Q2 2024 Catella AB Earnings Call Transcript
Key Points
- AUM increased slightly compared to the last quarter despite currency headwinds, indicating resilience in the Investment Management business.
- Strong balance sheet and liquidity position, enabling opportunistic investments and continued project investments.
- Successful cost efficiency measures, reducing costs by SEK55 million year-over-year.
- Positive investor feedback on the new European Living Development strategy, targeting a 15% return.
- Increased activity and positive EBIT in Corporate Finance outside of France, showing regional strength.
- Net revenue decreased by SEK108 million or 24% due to lower transaction volumes and absence of performance-related fees.
- Continued low transaction volumes and capital inflows in the European real estate market.
- Significant FX headwinds, with a negative SEK24 million impact due to currency fluctuations.
- Corporate Finance segment remains weak, particularly in France, with transaction volumes down by almost 60% compared to 2022.
- Challenges in raising new funds, with the time to raise new funds globally having almost doubled in the last three years.
Good morning every one welcome to the Catella Q2 2024 report presentation. (Operator Instructions)
Now I will hand the conference over to the CEO, Christoffer Abramson; and CFO, Michel Fischier. Please go ahead.
Thank you. Good morning, everyone, and welcome to Catella's interim report for the second quarter of 2024. My name is Christoffer Abramson, and I'm the CEO of Catella Group. And together with me today is Michel Fischier, CFO and Head of Investor Relations, and we will walk you through the highlights of the quarter. After the presentation, as always, we will open up for a Q&A session, and the materials and reports are available on our website.
So to remind all of you and for any potential new listeners, I'd like to start the presentation with a brief overview of Catella on Page 3. Catella operates in three property-focused business areas Investment Management, Principal Investments and Corporate Finance. We manage a little over SEK150 billion in our pan-European
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