NAXS AB: NAXS Year-end report 2023
- Net profit amounted to MSEK 4.4 (180.1).
- Earnings per share amounted to SEK 0.39 (16.22).
- Net asset value amounted to MSEK 922 (SEK 83.24 per share) at December 31, 2023, compared to MSEK 959 (SEK 86.59 per share) at December 31, 2022.
- Net cash amounted to MSEK 209 (SEK 18.89 per share) at December 31, 2023, compared to MSEK 212 (SEK 19.11 per share) at December 31, 2022.
- The 2023 Annual General Meeting resolved to pay a dividend of 3.75 SEK per share for FY 2022.
- Net profit/loss amounted to MSEK -14.2 (35.6).
- Earnings per share amounted to SEK -1.28 (3.21).
Distribution of profits
The Board of Directors proposes a dividend of SEK 4.25 per share for the FY 2023.
In addition, the Board of Directors proposes to the Annual General Meeting to vote on a continued share repurchase mandate.
Comments by the CEO
2023 presented a unique set of challenges, ranging from geopolitical instability, inflationary pressures and related monetary policies, as well as sluggish and uneven global growth. These challenges have translated to a certain extent to the private equity industry, with tighter capital structures, lower acquisition activity and more difficult exit paths.
While NAXS experienced a 1.5% contraction of the NAV/share during Q4 2023, the NAV/share nevertheless increased by 0.5% during the year (including the dividend paid in April).
The lower level of private equity activity was reflected in NAXS's portfolio, where underlying funds acquired 7 new portfolio companies and signed or closed 4 new exits during the financial year.
NAXS made 1 new commitment and 2 co-investments during 2023: a 1.5 MEUR commitment to Celero Fund (E) AB with a 5.7 MSEK co-investment alongside the fund into Reledo AB, a newly established platform within the facility management industry, and a 1 MUSD co-investment alongside JAB Holding into Panera Brands, a pioneer of the fast casual dining the United States.
In April, NAXS paid a dividend of SEK 3.75/share for FY 2022. The Company has now distributed a cumulative SEK 19.88/share over the last 5 years to its shareholders through dividends and share repurchases.
Contact
Gösta Lundgren, Interim CEO
+46 70 710 47 88
gosta.lundgren@naxs.se
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 19.30 CET on January 31, 2024
Gösta Lundgren