Stockholm, November 12, 2007
PRESS RELEASE
INTERIM REPORT
September 18, 2006 - September 30, 2007
Profit before tax for the interim report period amounted to MSEK 4.2.
Net asset value per share at the end of the reporting period amounted to SEK
38.93, of which cash and cash equivalents accounted for SEK 38.00 per share.
In June, NAXS made a commitment of MSEK 60 to the Swedish fund CreVal Partners
Fund I AB.
In August, NAXS made a commitment of MEUR 7 (approx. MSEK 65) to the Finnish
Fund Intera Fund I Ky.
In total, NAXS has now made commitments and investments totalling approximately
MSEK 125, equivalent to 21.4% of the company's net asset value.
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| | July 1, 2007- | Sept 18, 2006- |
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| | Sept 30, 2007 | Sept 30, 2007 |
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| Profit before tax, KSEK | 3 103 | 4 230 |
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| | | |
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| Investments, KSEK | 1 890 | 5 086 |
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| | | |
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| | | 2007 |
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| | | Sept 30 |
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| Equity per share, SEK | | 38.93 |
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| | | |
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| Outstanding investment commitments, | | 119 914 |
| KSEK | | |
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| | | |
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| Cash and cash equivalents, KSEK | | 569 955 |
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NAXS NORDIC ACCESS BUYOUT FUND AB
INTERIM REPORT
September 18, 2006 - September 30, 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 also offering liquidity through the Company's publicly
traded shares. The balanced 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, headquartered in Stockholm, is the Group's
parent company. Besides the Parent Company, the Group consists of the
operational Norwegian subsidiary NAXS Nordic Buyout AS, headquartered in Oslo.
The subsidiary operates as a holding company for the Group's investments.
Operations since the listing on First North
NAXS made in June a MSEK 60 commitment to CreVal Partners Fund I AB (CreVal).
CreVal is a growth-oriented Swedish private equity fund with an industrial focus
and a network of experienced industrialists. CreVal 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. CreVal 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 Third and Sixth Swedish National Pension Funds. For
more information, visit CreVal's website at www.crevalpartners.com.
In August, NAXS made a MEUR 7 (approx. MSEK 65) 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 that have not
yet reached their full capacity and have the potential to become leading
businesses in their fields. 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, visit Intera's website at
www.interapartners.fi.
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 4,576 for the reporting period.
Operating expenses totalled KSEK 4,576 and mainly comprised personnel costs of
KSEK 968 and remuneration of KSEK 2,415 to the investment advisor.
Financial items
Financial items totalled KSEK 8,842 for the reporting period. Interest income
amounted to KSEK 8,546 and exchange rate gains to KSEK 296.
Tax and earnings after tax
The Group's profit before tax amounted to KSEK 4,230 for the reporting period.
Tax expenses amounted to KSEK 2,015 and profit after tax to KSEK 2,215. No tax
receivable has been reported for accumulated loss carried forward in the Group.
INVESTMENTS, FINANCING AND LIQUIDITY
Investments
During the reporting period, KSEK 5,086 was invested in underlying private
equity funds. Investments in equipment amounted to KSEK 17.
Financing
In April 2007, an initial public offering was completed, which provided the
company with KSEK 578,551 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 580,547 at the end of the period, corresponding to SEK 38.93
per share and an equity/asset ratio of 99.4%.
Cash and cash equivalents
Cash and cash equivalents amounted to KSEK 569,955 on the closing date, which
corresponds to SEK 38.00 per share.
EVENTS AFTER THE END OF THE INTERIM PERIOD
No significant events have occurred since the end of the reporting period.
Future prospects
NAXS is currently evaluating a number of funds in view of possible further
investments in 2007 and expects to make a commitment to at least one additional
private equity fund during the final quarter of 2007.
PARENT COMPANY
Profit before tax totalled KSEK 7,199 for the reporting period. Tax expenses
amounted to KSEK 2,015 and profit after tax to KSEK 5,183. 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 569,434 at the
end of the reporting period.
ORGANISATION
The Board of Directors consists of Chairman Björn C. Andersson and Board Members
Robin Ahlström, Birgitta Johansson-Hedberg and Clas Romander. Jeff Bork is CEO.
THE SHARE
The NAXS share was listed on First North (part of the 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 initial public offering and subsequent new share issue in April
2007, the Company was provided with SEK 578,550,521, after transaction expenses
of SEK 21,449,479. 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, the share price for NAXS shares was SEK 33 and the
company's net asset value was SEK 38.93 per share. The company's market value
was MSEK 495. The number of shareholders was 998.
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| Consolidated income statementJuly 1, 2007-Sept 18, | | |
| 2006-Amounts in KSEKSept 30, 2007Sept 30, 2007Operating | | |
| expenses-2 237-4 576Operating loss-2 237-4 | | |
| 576Depreciation0-36Financial itemsInterest income5 1258 | | |
| 546Exchange rate gains215296Profit before tax3 1034 | | |
| 230Tax -1 327-2 015Net profit for the period1 7762 | | |
| 215Earnings per share, SEK0.120.27Shareholders' equity | | |
| per share, SEK38.6038.93At beginning of the period15 000 | | |
| 0005 000At end of the period15 000 00015 000 000Average | | |
| number of shares15 000 0008 189 084 | | |
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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 | | 2007 |
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| Amounts in KSEK | | Sept 30 |
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| Assets | | |
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| Fixed assets | | |
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| Inventories | | 17 |
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| Fund units | | 5 086 |
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| Total fixed assets | | 5 103 |
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| Current assets | | |
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| Accrued interest income | | 8 546 |
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| Other current assets | | 295 |
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| Cash and bank | | 569 955 |
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| Total current assets | | 578 796 |
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| Total assets | | 583 899 |
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| Shareholders' equity and liabilities | | |
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| Shareholders' equity | | 580 547 |
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| Current liabilities | | |
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| Accounts payable | | 564 |
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| Other non-interest-bearing liabilities | | 2 106 |
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| Accrued expenses | | 682 |
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| Total current liabilities | | 3 352 |
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| Total shareholders' equity and liabilities | | 583 899 |
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| CHANGE IN SHAREHOLDERS' EQUITY | | |
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| | July 1, 2007- | Sept 18, |
| | | 2006- |
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| Amounts in KSEK | Sept 30, 2007 | Sept 30, |
| | | 2007 |
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| Shareholders' equity, opening balance | 578 982 | 0 |
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| New share issue (company formation) | - | 500 |
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| New share issues | - | 600 000 |
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| Share exercise | 0 | -500 |
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| Issue expenses | -95 | -21 544 |
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| Translation difference | -116 | -124 |
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| Net profit | 1 776 | 2 215 |
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| Shareholders' equity at period end | 580 547 | 580 547 |
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| Consolidated cash flow statement | | |
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| | July 1, 2007- | Sept 18, 2006- |
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| Amounts in KSEK | Sept 30, 2007 | Sept 30, 2007 |
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| Profit after financial items | 3 104 | 4 231 |
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| Adjustments for non-cash items, etc. | | |
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| Depreciation and impairment | 0 | 36 |
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| Unrealised exchange rate gains | -215 | -296 |
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| Paid income tax | - | - |
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| Cash flow from operational activities | 2 889 | 3 971 |
| before working capital changes | | |
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| Cash flow from working capital changes | -7 737 | -7 563 |
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| Cash flow from operational activities | -4 848 | -3 592 |
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| Investment in equipment | -8 | -17 |
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| Acquisition of fund units | -1 678 | -4 874 |
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| Acquisition of subsidiaries | 0 | -35 |
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| Cash flow from investing activities | -1 686 | -4 926 |
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| New issues | -95 | 578 456 |
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| Cash flow from financing activities | -95 | 578 456 |
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| Cash flow for the period | -6 629 | 569 938 |
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| Cash and cash equivalents, beginning of | 576 567 | 0 |
| period | | |
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| Exchange rate differences in cash and | 17 | 17 |
| cash equivalents | | |
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| Cash and cash equivalents, period end | 569 955 | 569 955 |
| *) | | |
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*) Investment commitments at September 30 2007 amount to 119 914 TSEK.
Accounting principles
The interim report complies with the accounting principles stated in the
prospectus prepared in connection with the Company's listing on First North.
Stockholm, November 12, 2007
NAXS Nordic Access Buyout Fund AB (publ)
Jeff Bork
CEO
This report has not been examined by the Company's auditors.
FOR FURTHER INOFRMATION CONTACT
Jeff Bork, CEO, +46-76-100 00 00
FORTHCOMING INFORMATION
Year-end report for the period ending December 31, 2007 February 7, 2008
Interim report for the period ending March 31, 2008 May 5, 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: +46-8-611 33 25
E-mail: info@naxs.se
www.naxs.se
