NAXS Year-end report 2021
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.
Year-end report 2021
January - December 2021
- Net profit for the year amounted to MSEK 163.9 (24.1).
- Earnings per share amounted to SEK 14.7 (2.16).
- Net asset value amounted to MSEK 824 (SEK 73.78 per share) at December 31, 2021, compared to MSEK 679 (SEK 60.87 per share) at December 31, 2020.
- Net cash amounted to MSEK 266 (SEK 23.81 per share) at December 31, 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.
Fourth quarter 2021
- Net profit/loss for the quarter amounted to MSEK 56.2 (30.1).
- Earnings per share amounted to SEK 5.04 (2.70).
Distribution of profits
The Board of Directors proposes a dividend of SEK 3.50 per share for the FY 2021.
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 its positive development during the fourth quarter of 2021 with the NAV/share increasing by 8%. During 2021, the NAV/share increased by 26%, including dividends paid.
At the request of the majority shareholder, QVT Financial, the board of NAXS was replaced in its entirety by 5 new directors elected at an extraordinary general meeting in July.
During the first half of the year, NAXS made 1 new private equity commitment to Nordic Capital Evolution I. The fund is focusing on the mid-cap segment in the North European region. In addition, NAXS made a co-investment in Krispy Kreme Doughnuts alongside JAB Holding.
As to NAXS’s underlying funds, they acquired 17 new portfolio companies and signed or closed 10 full exits during 2021. In addition, a partial exit was made by Valedo II with the IPO of its portfolio company Norva24.
In March 2021, NAXS paid a dividend of SEK 3.00/share for FY 2020. The Company has now distributed a cumulative SEK 26 per share over the last 5 years to its shareholders through dividends and share repurchases.
Finally, as announced in October, I will be leaving the company after 10 years as CEO and I would like to take the opportunity to thank NAXS’s shareholders for their trust and to wish the company all the best in the future.
Lennart Svantesson
Financial summary
| 2021 | 2020 | |
| 1/1-31/12 | 1/1-31/12 | |
| Net profit/loss for the year, KSEK | 163 947 | 24 118 |
| 2021 12/31 |
2020 12/31 |
|
| Private equity fund investments, KSEK | 513 925 | 428 651 |
| Private equity fund investments in % of equity | 63 | 63 |
| Remaining commitments, KSEK | 86 012 | 128 762 |
| Total exposure to private equity fund investments, KSEK | 599 937 | 557 413 |
| Other investments, KSEK | 44 693 | 31 695 |
| Net cash, KSEK | 265 523 | 219 127 |
| Private equity fund investments per share, SEK | 46.08 | 38.44 |
| Other investments per share, SEK | 4.01 | 2.84 |
| Net cash per share, SEK | 23.81 | 19.65 |
| Net asset value per share, SEK | 73.78 | 60.87 |
| Share price, SEK | 64.80 | 49.90 |
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 20.45 CET on January 27, 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.