Quarterly Report • Jul 14, 2021
Quarterly Report
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NAXS continued to deliver a steady performance during the second quarter of 2021 with the NAV/share increasing by 4.2%, and by 23.9% over 12 months, including the dividend paid.
In May, NAXS's majority shareholder, QVT Financial LP, requested that the company convene an extraordinary general meeting to replace the current board of directors in its entirety and consider the election of 5 new directors nominated by QVT. The request was based on QVT's views that, as NAXS's portfolio matures and evolves, the company is entering a new
phase and requires new leadership. A stated ambition of the proposed new board is to evaluate and potentially evolve NAXS's investment mandate and, where possible, to streamline the company's structure in order to optimize the outcome for all shareholders. In June, NAXS made a MEUR 1 commitment to Nordic Capital Evo I, the new mid-market funds launched by Nordic Capital. The fund will target mid-market investments across Northern Europe and will closely replicate Nordic Capital's established strategy focusing on non-cyclical growth opportunities within the Healthcare, Technology & Payments and Financial Services sectors.
During the quarter, NAXS´s underlying funds acquired 6 new portfolio companies and exited 1 company.
Lennart Svantesson
| 2021 | 2020 | |
|---|---|---|
| 1/1–30/6 | 1/1–30/6 | |
| Net profit/loss for the period, KSEK | 81,050 | -60,960 |
| 2021 | 2020 | |
| 30/6 | 31/12 | |
| Private equity fund investments, KSEK | 426,460 | 428,651 |
| Private equity fund investments in % of equity | 58 | 63 |
| Remaining commitments, KSEK | 152,947 | 128,762 |
| Total exposure to private equity fund investments, KSEK | 579,407 | 557,413 |
| Other investments, KSEK | 39,060 | 31,695 |
| Net cash, KSEK | 267,649 | 219,127 |
| Private equity fund investments per share, SEK | 38.24 | 39.42 |
| Other investments per share, SEK | 3.50 | 3.66 |
| Net cash per share, SEK | 24.00 | 20.60 |
| Net asset value per share, SEK | 65.66 | 63.63 |
| Share price, SEK | 55.20 | 49.30 |
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.
The financial markets continued to perform well during the second quarter, albeit with some more volatility than during the first quarter as a result of growing concerns regarding potential higher future inflation and its impact on interest rates. Private equity buyout activity continued to be strong during the quarter.
At June 30, 2021, NAXS had commitments to 14 private equity funds (13 buyout funds and 1 special situations fund):
At June 30, 2021, NAXS held 5 direct investments, 3 of which were listed and 2 unlisted:
In addition, NAXS held at June 30, 2021, 2 bonds issued by Jacktel AS, a wholly owned subsidiary of Macro Offshore AS:
Exposure to private equity fund investments and other investments At June 30, 2021, the total exposure to private equity fund investments and other investments amounted to MSEK 618, 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 increased by 4.2% during the second quarter of 2021 and by 23.9% over 12 months (including dividend paid).
NAV per share in SEK
NAXS made a MEUR 1 commitment to Nordic Capital Evolution Fund I during the quarter. The fund will target mid-market investments across Northern Europe and will closely replicate Nordic Capital's established strategy focusing on non-cyclical growth opportunities within the Healthcare, Technology & Payments and Financial Services sectors. Nordic Capital Evolution I held its first and final close in June at MEUR 1,200.
NAXS made during the quarter an investment of MUSD 0.2 in a super senior bond issued in April by Jacktel AS. The bond is maturing in December 2023 and has a coupon of 10% p.a.
6 new portfolio companies were acquired by underlying funds during the second quarter as summarized below:
| Portfolio company | Sector | Geography | Fund |
|---|---|---|---|
| AdvanzPharma | Healthcare | Europe | Nordic Capital X |
| ArisGlobal | Healthcare | US | Nordic Capital X |
| UVC | Healthcare | US | Nordic Capital X |
| Boost.ai | Financial & business services | Europe | Nordic Capital Evo I |
| Riggtech Entreprenad | Building & construction | Norway | Equip I |
| Ryde Technology | Consumer goods & services | Norway | Equip I |
full exit was closed during the second quarter:
| Portfolio company | Sector | Year of investment |
Fund |
|---|---|---|---|
| Rototec | Building & construction | 2014 | Intera II |
At June 30, 2021, NAXS underlying funds had acquired a total of 156 companies, 104 of which had been fully divested. These 104 exits have generated an average gross IRR of 18%. The average holding period for the remaining 52 portfolio companies is approximately 3.5 years.
No. of portfolio companies acquired per year
At June 30, 2021, NAXS provided the following exposure:
• 14 private equity funds (13 buyout funds and 1 special situations fund) from 9 managers:
| Fund | Commitment Year |
Commitment Currency |
Initial Commitment Amount (in 000s) |
|---|---|---|---|
| Apax Europe VII LP | 2007 | EUR | 15,000 |
| Equip Capital Fund I LP | 2020 | NOK | 20,000 |
| 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 |
2020 | 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 |
| Nordic Capital Fund X LP | 2020 | EUR | 2,000 |
| Nordic Capital Evo Fund I LP | 2021 | EUR | 1,000 |
| Valedo Partners Fund II AB | 2011 | SEK | 65,000 |
• 7 different fund vintages and a diversification in terms of size segments, as illustrated below (based on current commitments):
• direct investments in 3 listed companies, 2 unlisted companies and 2 high-yield bonds as per table below.
| Company | Sector | Type of instrument | Timing of initial investment |
Reported value |
|---|---|---|---|---|
| Scout Gaming Group | iGaming | listed share (NASDAQ First North) |
Q4 2017 | MSEK 3.3 |
| Awilco Drilling | Energy | listed share (Oslo Exchange) | Q1 2018 | MSEK 3.0 |
| Jacktel/Master Marine | Energy | senior secured bond | Q4 2018 | MSEK 5.5 |
| Keurig Dr Pepper | Consumer goods & services |
Nasdaq | Q3 2020 | MSEK 19.6 |
| Pret Panera | Fast food casual | unlisted shares | Q1 2021 | MSEK 0.8 |
| Krispy Kreme Doughnuts | Fast food casual | unlisted shares | Q1 2021 | MSEK 5.1 |
| Jacktel/Master Marine | Energy | super senior bond | Q2 2021 | MSEK 1.7 |
Summary information regarding NAXS' current 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 | 5 | 31 | |||||
| Equip Capital I | MNOK 1,900 | small/mid cap | 2020 | Norway/Nordic | 9 | 0 | |||||
| FSN Capital III | MEUR 375 | mid cap | 2008 | Norway/Nordic | 1 | 9 | |||||
| Herkules PE III* | MNOK 6,000 | mid cap | 2008 | Norway/Nordic | 0 | 11 | |||||
| Intera Partners I** | MEUR 125 | small cap | 2007 | Finland | 0 | 7 | |||||
| Intera Partners II | MEUR 200 | small cap | 2011 | Finland | 4 | 8 | |||||
| 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 | 1*** | 0 | |||||
| Mimir Invest | <msek 500<="" td=""> | small cap | 2017 | Primarily Nordic | 6 | 2 | small cap | 2017 | Primarily Nordic | 6 | 2 |
| Nordic Capital VII**** | MEUR 4,300 | mid/large cap | 2008 | Primarily Nordic | 0 | 19 | |||||
| Nordic Capital CV1 | MEUR 2,500 | mid/large cap | 2018 | Primarily Nordic | 6 | 3 | |||||
| Nordic Capital X | MEUR 6,100 | large/mid cap | 2020 | Primarily Nordic & DACH |
9 | 0 | |||||
| Nordic Capital Evolution | MEUR | midcap | 2021 | Europe | 1 | 0 | |||||
| Valedo Partners II | MSEK 2,000 | small cap | 2011 | Sweden | 6 | 5 |
* The fund exited its last remaining portfolio company during Q2 2020
The operating profit/loss amounted to KSEK 35,293 (-61,010) for the quarter. The operating profit/loss includes a change in value of KSEK 39,775 (-57,113), whereof KSEK 41,769 (-58,388) is a change in value of private equity fund investments and KSEK -1,994 (1,275) is a change of value of other financial investments. The currency effects are included in the changes in value and amounted to KSEK 2,194 (-7,281) for the second quarter. Operating expenses amounted to KSEK 4,482 (3,897).
The operating profit/loss amounted to KSEK 83,157 (-61,866) for the first half-year. The operating profit/loss includes a change in value of KSEK 91,314 (-54,717), whereof KSEK 90,912 (-33 107) is a change in value of private equity fund investments, and KSEK 402 (-21,610) is a change in value of other investments. Realized profit/loss in investments in private equity funds amounted to KSEK 23,647 (-14,830), and unrealized profit/loss amounted to KSEK 67,265 (-18,277). The currency effects are included in the changes in value and amounted to KSEK -2,078 (5,066) for the first half-year. Realized profit/loss, dividends and interest from other investments amounted to KSEK 980 (1,420), and unrealized profit/loss amounted to KSEK -578 (–23,030). Operating expenses amounted to KSEK 8,157 (7,149).
Financial items net totaled KSEK -2,107 (906) for the first quarter. Interest expenses on cash in banks amounted to -268 (-91). Exchange rate profit/loss amounted to KSEK -1,839 (997).
The Group's profit/loss after financial items for the first half-year amounted to KSEK 81,050 (-60 960). Income taxes amounted to KSEK 0 (0). Net profit/loss after tax amounted to KSEK 81,050 (-60 960). Earnings per share were SEK 7.27 (-5.47).
During the first half-year, net investments (-)/repayments (+) from private equity funds amounted to KSEK 93,103 (17,360) whereof KSEK 23,647 (-14,830) is realized profit/loss in investments in private equity funds. As of June 30, 2021, private equity fund investments amounted to KSEK 426,460 (428,651).
• Private equity fund investments per share: SEK 426,460
As of June 30, 2021, Other Investments amounted to KSEK 39,060 (31,695). During the first half-year KSEK 9,177 (3,262) was invested in Other Investments.
The Group is financed with shareholders' equity. Shareholders' equity amounted to KSEK 732,279 (678,900) at the end of the first half-year, corresponding to SEK 65.66 (60.87) per share and an equity/asset ratio of 99,8 (100) percent. Dividend to shareholders for the financial year 2020 amounted to KSEK 33,458 (33,458) corresponding to SEK 3,00 (3.00) per share.
• Private equity fund investments per share: SEK 65.66
At the end of the first half-year, net cash amounted to KSEK 267,649 (219,127), which corresponds to SEK 24.00 (19.65) 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.
• Net cash per share: SEK 24.00
Significant risks and uncertainty factors are described in the Annual Report 2020.
An extraordinary general meeting was held on July 1 at the request of NAXS's majority shareholder, QVT Financial LP. The general meeting elected 5 new board directors nominated by QVT in replacement of the current board. The new directors are Daniel Gold (chairman), Meg Eisner, Nikolai Jebsen, Borge Johansen and Synne Syrrist.
Financial markets continue to discount a positive economic outcome after the pandemic and focus has shifted to concerns regarding potential future inflation and its impact on interest rates. We believe that private equity buyout funds, which are NAXS's primary focus and invest in mature and profitable businesses with strong cash flows should be able to continue to perform well in a more inflationary environment. However, we remain mindful of the risks related to the Covid-19 pandemic and the market volatility on the performance and valuations of underlying portfolio companies.
The parent company has not had any sales during the first half-year. The profit/loss after financial items amounted to KSEK -3,155 (-1,774). The net interest income amounted to KSEK 71 (94) and exchange rate profit/loss amounted to KSEK 237 (182). Income tax amounted to KSEK 0 (0). The net profit/loss amounted to KSEK -3,155 (-1,774).
The Company's CEO is Lennart Svantesson. The Board of Directors consists of Daniel Gold (chairman), Meg Eisner, Nikolai Jebsen, Borge Johansen and Synne Syrrist, who were elected at the July 2021 extraordinary general meeting.
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 and the end of the interim period was 11,152,585.
At June 30, 2021, the NAXS share price was SEK 55.20 and the total shareholders' equity per share was SEK 65.66. The Company's market capitalization was MSEK 616 and the number of shareholders was 4,187.
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 2020. 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.
Interim report (9 months): October 21, 2021 Lennart Svantesson, VD Year-end report 2021: January 27, 2022 +46 73 311 00 11
[email protected] Gösta Lundgren, CFO +46 70 710 47 88 [email protected]
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 20.45 CET on July 14, 2021.
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, 2021
Chairman Director Director
Daniel Gold Meg Eisner Nikolai Jebsen
Borge Johansen Synne Syrrist Lennart Svantesson Director Director 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 Nybrogatan 8 114 34 Stockholm, Sweden Tel: +46 (0)766 40 00 40 E-mail: [email protected]
Amounts in SEK 000s
| 2020 | |||
|---|---|---|---|
| 1/1-30/6 | 1/1-30/6 | 1/4-30/6 | 1/4-30/6 |
| 91 314 | -54 717 | 39 775 | -57 113 |
| -8 157 | -7 149 | -4 482 | -3 897 |
| 83 157 | -61 866 | 35 293 | -61 010 |
| -2 107 | 906 | 1 137 | 3 999 |
| 81 050 | -60 960 | 36 430 | -57 010 |
| - | - | - | - |
| 81 050 | -60 960 | 36 430 | -57 010 |
| 81 050 | -60 960 | 36 430 | -57 010 |
| 7,27 | -5,47 | 3,27 | -5,11 |
| 11 153 | 11 153 | 11 153 | 11 153 |
| 2021 | 2020 | 2021 |
Amounts in SEK 000s
| 2021 1/1-30/6 |
2020 1/1-30/6 |
2021 1/4-30/6 |
2020 1/4-30/6 |
|
|---|---|---|---|---|
| Net profit/loss | 81 050 | -60 960 | 36 430 | -57 010 |
| Other comprehensive income Items which will be reversed to the income statement |
||||
| Exchange differences | 5 787 | 2 860 | -7 154 | -28 900 |
| Total comprehensive income | 86 837 | -58 100 | 29 276 | -85 910 |
| Attributable to: | ||||
| Parent company shareholders | 86 837 | -58 100 | 29 276 | -85 910 |
| Total comprehensive income | 86 837 | -58 100 | 29 276 | -85 910 |
Amounts in SEK 000s
| 2021 | 2020 | |
|---|---|---|
| 30/6 | 31/12 | |
| Assets | ||
| Private equity fund investments | 426 460 | 428 651 |
| Other long-term holdings of securities | 39 060 | 31 695 |
| Total non-current assets | 465 520 | 460 346 |
| Other receivables | 286 | 256 |
| Cash and cash equivalents | 267 649 | 219 127 |
| Total current assets | 267 935 | 219 383 |
| Total assets | 733 455 | 679 729 |
| Equity | 732 279 | 678 900 |
| Current liabilities | 1 176 | 829 |
| Total equity and liabilities | 733 455 | 679 729 |
Amounts in SEK 000s
| Total net cash | 267 649 | 219 127 |
|---|---|---|
| Cash, bank and short-term investments | 267 649 | 219 127 |
| 30/6 | 31/12 | |
| 2021 | 2020 |
Amounts in SEK 000s
| 2021 | 2020 | 2020 | |
|---|---|---|---|
| 1/1-30/6 | 1/1-31/12 | 1/1-30/6 | |
| Equity at the beginning or the year | 678 900 | 709 659 | 709 659 |
| Dividend | -33 458 | -33 458 | -33 458 |
| Total comprehensive income for the period | 86 837 | 2 699 | -58 100 |
| Shareholder's equity at the end of the period | 732 279 | 678 900 | 618 101 |
Amounts in SEK 000s
| 2021 | 2020 | |
|---|---|---|
| 1/1-30/6 | 1/1-30/6 | |
| Profit/loss after financial items | 81 050 | -60 960 |
| Adjustment for non-cash items, etc. | -64 958 | 55 143 |
| Income tax paid | - | - |
| Cash flow from operating activities before changes in | ||
| working capital | 16 092 | -5 817 |
| Cash flow changes in working capital | 316 | -16 |
| Cash flow from operating activities | 16 408 | -5 833 |
| Acquisitions of private equity fund investments | -7 611 | -23 946 |
| Disposals of private equity fund investments | 77 067 | 41 306 |
| Acquisitions of other long-term holdings of securities | -9 177 | - |
| Disposals of other long-term holdings of securities | 5 315 | - |
| Cash flow from investing activities | 65 594 | 17 360 |
| Dividend | -33 458 | -33 458 |
| Cash flow from financing activities | -33 458 | -33 458 |
| Cash flow during the period | 48 544 | -21 931 |
| Cash and cash equivalents, beginning of the year * | 219 127 | 229 748 |
| Exchange-rate differences in cash and cash equivalents | -22 | -403 |
| Cash and cash equivalents at the end of the period | 267 649 | 207 414 |
* Including short-term investments
| Amounts in SEK 000s | ||||
|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | |
| 1/1-30/6 | 1/1-30/6 | 1/4-30/6 | 1/4-30/6 | |
| Net income | 228 | - | - | - |
| Operating costs | -3 691 | -2 050 | -2 167 | -814 |
| Operating profit/loss | -3 463 | -2 050 | -2 167 | -814 |
| Net financial items | 308 | 276 | -249 | -1 441 |
| Profit /loss after financial | ||||
| items | -3 155 | -1 774 | -2 416 | -2 255 |
| Income taxes | - | - | - | - |
| Net profit/loss for the period | -3 155 | -1 774 | -2 416 | -2 255 |
Amounts in SEK 000s
| 2021 | 2020 | 2021 | 2020 | |
|---|---|---|---|---|
| Net profit/loss for the period | 1/1-30/6 -3 155 |
1/1-30/6 -1 774 |
1/4-30/6 -2 189 |
1/4-30/6 -2 255 |
| Total comprehensive income for the period |
-3 155 | -1 774 | -2 189 | -2 255 |
Amounts in SEK 000s
| 2021 | 2020 | |
|---|---|---|
| 30/6 | 31/12 | |
| Assets | ||
| Shares in subsidiaries | 481 802 | 481 802 |
| Receivables on group companies | 26 053 | 25 816 |
| Total non-current assets | 507 855 | 507 618 |
| Other receivables | 286 | 256 |
| Cash and cash equivalents | 31 901 | 68 635 |
| Total current assets | 32 187 | 68 891 |
| Total assets | 540 042 | 576 509 |
| Equity | 539 061 | 575 674 |
| Current liabilities | 981 | 835 |
| Total equity and liabilities | 540 042 | 576 509 |
Amounts in SEK 000s
| 2021 | 2020 | 2020 | |
|---|---|---|---|
| 1/1-30/6 | 1/1-31/12 | 1/1-30/6 | |
| Equity at the beginning of the year | 575 674 | 614 399 | 614 399 |
| Dividend | -33 458 | -33 458 | -33 458 |
| Total comprehensive income for the period | -3 155 | -5 267 | -1 774 |
| Shareholder's equity at the end of the period | 539 061 | 575 674 | 579 167 |
Operating costs
Amounts in SEK 000s
| 2021 | 2020 | 2021 | 2020 | |
|---|---|---|---|---|
| 1/1-30/6 | 1/1-30/6 | 1/4-30/6 | 1/4-30/6 | |
| Fee to the investment advisor Carried interest to the investment |
-3 206 | -3 269 | -1 602 | -1 664 |
| advisor | -832 | -1 528 | -1 250 | -1 776 |
| Personnel expenses | -760 | -761 | -381 | -410 |
| Other operating costs | -3 294 | -1 591 | -664 | -916 |
| -8 092 | -7 149 | -3 897 | -4 766 |
No related party transaction occurred during the period, except for remunerations to the board members and the managing director.
NAXS's financial instruments consist of fund investments, cash and cash equivalents and accounts payable. Level 3 investments include 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.
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.
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
Acquisition cost for private equity fund investments, plus remaining commitments to private equity funds
Equity ratio*
Equity in relation to total assets.
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)
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
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
Fair value of investments in private equity funds
Profit for the year attributable to the Parent Company's shareholders divided by the average number of shares.
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.
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).
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 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 | 267 649 | 219 127 |
|---|---|---|
| Cash and cash equivalents | 267 649 | 219 127 |
| Group, MSEK | 2021-06-30 | 2020-12-31 |
The net of all assets and liabilities that are not included in the net cash.
| Total assets | 464 630 | 459 773 |
|---|---|---|
| Net cash | -267 649 | -219 127 |
| Equity | 732 279 | 678 900 |
| Group, MSEK | 2021-06-30 | 2020-12-31 |
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, 2021 TSEK | Net asset value, SEK per share |
||
|---|---|---|---|
| Net asset value Number of shares outstanding |
732 279 11 152 585 |
= | 65,66 |
| Group December 31, 2020 TSEK | Net asset value, SEK per share |
||
| Net asset value Number of shares outstanding |
678 900 11 152 585 |
= | 60,87 |
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