May 2014 NAXS Nordic Access Buyout Fund AB - Amazon Web ...
NAXS Nordic Access Buyout Fund AB May 2014
www.naxs.se. Grev Turegatan 10, 1tr, SE-114 46 Stockholm, Sweden. Phone: +46 (0) 8 611 33 25
NAXS Nordic Access Buyout Fund AB Permanent capital focusing on the Nordic buyout market
• NAXS is an investment company listed on the NASDAQ OMX Stockholm exchange and focusing on investments in Nordic buyout funds
Fund Apax Europe VII
EUR 15m
EUR 11bn
• Listed in 2007, now has reached an attractive degree of diversification:
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
Valedo Fund I
SEK 60m
SEK 1bn
Valedo Fund II
SEK 65m
SEK 2bn
• 6 managers, 8 funds • 3 vintage years (2007, 2008, 2011) • exposure to large, mid and small cap segments, with strong weighting towards small and mid cap managers • Reaching maturity 7 years after the IPO: as per Q1 2014, 18 exits and more than 10 recapitalisations. The 18 exits have generated an average gross IRR of 19% • Solid commitment capacity: ca. 20% of NAV (approx. EUR 15m) available for new commitments as per Q1 2014 • Distribution policy aiming at returning to shareholders, in the long-term, 50 % to 75% of distributable realized annual earnings. For FY 2013, NAXS paid a dividend of SEK 2.0/share (FY 2012: SEK 0.50/share). • Industry-leading performance: NAXS is the only multi-manager listed PE vehicle in Europe trading in-line with NAV
Commitment
Fund Size
Fee structure 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
PLEASE REFER TO THE FULL INTERIM REPORT JANUARY-SEPTEMBER 2013 (AVAILABLE ON WWW.NAXS.SE) FOR COMPLETE INFORMATION
–
2
NAXS in a snapshot A diversified exposure to the Nordic buyout market Dividend FY 2013: SEK 2.00/share
IPO in May 2007 – As per Q1 2014, 8 funds, 6 managers, over 80 portfolio companies, 18 exits and more than 10 recapitalisations NAXS AB
Summary Financial Information (Q1 2014 – post dividend) Equity/share:
SEK 44.09
Private equity fund investments:
80% of equity
Total exposure to private equity fund investments:
104% of equity
Small cap Fund size less than MEUR 300
Valedo I & II Sweden
Intera I & II Finland
Total equity MSEK 656 SEK 44.09 per share
Naccess Partners
NAXS A/S
Mid cap Fund size MEUR 300–2,000
FSN III 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 and share price continue to rise Share price development
NAV per share increased by • 4.9% in Q1 2104 • 15% over 12 month (incl. dividend paid)
March 31, 2014 49
NAV/share in SEK
SEK/share
47
0.5 0.4 46.09
45
0.5 0.4
43 41
0.5 0.4 41.71
0.4
0.5 0.4
45
42.5
43 41
43.92
December 31, 2014
39
38,8
37
42.34
35
40.53
33
39
+31.5%
31 29
37
27 35 Q1 2013
Q2 2013 NAV
Q3 2013
Dividend paid 2012
Q4 2013
Q1 2014
25
Dividend paid 2013
A dividend of SEK 2.00/share was approved by the AGM in May 2014
4
NAXS Portfolio Exposure level and evolution of PE fund investments (Q1 2014 –post dividend FY 2013) Total exposure to PE funds 104 % of equity**
Private equity fund investments* 80% of equity Equity MSEK 656
125% Remaining commitments
24% (MSEK 158)
100% 90%
100%
80% 70% 75%
60% 50% 40%
80%
80%
50%
64%
30%
53%
20%
25%
34% 24%
10% 0%
80%
Private equity
fund investments
80% (MSEK 528)
7% Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q1 2014 Private equity fund investments
0%
Cash
* Private equity fund investments = the fair value of investments in private equity funds ** maximum exposure level is 125% of equity 5
NAXS 18 exits 100 portfolio companies have been acquired since inception in 2007, 18 of which have been exited In 2013 some 10 exits have been announced including: • Intera’s sale of Delete (closed in Q3) • Apax’ sale of Dealer.com (closed in Q1 2014) • Valedo’s sale of INOM (closed Q1 2014) No of companies acquired per year (Q1 2014); exited companies in grey
20 18
2
16
1
14
6
12 10 8
3 6
6 4 2
The 18 exits have generated an average gross IRR of 19%
16 10
15
15
9
9
6 2
0 2007
2008
2009
2010
2011
2012
2013
2014 (Q1)
“The occurrence of such a significant number of liquidity events, generating average returns consistent with NAXS’ existing track record, leaves the Company with a robust balance sheet, and well positioned to take advantage of further opportunities.” (Excerpt from the Annual Report 2013 – Comments by the CEO)
6
NAXS Achieving maturity 100%
Private equity fund investments represent 80% of equity
75% 50% 25% 24%
7%
0%
Q4 2007
Q4 2008
34% Q4 2009
53%
Q4 2010
64%
Q4 2011
80%
80%
80%
Q4 2012
Q4 2013
Q1 2014
Private equity fund investments
Capital efficient with money deployed in more than 80 companies
Cash
• 6 managers • 8 funds
Now a high degree of diversification with attractive Nordic companies
• over 80 companies
10 companies acquired over a 7-year period with exits starting 2010 • 18 exits and more than 10 recaps so far • Many portfolio companies have now been held for 4–5 years • Average holding period of current portfolio companies is approx. 3 years
No of companies acquired per year (exited companies in grey)
20
2
15 10 5
6 6 6
3
10
9
2008
2009
16
1 15
15 9 2
0 2007
2010
2011
2012
2013
2014 (Q1)
For FY 2013, NAXS paid a dividend of SEK 2.00/share (FY 2012: SEK 0.50/share)
“NAXS expects that its portfolio will continue to experience a healthy level of activity over the coming quarters, through investments, divestments as well as recapitalizations.” (Excerpt from the Annual Report 2013)
Value transfer to shareholders
7
NAXS AB Board of Directors & Executives NAXS Nordic Access Buyout Fund AB (publ) – Board of Directors John Chapman (1956) Chairman
Ramanan Raghavendran (1968) Board Member
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
• Managing Partner, Kubera Partners, the manager of the Kubera Cross-Border Fund, a closed-end private equity fund listed on the London Stock Exchange (AIM) • Formerly at McKinsey & Company, General Atlantic Partners, Insight Venture Partners and TH Lee Putnam Ventures
NAXS Nordic Access Buyout Fund 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 Exclusive 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 15 years of experience in investment banking and private equity
• Over 10 years of private equity 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.
10
NAXS Nordic access buyout fund AB Appendix
NAXS Investment characteristics and Company Facts* Geographic focus
Type of Funds
Number and sizes
Funds, which have the Nordic region (Denmark, Finland, Norway and Sweden) or at least one of the Nordic countries as their investment focus, or have an advisory team dedicated to the Nordic region
Private equity buyout funds managed by established managers and selected emerging managers • Commitments to 6–10 different fund managers, with funds of different vintages • Max. 125% of NAV committed to and/or invested in underlying funds
Legal form
A public limited liability company incorporated under Swedish law
Target investments
Private equity buyout funds with a focus on the Nordic region
Investable assets
Up to SEK 750 million
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
• Max 40% of NAV with same Manager • Max. 20% of NAV may be allocated to co-investments
Dividend policy
• 50–75% of distributable realized annual returns over the long-term • Dividend magnitude dependent on up-coming investment opportunities
Financing & management of net cash
• NAXS.ST in Reuters
• Fund investments are financed through equity • Liquid assets/net cash invested in interest-bearing instruments only
Auditor
Ernst & Young
Reporting
Aggregate NAV reported on a quarterly basis
* Please refer to www.naxs.se and the OMX listing prospectus for exhaustive information
12
NAXS Selected data Portfolio – 8 underlying funds (Q1 2014) # 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
5
4
Intera Fund I KY
MEUR 125
Small cap
2007
Finland
5
2
Apax Europe VII LP
MEUR 11,000
Large cap
2008
Europe/Global
25
8
FSN Capital III LP
MEUR 375
mid cap
2008
10
0
Herkules Private Equity Fund III LP
MNOK 6,000
mid cap
2008
Norway/Nordic
9
2
Nordic Capital Fund VII LP
MEUR 4,300
Large/mid cap
2008
Primarily Nordic
16
2
Intera Fund II KY
MEUR 200
Small cap
2011
Finland
7
0
Valedo Partners Fund II AB
MSEK 2,000
Small cap
2011
Sweden
5
0
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
13
NAXS Q1 2014 report - Summary financial information and share data
100%
SEK/share 46.09 (44.09 post dividend)
Financial information
March 31, 2014
Share (listed on NASDAQ OMX Stockholm)
May 8th, 2014
Net result - 3 months, MSEK
33
Share price, SEK
45.30
Equity, MSEK
686 (656 post dividend)
12 month change
80%
Net cash, MSEK
157 (137 post dividend)
32.0% (plus dividend paid May 2913)
70%
Private equity fund investments, MSEK
528 (80% of equity post dividend)
2014 change
16.8%
Premium to NAV
- 0.2%
Total exposure to PE funds/Equity
104% post dividend # of shares (before share repurchase)
15 000 000
Outstanding investment commitments, MSEK
158
Dividends – historical
SEK 0.40 (FY 2011) SEK 0.50 (FY 2012)
Dividend – for FY 2013 paid May 2013
SEK 2.00
90%
60% 50% 40% 30% 20% 10%
SEK/share 35.47
0%
14
NAXS Various Selected definitions*
Contact information
Commitment The maximum amount that a limited partner agrees to invest in a fund
NAXS Nordic Access Buyout Fund AB Lennart Svantesson, CEO Grev Turegatan 10 114 46 Stockholm Email: [email protected] Tel: +46 733 110 011
Current commitments Acquisition cost for private equity fund investments, plus remaining commitments to private equity funds 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 interestbearing current and long-term receivables, less interest-bearing current and long-term 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
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 Nordic Access Buyout Fund AB Permanent capital focusing on the Nordic buyout market
• NAXS is an investment company listed on the NASDAQ OMX Stockholm exchange and focusing on investments in Nordic buyout funds
Fund Apax Europe VII
EUR 15m
EUR 11bn
• Listed in 2007, now has reached an attractive degree of diversification:
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
Valedo Fund I
SEK 60m
SEK 1bn
Valedo Fund II
SEK 65m
SEK 2bn
• 6 managers, 8 funds • 3 vintage years (2007, 2008, 2011) • exposure to large, mid and small cap segments, with strong weighting towards small and mid cap managers • Reaching maturity 7 years after the IPO: as per Q1 2014, 18 exits and more than 10 recapitalisations. The 18 exits have generated an average gross IRR of 19% • Solid commitment capacity: ca. 20% of NAV (approx. EUR 15m) available for new commitments as per Q1 2014 • Distribution policy aiming at returning to shareholders, in the long-term, 50 % to 75% of distributable realized annual earnings. For FY 2013, NAXS paid a dividend of SEK 2.0/share (FY 2012: SEK 0.50/share). • Industry-leading performance: NAXS is the only multi-manager listed PE vehicle in Europe trading in-line with NAV
Commitment
Fund Size
Fee structure 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
PLEASE REFER TO THE FULL INTERIM REPORT JANUARY-SEPTEMBER 2013 (AVAILABLE ON WWW.NAXS.SE) FOR COMPLETE INFORMATION
–
2
NAXS in a snapshot A diversified exposure to the Nordic buyout market Dividend FY 2013: SEK 2.00/share
IPO in May 2007 – As per Q1 2014, 8 funds, 6 managers, over 80 portfolio companies, 18 exits and more than 10 recapitalisations NAXS AB
Summary Financial Information (Q1 2014 – post dividend) Equity/share:
SEK 44.09
Private equity fund investments:
80% of equity
Total exposure to private equity fund investments:
104% of equity
Small cap Fund size less than MEUR 300
Valedo I & II Sweden
Intera I & II Finland
Total equity MSEK 656 SEK 44.09 per share
Naccess Partners
NAXS A/S
Mid cap Fund size MEUR 300–2,000
FSN III 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 and share price continue to rise Share price development
NAV per share increased by • 4.9% in Q1 2104 • 15% over 12 month (incl. dividend paid)
March 31, 2014 49
NAV/share in SEK
SEK/share
47
0.5 0.4 46.09
45
0.5 0.4
43 41
0.5 0.4 41.71
0.4
0.5 0.4
45
42.5
43 41
43.92
December 31, 2014
39
38,8
37
42.34
35
40.53
33
39
+31.5%
31 29
37
27 35 Q1 2013
Q2 2013 NAV
Q3 2013
Dividend paid 2012
Q4 2013
Q1 2014
25
Dividend paid 2013
A dividend of SEK 2.00/share was approved by the AGM in May 2014
4
NAXS Portfolio Exposure level and evolution of PE fund investments (Q1 2014 –post dividend FY 2013) Total exposure to PE funds 104 % of equity**
Private equity fund investments* 80% of equity Equity MSEK 656
125% Remaining commitments
24% (MSEK 158)
100% 90%
100%
80% 70% 75%
60% 50% 40%
80%
80%
50%
64%
30%
53%
20%
25%
34% 24%
10% 0%
80%
Private equity
fund investments
80% (MSEK 528)
7% Q4 2007 Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q4 2013 Q1 2014 Private equity fund investments
0%
Cash
* Private equity fund investments = the fair value of investments in private equity funds ** maximum exposure level is 125% of equity 5
NAXS 18 exits 100 portfolio companies have been acquired since inception in 2007, 18 of which have been exited In 2013 some 10 exits have been announced including: • Intera’s sale of Delete (closed in Q3) • Apax’ sale of Dealer.com (closed in Q1 2014) • Valedo’s sale of INOM (closed Q1 2014) No of companies acquired per year (Q1 2014); exited companies in grey
20 18
2
16
1
14
6
12 10 8
3 6
6 4 2
The 18 exits have generated an average gross IRR of 19%
16 10
15
15
9
9
6 2
0 2007
2008
2009
2010
2011
2012
2013
2014 (Q1)
“The occurrence of such a significant number of liquidity events, generating average returns consistent with NAXS’ existing track record, leaves the Company with a robust balance sheet, and well positioned to take advantage of further opportunities.” (Excerpt from the Annual Report 2013 – Comments by the CEO)
6
NAXS Achieving maturity 100%
Private equity fund investments represent 80% of equity
75% 50% 25% 24%
7%
0%
Q4 2007
Q4 2008
34% Q4 2009
53%
Q4 2010
64%
Q4 2011
80%
80%
80%
Q4 2012
Q4 2013
Q1 2014
Private equity fund investments
Capital efficient with money deployed in more than 80 companies
Cash
• 6 managers • 8 funds
Now a high degree of diversification with attractive Nordic companies
• over 80 companies
10 companies acquired over a 7-year period with exits starting 2010 • 18 exits and more than 10 recaps so far • Many portfolio companies have now been held for 4–5 years • Average holding period of current portfolio companies is approx. 3 years
No of companies acquired per year (exited companies in grey)
20
2
15 10 5
6 6 6
3
10
9
2008
2009
16
1 15
15 9 2
0 2007
2010
2011
2012
2013
2014 (Q1)
For FY 2013, NAXS paid a dividend of SEK 2.00/share (FY 2012: SEK 0.50/share)
“NAXS expects that its portfolio will continue to experience a healthy level of activity over the coming quarters, through investments, divestments as well as recapitalizations.” (Excerpt from the Annual Report 2013)
Value transfer to shareholders
7
NAXS AB Board of Directors & Executives NAXS Nordic Access Buyout Fund AB (publ) – Board of Directors John Chapman (1956) Chairman
Ramanan Raghavendran (1968) Board Member
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
• Managing Partner, Kubera Partners, the manager of the Kubera Cross-Border Fund, a closed-end private equity fund listed on the London Stock Exchange (AIM) • Formerly at McKinsey & Company, General Atlantic Partners, Insight Venture Partners and TH Lee Putnam Ventures
NAXS Nordic Access Buyout Fund 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 Exclusive 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 15 years of experience in investment banking and private equity
• Over 10 years of private equity 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.
10
NAXS Nordic access buyout fund AB Appendix
NAXS Investment characteristics and Company Facts* Geographic focus
Type of Funds
Number and sizes
Funds, which have the Nordic region (Denmark, Finland, Norway and Sweden) or at least one of the Nordic countries as their investment focus, or have an advisory team dedicated to the Nordic region
Private equity buyout funds managed by established managers and selected emerging managers • Commitments to 6–10 different fund managers, with funds of different vintages • Max. 125% of NAV committed to and/or invested in underlying funds
Legal form
A public limited liability company incorporated under Swedish law
Target investments
Private equity buyout funds with a focus on the Nordic region
Investable assets
Up to SEK 750 million
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
• Max 40% of NAV with same Manager • Max. 20% of NAV may be allocated to co-investments
Dividend policy
• 50–75% of distributable realized annual returns over the long-term • Dividend magnitude dependent on up-coming investment opportunities
Financing & management of net cash
• NAXS.ST in Reuters
• Fund investments are financed through equity • Liquid assets/net cash invested in interest-bearing instruments only
Auditor
Ernst & Young
Reporting
Aggregate NAV reported on a quarterly basis
* Please refer to www.naxs.se and the OMX listing prospectus for exhaustive information
12
NAXS Selected data Portfolio – 8 underlying funds (Q1 2014) # 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
5
4
Intera Fund I KY
MEUR 125
Small cap
2007
Finland
5
2
Apax Europe VII LP
MEUR 11,000
Large cap
2008
Europe/Global
25
8
FSN Capital III LP
MEUR 375
mid cap
2008
10
0
Herkules Private Equity Fund III LP
MNOK 6,000
mid cap
2008
Norway/Nordic
9
2
Nordic Capital Fund VII LP
MEUR 4,300
Large/mid cap
2008
Primarily Nordic
16
2
Intera Fund II KY
MEUR 200
Small cap
2011
Finland
7
0
Valedo Partners Fund II AB
MSEK 2,000
Small cap
2011
Sweden
5
0
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
13
NAXS Q1 2014 report - Summary financial information and share data
100%
SEK/share 46.09 (44.09 post dividend)
Financial information
March 31, 2014
Share (listed on NASDAQ OMX Stockholm)
May 8th, 2014
Net result - 3 months, MSEK
33
Share price, SEK
45.30
Equity, MSEK
686 (656 post dividend)
12 month change
80%
Net cash, MSEK
157 (137 post dividend)
32.0% (plus dividend paid May 2913)
70%
Private equity fund investments, MSEK
528 (80% of equity post dividend)
2014 change
16.8%
Premium to NAV
- 0.2%
Total exposure to PE funds/Equity
104% post dividend # of shares (before share repurchase)
15 000 000
Outstanding investment commitments, MSEK
158
Dividends – historical
SEK 0.40 (FY 2011) SEK 0.50 (FY 2012)
Dividend – for FY 2013 paid May 2013
SEK 2.00
90%
60% 50% 40% 30% 20% 10%
SEK/share 35.47
0%
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NAXS Various Selected definitions*
Contact information
Commitment The maximum amount that a limited partner agrees to invest in a fund
NAXS Nordic Access Buyout Fund AB Lennart Svantesson, CEO Grev Turegatan 10 114 46 Stockholm Email: [email protected] Tel: +46 733 110 011
Current commitments Acquisition cost for private equity fund investments, plus remaining commitments to private equity funds 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 interestbearing current and long-term receivables, less interest-bearing current and long-term 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
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
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