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New Wave Group AB — Interim / Quarterly Report 2011
Aug 12, 2011
3081_ir_2011-08-12_68e3ac44-d919-4ff2-af0b-1259e6e50b78.pdf
Interim / Quarterly Report
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Interim report for New Wave Group AB (publ) JANUARY - JUNE 2011 Images from Kosta Boda Art Hotel, Clique, Craft and Sagaform
THE PERIOD 1 APRIL – 30 JUNE 2011
- • Sales amounted to SEK 1 021 million, which was 3% higher than previous year in local currencies but 4% lower in SEK (SEK 1 065 million).
- • The operating profit amounted to SEK 72.7 million (SEK 87.9 million), with SEK 30.5 million in non-recurring items impacting the result negatively.
- • Profit after tax amounted to SEK 37.3 million (SEK 59.4 million).
- • Earnings per share amounted to SEK 0.55 (SEK 0.90).
- • Cash flow from operating activities amounted to SEK 26.2 million (SEK 117.5 million).
- • Equity ratio amounted to 43.8% (42.4%).
- • Net debt to equity ratio amounted to 83.3% (86.7%).
THE PERIOD 1 JANUARY – 30 JUNE 2011
- • Sales amounted to SEK 1 948 million, which was 5% higher than previous year in local currencies but 2% lower in SEK (SEK 1 981 million).
- • The operating profit amounted to SEK 90.4 million (SEK 104.8 million), with SEK 30.5 million in non-recurring items impacting the result negatively.
- • Profit after tax amounted to SEK 43.0 million (SEK 67.0 million).
- • Earnings per share amounted to SEK 0.63 (SEK 1.01).
- • Cash flow from operating activities amounted to SEK -116.4 million (SEK 182.9 million).
600 900 1200 1500 Sales (SEK million)
0
300
Q1 Q2 Q3 Q4 2006 2007 2008 2009 2010 2011
EVENTS AFTER END QUARTER
On 29 July, New Wave Group acquired substantially all of the assets of the US based headwear company, Ahead, for a sum of USD 17.4m in addition to a net asset value adjustment of approximately USD 5m.
OUTLOOK ON 2011
For 2011 we expect a higher sales turnover and somewhat better result than the 2010 outcome.
CEO Comments
A tough quarter – despite good underlying result
The second quarter gives me mixed feelings. The second quarter was actually a good quarter but unfortunately the result was burdened by somewhat more than SEK 30 million in one-off charges, mainly due to financial irregularities and incorrect accounting of assets and liabilities in one of New Wave Group's German subsidiaries but also one-off charges for Orrefors Kosta Boda.
However, there are also many positive signals; we continue to work on lowering costs, inventory is on a better service level, we have a strong balance sheet and a good gross margin.
Despite what happened in Q2, I believe in a decent year with increased sales compared to last year. On the other hand, I would like to highlight a greater uncertainty. The retail market in general has become weaker, the problems in the US and southern Europe tend to increase, and not to forget, the extraordinary turbulence on worldwide stock markets that is causing anxiety. Together with my colleagues, we will do our very best and in the long-term, I am more optimistic about New Wave than ever.
Torsten Jansson
Comments
SUMMARY OF APRIL-JUNE
Sales, including currency changes, increased by 3%. The Corporate Promo business area remained stable at last year's level, but we see improvements in a number of markets. Sports & Leisure in the U.S. market had a weaker development, but better in the Nordic countries as well as in Mid-Europe. Gifts & Home Furnishing had a lower turnover due to weaker market sentiment, especially in Sweden. Among the group's two sales channels – promo and retail – sales growth for the promo channel showed a better development. The retail sales channel has shown weaker performance, especially in Sweden and the U.S.
Gross profit margin for the quarter was higher than last year. The Group has increased purchasing and has a better inventory level, despite the lack of certain articles in some segments. Also, the mix between customers and markets has been more favorable.
The Group's costs increased during the quarter due to financial irregularities and incorrect accounting of assets and liabilities in one of New Wave Group's German subsidiaries. The internal investigation shows that the irregularities have been ongoing for three years. As a consequence of this, the subsidiary's CEO and CFO have left the company. Investigation into insurance compensation, recoveries and damages is ongoing. Costs have also been taken for the closure of the division for cut crystal in Orrefors Kosta Boda. In total, the operating result has been burden with some SEK 30.5 million in non-recurring items.
Excluding the above mentioned non-recurring items, the operating profit increased by 17% and the operating margin amounted to 10.1 (8.3)%.
Cash flow from operating activities amounted to SEK 26.2 million (SEK 117.5 million). The outflow is seasonal and mainly related to incoming goods for the next quarters. Stock value amounted to SEK 1 778 million as of 30 June, which is an increase by SEK 92 million since the previous quarter. Net debt amounted to SEK 1 591 million (SEK 1 622 million) and the debt-to-equity ratio to 83.3% (86.7%).
APRIL-JUNE
Sales
Sales amounted to SEK 1 021 million (SEK 1 065 million), which is 4% lower than last year. Exchange rates affected sales negatively by SEK 74 million and sales in local currencies increased by 3%.
The Corporate Promo business area remained flat compared to last year but had somewhat better development in Europe than in other regions. Sports & Leisure decreased sales by 9%, mainly affected by negative currency effects. Sales in local currency were in line with last year. However Europe and the Nordic countries are showing growth while the U.S. market is weaker. Gifts & Home Furnishing decreased sales by 5%. The business area decreased sales in the retail sales channel, mainly in the Swedish market.
Sales increased by 3% in Sweden. Sales in the U.S. decreased by 22% and turnover has mainly been negatively impacted by exchange rates. The region reported a 4% decline in local currency. The rest of the Nordic countries decreased sales by 1%, however, the Finnish and Norwegian markets showed growth in local currency. We see improvements in most of the European countries and both regions are showing growth in local currencies, but currency exchange rates have had a negative effect on the sales figures.
Gross Profit
Gross profit margin amounted to 48.8% (47.1%), which is mainly attributable to more balanced inventory levels and a more favorable mix between customers and markets.
Other Operating Income and Other Operating Expenses
Other operating income increased by SEK 3.3 million to SEK 8.4 million (SEK 5.1 million). Other operating income is mainly attributable to operating exchange gains and results should be compared to the line "Other operating expenses" in which, primarily, the company's foreign exchange losses are reported. Other operating expenses increased by SEK 4.0 million to SEK -5.5 million (SEK -1.5 million). The net of above items amounted to SEK 2.9 million (SEK 3.6 million).
Expenses and Depreciation
Total costs has been negatively impacted by SEK 30.5 million in non-recurring items. Exchange rates had a positive effect on costs by SEK 25 million. Excluding these items, external costs are in line with the same period last year.
External costs increased by SEK 11.0 million and amounted to SEK -241.6 million (SEK -230.6 million), which is attributable to financial irregularities and incorrect accounting of assets and liabilities in one of New Wave Group's German subsidiaries, burdening results by SEK 23.5 million.
Personnel costs amounted to SEK -173.2 million, which is SEK 1.5 million higher than last year (SEK -171.7 million), which is attributable to higher costs for the closure of the division for cut crystal in Orrefors Kosta Boda, burdening results by SEK 7.0 million.
Depreciations amounted to SEK -13.2 million (SEK -15.1 million).
Operating profit
The operating profit amounted to SEK 72.7 million (SEK 87.9 million ). Excluding non-recurring items, the operating result amounted to SEK 103.2 million, which was 17% better compared to the same period last year.
The operating margin amounted to 7.1 (8.3)%. Excluding non-recurring items the operating margin amounted to 10.1%.
Net Financial Items and Taxes
Net financial items amounted to SEK -11.2 million (SEK -5.1 million). The increase is due to higher interest rates. It is the Group's policy to have short fixed-interest agreements resulting in quick effects on the Group's net interest as the short-term interest rate changes. Net debt has increased by SEK 63.6 million during the quarter.
Tax expense in absolute numbers amounted to SEK -24.2 million (SEK -2.7 million) and the tax rate amounted to 39.3% (28.3%). The higher tax rate is attributable to the non-recurring item of SEK 23.5 million, which is not included in the taxable result.
Profit for the period
Profit after tax amounted to SEK 37.3 million (SEK 59.4 million) and earnings per share amounted to SEK 0.55 (SEK 0.90). The lower result is related to the non-recurring items, amounting to SEK 28.7 million after taxes.
JANUARY-JUNE
Sales
Sales amounted to SEK 1 948 million (SEK 1 981 million), which is 2% lower than last year. Exchange rates affected sales negatively by SEK 136 million and sales in local currencies increased by 5%.
The Corporate Promo business area increased sales by 1% compared to last year and we see increased activity in a majority of our regions. Sports & Leisure decreased sales by 3%, mainly affected by negative currency effects. Gifts & Home Furnishing decreased sales by 6%. The business area increased sales in the promo segment while the retail segment decreased sales, mainly in the Swedish market.
Compared to last year, sales increased by 3% in Sweden. Sales in the U.S. decreased by 14% and turnover has mainly been negatively impacted by exchange rates. However, the region reported growth in local currency. The rest of the Nordic countries increased sales by 2% in all markets. We see improvements in most of the European countries and both regions are showing growth in local currencies, but currency exchange rates have had a negative effect on the sales figures.
Gross Profit
Gross profit margin amounted to 47.8% (47.4%), which is mainly attributable to more balanced inventory levels and a more favorable mix between customers and markets.
Other Operating Income and Other Operating Expenses
Other operating income increased by SEK 10.8 million to SEK 21.0 million (SEK 10.2 million). Other operating income is mainly attributable to operating exchange gains and results should be compared to the line "Other operating expenses" in which, primarily, the company's foreign exchange losses are reported. Other operating expenses increased by SEK 8.0 million to SEK -13.4 million (SEK -5.4 million). The net of above items amounted to SEK 7.6 million (SEK 4.8 million). The increase is mainly attributable to higher reimbursement related to marketing activities.
Expenses and Depreciation
External costs increased by SEK 12.1 million and amounted to SEK -483.1 million (SEK -471.0 million), which is attributable to financial irregularities and incorrect accounting of assets and liabilities in one of New Wave Group's German subsidiaries, burdening results by SEK 23.5 million. Excluding the non-recurring items, costs in local currency have increased slightly, which is attributable to higher sales costs.
Personnel costs amounted to SEK -341.4 million, which is SEK 2.7 million higher than last year (SEK -338.7 million), which is attributable to higher costs for the closure of the division for cut crystal in Orrefors Kosta Boda, burdening results by SEK 7.0 million.
Depreciations amounted to SEK -24.3 million (SEK -30.0 million).
Operating profit
The operating profit amounted to SEK 90.4 million (SEK 104.8 million). Excluding non-recurring items, the operating result amounted to SEK 120.9 million, which was 15% better compared to the same period last year.
The operating margin decreased to 4.6% (5.3%). Excluding the above mentioned non-recurring items, the operating margin amounted to 6.2%.
Net Financial Items and Taxes
Net financial items amounted to SEK -21.1 million (SEK -11.7 million). The increase is due to higher interest rates. It is the Group's policy to have short fixed-interest agreements resulting in quick effects on the Group's net interest as the short-term interest rate changes. Net debt has increased by SEK 184.5 million during the first six months of 2011.
Tax expense in absolute numbers amounted to SEK -26.3 million (SEK -26.1 million) and the tax rate amounted to 38.0% (28.0%). The higher tax rate is attributable to the non-recurring item of SEK 23.5 million, which is not included in the taxable result.
Profit for the period
Profit after tax amounted to SEK 43.0 million (SEK 67.0 million) and earnings per share amounted to SEK 0.63 (SEK 1.01). The lower result is related to the non-recurring items, amounting to SEK 28.7 million after taxes.
REPORTING OF BUSINESS AREAS
New Wave Group AB divides its operations into three business areas: Corporate Promo, Sports & Leisure and Gifts & Home Furnishing. The Group monitors the business area and brand sales as well as the profit (EBITDA). The business segments are based on the Group's operational management.
Corporate Promo
Sales for the period April-June amounted to SEK 482 million, being in line with the same period a year ago (SEK 483 million). The profit (EBITDA) decreased slightly, to SEK 74.8 million (SEK 77.3 million). Measured in local currency, turnover increased and is attributable to better market sentiment in a majority of our markets. The lower result is related to the previously mentioned non-recurring item regarding Germany, of SEK 23.5 million.
Sales for the period January-June increased by 1%, to SEK 894 million (SEK 881 million) and the profit (EBITDA) improved by SEK 8.4 million, to SEK 99.4 million (SEK 91.0 million). The higher turnover is attributable to better market sentiment in a majority of our markets. The higher result is related to improved sales and cost reductions.
Sports & Leisure
Sales for the period April-June decreased by 9%, to SEK 368 million (SEK 404 million). The profit (EBITDA) decreased by SEK 4.2 million, to SEK 25.9 million (SEK 30.1 million). The lower turnover has mainly been negatively impacted by exchange rates but also by the weak market sentiment in the U.S. The lower result is related to the weaker sales.
Sales for the period January-June decreased by 3%, to SEK 757 million (SEK 784 million) and the profit (EBITDA) decreased by SEK 8.2 million, to SEK 62.3 million (SEK 70.5 million). The lower turnover has mainly been negatively impacted by exchange rates, however, the majority of the markets show growth. The lower result is related to weaker operating gross margin in the retail sales channel and higher costs for sales and marketing.
Gifts & Home Furnishing
Sales for the period April-June decreased by 5%, to SEK 171 million (SEK 179 million). The profit (EBITDA) decreased by SEK 10.4 million, to SEK -14.8 million (SEK -4.4 million). The lower turnover is mainly a consequence of weaker retail sales for Orrefors Kosta Boda. The lower result is related to the weaker sales and charges taken for the closure of the division for cut crystal in Orrefors Kosta Boda, amounting to SEK 7.0 million.
Sales for the period January-June decreased by 6%, to SEK 298 million (SEK 316 million) and the profit (EBITDA) decreased by SEK 20.3 million, to SEK -47.0 million (SEK -26.7 million). The lower turnover is mainly related to weaker retail sales for Orrefors Kosta Boda but also lower margins and the closure of the division for cut crystal in Orrefors Kosta Boda.
GEOGRAFICAL ALLOCATION
Table of turnover in the regions Sweden, the U.S., Other Nordic countries, Mid-Europe, Southern Europe and Other countries can be found on page 15.
During the period April-June sales increased by 3% in Sweden. The increase is attributable to the promo sales channel. In the U.S., sales decreased by 22%, measured in SEK, and by 4% in local currency and the decrease is attributable to both sales channels. The Other Nordic countries have decreased sales due to weaker sales in Norway while Denmark and Finland show growth. Mid-Europe and Southern Europe were negatively affected by exchange rate fluctuation but several countries have increased or are on par with last year.
During the period January-June sales increased by 3% in Sweden. The increase is attributable to the promo sales channel. In the U.S., sales decreased by 14% but report a slight increase, measured in local currency. The Other Nordic countries, excluding Sweden, report growth in all markets. Mid-Europe and Southern Europe were negatively affected by exchange rate fluctuation but several countries have increased or are on par with last year.
CAPITAL TIED UP
Capital tied up in stock has increased by SEK 184 million since the turn of the year and by SEK 200 million since 30 June, 2010. Total stock value amounted to SEK 1 778 million (SEK 1 579 million). The increase is seasonal and mainly consists of delivered goods for the coming quarters. The stock turnover rate amounted to 1.2 (1.3).
| 2011-06 | 2010-06 | |
|---|---|---|
| Raw materials | 65,1 | 71,5 |
| Work in progress | 25,6 | 34,5 |
| Goods in transit | 117,4 | 88,6 |
| Merchandise on stock | 1 570,3 | 1 384,1 |
| Total | 1 778,4 | 1 578,7 |
Obsolescence as of 30 June, 2011 amounted to SEK 61 million (SEK 61 million) and is 3.9% (4.4%) of merchandise on stock.
Accounts receivable decreased by SEK 38 million, to SEK 741 million (SEK 779 million). The decrease is attributable to exchange rate fluctuations and better terms of payment.
The Group continues its efforts and priority to decrease working capital. Our efforts will continue to concentrate on logistics and product line.
INVESTMENTS, FINANCING AND LIQUIDITY
The Group's cash flow from operating activities during the quarter amounted to SEK 26.2 million (SEK 117.5 million). The outflow is mainly affected by the seasonal build-up of stock, lowering cash flow. The Group's cash net investments were SEK -19.6 million (SEK -6.7 million).
Compared to the same period last year, net debt decreased by SEK 31 million and amounted to SEK 1 591 million (SEK 1 622 million).
Net debt increased by SEK 185 million during the period January-June, which is related to increased working capital, mainly inventories. The corresponding six month period last year had a decrease of SEK 119 million. Net debt to equity ratio decreased and amounted to 83.3% (86.7%).
The equity ratio increased by 1.4 percentage points and amounted to 43.8% (42.4%), which is due to improved equity.
The Group's credit agreement has a credit limit of SEK 2 200 million and is valid until 15 September, 2013. The credit agreement means that commitments (covenants) must be fulfilled in order to maintain the credit limit. The interest rate is based on each respective currency's base rate and a fixed margin.
Based on this forecast, it is the management's assessment that the Group will meet these covenants with sufficient margin. It is the Group's policy to have short fixed interest agreements resulting in quick effects on the Group's net interest as the short term interest rate changes.
PERSONNEL AND ORGANISATION
As of 30 June, 2011 the number of employees amounted to 2 162 (2 159) persons, of which 48% were women and 52% were men. Out of the total number of employees, 556 (557) work in production. The production contained within the New Wave Group is attributable to Orrefors Kosta Boda, Seger, Dahetra, Toppoint and Cutter & Buck (embroidery).
SUBSCRIPTION OPTIONS IN NEW WAVE GROUP AB
New Wave Group has two outstanding share option programs.
A program for senior executives was introduced in June 2009. The option program consists of 1 000 000 options, expires in June 2012 and has an exercise price of SEK 26.10. The option subscription premium was SEK 0.21 per option.
One option program was launched in July 2008 for the Board. The Board program consists of 200 000 options, expires in June 2013 and has an exercise price of SEK 85.40. The option subscription premium was SEK 0.88 per option.
Acquired premiums for all the above programs have been based on market value.
RELATED-PARTY TRANSACTIONS
There are lease agreements with related companies. Affiliates of the CEO have bought merchandise. The parent company has purchased consultancy services from a member of the Board. All transactions have occurred in accordance with market conditions.
VIEWS ON 2011
For 2011 we expect a higher sales turnover and somewhat better result than the 2010 outcome.
THE PARENT COMPANY
Total income during the period January-June amounted to SEK 71.7 million (SEK 81.9 million). Profit after financial items amounted to SEK 4.8 million (SEK 50.5 million). Net borrowing amounted to SEK 1 566 million (SEK 1 613 million), of which SEK 1 428 million (SEK 1 369 million) refers to financing of subsidiaries. Net investments amounted to SEK -15.2 million (SEK 65.9 million). The balance sheet total amounted to SEK 3 442 million (SEK 3 439 million) and equity, including 73.7% untaxed reserves, to SEK 1 311 million (SEK 1 251 million).
RISKS AND RISK CONTROL
New Wave Group's international operations mean that it is continuously exposed to different financial risks. These risks are currency, borrowings and interest rate risks, as well as liquidity and credit risks. In order to minimize the affect these risks may have on its result, the Group has drawn up a financial policy. For a more detailed description of how the Group handles risks, please refer to the Annual Report 2010; www.nwg.se
It is the Group's policy to have short fixed-interest agreements resulting in quick effects on the Group's net interest as the short-term interest rate changes.
The Group's accounted exposures are in all material aspects unchanged.
ACCOUNTING PRINCIPLES
This report has been prepared according to IAS 34 Interim Report and the Annual Report Law. Report regarding total comprehensive income has been prepared according to IAS 1 (R). The interim report for the parent company has been prepared according to Annual Report Law as well as the Swedish Financial Accounting Standards Council's standards 2.3 - Accounting for legal entity. Applied accounting principles are in accordance with the Annual Report for 2010.
EVENTS AFTER END QUARTER
On 29 July, New Wave Group acquired substantially all of the assets of the US based headwear company, Ahead, for a sum of USD 17.4m in addition to a net asset value adjustment of approximately USD 5m. The acquisition will be included in a newly formed subsidiary within New Wave USA Inc. During 2010, Ahead reported sales of close to USD 32m with an operating profit (EBIT) of approximately USD 2.7m.
CALENDAR
- • 11 November, 2011
- Interim report for Q3 • 9 February, 2012
- Year End Report 2011 • 26 April, 2012
- Interim report for Q1
The Board and CEO assure that the interim Report gives a true and fair view of the company and the Group´s operations, position and result and describes the material risks and uncertainties that the company and the Group face.
Göteborg 12 August, 2011 New Wave Group AB (publ) Board member signatures
Anders Dahlvig Christina Bellander Göran Härstedt Chairman of the board Board Member Board Member
Helle Kruse Nielsen Mats Årjes Torsten Jansson Board Member Board Member MD and CEO
FOR MORE INFORMATION, PLEASE CONTACT:
CEO Torsten Jansson Phone: +46 (0)31 712 89 01 E-mail: [email protected] dCEO Rolf Karp Phone: +46 (0)31 712 89 05 E-mail: [email protected] CFO Lars Jönsson Phone: +46 (0)31 712 89 12 E-mail: [email protected]
The information in this report is that which New Wave Group is required to disclose under the Securities Exchange and Clearing Operations Act and/or the Financial Trading Act. It was released for publication at 7 am (CET) on 12 August 2011.
Consolidated income statements
| 3 months | 3 months | 6 months | 6 months | 12 months | 12 months | ||
|---|---|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | Jan-Dec | ||
| SEK million | 2011 | 2010 | 2011 | 2010 | 2010 | 2009 | |
| Net sales | 1 020.9 | 1 065.3 | 1 948.5 | 1 980.6 | 4 243.4 | 4 087.0 | |
| Goods for resale | -522.7 | -563.7 | -1 016.6 | -1 041.6 | -2 243.5 | -2 185.3 | |
| Gross profit | 498.2 | 501.6 | 931.9 | 939.0 | 1 999.9 | 1 901.7 | |
| Other operating income* | 8.4 | 5.1 | 21.0 | 10.2 | 32.2 | 68.9 | |
| External costs | -241.6 | -230.6 | -483.1 | -471.0 | -946.2 | -949.1 | |
| Personnel costs | -173.2 | -171.7 | -341.4 | -338.7 | -679.2 | -751.5 | |
| Depreciation of tangible and | |||||||
| intangible fixed assets | -13.2 | -15.1 | -24.3 | -30.0 | -58.4 | -70.6 | |
| Other operating costs | -5.5 | -1.5 | -13.4 | -5.4 | -21.6 | -27.6 | |
| Share of associated companies result | -0.4 | 0.1 | -0.3 | 0.7 | 0.9 | 0.6 | |
| Operating profit | 72.7 | 87.9 | 90.4 | 104.8 | 327.6 | 172.4 | |
| Interest income | 1.0 | 1.5 | 2.6 | 2.5 | 5.1 | 6.2 | |
| Interest expenses | -12.2 | -6.6 | -23.7 | -14.2 | -32.4 | -52.4 | |
| Net financial items | -11.2 | -5.1 | -21.1 | -11.7 | -27.3 | -46.2 | |
| Profit before tax | 61.5 | 82.8 | 69.3 | 93.1 | 300.3 | 126.2 | |
| Tax on profit for the period | -24.2 | -23.4 | -26.3 | -26.1 | -78.8 | -38.4 | |
| Profit/loss for the period | 37.3 | 59.4 | 43.0 | 67.0 | 221.5 | 87.8 | |
| Other comprehensive income | |||||||
| Translation difference | 54.7 | 39.0 | 6.6 | 10.0 | -65.8 | -90.0 | |
| Cash flow hedge | -1.7 | 3.7 | -9.5 | 5.3 | -4.8 | -13.6 | |
| Income tax related to components of | |||||||
| other comprehensive income | 0.4 | -1.0 | 2.5 | -1.4 | 1.3 | 3.6 | |
| Total other comprehensive income net after tax for the period | 53.4 | 41.7 | -0.4 | 13.9 | -69.3 | -100.0 | |
| Total comprehensive income for the period | 90.7 | 101.1 | 42.6 | 80.9 | 152.2 | -12.2 | |
| Profit/loss attributable to: | |||||||
| Equity holders of the parent company | 36.8 | 59.4 | 42.0 | 66.9 | 219.8 | 85.8 | |
| Non-controlling (minority) interest | 0.5 37.3 |
0.0 59.4 |
1.0 43.0 |
0.1 67.0 |
1.7 221.5 |
2.0 87.8 |
|
| Total comprehensive income attributable to: | |||||||
| Equity holders of the parent company | 89.5 | 100.4 | 41.5 | 80.6 | 151.3 | -12.6 | |
| Non-controlling (minority) interest | 1.2 90.7 |
0.7 101.1 |
1.1 42.6 |
0.3 80.9 |
0.9 152.2 |
0.4 -12.2 |
|
| Profit per share | |||||||
| Profit per share before dilution | 0.55 | 0.90 | 0.63 | 1.01 | 3.31 | 1.29 | |
| Profit per share after dilution | 0.55 | 0.88 | 0.62 | 0.99 | 3.26 | 1.27 | |
| Weighted number of shares before dilution | 66 343 543 | 66 343 543 | 66 343 543 | 66 343 543 | 66 343 543 | 66 343 543 | |
| Weighted number of shares after dilution | 67 343 543 | 67 343 543 | 67 343 543 | 67 343 543 | 67 343 543 | 67 343 543 |
* Rate of exchange profit and capital gain
Consolidated cash flow statements
| 3 months | 3 months | 6 months | 6 months | 12 months | 12 months | |
|---|---|---|---|---|---|---|
| Apr - Jun | Apr - Jun | Jan - Jun | Jan - Jun | Jan - Dec | Jan-Dec | |
| SEK million | 2011 | 2010 | 2011 | 2010 | 2010 | 2009 |
| Current operation | ||||||
| Profit/loss before financial items | 72.8 | 87.9 | 90.5 | 104.8 | 327.6 | 172.4 |
| Items not included in cash flow | 15.3 | 10.0 | 31.6 | 25.3 | 77.0 | 52.3 |
| Received interest | 1.0 | 1.4 | 2.6 | 2.4 | 5.1 | 6.2 |
| Paid interest | -12.2 | -6.6 | -23.7 | -14.2 | -32.4 | -52.4 |
| Paid income tax | -14.9 | -10.3 | -61.6 | -15.8 | -45.2 | -39.6 |
| Cash flow from current operations | 62.0 | 82.4 | 39.4 | 102.5 | 332.1 | 138.9 |
| before changes in working capital | ||||||
| Cash flow from changes in working capital | ||||||
| Increase/decrease of stock | -77.8 | 24.6 | -202.5 | 40.3 | -36.7 | 526.1 |
| Increase/decrease of current receivables | 45.4 | -83.9 | 96.6 | -73.9 | -37.0 | 119.2 |
| Increase/decrease of short-term liabilities | -3.4 | 94.4 | -49.9 | 114.0 | 85.2 | 22.1 |
| Changes in working capital | -35.8 | 35.1 | -155.8 | 80.4 | 11.5 | 667.4 |
| Cash flow from operations | 26.2 | 117.5 | -116.4 | 182.9 | 343.6 | 806.3 |
| Investing activities | ||||||
| Investments in tangible assets | -10.1 | -10.4 | -33.3 | -26.4 | -61.2 | -61.9 |
| Sales of tangible assets | 0.3 | 1.3 | 0.3 | 1.3 | 3.1 | 40.7 |
| Investments in intangible assets | -10.4 | 0.0 | -10.4 | 0.0 | -2.0 | 0.0 |
| Reayment of purchase amount * | 0.0 | 2.4 | 0.0 | 2.4 | 2.4 | 0.0 |
| Sales of financial assets | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 |
| Acquisition of financial assets | 0.6 | 0.0 | -3.3 | 0.0 | 0.0 | -1.8 |
| Cash flow from investing activities | -19.6 | -6.7 | -46.7 | -22.7 | -57.6 | -23.0 |
| Cash flow after investing activities | 6.6 | 110.8 | -163.1 | 160.2 | 286.0 | 783.3 |
| Financial activities | ||||||
| Option premium | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 |
| Loan raised | 36.0 | 0.0 | 169.5 | 0.0 | 53.9 | 0.0 |
| Raised long-term receivables | -0.3 | 0.0 | 0.0 | 0.0 | -0.1 | 0.0 |
| Repayment of long-term receivables | 0.0 | 0.0 | 3.9 | 1.2 | 0.0 | 2.5 |
| Amortization of loan | 0.0 | -90.2 | 0.0 | -148.4 | -278.4 | -875.6 |
| Dividend paid to the parent company's shareholders | -66.3 | -16.6 | -66.3 | -16.6 | -16.6 | -11.9 |
| Cash flow from financial activities | -30.6 | -106.8 | 107.1 | -163.8 | -241.2 | -884.8 |
| Cash flow for the period | -24.0 | 4.0 | -56.0 | -3.6 | 44.8 | -101.5 |
| Opening cash balance | 86.1 | 72.4 | 121.7 | 80.4 | 80.4 | 191.2 |
| Currency translation | 2.1 | 3.7 | -1.5 | 3.3 | -3.5 | -9.3 |
| Closing cash balance | 64.2 | 80.1 | 64.2 | 80.1 | 121.7 | 80.4 |
| Liquid assets | ||||||
| Cash at bank and in hand | 64.2 | 80.1 | 64.2 | 80.1 | 121.7 | 80.4 |
| *The item includes: | ||||||
| Goodwill | - | 2.4 | - | 2.4 | 2.4 | - |
| Effect on the cash flow | 0.0 | 2.4 | 0.0 | 2.4 | 2.4 | 0.0 |
Consolidated balance sheets
| 30-Jun | 30-Jun | 31-Dec | 31-Dec | |
|---|---|---|---|---|
| SEK million | 2011 | 2010 | 2010 | 2009 |
| ASSETS | ||||
| Intangible fixed assets | 1 106.2 | 1 252.0 | 1 141.7 | 1 205.4 |
| Property, plant and equipment | 334.7 | 355.2 | 333.9 | 379.6 |
| Shares in associated companies | 55.0 | 51.7 | 51.7 | 50.9 |
| Long-term receivables | 10.5 | 13.1 | 14.4 | 14.3 |
| Deferred tax assets | 93.6 | 116.5 | 101.8 | 109.2 |
| Total fixed assets | 1 600.0 | 1 788.5 | 1 643.5 | 1 759.4 |
| Stock | 1 778.4 | 1 578.7 | 1 594.7 | 1 624.8 |
| Tax receivables | 39.6 | 27.1 | 46.6 | 65.3 |
| Accounts receivables | 740.9 | 778.6 | 787.9 | 735.3 |
| Prepaid expenses and accrued income | 102.8 | 81.4 | 72.3 | 73.4 |
| Other receivables | 28.6 | 71.9 | 51.9 | 63.7 |
| Liquid assets | 64.2 | 80.1 | 121.7 | 80.4 |
| Total current assets | 2 754.5 | 2 617.8 | 2 675.1 | 2 642.9 |
| TOTAL ASSETS | 4 354.5 | 4 406.3 | 4 318.6 | 4 402.3 |
| EQUITY | ||||
| Share capital | 199.1 | 199.1 | 199.1 | 199.1 |
| Other capital contributed | 219.4 | 219.4 | 219.4 | 219.4 |
| Reserves | 37.1 | 119.8 | 37.6 | 106.1 |
| Retained earnings including profit/loss for the period | 1 427.9 | 1 299.3 | 1 452.2 | 1 249.0 |
| Equity attributable to Parent Company shareholders | 1 883.5 | 1 837.6 | 1 908.3 | 1 773.6 |
| Non-controlling (minority) interest | 25.8 | 32.7 | 24.7 | 33.5 |
| Total equity | 1 909.3 | 1 870.3 | 1 933.0 | 1 807.1 |
| LIABILITIES | ||||
| Long-term interest-bearing liabilities | 1 638.2 | 1 696.8 | 1 492.4 | 1 796.2 |
| Pension obligations | 9.0 | 7.9 | 8.1 | 8.2 |
| Other provisions | 8.2 | 13.2 | 16.0 | 16.8 |
| Deferred tax liabilities | 149.6 | 178.4 | 148.2 | 170.6 |
| Total long-term liabilities | 1 805.0 | 1 896.3 | 1 664.7 | 1 991.8 |
| Short-term interest-bearing liabilities | 17.1 | 5.2 | 35.9 | 25.0 |
| Accounts payable | 271.0 | 325.6 | 305.6 | 261.8 |
| Current tax liabilities | 46.0 | 31.3 | 66.4 | 35.9 |
| Accrued expenses and prepaid income | 226.8 | 199.6 | 204.2 | 196.5 |
| Other liabilities | 79.3 | 78.0 | 108.8 | 84.2 |
| Total short-term liabilities | 640.2 | 639.7 | 720.9 | 603.4 |
| Total liabilies | 2 445.2 | 2 536.0 | 2 385.6 | 2 595.2 |
| TOTAL EQUITY AND LIABILITIES | 4 354.5 | 4 406.3 | 4 318.6 | 4 402.3 |
| Memorandum items | ||||
| Assets pledged | 2 784.5 | 2 780.9 | 2 714.3 | 2 256.9 |
| Contingent liabilities | 33.2 | 39.9 | 39.8 | 8.3 |
Consolidated statement of changes in equity
| Retained | Non | ||||||
|---|---|---|---|---|---|---|---|
| Other | earnings | controlling | |||||
| capital | incl. profit/loss | (minority) | |||||
| SEK million | Share capital contributed | Reserves | for the year | Total | interest | Total equity | |
| Opening balance 2010-01-01 | 199.1 | 219.4 | 106.1 | 1 249.0 | 1 773.6 | 33.5 | 1 807.1 |
| Profit for the year | 219.8 | 219.8 | 1.7 | 221.5 | |||
| Other comprehensive income | |||||||
| Translation difference | -65.0 | -65.0 | -0.8 | -65.8 | |||
| Cash flow hedge | -4.8 | -4.8 | -4.8 | ||||
| Income tax related to components of other comprehensive income | 1.3 | 1.3 | 1.3 | ||||
| Transactions with shareholders | |||||||
| Dividend | -16,6 | -16,6 | -16,6 | ||||
| Change in non-controlling (minority) interest | 0,0 | 0,0 | -9,7 | -9,7 | |||
| Balance at year end 2010-12-31 | 199,1 | 219,4 | 37,6 | 1 452,2 | 1 908,3 | 24,7 | 1 933,0 |
| Retained | Non | ||||||
| Other | earnings | controlling | |||||
| capital | incl. profit/loss | (minority) | Total equity | ||||
| SEK million | Share capital contributed | Reserves | for the period | Total | interest | kapital | |
| Opening balance 2011-01-01 | 199.1 | 219.4 | 37.6 | 1 452.2 | 1 908.3 | 24.7 | 1 933.0 |
| Profit for the period | 42.0 | 42.0 | 1.0 | 43.0 | |||
| Other comprehensive income | |||||||
| Translation difference | 6.5 | 6.5 | 0.1 | 6.6 | |||
| Cash flow hedge | -9.5 | -9.5 | -9.5 | ||||
| Income tax related to components of other comprehensive income | 2.5 | 2.5 | 2.5 | ||||
| Transactions with shareholders | |||||||
| Dividend | -66.3 | -66.3 | -66.3 | ||||
| Change in non-controlling (minority) interest | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Balance at end of period 2011-06-30 | 199.1 | 219.4 | 37.1 | 1 427.9 | 1 883.5 | 25.8 | 1 909.3 |
| 6 months | 6 months | Full Year | Full Year | ||||
| Accumulated translation differences in equity | 2011 | 2010 | 2010 | 2009 | |||
| Accumulated translation differences in equity opening balance | 49.9 | 115.7 | 115.7 | 205.7 | |||
| Translation differences in foreign subsidiaries for the period | 6.6 | 10.0 | -65.8 | -90.0 | |||
| Accumulated translation differences at end of period | 56.5 | 125.7 | 49.9 | 115.7 |
Financial highlights - Group
| 6 months | 6 months | 12 months | 12 months | ||
|---|---|---|---|---|---|
| Jan - Jun | Jan - Jun | Jan - Dec | Jan - Dec | ||
| 2011 | 2010 | 2010 | 2009 | ||
| Sales growth, % | -1.6 | -1.1 | 3.8 | -11.2 | |
| Number of employees | 2 162 | 2 159 | 2 196 | 2 203 | |
| Gross profit margin, % | 47.8 | 47.4 | 47.1 | 46.5 | |
| Operating margin before depreciation, % | 5.9 | 6.8 | 9.1 | 5.9 | |
| Operating margin, % | 4.6 | 5.3 | 7.7 | 4.2 | |
| Profit margin, % | 3.6 | 4.7 | 7.1 | 3.1 | |
| Net margin, % | 2.3 | 3.4 | 5.3 | 2.1 | |
| Return on shareholders' equity, % | 4.8 | 7.4 | 12.1 | 4.9 | |
| Return on capital employed, % | 5.2 | 6.0 | 9.4 | 4.3 | |
| Equity ratio, % | 43.8 | 42.4 | 44.8 | 41.0 | |
| Net debt - Equity ratio, % | 83.3 | 86.7 | 72.8 | 96.3 | |
| Net debt, SEK million | 1 591.1 | 1 621.9 | 1 406.6 | 1 740.8 | |
| Interest cover ratio, times | 3.9 | 7.6 | 10.4 | 3.4 | |
| Capital turnover, times | 0.9 | 0.9 | 1.0 | 0.8 | |
| Stock turnover, times | 1.2 | 1.3 | 1.4 | 1.1 | |
| Cash flow before investments, SEK million | -116.4 | 182.9 | 343.6 | 806.3 | |
| Net investments, SEK million | -46.7 | -22.7 | -57.6 | -23.0 | |
| Cash flow after investments, SEK million | -163.1 | 160.2 | 286.0 | 783.3 | |
| Shareholders' equity per share, SEK | 28.78 | 28.19 | 29.14 | 27.24 | |
| Shareholders' equity per share after dilution, SEK | 28.35 | 27.77 | 28.70 | 26.83 | |
| Share price as at December 31, SEK | - | - | 40.40 | 27.50 | |
| Dividend/share, SEK | - | - | 1.00 | 0.25 | |
| P/E-ratio | - | - | 12.03 | 20.54 | |
| P/S-ratio | - | - | 0.63 | 0.45 | |
| Share price/Shareholders' equity | - | - | 1.39 | 1.01 |
Definitions
Return on shareholders' equity Profit/loss after full tax as a percentage of the average shareholders' equity.
Return on capital employed Profit/loss after net financial items plus financial costs in percent of capital employed in average.
Gross margin
Net sales for the period, less product costs, as a percentage of net sales.
EBITDA
Operating profit before depreciation.
Capital turnover Net sales divided by the average Balance Sheet total.
Net margin Net result as a percentage of net sales.
Net debt/equity ratio
Interest-bearing liabilities, less interest bearing assets, as a percentage of shareholders' equity.
Interest cover ratio
Profit after financial items plus interest expenses divided by interest expenses.
Operating margin
Operating profit/loss after depreciation as a percentage of net sales.
Equity ratio
Equity including non-controlling (minority) interest in percent of balance sheet total.
Capital employed
Balance Sheet total reduced by interest-free liabilities and interest-free provisions.
Profit margin
Profit/loss after financial items as a percentage of net sales.
Stock turnover
Cost of sold goods divided by average stock.
Income statements – Parent Company
| 6 months | 6 months | 12 months | 12 months | ||
|---|---|---|---|---|---|
| Jan - Jun | Jan - Jun | Jan - Dec | Jan - Dec | ||
| SEK million | 2011 | 2010 | 2010 | 2009 | |
| Net sales | 61.2 | 72.5 | 137.2 | 139.0 | |
| Other operating income* | 10.5 | 9.4 | 19.2 | 17.7 | |
| Total income | 71.7 | 81.9 | 156.4 | 156.7 | |
| External expenses | -49.8 | -51.6 | -101.8 | -109.0 | |
| Personnel costs | -11.8 | -12.5 | -23.7 | -25.3 | |
| Depreciation of tangible and intangible fixed assets | -1.4 | -0.5 | -0.9 | -4.1 | |
| Other operating costs** | -9.4 | -5.5 | -16.7 | -17.1 | |
| Operating profit/loss | -0.7 | 11.8 | 13.3 | 1.2 | |
| Profit/loss from financial investments | 0.0 | 29.2 | 230.5 | 197.7 | |
| Write-down of financial assets | 0.0 | 0.0 | -122.4 | -20.6 | |
| Interest income | 17.7 | 16.5 | 54.6 | 84.1 | |
| Interest expenses | -12.2 | -7.0 | -36.1 | -53.4 | |
| Net financial items | 5.5 | 38.7 | 126.6 | 207.8 | |
| Profit/loss after financial items | 4.8 | 50.5 | 139.9 | 209.0 | |
| Disposals | 0.0 | 0.0 | -19.3 | -0.2 | |
| Tax on net profit/loss for the period | -5.6 | -13.3 | -3.6 | -10.3 | |
| Profit for the period | -0.8 | 37.2 | 117.0 | 198.5 |
Total comprehensive income for the period correspond with profit for the period
* Rate of exchange profit and capital gain
** Rate of exchange loss
Cash Flow Analysis – Parent Company
| 6 month | 6 month | 12 month | 12 month | |
|---|---|---|---|---|
| Jan - Jun | Jan - Jun | Jan - Dec | Jan - Dec | |
| SEK million | 2011 | 2010 | 2010 | 2009 |
| Current operations | ||||
| Operating profit before financial items | -0.7 | 11.8 | 13.3 | 1.2 |
| Adjustments for non-cash items | 1.4 | -4.3 | -3.9 | 20.6 |
| Received dividends | 0.0 | 29.2 | 118.7 | 194.9 |
| Interest received | 34.1 | 25.9 | 54.6 | 84.1 |
| Interest paid | -28.6 | -16.4 | -36.1 | -53.4 |
| Tax paid | -20.7 | 26.3 | -3.7 | 9.2 |
| Cash flow before change in | ||||
| working capital | -14.5 | 72.5 | 142.9 | 256.6 |
| Cash flow from change in working capital | ||||
| Decrease/increase in stock | -6.9 | 0.0 | 0.0 | 0.0 |
| Decrease/increase in short-term receivables | -101.9 | 110.5 | 151.3 | 330.8 |
| Decrease/increase on short-term liabilities | 27.6 | -26.4 | -33.3 | -19.5 |
| Changes in working capital | -81.2 | 84.1 | 118.0 | 311.3 |
| Cash flow from operations | -95.7 | 156.6 | 260.9 | 567.9 |
| Investing activities | ||||
| Shareholders contribution to subsidiaries | -5.2 | -28.9 | -28.8 | -10.4 |
| Intragroup company aquisition | 0.0 | -0.1 | 0.0 | -87.0 |
| Intragroup sales of group companies | 0.0 | 3.4 | 3.4 | 115.1 |
| Aquisition of tangible assets | -3.4 | -0.3 | -0.2 | -0.1 |
| Aquisition of intangible assets | -5.6 | -0.1 | -0.5 | 0.0 |
| Aquisition shares | -1.0 | 0.0 | 0.0 | -1.1 |
| Repayment of purchase amount | 0.0 | 2.4 | 2.4 | 0.0 |
| Loan given to subsidiaries | 0.0 | -42.3 | 0.0 | 0.0 |
| Repayment of loan from subsidiaries | 0.0 | 0.0 | 0.0 | 312.6 |
| Cash-flow from investing activities | -15.2 | -65.9 | -23.7 | 329.1 |
| Cash flow after investing activities | -110.9 | 90.7 | 237.2 | 897.0 |
| Financial activities | ||||
| Loan raised | 179.0 | 0.0 | 0.0 | 0.0 |
| Amortization of loan | 0.0 | -74.1 | -220.6 | -849.1 |
| Raised long-term receivables | -1.8 | 0.0 | 0.0 | 0.0 |
| Dividend paid to shareholders of the parent company | -66.3 | -16.6 | -16.6 | -11.9 |
| Received/paid Group contribution | 0.0 | 0.0 | 0.0 | -36.0 |
| Cash-flow from financial activities | 110.9 | -90.7 | -237.2 | -897.0 |
| Cash flow for the period | 0.0 | 0.0 | 0.0 | 0.0 |
| Liquid funds at the beginning of the year | 0.0 | 0.0 | 0.0 | 0.0 |
| Liquid funds at the end of the period | 0.0 | 0.0 | 0.0 | 0.0 |
Balance sheets – Parent Company
| 30-Jun | 30-Jun | 31-Dec | 31-Dec | |
|---|---|---|---|---|
| SEK million | 2011 | 2010 | 2010 | 2009 |
| ASSETS | ||||
| Fixed assets | ||||
| Intangible fixed assets | 5.5 | 0.7 | 0.7 | 0.6 |
| Tangible fixed assets | 3.2 | 0.6 | 0.4 | 0.8 |
| Financial assets | ||||
| Shares in Group companies | 1 405.1 | 1 477.5 | 1 400.0 | 1 449.6 |
| Shares in associated companies | 53.2 | 52.3 | 52.2 | 52.3 |
| Receivables on Group companies | 554.7 | 702.3 | 598.1 | 659.9 |
| Other long-term receivables | 2.3 | 0.5 | 0.5 | 0.5 |
| Total financial assets | 2 015.3 | 2 232.6 | 2 050.8 | 2 162.3 |
| Total fixed assets | 2 024.0 | 2 233.9 | 2 051.9 | 2 163.7 |
| Current assets | ||||
| Short-term receivables | ||||
| Stock | 6.9 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 4.3 | 4.6 | 4.3 | 0.4 |
| Receivables on Group companies | 1 391.0 | 1 161.9 | 1 275.7 | 1 282.1 |
| Tax receivables | 0.4 | 0.0 | 14.4 | 26.1 |
| Other receivables | 5.1 | 27.0 | 16.0 | 15.0 |
| Prepaid expenses and accrued income | 10.3 | 11.4 | 12.8 | 17.3 |
| Total short-term receivables | 1 418.0 | 1 204.9 | 1 323.2 | 1 340.9 |
| Cash and bank | 0.0 | 0.0 | 0.0 | 0.0 |
| Total current assets | 1 418.0 | 1 204.9 | 1 323.2 | 1 340.9 |
| TOTAL ASSETS | 3 442.0 | 3 438.8 | 3 375.1 | 3 504.6 |
| EQUITY AND LIABILITIES | ||||
| Shareholders' equity | ||||
| Restricted shareholders' equity | ||||
| Share capital | 199.1 | 199.1 | 199.1 | 199.1 |
| Restricted reserves | 249.4 | 249.4 | 249.4 | 249.4 |
| 448.5 | 448.5 | 448.5 | 448.5 | |
| Unrestricted shareholders' equity | ||||
| Retained profits | 776.2 | 692.6 | 725.5 | 510.7 |
| Share premium reserve | 48.0 | 48.0 | 48.0 | 48.0 |
| Profit/loss for the period | -0.8 | 37.2 | 117.0 | 198.5 |
| 823.4 | 777.8 | 890.5 | 757.2 | |
| Total shareholders' equity | 1 271.9 | 1 226.3 | 1 339.0 | 1 205.7 |
| Untaxed reserves | 53.0 | 33.6 | 53.0 | 33.6 |
| Long-term liabilities | ||||
| Overdraft facilities Total long-term liabilities |
1 565.8 1 565.8 |
1 612.8 1 612.8 |
1 430.2 1 430.2 |
1 686.9 1 686.9 |
| Short-term liabilities | ||||
| Accounts payable | 25.9 | 52.9 | 44.9 | 37.3 |
| Liabilities to Group companies | 517.8 | 495.1 | 501.2 | 534.3 |
| Current tax liabilities | 0.0 | 13.5 | 0.0 | 0.0 |
| Other liabilities | 0.8 | 0.0 | 0.7 | 0.7 |
| Accrued expenses and prepaid income | 6.8 | 4.6 | 6.1 | 6.1 |
| Total short-term liabilities | 551.3 | 566.1 | 552.9 | 578.4 |
| TOTAL EQUITY AND LIABILITIES | 3 442.0 | 3 438.8 | 3 375.1 | 3 504.6 |
| Memorandum items | ||||
| Assets pledged | 1 110.5 | 1 516.2 | 1 110.4 | 1 488.5 |
| Contingent liabilities | 401.6 | 330.5 | 467.1 | 299.9 |
Changes in equity – Parent Company
| Restricted | Retained | Share premium | Profit/loss | |||
|---|---|---|---|---|---|---|
| SEK million | Share capital | reserves | profits | reserve | for the year 198.5 -198.5 |
Total equity |
| Opening balance 2010-01-01 | 199.1 | 249.4 | 510.7 | 48.0 | 1 205.7 | |
| Transfer according to General meeting | 198.5 | 0.0 | ||||
| Group contribution | 32.9 | 32.9 | ||||
| Profit/loss for the year | 117.0 | 117.0 | ||||
| Total change in net assets excluding transactions with shareholders |
0.0 | 0.0 | 32.9 | 0.0 | 117.0 | 149.9 |
| Dividend | -16.6 | -16.6 | ||||
| Balance at year end 2010-12-31 | 199.1 | 249.4 | 725.5 | 48.0 | 117.0 | 1 339.0 |
Group contribution of SEK 32.9 million concerns received Group contribution of SEK 44.6 million with a calculated tax effect of SEK -11.7 million attributable to the Group contribution.
| SEK million | Share capital | Restricted reserves |
Retained profits |
Share premium reserve |
Profit/loss for the period |
Total equity |
|---|---|---|---|---|---|---|
| Opening balance 2011-01-01 | 199.1 | 249.4 | 725.5 | 48.0 | 117.0 | 1 339.0 |
| Transfer according to General meeting | 117.0 | -117.0 | 0.0 | |||
| Profit/loss for the period | -0.8 | -0.8 | ||||
| Total change in net assets excluding transactions with shareholders |
0.0 | 0.0 | 0.0 | 0.0 | -0.8 | -0.8 |
| Dividend | -66.3 | -66.3 | ||||
| Balance at end of period 2011-06-30 | 199.1 | 249.4 | 776.2 | 48.0 | -0.8 | 1 271.9 |
Sales and result per business area
| 3 months Apr - Jun |
3 months Apr - Jun |
6 months Jan - Jun |
6 months Jan - Jun |
12 months Jan–Dec |
12 months Jan–Dec |
|
|---|---|---|---|---|---|---|
| Business Area Corporate Promo | 2011 | 2010 | 2011 | 2010 | 2010 | 2009 |
| Net sales | 482.4 | 482.7 | 893.6 | 880.7 | 1 818.6 | 1 805.1 |
| Result EBITDA | 74.8 | 77.3 | 99.4 | 91.0 | 209.6 | 171.9 |
| Business Area Sports & Leisure | ||||||
| Net sales | 367.8 | 403.7 | 756.6 | 783.8 | 1 702.8 | 1 587.1 |
| Result EBITDA | 25.9 | 30.1 | 62.3 | 70.5 | 220.1 | 124.5 |
| Business Area Gifts & Home furnishing | ||||||
| Net sales | 170.7 | 178.9 | 298.3 | 316.1 | 722.0 | 694.8 |
| Result EBITDA | -14.8 | -4.4 | -47.0 | -26.7 | -43.7 | -53.4 |
| Total net sales | 1 020.9 | 1 065.3 | 1 948.5 | 1 980.6 | 4 243.4 | 4 087.0 |
| Total result EBITDA | 85.9 | 103.0 | 114.7 | 134.8 | 386.0 | 243.0 |
| Total result EBITDA | 85.9 | 103.0 | 114.7 | 134.8 | 386.0 | 243.0 |
| Depreciation | -13.2 | -15.1 | -24.3 | -30.0 | -58.4 | -70.6 |
| Net financial items | -11.2 | -5.1 | -21.1 | -11.7 | -27.3 | -46.2 |
| Profit before tax | 61.5 | 82.8 | 69.3 | 93.1 | 300.3 | 126.2 |
Assets/Liabilities per business area
| Total | Fixed | Deferred | Total | |||
|---|---|---|---|---|---|---|
| SEK million | assets | assets * | tax assets | Investments | Depreciation | Liabilities |
| June 30 2011 | ||||||
| Corporate Promo | 2 087.9 | 544.2 | 39.5 | -34.2 | -13.9 | 1 520.9 |
| Sports & Leisure | 1 493.9 | 690.2 | 30.3 | -5.3 | -6.6 | 472.6 |
| Gifts & Home furnishing | 772.7 | 206.5 | 23.8 | -7.2 | -3.8 | 451.7 |
| Total | 4 354.5 | 1 440.9 | 93.6 | -46.7 | -24.3 | 2 445.2 |
| June 30 2011 | ||||||
| Corporate Promo | 1 927.2 | 558.9 | 63.9 | -7.8 | -17.1 | 1 553.4 |
| Sports & Leisure | 1 576.6 | 849.9 | 34.7 | -5.2 | -10.1 | 484.9 |
| Gifts & Home furnishing | 902.5 | 198.4 | 17.9 | -9.7 | -2.8 | 497.7 |
| Total | 4 406.3 | 1 607.2 | 116.5 | -22.7 | -30.0 | 2 536.0 |
| Dec 31 2010 | ||||||
| Corporate Promo | 1 986.3 | 561.3 | 39.0 | -38.2 | -26.7 | 1 481.2 |
| Sports & Leisure | 1 457.2 | 749.5 | 35.7 | -9.4 | -19.1 | 457.6 |
| Gifts & Home furnishing | 875.1 | 164.8 | 27.1 | -10.0 | -12.6 | 446.8 |
| Total | 4 318.6 | 1 475.6 | 101.8 | -57.6 | -58.4 | 2 385.6 |
| Sales per area | 3 months 3 months |
||||||
|---|---|---|---|---|---|---|---|
| Apr-Jun | Part of | Apr-Jun | Part of | Change | Change | ||
| 2011 | turnover | 2010 | turnover | SEK million | % | ||
| Sweden | 328 | 32% | 318 | 30% | 10 | 3% | |
| USA | 200 | 20% | 257 | 24% | -57 | -22% | |
| Nordic countries excluding Sweden | 173 | 17% | 174 | 16% | -1 | -1% | |
| Mid-Europe | 177 | 17% | 173 | 16% | 4 | 2% | |
| Southern Europe | 113 | 11% | 112 | 11% | 1 | 1% | |
| Other countries | 30 | 3% | 31 | 3% | -1 | -3% | |
| Total | 1 021 | 100% | 1 065 | 100% | -44 | -4% |
| 6 months | 6 months | |||||
|---|---|---|---|---|---|---|
| Jan–Jun | Part of | Jan–Jun | Part of | Change | Change | |
| 2011 | turnover | 2010 | turnover | SEK million | % | |
| Sweden | 600 | 31% | 581 | 29% | 19 | 3% |
| USA | 371 | 19% | 432 | 22% | -61 | -14% |
| Nordic countries excluding Sweden | 324 | 17% | 319 | 16% | 5 | 2% |
| Mid-Europe | 374 | 19% | 374 | 19% | 0 | 0% |
| Southern Europe | 216 | 11% | 214 | 11% | 2 | 1% |
| Other countries | 64 | 3% | 61 | 3% | 3 | 5% |
| Total | 1 949 | 100% | 1 981 | 100% | -32 | -2% |
| 12 months | 12 months | |||||
|---|---|---|---|---|---|---|
| Jan–Dec | Part of | Jan–Dec | Part of | Change | Change | |
| 2010 | turnover | 2009 | turnover | SEK million | % | |
| Sweden | 1 288 | 31% | 1 215 | 30% | 73 | 6% |
| USA | 893 | 21% | 789 | 19% | 104 | 13% |
| Nordic countries excluding Sweden | 651 | 15% | 625 | 15% | 26 | 4% |
| Mid-Europe | 798 | 19% | 804 | 20% | -6 | -1% |
| Southern Europe | 468 | 11% | 502 | 12% | -34 | -7% |
| Other countries | 145 | 3% | 152 | 4% | -7 | -5% |
| Total | 4 243 | 100% | 4 087 | 100% | 156 | 4% |
Fixed assets and deferred tax assets per area
| 30 Jun 2011 | 30 Jun 2010 | 31 Dec 2010 | 31 Dec 2009 | |||||
|---|---|---|---|---|---|---|---|---|
| Fixed | Deferred | Fixed | Deferred | Fixed | Deferred | Fixed | Deferred | |
| assets * | tax assets | assets * | tax assets | assets * | tax assets | assets * | tax assets | |
| Sweden | 504 | 14 | 508 | 15 | 494 | 14 | 506 | 10 |
| USA | 622 | 39 | 769 | 37 | 673 | 47 | 718 | 31 |
| Nordic countries excl Sweden | 27 | 2 | 28 | 2 | 26 | 3 | 28 | 2 |
| Mid-Europe | 191 | 36 | 201 | 37 | 186 | 35 | 225 | 37 |
| Southern Europe | 91 | 3 | 95 | 26 | 90 | 3 | 99 | 29 |
| Other countries | 6 | 0 | 6 | 0 | 7 | 0 | 9 | 0 |
| Total | 1 441 | 94 | 1 607 | 117 | 1 476 | 102 | 1 585 | 109 |
Quarterly consolidated income statements
| SEK million Quarter Q1 Q2 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net sales 927.6 1 020.9 915.3 1 065.3 1 060.7 1202.1 979.5 1 022.9 1 002.2 1082.4 1 015.0 1 245.4 1 117.3 Goods for resale -493.9 -522.7 -477.9 -563.7 -581.2 -620.7 -528.1 -519.3 -555.5 -582.4 -532.3 -626.8 -549.8 |
Q4 1 226.5 -662.9 563.6 46.0 |
|---|---|
| Gross profit 433.7 498.2 437.4 501.6 479.5 581.4 451.4 503.6 446.7 500.0 482.7 618.6 567.5 |
|
| Gross profit % 46.8 48.8 47.8 47.1 45.2 48.4 46.1 49.2 44.6 46.2 47.6 49.7 50.8 |
|
| Other operating income 12.6 8.4 5.1 5.1 12.6 9.4 22.9 22.0 2.1 21.9 6.2 6.4 23.2 |
20.7 |
| External costs -241.5 -241.6 -240.4 -230.6 -222.3 -252.9 -267.7 -220.1 -226.5 -234.8 -277.4 -270.6 -259.9 |
-297.7 |
| Personnel costs -168.2 -173.2 -167.0 -171.7 -161.1 -179.4 -231.2 -182.8 -166.6 -170.9 -178.6 -186.9 -167.5 |
-198.0 |
| Depreciations -11.1 -13.2 -14.9 -15.1 -14.2 -14.2 -18.5 -19.0 -17.1 -16.0 -12.5 -16.7 -16.5 |
-18.5 |
| Other operating costs -7.9 -5.5 -3.9 -1.5 -10.2 -6.0 -14.7 -8.7 -1.8 -2.4 -4.8 -2.0 -4.0 |
-9.6 |
| Share of associated companiesresult 0.1 -0.4 0.6 0.1 0.4 -0.2 0.5 0.4 0.9 -1.2 0.0 0.0 0.0 |
1.1 |
| Operating profit/loss 17.7 72.7 16.9 87.9 84.7 138.1 -57.3 95.4 37.7 96.6 15.6 148.8 142.8 |
61.6 |
| Interest income 1.6 1.0 1.0 1.5 0.6 2.0 4.3 0.7 0.0 1.2 2.6 2.6 2.6 |
4.6 |
| Interest expenses -11.5 -12.2 -7.6 -6.6 -8.3 -9.9 -19.8 -13.5 -11.4 -7.7 -34.7 -38.9 -41.8 |
-33.0 |
| Profit before tax 7.8 61.5 10.3 82.8 77.0 130.2 -72.8 82.6 26.3 90.1 -16.5 112.5 103.6 |
33.2 |
| Tax -2.1 -24.2 -2.7 -23.4 -21.5 -31.2 19.5 -22.1 -7.0 -28.8 1.5 -26.7 -28.9 |
-30.8 |
| Profit/loss for the period 5.7 37.3 7.6 59.4 55.5 99.0 -53.3 60.5 19.3 61.3 -15.0 85.8 74.7 |
2.4 |
| Other comprehensive income | |
| Translation difference -48.1 54.7 -29.0 39.0 -100.8 25.0 13.1 -27.3 -106.1 30.3 -121.3 4.1 205.4 |
197.7 |
| Cash flow hedge -7.8 -1.7 1.6 3.7 -16.7 6.6 10.2 -11.7 -17.5 5.4 -7.5 3.5 8.8 |
9.3 |
| Income tax related to components of | |
| other comprehensive income 2.1 0.4 -0.4 -1.0 4.4 -1.7 -2.7 3.1 4.6 -1.4 2.1 -1.0 -2.5 |
-2.6 |
| Total other comprehensive income net after | |
| tax for the period -53.8 53.4 -27.8 41.7 -113.1 29.9 20.6 -35.9 -119.0 34.3 -126.7 6.6 211.7 |
204.4 |
| Total comprehensive income for the period -48.1 90.7 -20.2 101.1 -57.6 128.9 -32.7 24.6 -99.7 95.6 -141.7 92.4 286.4 |
206.8 |
| Profit/loss attributable to: | |
| Equity holders of the parent company 5.2 36.8 7.5 59.4 55.0 97.9 -53.6 60.6 19.2 59.6 -15.1 81.2 78.9 |
-0.4 |
| Non-controlling (minority) interest 0.5 0.5 0.1 0.0 0.5 1.1 0.3 -0.1 0.1 1.7 0.1 4.6 -4.2 |
2.8 |
| 5.7 37.3 7.6 59.4 55.5 99.0 -53.3 60.5 19.3 61.3 -15.0 85.8 74.7 |
2.4 |
| Total comprehensive income attributable to: | |
| Equity holders of the parent company 89.5 -48.0 -19.8 100.4 -56.6 127.3 -33.3 25.3 -98.1 93.5 -140.5 88.6 287.5 |
200.2 |
| Non-controlling (minority) interest -0.1 1.2 -0.4 0.7 -1.0 1.6 0.6 -0.7 -1.6 2.1 -1.2 3.8 -1.1 |
6.6 |
| -141.7 -48.1 90.7 -20.2 101.1 -57.6 128.9 -32.7 24.6 -99.7 95.6 92.4 286.4 |
206.8 |
| Profit per share (SEK) | |
| Profit per share before dilution 0.08 0.55 0.11 0.90 0.83 1.47 -0.81 0.91 0.29 0.90 -0.23 1.22 1.19 |
-0.01 |
| Profit per share after dilution 0.08 0.55 0.11 0.88 0.82 1.45 -0.81 0.91 0.29 0.89 -0.22 1.17 1.15 |
-0.01 |
| Weighted number of shares before dilution 66 343 543 66 343 543 66 343 543 66 343 543 66 343 543 66 343 543 66 343 543 66 343 543 66 343 543 66 343 543 66 343 543 66 343 543 66 343 543 66 343 543 |
|
| Weighted number of shares after dilution 67 343 543 67 343 543 67 343 543 67 343 543 67 343 543 67 343 543 66 343 543 66 343 543 66 343 543 67 343 543 68 996 793 69 496 793 68 446 793 66 343 543 |
| SEK million | 2007 | 2006 | 2005 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Net sales | 760.4 | 977.5 | 1 124.7 | 1 331.4 | 755.3 | 896.7 | 799.6 | 1 078.9 | 516.5 | 738.6 | 774.2 | 1 029.7 |
| Goods for resale | -399.5 | -508.3 | -591.8 | -696.5 | -407.7 | -468.8 | -424.0 | -539.1 | -288.6 | -395.5 | -413.6 | -541.0 |
| Gross profit | 360.9 | 469.2 | 532.9 | 634.9 | 347.6 | 427.9 | 375.6 | 539.8 | 227.9 | 343.1 | 360.6 | 488.7 |
| Gross profit % | 47.5 | 48.0 | 47.4 | 47.7 | 46.0 | 47.7 | 47.0 | 50.0 | 44.1 | 46.5 | 46.6 | 47.5 |
| Other operating income | 2.3 | 18.6 | 6.8 | 10.0 | 1.8 | 5.5 | 5.7 | 10.1 | 2.6 | 1.9 | 9.4 | 11.9 |
| External costs | -189.7 | -204.7 | -252.6 | -274.3 | -199.9 | -184.4 | -186.2 | -222.9 | -122.0 | -145.8 | -172.0 | -214.1 |
| Personnel costs | -134.1 | -150.2 | -163.2 | -199.7 | -129.4 | -132.3 | -116.8 | -143.7 | -99.8 | -110.5 | -115.4 | -135.8 |
| Depreciations | -10.7 | -10.1 | -16.4 | -16.7 | -9.4 | -9.3 | -10.2 | -11.2 | -7.4 | -8.5 | -10.0 | -5.6 |
| Other operating costs | -2.0 | -2.9 | 0.3 | -2.7 | -0.8 | -3.7 | -5.3 | -3.8 | -1.3 | 1.3 | -2.6 | -0.9 |
| Share of associated companiesresult | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.1 | 0.2 | 0.0 | 0.0 | 0.0 | -0.1 |
| Operating profit/loss | 26.7 | 119.9 | 107.8 | 151.5 | 9.9 | 103.7 | 62.7 | 168.5 | 0.0 | 81.5 | 70.0 | 144.1 |
| Interest income | 1.4 | 2.0 | 4.1 | 7.5 | 2.0 | 4.2 | 1.7 | 1.5 | 5.2 | 0.9 | 0.3 | 0.5 |
| Interest expenses | -16.3 | -21.4 | -31.3 | -36.9 | -14.8 | -18.8 | -16.5 | -13.9 | -13.7 | -7.9 | -13.9 | -13.0 |
| Profit before tax | 11.8 | 100.5 | 80.6 | 122.1 | -2.9 | 89.1 | 47.9 | 156.1 | -8.5 | 74.5 | 56.4 | 131.6 |
| Tax | -3.1 | -26.5 | -23.2 | -30.9 | 0.8 | -23.4 | -10.7 | -29.8 | 1.3 | -18.1 | -12.0 | -18.5 |
| Profit/loss for the period | 8.7 | 74.0 | 57.4 | 91.2 | -2.1 | 65.7 | 37.2 | 126.3 | -7.2 | 56.4 | 44.4 | 113.1 |
| Profit per share (SEK) | ||||||||||||
| Profit per share before dilution | 0.13 | 1.12 | 0.84 | 1.37 | -0.04 | 1.03 | 0.54 | 1.91 | 0.01 | 0.88 | 0.45 | 1.82 |
| Profit per share after dilution | 0.13 | 1.09 | 0.84 | 1.27 | -0.04 | 1.00 | 0.52 | 1.96 | 0.01 | 0.87 | 0.45 | 1.78 |
| Weighted number of shares before dilution | 66 343 543 | 66 343 543 | 66 343 543 | 66 343 543 | 64 517 776 | 64 517 776 | 66 343 543 | 66 343 543 | 63 665 348 | 63 903 044 | 64 005 499 | 64 517 776 |
| Weighted number of shares after dilution | 67 843 543 | 67 843 543 | 66 448 692 | 68 843 543 | 66 003 728 | 66 040 365 | 67 719 546 | 66 553 928 | 64 102 822 | 64 001 750 | 65 075 196 | 65 843 709 |
Quarterly consolidated cash flow statements
| SEK million 2011 |
2010 | 2009 | 2008 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter Q1 |
Q2 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Current operation | |||||||||||||
| Profit/loss before financial items 17.7 |
72.8 | 16.9 | 87.9 | 84.7 | 138.1 | -57.3 | 95.4 | 37.7 | 96.6 | 15.6 | 148.8 | 142.8 | 61.7 |
| Items not included in cash flow** 16.3 |
15.3 | 15.3 | 10.0 | 39.6 | 12.1 | 12.3 | -9.1 | -2.3 | 3.0 | 28.8 | 19.4 | -10.6 | -8.5 |
| Received interest 1.6 |
1.0 | 1.0 | 1.4 | 0.7 | 2.0 | 4.3 | 0.7 | 0.0 | 1.2 | 2.6 | 2.6 | 2.6 | 4.6 |
| Paid interest -11.5 |
-12.2 | -7.6 | -6.6 | -8.3 | -9.9 | -19.8 | -13.5 | -11.4 | -7.7 | -34.7 | -38.9 | -41.8 -33.0 | |
| Paid income tax -46.7 |
-14.9 | -5.5 | -10.3 | -1.2 | -28.2 | -19.9 | -8.2 | 10.2 | -21.7 | -18.7 | -16.9 | -30.4 -32.9 | |
| Cash flow from current operations -22.6 |
62.0 | 20.1 | 82.4 | 115.5 | 114.1 | -80.4 | 65.3 | 34.2 | 71.4 | -6.4 | 115.0 | 62.6 | -8.1 |
| before changes in working capital | |||||||||||||
| Cash flow from changes in working capital | |||||||||||||
| Increase/decrease of stock -124.7 |
-77.8 | 15.7 | 24.6 | -104.5 | 27.5 | -65.5 | 199.3 | 147.3 | 245.0 | -118.4 | -82.4 | -162.3 168.9 | |
| Increase/decrease of current receivables** 51.2 |
45.4 | 10.0 | -83.9 | 5.3 | 31.6 | 7.2 | 47.3 | 12.5 | 100.6 | 108.7 | -168.3 | 26.2 186.4 | |
| Increase/decrease of short-term liabilities -46.5 |
-3.4 | 19.6 | 94.4 | -57.8 | 29.0 | 0 | 61.5 | -52.7 | 13.3 | -172.6 | 107.4 | -31.0 -293.7 | |
| Changes in working capital -120.0 |
-35.8 | 45.3 | 35.1 | -157.0 | 88.1 | -58.3 | 308.1 | 107.1 | 358.9 | -182.3 | -143.3 -167.1 | 61.6 | |
| Cash flow from operations -142.6 |
26.2 | 65.4 | 117.5 | -41.5 | 202.2 | -138.7 | 373.4 | 141.3 | 430.3 | -188.7 | -28.3 -104.5 | 53.5 | |
| Investing activities | |||||||||||||
| Investments in tangible assets -23.2 |
-10.1 | -16.0 | -10.4 | -20.8 | -14.0 | -4.4 | -17.9 | -37.7 | -1.9 | -1.3 | -20.4 | -24.3 -15.3 | |
| Sales of tangible assets 0.0 |
0.3 | 0.0 | 1.3 | 1.8 | 0.0 | 2.1 | 17.8 | 0.0 | 20.8 | 0.0 | 1.7 | 8.0 | -1.2 |
| Investments in intangible assets 0.0 |
-10.4 | 0.0 | 0.0 | 0.0 | -2.0 | -3.3 | 0.0 | 3.3 | 0.0 | -0.3 | 0.3 | -5.7 | 5.6 |
| Acquisition of subsidiaries* 0.0 |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.7 | -2.4 | 2.4 |
| Reayment of purchase amount * 0.0 |
0.0 | 0.0 | 2.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Sales of financial assets 0.0 |
0.0 | 0.0 | 0.0 | 0.0 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Acquisition of financial assets -3.9 |
0.6 | 0.0 | 0.0 | 0.0 | 0.0 | -0.7 | -0.2 | -0.9 | 0.0 | -14.2 | -1.7 | 2.2 | 2.1 |
| Cash flow from investing activities -27.1 |
-19.6 | -16.0 | -6.7 | -19.0 | -15.9 | -6.3 | -0.3 | -35.3 | 18.9 | -15.8 | -20.8 | -22.2 | -6.4 |
| Cash flow after investing activities -169.7 |
6.6 | 49.4 | 110.8 | -60.5 | 186.3 | -145.0 | 373.1 | 106.0 | 449.2 | -204.5 | -49.1 -126.7 | 47.1 | |
| Financial activities | |||||||||||||
| Option premium 0.0 |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 2.1 | 0.0 |
| Loan raised 133.5 |
36.0 | 0.0 | 0.0 | 53.9 | 0.0 | 26.2 | 0.0 | 0.0 | 15.9 | 137.7 | 125.9 | 213.2 -35.8 | |
| Raised long-term receivables 0.0 |
-0.3 | -0.3 | 0.0 | -6.8 | 5.9 | -0.5 | 0.0 | -0.6 | -0.4 | 0.0 | 0.0 | 0.0 | -0.8 |
| Repayment of long-term receivables 4.2 |
0.0 | 1.5 | 0.0 | 3.8 | -4.2 | 0.5 | 1.7 | 1.8 | 0.0 | 0.0 | 0.0 | 0.0 | 1.2 |
| Amortization of loan 0.0 |
0.0 | -58.2 | -90.2 | 0.0 | -130.0 | 0.0 | -339.4 | -139.2 | -439.1 | 0.0 | 0.0 | 0.0 | 0.0 |
| Dividend paid to the parent company's shareholders 0.0 |
-66.3 | 0.0 | -16.6 | 0.0 | 0.0 | 0.0 | -11.9 | 0.0 | 0.0 | 0.0 | -66.3 | 0.0 | 0.0 |
| Cash flow from financial activities 137.7 |
-30.6 | -57.0 | -106.8 | 50.9 | -128.3 | 26.2 | -349.4 | -138.0 | -423.6 | 137.7 | 59.6 | 215.3 -35.4 | |
| Cash flow for the period -32.0 |
-24.0 | -7.6 | 4.0 | -9.6 | 58.0 | -118.8 | 23.7 | -32.0 | 25.6 | -66.8 | 10.5 | 88.6 | 11.7 |
| Opening cash balance 121.7 |
86.1 | 80.4 | 72.4 | 80.1 | 63.2 | 191.2 | 77.9 | 95.2 | 51.3 | 115.5 | 41.1 | 52.3 155.5 | |
| Currency translation -3.6 |
2.1 | -0.4 | 3.7 | -7.3 | 0.5 | 5.5 | -6.4 | -11.9 | 3.5 | -7.6 | 0.7 | 14.6 | 24.0 |
| Closing cash balance 86.1 |
64.2 | 72.4 | 80.1 | 63.2 | 121.7 | 77.9 | 95.2 | 51.3 | 80.4 | 41.1 | 52.3 | 155.5 191.2 | |
| *The item includes: | |||||||||||||
| Goodwill - |
- | - | 2.4 | - | - | - | - | - | - | - | - | - | - |
| Working capital - Effect on the cash flow 0.0 |
- 0,0 |
- 0.0 |
- 2.4 |
- 0.0 |
- 0.0 |
- 0.0 |
- 0.0 |
- 0.0 |
- 0.0 |
- 0.0 |
-0.7 -0.7 |
-2.4 -2.4 |
2.4 2.4 |
** The change of current receivables for Q4 2009 have been affected with its share of the annual translation difference
New Wave Groups's share
The share capital in New Wave amounted to SEK 199 030 629 distributed among a total of 66 343 543 shares. Each with a nominal quota value of SEK 3.00. The shares carry identical rights to the Company's assets and profits. Each Series A share is entitled to ten votes and each Series B share is entitled to one vote. New Wave's Series B shares are listed at OMX Stockholm Mid Cap.
Dividend policy
The Board's aim is that the dividend will account for at least 30 % of the Group's profit after taxes over a trade cycle.
Shareholders
The number of shareholders amounted to 15 609 (15 667) on June 30, 2011. Institutional investors accounted for 44 % of the capital and 11 % of the votes. At the same time the ten largest shareholders held 58 % of the capital and 89 % of the votes. Non-Swedish shareholders accounted for 16 % of the capital and 4 % of the votes.
New Wave Group's ten major shareholders 2011-06-30
| Shareholder | Number of shares | Number of votes | Capital % | Votes % |
|---|---|---|---|---|
| Torsten Jansson through companies | 21 416 280 | 207 785 400 | 32.3% | 82.2% |
| Fjärde AP-Fonden | 3 859 355 | 3 859 355 | 5.8% | 1.5% |
| Handelsbanken fonder | 2 697 893 | 2 697 893 | 4.1% | 1.1% |
| Avanza Pension | 2 585 848 | 2 585 848 | 3.9% | 1.0% |
| Länsförsäkringar Småbolagsfond | 1 886 289 | 1 886 289 | 2.8% | 0.7% |
| GTM Holding AS | 1 606 418 | 1 606 418 | 2.4% | 0.6% |
| AMF | 1 396 000 | 1 396 000 | 2.1% | 0.6% |
| Home Capital | 1 256 455 | 1 256 455 | 1.9% | 0.5% |
| UBS | 952 438 | 952 438 | 1.4% | 0.4% |
| Tangent | 863 203 | 863 203 | 1.3% | 0.3% |
| 38 520 179 | 224 889 299 | 58.1% | 89.0% |
| Shareholder distribution in New Wave Group 2011-06-30 | Number of shares | Number of votes | Capital % | Votes % |
|---|---|---|---|---|
| Sweden | 55 768 562 | 242 137 682 | 84.1% | 95.8% |
| Shareholders outside Sweden excl. USA | 8 498 458 | 8 498 458 | 12.8% | 3.4% |
| USA | 2 076 523 | 2 076 523 | 3.1% | 0.8% |
| Total | 66 343 543 | 252 712 663 | 100.0% | 100.0% |
Brands per business area
| Business Area Corporate Promo | |||
|---|---|---|---|
| Business Area Sports and Leisure | |||
| Business Area Gifts and Home furnishing | |||
New Wave Group in brief
New Wave Group is a growth company creating. acquiring. and developing promo. sports. gift and interior design trademarks and products. The group shall achieve synergies by coordinating design. purchasing. marketing. logistics. and distribution of the assortment. The group shall offer its products to the promo market and the retail market in order to achieve good risk diversification.
New Wave Group AB (publ) Org nr 556350-0916 Orrekulla Industrigata 61. SE-425 36 Hisings Kärra Phone +46 (0)31 712 89 00 Fax +46 (0)31 712 89 99 [email protected] www.nwg.se