Interim Report January-March 2019

First quarter 2019

• Net profit for the first quarter amounted to MSEK 15.8 (21.0).
• Earnings per share amounted to SEK 1.33 (1.55).
• Net asset value amounted to MSEK 759 (SEK 63.75 per share) at March 31, 2019,
  compared to MSEK 736 (SEK 61.81 per share) at December 31, 2018.
• Net cash amounted to MSEK 260 (SEK 21.87 per share) at March 31, 2018, compared to
  MSEK 261 (SEK 21.94 per share) at December 31, 2018.

Distribution of profits

The Board of Directors previously communicated its intention to make the level of the
proposed dividend for FY 2018 dependent on the amount that may have been distributed
under the form of share repurchases during the first quarter of 2019. 

The Board of Directors stated that the actual level of the dividend would be set as the
difference between SEK 33,359,931 (corresponding to SEK 2.80/share) and the amount
that has been distributed under the form of share repurchases during the period between
January 1 and March 31, 2019.

NAXS repurchased shares for a total amount of SEK 205,289 during the period between
January 1 and March 31, 2019. Therefore, the amount that remains available to be paid as
dividend for the fiscal year 2017 is SEK 33,154,642, corresponding to SEK 2.78/share.

The Board of Directors therefore proposes to the Annual General Meeting the payment of a
dividend of SEK 2.78/share for FY 2018. 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 experienced a steady development during the first quarter of 2019,
with the NAV/share increasing by 3.1%.

The company continued to build on its position in Awilco Drilling during
the period, acquiring 94 974 additional shares in a new issue.

In regard to the distribution of profits for FY 2018, the board of NAXS is
proposing to the Annual General Meeting, which will take place on June 4,
the payment of a dividend of SEK 2.78/share. The proposed dividend represents 4.5% of the NAV at December 31, 2018 and a dividend yield of 5.7% calculated
on the share price as of March 31, 2019. The level of the proposed dividend is consistent
with the dividends paid by the Company during the previous years.

Lennart Svantesson