NAXS AB: Half-year financial report January-June 2022

2022-07-21 18:30:00

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 2022
  • Net profit for the half-year amounted to MSEK 58.7 (81.1).
  • Earnings per share amounted to SEK 5.27 (7.27).
  • Net asset value amounted to MSEK 872 (SEK 78.71 per share) at June 30, 2022, compared to MSEK 823 (SEK 73.78 per share) at December 31, 2021.
  • Net cash amounted to MSEK 258 (SEK 23.29 per share) at June 30, 2022, compared to MSEK 266 (SEK 23.81 per share) at December 31, 2021.
  • The 2022 Annual General Meeting resolved to pay a dividend of 3.50 SEK per share for FY 2021.
Second quarter 2022
  • Net profit/loss for the quarter amounted to MSEK 18.6 (36.4).
  • Earnings per share amounted to SEK 1.67 (3.27).

Comments by the CEO

After having served as the company's CFO since inception in 2007, I am pleased to deliver my first financial report as Interim CEO.

NAXS continued to deliver a steady performance during the second quarter of 2022, with the NAV/share increasing by 5.2% and over 12 months, the NAV/share has increased by 25.2%, including the dividend paid in April.

During the second quarter, NAXS made 1 new fund investment, with a MEUR 5 commitment to JAB Consumer Partners - JCP V. The fund co-invests with JAB Holding, a privately held group focused on consumer goods & services companies, as well as the pet care sector. NAXS is an existing investor in JAB's two predecessor funds (JAB Consumer Fund - Global Consumer Brands II and III). At the end of the quarter, NAXS also raised its investment commitment to Mimir Industries AB from 36MSEK committed at the first close to 75MSEK at the final close of the vehicle.

As to NAXS's underlying funds, they signed or closed 5 new acquisitions and exited 2 portfolio companies during the quarter.

Gösta Lundgren

Financial summary

2022 2021 2022 2021
1/1-6/30 1/1-6/30 4/1-6/30 4/1-6/30
Net profit/loss, KSEK 58 669 81 051 18 551 36 430

2022 2021
06/30 12/31
Private equity fund investments, KSEK 570 869 513 925
Private equity fund investments in % of equity 65 63
Remaining commitments, KSEK 189 950 86 012
Total exposure to private equity fund investments, KSEK 760 819 599 937
Other investments, KSEK 43 481 44 693
Net cash, KSEK 257 973 265 523
Private equity fund investments per share, SEK 51.53 46.08
Other investments per share, SEK 3.93 4.01
Net cash per share, SEK 23.29 23.81
Net asset value per share, SEK 78.71 73.78
Share price, SEK 56.20 64.80

Contact information

Gösta Lundgren, Interim CEO
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 18.30 CET on July 21, 2022

This press release and further information is available on the Company's website: www.naxs.se

NAXS AB (publ)
Corp. Reg. No. 556712-2972
Nybrogatan 8
114 34 Stockholm, Sweden
Tel: +46 (0)766 40 00 40, E-mail: info@naxs.se

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.

Cision