NAXS Half-year Financial Report 2019

First half-year 2019

●  Net profit/loss for the first half-year amounted to MSEK 14.7 (11.6).

●  Earnings per share amounted to SEK 1.25 (0.86).

●  Net asset value amounted to MSEK 695 (SEK 62.20 per share) at June 30, 2019,
compared to MSEK 736 (SEK 61.81 per share) at year-end 2018. The large share
repurchases completed during the second quarter and the payment of the FY 2018
dividend were the factors behind the decrease in net asset value. 

●  Net cash amounted to MSEK 205 (SEK 18.37 per share) at June 30, 2019, compared to
MSEK 261 (SEK 21.94 per share) at year-end 2018.

Second quarter 2019

● Net profit/loss for the quarter amounted to MSEK -1.1 (-9.5).
● Earnings per share amounted to SEK -0.10 (-0.72).

● NAXS paid a dividend of SEK 2.78 per share for FY 2018.

Comments by the CEO

On June 4, the Annual General Meeting approved the payment of a
dividend of SEK 2.78 per share for FY 2018. The dividend represents
4.5% of the net asset value per share at December 31, 2018.

The Annual General Meeting also resolved to cancel the own shares
repurchased by the company before the publication of the notice of the
Annual General Meeting, representing 2.6% of the total number of
shares.

NAXS continues to repurchase shares during the quarter, acquiring after
the publication of the notice of the Annual General Meeting a block representing 6% of the
total number of shares. We view this transaction, effected at a discount of approximately
19% to the net asset value per share at the time of the repurchase, as value-accretive for
the company and our shareholders. Over the last 12 months, NAXS has repurchased 11%
of its own shares.

Taking into account the FY 2018 dividend and the recent share repurchases, NAXS has
distributed a cumulative SEK 24.68 per share over the last 5 years to its shareholders
through dividends and share repurchases.

Lennart Svantesson