First half-year 2019
- Net profit/loss for the first half-year amounted to MSEK 14.7 (11.6).
- Earnings per share amounted to SEK 1.25 (0.86).
- Net asset value amounted to MSEK 695 (SEK 62.20 per share) at June 30, 2019, compared to MSEK 736 (SEK 61.81 per share) at year-end 2018. The large share repurchases completed during the second quarter and the payment of the FY 2018 dividend were the factors behind the decrease in net asset value.
- Net cash amounted to MSEK 205 (SEK 18.37 per share) at June 30, 2019, compared to MSEK 261 (SEK 21.94 per share) at year-end 2018.
Second quarter 2019
- Net profit/loss for the quarter amounted to MSEK -1.1 (-9.5).
- Earnings per share amounted to SEK -0.10 (-0.72).
- NAXS paid a dividend of SEK 2.78 per share for FY 2018.
Comments by the CEO
On June 4, the Annual General Meeting approved the payment of a dividend of SEK 2.78 per share for FY 2018. The dividend represents 4.5% of the net asset value per share at December 31, 2018.
The Annual General Meeting also resolved to cancel the own shares repurchased by the company before the publication of the notice of the Annual General Meeting, representing 2.6% of the total number of shares.
NAXS continues to repurchase shares during the quarter, acquiring after the publication of the notice of the Annual General Meeting a block representing 6% of the total number of shares. We view this transaction, effected at a discount of approximately 19% to the net asset value per share at the time of the repurchase, as value-accretive for the company and our shareholders. Over the last 12 months, NAXS has repurchased 11% of its own shares.
Taking into account the FY 2018 dividend and the recent share repurchases, NAXS has distributed a cumulative SEK 24.68 per share over the last 5 years to its shareholders through dividends and share repurchases.
Lennart Svantesson
Financial summary
| 2019 1/1-6/30 | 2018 1/1-6/30 | 2019 4/1-6/30 | 2018 4/1-6/30 | |
| Net profit/loss for the period, KSEK | 14 695 | 11 570 | -1 144 | -9 473 |
| 2019 06/30 | 2018 12/31 | |
| Private equity fund investments, KSEK | 434 174 | 406 861 |
| Private equity fund investments in % of equity | 63 | 55 |
| Remaining commitments, KSEK | 30 293 | 86 953 |
| Total exposure to private equity fund investments, KSEK | 464 467 | 493 814 |
| Other investments, KSEK | 56 308 | 56 784 |
| Net cash, KSEK | 205 197 | 261 444 |
| Private equity fund investments per share, SEK | 38.87 | 34.15 |
| Other investments per share, SEK | 5.04 | 4.77 |
| Net cash per share, SEK | 18.37 | 21.94 |
| Net asset value per share, SEK | 62.20 | 61.81 |
| Share price, SEK | 48.50 | 47.90 |
Contact information
Lennart Svantesson, CEO
Telephone: +46 73 311 00 11
Gösta Lundgren, CFO
Telephone: +46 70 710 47 88
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 00.30 CET on July 16, 2019.
This press release and further information is available on the Company's website: www.naxs.se
NAXS AB
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.
Attachment
- NAXS Half year financial report January-June 2019 (https://ml-eu.globenewswire.com/Resource/Download/1d42a4a4-b328-4895-8942-f3b36af05063)
