NAXS Year-end Report 2017
Net profit/loss for the period amounted to MSEK 40.7 (94.0).
Earnings per share amounted to SEK 2.91 (6.32).
Net asset value amounted to MSEK 821 (SEK 60.17 per share) at December 31, 2017,
compared to MSEK 842 (SEK 56.69 per share) at year-end 2016.
Net cash amounted to MSEK 450 (SEK 32.97 per share) at December 31, 2017, compared
to MSEK 384 (SEK 25.85 per share) at year-end 2016.
The 2017 Annual General Meeting resolved that no dividend would paid for FY 2016 in
view of the fact that SEK 38m (SEK 2.57/share) had been distributed through shares
repurchases during Q1 2017.
Fourth quarter 2017
• Net profit/loss for the quarter amounted to MSEK -2.7 (38.9).
• Earnings per share amounted to SEK -0.20 (2.62).
Distribution of profits
The Board of Directors intends to make the level of the dividend to be proposed for the
fiscal year 2017 dependent on the amount that may be distributed under the form of
share repurchases during the first quarter of 2018.
The Board of Directors proposes a dividend of maximum SEK 2,75/share for the fiscal year
2017, corresponding to SEK 37,502,814.25 at December 31, 2017. The actual level of the
dividend will be set as the difference between SEK 37,502,814.25 and the amount that has
been distributed under the form of share repurchases during the period between January 1
and March 31, 2018. The Board of Directors will announce the level of the proposed
dividend ahead of the publication of the notice of the 2018 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
NAXS continued to make progress in 2017, with the net asset value per
share increasing by 6.2%. During the year, NAXS’s underlying private
equity funds made 4 new acquisitions, 10 full exits and 5 partial exits
through initial public offerings.
2017 was also the year during which NAXS started to implement its
revised investment policy, making 3 new investments: a commitment to
the special situations manager Mimir Invest, an investment in the initial
public offering of helmet safety solutions provider MIPS, as well as a
cornerstone investment in the initial public offering of fantasy software
provider Scout Gaming Group.
NAXS actively repurchased shares throughout 2017, acquiring 1,210,915 shares,
representing 8% of the total outstanding number of shares.
NAXS maintains a robust balance sheet, with a high proportion of cash, which the company
will continue to selectively seek to deploy.