Q3 2016 NAXS AB
NAXS AB Q3 2016
www.naxs.se. Grev Turegatan 10, 1tr, SE-114 46 Stockholm, Sweden. Phone: +46 (0) 8 611 33 25
NAXS AB Permanent capital focusing on the Nordic market
Fund
• 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.
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 125m
Intera Fund II
EUR 7,25m
EUR 200m
Nordic Capital Fund VII
EUR 20m
EUR 4.3bn
• 8 private equity funds from 6 managers
Valedo Fund I
SEK 60m
SEK 1bn
• 112 underlying portfolio companies
Valedo Fund II
SEK 65m
SEK 2bn
• Listed in 2007, the company currently offers an attractive exposure to the private equity buyout segment:
• 3 vintage years (2007, 2008, 2011) • exposure to large, mid and small cap segments, with strong weighting towards small and mid cap managers Fee structure
• As per Q3 2016, 47 full exits and more than 20 recapitalisations. The 47 exits have generated an average gross IRR of 23% • Distribution policy aiming at returning to shareholders, in the long-term, 50% to 75% of profit after tax. For FY 2015, NAXS has paid a dividend of SEK 2.50/share (an 8.7% increase over the FY 2014 dividend of SEK 2.30/share).
PLEASE REFER TO THE FULL YEAR-END 2015 REPORT (AVAILABLE ON WWW.NAXS.SE) FOR COMPLETE INFORMATION
Management fee
Carried interest
1% p.a. up to NAV of SEK 1 billion
5% over a preferred return of 5% to investors
0.5% p.a. on NAV over SEK 1 billion
–
2
NAXS Snapshot
IPO in May 2007 – As per Q3 2016, 8 private equity funds, over 65 portfolio companies, 47 exits and more than 20 recapitalisations NAXS AB
Summary Financial Information (Q3 2016) Equity/share:
SEK 54.19
Private equity fund investments:
57% of equity
Total equity MSEK 806 SEK 54.19 per share
Naccess Partners
NAXS A/S
Small cap Fund size less than MEUR 300
Valedo I & II Sweden
Mid cap Fund size MEUR 300–2,000
Intera I & II
FSN III
Finland
Norway/Nordic
Herkules III Norway/Nordic
Large cap Fund size above MEUR 2,000
Nordic Capital VII Nordic/Europe
Apax VII Europe/Global
3
NAXS NAV evolution The NAV per share increased by 1.6% during Q3 2016 and by 4.7% over 12 months (incl. dividend paid)
65
2,5
60
2,5 2,3
2,3 2,3 55
2 2
50
2
0,5 0,4
0,5 0,4
51,94
52,06
Q1 2015
Q2 2015
0,5 0,4
2
2,3 2,3
2 0,5 0,4
0,5 0,4
2 2 0,5 0,4
0,5 0,4
0,5 0,4
0,5 0,4 0,5 0,4
45
0,5 0,4
0,4
50,53 46,09 43,92
40,83
40,53
Q4 2012
Q1 2013
41,71
42,34
Q2 2013
Q3 2013
54,16
54,52 52,76
53,3
54,19
48,85
0,4
0,4
39,7
2 0,5 0,4
0,5 0,4
0,5 0,4 40
2
2
2,3
44,86
35 Q3 2012
NAV
Q4 2013
Dividend paid 2012
Q1 2014
Q2 2014
Dividend paid 2013
Q3 2014
Q4 2014
Dividend paid 2014
Dividend paid 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Dividend paid 2016
4
NAXS 47 exits 112 portfolio companies have been acquired since inception in 2007, 47 of which have been fully exited (Q3 2016) No of companies acquired per year (exited companies in grey)
20
15
7
The 47 exits have generated an average gross IRR of 23%
3 8 10 10 7 9
3 12
11
5
8 6
6
5
7 4
3
2
0 2007
2008
2009
2010
2011
2012
Remaining companies
2013
2014
2015
2016
Exited
5
NAXS Examples of recent exits in the press
Herkules in NOK 2.2bn Espresso House exit
NAXS On a street near you!
N.B. The companies featured on this slide comprise both existing and former portfolio companies
NAXS Summary • 8 private equity funds • 6 managers • over 60 underlying portfolio companies
High degree of diversification with attractive Nordic-based companies
No of companies acquired per year (exited companies in grey)
20
112 companies acquired over a 9-year period 47 exits and more than 20 recapitalizations as of Q3 2016
15
7 8
10
10
7
9
11
5 0
3
3
6
5
12 8
Average holding period of current portfolio companies is approx. 5 years
3 6
7
4
2
2007200820092010201120122013201420152016 Remaining companies
For FY 2015, NAXS has paid a dividend of SEK 2.50/share (an 8.7% increase over the SEK 2.30/share dividend for FY 2014)
Exited
Value transfer to shareholders 8
NAXS AB Appendix
NAXS Selected data Current portfolio – 8 underlying private equity funds (Q3 2016) # of current portfolio companies
# of exited portfolio companies
Website
NAXS original Commitment
www.valedopartners.se
MSEK 60
Fund
Fund size
Segment
Vintage
Geographic focus
Valedo Partners Fund I AB
MSEK 1,000
Small cap
2007
Sweden
2
7
Intera Fund I KY
MEUR 125
Small cap
2007
Finland
3
4
Apax Europe VII LP
MEUR 11,000
Large cap
2008
Europe/Global
15
20
FSN Capital III LP
MEUR 375
mid cap
2008
5
5
Herkules Private Equity Fund III LP
MNOK 6,000
mid cap
2008
Norway/Nordic
5
6
Nordic Capital Fund VII LP
MEUR 4,300
Large/mid cap
2008
Primarily Nordic
15
3
Intera Fund II KY
MEUR 200
Small cap
2011
Finland
11
1
Valedo Partners Fund II AB
MSEK 2,000
Small cap
2011
Sweden
9
1
Norway/Nordic
wwww.interapartners.fi
www.apax.com www.fsncapital.no www.herkulescapital.no
MEUR 7
MEUR 15 MEUR 10 MNOK 40 MEUR 20
wwww.interapartners.fi
www.valedopartners.
MEUR 7.25 MSEK 65
10
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
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, StatoilHydro ASA, Orkla ASA
• 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
Naccess Partners AB Investment advisor Naccess Partners AB
Thomas Åkerman (1955) Managing Partner
Amaury de Poret (1971) Managing Partner
• Co-founder of the NAXS Group
• Co-founder of the NAXS Group
• Over 20 years of experience in investment banking and private equity
• Over 15 years of private equity and alternative assets experience
• Former head of Corporate Finance for Sweden at Alfred Berg ABN Amro
• Associate in private equity and merger & acquisition practices of leading international law firms (lastly at the Stockholm office of White & Case)
• 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.
• Part of the management team of a private equity fund managed out of São Paulo, Brazil and Washington DC
Per Rinder (1949) Chairman
• 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
• Swiss-qualified attorney and LL.B. from the University of Fribourg, Switzerland.
13
NAXS Investment characteristics and Company Facts* Investment criteria
Investment size and diversification
• 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 twenty-five percent of NAV may be invested in any securities or assets in any jurisdiction.
Number of shares
15 000 000 shares (excl. share repurchase)/ single share class
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
Ticker
• NAXS SS in Bloomberg
• 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
Dividend policy
• 50–75% of profit after tax, excluding unrealized income and costs
• NAXS.ST in Reuters Financing & management of net cash
• Fund investments are financed through equity
Auditor
Ernst & Young
• Liquid assets/net cash invested in secure short interestbearing instruments only
Reporting
Aggregate NAV reported on a quarterly basis
* Please refer to www.naxs.se and the OMX listing prospectus for exhaustive information
14
NAXS Selected definitions / Contact information Selected definitions*
Contact information
Commitment The maximum amount that a limited partner agrees to invest in a fund
NAXS AB
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 www.naxs.se
Lennart Svantesson, CEO Grev Turegatan 10 114 46 Stockholm Email: [email protected] Tel: +46 733 110 011
Naccess Partners AB Thomas Åkerman Email: [email protected] Amaury de Poret Email: [email protected]
Pareto Securities AB (share and trading information) Joakim Appeltofft Email: [email protected] Tel: +46 40 75022
15
www.naxs.se. Grev Turegatan 10, 1tr, SE-114 46 Stockholm, Sweden. Phone: +46 (0) 8 611 33 25
NAXS AB Permanent capital focusing on the Nordic market
Fund
• 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.
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 125m
Intera Fund II
EUR 7,25m
EUR 200m
Nordic Capital Fund VII
EUR 20m
EUR 4.3bn
• 8 private equity funds from 6 managers
Valedo Fund I
SEK 60m
SEK 1bn
• 112 underlying portfolio companies
Valedo Fund II
SEK 65m
SEK 2bn
• Listed in 2007, the company currently offers an attractive exposure to the private equity buyout segment:
• 3 vintage years (2007, 2008, 2011) • exposure to large, mid and small cap segments, with strong weighting towards small and mid cap managers Fee structure
• As per Q3 2016, 47 full exits and more than 20 recapitalisations. The 47 exits have generated an average gross IRR of 23% • Distribution policy aiming at returning to shareholders, in the long-term, 50% to 75% of profit after tax. For FY 2015, NAXS has paid a dividend of SEK 2.50/share (an 8.7% increase over the FY 2014 dividend of SEK 2.30/share).
PLEASE REFER TO THE FULL YEAR-END 2015 REPORT (AVAILABLE ON WWW.NAXS.SE) FOR COMPLETE INFORMATION
Management fee
Carried interest
1% p.a. up to NAV of SEK 1 billion
5% over a preferred return of 5% to investors
0.5% p.a. on NAV over SEK 1 billion
–
2
NAXS Snapshot
IPO in May 2007 – As per Q3 2016, 8 private equity funds, over 65 portfolio companies, 47 exits and more than 20 recapitalisations NAXS AB
Summary Financial Information (Q3 2016) Equity/share:
SEK 54.19
Private equity fund investments:
57% of equity
Total equity MSEK 806 SEK 54.19 per share
Naccess Partners
NAXS A/S
Small cap Fund size less than MEUR 300
Valedo I & II Sweden
Mid cap Fund size MEUR 300–2,000
Intera I & II
FSN III
Finland
Norway/Nordic
Herkules III Norway/Nordic
Large cap Fund size above MEUR 2,000
Nordic Capital VII Nordic/Europe
Apax VII Europe/Global
3
NAXS NAV evolution The NAV per share increased by 1.6% during Q3 2016 and by 4.7% over 12 months (incl. dividend paid)
65
2,5
60
2,5 2,3
2,3 2,3 55
2 2
50
2
0,5 0,4
0,5 0,4
51,94
52,06
Q1 2015
Q2 2015
0,5 0,4
2
2,3 2,3
2 0,5 0,4
0,5 0,4
2 2 0,5 0,4
0,5 0,4
0,5 0,4
0,5 0,4 0,5 0,4
45
0,5 0,4
0,4
50,53 46,09 43,92
40,83
40,53
Q4 2012
Q1 2013
41,71
42,34
Q2 2013
Q3 2013
54,16
54,52 52,76
53,3
54,19
48,85
0,4
0,4
39,7
2 0,5 0,4
0,5 0,4
0,5 0,4 40
2
2
2,3
44,86
35 Q3 2012
NAV
Q4 2013
Dividend paid 2012
Q1 2014
Q2 2014
Dividend paid 2013
Q3 2014
Q4 2014
Dividend paid 2014
Dividend paid 2015
Q3 2015
Q4 2015
Q1 2016
Q2 2016
Q3 2016
Dividend paid 2016
4
NAXS 47 exits 112 portfolio companies have been acquired since inception in 2007, 47 of which have been fully exited (Q3 2016) No of companies acquired per year (exited companies in grey)
20
15
7
The 47 exits have generated an average gross IRR of 23%
3 8 10 10 7 9
3 12
11
5
8 6
6
5
7 4
3
2
0 2007
2008
2009
2010
2011
2012
Remaining companies
2013
2014
2015
2016
Exited
5
NAXS Examples of recent exits in the press
Herkules in NOK 2.2bn Espresso House exit
NAXS On a street near you!
N.B. The companies featured on this slide comprise both existing and former portfolio companies
NAXS Summary • 8 private equity funds • 6 managers • over 60 underlying portfolio companies
High degree of diversification with attractive Nordic-based companies
No of companies acquired per year (exited companies in grey)
20
112 companies acquired over a 9-year period 47 exits and more than 20 recapitalizations as of Q3 2016
15
7 8
10
10
7
9
11
5 0
3
3
6
5
12 8
Average holding period of current portfolio companies is approx. 5 years
3 6
7
4
2
2007200820092010201120122013201420152016 Remaining companies
For FY 2015, NAXS has paid a dividend of SEK 2.50/share (an 8.7% increase over the SEK 2.30/share dividend for FY 2014)
Exited
Value transfer to shareholders 8
NAXS AB Appendix
NAXS Selected data Current portfolio – 8 underlying private equity funds (Q3 2016) # of current portfolio companies
# of exited portfolio companies
Website
NAXS original Commitment
www.valedopartners.se
MSEK 60
Fund
Fund size
Segment
Vintage
Geographic focus
Valedo Partners Fund I AB
MSEK 1,000
Small cap
2007
Sweden
2
7
Intera Fund I KY
MEUR 125
Small cap
2007
Finland
3
4
Apax Europe VII LP
MEUR 11,000
Large cap
2008
Europe/Global
15
20
FSN Capital III LP
MEUR 375
mid cap
2008
5
5
Herkules Private Equity Fund III LP
MNOK 6,000
mid cap
2008
Norway/Nordic
5
6
Nordic Capital Fund VII LP
MEUR 4,300
Large/mid cap
2008
Primarily Nordic
15
3
Intera Fund II KY
MEUR 200
Small cap
2011
Finland
11
1
Valedo Partners Fund II AB
MSEK 2,000
Small cap
2011
Sweden
9
1
Norway/Nordic
wwww.interapartners.fi
www.apax.com www.fsncapital.no www.herkulescapital.no
MEUR 7
MEUR 15 MEUR 10 MNOK 40 MEUR 20
wwww.interapartners.fi
www.valedopartners.
MEUR 7.25 MSEK 65
10
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
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, StatoilHydro ASA, Orkla ASA
• 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
Naccess Partners AB Investment advisor Naccess Partners AB
Thomas Åkerman (1955) Managing Partner
Amaury de Poret (1971) Managing Partner
• Co-founder of the NAXS Group
• Co-founder of the NAXS Group
• Over 20 years of experience in investment banking and private equity
• Over 15 years of private equity and alternative assets experience
• Former head of Corporate Finance for Sweden at Alfred Berg ABN Amro
• Associate in private equity and merger & acquisition practices of leading international law firms (lastly at the Stockholm office of White & Case)
• 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.
• Part of the management team of a private equity fund managed out of São Paulo, Brazil and Washington DC
Per Rinder (1949) Chairman
• 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
• Swiss-qualified attorney and LL.B. from the University of Fribourg, Switzerland.
13
NAXS Investment characteristics and Company Facts* Investment criteria
Investment size and diversification
• 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 twenty-five percent of NAV may be invested in any securities or assets in any jurisdiction.
Number of shares
15 000 000 shares (excl. share repurchase)/ single share class
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
Ticker
• NAXS SS in Bloomberg
• 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
Dividend policy
• 50–75% of profit after tax, excluding unrealized income and costs
• NAXS.ST in Reuters Financing & management of net cash
• Fund investments are financed through equity
Auditor
Ernst & Young
• Liquid assets/net cash invested in secure short interestbearing instruments only
Reporting
Aggregate NAV reported on a quarterly basis
* Please refer to www.naxs.se and the OMX listing prospectus for exhaustive information
14
NAXS Selected definitions / Contact information Selected definitions*
Contact information
Commitment The maximum amount that a limited partner agrees to invest in a fund
NAXS AB
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 www.naxs.se
Lennart Svantesson, CEO Grev Turegatan 10 114 46 Stockholm Email: [email protected] Tel: +46 733 110 011
Naccess Partners AB Thomas Åkerman Email: [email protected] Amaury de Poret Email: [email protected]
Pareto Securities AB (share and trading information) Joakim Appeltofft Email: [email protected] Tel: +46 40 75022
15
