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NAXS Interim report January-September 2020

NAXS Nordic Access Buyout Fund AB
·4-min read

This announcement is not an offer of securities for sale in the United States nor in any other country, and securities may not be offered or sold in the United States absent registration or an exemption from registration under U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder. Nor does it constitute or form part of, and may not be used for the purposes of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities by any person in any jurisdiction, nor shall it or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment to do so, in which (i) such offer or invitation is not authorised; or (ii) in which the person making such offer or invitation is not qualified to do so; or (iii) to any person to whom it is unlawful to make such offer or invitation.

Nine months 2020

  • Net profit for the interim period amounted to MSEK -6.0 (26.4).

  • Earnings per share amounted to SEK -0.54 (2.29).

  • Net asset value amounted to MSEK 676 (SEK 60.58 per share) at September 30, 2020, compared to MSEK 710 (SEK 63.63 per share) at December 31, 2019.

  • Net cash amounted to MSEK 215 (SEK 19.29 per share) at September 30, 2020, compared to MSEK 230 (SEK 20.60 per share) at December 31, 2019.

  • The 2020 Annual General Meeting resolved to pay a dividend of SEK 3.00 per share for FY 2019.

Third quarter 2020

  • Net profit/loss for the quarter amounted to MSEK 55.0 (11.7).

  • Earnings per share amounted to SEK 4.93 (1.05).

Comments by the CEO

After the second quarter’s dip, NAXS’s net asset value per share recovered during the third quarter, increasing by 9.3% during the period. The increase in net asset value reflects the general valuation uplift of fund investments, based on improved trading conditions for portfolio companies and positive developments of comparative multiples.
During the third quarter, NAXS allocated some of the cash on its balance sheet, making a new commitment to Nordic Capital Fund X, the latest fund launched by Nordic Capital. The fund will focus on majority investments in companies in the Healthcare, Technology & Payments and Financial Services sectors.

Lennart Svantesson

Financial summary

2020
1/1–9/30

2019
1/1–9/30

2020
7/1–9/30

2019
7/1-9/30

Net profit/loss for the period, MSEK

-5 991

26 375

54 969

11 679


2020
9/30

2019
12/31

Private equity fund investments, MSEK

428 029

439 638

Private equity fund investments in % of equity

63

62

Remaining commitments, MSEK

134 504

97 116

Total exposure to private equity fund investments, MSEK

562 533

536 754

Other investments, MSEK

32 966

40 824

Net cash, MSEK

215 087

229 748

Private equity fund investments per share, SEK

38.38

39.42

Other investments per share, SEK

2.96

3.66

Net cash per share, SEK

19.29

20.60

Net asset value per share, SEK

60.58

63.63

Share price, SEK

46.00

49.30

Contact information

Lennart Svantesson, CEO

Telephone: +46 73 311 00 11

Gösta Lundgren, CFO

Telephone: +46 70 710 47 88

This information is information that NAXS AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 17.45 CET on October 20, 2020.

This press release and further information is available on the Company’s website: www.naxs.se

NAXS AB (publ)
Corp. Reg. No. 556712-2972
Grev Turegatan 10
114 46 Stockholm, Sweden
Tel: +46 8 611 33 25, E-mail: info@naxs.se

NAXS is a company listed on NASDAQ Stockholm and investing primarily in private equity funds with a Nordic focus. NAXS may also make direct investments or co-investments alongside private equity or other alternative assets funds. In addition, NAXS may, to a limited extent, make other types of investments.

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