Interim Report 1 January - 30 June 2011 for Catella AB (publ)

 | Source: Catella AB Catella AB 

Interim Report 1 January - 30 June 2011 for Catella AB (publ)

 

Second quarter of 2011, April - June

  · Net sales in the second quarter totalled SEK 212 M (-).
  · Profit after tax for the period amounted to SEK 19 M (-8).
  · Earnings per share for the Group's total operations for the period
was SEK 0.23 (-0.10).
  · During the quarter, EKF Enskild Kapitalförvaltning AB was acquired
and changed its business name to Catella Förmögenhets­förvaltning AB.
The company was consolidated from 1 May, 2011 and thus has only
contributed to sales and earnings for two months.
  · Catella acquired the remaining 30 per cent of its subsidiary Catella
Capital Intressenter AB, which is a holding company of Catella
Fondförvaltning AB.
  · Net sales in the first six months totalled SEK 350 M (-).
  · Profit after tax for the period amounted to SEK 15 M (15).
  · Earnings per share for the Group's total operations for the period
was SEK 0.18 (0.17).

First six months of 2011, January - June

  · Net sales in the first six months totalled SEK 350 M (-).
  · Profit after tax for the period amounted to SEK 15 M (15).
  · Earnings per share for the Group's total operations for the period
was SEK 0.18 (0.17).

CEO's Comment

Catella's first six months of 2011 were characterized by a number of
initiatives aimed at altering and strengthening the operations and focus
of the Group.

Alongside establishing operations within corporate bonds, Catella has
completed the acquisition of EKF Kapitalförvaltning, now Catella
Förmögenhetsförvaltning. Additionally, Catella has contracted to acquire
a minority share in the Swedish fund management to streamline its
ownership structure. In parallel, a sales process was initiated in
respect of Catella's subsidiary in Luxembourg, Banque Invik. In the fall
of 2011, work will continue on the implementation of the new operations
and with the sale of Banque Invik, with the sale preferably completed
before year-end.

Catella's second quarter earnings were negatively impacted by the
increasing concern in the financial markets during the last month of the
quarter. Earnings were also charged with costs for start-ups and
acquisitions amounting to SEK 5 M and a provision of SEK 3 M for a
possible additional VAT cost.

The underlying operations of the Corporate Finance operating segment
remain healthy with solid underlying project portfolios.

New fund products were launched during and after the period to advance
Catella's positions in Asset Management. Continued initiatives will be
taken to further strengthen Catella as an Asset Manager.

In summary, Catella's financial performance in the second quarter of
2011 was charged with start-up and acquisition costs, while the Group's
earnings in the final month of the quarter were impacted by turmoil in
the financial markets.

For more information, please contact:
Johan Ericsson
Chief Executive Officer, Catella
+46 8 463 34 29, +46 73 654 74 50

Press contact:
Anne Rådestad
Head of Communications, Catella
+46 8 463 34 29, +46 73 654 74 50

 

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