NAXS

Quarterly Report • Jul 14, 2020

NAXS AB (publ) 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

Financial summary

	2020	2019	2020	2019
	1/1–6/30	1/1–6/30	4/1–6/30	4/1-6/30
Net profit/loss for the period, KSEK	-60 960	14 695	-57 010	-1 144
			2020	2019
			6/30	12/31
Private equity fund investments, KSEK			393 019	439 638
Private equity fund investments in % of equity			64	62
Remaining commitments, KSEK			106 929	97 116
Total exposure to private equity fund investments, KSEK			499 948	536 754
Other investments, KSEK			18 192	40 824
Net cash, KSEK			207 414	229 748
Private equity fund investments per share, SEK			35.24	39.42
Other investments per share, SEK			1.63	3.66
Net cash per share, SEK			18.60	20.60
Net asset value per share, SEK			55.42	63.63
Share price, SEK			47.60	49.30

Operations

NAXS AB (publ) ("NAXS" or the "Company") 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. Operations commenced on April 17, 2007, and the Company was listed on First North on May 14, 2007, where it traded until its change of listing to NASDAQ Stockholm on June 8, 2010.

NAXS is the Group's parent company and is headquartered in Stockholm. In addition to the parent company, the Group consists of an operational Danish subsidiary, NAXS A/S, headquartered in Copenhagen, and a Norwegian subsidiary, NAXS Nordic Access Buyout AS, headquartered in Oslo. The Danish subsidiary operates as the holding company for the Group's investments.

Naccess Partners AB has been contracted as the investment advisor to the Danish subsidiary.

Market review

While the financial markets rebounded from their March lows in the second quarter, the medium-term macro outlook remains uncertain. We expect a significant drop in private equity activity in the coming quarters, due to lack of available debt financing and the misalignment of buyers' and sellers' expectations. We also expect fundraising to slow down, at least temporarily, as investors review their private market allocation.

Investments

Private equity fund investments

At June 30, 2020, NAXS had commitments to 11 private equity funds (10 buyout funds and 1 special situations fund):

• private equity fund investments amounted to MSEK 393, which corresponds to 64 percent of the Company's equity;
• remaining commitments amounted to MSEK 107.

Other investments

At June 30, 2020, NAXS held 2 direct investments in listed shares:

• 375,437 shares in Scout Gaming Group AB (publ), a provider of Fantasy Sport and Daily Fantasy Sports solutions to online gaming operators. As of June 30, 2020, the holding of NAXS in Scout Gaming Group was valued at MSEK 7.5 (4.9);
• 828,319 shares in Awilco Drilling Plc, a UK-based drilling contractor. The shares are listed on the Oslo Stock Exchange. As of June 30, 2020, the holding of NAXS in Awilco Drilling was valued at KSEK 2.9 (13.6).

In addition, NAXS held at June 30, 2020, a senior secured bond issued in 2018 by Jacktel AS, a wholly owned subsidiary of Master Marine AS. The Bond has a tenor of 5 years and a coupon of 10% p.a., with quarterly interest payments. At June 30, 2020, the holding of NAXS in Jacktel was valued at KSEK 7.6 (22.4).

Exposure to private equity fund investments and other investments

At June 30, 2020, the total exposure to private equity fund investments and other investments amounted to MSEK 518, which corresponds to 84 percent of the Company's equity.

Private equity fund investments and other investments, and total exposure to private equity fund investments and other investments (in % of equity)

Evolution of private equity fund investments and other investments (in % of equity)

The net asset value (NAV) per share decreased by 12% during the second quarter of 2020 and by 6% over 12 months (including dividend paid).

NAV per share in SEK

New investments, acquisitions and liquidity events

Investments

No new investment was made during the second quarter.

At June 30, 2020, NAXS held the following direct investments:

Company	Sector	Country	Reported value
Awilco Drilling	Energy (offshore drilling operator)	Norway	MSEK 2.9
Master Marine	Energy (offshore accommodation provider)	Norway	MSEK 7.6
Scout Gaming Group	iGaming (fantasy sports solution provider)	Sweden	MSEK 7.5

Acquisitions

No new acquisition was made by underlying funds during the second quarter 2020.

Liquidity events

1 full exit took place during the second quarter, with Herkules III divesting sportswear manufacturer Odlo.

Portfolio Company	Sector	Year of initial investment	Fund
Odlo	Consumer goods & services	2010	Herkules III

A partial exit also took place during the quarter, with the listing of JDE Peet's, a JAB Consumer Fund II portfolio company, on Euronext Amsterdam in May.

At June 30, 2020, NAXS underlying funds had acquired a total of 133 companies, 94 of which had been fully divested. These 94 exits have generated an average gross IRR of 18%. The average holding period for the remaining 39 portfolio companies is approximately 4.75 years.

No. of portfolio companies acquired per year

June 30, 2020

• Total exposure to private equity fund investments: 81% of total equity
• Private equity fund investments: 64% of total equity
• Number of full exits since inception: 94
• Average gross IRR since inception generated by the 94 exits: 18%

Portfolio composition/diversification

At June 30, 2020, NAXS provided the following exposure:

• 11 private equity funds (10 buyout funds and 1 special situations fund) from 8 managers:

Fund	Commitment Year	Commitment Currency	Initial Commitment Amount (in 000s)
Apax Europe VII LP	2007	EUR	15,000
FSN Capital III LP	2008	EUR	10,000
Herkules Private Equity III LP	2008	NOK	40,000
Intera Fund I KY	2007	EUR	7,000
Intera Fund II KY	2011	EUR	7,250
JAB Consumer Fund – Global Consumer Brands II	2018	USD	5,000
JAB Consumer Fund – Global Consumer Brands III	2019	EUR	5,000
Mimir Invest AB	2017	SEK	50,000
Nordic Capital CV1	2018	EUR	15,394
Nordic Capital Fund VII LP	2008	EUR	20,000
Valedo Partners Fund II AB	2011	SEK	65,000

• 6 different fund vintages and a diversification in terms of size segments, as illustrated below (based on current commitments):

• 39 portfolio companies (remaining after 94 exits) acquired by underlying funds over a period of approximately 14 years, with the 10 largest portfolio companies accounting for less than 50% of the total equity and no single portfolio company accounting for more than 7,5% of the total equity.

• a diversification of portfolio companies per sector and geography, as illustrated below (based on the fair value of the current portfolio companies):

• direct investments in 2 listed companies and 1 bond:

Company	Sector	Type of instrument	Timing of initial investment	Reported value
Scout Gaming Group	iGaming	listed share (NASDAQ First North)	Q4 2017	MSEK 7.5
Awilco Drilling	Energy	listed share (Oslo Exchange)	Q1 2018	MSEK 2.9
Jacktel/Master Marine	Energy	senior secured bond	Q4 2018	MSEK 7.6

Underlying funds

Summary information regarding NAXS' underlying funds is provided below:

Fund	Fund size	Segment	Vintage	Geographic focus	# of portfolio companies	# of exits
Apax Europe VII	MEUR 11,000	large cap	2008	Europe/Global	8	28
FSN Capital III	MEUR 375	mid cap	2008	Norway/Nordic	1	9
Herkules PE III1	MNOK 6,000	mid cap	2008	Norway/Nordic	0	11
Intera Partners I2	MEUR 125	small cap	2007	Finland	0	7
Intera Partners II	MEUR 200	small cap	2011	Finland	6	5
JAB Consumer Fund – GCB II	MUSD 5,000	large cap	2018	Global	4	0
JAB Consumer Fund – GCB III	N/A	large cap	2020	Global	13	0
Mimir Invest	<MSEK 500	small cap	2017	Primarily Nordic	5	1
Nordic Capital VII	MEUR 4,300	mid/large cap	2008	Primarily Nordic	1	18
Nordic Capital CV1	MEUR 2,500	mid/large cap	2018	Primarily Nordic	8	1
Valedo Partners II	MSEK 2,000	small cap	2011	Sweden	6	5

¹ the fund exited its last portfolio company during Q2 2020

² the fund exited its last operational portfolio company during Q4 2019 and currently only holds legacy real estate assets

³ also a JAB Consumer Fund – GCB II portfolio company

Group

Financial performance, Second quarter 2020

Operating profit/loss

The operating profit/loss amounted to KSEK -61,010 (-562) for the quarter. The operating profit/loss includes a change in value of KSEK -57,113 (2,241), whereof KSEK -58,388 (10,049) is a change in value of private equity fund investments and KSEK 1,275 (-7,808) is a change of value of other financial investments. The currency effects are included in the changes in value and amounted to KSEK -7,281 (6,951) for the second quarter. Operating expenses amounted to KSEK 3,897 (2,803).

Financial performance, First half-year 2020

Operating profit/loss

The operating profit/loss amounted to KSEK -61,866 (16,838) for the first half-year. The operating profit/loss includes a change in value of KSEK -54,717 (23,762), whereof KSEK -33 107 (27,687) is a change in value of private equity fund investments, and KSEK -21,610 (-3,925) is a change in value of other investments. Realized profit/loss in investments in private equity funds amounted to KSEK -14,830 (9,775), and unrealized profit/loss amounted to KSEK -18,277 (17,912). The currency effects are included in the changes in value and amounted to KSEK 5,066 (6,951) for the first half-year. Realized profit/loss in other investments amounted to KSEK 1,420 (1,393), and unrealized profit/loss amounted to KSEK – 23,030 (-5,318). Operating expenses amounted to KSEK 7,149 (6,924).

January 1– June 30, 2020

• Changes in value of private equity fund investments: KSEK -33,107, whereof currency effects on private equity fund investments KSEK 5,066
• Changes in value of other investments: KSEK -21,610

Financial items

Financial items net totaled KSEK 906 (-2,143) for the first half-year. Interest expenses on cash in banks amounted to -91 (-432). Exchange rate profit/loss amounted to KSEK 997 (-1,711).

Tax and net profit

The Group's profit/loss after financial items for the first half-year amounted to KSEK -60 960 (14,695). Income taxes amounted to KSEK 0 (0). Net profit/loss after tax amounted to KSEK -60 960 (14,695). Earnings per share were SEK -5.47 (1.25).

Investments, financing and liquidity

Private equity fund investments

During the first half-year, net investments (-)/repayments (+) from private equity funds amounted to KSEK 17,360 (9,111) whereof KSEK -14,830 (9,775) is realized profit/loss in investments in private equity funds. As of June 30, 2020, private equity fund investments amounted to KSEK 393,019 (439,638).

June 30, 2020

• Private equity fund investments per share: SEK 35.24

Other investments

As of June 30, 2020, Other Investments amounted to KSEK 18,192 (40,824). During the first half-year KSEK - (3,262) was invested in Other Investments.

Financing

The Group is financed with shareholders' equity. Shareholders' equity amounted to KSEK 618,102 (709,659) at the end of the first half-year, corresponding to SEK 55.42 (63.63) per share and an equity/asset ratio of 100 (100) percent. Repurchases of own shares amounted to - (38,387) and dividend to shareholders for the financial year 2019 amounted to KSEK 33,458 (31,055) corresponding to SEK 3.00 (2.78) per share.

June 30, 2020

• Equity per share: SEK 55.42

Net cash

At the end of the first half-year, net cash amounted to KSEK 207,414 (229,748), which corresponds to SEK 18.60 (20.60) per share. During the first half-year, cash and cash equivalents were invested in interest-bearing instruments or held on interest-bearing bank accounts, in accordance with the Company's policy.

June 30, 2020

• Net cash per share: SEK 18.60

Significant risks and uncertainty factors

Significant risks and uncertainty factors are described in the Annual Report 2019. Since the publication of the Annual Report 2019, the Covid-19 virus outbreak has generated material new risks and uncertainty factors.

Future prospects

We expect the current uncertain outlook to persist during the coming quarters, leading to volatile valuations and a markedly lower private equity investment activity.

In regard to valuations, NAXS's total exposure to private equity fund investments and other investments is currently as follows:

	2020	2019
Amounts in KSEK	6/30	12/31
Investments in private equity funds	393 019	439 638
Other long-term holdings of securities	18 192	40 824

The table below shows the effect on the company's results of a 10% change in valuation of its holdings (based on the investments at June 30, 2020):

	2020	2019
Amounts in KSEK	6/30	12/31
Investments in private equity funds	+/-39 302	+/-43 964
Other long-term holdings of securities	+/-1 819	+/-4 082

Parent company

The parent company has not had any sales during the first half-year. The profit/loss after financial items amounted to KSEK -1,774 (-1,637). The net interest income amounted to KSEK 94 (-184) and exchange rate profit/loss amounted to KSEK 182 (736). Income tax amounted to KSEK 0 (0). The net profit/loss amounted to KSEK -1,774 (-1,637).

Organization

The Company's CEO is Lennart Svantesson. The Board of Directors consists of John D. Chapman (chairman), Damhnait Ni Chinneide, Tony Gardner-Hillman and Andrew Wignall, who were re-elected at the 2020 Annual General Meeting.

The share

The NAXS share was initially listed on First North on May 14, 2007. Since June 8, 2010, the share is traded on NASDAQ Stockholm. The share trades under the designation "NAXS".

The number of outstanding shares in the Company at the beginning of the year and at the end of the first half-year was 11,152,585.

In March, the company made a share cancellation of 757,476 repurchased shares. Prior to the cancellation of the repurchased shares, the total number of shares and voting rights in NAXS was 11,910,061. The number of shares and voting rights decreased by 757,476 through the share cancellation. Following completion of the share cancellation, the total number of shares and voting rights in NAXS is 11,152,585.

At the end of the first half-year, the NAXS share price was SEK 47.60 and the total shareholders' equity per share was SEK 55.42. The Company's market capitalization was MSEK 531 and the number of shareholders was 2,502.

Evolution of the share price during the first half-year 2020

Accounting principles

The condensed consolidated financial statements have been established in accordance with the International Financial Reporting Standards (IFRS), as recognized by the EU. This report has been prepared in accordance with IAS 34 Interim Financial Reporting and the Swedish Annual Reporting legislation.

The accounting principles applied in this report are described in the Annual Report 2019. The Parent Company follows the Swedish Annual Reporting legislation and the Swedish Financial Reporting Board RFR 2 for legal entities, which provides that the IFRS principles shall apply.

Financial information Contact

Interim report (9 months): October 20, 2020 Lennart Svantesson, VD Year-end report 2020: January 28, 2021 +46 73 311 00 11

lennart.svantesson@naxs.se Gösta Lundgren, CFO +46 70 710 47 88 gosta.lundgren@naxs.se

Ticker codes

NAXS.SS in Bloomberg NAXS.ST in Reuters

This information is information that NAXS AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact persons set out above, at 17.00 CET on July 14, 2020.

This report is an in-house translation of the original report in Swedish

The Board of Directors declares that the undersigned year-end report provides a true and fair overview of the Parent Company's and the Group's operations, their financial position and performance, and describes material risks and uncertainties facing the Parent Company and other companies in the Group.

Stockholm, July 14, 2020

John D. Chapman Chairman

Tony Gardner-Hillman Director

Damhnait Ni Chinneide Director

Andrew Wignall Director

Lennart Svantesson Chief Executive Officer

This report has not been subject to review by the Company's auditors.

This report and other information are available on 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

Financial reports summary

Consolidated Income Statement Amounts in SEK 000s

	2020	2019	2020	2019
	1/1-6/30	1/1-6/30	4/1-6/30	4/1-6/30
Change in value	-54 717	23 762	-57 113	2 241
Operating costs Note 1	-7 149	-6 924	-3 897	-2 803
Operating profit/loss	-61 866	16 838	-61 010	-562
Net financial items	906	-2 143	3 999	-582
Profit/loss after financial items	-60 960	14 695	-57 010	-1 144
Income taxes	-	-	-	-
Net profit/loss	-60 960	14 695	-57 010	-1 144
Attributable to:
Parent company shareholders	-60 960	14 695	-57 010	-1 144
Earnings per share, SEK*	-5.47	1.25	-5.11	-0.10
Average number of shares, 000s Basic and diluted	11 153	11 726	11 153	11 540

Consolidated Statement of Comprehensive Income Amounts in SEK 000s

	2020	2019	2020	2019
	1/1-6/30	1/1-6/30	4/1-6/30	4/1-6/30
Net profit/loss	-60 960	14 695	-57 010	-1 144
Other comprehensive income Items which will be reversed to the income statement
Exchange differences	2 860	13 212	-28 900	5 970
Total comprehensive income	-58 100	27 907	-85 910	4 827
Attributable to:
Parent company shareholders	-58 100	27 907	-85 910	4 827
Total comprehensive income	-58 100	27 907	-85 910	4 827

Consolidated Balance Sheet Amounts in SEK 000s

	2020	2019
	6/30	12/31
Assets
Private equity fund investments	393 019	439 638
Other long-term holdings of securities	18 192	40 824
Total non-current assets	411 211	480 462
Other receivables	283	166
Cash and cash equivalents	207 414	229 748
Total current assets	207 697	229 914
Total assets	618 908	710 376
Equity	618 102	709 659
Current liabilities	806	717
Total equity and liabilities	618 908	710 376

Consolidated Net cash

Amounts in SEK 000s

	2020	2019
	6/30	12/31
Cash, bank and short-term investments	207 414	229 748
Total net cash	207 414	229 748

Consolidated Statement of Changes in Equity Amounts in SEK 000s

	2020	2019	2019
	1/1-6/30	1/1-12/31	1/1-6/30
Equity at the beginning or the year	709 660	736 371	736 372
Repurchase of own shares	-	-39 276	-38 387
Dividend	-33 458	-31 055	-31 055
Total comprehensive income for the period	-58 100	43 619	27 907
Shareholder's equity at the end of the period	618 102	709 659	694 837

Consolidated Statement of cash flows analysis Amounts in SEK 000s

1/1-6/30 -60 960 55 143 -	1/1-6/30 14 695 -12 531 -
-5 817	2 164
-16	12 399
-5 833	14 563
-23 946	-25 895
41 306	27 332
-	-3 262
17 360	-1 825
-	-38 387
-33 458	-31 055
-33 458	-69 442
-21 931	-56 704
229 748	261 444
-403	457
207 414	205 197

* Including short-term investments

Parent Company Income Statement Amounts in SEK 000s

	2020	2019	2020	2019
	1/1-6/30	1/1-6/30	1/4-6/30	1/4–6/30
Operating costs	-2 050	-2 189	-814	-1 135
Operating profit/loss	-2 050	-2 189	-814	-1 135
Net financial items	276	552	-1 441	267
Profit /loss after financial items	-1 774	-1 637	-2 255	-868
Income taxes	-	-	-	-
Net profit/loss for the period	-1 774	-1 637	-2 255	-868

Parent Company Statement of Comprehensive Income

Amounts in SEK 000s

	2020	2019	2020	2019
	1/1-6/30	1/1-6/30	1/4-6/30	1/4–6/30
Net profit/loss for the period	-1 774	-1 637	-2 255	-868
Total comprehensive income for the period	-1 774	-1 637	-2 255	-868

Parent Company Balance Sheet

Amounts in SEK 000s

	2020	2019
	6/30	12/31
Assets
Shares in subsidiaries	481 802	481 802
Receivables on group companies	26 908	26 726
Total non-current assets	508 710	508 528
Other receivables	327	167
Cash and cash equivalents	70 694	106 416
Total current assets	71 021	106 583
Total assets	579 731	615 111
Equity	579 167	614 399
Current liabilities	564	712
Total equity and liabilities	579 731	615 111

Parent Company Statement of Changes in equity Amounts in SEK 000s

	2020	2019	2019
	1/1-6/30	1/1-12/31	1/1-6/30
Equity at the beginning of the year	614 399	688 838	688 838
Repurchase of own shares	-	-39 276	-38 387
Dividend	-33 458	-31 055	-31 055
Total comprehensive income for the period	-1 774	-4 108	-1 637
Shareholder's equity at the end of the period	579 167	614 399	617 759

Note 1

Operating costs Amounts in SEK 000s

	2020	2019	2020	2019
	1/1-6/30	1/1-6/30	1/4-6/30	1/4–6/30
Fee to the investment advisor Carried interest to the investment	-3 269	-3 291	-1 602	-1 676
advisor	-1 528	-1 129	-1 250	256
Personnel expenses	-761	-768	-381	-380
Other operating costs	-1 591	-1 736	-663	-1 002
	-7 149	-6 924	-3 896	-2 803

No related party transaction occurred during the first half-year, except for remunerations to the board members and the managing director and dividend to the managing director.

Note 2

Financial assets and liabilities

NAXS's financial instruments consist of fund investments, cash and cash equivalents and accounts payable. Level 3 investments includes only the Company's publicly traded share of the fund holdings / securities of unlisted companies (in some cases, also listed companies). When observable prices are not available for these securities, the fund manager uses one or more valuation techniques (e.g. yield methods or income-based methods), or a combination of techniques, for which sufficient and reliable data are available. Within Level 3, the market approach generally uses earnings multiples of comparable companies, while the income-based approach generally uses the present value of estimated future cash flows, adjusted for liquidity, credit, market and/or other risk factors.

For NAXS, the book value of all financial assets and liabilities corresponds to fair value. All amounts are shown in the reported balance sheets.

Definitions and Alternative performance measures

NAXS applies the guidelines issued by the European Securities and Markets Authority (ESMA) for alternative key ratios. Alternative key figures are financial measures of historical or future earnings trend, financial position, financial results or cash flows that are not defined or specified in the applicable rules for financial reporting Alternative key ratios are stated when, in their context, they provide clearer or more indepth information than the measures defined in applicable financial reporting rules. The alternative key figures are derived from the consolidated financial statements. Alternative key ratios are stated when, in their context, they supplement the measures defined in IFRS. The starting point for the provided alternative key figures is that they are used by management to assess the financial development and are thus considered to provide valuable information to analysts and other stakeholders. NAXS regularly uses alternative key ratios as a complement to those key ratios that generally constitute good accounting practice.

Below are definitions and all the alternative key figures used.

Buyout fund

A private equity fund, whose strategy is to acquire a controlling interest in the targeted companies

Cash & cash equivalents Cash, bank and short-term investments

Cash per share*

Cash & cash equivalents in relation to the number of outstanding shares at the end of the period

Commitment The maximum amount that a limited partner agrees to invest in a fund

Current commitments

Acquisition cost for private equity fund investments, plus remaining commitments to private equity funds

Equity ratio*

Equity in relation to total assets.

Gross IRR

The internal rate of return generated annually at the underlying private equity funds' level, before the deduction of the management fees and carried interest. The calculation includes all payments to the funds and all distributions from the funds since their inception, but excludes the management fees and carried interest

Net asset value (NAV)*

The fair value of total assets, less net debt (corresponds to equity)

Net asset value (NAV) per share*

The fair value of total assets, less net debt (corresponds to shareholders' equity attributable to the Parent Company's shareholders) in relation to the number of outstanding shares at the end of the period

Net cash*

Cash and cash equivalents, short-term investments and interest-bearing current and longterm receivables, less interest-bearing current and long-term liabilities

Other long-term holdings of securities/ Other investments Investments in financial instruments other than private equity funds

Private equity fund investments Fair value of investments in private equity funds

Profit per share

Profit for the year attributable to the Parent Company's shareholders divided by the average number of shares.

Special situations fund

A private equity fund, whose strategy is to acquire companies, where an active ownership is required, such as under-performing companies, and/or imply complex transactions, such as carve-outs from larger conglomerates.

Total assets*

All assets and liabilities not included in net cash.

Total exposure to private equity fund investments Private equity funds investments and remaining commitments to private equity funds.

Total exposure to private equity fund investments and other investments Total exposure to private equity funds increased with other investments.

* Refers to alternative key figures according to the European Securities and Markets Authority (ESMA).

Reconciliations of significant alternative key ratios

Below are reconciliations of significant alternative key figures against the most directly reconcilable item, sub-sum or total sum stated in the financial statements for the corresponding period.

Net cash

Net cash or cash available at short notice, are defined as cash and cash equivalents, current investments, financial investments and interest-bearing current and short-term receivables. Deductions are made for interest bearing short- and long-term liabilities.

Net cash	207 414	229 748
Cash and cash equivalents	207 414	229 748
Group, KSEK	6/30	12/31
	2020	2019

Total assets

The net of all assets and liabilities that are not included in the net cash.

	2020	2019
Group, KSEK	6/30	12/31
Equity	618 102	709 659
Net cash	-207 414	-229 748
Total assets	410 688	479 911

Net asset value, SEK per share

Equity attributable to the Parent Company's shareholders in relation to the number of shares outstanding on the balance sheet date.

Group June 30, 2020, TSEK			Net asset value, SEK per share
Net asset value	618 102
Number of shares outstanding	11 152 585	=	55,42
			Net asset value,
Group June 30, 2020, TSEK			SEK per share
Net asset value	709 659	=	63,63
Number of shares outstanding	11 152 585