 487
D
eferred tax receivables 26 9 15
Other non-current receivables 60 47 58
1 662 1 311 1 573
Current assets
Development and project properties 2 352 2 239 2 143
Contract assets 76 37 34
Receivables from associated companies 68 201 334
Accounts receivable and other receivables 536 572 541
Current investments 3, 4, 5 24 41 22
Cash and cash equivalents * 1 152 1 710 796
4 207 4 800 3 871
Total assets 5 869 6 111 5 444
EQUITY AND LIABILITIES
Equity
Share capital 177 177 177
Other contributed capital 296 296 296
Reserves 139 92 86
Profit brought forward including net profit for the period 1 453 1 604 1 429
Equity attributable to shareholders of the Parent Company 2 064 2 168 1 988
Non-controlling interests 51 268 50
Total equity 2 115 2 436 2 038
Liabilities
Non-current liabilities
Borrowings from credit institutions 1 546 1 165 1 171
Bond issue 0 1 244 1 247
Contract liabilities leasing agreements 105 78 79
Other non-current liabilities 156 129 148
Deferred tax liabilities 24 19 24
Other provisions 0 1 0
1 830 2 636 2 669
Current liabilities
Borrowings from credit institutions 4 377 3
Bond issue 1 247 0 0
Contract liabilities leasing agreements 49 33 42
Contract liabilities 4 5 14
Accounts payable and other liabilities 597 590 657
Tax liabilities 22 34 21
1 924 1 039 737
Total liabilities 3 754 3 675 3 406
Total equity and liabilities 5 869 6 111 5 444
* Of which pledged and blocked liquid funds 110 71 100
===== SIDA 14 =====
Interim Report January – March 2024
14
Consolidated Statement of Cash Flows
2024 2023 2023
SEK M Jan-Mar Jan-Mar Jan-Dec
Cash flow from operating activities
Profit/loss before tax 28 7 42
Reclassification and adjustments for non-cash items:
Wind down expenses -0 -1 -5
Other financial items -56 -14 41
Depreciation 20 19 72
Impairment / reversal of impairment of current receivables 1 0 7
Change in provisions 0 2 -0
Reported interest income from loan portfolios -5 -6 -25
Acquisition expenses - - 6
Profit/loss from participations in associated companies 2 -1 6
Personnel costs not affecting cash flow -2 -7 6
Other non-cash items 7 -4 -11
Other reclassifications - -12 -51
Paid income tax -20 -30 -89
Cash flow from operating activities before changes in working capital -25 -46 -1
Investments in property projects -245 -135 -803
Divestment of property projects 341 173 778
Cash flow from property projects 95 39 -25
Cash flow from changes in working capital
Increase (–)/decrease (+) of operating receivables -4 197 14
Increase (+) / decrease (–) in operating liabilities -41 -250 -118
Cash flow from operating activities 25 -61 -130
Cash flow from investing activities
Purchase of property, plant and equipment -2 -1 -17
Purchase of intangible assets -1 -6 -9
Purchase of subsidiaries, after deductions for acquired cash and cash equivalents - -12 -159
Sale of subsidiaries, net of cash disposed - - 2
Dividend and other disbursements from associated companies - - 2
Purchase of financial assets -2 -5 -160
Cash flow from loan portfolios 5 6 25
Cash flow from investing activities -1 -18 -315
Borrowings 323 1 45
Amortisation of loans -2 -3 -376
Amortisation of leasing debt -13 -12 -43
Dividends paid to shareholders of the parent company - - -106
Dividends paid to non-controlling interests -1 -6 -74
Cash flow from financing activities 306 -20 -554
Cash flow for the period 330 -99 -998
Cash and cash equivalents at beginning of period 796 1 794 1 794
Exchange rate differences in cash and cash equivalents 26 15 0
Cash and cash equivalents at end of the period 1 152 1 710 796
===== SIDA 15 =====
Interim Report January – March 2024
15
Consolidated Statement of Changes in Equity
* Non-controlling interests are attributable to minority shares in the subsidiaries in all Group business areas.
** Relates to value changes in put options issued to minority holders in Aquila Asset Management SAS.
As of 31 March 2024, Catella had a total of 3,000,000 warrants issued, of which 2,800,000 warrants had been allocated to senior executives and other key executives, and 200,000 held in treasury. As of 2
April 2024, 2,450,000 of these warrants were repurchased from holders remaining in the employment of the Catella Group for a market price totalling SEK 2,445,100. After the repurchase, there are a total
of 350,000 outstanding warrants from the older incentive program LTI 2020, of which 175,000 warrants can be utilized to subscribe for Class B shares in Catella in June 2024 and 175,000 warrants can be
utilized in June 2025. The repurchased warrants have, alongside warrants held in treasury, been voided.
* Non-controlling interests are attributable to minority shares in the subsidiaries in all Group business areas.
In the first quarter of 2023, 50,000 warrants were repurchased from a former employee due to a change in the employee's employment circumstances. The amount totalled SEK 0.4 M and was recognized
under Repurchase of issued warrants in Other contributed capital. As of 31 March 2023, the Parent Company had a total of 3,000,000 warrants issued, of which 200,000 in treasury. The exercise price is
SEK 35.20 per share.
SEK M
Opening balance at 1 January 2024 177 296 -3 89 1 429 1 988 50 2 038
C
omprehensive income for January - March 2024:
Net profit/loss for the period 26 26 2 27
Other comprehensive income, net of tax 4 48 0 53 2 55
Comprehensive income/loss for the period 4 48 26 78 4 82
Transactions with shareholders:
Dividends paid to non-controlling interests 0 -1 -1
Change in value option debt ** -2 -2 -2
Other transactions with non-controlling interests 0 0 -1 -1
Dividends paid to shareholders of the parent company 0 0
Closing balance at 31 March 2024 177 296 1 138 1 453 2 064 51 2 115
Profit brought
forward incl.
net profit/loss
for the period
Non-
controlling
interests *
Equity attributable to shareholders of the Parent Company
Share capital
Other
contributed
capital
Translation
reserve Total
Total
equity
Fair value
reserve
SEK M
Opening balance at 1 January 2023 177 296 -11 83 1 624 2 168 262 2 430
Comprehensive income for January - March 2023:
Net profit/loss for the period -8 -8 8 0
O
ther comprehensive income, net of tax 2 18 0 20 0 20
Comprehensive income/loss for the period 2 18 -8 12 9 21
Transactions with shareholders:
Dividends paid to non-controlling interests 0 -6 -6
Other transactions with non-controlling interests -12 -12 3 -9
Re-purchase of warrants issued 0 0 0
Dividends paid to shareholders of the parent company 0 0
Closing balance at 31 March 2023 177 296 -9 100 1 604 2 168 268 2 436
Profit brought
forward incl.
net profit/loss
for the period
Non-
controlling
interests *Share capital
Other
contributed
capital
Translation
reserve Total
Total
equity
Fair value
reserve
Equity attributable to shareholders of the Parent Company
===== SIDA 16 =====
Interim Report January – March 2024
16
Note 1 Income Statement by business area
* Profit/loss attributable to non-controlling interests for each business area has not been included, in order to clarify the operating profit attributable to shareholders of the Parent Company by business area.
This is consistent with the internal reports provided to management and the Board of Directors. This information has, instead, been included in the column for Group eliminations so that the Group operat-
ing profit is consistent with the Group’s formal Income Statement prepared in accordance with the Group’s accounting principles.
The business areas covered in this report, Investment Management, Principal Investment and Corporate Finance, are consistent with internal reporting submitted to management and the Board of Directors
and thus represent the Group's operating segments in accordance with IFRS 8, Operating Segments. The Parent Company and other holding companies are presented under the category “Other”. Acquisi-
tion and financing costs and Catella’s trademark are also recognized in this category. Group eliminations also include the elimination of intra-group transactions between the various business areas. Transac-
tions between the business areas are limited and relate mainly to financial transactions and certain onward invoicing of expenses. Such transactions are conducted on an arm’s length basis.
2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023
SEK M Note Jan-Mar Jan-Mar Ja n-Dec Jan-Mar Jan-Mar Jan-Dec Jan-Mar Jan-Mar Jan-Dec Jan-Mar Jan-Mar Jan-Dec Jan-Mar Jan-Mar Jan-Dec Jan-Mar Jan-Mar Jan-Dec
Net sales 240 241 1 111 115 46 149 68 80 441 11 9 42 -1 5 -9 -46 420 367 1 697
Other operating income 4 8 25 1 90 607 1 1 5 3 2 7 -4 -2 -2 5 99 642
Share of profit from associated
companies 0 1 2 -3 -1 -1 2 0 0 0 1 1 4 0 0 0 -2 1 -6
Total income 245 250 1 138 114 136 745 69 81 445 15 12 53 - 19 -11 -49 424 468 2 333
Provisions, direct assigment and
production costs -41 -43 - 171 -75 -82 -606 -8 -15 -101 -0 -0 -0 6 0 4 -118 -139 -874
Other external expenses -48 -5 1 -250 -11 -14 -29 -24 -28 -105 -9 -9 -38 13 8 37 -79 -95 -385
Personnel costs -106 - 113 -477 -9 -16 -47 -56 -52 -250 -15 -21 -68 1 1 5 -184 -201 -838
Depreciation -13 -9 -4 3 -0 -2 -4 -5 -5 -19 -2 -2 -6 0 0 0 -20 -19 -72
Other operating expenses -2 -1 -5 -1 8 -4 -11 -0 -0 -2 -1 -1 -7 4 2 7 -17 -4 -18
Less profit attributable to non-
controlling interests * -2 -2 -6 0 -5 -5 -0 0 -0 0 -1 -1 2 8 12 0 0 0
Operating profit/loss 32 31 186 1 13 43 - 23 -20 -33 -12 -22 -67 7 8 17 5 10 145
Interest income 18 16 57
Interest expenses -52 -4 0 -156
Other financial items 56 21 -4
Financial items—net 23 -3 - 103
Profit/loss before tax 28 7 42
Tax -1 -7 -5 1
Net profit/loss for the period 27 0 -9
Profit/loss attributable to shareholders
of the Parent Company 26 -8 - 21
Corporate Finance Other Eliminations GroupInvestment Management Principal Investments
===== SIDA 17 =====
Interim Report January – March 2024
17
Note 2 Financial position by operating segment
2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023 2024 2023 2023
SEK M 31 Mar 31 Mar 31 D ec 31 Mar 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec 31 Mar 31 Mar 31 Dec
ASSETS
Non-current assets
Intangible assets 472 344 457 -0 0 0 66 66 65 51 50 50 590 461 573
Contract assets leasing agreements 78 60 71 2 2 2 37 33 39 30 7 2 147 101 115
Property, plant and equipment 27 21 28 1 0 1 4 4 4 2 0 1 34 25 33
Holdings in associated companies 27 25 25 107 145 106 0 0 0 5 2 5 139 172 136
Non-current receivables from associated companies 0 0 0 170 0 0 0 0 0 0 173 158 170 173 158
Other non-current securities 35 26 31 357 207 359 0 0 0 104 89 96 496 322 487
Deferred tax receivables 2 3 1 9 4 4 15 2 9 0 0 0 26 9 15
Other non-current receivables 29 27 28 29 19 28 11 12 10 -9 -1 1 -9 60 47 58
672 506 636 675 372 492 133 116 127 183 316 318 1 662 1 311 1 573
Current assets
Development and project properties 0 0 0 2 474 2 294 2 269 0 0 0 - 122 -55 -126 2 352 2 239 2 143
Contract assets 0 0 0 82 37 34 0 0 0 -7 0 0 76 37 34
Receivables from associated companies 3 0 0 66 0 1 0 0 0 0 201 333 68 201 334
Accounts receivable and other receivables 314 314 476 173 305 124 175 174 211 - 127 -221 -270 536 572 541
Current investments 0 0 0 0 0 0 0 0 0 24 41 22 24 41 22
Cash and cash equivalents 490 637 485 159 241 125 44 131 75 458 701 112 1 152 1 710 796
807 951 960 2 955 2 877 2 553 220 305 286 225 667 71 4 207 4 800 3 871
Total assets 1 479 1 457 1 597 3 630 3 249 3 045 353 421 413 408 983 389 5 869 6 111 5 444
EQUITY AND LIABILITIES
Equity
Equity attributable to shareholders of the Parent Company 237 386 389 320 321 340 -6 17 17 1 514 1 444 1 242 2 064 2 168 1 988
Non-controlling interests 44 29 33 8 224 9 9 9 8 -1 0 6 -0 51 268 50
Total equity 281 415 422 328 545 349 3 26 25 1 504 1 450 1 242 2 115 2 436 2 038
Liabilities
Non-current liabilities
Borrowings from credit institutions 2 1 2 1 522 1 131 1 145 22 32 23 0 0 0 1 546 1 165 1 171
Bond issue 0 0 0 0 0 0 0 0 0 0 1 244 1 247 0 1 244 1 247
Contract liabilities leasing agreements 57 54 53 1 1 1 21 20 23 26 3 2 105 78 79
Other non-current liabilities 799 742 761 128 153 119 0 0 0 - 771 -766 -731 156 129 148
Deferred tax liabilities 13 6 14 0 2 0 0 0 0 10 10 10 24 19 24
Other provisions 0 1 0 0 0 0 0 1 0 0 0 0 0 1 0
871 804 829 1 650 1 287 1 265 43 53 47 - 734 491 528 1 830 2 636 2 669
Current liabilities
Borrowings from credit institutions 1 1 1 0 375 0 4 2 2 0 0 0 4 377 3
Bond issue 0 0 0 0 0 0 0 0 0 1 247 0 0 1 247 0 0
Contract liabilities leasing agreements 26 12 23 1 1 1 17 16 17 5 4 1 49 33 42
Contract liabilities 0 0 0 4 5 14 0 0 0 0 0 0 4 5 14
Accounts payable and other liabilities 278 196 302 1 646 1 035 1 416 287 321 321 - 1 613 -962 -1 382 597 590 657
Tax liabilities 22 30 21 1 1 0 -1 3 0 0 0 0 22 34 21
Total liabilities 1 197 1 042 1 175 3 302 2 704 2 696 350 396 388 - 1 095 -466 -853 3 754 3 675 3 406
Total equity and liabilities 1 479 1 457 1 597 3 630 3 249 3 045 353 421 413 408 983 389 5 869 6 111 5 444
Investment Management Principal Investments Corporate Finance Other Group
===== SIDA 18 =====
Interim Report January – March 2024
18
Note 3 Summary of Catella’s loan portfolios
The loan portfolios comprise securitised
European loans with primary exposure in
housing. The performance of the loan
portfolios is closely monitored and re-
measurements are continuously per-
formed. The loan portfolios are recog-
nized under the category Other.
Pastor 2
In the sub-portfolio Pastor 2, the underly-
ing loans are below ten percent of the is-
sued amount and Catella expects the
issuer to utilise its clean-up call. The admin-
istration of the portfolio is frequently un-
profitable when it falls below ten percent
of the issued amount, and this structure al-
lows the issuer to avoid these additional
costs. Catella considers the credit risk in
the portfolio to be low, although the pre-
cise timing of the exercise of the option is
difficult to forecast due to various un-
known factors relating to the issuer. Ca-
tella has made the assumption that a re-
purchase will take place in the fourth quar-
ter of 2025. The portfolio is valued at the
full repayable amount of EUR 5.0 M, dis-
counted to present value with application
of a discount rate for similar assets. This
corresponds to a value of EUR 4.7 M.
Lusitano 5
The time call affects sub-portfolio Lusitano
5 and constitutes an option held by the is-
suer that enables the sub-portfolio to be
repurchased at a specific point in time, and
subsequently from time to time. The op-
tion has been available since 2015. Catella
has assumed that the time call will be exer-
cised in the second quarter of 2024. This
assumption is conservative as it means that
no further cash flows than the position's
current capital amount of EUR 1.6 M plus
the following quarter’s cash flow will be
received when exercising the time call. The
portfolio is hence valued at EUR 2.0 M.
Further information regarding the loan
portfolio can be found in the Annual Re-
port 2023.
Actual cash flows from the loan portfolio
SEK M
Loan portfolio Country
Pastor 2 Spain 57,6 71,0% 54,1 69,7% 3,7% 1,75
Lusitano 5 Portugal 23,6 29, 0% 23,6 30,3% 0,0% 0,25
Total cash flow * 81,2 100,0% 77,7 100,0% 2,6% 1,3
Carrying amount in consolidated balance sheet ** 77,7
Duration, years
* The discount rate recognised in the line “Total cash flow” is the weighted average interest of the total discounted cash flow .
** Catella's loan portfolio also includes the portfolios Pastor 3, 4 and 5 as well as Lusitano 4 whose book value have been attributed a value of SEK 0.
Forecast
undiscounted cash
flow
Share of
undiscounted
cash flow
Forecast
discounted
cash flow
Share of
discounted
cash flow
Discount
rate
SEK M Other
Loan portfolio Pastor 2 Lusitano 5 Total
Outcome
Full year 2009-2022 27,2 32,7 267,0 327,0
Full year 2023 1,6 23,6 0,0 25,2
Q1 2024 0,5 4,5 0,0 4,9
Total 29,4 60, 8 267,0 357,2
Spain Portugal
===== SIDA 19 =====
Interim Report January – March 2024
19
Note 4 Short- and long-term investments
Note 5 The Group’s assets and liabilities measured at fair value
Financial instruments valued at fair value
are classified in one of three levels.
Quoted prices on an active market on the
reporting date are applied for level 1. Ob-
servable market data for the asset or liabil-
ity other than quoted prices are used for
level 2. Fair value is determined with the
aid of valuation techniques. For level 3, fair
value is determined on the basis of valua-
tion 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. Financial
assets in level 3 include loan portfolios,
loan receivables and unlisted share and
fund holdings. Financial liabilities in level 3
refer to contingent consideration for
shares in the subsidiary Aquila. For more
information, see Note 3 in the Annual Re-
port 2023.
The Group's assets and liabilities meas-
ured at fair value as of 31 March 2024 are
indicated in the following table.
2024 2023
SEK M 31-mar 31-mar
Visa preferred stock C series 50 39
Loan portfolios 78 91
Operation-related investments ** 392 233
Total * 520 363
* of which short-term investments SEK 24 M and long-term investments SEK 496 M.
** includes investments in shares and funds, co-investments and assets within segment Principal Investments being classified
as financial assets.
SEK M Tier 1 Tier 2 Tier 3 Total
ASSETS
Financial assets measured at fair value through other
comprehensive income 50 50
Financial assets measured at fair value through profit
or loss 59 2 409 470
Total assets 59 51 409 520
LIABILITIES
Financial liabilities measured at fair value 8 8
Total liabilities 0 0 8 8
No changes between levels occurred the previous year.
Change analysis, financial assets, level 3 for the first three months 2024
as of 1 January 409
Purchases 0
Disposals 0
Gains and losses recognised through profit or loss -6
Translation differences 7
At 31 March 409
Change analysis, financial liabilities, level 3 for the first three months 2024
as
of 1 January 8
Additional items 0
Deductions 0
Revaluation through profit & loss 0
Translation differences 0
At 31 March 8
===== SIDA 20 =====
Interim Report January – March 2024
20
Note 6 Pledged assets, contingent liabilities and commitments
Pledged assets
Cash and cash equivalents include cash
funds in accordance with minimum reten-
tion requirements, funds that are to be
made available at all times for regulatory
reasons and frozen funds for other pur-
poses.
Contingent liabilities
Other contingent liabilities relate to guar-
antee commitments as collateral for di-
vested properties, and as collateral for
completion under development agree-
ments. Other contingent liabilities also per-
tains to ongoing disputes in discontinued
operations and guarantees provided by
operating subsidiaries for rental contracts
with landlords. Of the Group’s total con-
tingent liabilities, SEK 135 M relates to
Principal Investments.
Commitments
Investment commitments mainly relate to
the unlisted holding in the start-up Pamica
4 AB.
2024 2023 2023
SEK M 31 Mar 31 Mar 31 Dec
Cash and cash equivalents 110 71 100
Other pledged assets 0 0 0
110 71 100
2024 2023 2023
SEK M 31 Mar 31 Mar 31 Dec
Other contingent liabilities 159 558 445
159 558 445
2024 2023 2023
SEK M 31 Mar 31 Mar 31 Dec
Investment commitments 6 0 6
Other commitments 0 0 0
6 0 6
===== SIDA 21 =====
Interim Report January – March 2024
21
Parent Company Income Statement
Parent Company Balance Sheet – condensed
Catella AB has issued guarantees to credit institutes of SEK 1,291 M as security for approved credit lines to the subsidiary Kaktus 1
HoldCo ApS. In addition, Catella AB has entered into a guarantee commitment with investors in two separate project companies of total
SEK 60 M relating to completion under development agreements. For the comparative period 31 March 2023, the Parent Company’s
total contingent liabilities amounted to SEK 1,577 M.
2024 2023 2023
SEK M Jan-Mar Jan-Mar Jan-Dec
Net sales 10,5 8,7 41,8
Other operating income 0,4 2,3 4,2
Total income 10,9 11,1 46,0
Other external expenses -9,6 - 10,2 -40,2
Personnel costs -12,6 -21,0 -56,8
Depreciation -0,1 -0,1 -0,3
Other operating expenses -0,3 -0,6 -1,2
Operating profit/loss -11,7 -20,8 -52,4
Profit/loss from participations in group companies 0,0 0,0 260,9
Interest income and similar profit/loss items 0,1 0,1 0,3
Interest expenses and similar profit/loss items -28,6 -23,9 -107,1
Financial items -28,4 -23,9 154,2
Profit/loss before tax -40,1 -44,6 101,8
Tax on net profit for the year 0,0 0,0 0,0
Net profit/loss for the period -40,1 -44,6 101,8
2024 2023 2023
SEK M 31 Mar 31 Mar 31 Dec
Intangible assets 1,3 0,3 0,1
Property, plant and equipment 2,0 0,1 0,5
Participations in Group companies 1 358,2 1 358,2 1 358,2
Current receivables from Group companies 255,8 259,7 297,5
Other current receivables 15,5 16,5 12,0
Cash and cash equivalents 0,2 0,1 0,2
Total assets 1 633,0 1 634,9 1 668,5
Restricted equity 176,7 176,7 176,7
Non-restricted equity 178,5 178,3 218,6
Non-current bond loan 0,0 1 244,5 1 246,5
Current bond loan 1 247,2 0,0 0,0
Current liabilities to Group companies 3,3 0,8 1,5
Other current liabilities 27,3 34,7 25,2
Total equity and liabilities 1 633,0 1 634,9 1 668,5
===== SIDA 22 =====
Interim Report January – March 2024
22
Application of key performance indicators not defined by IFRS
The Consolidated Accounts of Catella are
prepared in accordance with IFRS, which
only defines a limited number of perfor-
mance measures. Catella, applies the Euro-
pean Securities and Markets Authority’s
(ESMA) guidelines for alternative perfor-
mance measures. In summary, an alterna-
tive performance measure is a financial
measure of historical or future profit pro-
gress, financial position or cash flow not
defined by or specified in IFRS. In order to
assist corporate management and other
stakeholders in their analysis of Group
progress, Catella presents certain perfor-
mance measures not defined under IFRS.
Corporate management considers that this
information facilitates analysis of the
Group’s performance. This additional in-
formation is complementary to the infor-
mation 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 defi-
nitions are presented below. The calcula-
tion of all performance measures
corresponds to items in the Income State-
ment and Balance Sheet.
Definitions
Non-IFRS performance
measures Description Reason for using the measure
Operating profit attributable to
Parent Company shareholders Group's operating profit for the period, less profit at-
tributable to non-controlling interests.
The measure illustrates the proportion of the Group’s oper-
ating profit attributable to shareholders of the Parent Com-
pany.
Operating margin Operating profit attributable to the Parent Company
shareholders divided by total income for the period.
The measure illustrates profitability in underlying operations
attributable to shareholders of the Parent Company.
IRR Internal Rate of Return, a measure of the average annual
return generated by an investment.
The measure is calculated for the purpose of comparing the
actual return on projects Catella invests in with the average
expected return of 20 percent.
Assets under management at year
end
Assets under management constitutes the value of Ca-
tella’s customers’ deposited/invested capital.
An element of Catella’s income in Investment Management is
agreed with customers on the basis of the value of the un-
derlying invested capital. Provides investors with insight into
the drivers behind elements of Catella’s income.
Property transaction volumes in
the period
Property transaction volumes in the period constitute
the value of underlying properties at the transaction
dates.
An element of Catella’s income in Corporate Finance is
agreed with customers on the basis of the underlying prop-
erty value of the relevant assignment. Provides investors with
insight into the drivers behind elements of Catella’s income.
Equity/Asset 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.
Earnings per share Net profit for the period attributable to the Parent
Company shareholders divided by the number of shares.
Provides investors with a view of the company’s Earnings per
share when making comparisons with earlier periods.
Dividend per share Dividend divided by the number of shares. Provides investors with a view of the company’s dividend
over time.
===== SIDA 23 =====
CATELLA AB (PUBL)
P.O. BOX 5894, SE -102 40 STOCKHOLM, SWEDEN | VISITORS: BIRGER JARLSGATAN 6
CORP. ID NO. 556079– 1419 | REGISTERED OFFICE: STOCKHOLM, SWEDEN
TELEPHONE +46 (0)8 -463 33 10| INFO@CATELLA.SE
CATELLA.COM
Financial calendar For further information, please contact
Annual General Meeting 2024 22 May 2024
Interim Report April-June 2024 21 August 2024
Interim Report July-September 2024 7 November 2024
Year-end Report October-December 2024 12 February 2025
Michel Fischier, CFO
Tel. +46 (0)8-463 33 10
More information on Catella and all financial reports are availa-
ble at catella.com.