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NAXS Nordic Access Buyout Fund AB

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NAXS Year-end Report 2020

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.

January-December 2020

  • Net profit for the year amounted to MSEK 24.1 (37.1).
  • Earnings per share amounted to SEK 2.16 (3.24).
  • Net asset value amounted to MSEK 679 (SEK 60.87 per share) at December 31, 2020, compared to MSEK 710 (SEK 63.63 per share) at December 31, 2019.
  • Net cash amounted to MSEK 219 (SEK 19.65 per share) at December 31, 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.

Fourth quarter 2020

  • Net profit/loss for the quarter amounted to MSEK 30.1 (10.8).
  • Earnings per share amounted to SEK 2.70 (0.96).

Distribution of profits

The Board of Directors proposes a dividend of SEK 3.00/share for the fiscal year 2020.

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 was unchanged over the twelvemonth period despite a difficult environment. However, during the course of the year the development of the NAV was all but flat as it experienced a major drop in the second quarter followed by rapid recovery during the third quarter followed by a stable period in the fourth quarter. This reflected the general recovery that began during the summer. Despite the second wave of the Covid-19 pandemic during the second half or the year, the stock markets have exhibited strength while the private equity markets can be considered to have handled the related challenges well.

During the second half of the year NAXS made two new commitment to private equity buyout funds, Nordic Capitals Fund X and the newly established Equip Fund I. Equip is focusing on the small/midcap segment in the Nordic region, primarily Norway and Sweden. In addition, NAXS made a co-investment in Pret Panera Company alongside JAB Holding and other investors. NAXS is an investor in the two latest JAB’ funds.

As to the underlying funds, they acquired 9 new portfolio companies and signed or closed 8 exits during 2020. A notable partial exit took place in the midst of the pandemic in May, with the listing of JDE Peet’s, a JAB Consumer Fund II portfolio company, on Euronext Amsterdam in one of the largest IPOs of 2020.

In June, NAXS paid a dividend of SEK 3.00/share. The Company has now distributed a cumulative SEK 25.47 per share over the last 5 years to its shareholders through dividends and share repurchases.

At the end of 2020, NAXS had in excess of 32% of cash on its balance sheet, which leaves the Company well-positioned to continue to take advantage of potential investment opportunities.

Lennart Svantesson

Financial summary

 2020
1/1–12/31
2019
1/1–12/31
2020
10/1–12/31
2019
10/1–12/31
Net profit/loss for the period, MSEK24 11837 13030 10910 756


 2020
31/12
2019
12/31
Private equity fund investments, MSEK428 651439 638
Private equity fund investments in % of equity6362
Remaining commitments, MSEK128 76297 116
Total exposure to private equity fund investments, MSEK557 413536 754
Other investments, MSEK31 69540 824
Net cash, MSEK219 127229 748
Private equity fund investments per share, SEK38.4439.42
Other investments per share, SEK2.843.66
Net cash per share, SEK19.6520.60
Net asset value per share, SEK60.8763.63
Share price, SEK49.9049.30


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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 17.45 CET on January 28, 2021.

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

NAXS AB (publ)
Corp. Reg. No. 556712-2972
Nybrogatan 8
114 34 Stockholm, Sweden
Tel: +46 (0)766 40 00 40, 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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