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July 2020 NAXS AB

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July 2020 NAXS AB NAXS AB July 2020 www.naxs.se. Grev Turegatan 10, 1tr, SE-114 46 Stockholm, Sweden. Phone: +46 (0) 8 611 33 25 NAXS Permanent capital focusing on the Nordic market • NAXS is a company listed on NASDAQ Stockholm and investing primarily in Buyout funds Commitment Fund Size private equity funds with a Nordic focus. NAXS may also make direct Apax Europe VII EUR 15m EUR 11bn investments or co-investments alongside private equity or other alternative FSN Capital III EUR 10m EUR 375m assets funds. In addition, NAXS may, to a limited extent, make other types Herkules Private Equity III NOK 40m NOK 6bn of investments. Intera Fund I EUR 7m EUR 125m Intera Fund II EUR 7,25m EUR 200m • Listed in 2007, the company currently offers an attractive exposure to the JAB Consumer Fund – GCB II USD 5bn private equity segment: JAB Consumer Fund – GCB III • 11 private equity funds from 8 managers Nordic Capital Fund VII EUR 20m EUR 4.3bn • 39 underlying portfolio companies (remaining after 94 exits) Nordic Capital CV1 EUR 4m EUR 2.5bn Valedo Fund II SEK 65m SEK 2bn • 6 vintage years (2007, 2008, 2011, 2017, 2018 and 2020) and exposure to large, mid and small cap segments • NAXS also offers an exposure to 2 listed companies: Special situations fund Commitment Fund Size • Scout Gaming Group, a provider of Daily Fantasy Sports listed on Mimir Invest AB SEK 50m < SEK 500m NASDAQ First North • Awilco Drilling, a drilling operator listed on the Oslo exchange • In addition, NAXS holds a senior secured bond issued in 2018 by Jacktel Direct investments Size of initial investment Scout Gaming Group SEK 9.5m AS, a wholly-owned subsidiary of Master Marine AS. The Bond has a tenor Awilco Drilling Plc SEK 30.7m of 5 years and a coupon of 10% p.a., with quarterly interest payments. Jacktel A/S SEK 28.3m • As per Q2 2020, 94 full exits and more than 30 recapitalisations. The 94 exits have generated an average gross IRR of 18%. Fee structure • NAXS has a distribution policy aiming at returning to shareholders, in the Management fee Carried interest long-term, 50% to 75% of profits after tax. For FY 2019 NAXS has paid a 1% p.a. up to NAV of SEK 1 5% over a preferred return billion dividend of SEK 3.00/share, representing a dividend yield of 6.1% (share of 5% to investors price at 31/12, 2019) 0.5% p.a. on NAV over SEK 1 – billion N.B. This presentation should be read along with all comments and definitions given in the OMX prospectus and the financial reports available at www.naxs.se 2 NAXS Snapshot Q2 2020 IPO in May 2007 – As of Q2 2020, 11 private equity funds, 39 portfolio companies, 94 exits, direct investments in 2 listed companies and 1 bond NAXS AB Total equity MSEK 618 SEK 55.42 per share Direct investments NAXS A/S Naccess Partners Small cap buyout Mid cap buyout Large cap buyout Small cap special situations Fund size less than MEUR 300 Fund size MEUR 300–2,000 Fund size above MEUR 2,000 JAB Consumer Fund Nordic Capital VII Valedo I & II Intera I & II FSN III Herkules III Apax VII GCB II Mimir Invest AB JAB Consumer Fund Nordic Capital CV1 GCB III SwedenEXITED Finland Norway/Nordic Norway/Nordic IPO EXITED Nordic/Europe Europe/Global Primarily Nordic EXITED IPO Global IPO EXITED EXITED EXITED IPO IPO EXITED EXITED IPO EXITED IPO 3 NAXS NAV evolution The NAV per share decreased by 12% during Q2 2020 and by 6% over 12 months (including the dividend paid) 80,00 3,00 2,78 75,00 2,78 2,78 2,78 2,53 2,53 2,53 2,53 2,53 2,53 2,53 2,50 70,00 2,53 2,50 2,50 2,50 3,00 2,50 2,50 2,50 2,50 2,50 2,30 2,30 2,30 2,50 2,50 2,50 2,30 2,78 2,30 2,30 2,30 2,30 2,00 2,30 2,00 2,00 2,00 65,00 2,30 2,30 2,00 0,50 2,50 2,00 2,30 2,00 2,00 2,00 0,50 0,50 2,53 2,50 0,40 0,50 0,50 2,00 0,50 2,00 0,50 0,50 0,40 0,50 0,40 0,40 2,30 2,00 0,40 0,40 0,40 2,50 0,40 0,50 0,50 0,40 2,50 2,30 0,50 0,40 60,00 2,50 2,00 0,40 0,40 2,30 2,30 2,00 0,50 2,30 0,50 0,40 2,00 2,00 0,40 0,50 55,00 2,00 0,50 0,40 0,50 0,40 0,40 50,00 63,75 64,16 63,63 61,73 62,32 62,31 61,81 62,20 63,13 60,41 60,17 60,73 56,69 57,68 45,00 55,42 53,30 54,19 40,00 35,00 Q2 Q3 Q4 Q1 Q2 Q32017 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2016 2016 2016 2017 2017 2017 2018 2018 2018 2018 2019 2019 2019 2019 2020 2020 NAV Dividend paid 2012 Dividend paid 2013 Dividend paid 2014 Dividend paid 2015 Dividend paid 2016 Divend paid 2018 Dividend paid 2019 Dividend paid 2020 4 NAXS 94 exits (Q2 2020) 133 portfolio companies have been acquired since inception in 2007, 93 of which have been fully exited 20 15 The 94 exits have generated an 15 10 average gross 15 IRR of 18% 13 16 11 3 12 11 1 5 6 2 1 5 5 3 3 3 2 2 2 1 1 0 0 0 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Remaining companies Exited 5 NAXS Examples of exits in the press NAXS On a street near you! NAXS Summary • 11 private equity funds • 8 managers High degree of diversification • 39 underlying portfolio with attractive Nordic-based companies companies • direct investments in 2 listed companies and 1 bond 20 No of companies acquired per year 15 133 companies acquired by underlying funds over a 13- 15 Average holding period of current year period 10 15 portfolio companies is approx. 13 16 4.75 years 93 exits and more than 30 11 3 12 11 1 recapitalizations as of Q2 5 6 2 2020 1 5 5 3 3 3 2 2 2 1 1 0 0 0 0 20 07 20 08 20 09 20 10 20 11 20 12 20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 Remaining companies Exited For FY 2019, NAXS paid a dividend of SEK 3.00/share, representing a Value transfer to shareholders dividend yield of 6.1% (share price 31/12 2019) via dividends and/or share repurchases In addition, NAXS repurchased >6% of its own shares during 2019 8 NAXS AB Appendix NAXS portfolio 11 private equity funds and direct investments in 2 listed companies and 1 bond # of current # of exited NAXS Geographic portfolio portfolio original Buyout Funds Fund size Segment Vintage focus companies companies Website Commitment wwww.interapartners.fi Intera Fund I KY MEUR 125 Small cap 2007 Finland 0 7 MEUR 7 Apax Europe VII LP MEUR 11,000 Large cap 2008 Europe/Global 8 28 www.apax.com MEUR 15 Norway/Nordic www.fsncapital.no FSN Capital III LP MEUR 375 Mid cap 2008 1 9 MEUR 10 www.herkulescapital.no Herkules Private Equity Fund III LP MNOK 6,000 Mid cap 2008 Norway/Nordic 0 11 MNOK 40 Nordic Capital Fund VII LP MEUR 4,300 Large/mid cap 2008 Primarily Nordic 1 18 www.nordiccapital.com MEUR 20 wwww.interapartners.fi Intera Fund II KY MEUR 200 Small cap 2011 Finland 6 5 MEUR 7.25 Valedo Partners Fund II AB MSEK 2,000 Small cap 2011 Sweden 6 5 www.valedopartners. MSEK 65 Mimir Invest AB <MSEK 500m Small cap 2017 Primarily Nordic 5 1 www.mimirinvest.com MSEK 50 Nordic Capital CV1 MEUR 2,500 Large/mid cap 2018 Primarily Nordic 8 1 www.nordiccapital.com MEUR 4 JAB Consumer Fund GCB II USD 5,000 Large Cap 2018 Global 4 0 www.jabholdco.com MUSD 5 JAB Consumer Fund GCB III n/a Large cap 2020 Global 1 0 www.jabholdco.com Timing of original Size of Direct Investments Sector Type of instrument investment Website initial investment Scout Gaming Group AB iGaming listed share (Nasdaq First North) Q4 2017 www.scoutgaminggroup.com MSEK 9.5 Awilco Drilling PLC Oil & Gas listed share (Oslo Exchange) Q1 2018 www.awilcodrilling.com MSEK 30.7 Jacktel AS Oil & Gas bond Q4 2018 www.master-marine.no MSEK 28.3 10 NAXS AB Board of Directors & Executives NAXS AB (publ) – Board of Directors John Chapman Tony Gardner-Hillman Andrew Wignall Damhnait Ni Chinneide (1956) (1956) (1964) (1974) Chairman Board Member Board Member Board Member • Lawyer and Chartered Financial Analyst • Lawyer with over 30 years of extensive • Fellow of the Institute of Chartered • 16 year career in global financial (CFA) specializing in representing experience in investment funds, Accountants in England and Wales markets in both banking and asset shareholder interests in connection with corporate and trust company law, management, with various positions at the operation and management of regulation and practice.
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