Half-year financial report January-June 2020
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.
First half-year 2020
- Net profit for the first half-year amounted to MSEK -61.0 (14.7).
- Earnings per share amounted to SEK -5.47 (1.25).
- Net asset value amounted to MSEK 618 (SEK 55.42 per share) at June 30, 2020, compared to MSEK 710 (SEK 63.63 per share) at December 31, 2019.
- Net cash amounted to MSEK 207 (SEK 18.60 per share) at June 30, 2020, compared to MSEK 230 (SEK 20.60 per share) at December 31, 2019.
- The 2020 Annual General Meeting resolved to pay a dividend of 3.00 SEK per share for FY 2019.
Comments by the CEO
The net asset value per share decreased by 12.2% during the second quarter, with nearly half of the decrease stemming from a single portfolio company. The lower net asset value per share reflects the first valuation adjustments made by underlying funds after the Covid-19 outbreak.
At the end of the second quarter, NAXS had in excess of 30% of cash on its balance sheet, which leaves the Company well-positioned to take advantage of potential opportunities that might arise in what we expect to be a volatile environment.
Lennart Svantesson
Financial summary
| 2020 1/1–6/30 | 2019 1/1–6/30 | 2020 4/1–6/30 | 2019 4/1-6/30 | |
| Net profit/loss for the period, KSEK | -60 960 | 14 695 | -57 010 | -1 144 |
| 2020 6/30 | 2019 12/31 | |
| Private equity fund investments, KSEK | 393 019 | 439 638 |
| Private equity fund investments in % of equity | 64 | 62 |
| Remaining commitments, KSEK | 106 929 | 97 116 |
| Total exposure to private equity fund investments, KSEK | 499 948 | 536 754 |
| Other investments, KSEK | 18 192 | 40 824 |
| Net cash, KSEK | 207 414 | 229 748 |
| Private equity fund investments per share, SEK | 35.24 | 39.42 |
| Other investments per share, SEK | 1.63 | 3.66 |
| Net cash per share, SEK | 18.60 | 20.60 |
| Net asset value per share, SEK | 55.42 | 63.63 |
| Share price, SEK | 47.60 | 49.30 |
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 17.00 CET on July 14, 2020.
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 a company listed on NASDAQ Stockholm and investing primarily in private equity funds with a Nordic focus. NAXS 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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