Half-year financial report January-June 2021
First half-year 2021
- Net profit for the half-year amounted to MSEK 81.1 (-61.0).
- Earnings per share amounted to SEK 7.27 (-5.47).
- Net asset value amounted to MSEK 732 (SEK 65.66 per share) at June 30, 2021, compared to MSEK 679 (SEK 60.87 per share) at December 31, 2020.
- Net cash amounted to MSEK 268 (SEK 24.00 per share) at June 30, 2021, compared to MSEK 219 (SEK 19.65 per share) at December 31, 2020.
- The 2021 Annual General Meeting resolved to pay a dividend of 3.00 SEK per share for FY 2020.
Second quarter 2021
- Net profit/loss for the quarter amounted to MSEK 36.4 (-57.0).
- Earnings per share amounted to SEK 3.27 (-5.11).
Comments by the CEO
NAXS continued to deliver a steady performance during the second quarter of 2021 with the NAV/share increasing by 4.2%, and by 23.9% over 12 months, including the dividend paid.
In May, NAXS’s majority shareholder, QVT Financial LP, requested that the company convene an extraordinary general meeting to replace the current board of directors in its entirety and consider the election of 5 new directors nominated by QVT. The request was based on QVT’s views that, as NAXS’s portfolio matures and evolves, the company is entering a new phase and requires new leadership. A stated ambition of the proposed new board is to evaluate and potentially evolve NAXS’s investment mandate and, where possible, to streamline the company’s structure in order to optimize the outcome for all shareholders.
In June, NAXS made a MEUR 1 commitment to Nordic Capital Evo I, the new mid-market funds launched by Nordic Capital. The fund will target mid-market investments across Northern Europe and will closely replicate Nordic Capital’s established strategy focusing on non-cyclical growth opportunities within the Healthcare, Technology & Payments and Financial Services sectors.
During the quarter, NAXS´s underlying funds acquired 6 new portfolio companies and exited 1 company.
Lennart Svantesson
Financial summary
| 2021 1/1–30/6 | 2020 1/1–30/6 | |
| Net profit/loss for the period, KSEK | 81,050 | -60,960 |
| 2021 30/6 | 2020 31/12 | |
| Private equity fund investments, KSEK | 426,460 | 428,651 |
| Private equity fund investments in % of equity | 58 | 63 |
| Remaining commitments, KSEK | 152,947 | 128,762 |
| Total exposure to private equity fund investments, KSEK | 579,407 | 557,413 |
| Other investments, KSEK | 39,060 | 31,695 |
| Net cash, KSEK | 267,649 | 219,127 |
| Private equity fund investments per share, SEK | 38.24 | 39.42 |
| Other investments per share, SEK | 3.50 | 3.66 |
| Net cash per share, SEK | 24.00 | 20.60 |
| Net asset value per share, SEK | 65.66 | 63.63 |
| Share price, SEK | 55.20 | 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 and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 20.45 CET on July 14, 2021. |
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.
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