Stockholm, August14, 2008
PRESS RELEASE
INTERIM REPORT
January 1, 2008 - June 30, 2008
Profit before tax for the interim period amounted to MSEK 10.6.
Net asset value per share at the end of the period was SEK 39,59, of which cash
and cash equivalents accounted for SEK 33,62.
NAXS made in March 2008 a commitment of MEUR 10 to FSN Capital III LP.
In April 2008, NAXS made a commitment of MEUR 20 to Nordic Capital Fund VII LP.
As of the end of the period, NAXS had made investment commitments totaling
approximately MSEK 548, equivalent to 92% of the Company's equity.
There has been a high degree of activity in the fund portfolio. At the end of
the period, 13,7% of the Company's equity had been drawn by underlying funds,
which had acquired around 20 portfolio companies.
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| | Jan 1, 2008- | Sep 18,2006 |
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| | Jun 30, 2008 | Dec 31, 2007 |
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| Profit before tax, KSEK | 10 607 | 7 843 |
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| | | |
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| | 2008 | 2007 |
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| | Jun 30 | Dec 31 |
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| Investment commitments, KSEK | 547 760 | 268 340 |
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| Of which paid, KSEK | -81 528 | -40 657 |
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| Outstanding investment commitments, KSEK | 466 232 | 227 683 |
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| | | |
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| Cash and cash equivalents and current | 504 292 | 543 900 |
| investments, KSEK | | |
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| | | |
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| Cash and cash equivalents per share, SEK | 33,62 | 36,26 |
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| Equity per share, SEK | 39,59 | 39,21 |
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NAXS NORDIC ACCESS BUYOUT FUND AB
INTERIM REPORT
January 1 - June 30, 2008
OPERATIONS
NAXS operates as a fund-of-funds with investments in Nordic buyout funds. The
objective is to make the Nordic private equity market accessible for a broader
range of investors, while offering liquidity through the Company's publicly
traded shares. The investment strategy is oriented towards a selective but
diversified fund portfolio.
NAXS Nordic Access Advisors AB has been contracted as the investment and
management advisor to the Company.
Operations commenced on April 17, 2007 and the company has been listed on OMX
Nordic Exchange First North since May 14, 2007.
NAXS Nordic Access Buyout Fund AB (publ), headquartered in Stockholm, is the
Group's Parent Company. In addition to the Parent Company, the Group consists of
the operational Norwegian subsidiary NAXS Nordic Access Buyout AS, headquartered
in Oslo. The subsidiary operates as a holding company for the Group's fund
investments.
Fund portfolio
NAXS' total investment commitments to underlying funds amount to 92% of the
Company's equity, while 13,7% of the Company's equity has been drawn by
underlying funds. Around 20 portfolio companies have been acquired by underlying
funds.
The NAV for NAXS' portfolio is not reported, in view of the short period that
has lapsed since the investments where made in the underlying funds.
Fund Portfolio
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| | Commitmen | Currency | Investment | Investment |
| | ts made | | commitments | commitments |
| | in | | (M) | MSEK |
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| Apax Europe VII | 2007 | EUR | 15 | 141 |
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| Intera Fund I | 2007 | EUR | 7 | 66 |
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| Valedo Partners Fund I | 2007 | SEK | 60 | 60 |
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| FSN Capital III | 2008 | EUR | 10 | 94 |
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| Nordic Capital Fund | 2008 | EUR | 20 | 188 |
| VII | | | | |
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| Total | | | | 548 |
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Apax Europe VII
Apax Europe VII is the latest pan-European fund to be established by Apax
Partners Worldwide LLP (“Apax”). Apax is one of the largest and most well
established private equity organizations in the world, and funds advised by Apax
have conducted a series of transactions in the Nordic region, including
Mölnlycke Healthcare, TDC and Capio. Amongst the investments made by Apax Europe
VII is Plantasjen, the leading garden superstore in the Nordic region. Upon the
fund's final closing, total commitments from investors amounted to MEUR 11,000.
Intera Fund I
Intera is a newly established Finnish private equity fund focusing primarily on
Finnish companies with sales of MEUR 10 to MEUR 100. Total commitments upon the
fund's final closing amounted to MEUR 125.
Valedo Partners Fund I
Valedo is a growth-oriented Swedish private equity fund with an industrial focus
and a network of experienced industrialists. Valedo focuses on well-established,
profitable companies in Sweden and the rest of the Nordic region with annual
sales of MSEK 100 - 500, with strong market positions in their respective
segments and potential for considerable business development. Total commitments
upon the fund's final closing amounted to MSEK 1,000.
FSN Capital III
FSN Capital III is the third fund to be established by Oslo-based FSN Capital
Partners, one of the most experienced Nordic managers in the mid-cap segment.
FSN Capital Partners focuses on Norwegian and Nordic industrial, consumer
products and service companies with established products and technologies, which
benefit from strong market positions. Total commitments upon the fund's final
closing amounted to MEUR 375.
Nordic Capital Fund VII
In April 2008, NAXS made a MEUR 20 commitment to Nordic Capital Fund VII.
Founded in 1989, Nordic Capital was one of the private equity pioneers in
northern Europe, and has invested in a large number of Nordic-based companies
operating in different sectors. Nordic Capital seeks to create value in its
investments through committed ownership and by targeting strategic development
and operational improvements.
The NAV for NAXS' portfolio is not reported, in view of the short period that
has lapsed since the investments where made in the underlying funds.
GROUP
EARNINGS
Until the second quarter of 2007, the Group did not conduct any operations and
therefore no comparative figures have been published for the period January 1
-June 30, 2007. The comparative figures included in this report are the same as
in the Annual report for last year.
Operating result
The operating result amounted to a loss of KSEK 4,552 for the interim-report
period. Operating expenses totaled KSEK 4,552 and mainly comprised personnel
costs of KSEK 503 and remuneration of KSEK 2,923 to the investment advisor. The
rate of expenses follows the established budget.
Financial items
Financial items totaled KSEK 15,159 for the interim-report period. Interest
income amounted to KSEK 11,489 and unrealized exchange rate gains to KSEK 3,680.
Tax and earnings after tax
The Group's profit before tax amounted to KSEK 10,607 for the interim-report
period. Tax amounted to KSEK 2,737.
INVESTMENTS, FINANCING AND LIQUIDITY
Investments
During the interim-report period, KSEK 41,037 were invested in underlying funds.
As of June 30, 2008, the fund units amounted to KSEK 81,528.
Financing
Financing currently occurs through shareholders' equity. Shareholders' equity
amounted to KSEK 593,861 at the end of the period, corresponding to SEK 39,59
per share and an equity/asset ratio of 99,6%.
Cash and cash equivalents
As of June 30, 2008, cash and cash equivalents amounted to KSEK 504,292, which
corresponds to SEK 33,62 per share.
EVENTS AFTER THE END OF THE PERIOD
There is no event after the end of the period to report.
Future prospects
The Company has the option to commit 130% of its equity and estimates to be able
to use over-commitment possibilities in order to make new commitments to private
equity funds during 2008.
Underlying funds are expected to maintain the same investment pace as during the
first half of 2008.
PARENT COMPANY
Profit before tax amounted to KSEK 4,042 for the interim period. Tax amounted to
KSEK 1,133, and profit after tax amounted to KSEK 2,909.
The Parent Company's cash and cash equivalents amounted to KSEK 237,713.
ORGANIZATION
The Board of Directors consists of the Chairman Björn C Andersson and Board
members Robin Ahlström, Birgitta Johansson-Hedberg and Clas Romander. Jeff Bork
is the Company's CEO.
THE SHARE
The NAXS share was listed on the First North (part of OMX Nordic Exchange) on
May 14, 2007. The share is traded under the designation “NAXS” and a full
trading lot consists of 200 shares. The price at the time of listing was SEK 40.
The number of shares in the Company at the beginning and end of the interim
period was 15,000,000.
At the end of the interim period, the share price for NAXS shares was SEK 28 and
the Company's net asset value was SEK 39,59. The Company's market value was MSEK
420. The number of shareholders was 424.
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| Consolidated Income Statement | | |
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| | Jan 1, 2008- | Sep 18,2006 |
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| Amounts in KSEK | Jun 30, 2008 | Dec 31, 2007 |
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| | | |
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| Operating expenses | -4 552 | -7 227 |
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| Operating loss | -4 552 | -7 227 |
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| Financial items | | |
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| Interest income | 11 469 | 14 841 |
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| Exchange rate gains | 3 690 | 229 |
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| Profit before tax | 10 607 | 7 843 |
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| Tax | -2 737 | 3 581 |
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| Net profit for the period | 7 870 | 11 424 |
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| | | |
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| Earnings per share, SEK | 0,52 | 1,15 |
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| Shareholders' equity per share, SEK | 39,59 | 39,21 |
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| | | |
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| NUMBER OF SHARES | | |
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| At the beginning of the period | 15 000 000 | 5 000 |
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| At the end of the period | 15 000 000 | 15 000 000 |
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| Average number of shares | 15 000 000 | 9 905 808 |
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Definition of key figures
Earnings per share
Earnings after tax divided by weighted average number of shares.
Shareholders' equity per share
Reported shareholders' equity in relation to the number of shares at the end of
the period.
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| Consolidated balance sheet | | |
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| | 2008 | 2007 |
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| Amounts in KSEK | Jun 30 | Dec 31 |
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| | | |
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| Assets | | |
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| Fixed assets | | |
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| Equipment | 6 | 7 |
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| Fund units | 81 528 | 40 657 |
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| Deferred tax assets | 2 448 | 3 581 |
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| Total fixed assets | 83 982 | 44 245 |
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| Current assets | | |
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| Accrued interest income | 7 944 | 1 097 |
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| Other current assets | 195 | 101 |
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| Current investments | 0 | 200 000 |
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| Cash and bank | 504 292 | 343 900 |
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| Total current assets | 512 431 | 545 098 |
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| Total assets | 596 413 | 589 343 |
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| | | |
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| Shareholders' equity and liabilities | | |
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| Shareholders' equity | 593 861 | 588 114 |
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| Current liabilities | | |
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| Accounts payable | 13 | 297 |
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| Other non-interest-bearing liabilities | 1 632 | 206 |
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| Accrued expenses | 907 | 726 |
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| Total current liabilities | 2 552 | 1 229 |
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| Total shareholders' equity and liabilities | 596 413 | 589 343 |
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| | | |
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| CHANGE IN SHAREHOLDERS' EQUITY | | |
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| | Jan 1, 2008- | Sep 18,2006 |
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| Amounts in KSEK | Jun 30, 2008 | Dec 31, 2007 |
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| At the beginning of the period | 588 114 | 0 |
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| New share issue (company formation) | - | 500 |
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| New share issue (company formation) | - | 600 000 |
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| Share exercise | - | -500 |
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| Issue expenses | - | -21 544 |
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| Translation difference | -2 123 | -1 766 |
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| Net profit for the period | 7 870 | 11 424 |
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| Shareholders' equity at period end | 593 861 | 588 114 |
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| Consolidated cash-flow statement | | |
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| | Jan 1, 2008- | Sep 18,2006 |
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| Amounts in KSEK | Jun 30, 2008 | Dec 31, 2007 |
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| | | |
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| Profit after financial items | 10 607 | 7 843 |
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| Adjustment for non-cash items | | |
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| Depreciation and impairment | 1 | 37 |
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| Unrealized exchange rate gains | -3 690 | -229 |
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| Paid income tax | - | - |
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| Cash flow from operational activities | 6 918 | 7 651 |
| before working capital changes | | |
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| | | |
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| Cash flow from working capital changes | -7 215 | 21 |
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| Cash flow from operational activities | -297 | 7 672 |
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| | | |
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| Investments in equipment | - | -9 |
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| Acquisition of fund units*) | -41 037 | -39 290 |
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| Acquisition of subsidiaries | - | -35 |
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| Interest-bearing financial investments | 200 000 | -200 000 |
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| Cash flow from investing activities | 158 963 | -239 334 |
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| | | |
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| New issues | - | 578 456 |
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| Cash flow from financing activities | - | 578 456 |
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| Cash flow for the period | 158 666 | 346 794 |
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| | | |
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| Cash and cash equivalents, beginning of the | 343 900 | 0 |
| period | | |
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| Exchange rate differences in cash and cash | 1 726 | -2 894 |
| equivalents | | |
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| Cash and cash equivalents, period end | 504 292 | 343 900 |
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*) Outstanding investment commitments on June 30, 2008 amounted to KSEK 547,760
(227,683).
Accounting principles
The interim report complies with the accounting principles stated in the
prospectus prepared in connection with the Company's listing on First North.
Stockholm, August 14, 2008
NAXS Nordic Access Buyout Fund AB (publ)
Jeff Bork
CEO
This report has not been examined by the Company's auditors.
FOR FURTHER INFORMATION, PLEASE CONTACT
Jeff Bork, CEO, +46 (0)761-00 00 00
FINANCIAL INFORMATION
Interim report (9 months): November 6 2008
Year-end report for 2008: February 5, 2009
NAXS Nordic Access Buyout Fund AB (publ), Corp. Reg. No. 556712-2972
Grev Turegatan 10, 114 46 Stockholm, Sweden
Tel: +46 (0)8-611 33 25, E-mail: info@naxs.se
www.naxs.se
