Stockholm, February 4, 2010
PRESS RELEASE
Year-End Report 2009
Q4 2009
Net profit for the period amounted to MSEK 12.3 (0.1).
January - December 2009
Net loss for the year amounted to MSEK -14.6 (-2.1).
Net loss per share amounted to SEK -0.98 (-0.14).
Shareholders' equity per share on December 31, 2009, was SEK 37.92 (38.89), of
which cash and cash equivalents accounted for SEK 25.02 (29.24).
As of December 31, 2009, NAXS had made investment commitments totaling
approximately MSEK 616, equivalent to 108 percent of the total equity.
NAXS' portfolio experienced a moderate level of activity during the first half
of 2009, while the second half of the year was marked by an increase in
investment activity. As of December 31, 2009, 34 percent of the Company's equity
had been drawn by underlying funds, which had acquired over 35 portfolio
companies.
As of December 31, 2009, cash and cash equivalents amounted to MSEK 375 (439).
During the year, liquid assets were invested in interest-bearing instruments or
held on interest-bearing bank accounts, in accordance with the Company's policy.
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| | Oct - Dec | Oct - Dec | Jan - Dec | Jan - Dec |
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| | 2009 | 2008 | 2009 | 2008 |
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| Profit (loss) after tax, | 12 347 | 118 | -14 628 | -2 049 |
| KSEK | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| | Jan - Dec | Jan - Dec |
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| | 2009 | 2008 |
--------------------------------------------------------------------------------
| Book value of fund investments, KSEK | 191 597 | 145 674 |
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| Outstanding investment commitments, KSEK | 424 450 | 466 232 |
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| | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents and short-term | 375 330 | 438 544 |
| investments, KSEK | | |
--------------------------------------------------------------------------------
| | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents and short-term | 25,02 | 29,24 |
| investments per share, SEK | | |
--------------------------------------------------------------------------------
| Equity per share, SEK | 37,92 | 38,89 |
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NAXS NORDIC ACCESS BUYOUT FUND AB
YEAR-END REPORT
January 1 - December 31, 2009
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 MSEK 616, which
corresponds to 108 percent of the Company's total equity. The book value of the
fund investments amount to MSEK 192, which corresponds to 34 percent of the
Company's total equity. At the end of the period, underlying funds had acquired
over 35 portfolio companies. NAXS' commitments are listed in the table below.
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| | Commitment | Currency | Commitment Amount |
| | Year | | (in thousands) |
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| Apax Europe VII LP | 2007 | EUR | 15,000 |
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| FSN Capital III LP | 2008 | EUR | 10,000 |
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| Herkules Private Equity | 2008 | NOK | 40,000 |
| Fund III LP | | | |
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| Intera Fund I KY | 2007 | EUR | 7,000 |
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| Nordic Capital Fund VII LP | 2008 | EUR | 20,000 |
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| Valedo Partners Fund I AB | 2007 | SEK | 60,000 |
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| Total | | SEK | 616,048 |
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Apax Europe VII LP
Apax Europe VII is a MEUR 11,000 fund focusing on investments in the healthcare,
tech & telecom, financial & business services, retail & consumer, as well as
media sectors primarily in Europe.
FSN Capital III LP
FSN Capital III is a MEUR 375 fund targeting investment in mid-size companies in
Norway and the Nordic region.
Herkules Private Equity Fund III LP
Herkules Fund III is MNOK 6,000 fund targeting investments in mid-size companies
in Norway and the Nordic Region.
Intera Fund I KY
Intera Fund I is a MEUR 125 fund targeting investments in the small cap segment
in Finland.
Nordic Capital Fund VII LP
Nordic Capital Fund VII is a MEUR 4,300 fund targeting investments primarily in
the Nordic region.
Valedo Partners Fund I AB
Valedo Partner Fund I is a MSEK 1,000 fund targeting investments in the small
cap segment in Sweden.
Evolution of the Commitment Level
The value of the commitments is unchanged in local currency. Converted to SEK
the commitment level has decreased during the second half-year.
Evolution of the Investment Level
GROUP
EARNINGS
Financial performance, forth quarter 2009
The operating profit (loss) amounted to KSEK 13,010 (-657) for the fourth
quarter. The operating profit includes KSEK 14,935 (1,802) in valuation
adjustments. The value of the fund investments increased with 10 MSEK and
currency fluctuations contributed to a value increase of 3 MSEK . Dividends
amounted to KSEK 379 (-). The Group's profit before taxes amounted to KSEK
12,513 (3,151). The net profit amounted to KSEK 12,347 (118) and the profit per
share was 0,82 (0,01) SEK.
Financial performance, 2009
Operating income
The operating loss amounted to KSEK -20,784 (-17,885) for the year. The
operating loss includes valuation adjustments of KSEK -11,418 (-8 612). The
operating expenses amounted to KSEK 9,745 (9,273). The rate of expenses,
excluding the valuation adjustments, followed the established plan.
Financial items
Financial items, net totaled KSEK 4,099 (23,135) for the year. Interest income
amounted to KSEK 4,764 (22,376), interest expenses amounted to -68 (-2) and
unrealized exchange rate losses (gains) to KSEK -597 (757).
Tax and net earnings
The Group's net loss (gain) for the year amounted to KSEK -16,685 (5,248).
Income taxes amounted to KSEK 2,057 (-7,297). The low effective tax for the year
is explained primarily by a not recorded deferred tax asset, which results from
unused tax losses that are not expected to be utilized. Losses after tax
amounted to -14,628 (-2,049). Earnings per share were -0,98 (-0.14) SEK.
INVESTMENTS, FINANCING AND LIQUIDITY
Fund Investments
During the interim period, KSEK 57,340 (116,344) was invested in underlying
funds. As of December 31, 2009, the funds investments amounted to KSEK 191,597
(145,674). The value of fund investments was adjusted with KSEK -11,418 (-8,612)
as a result of adjustments in the valuation of the underlying funds, mainly due
to currency fluctuations.
Financing
The Group is financed with shareholders' equity. Shareholders' equity amounted
to KSEK 568,730 at the end of the period, corresponding to SEK 37,92 (38.89) per
share and an equity/asset ratio of 100 (99) percent.
Cash and cash equivalents and other short-term financial assets
At the end of the interim period, cash and cash equivalents amounted to KSEK
375,330 (438,544), which corresponds to SEK 25.02 (29.24) per share. Other
short-term financial assets amounted to MSEK - (299,264), and were invested in
bank deposits with fixed interest rate. During the year liquid assets were
invested in interest-bearing instruments or held on interest-bearing bank
accounts, in accordance with the Company's policy.
SIGNIFICANT RISKS AND UNCERTAINTY FACTORS
Significant risks and uncertainty factors are described in the Annual Report
2008. There have not been any significant changes since the publication of the
Annual Report.
EVENTS AFTER THE END OF THE INTERIM PERIOD
There is no event to report after December 31, 2009.
Future prospects
While one can expect the operating environment to remain challenging for many
portfolio companies in 2010, the improving macro-economic and credit conditions
should progressively result in an increased activity in the buyout market. The
large-cap segment has recently seen a renewed level of activity, with for
example new acquisitions by Apax and Nordic Capital in NAXS' portfolio. NAXS'
underlying funds have ca. 66% of equity available for new investments.
PARENT COMPANY
For the fourth quarter, the operating loss amounted to KSEK -702 (-853), the
profit before tax amounted to KSEK 396 (1,199) and the net profit amounted to
KSEK 291 (779).
For the year, the operating loss amounted to KSEK -3,069 (-3,043) and the profit
before tax amounted to KSEK 2,770 (7,732). Income taxes amounted to KSEK -730
(-2,250) as a result of decreased deferred tax assets. The net profit amounted
to KSEK 2,040 (4,703).
The Parent Company's cash and cash equivalents amounted to KSEK 308,687
(108,310) and other short-term financial assets amounted to KSEK - (199,264).
DIVIDEND
The Board of Directors proposes that no dividend be paid for the financial year
2009.
ORGANIZATION
The Company's CEO is Jeff Bork. The Board of Directors consists of Björn C.
Andersson (chairman), Robin Ahlström, Birgitta Johansson-Hedberg and Clas
Romander.
ANNUAL REPORT
The annual report will be published on the company's website www.naxs.se and
will be available at the company's offices at Grev Turegatan 10, Stockholm from
March 1, 2010.
THE SHARE
The NAXS share was listed on the First North (part of the NASDAQ OMX Nordic
Exchange) on May 14, 2007. The share is traded under the designation “NAXS”.
NAXS has initiated change of listing proceedings in order to apply for a listing
on the NASDAQ OMX Stockholm Exchange later in the year.
The number of shares in the Company on December 31, 2009 was unchanged at
15,000,000 in comparison with December 31, 2008
At the end of the period, the share price for NAXS' shares was SEK 24.90 and the
total shareholders' equity per share was SEK 37.92. The Company's market
capitalization was MSEK 374. The number of shareholders was 690.
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| CONSOLIDATED INCOME STATEMENTS |
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| | Oct - | Oct - | Jan - | Jan - |
| | Dec | Dec | Dec | Dec |
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| Amounts in SEK 000s | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| Change in value | 14 935 | 1 802 | -11 418 | -8 612 |
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| Dividends | 379 | - | 379 | - |
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| Operating costs | -2 304 | -2 459 | -9 745 | -9 273 |
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| Operating profit (loss) | 13 010 | -657 | -20 784 | -17 885 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net financial items | -497 | 3 808 | 4 099 | 23 133 |
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| Profit (loss) after financial | 12 513 | 3 151 | -16 685 | 5 248 |
| items | | | | |
--------------------------------------------------------------------------------
| Income taxes | -165 | -3 033 | 2 057 | -7 297 |
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| Net profit (loss) for the period | 12 347 | 118 | -14 628 | -2 049 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders in the parent | 12 347 | 118 | -14 628 | -2 049 |
| company | | | | |
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| Net profit for the period | 12 347 | 118 | -14 628 | -2 049 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, SEK | 0,82 | 0,01 | -0,98 | -0,14 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average number of shares, 000s | 15 000 | 15 000 | 15 000 | 15 000 |
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| STATEMENT OF COMPREHENSIVE INCOME |
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| | Oct - | Oct - | Jan - | Jan - |
| | Dec | Dec | Dec | Dec |
--------------------------------------------------------------------------------
| Amounts in SEK 000s | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| Net profit (loss) for the period | 12 347 | 118 | -14 628 | -2 049 |
--------------------------------------------------------------------------------
| Other comprehensive income | - | - | - | - |
--------------------------------------------------------------------------------
| Total comprehensive income for | 12 347 | 118 | -14 628 | -2 049 |
| the period | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: | | | | |
--------------------------------------------------------------------------------
| Equity holders in the parent | 12 347 | 118 | -14 628 | -2 049 |
| company | | | | |
--------------------------------------------------------------------------------
| Net profit for the period | 12 347 | 118 | -14 628 | -2 049 |
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Definition of key figures
Earnings per share
Net profit/loss divided by weighted average number of shares.
Shareholders' equity per share
Total 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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| | 31 Dec | 31 Dec |
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| Amounts in SEK 000s | 2009 | 2008 |
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| Assets | | |
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| Fund units | 191 597 | 145 674 |
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| Deferred tax asset | 601 | 1 330 |
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| Total non-current assets | 192 198 | 147 004 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other receivables | 2 082 | 3 888 |
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| Short-term investments | - | 299 264 |
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| Cash and cash equivalents | 375 330 | 139 280 |
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| Total current assets | 377 413 | 442 432 |
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| Total assets | 569 610 | 589 436 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 568 730 | 583 358 |
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| Current liabilities | 880 | 6 078 |
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| Total equity and liabilities | 569 610 | 589 436 |
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--------------------------------------------------------------------------------
| Pledged assets | none | none |
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| Contingent liabilities | none | none |
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| CHANGE IN ' EQUITY |
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| | Jan - Dec | Jan - Dec |
--------------------------------------------------------------------------------
| Amounts in SEK 000s | 2009 | 2008 |
--------------------------------------------------------------------------------
| Equity at the beginning or the period | 583 358 | 585 407 |
--------------------------------------------------------------------------------
| Total comprehensive income for the | -14 628 | -2 049 |
| period | | |
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| Shareholder's equity at the end of the | 568 730 | 583 358 |
| period | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: | | |
--------------------------------------------------------------------------------
| Equity holders of the parent company | 568 730 | 583 358 |
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| Total | 568 730 | 583 358 |
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| CASH FLOW ANALYSIS |
--------------------------------------------------------------------------------
| | Jan - Dec | Jan - Dec |
--------------------------------------------------------------------------------
| Amounts in SEK 000s | 2009 | 2008 |
--------------------------------------------------------------------------------
| Profit/loss after financial items | -16 685 | 5 247 |
--------------------------------------------------------------------------------
| Adjustment for non-cash items, etc. | 11 546 | 7 863 |
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| Income tax, paid | -2 260 | - |
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| Cash flow from operating activities | -7 400 | 13 110 |
| before changes in working capital | | |
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| Cash flow changes in working capital | 1 654 | -2 878 |
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| Cash flow from operating activities | -5 746 | 10 232 |
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| Acquisitions of fund units *) | -57 340 | -116 344 |
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| Cash flow from investing activities | -57 340 | -116 344 |
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| Cash flow during the period | -63 086 | -106 112 |
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| Cash and cash equivalents, beginning | 438 544 | 543 900 |
| of period | | |
--------------------------------------------------------------------------------
| Exchange-rate differences in cash and | -128 | 756 |
| cash equivalents | | |
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| Cash and cash equivalents at the end | 375 330 | 438 544 |
| of the period | | |
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*) Outstanding investment commitments as of December 31, 2009, amounted to KSEK
424,450.
Accounting principles
The Year-End condensed consolidated financial statements have been established
in accordance with the International Financial Reporting Standards (IFRS), as
recognised by the EU, the Swedish Annual Reporting legislation, as well as the
Swedish Financial Reporting Board RFR 2.2, ”Kompletterande redovisningsregler
för koncerner”.
This Year-End Report is established for the Group in accordance with the IAS 34
(Interim Reporting) and the Annual Accounts Act. The reference to ”IFRS” in this
document encompasses the application of International Accounting Standards (IAS)
and IFRS standards, as well as the interpretation thereof, as issued by the
International Accounting Standards Board's (IASB) Standards Interpretation
Committee (SIC) and the Internal Reporting Interpretation Committee (IFRIC). The
Year-End Report for the Parent Company is established in accordance with the
Swedish Bokföringsnämnden's”Allmänna Råd for frivillig rapportering”.
Starting in 2009, NAXS will establish its consolidated accounts in accordance
with the IFRS, which represents a change in accounting principles. The
implementation of the new accounting principle implies that the opening and
closing balances and result for the comparison year, i.e. 2008, are
re-calculated in accordance with the IFRS principles. Other short-term financial
assets are accounted as cash and cash equivalents in the consolidated statement
of cash flow.
The new accounting principles are set forth in the 2008 Annual Report. A
footnote disclosure in the Annual Report describes how the transition to IFRS
has affected the Company's financial position, its income statement and cash
flow. The resulting difference in the shareholder's equity as per January 1,
2008, amounted to - KSEK 2,706. The Parent Company applies from January 1, 2009,
the Swedish Financial Reporting Board RFR 2.2 for legal entities, which provides
that the IFRS principles shall apply, but with certain exceptions. The
application of RFR 2.2 has no effect on the Parent Company's income and
financial position.
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| Note 1 | | | | |
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| Operating costs | Oct - Dec | Oct - Dec | Jan - Dec | Jan - Dec |
--------------------------------------------------------------------------------
| Amounts in TSEK | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| Fee to the investment | -1 376 | -1 480 | -5 759 | -5 876 |
| advisor | | | | |
--------------------------------------------------------------------------------
| Personnel expenses | -353 | -522 | -1 496 | -1 431 |
--------------------------------------------------------------------------------
| Other operating costs | -575 | -457 | -2 490 | -1 966 |
--------------------------------------------------------------------------------
| | -2 304 | -2 459 | -9 745 | -9 273 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The effects of the transition to IFRS on NAXS consolidated accounts for 2008 |
| are set forth below: |
| Consolidated Income Statement |
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| Amounts in KSEK | Note | 2008 | Adjustmen | 2008 |
| | | | t IFRS | |
--------------------------------------------------------------------------------
| Operating loss | 1 | -17 996 | 111 | -17 885 |
--------------------------------------------------------------------------------
| Financial items | 3 | 37 017 | -13 885 | 23 132 |
--------------------------------------------------------------------------------
| Profit/loss before tax | | 19 021 | -13 774 | 5 247 |
--------------------------------------------------------------------------------
| Income tax | | -7 297 | - | -7 297 |
--------------------------------------------------------------------------------
| Net profit/loss | | 11 724 | -13 774 | -2 050 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | 0,78 | -0,92 | -0,14 |
--------------------------------------------------------------------------------
| Consolidated Balance Sheet |
--------------------------------------------------------------------------------
| Amounts in KSEK | Note | 31/12 | Adjustmen | IFRS |
| | | 2008 | t IFRS | 31/12 |
| | | | | 2008 |
--------------------------------------------------------------------------------
| Fund units | | 139 162 | 6 512 | 145 674 |
--------------------------------------------------------------------------------
| Deferred tax assets | | 1 330 | - | 1 330 |
--------------------------------------------------------------------------------
| Total non-current assets | 1 | 140 492 | 6 512 | 147 004 |
--------------------------------------------------------------------------------
| Total current assets | | 442 316 | 116 | 442 432 |
--------------------------------------------------------------------------------
| Total assets | | 582 808 | 6 628 | 589 436 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity | 2 | 577 041 | 6 317 | 583 358 |
--------------------------------------------------------------------------------
| Total current liabilities | | 5 767 | 311 | 6 078 |
--------------------------------------------------------------------------------
| Total equity and liabilities | | 582 808 | 6 628 | 589 436 |
--------------------------------------------------------------------------------
| Note 1. Valuation adjustments of Fund units |
| The IFRS adjustment amounting to KSEK 111 is based on valuation adjustments |
| to fair value for 2008, due to the fact that all fund units have been |
| estimated to the fair value reported by the underlying funds and total for |
| 2007 and 2008 the fund value has been adjusted with KSEK -1,237. In |
| addition, a valuation adjustment is accounted for based on the transition to |
| SEK as the functional currency in the Norwegian subsidiary. The adjustment |
| amounted to KSEK 7 749. In total the fund units have been adjusted with KSEK |
| 6,512. |
| Note 2. Equity |
| The transition to IFRS has resulted in the Shareholder's equity rising by |
| KSEK 6,317 (KSEK 24,562 in translation difference, KSEK -4,471 in the |
| retained earnings? and KSEK -13,774 in income. In addition, a valuation |
| adjustment is accounted for based on the transition to SEK as the functional |
| currency in the Norwegian subsidiary. |
| Note 3. Foreign currency |
| Unrealized currency gains in SEK related to cash and other short-term |
| financial assets in the Norwegian subsidiary are accounted for in the |
| consolidated account statements. In accordance with IFRS, the SEK has been |
| chosen as the functional currency of the Norwegian subsidiary. This results |
| in no unrealized currency differences in the financial assets denominated in |
| SEK will be recorded. The adjustment amounts to KSEK -13,895. |
| The transition to IFRS does not affect the cash flow. |
| Opening balance sheet as per January 1, 2008, established in accordance with |
| IFRS: |
| Consolidated Balance sheet |
--------------------------------------------------------------------------------
| Amounts in KSEK | Note | 1/1 2008 | Adjustmen | IFRS 1/1 |
| | | | t IFRS | 2008 |
--------------------------------------------------------------------------------
| Equipments | | 7 | - | 7 |
--------------------------------------------------------------------------------
| Fund units | 1 | 40 657 | -2 715 | 37 942 |
--------------------------------------------------------------------------------
| Deferred tax assets | | 3 581 | - | 3 581 |
--------------------------------------------------------------------------------
| Total non-currant assets | | 44 245 | -2 715 | 41 530 |
--------------------------------------------------------------------------------
| Total current assets | | 545 098 | - | 545 098 |
--------------------------------------------------------------------------------
| Total assets | | 589 343 | -2 715 | 586 628 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity | 2 | 588 114 | -2 706 | 585 408 |
--------------------------------------------------------------------------------
| Total current liabilities | | 1 229 | -9 | 1 220 |
--------------------------------------------------------------------------------
| Total equity and liabilities | | 589 343 | -2 715 | 586 628 |
--------------------------------------------------------------------------------
| Note 1. Valuation adjustments to Fund units |
| The IFRS adjustment amounting to KSEK - 2,715 is based on KSEK -1 348 |
| valuation adjustments to fair value, due to the fact that all fund units |
| have been estimated to the fair value reported by the underlying funds. In |
| addition, a valuation adjustment is accounted for based on the transition to |
| SEK as the functional currency in the Norwegian subsidiary. The adjustment |
| amounted to KSEK 1,367. |
| Note 2. Equity |
| The transition to IFRS has resulted in the Shareholder's equity diminishing |
| by KSEK -2,706 (KSEK -1,765 in translation difference and KSEK -4,471 in |
| income). The adjustment in the translation difference is a result of the SEK |
| being used as the functional currency of the Norwegian subsidiary when |
| applying IFRS. |
| The transition to IFRS does not affect the cash flow. |
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Stockholm, February 4, 2010
NAXS Nordic Access Buyout Fund AB (publ)
Jeff Bork,
CEO
This Year-End Report has not been reviewed by the Company's auditors.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jeff Bork, CEO, +46 761-00 00 00
FINANCIAL INFORMATION 2010:
Interim Report (3 months): April 28, 2010
Annual General Meeting: April 28, 2010
Interim Report (6 months): August 30, 2010
Interim Report (9 months): October 28, 2010
NAXS Nordic Access Buyout Fund 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
www.naxs.se
