NAXS AB (publ) Year-end report 2023
January – December 2023
- Net profit amounted to MSEK 4.4 (180.1).
- Earnings per share amounted to SEK 0.39 (16.22).
- Net asset value amounted to MSEK 922 (SEK 83.24 per share) at December 31, 2023, compared to MSEK 959 (SEK 86.59 per share) at December 31, 2022.
- Net cash amounted to MSEK 209 (SEK 18.89 per share) at December 31, 2023, compared to MSEK 212 (SEK 19.11 per share) at December 31, 2022.
- The 2023 Annual General Meeting resolved to pay a dividend of 3.75 SEK per share for FY 2022.
Fourth quarter 2023
- Net profit/loss amounted to MSEK -14.2 (35.6).
- Earnings per share amounted to SEK -1.28 (3.21).
Distribution of profits
The Board of Directors proposes a dividend of SEK 4.25 per share for the FY 2023.
In addition, the Board of Directors proposes to the Annual General Meeting to vote on a continued share repurchase mandate.
Comments by the CEO
2023 presented a unique set of challenges, ranging from geopolitical instability, inflationary pressures and related monetary policies, as well as sluggish and uneven global growth. These challenges have translated to a certain extent to the private equity industry, with tighter capital structures, lower acquisition activity and more difficult exit paths.
While NAXS experienced a 1.5% contraction of the NAV/share during Q4 2023, the NAV/share nevertheless increased by 0.5% during the year (including the dividend paid in April).
The lower level of private equity activity was reflected in NAXS’s portfolio, where underlying funds acquired 7 new portfolio companies and signed or closed 4 new exits during the financial year.
NAXS made 1 new commitment and 2 co-investments during 2023: a 1.5 MEUR commitment to Celero Fund (E) AB with a 5.7 MSEK co-investment alongside the fund into Reledo AB, a newly established platform within the facility management industry, and a 1 MUSD co-investment alongside JAB Holding into Panera Brands, a pioneer of the fast casual dining the United States.
In April, NAXS paid a dividend of SEK 3.75/share for FY 2022. The Company has now distributed a cumulative SEK 19.88/share over the last 5 years to its shareholders through dividends and share repurchases.
Gösta Lundgren