NAXS Year-end Report 2018

This announcement is not an offer of securities for sale in the United States nor in any other country, and securities may not be offered or sold in the United States absent registration or an exemption from registration under U.S. Securities Act of 1933, as amended, and the rules and regulations thereunder. Nor does it constitute or form part of, and may not be used for the purposes of, any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities by any person in any jurisdiction, nor shall it or the fact of its distribution form the basis of, or be relied upon in connection with, or act as any inducement to enter into, any contract or commitment to do so, in which (i) such offer or invitation is not authorised; or (ii) in which the person making such offer or invitation is not qualified to do so; or (iii) to any person to whom it is unlawful to make such offer or invitation.

January-December 2018

Net profit/loss for the period amounted to MSEK 18,5 (40,7). Earnings per share amounted to SEK 1.45 (2.91). Net asset value amounted to MSEK 736 (SEK 61.81 per share) at December 31, 2018, compared to MSEK 821 (SEK 60.17 per share) at year-end 2017. Net cash amounted to MSEK 261 (SEK 21.94 per share) at December 31, 2018, compared to MSEK 450 (SEK 32.97 per share) at year-end 2017.The 2018 Annual General Meeting resolved to pay a dividend of 2.53 SEK per share for FY 2017.An extraordinary general meeting held in August resolved to cancel 1,355,340 repurchased shares held by the Company.

Fourth quarter 2018

Net profit/loss for the quarter amounted to MSEK -3,7 (-2,7). Earnings per share amounted to SEK -0.31 (-0.20).

Distribution of profits

The Board of Directors intends to make the level of the dividend to be proposed for the fiscal year 2018 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 2.80/share for the fiscal year 2018, corresponding to SEK 33,359,931 at December 31, 2018. The actual level of the dividend will be set as the difference between SEK 33,359,931 and the amount that has been distributed under the form of share repurchases during the period between January 1 and March 31, 2019. The Board of Directors will announce the level of the proposed dividend ahead of the publication of the notice of the 2019 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

2018 was a particularly active year for NAXS.

In March, we made a new direct investment, subscribing for shares in a new issue by Awilco Drilling, an offshore drilling operator listed on the Oslo stock exchange. NAXS subsequently added to this initial investment by acquiring shares on the market at several occasions, bringing the total investment in Awilco Drilling to SEK 26.7 by the end of 2018.

In April, NAXS made a EUR 4m investment in Nordic Capital CV1, a continuation vehicle established by Nordic Capital, where its Fund VII had transferred the remaining 9 unlisted portfolio companies it held.

In June, we announced that NAXS had made a USD 5m commitment to JAB Global Consumer Brand II. The fund co-invests with JAB Holding, a privately held group focused on consumer goods and retail companies with premium brands. Notably, the fund provides an exposure to recent transactions by JAB Holding, including the recently formed Keurig-Dr Pepper beverage group and the Pret a Manger casual dining chain.

In November, we made a USD 3m investment in a in a new senior secured bond issued by Jacktel AS, the Norwegian operator of a jack-up offshore accommodation vessel and a wholly-owned subsidiary of Master Marine AS. Master Marine has been a NAXS portfolio company since 2009, when it was acquired by Nordic Capital Fund VII.

Finally, NAXS actively repurchased shares throughout the year, buying back 1,723,126 shares representing 12,6% of the share capital.

NAXS saw its net asset value per share increase by 6,9% during 2018, despite the steep decline in the financial markets during Q4 materially affecting the valuations our of listed holdings at December 31, 2018.

At the end of 2018, NAXS had in excess of 35% 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

Contact information

Lennart Svantesson, CEO

Telephone: +46 73 311 00 11

Gösta Lundgren, CFO

Telephone: +46 70 710 47 88

This information is information that Naxs AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 8.30 CET on January 29, 2019.

This press release and further information is available on the Company's website: www.naxs.se

NAXS AB (publ)
Corp. Reg. No. 556712-2972
Grev Turegatan 10
114 46 Stockholm, Sweden
Tel: +46 8 611 33 25, E-mail: info@naxs.se

NAXS is a company listed on NASDAQ Stockholm and investing primarily in private equity funds with a Nordic focus. NAXS may also make direct investments or co-investments alongside private equity or other alternative assets funds. In addition, NAXS may, to a limited extent, make other types of investments.

Attachment

NAXS Year-end report 2018

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