Stockholm, November 4, 2009
PRESS RELEASE
Interim Report January - September 2009
Q3 2009
Net loss (profit) for the period amounted to MSEK -9.9 (-2.9).
January - September 2009
Net loss (profit) for the nine-month period amounted to MSEK -27.0 (-2.2).
Shareholders' equity per share on September 30, 2009, was SEK 37.09 (38.88), of
which cash and cash equivalents accounted for SEK 26.18 (30.43).
On September 30, 2009, NAXS had made investment commitments totaling
approximately MSEK 596, equivalent to 107 percent of the total equity.
NAXS' portfolio continued to experience a moderate level of activity during the
period, with most of the investment activity originating from small and mid cap
funds. As of September 30, 2009, 29 percent of the Company's equity had been
drawn by underlying funds, which had acquired over 30 portfolio companies.
On September 30, 2009, cash and cash equivalents amounted to MSEK 393 (457).
During the nine-month period, liquid assets were invested in interest-bearing
instruments or held on interest-bearing bank accounts, in accordance with the
Company's policy.
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| | Jul - Sep | Jul - Sep | Jan - Sep | Jan - Sep |
--------------------------------------------------------------------------------
| | 2009 | 2008 | 2009 | 2008 |
--------------------------------------------------------------------------------
| Net loss, KSEK | -9 947 | -2 946 | -26 976 | -2 167 |
--------------------------------------------------------------------------------
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| | Jan - Sep | Jan - Sep |
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| | 2009 | 2008 |
--------------------------------------------------------------------------------
| Book value of fund investments, KSEK | 163 442 | 113 738 |
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| Outstanding investment commitments, KSEK | 432 562 | 466 232 |
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| | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents and other short-term | 392 685 | 456 501 |
| financial assets, KSEK | | |
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| | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents and short-term | 26.18 | 30.43 |
| financial assets per share, SEK | | |
--------------------------------------------------------------------------------
| Total equity per share, SEK | 37.09 | 38.88 |
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NAXS NORDIC ACCESS BUYOUT FUND AB
INTERIM REPORT
January 1 - September 30, 2009
OPERATIONS
NAXS operates as a fund of funds with investments in Nordic buyout funds. The
objective is to make the Nordic private equity market accessible for a broader
range of investors, while offering liquidity through the Company's publicly
traded shares. The investment strategy is oriented towards a selective but
diversified fund portfolio.
NAXS Nordic Access Advisors AB has been contracted as the investment and
management advisor to the Company.
Operations commenced on April 17, 2007 and the Company has been listed on OMX
Nordic Exchange First North since May 14, 2007.
NAXS Nordic Access Buyout Fund AB (publ), headquartered in Stockholm, is the
Group's Parent Company. In addition to the Parent Company, the Group consists of
the operational Norwegian subsidiary NAXS Nordic Access Buyout AS, headquartered
in Oslo. The subsidiary operates as a holding company for the Group's fund
investments.
FUND PORTFOLIO
NAXS' total investment commitments to underlying funds amount to 107 percent of
total equity. 29 percent of the equity has been drawn by the underlying funds,
which have acquired over 30 portfolio companies.
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| | Commitment | Currency | Commitment Amount |
| | Year | | (in thousands) |
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| Apax Europe VII | 2007 | EUR | 15,000 |
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| FSN Capital III | 2008 | EUR | 10,000 |
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| Herkules Private Equity | 2008 | NOK | 40,000 |
| Fund III | | | |
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| Intera Fund I | 2007 | EUR | 7,000 |
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| Nordic Capital Fund VII | 2008 | EUR | 20,000 |
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| Valedo Partners Fund I | 2007 | SEK | 60,000 |
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| Total KSEK | | | 596,003 |
--------------------------------------------------------------------------------
Apax Europe VII LP
Apax Europe VII is a MEUR 11,000 fund focusing on investments in the healthcare,
tech & telecom, financial & business services, retail & consumer, as well as
media sectors primarily in Europe.
FSN Capital III LP
FSN Capital III is a MEUR 375 fund targeting investment in mid-size companies in
Norway and the Nordic region.
Herkules Private Equity Fund III LP
Herkules Fund III is MNOK 6,000 fund targeting investments in mid-size companies
in Norway and the Nordic Region.
Intera Fund I KY
Intera Fund I is a MEUR 125 fund targeting investments in the small cap segment
in Finland.
Nordic Capital Fund VII LP
Nordic Capital Fund VII is a MEUR 4,300 fund targeting investments primarily in
the Nordic region.
Valedo Partners Fund I AB
Valedo Partner Fund I is a MSEK 1,000 fund targeting investments in the small
cap segment in Sweden.
GROUP
EARNINGS
Financial performance, third quarter 2009
The operating loss amounted to KSEK -18,362 (-7,557) for the third quarter. The
operating loss includes KSEK -16 021 (-5 295) in change in value, mainly due to
currency fluctuations and the payment of management fees to the underlying
funds. The Group's loss before taxes amounted to KSEK -6,611 (-1,419). The net
loss (profit) amounted to KSEK -9,947 (-2,946) and the loss per share was -0.66
(-0.20) SEK.
Financial performance, nine-month period 2009
Operating income
The operating loss amounted to KSEK -33,794 (-17,228) for the nine-month period.
The operating loss includes changes in value of KSEK -26 353 (-10 414). The
operating expenses amounted to KSEK 7 441 (6 814). The rate of expenses,
excluding the valuation adjustments, followed the established plan.
Financial items
Financial items, net totaled KSEK 4,596 (19,325) for the nine-month period.
Interest income amounted to KSEK 4,211 (17,491) and unrealized exchange rate
gains to KSEK 385 (1,834).
Tax and net earnings
The Group's net loss (gain) for the nine-month period amounted to KSEK -29 198
(2 097). Income taxes amounted to KSEK 2,222 (-4,264), whereof 2 222 (-1 830)
was due to changes in deferred tax assets. The net loss amounted to KSEK -26,976
(-2,167). Earnings per share were -1.80 (-0.14) SEK.
INVESTMENTS, FINANCING AND LIQUIDITY
Fund Investments
During the interim period, KSEK 44,120 (86,210) was invested in underlying
funds. As of September 30, 2009, the funds amounted to KSEK 163,442 (113,738).
The funds were adjusted with KSEK -26,353 (-10,414) as a result of
adjustments in the valuation of the underlying funds, mainly due to currency
fluctuations and the payment of management fees to the underlying funds.
Financing
The Group is financed with shareholders' equity. Shareholders' equity amounted
to KSEK 562,372 at the end of the period, corresponding to SEK 37.09 (38.88) per
share and an equity/asset ratio of 99 (99) percent.
Cash and cash equivalents and other short-term financial assets
At the end of the interim period, cash and cash equivalents amounted to KSEK
392,685 (456,501), which corresponds to SEK 26.18 (30.43) per share. Other
short-term financial assets amounted to MSEK 100 (300), and were invested in
bank deposits with fixed interest rate. During the nine-month period liquid
assets were invested in interest-bearing instruments or held on interest-bearing
bank accounts, in accordance with the Company's policy.
SIGNIFICANT RISKS AND UNCERTAINTY FACTORS
Significant risks and uncertainty factors are described in the Annual Report
2008. There have not been any significant changes since the publication of the
Annual Report.
EVENTS AFTER THE END OF THE INTERIM PERIOD
There is no event to report after September 30, 2009.
Future prospects
The buyout market can be expected to experience a relatively low level of
activity for the remaining of 2009, due to general uncertainties about economic
developments and restricted credit markets. Although selected transactions have
occurred in the large cap segment during the reporting period, such as Apax's
acquisition of Bankrate, most of the investment activity is expected to continue
to be originated by small and mid cap funds. NAXS' underlying funds have ca. 70%
of equity available for future investments.
PARENT COMPANY
For the third quarter, the operating loss amounted to KSEK -527 (-690), the
profit before tax amounted to KSEK 410 (2,491) and the net profit amounted to
KSEK 302 (1,794).
For the nine-month period, profit before tax amounted to KSEK 2,376 (6,533), tax
amounted to KSEK -625 (-1,830) and net profit amounted to KSEK 1,750 (4,703).
The Parent Company's cash and cash equivalents amounted to KSEK 208,310 (37,386)
and other short-term financial assets amounted to KSEK 100,000 (200,000).
ORGANIZATION
Company's CEO is Jeff Bork. The Board of Directors' consists of Björn C.
Andersson (chairman), Robin Ahlström, Birgitta Johansson-Hedberg and Clas
Romander.
THE SHARE
The NAXS share was listed on the First North (part of the NASDAQ OMX Nordic
Exchange) on May 14, 2007. The share is traded under the designation “NAXS”.
The number of shares in the Company on September 30, 2009 was unchanged at
15,000,000 in comparison with December 31, 2008
On September 20, 2009 share price for NAXS' shares was SEK 27.80 and the total
shareholders' equity per share was SEK 37.09. The Company's market
capitalization was MSEK 417. The number of shareholders was 735.
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| CONSOLIDATED INCOME STATEMENT |
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| | Jul - | Jul - | Jan - | Jan - | Jan - |
| | Sep | Sep | Sep | Sep | Dec |
--------------------------------------------------------------------------------
| Amounts in SEK 000s | 2009 | 2008 | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Change in value | -16 | -5 295 | -26 353 | -10 414 | -8 612 |
| | 021 | | | | |
--------------------------------------------------------------------------------
| Operating costs | -2 341 | -2 262 | -7 441 | -6 814 | -9 273 |
| note 1 | | | | | |
--------------------------------------------------------------------------------
| Operating loss | -18 | -7 557 | -33 794 | -17 228 | -17 885 |
| | 362 | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Net financial items | 11 751 | 6 138 | 4 596 | 19 325 | 23 132 |
--------------------------------------------------------------------------------
| Profit/loss before tax | -6 611 | -1 419 | -29 198 | 2 097 | 5 247 |
--------------------------------------------------------------------------------
| Income taxes | -3 336 | -1 527 | 2 222 | -4 264 | -7 297 |
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| Net loss for the period | -9 947 | -2 946 | -26 976 | -2 167 | -2 050 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: | | | | | |
--------------------------------------------------------------------------------
| Equity holders in the | -9 947 | -2 946 | -26 976 | -2 167 | -2 050 |
| parent company | | | | | |
--------------------------------------------------------------------------------
| Net loss for the period | -9 947 | -2 946 | -26 976 | -2 167 | -2 050 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share, SEK | -0,66 | -0,20 | -1,80 | -0,14 | -0,14 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Average number of shares, | 15 000 | 15 000 | 15 000 | 15 000 | 15 000 |
| thousands | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
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| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
--------------------------------------------------------------------------------
| | Jul - | Jul - | Jan - | Jan - | Jan - |
| | Sep | Sep | Sep | Sep | Dec |
--------------------------------------------------------------------------------
| Amounts in SEK 000s | 2009 | 2008 | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Net loss for the period | -9 947 | -2 946 | -26 976 | -2 167 | -2 050 |
--------------------------------------------------------------------------------
| Other comprehensive income | - | - | - | - | - |
--------------------------------------------------------------------------------
| Total comprehensive income | -9 947 | -2 946 | -26 976 | -2 167 | -2 050 |
| for the period | | | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: | | | | | |
--------------------------------------------------------------------------------
| Equity holders in the | -9 947 | 14 862 | -26 976 | -2 167 | -2 050 |
| parent company | | | | | |
--------------------------------------------------------------------------------
| Net profit/loss for the | -9 947 | 14 862 | -26 976 | -2 167 | -2 050 |
| period | | | | | |
--------------------------------------------------------------------------------
Definition of key figures
Earnings per share
Net profit/loss divided by weighted average number of shares.
Shareholders' equity per share
Total shareholders' equity in relation to the number of shares at the end of the
period.
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| CONSOLIDATED BALANCE SHEET |
--------------------------------------------------------------------------------
| | 30 Sep | 30 Sep | 31 Dec |
--------------------------------------------------------------------------------
| Amounts in SEK 000s | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Assets | | | |
--------------------------------------------------------------------------------
| Equipment | - | 6 | - |
--------------------------------------------------------------------------------
| Fund units | 163 442 | 113 738 | 145 674 |
--------------------------------------------------------------------------------
| Deferred tax asset | 3 576 | 1 751 | 1 330 |
--------------------------------------------------------------------------------
| Total non-current assets | 167 017 | 115 495 | 147 004 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Other receivables | 2 670 | 14 130 | 3 888 |
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| Other short-term financial assets | 100 000 | 300 000 | 299 264 |
--------------------------------------------------------------------------------
| Cash and cash equivalents | 292 685 | 156 501 | 139 280 |
--------------------------------------------------------------------------------
| Total current assets | 395 355 | 470 631 | 442 432 |
--------------------------------------------------------------------------------
| Total assets | 562 372 | 586 126 | 589 436 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Equity | 556 381 | 583 241 | 583 358 |
--------------------------------------------------------------------------------
| Current liabilities | 5 991 | 2 885 | 6 078 |
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| Total equity and liabilities | 562 372 | 586 126 | 589 436 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
--------------------------------------------------------------------------------
| | Jan - | Jan - | Jan-Dec |
| | Sep | Sep | |
--------------------------------------------------------------------------------
| Amounts in SEK 000s | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Equity at the beginning or the period | 583 358 | 585 408 | 585 408 |
--------------------------------------------------------------------------------
| Total comprehensive income for the period | -26 976 | -2 167 | -2 050 |
--------------------------------------------------------------------------------
| Shareholder's equity at the end of the | 556 382 | 583 241 | 583 358 |
| period | | | |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Attributable to: | | | |
--------------------------------------------------------------------------------
| Equity holders of the parent company | 556 382 | 583 241 | 583 358 |
--------------------------------------------------------------------------------
| Total | 556 382 | 583 241 | 583 358 |
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| CONSOLIDATED STATEMENT OF CASH FLOW |
--------------------------------------------------------------------------------
| | Jan - | Jan - | Jan - |
| | Sep | Sep | Dec |
--------------------------------------------------------------------------------
| Amounts in SEK 000s | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Profit/loss before taxes | -29 198 | 2 097 | 5 247 |
--------------------------------------------------------------------------------
| Adjustment for non-cash items, etc. | 26 174 | 10 454 | 7 863 |
--------------------------------------------------------------------------------
| Cash flow from operating activities before | -3 024 | 12 551 | 13 110 |
| changes in working capital | | | |
--------------------------------------------------------------------------------
| Cash flow changes in working capital | 1 106 | -13 701 | -2 878 |
--------------------------------------------------------------------------------
| Cash flow from operating activities | -1 918 | -1 150 | 10 232 |
--------------------------------------------------------------------------------
| Acquisitions of fund units *) | -44 120 | -86 210 | -116 344 |
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| Cash flow from investing activities | -44 120 | -86 210 | -116 344 |
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| Cash flow during the period | -46 038 | -87 360 | -106 112 |
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| Cash and cash equivalents, beginning of | 438 544 | 543 900 | 543 900 |
| period | | | |
--------------------------------------------------------------------------------
| Exchange difference in cash and cash | 179 | -39 | 756 |
| equivalents | | | |
--------------------------------------------------------------------------------
| Cash and cash equivalents at the end of the | 392 685 | 456 501 | 438 544 |
| period | | | |
--------------------------------------------------------------------------------
*) Outstanding investment commitments as of September 30, 2009, amounted to KSEK
432,652.
Accounting principles
The interim condensed consolidated financial statements for the nine-month
period ended September 30, 2009 have been established in accordance with the
International Financial Reporting Standards (IFRS), as recognised by the EU, the
Swedish Annual Reporting legislation, as well as the Swedish Financial Reporting
Board RFR 1.2, ”Kompletterande redovisningsregler för koncerner”.
This interim report is established for the Group in accordance with the IAS 34
(Interim Reporting) and the Annual Accounts Act. The reference to ”IFRS” in this
document encompasses the application of International Accounting Standards (IAS)
and IFRS standards, as well as the interpretation thereof, as issued by the
International Accounting Standards Board's (IASB) Standards Interpretation
Committee (SIC) and the Internal Reporting Interpretation Committee (IFRIC). The
interim report for the Parent Company is established in accordance with the
Swedish Bokföringsnämnden's”Allmänna Råd for frivillig rapportering”.
Starting in 2009, NAXS will establish its consolidated accounts in accordance
with the IFRS, which represents a change in accounting principles. The
implementation of the new accounting principle implies that the opening and
closing balances and result for the comparison year, i.e. 2008, are
re-calculated in accordance with the IFRS principles. Other short-term financial
assets are accounted as cash and cash equivalents in the consolidated statement
of cash flow.
The new accounting principles are set forth in the 2008 Annual Report. A
footnote disclosure in the Annual Report describes how the transition to IFRS
has affected the Company's financial position, its income statement and cash
flow. The resulting difference in the shareholder's equity as per January 1,
2008, amounts to - KSEK 1 831.The Parent Company applies from January 1, 2009,
the Swedish Financial Reporting Board RFR 2.1 for legal entities, which provides
that the IFRS principles shall apply, but with certain exceptions. The
application of RFR 2.1 has no effect on the Parent Company's income and
financial position.
--------------------------------------------------------------------------------
| Note 1 | | | | | |
--------------------------------------------------------------------------------
| Operating costs | Jul - | Jul - | Jan - | Jan - | Jan-Dec |
| | Sep | Sep | Sep | Sep | |
--------------------------------------------------------------------------------
| Amounts in SEK 000s | 2009 | 2008 | 2009 | 2008 | 2008 |
--------------------------------------------------------------------------------
| Fee to the investment | -1 427 | -1 473 | -4 383 | -4 396 | -5 876 |
| advisor | | | | | |
--------------------------------------------------------------------------------
| Personnel expenses | -309 | -406 | -1 144 | -909 | -1 431 |
--------------------------------------------------------------------------------
| Other operating costs | -606 | -375 | -1 915 | -1 500 | -1 957 |
--------------------------------------------------------------------------------
| | -2 341 | -2 254 | -7 441 | -6 805 | -9 264 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Transition to IFRS reporting |
| The effects of the transition to IFRS on NAXS consolidated accounts are set |
| forth below (comparison period): |
| Consolidated Income Statement |
--------------------------------------------------------------------------------
| Amounts in KSEK | Note | 1/1 - | Adjustmen | IFRS 1/1 |
| | | 30/9 | ts IFRS | - 30/9 |
| | | 2008 | | 2008 |
--------------------------------------------------------------------------------
| Operating loss | 1 | -11 417 | -5 811 | -17 228 |
--------------------------------------------------------------------------------
| Financial items | 3 | 22 940 | -3 615 | 19 325 |
--------------------------------------------------------------------------------
| Profit/loss before tax | | 11 523 | -9 426 | 2 097 |
--------------------------------------------------------------------------------
| Income tax | | -4 264 | - | -4 264 |
--------------------------------------------------------------------------------
| Net profit/loss | | 7 259 | -9 426 | -2 167 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earning per share | | 0,48 | -0,63 | -0,14 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Consolidated Balance sheet | | | | |
--------------------------------------------------------------------------------
| Amounts in KSEK | Note | 30/9 | Adjustmen | IFRS 30/9 |
| | | 2008 | ts IFRS | 2008 |
--------------------------------------------------------------------------------
| Equipment | | 6 | - | 6 |
--------------------------------------------------------------------------------
| Fund units | 1 | 121 464 | -7 726 | 113 738 |
--------------------------------------------------------------------------------
| Deferred tax assets | | 1 751 | - | 1 751 |
--------------------------------------------------------------------------------
| Total non-current assets | | 123 221 | -7 726 | 115 495 |
--------------------------------------------------------------------------------
| Total current assets | | 470 602 | 29 | 470 631 |
--------------------------------------------------------------------------------
| Total assets | | 593 823 | -7 697 | 586 126 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity | 2 | 590 941 | -7 700 | 583 241 |
--------------------------------------------------------------------------------
| Total current liabilities | | 2 881 | 4 | 2 885 |
--------------------------------------------------------------------------------
| Total equity and liabilities | | 593 822 | -7 696 | 586 126 |
--------------------------------------------------------------------------------
| Note 1. Fund units valuation adjustments to fair value |
| The IFRS adjustment amounts to KSEK -5,811 is based on valuation adjustments |
| to fair value for 2008, due to the fact that all fund units have been |
| estimated to the fair value reported by the underlying funds and total for |
| 2007 and 2008 the fund value has been adjusted with -7,159. In addition, a |
| valuation adjustment is accounted on the transition to SEK as the functional |
| currency in the Norwegian subsidiary. The adjustment amounted to KSEK -567. |
| In total, the fund units have been adjusted with KSEK 7,726. |
| Note 2. Equity |
| The transition to IFRS has resulted in the shareholders' equity diminishing |
| by KSEK 7,700 (KSEK 6,198 in the translation difference, KSEK -4,472 in |
| balanced accounts and KSEK - 9,426 in annual profit). The adjustment in the |
| translation difference is a result of the SEK being used as the functional |
| currency of the Norwegian subsidiary when applying the IFRS. |
| Note 3. Foreign currency |
| Unrealized currency gains in SEK related to cash and other financial assets |
| in the Norwegian subsidiary are accounted for in the consolidated account |
| statements. In accordance with IFRS, the SEK has been chosen as the |
| functional currency of the Norwegian subsidiary. This resulted in no |
| unrealized currency differences in the placements in SEK. The adjustment |
| amounts to KSEK 3,615. |
| The transition to IFRS does not affect the cash flow. |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| The effects of the transition to IFRS on NAXS consolidated accounts for 2008 |
| are set forth below: |
| Consolidated Income Statement |
--------------------------------------------------------------------------------
| Amounts in KSEK | Note | 2008 | Adjustmen | 2008 |
| | | | t IFRS | |
--------------------------------------------------------------------------------
| Operating loss | 1 | -17 996 | 111 | -17 885 |
--------------------------------------------------------------------------------
| Financial items | 3 | 37 017 | -13 885 | 23 132 |
--------------------------------------------------------------------------------
| Profit/loss before tax | | 19 021 | -13 774 | 5 247 |
--------------------------------------------------------------------------------
| Income tax | | -7 297 | - | -7 297 |
--------------------------------------------------------------------------------
| Net profit/loss | | 11 724 | -13 774 | -2 050 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Earnings per share | | 0,78 | -0,92 | -0,14 |
--------------------------------------------------------------------------------
| Consolidated Balance Sheet |
--------------------------------------------------------------------------------
| Amounts in KSEK | Note | 31/12 | Adjustmen | IFRS |
| | | 2008 | t IFRS | 31/12 |
| | | | | 2008 |
--------------------------------------------------------------------------------
| Fund units | | 139 162 | 6 512 | 145 674 |
--------------------------------------------------------------------------------
| Deferred tax assets | | 1 330 | - | 1 330 |
--------------------------------------------------------------------------------
| Total non-current assets | 1 | 140 492 | 6 512 | 147 004 |
--------------------------------------------------------------------------------
| Total current assets | | 442 316 | 116 | 442 432 |
--------------------------------------------------------------------------------
| Total assets | | 582 808 | 6 628 | 589 436 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity | 2 | 577 041 | 6 317 | 583 358 |
--------------------------------------------------------------------------------
| Total current liabilities | | 5 767 | 311 | 6 078 |
--------------------------------------------------------------------------------
| Total equity and liabilities | | 582 808 | 6 628 | 589 436 |
--------------------------------------------------------------------------------
| Note 1. Valuation adjustments of Fund units |
| The IFRS adjustment amounting to KSEK 111 is based on valuation adjustments |
| to fair value for 2008, due to the fact that all fund units have been |
| estimated to the fair value reported by the underlying funds and total for |
| 2007 and 2008 the fund value has been adjusted with KSEK -1,237. In |
| addition, a valuation adjustment is accounted for based on the transition to |
| SEK as the functional currency in the Norwegian subsidiary. The adjustment |
| amounted to KSEK 7 749. In total the fund units have been adjusted with KSEK |
| 6,512. |
| Note 2. Equity |
| The transition to IFRS has resulted in the Shareholder's equity rising by |
| KSEK 6,317 (KSEK 24,562 in translation difference, KSEK -4,471 in the |
| retained earnings? and KSEK -13,774 in income. In addition, a valuation |
| adjustment is accounted for based on the transition to SEK as the functional |
| currency in the Norwegian subsidiary. |
| Note 3. Foreign currency |
| Unrealized currency gains in SEK related to cash and other short-term |
| financial assets in the Norwegian subsidiary are accounted for in the |
| consolidated account statements. In accordance with IFRS, the SEK has been |
| chosen as the functional currency of the Norwegian subsidiary. This results |
| in no unrealized currency differences in the financial assets denominated in |
| SEK will be recorded. The adjustment amounts to KSEK -13,895. |
| The transition to IFRS does not affect the cash flow. |
| Opening balance sheet as per January 1, 2008, established in accordance with |
| IFRS |
| Consolidated Balance sheet |
--------------------------------------------------------------------------------
| Amounts in KSEK | Note | 1/1 2008 | Adjustmen | IFRS 1/1 |
| | | | t IFRS | 2008 |
--------------------------------------------------------------------------------
| Equipments | | 7 | - | 7 |
--------------------------------------------------------------------------------
| Fund units | 1 | 40 657 | -2 715 | 37 942 |
--------------------------------------------------------------------------------
| Deferred tax assets | | 3 581 | - | 3 581 |
--------------------------------------------------------------------------------
| Total non-currant assets | | 44 245 | -2 715 | 41 530 |
--------------------------------------------------------------------------------
| Total current assets | | 545 098 | - | 545 098 |
--------------------------------------------------------------------------------
| Total assets | | 589 343 | -2 715 | 586 628 |
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
| Total equity | 2 | 588 114 | -2 706 | 585 408 |
--------------------------------------------------------------------------------
| Total current liabilities | | 1 229 | -9 | 1 220 |
--------------------------------------------------------------------------------
| Total equity and liabilities | | 589 343 | -2 715 | 586 628 |
--------------------------------------------------------------------------------
| Note 1. Valuation adjustments to Fund units |
| The IFRS adjustment amounting to KSEK - 2,715 is based on KSEK -1 348 |
| valuation adjustments to fair value, due to the fact that all fund units |
| have been estimated to the fair value reported by the underlying funds. In |
| addition, a valuation adjustment is accounted for based on the transition to |
| SEK as the functional currency in the Norwegian subsidiary. The adjustment |
| amounted to KSEK 1,367. |
| Note 2. Equity |
| The transition to IFRS has resulted in the Shareholder's equity diminishing |
| by KSEK -2,706 (KSEK -1,765 in translation difference and KSEK -4,471 in |
| income). The adjustment in the translation difference is a result of the SEK |
| being used as the functional currency of the Norwegian subsidiary when |
| applying IFRS. |
| The transition to IFRS does not affect the cash flow. |
--------------------------------------------------------------------------------
Stockholm, November 4, 2009
NAXS Nordic Access Buyout Fund AB (publ)
Jeff Bork,
CEO
This interim report has not been reviewed by the Company's auditors.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jeff Bork, CEO, +46 761-00 00 00
FINANCIAL INFORMATION 2010:
Year-End Report for 2009: February 4, 2010
Interim Report (3 months) 2010: April 28, 2010
NAXS Nordic Access Buyout Fund AB (publ), Corp. Reg. No. 556712-2972
Grev Turegatan 10, 114 46 Stockholm, Sweden
Tel: +46 8 611 33 25, E-mail: info@naxs.se
www.naxs.se
