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.
Nine months 2020
- Net profit for the interim period amounted to MSEK -6.0 (26.4).
- Earnings per share amounted to SEK -0.54 (2.29).
- Net asset value amounted to MSEK 676 (SEK 60.58 per share) at September 30, 2020, compared to MSEK 710 (SEK 63.63 per share) at December 31, 2019.
- Net cash amounted to MSEK 215 (SEK 19.29 per share) at September 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 SEK 3.00 per share for FY 2019.
Third quarter 2020
- Net profit/loss for the quarter amounted to MSEK 55.0 (11.7).
- Earnings per share amounted to SEK 4.93 (1.05).
Comments by the CEO
After the second quarter's dip, NAXS's net asset value per share recovered during the third quarter, increasing by 9.3% during the period. The increase in net asset value reflects the general valuation uplift of fund investments, based on improved trading conditions for portfolio companies and positive developments of comparative multiples.
During the third quarter, NAXS allocated some of the cash on its balance sheet, making a new commitment to Nordic Capital Fund X, the latest fund launched by Nordic Capital. The fund will focus on majority investments in companies in the Healthcare, Technology & Payments and Financial Services sectors.
Lennart Svantesson
Financial summary
| 2020 1/1-9/30 | 2019 1/1-9/30 | 2020 7/1-9/30 | 2019 7/1-9/30 | |
| Net profit/loss for the period, MSEK | -5 991 | 26 375 | 54 969 | 11 679 |
| 2020 9/30 | 2019 12/31 | |
| Private equity fund investments, MSEK | 428 029 | 439 638 |
| Private equity fund investments in % of equity | 63 | 62 |
| Remaining commitments, MSEK | 134 504 | 97 116 |
| Total exposure to private equity fund investments, MSEK | 562 533 | 536 754 |
| Other investments, MSEK | 32 966 | 40 824 |
| Net cash, MSEK | 215 087 | 229 748 |
| Private equity fund investments per share, SEK | 38.38 | 39.42 |
| Other investments per share, SEK | 2.96 | 3.66 |
| Net cash per share, SEK | 19.29 | 20.60 |
| Net asset value per share, SEK | 60.58 | 63.63 |
| Share price, SEK | 46.00 | 49.30 |
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. The information was submitted for publication, through the agency of the contact persons set out above, at 17.45 CET on October 20, 2020.
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 Interim report January - September 2020 (https://ml-eu.globenewswire.com/Resource/Download/fc295410-7e9e-4ac0-b5a0-b59d104a4741)
