NAXS Half-year financial report January-June 2020

First half-year 2020

• Net profit for the first half-year amounted to MSEK -61.0 (14.7).

• Earnings per share amounted to SEK -5.47 (1.25).

• Net asset value amounted to MSEK 618 (SEK 55.42 per share) at June 30, 2020,
  compared to MSEK 710 (SEK 63.63 per share) at December 31, 2019.

• Net cash amounted to MSEK 207 (SEK 18.60 per share) at June 30, 2020, compared to
  MSEK 230 (SEK 20.60 per share) at December 31, 2019.

• The 2020 Annual General Meeting resolved to pay a dividend of 3.00 SEK per share for
  FY 2019.

Comments by the CEO

The net asset value per share decreased by 12.2% during the second
quarter, with nearly half of the decrease stemming from a single portfolio
company. The lower net asset value per share reflects the first valuation
adjustments made by underlying funds after the Covid-19 outbreak. 

At the end of the second quarter, NAXS had in excess of 30% of cash on
its balance sheet, which leaves the Company well-positioned to take
advantage of potential opportunities that might arise in what we expect to
be a volatile environment.

Lennart Svantesson