Interim Report January-September 2017


Stockholm, October 20, 2017

PRESS RELEASE - NAXS AB (publ)

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.

Interim Report January-September 2017

Nine months 2017

  • Net profit/loss for the period amounted to MSEK 43.4 (55.1).
  • Earnings per share amounted to SEK 3.07 (3.70).
  • Net asset value amounted to MSEK 824 (SEK 60.41 per share) at September 30, 2017, compared to MSEK 842 (SEK 56.69 per share) at year-end 2016.
  • Net cash amounted to MSEK 455 (SEK 33.35 per share) at September 30, 2017, compared to MSEK 384 (SEK 25.85 per share) at year-end 2016.
  • The 2017 Annual General Meeting resolved that no dividend would paid for FY 2016 in view of the fact that SEK 38m (SEK 2.57/share) had been distributed through shares buybacks during Q1 2017.

Third quarter 2017

  • Net profit/loss for the quarter amounted to MSEK -16.4 (9.9).
  • Earnings per share amounted to SEK -1.19 (0.66).

Comments by the CEO

NAXS’s NAV/share contracted by 1.9% during the third quarter, due to a slightly negative development of the valuation of private equity fund investments and exchange rates. Over the first nine months of 2017, the NAV/share increased by 6.6%, and by 11.5% over 12 months.

NAXS continued to repurchase its own shares during the third quarter, acquiring 419,282 shares. These repurchases, made at an average discount of 16% to the June 30th net asset value, were deemed capital-efficient for the Company and value-accretive for our shareholders. As of the end of the third quarter, NAXS held a total of 422,812 shares, representing 3% of the total number of shares.

Lennart Svantesson

 

Financial summary

  2017
1/1–9/30
2016
1/1–9/30
2017
7/1–9/30
2016
7/1–9/30
Net profit/loss for the period, KSEK 43 403 55 074 -16 426 9 867

 

  2017
09/30
2016
12/31
Private equity fund investments, KSEK 370 038 458 701
Private equity fund investments in % of equity 45 55
Remaining commitments, KSEK 99 427 58 444
Total exposure to private equity fund investments, KSEK 469 465 517 145
Net cash, KSEK 454 999 383 807
Private equity fund investments per share, SEK 27.12 30.89
Net cash per share, SEK 33.35 25.85
Net asset value per share, SEK 60.41 56.69
Share price, SEK 50.00 49.40

 

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 October 20, 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.


Attachments

NAXS Interim Report January-September 2017.pdf