Year-end Report 2019
January-December 2019
- Net profit/loss for the period amounted to MSEK 37.1 (18.5).
- Earnings per share amounted to SEK 3.24 (1.45).
- Net asset value amounted to MSEK 710 (SEK 63.63 per share) at December 31, 2019, compared to MSEK 736 (SEK 61.81 per share) at year-end 2018.
- Net cash amounted to MSEK 230 (SEK 20.60 per share) at December 31, 2019, compared to MSEK 261 (SEK 21.94 per share) at year-end 2018.
- The 2019 Annual General Meeting resolved to pay a dividend of 2.78 SEK per share for FY 2018.
Fourth quarter 2019
- Net profit/loss for the quarter amounted to MSEK 10.8 (-3.7).
- Earnings per share amounted to SEK 0.96 (-0.31).
Distribution of profits
The Board of Directors proposes a dividend of SEK 3.00/share for the fiscal year 2019.
In addition, the Board of Directors proposes to the Annual General Meeting to vote on a continued share repurchase mandate.
Comments by the CEO
NAXS continued on its positive trajectory during 2019, seeing its net asset value per share increase by 7.5% during the year.
On the investment side, NAXS made in the fourth quarter a new commitment to the JAB Consumer Fund – Global Consumer Brands III. NAXS was already an investor in JAB’s predecessor fund. The Global Consumer Brands III provides an exposure to recent transactions by JAB Holding, notably those in the pet care industry, where JAB is now the second largest player globally.
As to the underlying funds, they acquired 5 new portfolio companies and signed or closed 14 exits during 2019.
In June, NAXS paid a dividend of SEK 2.78/share and actively repurchased its own shares throughout 2019, acquiring in excess of 6% of the total number of shares.
The Company has now distributed a cumulative SEK 24.81 per share over the last 5 years to its shareholders through dividends and share repurchases.
At the end of 2019, NAXS had in excess of 32% of cash on its balance sheet, which leaves the Company well-positioned to take advantage of potential investment opportunities.
Lennart Svantesson
Financial summary
| 2019 1/1–12/31 | 2018 1/1–12/31 | 2019 10/1-12/31 | 2018 10/1-12/31 | ||||||
| Net profit/loss for the period, KSEK | 37 130 | 18 488 | 10 756 | -3 691 | |||||
| 2019 12/31 | 2018 12/31 | |
| Private equity fund investments, KSEK | 439 638 | 406 861 |
| Private equity fund investments in % of equity | 62 | 55 |
| Remaining commitments, KSEK | 97 116 | 86 953 |
| Total exposure to private equity fund investments, KSEK | 536 754 | 493 814 |
| Other investments, KSEK | 40 824 | 56 784 |
| Net cash, KSEK | 229 748 | 261 444 |
| Private equity fund investments per share, SEK | 39.42 | 34.15 |
| Other investments per share, SEK | 3.66 | 4.77 |
| Net cash per share, SEK | 20.60 | 21.94 |
| Net asset value per share, SEK | 63.63 | 61.81 |
| Share price, SEK | 49.30 | 47.90 |
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 17.45 CET on January 29, 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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