NAXS Year-end Report 2016
Net profit/loss for the period amounted to MSEK 94.0 (64.2).
Earnings per share amounted to SEK 6.32 (4.32).
Net asset value amounted to MSEK 842 (SEK 56.69 per share) at December 31, 2016,
compared to MSEK 785 (SEK 52.78 per share) at year-end 2015.
Net cash amounted to MSEK 384 (SEK 25.85 per share) at December 31, 2016, compared
to MSEK 351 (SEK 23.60 per share) at year-end 2015.
NAXS paid a dividend of SEK 2.50 per share for the fiscal year 2015.
Fourth quarter 2016
Net profit/loss for the quarter amounted to MSEK 38.9 (-25.0).
Earnings per share amounted to SEK 2.62 (-1.68).
Distribution of profits
The Board of Directors intends to make the dividend to be proposed for the fiscal year
2016 dependent on the amount that may be distributed under the form of
share repurchases during the first quarter of 2017.
The Board of Directors intends to propose a dividend of maximum SEK 2.70/share for
the fiscal year 2016, corresponding to SEK 40,090,415.40 at December 31, 2016.
The actual level of the dividend will be set as the difference between SEK
40,090,415.40 and the amount that has been distributed under the form of share
repurchases during the period between January 1 and March 31, 2017. The Board of
Directors will announce the level of the proposed dividend ahead of the publication of the
notice of the 2017 Annual General Meeting
In addition, the Board of Directors proposes to the Annual General Meeting to vote on a
continued share repurchase mandate.
Comments by the CEO
We were pleased to see NAXS continue to make good progress during
2016, with the net asset value per share increasing by 12.2%, including
the dividend paid. This performance was generated by a strong exit
activity, positive valuation developments in the remaining portfolio, as
well as positive currency effects.
During the past year, NAXS’s underlying funds made 3 new acquisitions,
10 full exits, and 4 partial exits through initial public offerings.
Worth mentioning for 2016 were also the adoption of a revised
investment policy and the shortening of the company’s name from NAXS
Nordic Access Buyout Fund AB (publ) to NAXS AB (publ).
NAXS currently has a robust balance sheet, with a relatively high proportion of cash, which
the company continues to selectively seek to deploy. After the end of the reporting period,
NAXS made a SEK 50m commitment to Mimir Invest, a Swedish private equity special