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New Wave Group AB — Interim / Quarterly Report 2011
Apr 27, 2011
3081_10-q_2011-04-27_a0b9f581-80b7-4769-968b-8b2dd53d56fa.pdf
Interim / Quarterly Report
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Interim report for New Wave Group AB (publ) JANUARY - MARCH 2011 Images from ProJob, Sagaform, Kosta Boda and Cutter & Buck
1 JANUARY – 31 MARCH, 2011
- Sales turnover amounted to SEK 928 million, which was 8% better than last year in local currencies and 1% better in SEK (SEK 915 million).
- Operating profi t amounted to SEK 17.7 million (SEK 16.9 million).
- Profi t after tax amounted to SEK 5.7 million (SEK 7.6 million).
- Earnings per share amounted to SEK 0.08 (SEK 0.11).
- Cash fl ow from operating activities amounted to SEK -142.6 million (SEK 65.4 million).
- Equity ratio amounted 44.0% (41.5%).
- Net debt to equity ratio amounted 81.1% (93.8%).
VIEWS ON 2011
For 2011 we expect a higher sales turnover and better result than the 2010 outcome.
CEO Comments
On the whole, the year has started more or less as we expected. We had perhaps expected somewhat better Sports & Leisure sales. Quite likely the extremely good winter sales from last quarter backlashed a bit as spring sales got a slow start due to the long winter. Th e lower Sports & Leisure result was expected as we also made major market investments with Craft in the quarter, i.a. the cross country World Championships in Oslo, Norway and professional cycling team Leopard, so for the full year I feel confi dent that the business area will develop well. Th e Corporate Promo business area is strong and developing nicely and we expect this to continue. Our stock levels are starting to reach the levels we would like and the delivery situation is getting better again. We estimate that this will be a strong year for promo. Our continued challenge is Gifts & Home Furnishings, primarily Orrefors Kosta Boda where we are investigating further actions to reach an acceptable improvement of the result.
Altogether, I think 2011 will be a good year, even if the retail business seems to be a bit weaker now than before.
Do you want to know what I do in my spare time? Th en I recommend you buy my cook book, Skaldjur med Torsten Jansson (Seafood with Torsten Jansson), just published by the Group's own publishing company.
Torsten Jansson
Profi t before tax (msek)
Summary of the quarter
The Group's growth in local currencies amounted to 8%. We are seeing increased activity in the Corporate Promo business area where improvements are happening in virtually all markets. Sports & Leisure has developed well in the North American market, but is weaker in the Mid European market. Gifts & Home Furnishings has had a lower sales turnover due to a weaker market, mainly in Sweden. Within the Group's sales channels – promo and retail – there is better growth in the promo sales channel. The retail area has a weaker development, mainly in Sweden and Mid Europe.
Gross margin for the quarter was lower than last year. The Group has lost margin on sales, mainly within Sports & Leisure and Gifts & Home Furnishings where the retail sales channel has been weaker.
The Group's costs increased somewhat during the quarter due to increased sales and marketing activities, where some of the activities for Craft have been the cross country World Championship in Oslo, Norway and the cooperation with LEOPARD TREK.
Operating profit amounted to SEK 17.7 million (SEK 16.9 million).
Profit after tax amounted to SEK 5.7 million which is somewhat lower than last year (SEK 7.6 million) and mainly due to lower gross profit together with higher interest rates.
Cash flow from operating activities amounted to SEK -143 million (SEK 65 million). The effluent is seasonal and mainly related to incoming goods for the next quarter. Stock value amounted to SEK 1 687 million as of 31 March, which is an increase by SEK 92 million since the turn of the year. Net debt amounted to SEK 1 527 million and the debt-to-equity ration to 81.1% (93.8%).
JANUARY – MARCH
Sales
Sales amounted to SEK 928 million (SEK 915 million), which is 1% better than last year. Exchange rates affected sales negatively by SEK 62 million and sales in local currencies increased by 8%.
The Corporate Promo business area increased sales by 3% during the quarter and we can see increased activity in most of our regions. Sports & Leisure increased sales by 2%, mainly in the North American and Swedish markets and the promo sales channel grew more than the retail sales channel. Gifts & Home Furnishings decreased sales by 7%. The business area increased sales in the promo sales channel but are decreasing in the retail sales channel, mainly in the Swedish market.
Sales increased by 3% in Sweden. There were no changes in the U.S. compared to last year. However, sales have been negatively affected when converting to SEK and the region has a growth of 10% in local currency. The rest of the Nordic countries increased by 4%, which is mainly due to the Finnish and Norwegian 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 46.8% (47.8%), which is mainly attributable to lower margins in the retail sales channel.
Other Operating Income and Other Expenses
Other operating income increased by SEK 7.5 million to SEK 12.6 million (SEK 5.1 million). Other operating income is mainly attributable to operating exchange gains and results should be compared to the line "Other expenses" in which, primarily, the company's foreign exchange losses are reported. Other expenses increased by SEK 4.0 million to SEK -7.9 million (SEK -3.9 million). The net of above items amounted to SEK 4.7 million (SEK 1.2 million). The increase is mainly attributable to increased expenses associated with implemented marketing activities.
Expenses and Depreciation
External costs increased by SEK 1.1 million and amounted to SEK -241.5 million (SEK -240.4 million), which is attributable to increased sales costs.
Personnel costs amounted to SEK -168.2 million, which is SEK 1.2 million higher than last year (SEK -167.0 million). Number of employees as of 31 March, 2011 has decreased since year end, but has increased since the same period last year.
Exchange rates had a positive effect on costs by SEK 26 million.
Depreciations amounted to SEK -11.1 million (SEK -14.9 million).
Operating margin amounted to 1.9% (1.9%).
Net Financial Items and Taxes
Net financial items amounted to SEK -9.9 million (SEK -6.6 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 121 million during the quarter.
Tax expense in absolute numbers amounted to SEK -2.1 million (SEK -2.7 million) and the tax rate amounted to 26.9% (26.2%).
Profit for the period
Profit after tax amounted to SEK 5.7 million (SEK 7.6 million) and earnings per share amounted to SEK 0.08 (SEK 0.11). The lower result is mainly related to lower gross profit margin and higher interest expenses.
REPORTING OF BUSINESS AREAS
New Wave Group AB divides its operations into three business areas: Promo, Sports & Leisure and Gifts & Home Furnishings. 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 January-March increased by 3% to SEK 411 million (SEK 398 million) and the profit (EBITDA) improved by SEK 10.9 million to SEK 24.6 million (SEK 13.7 million). The higher turnover is due to an improved promo market in most of our markets. The improved result is related to higher sales and cost savings.
Sports & Leisure
The business area increased sales by 2% to SEK 389 million (SEK 380 million) in the quarter, but the result (EBITDA) decreased by SEK 4.0 million to SEK 36.4 million (SEK 40.4 million). Sales are rising for most of our brands and mainly the Swedish and North American markets have contributed with growth. Sales are increasing in both sales channels, but mainly in the promo market. The lower result is related to lower gross margin in the retail sales channel and higher sales and marketing costs.
Gifts & Home Furnishings
Sales for the period January-March decreased by 7% to SEK 128 million (SEK 137 million) and the profit (EBITDA) decreased by SEK 9.9 million to SEK -32.2 million (SEK -22.3 million). Kosta Boda Art Hotel increased sales, while Orrefors Kosta Boda decreased retail sales. The result decrease is mainly related to lower turnover, but also lower margins on retail trade and mix of products.
GEOGRAPHICAL 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 14.
During the period January-March sales increased by 3% in Sweden. The increase is attributable to the promo sales channel. In the U.S., sales increased by 10% in local currency and the increase is attributable to both sales channels. The Other Nordic countries have improved in mainly Norway and Finland. Mid Europe and Southern Europe were negatively affected by exchange rate fluctuation and several countries have increased or are on par with last year.
CAPITAL TIED UP
Capital tied up in stock has increased by SEK 92 million since the turn of the year and by SEK 100 million since 31 March, 2010. Total stock value amounted to SEK 1 687 million (SEK 1 587 million). The increase is seasonal and mainly consists of delivered goods for the coming quarter. The stock turnover rate amounted to 1.2, which is on par with last year.
| 2011-03 | 2010-03 | |
|---|---|---|
| Raw materials | 75.8 | 66.3 |
| Work in progress | 15.9 | 31.9 |
| Goods in transit | 94.5 | 68.3 |
| Merchandise on stock | 1 500.7 | 1 420.3 |
| Total | 1 686.9 | 1 586.8 |
Obsolescence as of 31 March, 2011 amounted to SEK 64 million (SEK 67 million) and is 4.2% (4.7%) of merchandise on stock.
Accounts receivable amounted to SEK 719 million and was on par with last year (SEK 713 million).
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 -143 million (SEK 65 million). The effluence is mainly affected by the seasonal build-up of stock, but also by payment of income taxes. The Group's cash net investments were SEK -27.1 million (SEK 16.0 million).
Compared to the same period last year, net debt decreased by SEK 149 million and amounted to SEK 1 527 million (SEK 1 676 million) where currency changes decreased the debt by SEK 133 million.
Net debt increased by SEK 121 million during the period January-March, which is related to increased working capital, mainly inventories. The corresponding three month period last year had a decrease of SEK 65 million. Net debt to equity ratio decreased and amounted to 81.1% (93.8%).
Th e equity ratio increased by 2.5 percentages and amounted to 44.0% (41.5%), which is due to improved equity.
Th e Group's credit agreement has a credit limit of SEK 2 200 million and is valid until 15 September, 2013. Th e credit agreement means that commitments (covenants) must be fulfi lled in order to maintain the credit limit. Th e interest rate is based on each respective currency's base rate and a fi xed margin.
Based on this forecast, it is the management's assessment that the Group will meet these covenants with suffi cient margin. It is the Group's policy to have short fi xedinterest agreements resulting in quick eff ects on the Group's net interest as the shortterm interest rate changes.
PERSONNEL AND ORGANISATION
As of 31 March, 2011 the number of employees amounted to 2 181 (2 140) persons, of which 47% were women and 53% were men. Out of the total number of employees, 554 (550) work in production. Th e 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 three outstanding share option programs.
A program for senior executives was introduced in June 2009. Th e option program consists of 1 000 000 options, expires in June 2012 and has an exercise price of SEK 26.10. Th e option subscription premium was SEK 0.21 per option.
Two option programs were launched in July 2008, one for senior executives and one for the Board. Th e senior executives program consists of 1 800 000 options, expires in June 2011 and has an exercise price of SEK 64.05. Th e option subscription premium was SEK 1.11 per option. Th e Board program consists of 200 000 options, expires in June 2013 and has an exercise price of SEK 85.40. Th e 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
Th ere are lease agreements with related companies. Affi liates of the CEO have bought merchandise. Th e 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 better result than the 2010 outcome.
THE PARENT COMPANY
Total income during the period January-March amounted to SEK 42.3 million (SEK 45.2 million). Profi t after fi nancial items amounted to SEK 0.8 million (SEK 8.8 million). Net borrowing amounted to SEK 1 531 million (SEK 1 645 million), of which SEK 1 442 million (SEK 1 376 million) refers to fi nancing of subsidiaries. Net investments amounted to SEK -15.0 million (SEK 4.0 million). Th e balance sheet total amounted to SEK 3 425 million (SEK 3 391 million) and equity, including 73.7% untaxed reserves, to SEK 1 379 million (SEK 1 237 million).
RISKS AND RISK CONTROL
New Wave Group's international operations mean that it is continuously exposed to diff erent fi nancial risks. Th ese risks are currency, borrowings and interest rate risks, as well as liquidity and credit risks. In order to minimise the aff ect these risks may have on its result, the Group has drawn up a fi nancial 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 fi xed-interest agreements resulting in quick eff ects on the Group's net interest as the short-term interest rate changes.
Th e Group's accounted exposures are in all material aspects unchanged.
ACCOUNTING PRINCIPLES
Th is 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). Th e 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.
ANNUAL SHAREHOLDERS MEETING
Th e annual shareholders meeting will take place 17 May at 1 pm at Kosta Boda Art Hotel in Kosta, Sweden. Th e annual report is expected to be available 26 April at the head offi ce in Gothenburg, Sweden.
DIVIDEND
Th e aim is to distribute 30% of the Group's net profi t over a business cycle. Th e Board has decided to propose to the annual shareholders meeting a dividend of SEK 1.00 (SEK 0.25) per share, which is equal to SEK 66.3 million. Th e proposal corresponds to 30% of net profi t.
NOMINATION COMMITTEE
Th e nomination committee for the board election at the 2011 annual shareholders meeting is:
- Torsten Jansson, CEO and majority shareholder
- Arne Lööw, representative of Fjärde AP-fonden and the committee's chairman
- Kenneth Andersen, representative of Home Capital
CALENDAR
- 17 May, 2011
- Annual Shareholders Meeting 2011 (in Kosta)
- 12 August, 2011
- Interim report for Q2 • 11 November, 2011
- Interim report for Q3
Th e 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.
Gothenburg 27 April, 2011 New Wave Group AB (publ)
Anders Dahlvig Christina Bellander Göran Härstedt Chairman of the Board Member of the Board Member of the Board
Helle Kruse Nielsen Mats Årjes Torsten Jansson Member of the Board Member of the Board CEO
FOR MORE INFORMATION, PLEASE CONTACT:
CEO Torsten Jansson Phone: +46 (0)31 712 89 01 E-mail: [email protected] CFO Lars Jönsson
Phone: +46 (0)31–712 89 12 E-mail: [email protected]
Th e 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 27 April, 2011.
Consolidated income statements
| 3 months | 3 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan-Mar | Jan-Mar | Jan-Dec | Jan-Dec | |
| SEK million | 2011 | 2010 | 2010 | 2009 |
| Net sales | 927.6 | 915.3 | 4 243.4 | 4 087.0 |
| Goods for resale | -493.9 | -477.9 | -2 243.5 | -2 185.3 |
| Gross profit | 433.7 | 437.4 | 1 999.9 | 1 901.7 |
| Other operating income* | 12.6 | 5.1 | 32.2 | 68.9 |
| External costs | -241.5 | -240.4 | -946.2 | -949.1 |
| Personnel costs | -168.2 | -167.0 | -679.2 | -751.5 |
| Depreciation of tangible and | ||||
| intangible fixed assets | -11.1 | -14.9 | -58.4 | -70.6 |
| Other operating costs | -7.9 | -3.9 | -21.6 | -27.6 |
| Share of associated companies result | 0.1 | 0.6 | 0.9 | 0.6 |
| Operating profit | 17.7 | 16.9 | 327.6 | 172.4 |
| Interest income | 1.6 | 1.0 | 5.1 | 6.2 |
| Interest expenses | -11.5 | -7.6 | -32.4 | -52.4 |
| Net financial items | -9.9 | -6.6 | -27.3 | -46.2 |
| Profit before tax | 7.8 | 10.3 | 300.3 | 126.2 |
| Tax on profit for the period | -2.1 | -2.7 | -78.8 | -38.4 |
| Profit/loss for the period | 5.7 | 7.6 | 221.5 | 87.8 |
| Other comprehensive income | ||||
| Translation difference | -48.1 | -29.0 | -65.8 | -90.0 |
| Cash flow hedge | -7.8 | 1.6 | -4.8 | -13.6 |
| Income tax related to components of | ||||
| other comprehensive income | 2.1 | -0.4 | 1.3 | 3.6 |
| Total other comprehensive income net after tax for the period | -53.8 | -27.8 | -69.3 | -100.0 |
| Total comprehensive income for the period | -48.1 | -20.2 | 152.2 | -12.2 |
| Profit/loss attributable to: | ||||
| Equity holders of the parent company | 5.2 | 7.5 | 219.8 | 85.8 |
| Non-controlling (minority) interest | 0.5 | 0.1 | 1.7 | 2.0 |
| 5.7 | 7.6 | 221.5 | 87.8 | |
| Total comprehensive income attributable to: | ||||
| Equity holders of the parent company | -48.0 | -19.8 | 151.3 | -12.6 |
| Non-controlling (minority) interest | -0.1 | -0.4 | 0.9 | 0.4 |
| -48.1 | -20.2 | 152.2 | -12.2 | |
| Profit per share | ||||
| Profit per share before dilution | 0.08 | 0.11 | 3.31 | 1.29 |
| Profit per share after dilution | 0.08 | 0.11 | 3.26 | 1.27 |
| Weighted number of shares before dilution | 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 |
* Rate of exchange profit and capital gain
Consolidated cash flow statements
| 3 months | 3 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan - Mar | Jan - Mar | Jan - Dec | Jan - Dec | |
| SEK million | 2011 | 2010 | 2010 | 2009 |
| Current operation | ||||
| Profit/loss before financial items | 17.7 | 16.9 | 327.6 | 172.4 |
| Items not included in cash flow | 16.3 | 15.3 | 77.0 | 52.3 |
| Received interest | 1.6 | 1.0 | 5.1 | 6.2 |
| Paid interest | -11.5 | -7.6 | -32.4 | -52.4 |
| Paid income tax | -46.7 | -5.5 | -45.2 | -39.6 |
| Cash flow from current operations | -22.6 | 20.1 | 332.1 | 138.9 |
| before changes in working capital | ||||
| Cash flow from changes in working capital | ||||
| Increase/decrease of stock | -124.7 | 15.7 | -36.7 | 526.1 |
| Increase/decrease of current receivables | 51.2 | 10.0 | -37.0 | 119.2 |
| Increase/decrease of short-term liabilities | -46.5 | 19.6 | 85.2 | 22.1 |
| Changes in working capital | -120.0 | 45.3 | 11.5 | 667.4 |
| Cash flow from operations | -142.6 | 65.4 | 343.6 | 806.3 |
| Investing activities | ||||
| Investments in tangible assets | -23.2 | -16.0 | -61.2 | -61.9 |
| Sales of tangible assets | 0.0 | 0.0 | 3.1 | 40.7 |
| Investments in intangible assets | 0.0 | 0.0 | -2.0 | 0.0 |
| Reayment of purchase amount * | 0.0 | 0.0 | 2.4 | 0.0 |
| Sales of financial assets | 0.0 | 0.0 | 0.1 | 0.0 |
| Acquisition of financial assets | -3.9 | 0.0 | 0.0 | -1.8 |
| Cash flow from investing activities | -27.1 | -16.0 | -57.6 | -23.0 |
| Cash flow after investing activities | -169.7 | 49.4 | 286.0 | 783.3 |
| Financial activities | ||||
| Raised long-term receivables | 0.0 | 0.0 | -0.1 | 0.0 |
| Repayment of long-term receivables | 4.2 | 1.2 | 0.0 | 2.5 |
| Amortization of loan | 0.0 | -58.2 | -278.4 | -875.6 |
| Loan raised | 133.5 | 0.0 | 53.9 | 0.0 |
| Option premium | 0.0 | 0.0 | 0.0 | 0.2 |
| Dividend paid to the parent company's shareholders | 0.0 | 0.0 | -16.6 | -11.9 |
| Cash flow from financial activities | 137.7 | -57.0 | -241.2 | -884.8 |
| Cash flow for the period | -32.0 | -7.6 | 44.8 | -101.5 |
| Opening cash balance | 121.7 | 80.4 | 80.4 | 191.2 |
| Currency translation | -3.6 | -0.4 | -3.5 | -9.3 |
| Closing cash balance | 86.1 | 72.4 | 121.7 | 80.4 |
| *The item includes: | ||||
| Goodwill | - | - | 2.4 | - |
Effect on the cash flow 0.0 0.0 2.4 0.0
Consolidated balance sheets
| March 31 | March 31 | Dec 31 | Dec 31 | |
|---|---|---|---|---|
| SEK million | 2011 | 2010 | 2010 | 2009 |
| ASSETS | ||||
| Intangible fixed assets | 1 102.9 | 1 200.6 | 1 141.7 | 1 205.4 |
| Property, plant and equipment | 328.7 | 358.4 | 333.9 | 379.6 |
| Shares in associated companies | 55.6 | 51.6 | 51.7 | 50.9 |
| Long-term receivables | 10.2 | 13.1 | 14.4 | 14.3 |
| Deferred tax assets | 93.8 | 111.1 | 101.8 | 109.2 |
| Total fixed assets | 1 591.2 | 1 734.8 | 1 643.5 | 1 759.4 |
| Stock | 1 686.9 | 1 586.8 | 1 594.7 | 1 624.8 |
| Tax receivables | 73.9 | 62.4 | 46.6 | 65.3 |
| Accounts receivables | 718.7 | 712.5 | 787.9 | 735.3 |
| Prepaid expenses and accrued income | 71.5 | 71.4 | 72.3 | 73.4 |
| Other receivables | 58.1 | 64.6 | 51.9 | 63.7 |
| Liquid assets | 86.1 | 72.4 | 121.7 | 80.4 |
| Total current assets | 2 695.2 | 2 570.1 | 2 675.1 | 2 642.9 |
| TOTAL ASSETS | 4 286.4 | 4 304.9 | 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 | -15.6 | 78.8 | 37.6 | 106.1 |
| Retained earnings including profit/loss for the period | 1 457.4 | 1 256.5 | 1 452.2 | 1 249.0 |
| Equity attributable to Parent Company shareholders | 1 860.3 | 1 753.8 | 1 908.3 | 1 773.6 |
| Non-controlling (minority) interest | 24.6 | 33.1 | 24.7 | 33.5 |
| Total equity | 1 884.9 | 1 786.9 | 1 933.0 | 1 807.1 |
| LIABILITIES | ||||
| Long-term interest-bearing liabilities | 1 598.0 | 1 745.4 | 1 492.4 | 1 796.2 |
| Pension obligations | 8.4 | 7.7 | 8.1 | 8.2 |
| Other provisions | 7.2 | 10.8 | 16.0 | 16.8 |
| Deferred tax liabilities | 151.1 | 173.9 | 148.2 | 170.6 |
| Total long-term liabilities | 1 764.7 | 1 937.8 | 1 664.7 | 1 991.8 |
| Short-term interest-bearing liabilities | 15.5 | 3.1 | 35.9 | 25.0 |
| Accounts payable | 295.2 | 281.7 | 305.6 | 261.8 |
| Current tax liabilities | 46.8 | 30.2 | 66.4 | 35.9 |
| Accrued expenses and prepaid income | 197.6 | 195.7 | 204.2 | 196.5 |
| Other liabilities | 81.7 | 69.5 | 108.8 | 84.2 |
| Total short-term liabilities | 636.8 | 580.2 | 720.9 | 603.4 |
| Total liabilies | 2 401.5 | 2 518.0 | 2 385.6 | 2 595.2 |
| TOTAL EQUITY AND LIABILITIES | 4 286.4 | 4 304.9 | 4 318.6 | 4 402.3 |
| Memorandum items Assets pledged |
3 302.2 | 3 339.8 | 3 414.4 | 3 314.9 |
| Contingent liabilities | 39.7 | 36.6 | 39.8 | 8.3 |
Consolidated statement of changes in equity
| Other | Retained earnings | ||||||
|---|---|---|---|---|---|---|---|
| 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 |
| Other | Retained earnings | ||||||
| capital | incl. profit/loss | Minority | |||||
| MSEK | Share capital contributed | Reserves | for the year | Total | interest | Total equity | |
| 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 | 5.2 | 5.2 | 0.5 | 5.7 | |||
| Other comprehensive income | |||||||
| Translation difference | -47.5 | -47.5 | -0.6 | -48.1 | |||
| Cash flow hedge | -7.8 | -7.8 | -7.8 | ||||
| Income tax related to components of other comprehensive income | 2.1 | 2.1 | 2.1 | ||||
| Transactions with shareholders Dividend |
0.0 | 0.0 | 0.0 | ||||
| Change in non-controlling (minority) interest | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Balance at end of period 2011-03-31 | 199.1 | 219.4 | -15.6 | 1 457.4 | 1 860.3 | 24.6 | 1 884.9 |
| 3 months | 3 months | Year | Year | ||||
| Translation difference | 2011 | 2010 | 2010 | 2009 | |||
| Balance brought forward | 49.9 | 115.7 | 115.7 | 205.7 | |||
| Change for the period | -48.1 | -29.0 | -65.8 | -90.0 | |||
| Balance at end of period | 1.8 | 86.7 | 49.9 | 115.7 |
Financial highlights - Group
| 3 months | 3 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan - Mar | Jan - Mar | Jan - Dec | Jan - Dec | |
| 2011 | 2010 | 2010 | 2009 | |
| Sales growth, % | 1.3 | -6.6 | 3.8 | -11.2 |
| Number of employees | 2 181 | 2 140 | 2 196 | 2 203 |
| Gross profit margin, % | 46.8 | 47.8 | 47.1 | 46.5 |
| Operating margin before depreciation, % | 3.1 | 3.5 | 9.1 | 5.9 |
| Operating margin, % | 1.9 | 1.9 | 7.7 | 4.2 |
| Profit margin, % | 0.8 | 1.1 | 7.1 | 3.1 |
| Net margin, % | 0.8 | 0.8 | 5.3 | 2.1 |
| Return on shareholders' equity, % | 1.6 | 1.7 | 12.1 | 4.9 |
| Return on capital employed, % | 2.0 | 2.0 | 9.4 | 4.3 |
| Equity ratio, % | 44.0 | 41.5 | 44.8 | 41.0 |
| Net debt - Equity ratio, % | 81.1 | 93.8 | 72.8 | 96.3 |
| Net liabilities, SEK million | 1 527.5 | 1 676.2 | 1 406.6 | 1 740.8 |
| Interest cover ratio, times | 1.7 | 2.4 | 10.4 | 3.4 |
| Capital turnover, times | 0.9 | 0.8 | 1.0 | 0.8 |
| Stock turnover, times | 1.2 | 1.2 | 1.4 | 1.1 |
| Cash flow before investments, SEK million | -142.6 | 65.4 | 343.6 | 806.3 |
| Net investments, SEK million | -27.1 | -16.0 | -57.6 | -23.0 |
| Cash flow after investments, SEK million | -169.7 | 49.4 | 286.0 | 783.3 |
| Shareholders' equity per share, SEK | 28.41 | 26.93 | 29.14 | 27.24 |
| Shareholders' equity per share after dilution, SEK | 29.99 | 26.53 | 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
| 3 months | 3 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan - Mar | Jan - Mar | Jan - Dec | Jan - Dec | |
| SEK million | 2011 | 2010 | 2010 | 2009 |
| Net sales | 36.2 | 42.8 | 137.2 | 139.0 |
| Other operating income* | 6.1 | 2.4 | 19.2 | 17.7 |
| Total income | 42.3 | 45.2 | 156.4 | 156.7 |
| External expenses | -32.2 | -31.4 | -101.8 | -109.0 |
| Personnel costs | -5.7 | -6.2 | -23.7 | -25.3 |
| Depreciation of tangible and intangible fixed assets | -0.6 | -0.2 | -0.9 | -4.1 |
| Other operating costs** | -5.7 | -3.3 | -16.7 | -17.1 |
| Operating profit/loss | -1.9 | 4.1 | 13.3 | 1.2 |
| Profit/loss from financial investments | 0.0 | 0.0 | 230.5 | 197.7 |
| Write-down of financial assets | 0.0 | 0.0 | -122.4 | -20.6 |
| Interest income | 16.1 | 12.9 | 54.6 | 84.1 |
| Interest expenses | -13.4 | -8.2 | -36.1 | -53.4 |
| Net financial items | 2.7 | 4.7 | 126.6 | 207.8 |
| Profit/loss after financial items | 0.8 | 8.8 | 139.9 | 209.0 |
| Disposals | 0.0 | 0.0 | -19.3 | -0.2 |
| Tax on net profit/loss for the period | -0.2 | -2.3 | -3.6 | -10.3 |
| Profit for the period | 0.6 | 6.5 | 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
| 3 months | 3 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan - Mar | Jan - Mar | Jan - Dec | Jan - Dec | |
| SEK million | 2011 | 2010 | 2010 | 2009 |
| Current operations | ||||
| Operating profit before financial items | -1.9 | 4.1 | 13.3 | 1.2 |
| Adjustments for non-cash items | 0.6 | 0.3 | -3.9 | 20.6 |
| Received dividends | 0.0 | 0.0 | 118.7 | 194.9 |
| Interest received | 16.1 | 12.9 | 54.6 | 84.1 |
| Interest paid | -13.4 | -8.2 | -36.1 | -53.4 |
| Tax paid | -12.2 | 2.5 | -3.7 | 9.2 |
| Cash flow before change in | ||||
| working capital | -10.8 | 11.6 | 142.9 | 256.6 |
| Cash flow from change in working capital | ||||
| Decrease/increase in stock | -1.3 | 0.0 | 0.0 | 0.0 |
| Decrease/increase in short-term receivables | -64.7 | 107.3 | 151.3 | 330.8 |
| Decrease/increase on short-term liabilities | -51.6 | -81.3 | -33.3 | -19.5 |
| Changes in working capital | -117.6 | 26.0 | 118.0 | 311.3 |
| Cash flow from operations | -128.4 | 37.6 | 260.9 | 567.9 |
| Investing activities | ||||
| Shareholders contribution to subsidiaries | -6.1 | 0.0 | -28.8 | -10.4 |
| Intragroup company aquisition | 0.0 | -0.1 | 0.0 | -87.0 |
| Intragroup sales of group companies | 0.0 | 0.0 | 3.4 | 115.1 |
| Aquisition of tangible assets | -3.3 | 0.0 | -0.2 | -0.1 |
| Aquisition of intangible assets | -5.6 | -0.3 | -0.5 | 0.0 |
| Aquisition shares | 0.0 | 0.0 | 0.0 | -1.1 |
| Repayment of purchase amount | 0.0 | 0.0 | 2.4 | 0.0 |
| Repayment of loan from subsidiaries | 0.0 | 4.4 | 0.0 | 312.6 |
| Cash-flow from investing activities | -15.0 | 4.0 | -23.7 | 329.1 |
| Kassaflöde efter investeringsverksamheten | -143.4 | 41.6 | 237.2 | 897.0 |
| Financial activities | ||||
| Loan raised | 144.5 | 0.0 | 0.0 | 0.0 |
| Amortization of loan | 0.0 | -41.6 | -220.6 | -849.1 |
| Raised long-term receivables | -1.1 | 0.0 | 0.0 | 0.0 |
| Dividend paid to shareholders of the parent company | 0.0 | 0.0 | -16.6 | -11.9 |
| Received/paid Group contribution | 0.0 | 0.0 | 0.0 | -36.0 |
| Cash-flow from financial activities | 143.4 | -41.6 | -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
| March 31 | March 31 | Dec 31 | Dec 31 | |
|---|---|---|---|---|
| SEK million | 2011 | 2010 | 2010 | 2009 |
| ASSETS | ||||
| Fixed assets | ||||
| Intangible fixed assets | 6.0 | 0.8 | 0.7 | 0.6 |
| Tangible fixed assets | 3.5 | 0.6 | 0.4 | 0.8 |
| Financial assets | ||||
| Shares in Group companies | 1 405.0 | 1 449.7 | 1 400.0 | 1 449.6 |
| Shares in associated companies | 53.2 | 52.3 | 52.2 | 52.3 |
| Receivables on Group companies | 554.1 | 655.6 | 598.1 | 659.9 |
| Other long-term receivables | 1.6 | 0.5 | 0.5 | 0.5 |
| Total financial assets | 2 013.9 | 2 158.1 | 2 050.8 | 2 162.3 |
| Total fixed assets | 2 023.4 | 2 159.5 | 2 051.9 | 2 163.7 |
| Current assets | ||||
| Short-term receivables | ||||
| Stock | 1.3 | 0.0 | 0.0 | 0.0 |
| Accounts receivable | 4.3 | 4.3 | 4.3 | 0.4 |
| Receivables on Group companies | 1 356.1 | 1 183.0 | 1 275.7 | 1 282.1 |
| Tax receivables | 26.5 | 23.0 | 14.4 | 26.1 |
| Other receivables | 4.3 | 11.2 | 16.0 | 15.0 |
| Prepaid expenses and accrued income | 8.9 | 10.2 | 12.8 | 17.3 |
| Total short-term receivables | 1 401.4 | 1 231.7 | 1 323.2 | 1 340.9 |
| Cash and bank | 0.0 | 0.0 | 0.0 | 0.0 |
| Total current assets | 1 401.4 | 1 231.7 | 1 323.2 | 1 340.9 |
| TOTAL ASSETS | 3 424.8 | 3 391.2 | 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 |
| Unrestricted shareholders' equity | 448.5 | 448.5 | 448.5 | 448.5 |
| Retained profits | 842.5 | 709.2 | 725.5 | 510.7 |
| Share premium reserve | 48.0 | 48.0 | 48.0 | 48.0 |
| Profit/loss for the period | 0.6 | 6.5 | 117.0 | 198.5 |
| 891.1 | 763.7 | 890.5 | 757.2 | |
| Total shareholders' equity | 1 339.6 | 1 212.2 | 1 339.0 | 1 205.7 |
| Untaxed reserves | 53.0 | 33.6 | 53.0 | 33.6 |
| Long-term liabilities | ||||
| Overdraft facilities | 1 530.8 | 1 645.3 | 1 430.2 | 1 686.9 |
| Total long-term liabilities | 1 530.8 | 1 645.3 | 1 430.2 | 1 686.9 |
| Short-term liabilities | ||||
| Accounts payable | 28.0 | 30.3 | 44.9 | 37.3 |
| Liabilities to Group companies | 468.7 | 463.1 | 501.2 | 534.3 |
| Current tax liabilities | 0.1 | 1.8 | 0.0 | 0.0 |
| Other liabilities | 0.0 | 0.0 | 0.7 | 0.7 |
| Accrued expenses and prepaid income | 4.6 | 4.9 | 6.1 | 6.1 |
| Total short-term liabilities | 501.4 | 500.1 | 552.9 | 578.4 |
| TOTAL EQUITY AND LIABILITIES | 3 424.8 | 3 391.2 | 3 375.1 | 3 504.6 |
| Memorandum items | ||||
| Assets pledged | 1 110.4 | 1 488.5 | 1 110.4 | 1 488.5 |
| Contingent liabilities | 446.7 | 302.7 | 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 | Total equity |
| Opening balance 2010-01-01 | 199.1 | 249.4 | 510.7 | 48.0 | 198.5 | 1 205.7 |
| Transfer according to General meeting | 198.5 | -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 | 32.9 | 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.
| Restricted | Retained | Share premium | Profit/loss | |||
|---|---|---|---|---|---|---|
| SEK million | Share capital | reserves | profits | reserve | 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 | 0.0 | 0.0 | 0.0 | |||
| Group contribution | 0.0 | 0.0 | ||||
| Profit/loss for the period | 0.6 | 0.6 | ||||
| Total change in net assets excluding | 0.0 | 0.0 | 0.0 | 0.0 | 0.6 | 0.6 |
| transactions with shareholders | ||||||
| Dividend | 0.0 | 0 | ||||
| Balance at end of period 2011-03-31 | 199.1 | 249.4 | 725.5 | 48.0 | 117.6 | 1 339.6 |
Sales and result per business area
| 3 months | 3 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan - Mar | Jan - Mar | Jan - Dec | Jan - Dec | |
| Business Area Promo | 2011 | 2010 | 2010 | 2009 |
| Net sales | 411.2 | 398.0 | 1 818.6 | 1 805.1 |
| Result EBITDA | 24.6 | 13.7 | 209.6 | 171.9 |
| Business Area Sports & Leisure | ||||
| Net sales | 388.8 | 380.1 | 1 702.8 | 1 587.1 |
| Result EBITDA | 36.4 | 40.4 | 220.1 | 124.5 |
| Business Area Gifts & Home furnishing | ||||
| Net sales | 127.6 | 137.2 | 722.0 | 694.8 |
| Result EBITDA | -32.2 | -22.3 | -43.7 | -53.4 |
| Total net sales | 927.6 | 915.3 | 4 243.4 | 4 087.0 |
| Total result EBITDA | 28.8 | 31.8 | 386.0 | 243.0 |
| Total result EBITDA | 28.8 | 31.8 | 386.0 | 243.0 |
| Depreciation | -11.1 | -14.9 | -58.4 | -70.6 |
| Net financial items | -9.9 | -6.6 | -27.3 | -46.2 |
| Profit before tax | 7.8 | 10.3 | 300.3 | 126.2 |
Assets/Liabilities per business area
| Total | Fixed | Deferred | Total | |||
|---|---|---|---|---|---|---|
| SEK million | assets | assets * | tax assets | Investments | Depreciation | Liabilitie |
| March 31 2011 | ||||||
| Promo | 2 040.7 | 534.8 | 39.2 | -21.3 | -5.6 | 1 482.3 |
| Sports & Leisure | 1 472.4 | 700.7 | 31.1 | -3.7 | -3.6 | 483.3 |
| Gifts & Home furnishing | 773.3 | 196.1 | 23.5 | -2.1 | -1.9 | 435.9 |
| Total | 4 286.4 | 1 431.6 | 93.8 | -27.1 | -11.1 | 2 401.5 |
| March 31 2010 | ||||||
| Promo | 1 953.0 | 565.4 | 63.7 | -12.5 | -8.0 | 1 604.2 |
| Sports & Leisure | 1 450.6 | 799.6 | 29.7 | -1.4 | -5.6 | 429.1 |
| Gifts & Home furnishing | 901.3 | 194.0 | 17.7 | -2.1 | -1.3 | 484.7 |
| Total | 4 304.9 | 1 559.0 | 111.1 | -16.0 | -14.9 | 2 518.0 |
| Dec 31 2010 | ||||||
| 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 | |||||
|---|---|---|---|---|---|---|
| Jan-Mar | Part of | Jan-Mar | Part of | Change | Change | |
| 2011 | turnover | 2010 | turnover | SEK million | % | |
| Sweden | 272 | 29% | 263 | 29% | 9 | 3% |
| USA | 171 | 19% | 171 | 18% | 0 | 0% |
| Nordic countries excluding Sweden | 151 | 16% | 145 | 16% | 6 | 4% |
| Mid-Europe | 197 | 21% | 199 | 22% | -2 | -1% |
| Southern Europe | 103 | 11% | 102 | 11% | 1 | 1% |
| Other countries | 34 | 4% | 35 | 4% | -1 | -3% |
| Total | 928 | 100% | 915 | 100% | 13 | 1% |
| 12 months Jan–Dec |
Part of | 12 months Jan–Dec |
Part of | Change | Change | |
|---|---|---|---|---|---|---|
| 2010 | turnover | 2009 | turnover | SEK million | % | |
| Sweden | 1 288 | 30% | 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 | 4% | 152 | 4% | -7 | -5% |
| Total | 4 243 | 100% | 4 087 | 100% | 156 | 4% |
Fixed assets and deferred tax assets per area
| 31 Mar 2011 | 31 Mar 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 | 507 | 15 | 500 | 15 | 494 | 14 | 506 | 10 | ||
| USA | 622 | 39 | 719 | 31 | 673 | 47 | 718 | 31 | ||
| Nordic countries | ||||||||||
| excluding Sweden | 25 | 2 | 28 | 2 | 26 | 3 | 28 | 2 | ||
| Mid-Europe | 183 | 35 | 211 | 37 | 189 | 35 | 227 | 37 | ||
| Southern Europe | 88 | 3 | 94 | 26 | 74 | 3 | 81 | 29 | ||
| Other countries | 6 | 0 | 7 | 0 | 20 | 0 | 25 | 0 | ||
| Total | 1 431 | 94 | 1 559 | 111 | 1 476 | 102 | 1 585 | 109 |
* Fixed assets classified as financial assets are not included
Quarterly consolidated income statements
| SEK million | 2011 | 2010 | 2009 | 2008 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 Q1 |
Q2 | Q3 | Q4 | |
| Net sales | 927.6 | 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 | 1 226.5 | |
| Goods for resale | -493.9 | -477.9 | -563.7 | -581.2 | -620.7 | -528.1 | -519.3 | -555.5 -582.4 |
-532.3 | -626.8 | -549.8 | -662.9 | |
| Gross profit | 433.7 | 437.4 | 501.6 | 479.5 | 581.4 | 451.4 | 503.6 | 446.7 500.0 |
482.7 | 618.6 | 567.5 | 563.6 | |
| Gross profit % | 46.8 | 47.8 | 47.1 | 45.2 | 48.4 | 46.1 | 49.2 | 44.6 46.2 |
47.6 | 49.7 | 50.8 | 46.0 | |
| Other operating income | 12.6 | 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 | -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 | -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 | -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 | -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 companies result | 0.1 | 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 | 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 | 1.5 | 0.6 | 2.0 | 4.3 | 0.7 | 0.0 | 1.2 2.6 |
2.6 | 2.6 | 4.6 | |
| Interest expenses | -11.5 | -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 | 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 | -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 | 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 | -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 | 1.6 | 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 | -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 | -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 | -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 | 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 | 0.1 | 0.0 | 0.5 | 1.1 | 0.3 | -0.1 | 0.1 | 1.7 0.1 |
4.6 | -4.2 | 2.8 | |
| 5.7 | 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 | -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 | -0.4 | 0.7 | -1.0 | 1.6 | 0.6 | -0.7 | -1.6 | 2.1 -1.2 |
3.8 | -1.1 | 6.6 | |
| -48.1 | -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 per share (SEK) | |||||||||||||
| Profit per share before dilution | 0.08 | 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 | 0.11 | 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 |
| Weighted number of shares after dilution | 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 companies result | 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 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Current operation | |||||||||||||
| Profit/loss before financial items | 17.7 | 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 | 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 | 1.4 | 0.7 | 2.0 | 4.3 | 0.7 | 0.0 | 1.2 | 2.6 | 2.6 | 2.6 | 4.6 |
| Paid interest | -11.5 | -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 | -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 | 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 | 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 | 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 | 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 | 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 | 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 | -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 | 0.0 | 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 | 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 | -0.7 | -2.4 | 2.4 |
| Reayment of purchase amount * | 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 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Acquisition of financial assets | -3.9 | 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 | -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 | 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 | |||||||||||||
| Repayment of long-term receivables | 4.2 | 1.5 | 0.0 | 3.8 | -4.2 | 0.5 | 1.7 | 1.8 | 0.0 | 0.0 | 0.0 | 0.0 | 1.2 |
| Raised long-term receivables | 0.0 | -0.3 | 0.0 | -6.8 | 5.9 | -0.5 | 0.0 | -0.6 | -0.4 | 0.0 | 0.0 | 0.0 | -0.8 |
| Amortization of loan | 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 |
| Loan raised | 133.5 | 0.0 | 0.0 | 53.9 | 0.0 | 26.2 | 0.0 | 0.0 | 15.9 | 137.7 | 125.9 | 214.8 | -35.8 |
| Option premium | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.5 | 0.0 |
| Dividend paid to the parent company's shareholders | 0.0 | 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 | -57.0 | -106.8 | 50.9 | -128.3 | 25.7 | -351.1 | -139.8 | -423.6 | 137.7 | 59.6 | 215.3 | -36.6 |
| Cash flow for the period | -32.0 | -7.6 | 4.0 | -9.6 | 58.0 | -119.3 | 22.0 | -33.8 | 25.6 | -66.8 | 10.5 | 88.6 | 10.5 |
| Opening cash balance | 121.7 | 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 | -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 | 72.4 | 80.1 | 63.2 | 121.7 | 77.4 | 93.5 | 49.5 | 80.4 | 41.1 | 52.3 | 155.5 | 190.0 |
| *The item includes: | |||||||||||||
| Goodwill | - | - | 2.4 | - | - | - | - | - | - | - | - | - | - |
| Working capital | - | - | - | - | - | - | - | - | - | - | -0.7 | -2.4 | 2.4 |
| Effect on the cash flow | 0.0 | 0.0 | 2.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.7 | -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 15 223 (15 757) on March 31, 2011. Institutional investors accounted for 43 % of the capital and 11 % of the votes. At the same time the ten largest shareholders held 60 % of the capital and 90 % of the votes. Non-Swedish shareholders accounted for 20 % of the capital and 5 % of the votes.
New Wave Group's ten major shareholders 2011-03-31
| 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% |
| JP Morgan | 2 534 781 | 2 534 781 | 3.8% | 1.0% |
| Avanza Pension | 2 193 292 | 2 193 292 | 3.3% | 0.9% |
| Handelsbanken fonder | 2 155 377 | 2 155 377 | 3.2% | 0.9% |
| AMF | 1 823 000 | 1 823 000 | 2.7% | 0.7% |
| GTM Holding AS | 1 507 466 | 1 507 466 | 2.3% | 0.6% |
| Länsförsäkringar Småbolagsfond | 1 482 379 | 1 482 379 | 2.2% | 0.6% |
| City Bank New York | 1 458 683 | 1 458 683 | 2.2% | 0.6% |
| Home Capital | 1 456 869 | 1 456 869 | 2.2% | 0.6% |
| 39 887 482 | 226 256 602 | 60.1% | 89.5% |
| Shareholder distribution in New Wave Group 2011-03-31 | Number of shares | Number of votes | Capital % | Votes % |
|---|---|---|---|---|
| Sweden | 53 216 861 | 239 585 981 | 80.2% | 94.8% |
| Shareholders outside Sweden excl. USA | 10 606 886 | 10 606 886 | 16.0% | 4.2% |
| USA | 2 519 796 | 2 519 796 | 3.8% | 1.0% |
| 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