Half year financial report January-June 2018
First half-year 2018
- Net profit/loss for the first half-year amounted to MSEK 11.6 (59.8).
- Earnings per share amounted to SEK 0.86 (4.14).
- Net asset value amounted to MSEK 773 (SEK 60.73 per share) at June 30, 2018, compared to MSEK 821 (SEK 60.17 per share) at year-end 2017. The large share repurchases completed during the quarter and the payment of the FY 2017 dividend were the 2 main factors behind the decrease in net asset value.
- Net cash amounted to MSEK 328 (SEK 25.77 per share) at June 30, 2018, compared to MSEK 450 (SEK 32.97 per share) at year-end 2017.
Second quarter 2018
- Net profit/loss for the quarter amounted to MSEK -9.5 (49.2).
- Earnings per share amounted to SEK -0.72 (3.41).
- NAXS paid a dividend of SEK 2.53 per share for FY 2017
Comments by the CEO
NAXS had a busy second quarter.
The Company made in May an investment in Nordic Capital CV1, a new fund that acquired certain assets of Nordic Capital Fund VII. We believe that this transaction, combining elements of a new fund commitment with those of a secondary transaction with full visibility on underlying assets, represents a particularly attractive risk/reward profile.
In June, NAXS announced that it had made a commitment to the JAB Consumer Fund – Global Consumer Brands II. Like its predecessor, the fund will co-invest in premium consumer brands alongside JAB Holding. The fund will in particular provide an exposure to the recently announced merger to form the Keurig-Dr Pepper beverage group, as well as to the acquisition of casual dining chain Pret a Manger. We are pleased to have been able to invest with this extremely sought-after manager.
NAXS continued during the second quarter to repurchase its own shares, notably acquiring a block representing 6% of the total number of shares. We view this transaction, effected at a discount of approximately 16% to the Q1 net asset value per share, as value-accretive for the company and our shareholders. Over the last 12 months, NAXS has repurchased approximately 9.5% of its own shares.
On June 5, the Annual General Meeting approved the payment of a dividend of SEK 2.53 per share for FY 2017. The dividend represents 5% of the net asset value per share at December 31, 2017.
Taking into account the FY 2017 dividend and the recent share repurchases, NAXS has distributed SEK 17.17 per share over the last 5 years to its shareholders through dividends and share repurchases.
Lennart Svantesson
Financial summary
| 2018 1/1–6/30 | 2017 1/1–6/30 | 2018 4/1–6/30 | 2017 4/1–6/30 | |
| Net profit/loss for the period, KSEK | 11 570 | 59 828 | -9 473 | 49 246 |
| 2018 06/30 | 2017 12/31 | |
| Private equity fund investments, KSEK | 397 717 | 357 780 |
| Private equity fund investments in % of equity | 51 | 44 |
| Remaining commitments, KSEK | 98 253 | 92 928 |
| Total exposure to private equity fund investments, KSEK | 495 970 | 450 708 |
| Net cash, KSEK | 328 069 | 449 671 |
| Private equity fund investments per share, SEK | 31.24 | 26.24 |
| Net cash per share, SEK | 25.77 | 32.97 |
| Net asset value per share, SEK | 60.73 | 60.17 |
| Share price, SEK | 50.40 | 50.25 |
Contact information
Lennart Svantesson, CEO
Telephone: +46 73 311 00 11
Gösta Lundgren, CFO
Telephone: 8
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 July 12, 2018.
This press release and further information is available on the Company’s website:
NAXS AB (publ)
Corp. Reg. No. 556712-2972
Grev Turegatan 10
114 46 Stockholm, Sweden
Tel: , E-mail:
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.
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