Interim Report January-March 2018
Stockholm, 20 april 2018
PRESSMEDDELANDE - NAXS AB(publ)
Interim Report January-March 2018
First quarter 2018
- Net profit for the first quarter amounted to MSEK 21.0 (10,6).
- Earnings per share amounted to SEK 1.55 (0,73).
- Net asset value amounted to MSEK 846 (SEK 62,32 per share) at March 31, 2018, compared to MSEK 821 (SEK 60.17 per share) at December 31, 2017.
- Net cash amounted to MSEK 437 (SEK 32.17 per share) at March 31, 2018, compared to MSEK 450 (SEK 32.97 per share) at December 31, 2017.
Distribution of profits
The Board of Directors previously communicated its intention to make the level of the proposed dividend for FY 2017 dependent on the amount that may have been distributed under the form of share repurchases during the first quarter of 2018.
The Board of Directors stated that the actual level of the dividend would be set as the difference between SEK 38,682,960,25 (corresponding to SEK 2.75/share) and the amount that has been distributed under the form of share repurchases during the period between January 1 and March 31, 2018.
NAXS repurchased shares for a total amount of SEK 3,099,608.69 during the period between January 1 and March 31, 2018. Therefore, the amount that remains available to be paid as dividend for the fiscal year 2017 is SEK 35,583,351.56, corresponding to SEK 2.53/share.
The Board of Directors therefore proposes to the Annual General Meeting the payment of a dividend of SEK 2.53/share for FY 2017. In addition, the Board of Directors proposes to the Annual General Meeting to vote on a continued share repurchase mandate.
Comments by the CEO
NAXS’s net asset value per share made good progress during the first quarter of 2018, increasing by 3.6%.
The Company made 1 new direct investment during the quarter, participating in a private placement of new shares by Awilco Drilling PLC, a drilling operator listed on the Oslo Stock Exchange, and subsequently acquiring additional shares on the market. At the end of the quarter, NAXS’s total investment in Awilco Drilling amounted to MNOK 17.6, and as of the date of this report to MNOK 23.3.
NAXS also continued to selectively repurchase shares during the quarter, acquiring 61,642 of its own shares.
After the end of the reporting period, NAXS announced that it had opted to roll-over part of its interests in Nordic Capital Fund VII to a continuation vehicle established by Nordic Capital, and had acquired MEUR 4 of additional interests in the same vehicle. We believe that this transaction, combining elements of a new fund commitment with those of a secondary transaction with full visibility on underlying assets, represents a particularly attractive risk/reward profile.
Finally, in light of the prevailing investment climate and NAXS’ current pipeline of potential investment opportunities, the board of NAXS decided to make 2 adjustments to the
Company’s investment policy: (i) the proportion of the net asset value that can be invested in any assets in any jurisdiction has been raised from 25% to 40%, and (ii) the geographic restriction to the Nordic countries for co-investments has been lifted. You can find the revised policy on our website.
1/1–03/31Net profit/loss for the period, KSEK21 04210 583
12/31Private equity fund investments, KSEK383 862357 780Private equity fund investments in % of equity4544Remaining commitments, KSEK87 22192 928Total exposure to private equity fund investments, KSEK471 083450 708Net cash, KSEK436 795449 671Private equity fund investments per share, SEK28,2826.24Net cash per share, SEK32,1732.97Net asset value per share, SEK62,3260.17Share price, SEK50,4050.25
Lennart Svantesson, verkställande direktör
Telefon: 073 311 00 11
Gösta Lundgren, CFO
Telefon: 070 710 47 88
Denna information är sådan information som NAXS AB (publ) är skyldigt att offentliggöra enligt EU:s marknadsmissbruksförordning och lagen om värdepappersmarknaden. Informationen lämnades, genom ovanstående kontaktpersoners försorg, för offentliggörande den 20 april 2018 kl. 08.30 CET.
Pressmeddelanden och ytterligare information finns tillgängliga på www.naxs.se
NAXS Nordic Access Buyout Fund AB (publ)
Org. nr. 556712-2972
Grev Turegatan 10
114 46 Stockholm
Tel: 08 611 33 25, E-post: firstname.lastname@example.org
NAXS är ett investmentbolag noterat på NASDAQ Stockholm. NAXS investerar huvudsakligen i private equity-fonder med nordiskt fokus men kan också göra direktinvesteringar i private equity och andra alternativa tillgångar tillsammans med fonder. NAXS kan, i begränsad omfattning, även göra andra typer av investeringar.