Stockholm, February 7, 2008
PRESS RELEASE
YEAR-END REPORT
September 18, 2006- December 31, 2007
Profit before tax for the financial year amounted to MSEK 7.8.
Net asset value per share at the end of the period amounted to SEK 39.21, of
which cash and cash equivalents accounted for SEK 36.26.
In June, NAXS made a commitment of MSEK 60 to the Swedish fund Valedo Partners
Fund I AB (formerly CreVal).
In August, NAXS made a commitment of MEUR 7 (approximately MSEK 66) to the
Finnish fund Intera Fund I Ky.
In December, NAXS made a commitment of MEUR 15 (approximately MSEK 142) to Apax
Europe VII.
In total, NAXS has now made investment commitments totalling approximately MSEK
268, equivalent to 46% of the company's equity. NAXS estimates that, through
additional investment commitments over the first six months of 2008, the company
will have committed close to 100% of its equity.
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Oct 1, 2007-Sept 18, 2006 - Dec 31, 2007Dec 31, 2007Profit before tax, KSEK3
6137 843 Oct 1, 2007-2007 Dec 31, 2007Dec 31 Investment commitments,
KSEK142 050268 340 Of which, paid, KSEK-34 416-40 657Outstanding investment
commitments, KSEK 227 683 Cash and cash equivalents incl. current investments,
KSEK 543 900 Cash and cash equivalents incl. current investments per share,
SEK 36,26Equity/share, SEK 39,21
NAXS NORDIC ACCESS BUYOUT FUND AB
YEAR-END REPORT
September 18, 2006 - December 31, 2007
OPERATIONS
NAXS operates as a fund-of-funds with investments in Nordic buyout funds. The
objective is to make the Nordic private equity market accessible for a broader
range of investors, while offering liquidity through the Company's publicly
traded shares. The investment strategy is oriented towards a selective but
diversified fund portfolio.
NAXS Nordic Access Advisors AB has been contracted as the investment advisor to
the Company.
Operations commenced on April 17, 2007 and the company has been listed on First
North (part of the OMX Nordic Exchange) since May 14, 2007. The Company's first
financial year extends from September 18, 2006 to December 31, 2007.
NAXS Nordic Access Buyout Fund AB (publ), headquartered in Stockholm, is the
Group's parent company. Besides the Parent Company, the Group consists of the
operational Norwegian subsidiary NAXS Nordic Access Buyout AS, headquartered in
Oslo. The subsidiary operates as a holding company for the Group's investments.
Operations since the listing on First North
In June, NAXS made a MSEK 60 commitment to Valedo Partners Fund I AB (Valedo).
The fund was formerly called CreVal Partners Fund I. Valedo is a growth-oriented
Swedish private equity fund with an industrial focus and a network of
experienced industrialists. Valedo focuses on well-established, profitable
companies in Sweden and the rest of the Nordic region with annual sales of MSEK
100 - 500, with strong market positions in their respective segments and
potential for considerable business development. Valedo was established in the
autumn of 2006. Total commitments to the fund amount to MSEK 1,000 and investors
in the fund are primarily a number of Swedish financial institutions, such as
the Sixth and Third Swedish National Pension Funds. For more information, please
refer to Valedo's website: www.valedopartners.com.
In August, NAXS made a MEUR 7 (approx. MSEK 66) commitment to Intera Fund I Ky
(“Intera”). Intera is a newly-established Finnish private equity fund focusing
primarily on Finnish companies with sales of MEUR 10 to MEUR 100. The fund held
its final closing on November 2, with MEUR 125 in total commitments. Investors
in the fund are primarily leading Nordic institutional investors. For more
information, please refer to Intera's website: www.interapartners.fi.
In December, NAXS made a MEUR 15 (approx. MSEK 142) commitment to Apax Europe
VII. Apax Europe VII is the latest Pan-European fund to be established by Apax
Partners Worldwide LLP (“Apax”). Apax is one of the largest and most
well-established private equity organizations in the world. Funds advised by
Apax have conducted a series of transactions in the Nordic region, including
Mölnlycke Healthcare, TDC and Capio. Investments already made by Apax Europe VII
include Plantasjen, the leading garden superstore chain in the Nordic region.
Apax has maintained an office in Stockholm since 2003. For more information,
please refer to Apax's website: www.apax.com.
Further to its commitment to Apax Europe VII, NAXS has committed approximately
46% of the company's equity.
GROUP
EARNINGS
Until the second quarter of 2007, the Group did not conduct any operations and
therefore no comparative figures have been published.
Operating result
The operating result amounted to a loss of KSEK 7,227 for the financial year.
Operating expenses totalled TSEK 7,227 and mainly comprised personnel costs of
KSEK 1,459 and remuneration of KSEK 3,816 to the investment advisor.
Financial items
Financial items totalled KSEK 15,070 for the financial year. Interest income
amounted to KSEK 14,841 and exchange rate gains to KSEK 229.
Tax and earnings after tax
The Group's profit before tax amounted to KSEK 7,843 for the financial year. Tax
comprising deferred tax income amounted to KSEK 3,581 and profit after tax
amounted to KSEK 11,424. Tax loss carryforwards have been taken into account in
the Parent Company and the tax advantages are expected to be utilized within a
two-year period.
INVESTMENTS, FINANCING AND LIQUIDITY
Investments
During the financial year, KSEK 39,290 was invested in underlying funds. Taking
into account exchange rate translation, the investment on closing date amounted
to KSEK 40,657. Investments in equipment amounted to KSEK 9.
Financing
In April 2007, an initial public offering was completed, which provided the
company with KSEK 578,456 after transaction expenses. At the same time, a
share-redemption programme of KSEK 500 was carried out.
Financing currently occurs through shareholders' equity. Shareholders' equity
amounted to KSEK 588,114 at the end of the period, corresponding to SEK 39.21
per share and an equity/asset ratio of 99.8%.
Cash and cash equivalents
On the closing date, cash and cash equivalents amounted to KSEK 343,900 and
current investments to KSEK 200,000, which corresponds to SEK 36.26 per share.
EVENTS AFTER THE END OF THE PERIOD
No significant events have occurred since the end of the financial year.
Future prospects
NAXS is currently evaluating a number of funds in view of possible further
investments in 2008. NAXS expects to make a new commitment to a private equity
fund during the coming weeks, further to which approximately 65% of the
Company's equity will have been committed. NAXS estimates that, through
additional investment commitments over the first six months of 2008, the company
will have committed close to 100% of its equity.
PARENT COMPANY
Profit before tax amounted to KSEK 8,755 for the financial year. Tax comprising
deferred tax income amounted to KSEK 3,581 and profit after tax amounted to KSEK
12,335. The tax advantage arising from the tax-loss carryforwards is expected to
be utilized within a two-year period.
In February, the newly established Norwegian subsidiary NAXS Nordic Access
Buyout AS was acquired for KSEK 151 and in August the newly established Swedish
subsidiary NAXS Nordic Access Buyout AB was acquired for KSEK 100.
The Parent Company's cash and cash equivalents amounted to KSEK 35,013 and
short-term interest-bearing investments to KSEK 200,000.
ORGANIZATION
The Board of Directors consists of Chairman Björn C Andersson and Board members
Robin Ahlström, Birgitta Johansson-Hedberg and Clas Romander. Jeff Bork is the
CEO.
ANNUAL GENERAL MEETING
The 2008 Annual General Meeting will be held on June 12, 2008 at 5:00 pm at the
offices of the law firm Delphi, located at Regeringsgatan 30-32, in Stockholm,
Sweden. Any questions prior to the Annual General Meeting should be submitted to
the Chairman of the Board, Björn C Andersson, who can be reached by email at
bjorn.c.andersson@comhem.se, or by phone at +46 (0)705 86 10 21.
THE SHARE
The NAXS share was listed on First North (part of OMX Nordic Exchange) on May
14, 2007. The share is traded under the designation “NAXS” and a full trading
lot consists of 200 shares. The price at the time of listing was SEK 40.
Through the public offering and subsequent new share issue in April 2007, the
Company was provided with SEK 578,455,947, after transaction expenses of SEK
21,544,053. In parallel with the new issue, a share redemption programme
totalling SEK 500,000 was implemented, resulting in all of the 5,000 shares
issued before the initial public offering being redeemed. The number of shares
in the Company currently amounts to 15,000,000.
At the end of the period 12-31-2007, the share price for NAXS shares was SEK 32
and the company's net asset value was SEK 39.21 per share. The company's market
value was MSEK 480. The number of shareholders was 782.
Dividend
The Board of Directors proposes that the Annual General Meeting resolve that no
dividend shall be paid for the financial year.
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| Consolidated income statement | | |
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| | Oct 1, 2007- | Sep 18, 2006- |
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| Amounts in KSEK | Dec 31, 2007 | Dec 31, 2007 |
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| | | |
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| Operating expenses | -2 615 | -7 227 |
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| Operating loss | -2 615 | -7 227 |
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| Financial items | | |
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| Interest income | 6 295 | 14 841 |
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| Exchange rate gains | -67 | 229 |
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| Profit before tax | 3 613 | 7 843 |
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| Tax | 5 596 | 3 581 |
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| Net profit for the period | 9 209 | 11 424 |
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| | | |
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| Earnings per share, SEK | 0,61 | 1,15 |
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| Shareholders' equity per share, SEK | 39,21 | 39,21 |
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| | | |
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| NUMBER OF SHARES | | |
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| At the beginning of the period | 15 000 000 | 5 000 |
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| At the end of the period | 15 000 000 | 15 000 000 |
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| Average number of shares | 15 000 000 | 9 905 808 |
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Definition of key figures
Earnings per share
Earnings after tax divided by weighted average number of shares.
Shareholders' equity per share
Reported shareholders' equity in relation to the number of shares at the end of
the period.
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| Consolidated balance sheet | | |
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| | | 2007 |
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| Amounts in KSEK | | Dec 31 |
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| | | |
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| Assets | | |
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| Fixed assets | | |
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| Equipment | | 7 |
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| Fund units | | 40 657 |
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| Deferred tax assets | | 3 581 |
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| Total fixed assets | | 44 245 |
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| Current assets | | |
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| Accrued interest income | | 1 097 |
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| Other current assets | | 101 |
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| Current investments | | 200 000 |
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| Cash and bank | | 343 900 |
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| Total current assets | | 545 098 |
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| Total assets | | 589 343 |
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| | | |
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| Shareholders' equity and liabilities | | |
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| Shareholders' equity | | 588 114 |
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| Current liabilities | | |
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| Accounts payable | | 297 |
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| Other non-interest-bearing liabilities | | 206 |
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| Accrued expenses | | 726 |
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| Total current liabilities | | 1 229 |
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| Total shareholders' equity and liabilities | | 589 343 |
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| | | |
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| CHANGE IN SHAREHOLDERSÄ EQUITY | | |
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| | Oct 1, 2007- | Sept 18, 2006 |
| | | - |
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| Amounts in KSEK | Dec 31, 2007 | Dec 31, 2007 |
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| Shareholders' equity at the beginning of the | 580 547 | 0 |
| period | | |
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| New share issue (company formation) | - | 500 |
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| New share issue | - | 600 000 |
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| Share exercise | - | -500 |
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| Issue expenses | - | -21 544 |
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| Translation difference | -1 642 | -1 766 |
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| Net profit for the period | 9 209 | 11 424 |
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| Shareholders' equity at period end | 588 114 | 588 114 |
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| Consolidated cash flow statement | | |
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| | Oct 1, 2007- | Sep 18, 2006 - |
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| Amounts in KSEK | Dec 31, 2007 | Dec 31, 2007 |
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| | | |
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| Profit after financial items | 3 612 | 7 843 |
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| Adjustments for non-cash items, etc. | | |
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| Depreciation and impairment | 1 | 37 |
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| Unrealised exchange rate gains | 67 | -229 |
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| Paid income tax | - | - |
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| Cash flow from operational activities | 3 680 | 7 651 |
| before working capital changes | | |
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| | | |
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| Cash flow from working capital changes | 7 592 | 21 |
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| Cash flow from operational activities | 11 272 | 7 672 |
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| | | |
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| Investments in equipment | - | -9 |
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| Acquisition of fund units | -34 416 | -39 290 |
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| Acquisition of subsidiaries | - | -35 |
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| Cash flow from investing activities | -34 416 | -39 334 |
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| | | |
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| New issues | - | 578 456 |
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| Cash flow from financing activities | - | 578 456 |
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| Cash flow for the period | -23 144 | 546 794 |
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| | | |
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| Cash and cash equivalents, beginning of the | 569 955 | 0 |
| period | | |
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| Exchange rate differences in cash and cash | -2 911 | -2 894 |
| equivalents | | |
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| Cash and cash equivalents, period end *) | 543 900 | 543 900 |
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*) Investment commitments at December 31, 2007 amount to TSEK 227,683.
Accounting principles
The year-end report complies with the accounting principles stated in the
prospectus prepared in connection with the Company's listing on First North.
Stockholm, February 7, 2008
NAXS Nordic Access Buyout Fund AB (publ)
Jeff Bork
CEO
This year-end report has not been examined by the Company's auditors.
FOR FURTHER INFORMATION, PLEASE CONTACT
Jeff Bork, CEO, +46 (0)761-00 00 00
FORTHCOMING INFORMATION
Interim report for the period ending March 31, 2008 May 6, 2008
Annual General Meeting June 12, 2008
Interim report for the period ending June 30, 2008 August 14, 2008
Interim report for the period ending September 30, 2008 November 6, 2008
NAXS Nordic Access Buyout Fund AB (publ)
Corporate registration number 556712-2972
Grev Turegatan 10, 1tr
SE-114 46 Stockholm
Telephone: +46 (0)8-611 33 25
E-mail: info@naxs.se
www.naxs.se
