Stockholm, October 17, 2008
PRESS RELEASE
INTERIM REPORT
January 1, 2008 - September 30, 2008
Profit before tax for the interim period amounted to MSEK 11,5.
Net asset value per share at the end of the interim period was SEK 39,40, of
which cash and cash equivalents accounted for SEK 30,43.
NAXS made in March 2008 a commitment of MEUR 10 to FSN Capital III LP.
In April 2008, NAXS made a commitment of MEUR 20 to Nordic Capital Fund VII LP.
NAXS made in September 2008 a commitment of MNOK 40 to Herkules Private Equity
Fund III.
As of the end of the interim period, NAXS had made investment commitments
totaling approximately MSEK 615, equivalent to 104% of the Company's equity.
There has been a high degree of activity in the fund portfolio. At the end of
the interim period, 21,3 % of the Company's equity had been drawn by underlying
funds, which had acquired around 25 portfolio companies.
As of September 30, 2008, cash and cash equivalents amounted to MSEK 457. During
the interim-report period, liquid assets were invested in interest-bearing
instruments or held on interest-bearing bank accounts, in accordance with the
Company policy.
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| | Jan 1, 2008- | Sep 18,2006 |
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| | Sep 30, 2008 | Dec 31, 2007 |
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| Profit before tax, KSEK | 11 523 | 7 843 |
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| | | |
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| | 2008 | 2007 |
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| | Sep 30 | Dec 31 |
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| Investment commitments, KSEK | 614 500 | 268 340 |
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| Of which paid, KSEK | -126 067 | -40 657 |
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| Outstanding investment commitments, KSEK | 488 433 | 227 683 |
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| | | |
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| Cash and cash equivalents and current | 456 501 | 543 900 |
| investments, KSEK | | |
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| | | |
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| Cash and cash equivalents per share, KSEK | 30,43 | 36,26 |
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| Equity per share, SEK | 39,40 | 39,21 |
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NAXS NORDIC ACCESS BUYOUT FUND AB
INTERIM REPORT
January 1 - September 30, 2008
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 and
management advisor to the Company.
Operations commenced on April 17, 2007 and the company has been listed on OMX
Nordic Exchange First North since May 14, 2007.
NAXS Nordic Access Buyout Fund AB (publ), headquartered in Stockholm, is the
Group's Parent Company. In addition to 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 fund
investments.
Fund portfolio
NAXS' total investment commitments to underlying funds amount to 104% of the
Company's equity, while 21,3% of the Company's equity has been drawn by
underlying funds. Around 25 portfolio companies have been acquired by underlying
funds.
Fund Portfolio
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| | Commitment | Currency | Investment | Investment |
| | s made in | | commitments | commitments |
| | | | (T) | TSEK |
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| Apax Europe VII | 2007 | EUR | 15 000 | 146 400 |
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| FSN Capital III | 2008 | EUR | 10 000 | 97 600 |
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| Herkules Private | 2008 | NOK | 40 000 | 46 980 |
| Equity Fund III | | | | |
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| Intera Fund I | 2007 | EUR | 7 000 | 68 320 |
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| Nordic Capital Fund | 2008 | EUR | 20 000 | 195 200 |
| VII | | | | |
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| Valedo | 2007 | SEK | 60 000 | 60 000 |
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| Total | | | | 614 500 |
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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, and funds advised by Apax
have conducted a series of transactions in the Nordic region, including
Mölnlycke Healthcare, TDC and Capio. Amongst the investments made by Apax Europe
VII is Plantasjen, the leading garden superstore in the Nordic region. Upon the
fund's final closing, total commitments from investors amounted to MEUR 11,000.
FSN Capital III
FSN Capital III is the third fund to be established by Oslo-based FSN Capital
Partners, one of the most experienced Nordic managers in the mid-cap segment.
FSN Capital Partners focuses on Norwegian and Nordic industrial, consumer
products and service companies with established products and technologies, which
benefit from strong market positions. Total commitments upon the fund's final
closing amounted to MEUR 375.
Herkules Private Equity Fund III
Herkules Fund III is the third fund raised by Herkules Capital (formerly FERD
Equity Partners), a Norwegian private equity manager based in Oslo. While the
fund is not sector-specific, it is expected to have a particular focus on the
oil services, retail, services, telecom and healthcare industries. Herkules Fund
III will target investments in mid-size companies in Norway and the Nordic
Region with an enterprise value of between MNOK 250 - 2,500 million.
Intera Fund I
Intera is a newly established Finnish private equity fund focusing primarily on
Finnish companies with sales of MEUR 10 to MEUR 100. Total commitments upon the
fund's final closing amounted to MEUR 125.
Nordic Capital Fund VII
In April 2008, NAXS made a MEUR 20 commitment to Nordic Capital Fund VII.
Founded in 1989, Nordic Capital was one of the private equity pioneers in
northern Europe, and has invested in a large number of Nordic-based companies
operating in different sectors. Nordic Capital seeks to create value in its
investments through committed ownership and by targeting strategic development
and operational improvements.
Valedo 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. Total commitments
upon the fund's final closing amounted to MSEK 1,000.
GROUP
EARNINGS
Until the second quarter of 2007, the Group did not conduct any operations and
therefore no comparative figures have been published for the period January 1
-September 30, 2007. The comparative figures included in this report are the
same as in the Annual report for last year.
Operating result
The operating result amounted to a loss of KSEK 11,417 for the interim period.
Operating expenses totaled KSEK 6,814 and mainly comprised personnel costs of
KSEK 909 and remuneration of KSEK 4,396 to the investment advisor. The rate of
expenses followed the established budget. The operating result includes a KSEK
4,603 write-off of the fund units as a result of decreased in value in
underlying funds.
Financial items
Financial items totaled KSEK 22,940 for the interim report period. Interest
income amounted to KSEK 17,491 and unrealized exchange rate gains to KSEK 5,449.
Tax and earnings after tax
The Group's profit before tax amounted to KSEK 11,523 for the interim report
period. Tax amounted to KSEK 4,264 and the result after tax amounted to KSEK
7 259.
INVESTMENTS, FINANCING AND LIQUIDITY
Investments
During the interim report period, KSEK 86,075 was invested in underlying funds.
As of September 30, the fund units amounted to KSEK 121 464. The fund units
were written-off with KSEK 4,603 as a result of reported decrease in value in
underlying funds.
Financing
Financing currently occurs through shareholders' equity. Shareholders' equity
amounted to KSEK 595,544 at the end of the interim period, corresponding to SEK
39, 40 per share and an equity/asset ratio of 99,5%.
Cash and cash equivalents
As of September 30, 2008, cash and cash equivalents amounted to KSEK 456,501,
which corresponds to SEK 30, 43 per share. Current investments amounting to SEK
300 million are invested in six month bank deposits with fixed interest rate.
During the interim-report period, liquid assets were invested in
interest-bearing instruments or held on interest-bearing bank accounts, in
accordance with the Company policy.
EVENTS AFTER THE END OF THE INTERIM PERIOD
There is no event after the end of the interim period to report.
Future prospects
The Company has the option to commit 130% of its equity and estimates to be able
to use over-commitment possibilities in order to make co-investments with
underlying funds, as well as new commitments to private equity funds in the
future.
Underlying funds can be expected to have a slower investment pace during the
remaining of 2008.
PARENT COMPANY
Profit before tax amounted to KSEK 6,533 for the interim period. Tax amounted to
KSEK 1,830, and profit after tax amounted to KSEK 4,703.
The Parent Company's cash and cash equivalents amounted to KSEK 237,386.
ORGANIZATION
The Board of Directors consists of the Chairman Björn C Andersson and Board
members Robin Ahlström, Birgitta Johansson-Hedberg and Clas Romander. Jeff Bork
is the Company's CEO.
ANNUAL GENERAL MEETING
The 2009 Annual General Meeting will be held on May 5, 2009. The chairman of the
board Mr Björn C Andersson will contact the major shareholders in order to
discus the compound of the board.
THE SHARE
The NAXS share was listed on the 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.
The number of shares in the Company at the end of the interim period was
unchanged at 15,000,000.
At the end of the interim period, the share price for NAXS shares was SEK 27 and
the net asset value per share was SEK 39,40. The Company's market value was
MSEK 405. The number of shareholders was 411.
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| Consolidated Income Statement | | |
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| | Jan 1, 2008- | Sep 18,2006 |
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| Amounts in KSEK | Sep 30, 2008 | Dec 31, 2007 |
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| | | |
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| Operating expenses | -6 814 | -7 227 |
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| Nedskrivning fondandelar | -4 603 | - |
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| Operating loss | -11 417 | -7 227 |
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| Financial items | | |
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| Interest income | 17 491 | 14 841 |
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| Exchange rate gains | 5 449 | 229 |
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| Oprofit before tax | 11 523 | 7 843 |
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| Tax | -4 264 | 3 581 |
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| Net profit for the period | 7 259 | 11 424 |
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| | | |
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| Earnings per share, SEK | 0,48 | 1,15 |
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| Shareholders' equity per share, SEK | 39,40 | 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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| Avarage 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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| | 2008 | 2007 |
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| Amounts in KSEK | Sep 30 | Dec 31 |
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| | | |
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| Assets | | |
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| Fixed assets | | |
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| Equipment | 6 | 7 |
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| Fund units | 121 464 | 40 657 |
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| Deferred tax assets | 1 751 | 3 581 |
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| Total fixed assets | 123 221 | 44 245 |
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| Current assets | | |
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| Accrued interest income | 13 921 | 1 097 |
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| Other current assets | 179 | 101 |
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| Current investments | 300 000 | 200 000 |
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| Cash and bank | 156 501 | 343 900 |
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| Total current assets | 470 601 | 545 098 |
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| Total assets | 593 822 | 589 343 |
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| | | |
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| Shareholders' equity and liabilities | | |
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| Shareholders' equity | 590 941 | 588 114 |
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| Current liabilities | | |
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| Accounts payable | 40 | 297 |
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| Other non-interest-bearing liabilities | 2 438 | 206 |
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| Accrued expenses | 403 | 726 |
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| Total current liabilities | 2 881 | 1 229 |
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| Total shareholders' equity and liabilities | 593 822 | 589 343 |
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| | | |
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| CHANGE IN SHAREHOLDERS' EQUITY | | |
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| | Jan 1, 2008- | Sep 18,2006 |
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| Amounts in KSEK | Sep 30, 2008 | Dec 31, 2007 |
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| At the beginning of the period | 588 114 | 0 |
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| New share issue (company formation) | - | 500 |
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| New share issue (company formation) | - | 600 000 |
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| Share exercise | - | -500 |
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| Issue expenses | - | -21 544 |
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| Translation difference | -4 432 | -1 766 |
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| Net profit for the period | 7 259 | 11 424 |
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| Shareholders' equity at period end | 590 941 | 588 114 |
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| Consolidated cash-flow statement | | |
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| | Jan 1, 2008- | Sep 18,2006 |
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| Amounts in KSEK | Sep 30, 2008 | Dec 31, 2007 |
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| | | |
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| Profit after financial items | 11 523 | 7 843 |
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| Adjustment for non-cash items | | |
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| Depreciation and impairment | 4 605 | 37 |
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| Unrealized exchange rate gains | -5 451 | -229 |
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| Paid income tax | - | - |
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| Cash flow from operational activities | 10 677 | 7 651 |
| before working capital changes | | |
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| | | |
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| Cash flow from working capital changes | -13 701 | 21 |
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| Cash flow from operational activities | -3 024 | 7 672 |
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| | | |
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| Investments in equipment | - | -9 |
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| Acquisition of fund units*) | -86 075 | -39 290 |
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| Acquisition of subsidiaries | - | -35 |
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| Interest-bearing financial investments | -100 000 | -200 000 |
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| Cash flow from investing activities | -186 075 | -239 334 |
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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 | -189 099 | 346 794 |
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| | | |
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| Cash and cash equivalents, beginning of the | 343 900 | 0 |
| period | | |
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| Exchange rate differences in cash and cash | 1 700 | -2 894 |
| equivalents | | |
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| Cash and cash equivalents, period end | 156 501 | 343 900 |
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*) Outstanding investment commitments on September 30, 2008 amounted to KSEK
488,433 (227,683).
Accounting principles
The interim report complies with the accounting principles stated in 2007 Annual
Report.
Stockholm, October 17, 2008
NAXS Nordic Access Buyout Fund AB (publ)
Jeff Bork
CEO
This report has not been examined by the Company's auditors.
FOR FURTHER INFORMATION, PLEASE CONTACT
Jeff Bork, CEO, +46 (0)761-00 00 00
FINANCIAL INFORMATION
Year-end report for 2008: February 5, 2009
Interim report (3months): April 21, 2009
Annual General Meeting: May 5, 2009
NAXS Nordic Access Buyout Fund AB (publ), Corp. Reg. No. 556712-2972
Grev Turegatan 10, 114 46 Stockholm, Sweden
Tel: +46 (0)8-611 33 25, E-mail: info@naxs.se
www.naxs.se
