NAXS AB July Grev Turegatan 10, 1tr, SE Stockholm, Sweden. Phone: +46 (0)

Transcription

1 AB July Grev Turegatan 10, 1tr, SE Stockholm, Sweden. Phone: +46 (0)

2 AB Permanent capital focusing on the Nordic market NAXS is an investment company listed on NASDAQ Stockholm. NAXS primarily invests in private equity funds with a Nordic focus, but 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. Listed in 007, the company currently offers an attractive exposure to the private equity segment: 9 private equity funds (8 buyout funds and 1 special situations fund) 7 managers 65 underlying portfolio companies (remaining after 50 exits) 4 vintage years (007, 008, 011 and 017) exposure to large, mid and small cap segments, with strong weighting towards small and mid cap managers Buyout funds Commitment Fund Size Apax Europe VII EUR 15m EUR 11bn FSN Capital III EUR 10m EUR 375m Herkules Private Equity Fund III NOK 40m NOK 6bn Intera Fund I EUR 7m EUR 15m Intera Fund II EUR 7,5m EUR 00m Nordic Capital Fund VII EUR 0m EUR 4.3bn Valedo Fund I SEK 60m SEK 1bn Valedo Fund II SEK 65m SEK bn Special situation fund Commitment Fund Size Mimir Invest AB SEK 50m < SEK 500m As per Q 017, 50 full exits and more than 0 recapitalisations. The 50 exits have generated an average gross IRR of 3% Distribution policy aiming at returning to shareholders, in the long-term, 50% to 75% of profit after tax. For FY 015, NAXS paid a dividend of SEK.50/share. For FY 016, the AGM decided that no dividend be paid in view of the fact that over SEK 38m have been distributed through shares buybacks during Q PLEASE REFER TO THE FULL YEAR-END 016 REPORT (AVAILABLE ON FOR COMPLETE INFORMATION Fee structure Management fee 1% p.a. up to NAV of SEK 1 billion 0.5% p.a. on NAV over SEK 1 billion Carried interest 5% over a preferred return of 5% to investors

3 Snapshot IPO in May 007 As per Q1 017, 9 private equity funds, 65 portfolio companies, 50 exits and more than 0 recapitalizations Summary Financial Information (Q1 017) Equity/share: SEK Private equity fund investments: 47% of equity NAXS AB Total equity MSEK 865,640 SEK per share NAXS A/S Naccess Partners Small cap buyout Fund size less than MEUR 300 Mid cap buyout Fund size MEUR 300,000 Large cap buyout Fund size above MEUR,000 Small cap special situations Valedo I & II Intera I & II FSN III Herkules III Nordic Capital VII Apax VII Mimir Invest AB Sweden Finland Norway/Nordic Norway/Nordic Nordic/Europe Europe/Global Primarily Nordic 3

4 NAV evolution The NAV per share increased by 8.6% during H1 017 and by 15.5% over 1 months 70, ,71 43, ,85 46,09 44,86, ,94 5,06 54,16 5,76 54,5 53,3,5 54,19,5,5 56,69 57,68 61,55 35 Q 013 Q3 013 Q4 013 Q1 014 Q 014 Q3 014 Q4 014 Q1 015 Q 015 Q3 015 Q4 015 Q1 016 Q 016 Q3 016 Q4 016 Q1 017 Q 017 NAV Dividend paid 01 Dividend paid 013 Dividend paid 014 Dividend paid 015 Dividend paid 016 4

5 50 exits (Q 017) 115 portfolio companies have been acquired since inception in 007, 50 of which have been fully exited The 50 exits have generated an average gross IRR of 3% Remaining companies Exited 5

6 Examples of recent exits in the press

7 On a street near you!

8 Summary 9 private equity funds 7 managers over 60 underlying portfolio companies High degree of diversification with attractive Nordic-based companies 0 No of companies acquired per year 115 companies acquired over a 10-year period 50 exits and more than 0 recapitalizations as of Q Average holding period of current portfolio companies is approx. 5 years Remaining companies Exited For FY 015, NAXS has paid a dividend of SEK.50/share and for FY 016, the AGM decided that no dividend be paid in view of the fact that over SEK 38m have been distributed through shares buybacks during Q1 017 Value transfer to shareholders 8

9 AB Appendix

10 Current portfolio 9 private equity funds: 8 buyout funds and 1 special situations fund Buyout Funds Fund size Segment Vintage Geographic focus # of current portfolio companies # of exited portfolio companies Website NAXS original Commitment Valedo Partners Fund I AB MSEK 1,000 Small cap 007 Sweden 7 MSEK 60 Intera Fund I KY MEUR 15 Small cap 007 Finland 3 4 wwww.interapartners.fi MEUR 7 Apax Europe VII LP MEUR 11,000 Large cap 008 Europe/Global MEUR 15 FSN Capital III LP MEUR 375 Mid cap 008 Norway/Nordic MEUR 10 Herkules Private Equity Fund III LP MNOK 6,000 Mid cap 008 Norway/Nordic MNOK 40 Nordic Capital Fund VII LP MEUR 4,300 Large/mid cap 008 Primarily Nordic 14 4 MEUR 0 Intera Fund II KY MEUR 00 Small cap 011 Finland 11 1 wwww.interapartners.fi MEUR 7.5 Valedo Partners Fund II AB MSEK,000 Small cap 011 Sweden MSEK 65 Special Situations Fund Fund size Segment Vintage Geographic focus # of current portfolio companies # of exited portfolio companies Website NAXS original Commitment Mimir Invest AB < MSEK 500m Small cap 017 Primarily Nordic 0 MSEK 50 10

11 NAXS AB Board of Directors & Executives NAXS AB (publ) Board of Directors John Chapman (1956) Chairman Tony Gardner-Hillman (1956) Board Member Lawyer and Chartered Financial Analyst (CFA) specializing in representing shareholder interests in connection with the operation and management of investment funds Example of board positions: ACP Capital Limited, Central Asia Regional Growth Fund, Black Sea Property Fund, Trinity Capital Plc Lawyer with over 30 years of extensive experience in investment funds, corporate and trust company law, regulation and practice. Example of board positions: Bellzone Mining Plc, The Ottoman Fund Limited, Black See Property Fund Limited, ACP Capital Limited NAXS AB (publ) Executives Lennart Svantesson (1953) CEO Former CEO of Bure Equity AB, Scribona AB, Arthur D. Little Scandinavia Example of board positions: Vehco AB, Icomera AB, Chalmers Innovation AB Gösta Lundgren (1955) CFO Former CFO of Varyag Resources and auditor at Osborne Johnson Revisionsbyrås AB Andrew Wignall (1964) Board Member Fellow of the Institute of Chartered Accountants in England and Wales Independent non-executive director of a number of private equity, real estate and other alternative fund structures Example of board positions: Alden Global Capital, DN Capital, Capvis Equity Partners Priveq Investments Damhnait Ni Chinneide Board Member 16 year career in global financial markets in both banking and asset management, with various positions at Pioneer Investments, Lee Overlay Partners and JPMorgan BA in Finance from National University of Ireland and Masters in Financial Services from University College Dublin

12 NAXS A/S Board of Directors NAXS Nordic Access Buyout A/S is the holding company for NAXS fund investments Grace Reksten Skaugen (1953) Chairperson Robin Ahlström (1946) Board Member Former Director Corporate Finance, Orkla Enskilda Securities Former CEO of Alfred Berg and former Head of Nordic Region, Goldman Sachs Example of board positions: Investor AB, Orkla ASA, Lundin Petroleum AB Example of current board positions: Stronghold AB, Niam AB, Ahlström Oy Other positions: industrial advisor to Altor Equity Partners Lennart Svantesson John Chapman (1953) Board Member (1956) Board Member Lawyer and Chartered Financial Analyst (CFA) specializing in representing shareholder interests in connection with the operation and management of investment funds Example of board positions: ACP Capital Limited, Central Asia Regional Growth Fund, Black Sea Property Fund, Trinity Capital Plc CEO of NAXS AB Former CEO of Bure Equity AB, Scribona AB, Arthur D. Little Scandinavia Example of board positions: Vehco AB, Icomera AB, Chalmers Innovation AB

13 Naccess Partners AB Investment advisor Naccess Partners AB Thomas Åkerman (1955) Managing Partner Amaury de Poret (1971) Managing Partner Per Rinder (1949) Chairman Co-founder of the NAXS Group Over 0 years of experience in investment banking and private equity Former head of Corporate Finance for Sweden at Alfred Berg ABN Amro Former head of Merger & Acquisition for Sweden at Enskilda Securities Former president of Novestra, a venture capital fund listed on the Stockholm exchange B.Sc. (Economics and Mathematics) from the Stockholm and Lund Universities. Co-founder of the NAXS Group Over 15 years of private equity and alternative assets experience Associate in private equity and merger & acquisition practices of leading international law firms (lastly at the Stockholm office of White & Case) Part of the management team of a private equity fund managed out of São Paulo, Brazil and Washington DC Swiss-qualified attorney and LL.B. from the University of Fribourg, Switzerland. Former head of private equity fund investments at the Sixth Swedish National Pension Fund, one of the largest institutional private equity investors in the Nordic Region Reporting Clerk to the Court of Appeal and LL.B. from Stockholm University Member of the board of Accent Equity Partners AB 13

14 Investment characteristics and Company Facts* Investment criteria Investments in private equity funds, which have one or more of the Nordic countries (Denmark, Finland, Norway and Sweden) as their investment focus Legal form A public limited liability company incorporated under Swedish law Investment alongside private equity funds and other alternative assets funds in the Nordic countries Investable assets Up to SEK 1,000 million Up to 5% of NAV may be invested in any securities or assets in any jurisdiction. Number of shares shares (excl. share repurchase)/ single share class Investment size and diversification NAXS intends to hold a diversified portfolio of investments However, based on market conditions, up to 40% of NAV may be placed in a single investment Advisory service fee 1% of reported NAV up to SEK 1.0bn, and 0.5% over SEK 1.0bn Carried interest Investors 95.0% and the Manager 5.0%, after a 5.0% preferred return for the benefit of investors Listing NASDAQ OMX Stockholm Dividend policy 50 75% of profit after tax, excluding unrealized income and costs Ticker NAXS SS in Bloomberg NAXS.ST in Reuters Financing & management of net cash Fund investments are financed through equity Liquid assets/net cash invested in secure short interestbearing instruments only Auditor Reporting Ernst & Young Aggregate NAV reported on a quarterly basis * Please refer to and the OMX listing prospectus for exhaustive information 14

15 Selected definitions / Contact information Selected definitions* 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 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 Net asset value The fair value of total assets, less net debt (corresponds to equity) Net debt/net cash Cash and cash equivalents, short-term investments and interest-bearing current and long-term receivables, less interest-bearing current and longterm liabilities Private equity fund investments Fair value of investments in private equity funds Total exposure to private equity fund investments Private equity funds investments and remaining commitments to private equity funds * For a full set of definitions please refer to the last page of the Company s financial reports or Contact information NAXS AB Lennart Svantesson, CEO Grev Turegatan Stockholm lennart.svantesson@naxs.se Tel: Naccess Partners AB Thomas Åkerman thomas@naccess.se Amaury de Poret adp@naccess.se Pareto Securities AB (share and trading information) Joakim Appeltofft Joakim.appeltofft@paretosec.com Tel: