Stockholm, January 27, 2017
PRESS RELEASE - NAXS AB (publ)
Not for release, publication or distribution, directly or indirectly, in or into the United States, Hong Kong, Canada, Japan or Australia, or any other jurisdiction in which the distribution or release would be unlawful.
Year-end Report 2016
January-December 2016
- Net profit/loss for the period amounted to MSEK 94.0 (64.2).
- Earnings per share amounted to SEK 6.32 (4.32).
- Net asset value amounted to MSEK 842 (SEK 56.69 per share) at December 31, 2016, compared to MSEK 785 (SEK 52.78 per share) at year-end 2015.
- Net cash amounted to MSEK 384 (SEK 25.85 per share) at December 31, 2016, compared to MSEK 351 (SEK 23.60 per share) at year-end 2015.
- NAXS paid a dividend of SEK 2.50 per share for the fiscal year 2015.
Fourth quarter 2016
- Net profit/loss for the quarter amounted to MSEK 38.9 (-25.0).
- Earnings per share amounted to SEK 2.62 (-1.68).
Distribution of profits
The Board of Directors intends to make the dividend to be proposed for the fiscal year 2016 dependent on the amount that may be distributed under the form of share repurchases during the first quarter of 2017.
The Board of Directors intends to propose a dividend of maximum SEK 2.70/share for the fiscal year 2016, corresponding to SEK 40,090,415.40 at December 31, 2016. The actual level of the dividend will be set as the difference between SEK 40,090,415.40 and the amount that has been distributed under the form of share repurchases during the period between January 1 and March 31, 2017. The Board of Directors will announce the level of the proposed dividend ahead of the publication of the notice of the 2017 Annual General Meeting
In addition, the Board of Directors proposes to the Annual General Meeting to vote on a continued share repurchase mandate.
Comments by the CEO
We were pleased to see NAXS continue to make good progress during 2016, with the net asset value per share increasing by 12.2%, including the dividend paid. This performance was generated by a strong exit activity, positive valuation developments in the remaining portfolio, as well as positive currency effects.
During the past year, NAXS’s underlying funds made 3 new acquisitions, 10 full exits, and 4 partial exits through initial public offerings.
Worth mentioning for 2016 were also the adoption of a revised investment policy and the shortening of the company’s name from NAXS Nordic Access Buyout Fund AB (publ) to NAXS AB (publ).
NAXS currently has a robust balance sheet, with a relatively high proportion of cash, which the company continues to selectively seek to deploy. After the end of the reporting period, NAXS made a SEK 50m commitment to Mimir Invest, a Swedish private equity special situation fund.
Lennart Svantesson
Financial summary
|
2016 1/1–12/31 |
2015 1/1–12/31 |
2016 10/1-12/31 |
2015 10/1-12/31 |
||
| Net profit/loss for the period, KSEK | 94 012 | 64 178 | 38 939 | -25 005 | |
|
2016 12/31 |
2015 12/31 |
|
| Private equity fund investments, KSEK | 458 701 | 434 246 |
| Private equity fund investments in % of equity | 55 | 55 |
| Remaining commitments, KSEK | 58 444 | 104 748 |
| Total exposure to private equity fund investments, KSEK | 517 145 | 538 994 |
| Net cash, KSEK | 383 807 | 350 970 |
| Private equity fund investments per share, SEK | 30.89 | 29.20 |
| Net cash per share, SEK | 25.85 | 23.60 |
| Net asset value per share, SEK | 56.69 | 52.78 |
| Share price, SEK | 49.40 | 54.00 |
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 8.30 CET on January 27, 2017.
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 an investment company listed on NASDAQ Stockholm. NAXS primarily invests in private equity funds with a Nordic focus, but 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.
