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New Wave Group AB — Interim / Quarterly Report 2012
Aug 22, 2012
3081_ir_2012-08-22_734a150a-1267-41a0-850d-95236b168be4.pdf
Interim / Quarterly Report
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Interim report New Wave Group AB (publ)
January–June 2012
1 April–30 June 2012
- • Sales amounted to SEK 1 075 million, which was 5% higher than last year (SEK 1 021 million).
- • Acquired units contributed by SEK 95 million in turnover and SEK 2.6 million in result after tax.
- • Operating profit amounted to SEK 58.7 million (SEK 72.7 million).
- • Result after tax amounted to SEK 33.3 million (SEK 37.3 million).
- • Earnings per share amounted to SEK 0.50 (SEK 0.55).
- • Cash flow from operating activities improved by SEK 106.6 million and amounted to SEK 132.8 million (SEK 26.2 million).
1 January–30 June 2012
- • Sales amounted to SEK 2 050 million, which was 5% higher than last year (SEK 1 948 million).
- • Acquired units contributed by SEK 158 million in turnover and SEK -4.6 million in result after tax.
- • Operating profit amounted to SEK 61.3 million (SEK 90.4 million).
- • Result after tax amounted to SEK 25.1 million (SEK 43.0 million).
- • Earnings per share amounted to SEK 0.38 (SEK 0.63).
- • Cash flow from operating activities improved by SEK 294.2 million and amounted to SEK 177.8 million (SEK -116.4 million).
- • Equity ratio amounted to 43.4% (43.8%).
- • Net debt to equity ratio amounted to 83.4% (83.3%).
VIEWS ON 2012
For 2012 we expect a higher turnover and a result around the 2011 outcome. The sales growth in the latter part of the first half of 2012 does, however, make the forecast more uncertain than before and if the development does not improve, turnover is expected to be around the 2011 outcome and the result slightly lower than last year's outcome.
Sales (sek million)
Profit before tax (sek million)
CEO comments
After the second quarter we can now say that the economic development in Europe has been weak and has affected us more than we anticipated. Particularly the promo sales channel has worsened, a development we did not foresee. We had in our calculations believed in a weak market in Southern Europe, but unfortunately the entire promo market is decreasing in Central and Northern Europe as well. Geographically speaking, we are really only pleased with the USA who are more or less on track.
Unfortunately, it is my belief that we will have a weak market development for the rest of the year and probably also in 2013. This means that we will have to make additional cutbacks to decrease our costs. In addition to lower sales, a tough market also affects the gross profit. Our prognosis is uncertain and if we are to fulfil it the market cannot decrease further. Developments in the beginning of the third quarter have been weak.
What I find positive is our cash flow, our well-balanced stock and strong balance sheet. I also make the assessment that we actually are winning promo market shares, despite lower sales. Sports & Leisure has gone about as planned during the quarter and in the Gifts & Home Furnishings segment, we see that our cost-cutting measures are starting to pay.
So despite the current situation, I have great hopes for the future – we have a better and stronger management team than ever – and we will continue to grow and create value.
Summary of the quarter
SUMMARY OF THE REVIEW PERIOD APRIL-JUNE
Group sales increased by 5% in the quarter compared to last year. The increase is related to acquired units and sales excluding acquisitions decreased by 4%. The turnover decrease is mainly due to weak European promo market conditions and a less active Swedish market.
The promo operating segment sales decrease by 7%, which is mainly related to the European market. Promo market conditions have been weak in the quarter, mainly in Europe, but Sweden has also had a weak development. Sports & Leisure increased its turnover by 28%, which is attributable to acquired units. Excluding acquisitions, Sweden and the other Nordic countries are increasing, while USA and Europe have been weaker. Gifts & Home Furnishings decreased by 9% and is mainly negatively affected by lower export sales, but also weaker Swedish retail sales.
The gross profit margin decreased, which is related to poor market conditions, mainly in Europe but also in Sweden. Our mix of customers and markets has also had a negative effect.
The Group's costs, excluding acquisitions, are on par with last year. Savings measures have been taken.
Result after tax amounted to SEK 33.3 million (SEK 37.3 million). The lower result is mainly related to lower turnover (excluding acquisitions) as well as lower gross profit margin. Last year includes non-recurring costs, which had a negative affect of SEK 28.7 million.
Cash flow from operating activities improved by SEK 106.6 million and amounted to SEK 132.8 million (SEK 26.2 million) and the improvement is primarily attributable to lower purchasing and better payment terms. Stock amounted to SEK 1,982 million, of which SEK 161 million refer to acquired units. Net debt amounted to SEK 1,710 million (SEK 1,591 million). The increase is related to last year's acquisition of AHEAD and Paris Glove, which amounted to SEK 258 million. Debt to equity ratio amounted to 83.4% (83.3%).
april–june
Sales
Sales amounted to SEK 1 075 million, which was 5% higher than last year (SEK 1 021 million). Acquired units contributed by SEK 95 million or 9%. Exchange rates affected sales positively by SEK 22 million.
The promo operating segment decreased by 7% and the negative development is mainly related to the European market. Sports & Leisure increased its turnover by 28%, which is attributable to acquired units. Excluding acquisitions, sales increased in the segment by 3%, which is related to the retail sales channel. Gifts & Home Furnishings sales decreased by 9% due to a deteriorating retail sales channel, mainly in the export market, but the Swedish market has also been weak.
Swedish sales decreased by 4%, which is mainly due to weaker sales in the promo sales channel. USA increased by 40%, which is attributable to acquired units. The other Nordic countries increased by 2% with the Norwegian and Danish markets showing growth. Sales in Central and Southern Europe decreased by 6% and 24% respectively which is due to worsening market conditions.
Gross profit
Gross profit margin amounted to 46.0% (48.8%). The lower margin is related to weaker market conditions in Europe and Sweden, mainly in the promo sales channel.
Other operating income and other operating expenses
Other operating income increased by SEK 1.1 million to SEK 9.5 million (SEK 8.4 million). Other operating income is mainly attributable to operating exchange
gains, but also invoiced expenses 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 0.4 million and amounted to SEK -5.9 million (SEK -5.5 million). The net of above items amounted to SEK 3.6 million (SEK 2.9 million).
Expenses and depreciation
External expenses decreased by SEK 3.3 million and amounted to SEK -238.3 million (SEK -241.6 million) and acquired units affected by SEK -23.0 million. Last year's expenses were negatively affected by a non-recurring cost amounting to SEK 23.5 million. Excluding the non-recurring cost, acquisitions and currency adjustments, external costs are lower than last year, which is attributable to savings.
Personnel costs amounted to SEK -189.2 million, which is SEK 16.0 million higher than last year (SEK -173.2 million). The higher costs are due to acquired units, which affected by SEK -17.1 million. Last year's expenses were negatively affected by a non-recurring cost amounting to SEK 7 million. Excluding the non-recurring item, acquisitions and currency adjustments, personnel costs are on par with last year.
Changes in exchange rates when converting to SEK have affected costs negatively by SEK 8 million.
Depreciations amounted to SEK -13.0 million (SEK -13.2 million).
Operating profit
Operating profit amounted to SEK 58.7 million, which was SEK 14.0 million lower than last year (SEK 72.7 million). Last year includes non-recurring items amounting to SEK -30.5 million. The lower operating profit is mainly related to lower gross profit margin but also to lower turnover (excluding acquisitions). Operating margin decreased and amounted to 5.5% (7.1%).
Net financial items and taxes
Net financial items amounted to SEK -12.5 million (SEK -11.2 million). The increase is mainly due to higher net debt related to the acquisitions made in 2011. It is the Group's policy to have short fixed-interest agreements resulting in quick effects on the Group's net interest and short-term interest rate changes.
Taxes for the period amounted to SEK -12.9 million (SEK -24.2 million) and the tax rate amounted to 27.9% (39.3%). Last year's high tax rate is due to the fact that the non-recurring item, which amounted to SEK 23.5 million, was not included in the taxable income.
Result for the period
Result after tax amounted to SEK 33.3 million (SEK 37.3 million) and earnings per share amounted to SEK 0.50 (SEK 0.55). The profit decrease is related to lower gross profit margin and to lower sales (excluding acquisitions). Acquired units contributed by SEK 2.6 million.
JANUARY–JUNE
Sales
Sales amounted to SEK 2 050 million (SEK 1 949 million), which was 5% higher than last year. Exchange rates affected sales positively by SEK 36 million and sales in local currencies increased by 3%, of which acquired units stood for 8% (SEK 158 million).
The promo operating segment decreased by 7% with mainly the Nordic region and Europe decreasing. Sports & Leisure increased its turnover by 24% of which acquired units affected positively by 21%. Gifts & Home Furnishings decreased sales by 6%. The operating segment's sales mainly decreased in the export markets, but also in Sweden.
Sales in Sweden decreased by 7% compared to last year and a decrease occurs in both sales channels. USA increased sales by 41% of which acquired units had a
positive effect of 35%. The other Nordic countries are on par with last year. Central and Southern Europe were negatively affected by the worsening market conditions.
Gross profit
Gross profit margin amounted 45.8% (47.8%). The decrease is mainly related to the worsening market conditions, but also the mix of customers and countries.
Other operating income and other operating expenses
Other operating income decreased by SEK 3.0 million to SEK 18.0 million (SEK 21.0 million). Other operating income is mainly attributable to operating exchange gains, but also invoiced expenses 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 decreased by SEK 3.7 million and amounted to SEK -9.7 million (SEK -13.4 million). The net of above items amounted to SEK 8.3 million (SEK 7.6 million).
Expenses and depreciation
External costs increased by SEK 2.4 million and amounted to SEK -485.5 million (SEK -483.1 million). Acquired units have affected costs by SEK 43.1 million. Last year was negatively affected by a non-recurring item of SEK 23.5 million. Excluding the non-recurring item, acquisitions and currency adjustments, external costs are lower which is attributable to savings.
Personnel costs amounted to SEK -375.5 million, which is SEK 34.1 million higher than last year (SEK -341.4 million). The increase is mainly related to acquired units which affected by SEK -31.6 million. Last year was negatively affected by a nonrecurring item of SEK 7.0 million. Excluding the non-recurring item, acquisitions and currency adjustments, personnel costs are on par with last year.
Changes in exchange rates when converting to SEK have affected costs negatively by SEK 17 million.
Depreciations amounted to SEK -24.9 million (SEK -24.3 million).
Operating profit
Operating profit amounted to SEK 61.3 million (SEK 90.4 million). Last year includes non-recurring items amounting to SEK -30.5 million. The lower operating profit is mainly related to lower gross profit margin but also to lower turnover (excluding acquisitions). Operating margin decreased and amounted to 3.0% (4.6%).
Net financial items and taxes
Net financial items amounted to SEK -26.5 million (SEK -21.1 million). The increase is mainly related to higher net debt, which is attributable to last year's acquisition of AHEAD and Paris Glove, which amounted to SEK 258 million. 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.
Taxes for the period amounted to SEK -9.7 million (SEK -26.3 million) and the tax rate amounted to 27.9% (38.0%). Last year's high tax rate is due to the fact that the non-recurring item, which amounted to SEK 23.5 million, was not included in the taxable income.
Result for the period
Result after tax amounted to SEK 25.1 million (SEK 43.0 million) and earnings per share amounted to SEK 0.38 (SEK 0.63). The profit decrease is mainly related to lower gross profit margin and to lower sales (excluding acquisitions). Acquired units contributed by SEK -4.6 million. Last year's expenses were negatively affected by non-recurring items amounting to SEK 28.7 million after tax.
REPORTING OF OPERATING SEGMENTS
New Wave Group AB divides its operations into three segments, Corporate Promo, Sports & Leisure and Gifts & Home Furnishings. The Group monitors the segments' and brands' sales as well as profit (EBITDA). The operating segments are based on the Group's operational management.
Corporate Promo
Sales decreased by SEK 35 million in the period April-June and amounted to SEK 448 million (SEK 482 million). Profit (EBITDA) decreased to SEK 56.9 million (SEK 74.8 million). The decrease is due to worsening market conditions, mainly in Europe and Sweden, which has also resulted in a lower operating margin. Last year's result was negatively affected by a non-recurring item of SEK 23.5 million.
Sales decreased by 7% to SEK 831 million (SEK 894 million) in the period January-June and the profit (EBITDA) decreased by SEK 29.6 million to SEK 69.8 million (SEK 99.4 million). The lower turnover is mainly due to a worsening promo market in Europe and Sweden, which has also had a negative effect on the operating margins. Last year's result was negatively affected by a non-recurring item of SEK 23.5 million.
Sports & Leisure
Sales increased by 28% and amounted to SEK 473 million (SEK 368 million) in the period April-June. The profit (EBITDA) amounted to SEK 23.8 million, which was SEK 2.1 million lower than last year (SEK 25.9 million). The higher turnover is due to acquired units, which contributed by SEK 95 million. Excluding acquisitions the segment increased by 3%. The decrease in profit is related to lower operating margins. Acquired units contributed by SEK 6.1 million.
The operating segment increased its turnover by 24% to SEK 938 million (SEK 757 million) in the period January-June, but the profit (EBITDA) decreased by SEK 10.6 million to SEK 51.7 million (SEK 62.3 million). The higher turnover is due to acquired units, which contributed by SEK 158 million. The lower profit is related to lower gross profit margin in the retail sales channel, increased sales and marketing costs, as well as acquired units who affected by SEK -2.3 million.
Gifts & Home Furnishings
Sales decreased by 9% and amounted to SEK 155 million (SEK 171 million) in the period April-June. The profit (EBITDA) amounted to SEK -9.0 million, which was SEK 5.8 million better than last year (SEK -14.8 million). However, last year was negatively affected by a non-recurring item of SEK 7.0 million. The lower profit is mainly related to lower export sales, but has partly been compensated by savings.
Sales decreased by 6% to SEK 281 million (SEK 298 million) in the period January-June and the profit (EBITDA) increased by SEK 11.7 million to SEK -35.3 million (SEK -47.0 million). The sales decrease is mainly related to lower retail sales in Orrefors Kosta Boda. The profit increase is related to savings. Last year, a non-recurring item amounting to SEK 7.0 million negatively affected the segment.
GEOGRAPHICAL ALLOCATION
A table showing the turnover in the regions Sweden, USA, Other Nordic countries, Central Europe, Southern Europe and Other countries can be found on page 17.
Swedish sales dropped by 4% in the period April-June and the decrease occurred in both sales channels. USA increased sales by 40%, which is related to the acquired units. Other Nordic countries increased sales somewhat, which is related to Denmark and Norway. Central and Southern Europe decreased by 6% and 24% respectively due to poor market conditions.
Swedish sales dropped by 7% in the period January-June and the decrease occurred in both sales channels. USA increased sales by 41%, which is mainly related to the acquired units. The other Nordic countries are on par with last year. Central and Southern Europe decreased by 2% and 18% respectively due to poor market conditions.
CAPITAL TIED UP
Capital tied up in goods amounted to SEK 1 982 million (SEK 1 778 million) of which acquired units have contributed by SEK 161 million. The increase is planned, as historically our inventories have been too low in some segments and periods. We have therefore not been able to achieve a satisfactory level of service to our customers. Inventory turnover rate amounted to 1.1 (1.2).
| 2012-06 | 2011-06 | |
|---|---|---|
| Raw materials | 68,4 | 65,1 |
| Work in progress | 16,1 | 25,6 |
| Goods in transit | 87,8 | 117,4 |
| Merchandise on stock | 1 809,8 | 1 570,3 |
| Total | 1 982,1 | 1 778,4 |
Obsolescence as of 30 June 2012 amounted to SEK 72 million (SEK 61 million) and is 4.0% (3.9%) of merchandise on stock.
Accounts receivable amounted to SEK 710 million (SEK 741 million) of which acquired units affected by SEK 56 million. The decrease is due to improved payment terms. Capital tied up in accounts receivable is still affected by the turbulence in Europe, mainly in Greece. The Group continuously reviews the countries and accounts receivable considered to be especially affected by this turbulence and heightened risk.
INVESTMENTS, FINANCING AND LIQUIDITY
The Group's cash flow from operating activities improved by SEK 106.6 million and amounted to SEK 132.8 million (SEK 26.2 million). It is mainly the lower purchases and improved payment terms that have improved cash flow compared to last year. The Group's cash net investments decreased and amounted to SEK -15.1 million (SEK -19.6 million).
Net debt increased by SEK 119 million compared to 30 June last year and amounted to SEK 1 710 million (SEK 1 591 million). The increase is related to last year's acquisition of AHEAD and Paris Glove, which amounted to SEK 258 million. Net debt decreased by SEK 87 million in the period January-June to SEK 1 710 million (SEK 1 797 million), which is related to lower purchases and improved credits. Net debt to equity ratio and working capital amounted to 83.4% (83.3%) and 79.0% (77.0%) respectively.
Equity ratio amounted to 43.4% (43.8%).
The Group's credit agreement has a credit limit of SEK 2 316 million, of which the main agreement amounts to SEK 2 200 million and is valid until 15 September 2013. The main agreement means that commitments (covenants) must be fulfilled in order to maintain the agreement. The interest rate is based on each respective currency's base rate and a fixed margin.
Based on the current forecast, it is the management's assessment that the Group will meet these covenants. 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 2012 the number of employees amounted to 2 423 (2 162) of which 50% were women and 50% were men. Out of the total number of employees, 670 (556) work in production. The production contained within the New Wave Group is attributable to AHEAD (embroidery), Cutter & Buck (embroidery), Dahetra, Paris Glove, Orrefors Kosta Boda, Seger, and Toppoint. Acquired units affected with 372 employees, of which 169 work in production.
SUBSCRIPTION OPTIONS IN NEW WAVE GROUP AB
New Wave Group has one outstanding share option program.
A program for the Board of Directors was introduced in July 2008. The option 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 the above mentioned programs have been based on market value.
RELATED-PARTY TRANSACTIONS
There are lease agreements with related companies. Affiliates of the Managing Director have bought merchandise. The Group has purchased consultancy services from a member of the Board. All transactions have occurred in accordance with market conditions.
VIEWS ON 2012
For 2012 we expect a higher turnover and a result around the 2011 outcome. The sales growth in the latter part of the first half of 2012 does, however, make the forecast more uncertain than before and if the development does not improve, turnover is expected to be around the 2011 outcome and the result slightly lower than last year's outcome.
THE PARENT COMPANY
Total income January–June amounted to SEK 71.2 million (SEK 71.7 million). Result before tax amounted to SEK 11.7 million (SEK 4.8 million). Net borrowings amounted to SEK 1 701 million (SEK 1 566 million) of which SEK 1 355 million (SEK 1 428 million) refer to financing of subsidiaries. Net investments amounted to SEK -0.7 million (SEK -15.2 million). The balance sheet total amounted to SEK 3 244 million (SEK 3 442 million) and equity, including 73.7% of untaxed reserves, to SEK
1 043 million (SEK 1 311 million). The result has been negatively affected by SEK 16 million regarding impairment of fixed assets. This is attributable to capital contribution in subsidiaries regarding previous years' losses. These assets are not considered to add further value to the subsidiaries and have thus burdened the result.
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 minimise 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 2011; 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 Accounts Act. The interim report for the parent company has been prepared according to Annual Accounts Act as well as the Swedish Financial Accounting Standards Council's standards RFR 2 – Accounting for legal entity. Applied accounting principles are in accordance with the Annual Report for 2011.
CALENDAR
- • 13 November 2012
- Interim report for the third quarter
- • 8 February 2013
- Year end report 2012
- • 25 April 2013 Interim report for the first quarter
The Board and the Managing Director 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 22 August 2012 New Wave Group AB (publ)
Anders Dahlvig Christina Bellander Göran Härstedt
Chairman of the Board Member of the Board Member of the Board
Member of the Board Member of the Board Managing Director
Helle Kruse Nielsen Mats Årjes Torsten Jansson
FOR MORE INFORMATION, PLEASE CONTACT:
Managing Director Torsten Jansson Phone: +46 31 712 89 01 E-mail: [email protected] Financial Manager Lars Jönsson Phone: +46 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 22 August 2012.
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 | 2012 | 2011 | 2012 | 2011 | 2011 | 2010 |
| Income | 1 074.9 | 1 020.9 | 2 050.3 | 1 948.5 | 4 236.9 | 4 243.4 |
| Goods for resale | -580.0 | -522.7 | -1 111.2 | -1 016.6 | -2 214.1 | -2 243.5 |
| Gross profit | 494.9 | 498.2 | 939.1 | 931.9 | 2 022.8 | 1 999.9 |
| Other operating income* | 9.5 | 8.4 | 18.0 | 21.0 | 39.4 | 32.2 |
| External costs | -238.3 | -241.6 | -485.5 | -483.1 | -970.5 | -946.2 |
| Personnel costs | -189.2 | -173.2 | -375.5 | -341.4 | -691.1 | -679.2 |
| Depreciation of tangible and | ||||||
| intangible fixed assets | -13.0 | -13.2 | -24.9 | -24.3 | -50.6 | -58.4 |
| Other operating costs | -5.9 | -5.5 | -9.7 | -13.4 | -24.8 | -21.6 |
| Share of associated companies result | 0.7 | -0.4 | -0.2 | -0.3 | 1.7 | 0.9 |
| Operating profit | 58.7 | 72.7 | 61.3 | 90.4 | 326.9 | 327.6 |
| Financial income | 0.5 | 1.0 | 1.9 | 2.6 | 6.9 | 5.1 |
| Financial expenses | -13.0 | -12.2 | -28.4 | -23.7 | -57.9 | -32.4 |
| Net financial items | -12.5 | -11.2 | -26.5 | -21.1 | -51.0 | -27.3 |
| Profit before tax | 46.2 | 61.5 | 34.8 | 69.3 | 275.9 | 300.3 |
| Tax on profit for the period | -12.9 | -24.2 | -9.7 | -26.3 | -76.8 | -78.8 |
| Result for the period | 33.3 | 37.3 | 25.1 | 43.0 | 199.1 | 221.5 |
| Other comprehensive income | ||||||
| Translation difference | 19.9 | 54.7 | -0.1 | 6.6 | 20.0 | -65.8 |
| Cash flow hedge | 2.7 | -1.7 | -2.8 | -9.5 | 9.5 | -4.8 |
| Income tax related to components of | ||||||
| other comprehensive income | -0.7 | 0.4 | 0.7 | 2.5 | -2.5 | 1.3 |
| Total other comprehensive income net after tax for the period | 21.9 | 53.4 | -2.2 | -0.4 | 27.0 | -69.3 |
| Total comprehensive income for the period | 55.2 | 90.7 | 22.9 | 42.6 | 226.1 | 152.2 |
| Result attributable to: | ||||||
| Equity holders of the parent company | 33.4 | 36.8 | 25.0 | 42.0 | 198.3 | 219.8 |
| Non-controlling (minority) interest | -0.1 | 0.5 | 0.1 | 1.0 | 0.8 | 1.7 |
| 33.3 | 37.3 | 25.1 | 43.0 | 199.1 | 221.5 | |
| Total comprehensive income attributable to: | ||||||
| Equity holders of the parent company | 55.1 | 89.5 | 22.8 | 41.5 | 226.6 | 151.3 |
| Non-controlling (minority) interest | 0.1 | 1.2 | 0.1 | 1.1 | -0.5 | 0.9 |
| 55.2 | 90.7 | 22.9 | 42.6 | 226.1 | 152.2 | |
| Profit per share | ||||||
| Profit per share before dilution | 0.50 | 0.55 | 0.38 | 0.63 | 2.99 | 3.31 |
| Profit per share after dilution | 0.50 | 0.55 | 0.38 | 0.62 | 2.94 | 3.26 |
| 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 | 66 343 543 | 67 343 543 | 66 343 543 | 67 343 543 | 67 343 543 | 67 343 543 |
* Mainly 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 | 2012 | 2011 | 2012 | 2011 | 2011 | 2010 |
| Current operation | ||||||
| Operating profit | 58.7 | 72.8 | 61.3 | 90.5 | 326.9 | 327.6 |
| Adjustments for items not included in cash flow | 17.7 | 15.3 | 32.5 | 31.6 | 71.1 | 77.0 |
| Received interest | 0.5 | 1.0 | 1.9 | 2.6 | 6.9 | 5.1 |
| Paid interest | -13.0 | -12.2 | -28.4 | -23.7 | -57.9 | -32.4 |
| Paid income tax | -20.1 | -14.9 | -36.3 | -61.6 | -77.4 | -45.2 |
| Cash flow from current operations | 43.8 | 62.0 | 31.0 | 39.4 | 269.6 | 332.1 |
| before changes in working capital | ||||||
| Cash flow from changes in working capital | ||||||
| Increase/decrease in stock | 34.3 | -77.8 | -10.6 | -202.5 | -252.4 | -36.7 |
| Increase/decrease in current receivables | 19.6 | 45.4 | 96.7 | 96.6 | 168.6 | -37.0 |
| Increase/decrease in current liabilities | 35.1 | -3.4 | 60.7 | -49.9 | -119.8 | 85.2 |
| Changes in working capital | 89.0 | -35.8 | 146.8 | -155.8 | -203.6 | 11.5 |
| Cash flow from operations | 132.8 | 26.2 | 177.8 | -116.4 | 66.0 | 343.6 |
| Investing activities | ||||||
| Investments in tangible assets | -15.9 | -10.1 | -26.5 | -33.3 | -56.8 | -61.2 |
| Sales of tangible assets | 1.3 | 0.3 | 1.6 | 0.3 | 4.8 | 3.1 |
| Investments in intangible assets | -0.5 | -10.4 | -0.9 | -10.4 | -13.2 | -2.0 |
| Acquisition of subsidiaries* | 0.0 | 0.0 | 0.0 | 0.0 | -254.5 | 0.0 |
| Repayment of purchase amount* | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 2.4 |
| Sales of financial fixed assets | 0.0 | 0.6 | 0.0 | 0.0 | 0.0 | 0.1 |
| Acquisition of financial fixed assets | 0.0 | 0.0 | -0.1 | -3.3 | -6.8 | 0.0 |
| Cash flow from investing activities | -15.1 | -19.6 | -25.9 | -46.7 | -326.5 | -57.6 |
| Cash flow after investing activities | 117.7 | 6.6 | 151.9 | -163.1 | -260.5 | 286.0 |
| Financing activities | ||||||
| Raised long-term receivables | 0.0 | -0.3 | 0.0 | 0.0 | 0.0 | -0.1 |
| Repayment of long-term receivables | 0.0 | 0.0 | 0.0 | 3.9 | 0.0 | 0.0 |
| Amortization of loan | -5.1 | 0.0 | -84.1 | 0.0 | 0.0 | -278.4 |
| Loan raised | 0.0 | 36.0 | 0.0 | 169.5 | 322.3 | 53.9 |
| Dividend paid to the parent company shareholders | -66.3 | -66.3 | -66.3 | -66.3 | -66.3 | -16.6 |
| Cash flow from financial activities | -71.4 | -30.6 | -150.4 | 107.1 | 256.0 | -241.2 |
| Cash flow for the period | 46.3 | -24.0 | 1.5 | -56.0 | -4.5 | 44.8 |
| Liquid assets at the beginning of the period | 70.4 | 86.1 | 117.7 | 121.7 | 121.7 | 80.4 |
| Currency differences in liquid assets | 2.8 | 2.1 | 0.3 | -1.5 | 0.5 | -3.5 |
| Liquid assets at period-end | 119.5 | 64.2 | 119.5 | 64.2 | 117.7 | 121.7 |
| Liquid assets | ||||||
| Cash at bank and in hand | 119.5 | 64.2 | 119.5 | 64.2 | 117.7 | 121.7 |
| *The item includes: | ||||||
| Goodwill | - | - | - | - | 4.6 | 2.4 |
| Trademarks | - | - | - | - | -54.2 | - |
| Working capital | - | - | - | - | -223.6 | - |
| Overtake of loan | - | - | - | - | 57.2 | - |
| Fixed assets | - | - | - | - | -49.4 | - |
| Liquid assets | - | - | - | - | 10.9 | - |
| Effect on the cash flow | 0.0 | 0.0 | 0.0 | 0.0 | -254.5 | 2.4 |
Consolidated balance sheets
| 30 Jun | 30 Jun | 31 Dec | 31 Dec | |
|---|---|---|---|---|
| SEK million | 2012 | 2011 | 2011 | 2010 |
| ASSETS | ||||
| Intangible fixed assets | 1 223.0 | 1 106.2 | 1 223.5 | 1 141.7 |
| Tangible fixed assets | 358.7 | 334.7 | 366.1 | 333.9 |
| Shares in associated companies | 60.1 | 55.0 | 60.2 | 51.7 |
| Long-term receivables | 41.4 | 10.5 | 40.6 | 14.4 |
| Deferred tax assets | 83.6 | 93.6 | 82.9 | 101.8 |
| Total fixed assets | 1 766.8 | 1 600.0 | 1 773.3 | 1 643.5 |
| Stock | 1 982.1 | 1 778.4 | 1 973.9 | 1 594.7 |
| Tax receivables | 27.1 | 39.6 | 17.7 | 46.6 |
| Accounts receivable | 710.4 | 740.9 | 782.3 | 787.9 |
| Prepaid expenses and accrued income | 71.5 | 102.8 | 73.4 | 72.3 |
| Other receivables | 42.2 | 28.6 | 68.1 | 51.9 |
| Liquid assets | 119.5 | 64.2 | 117.7 | 121.7 |
| Total current assets | 2 952.8 | 2 754.5 | 3 033.1 | 2 675.1 |
| TOTAL ASSETS | 4 719.6 | 4 354.5 | 4 806.4 | 4 318.6 |
| EQUITY | ||||
| Share capital | 199.1 | 199.1 | 199.1 | 199.1 |
| Other capital contributions | 219.4 | 219.4 | 219.4 | 219.4 |
| Reserves | 63.7 | 37.1 | 65.9 | 37.6 |
| Retained earnings including profit for the period | 1 542.9 | 1 427.9 | 1 584.2 | 1 452.2 |
| Equity attributable to the parent company shareholders | 2 025.1 | 1 883.5 | 2 068.6 | 1 908.3 |
| Non-controlling (minority) interest | 24.3 | 25.8 | 24.2 | 24.7 |
| Total equity | 2 049.4 | 1 909.3 | 2 092.8 | 1 933.0 |
| LIABILITIES | ||||
| Long-term interest-bearing liabilities | 1 808.7 | 1 638.2 | 1 873.5 | 1 492.4 |
| Pension provisions | 9.7 | 9.0 | 9.3 | 8.1 |
| Other provisions | 0.6 | 8.2 | 0.6 | 16.0 |
| Deferred tax liabilities | 160.1 | 149.6 | 163.2 | 148.2 |
| Total long-term liabilities | 1 979.1 | 1 805.0 | 2 046.6 | 1 664.7 |
| Short-term interest-bearing liabilities | 20.9 | 17.1 | 41.5 | 35.9 |
| Accounts payable | 356.5 | 271.0 | 283.5 | 305.6 |
| Current tax liabilities | 13.7 | 46.0 | 32.2 | 66.4 |
| Accrued expenses and prepaid income | 221.0 | 226.8 | 226.4 | 204.2 |
| Other liabilities | 79.0 | 79.3 | 83.4 | 108.8 |
| Total short-term liabilities | 691.1 | 640.2 | 667.0 | 720.9 |
| Total liabilies | 2 670.2 | 2 445.2 | 2 713.6 | 2 385.6 |
| TOTAL EQUITY AND LIABILITIES | 4 719.6 | 4 354.5 | 4 806.4 | 4 318.6 |
| Memorandum items | ||||
| Pledged assets | 3 202.5 | 2 784.5 | 3 211.5 | 2 714.3 |
| Contingent liabilities | 25.0 | 33.2 | 24.4 | 39.8 |
Consolidated statement of changes in equity
| Other | Retained earnings | Non-controlling | |||||
|---|---|---|---|---|---|---|---|
| capital | incl. result | (minority) | |||||
| SEK million | Share capital | contributtions | 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 |
| Reslut for the year | 198.3 | 198.3 | 0.8 | 199.1 | |||
| Other comprehensive income | |||||||
| Translation difference | 21.3 | 21.3 | -1.3 | 20.0 | |||
| 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 | ||||
| Closing balance 2011-12-31 | 199.1 | 219.4 | 65.9 | 1 584.2 | 2 068.6 | 24.2 | 2 092.8 |
| Other capital |
Retained earnings incl. result |
Non-controlling (minority) |
|||||
|---|---|---|---|---|---|---|---|
| SEK million | Share capital | contributtions | Reserves | for the year | Total | interest | Total equity |
| Opening balance 2012-01-01 | 199.1 | 219.4 | 65.9 | 1 584.2 | 2 068.6 | 24.2 | 2 092.8 |
| Reslut for the period | 25.0 | 25.0 | 0.1 | 25.1 | |||
| Other comprehensive income | |||||||
| Translation difference | -0.1 | -0.1 | 0.0 | -0.1 | |||
| Cash flow hedge | -2.8 | -2.8 | -2.8 | ||||
| Income tax related to components | |||||||
| of other comprehensive income | 0.7 | 0.7 | 0.7 | ||||
| Transactions with shareholders | |||||||
| Dividend | -66.3 | -66.3 | -66.3 | ||||
| Closing balance 2012-06-30 | 199.1 | 219.4 | 63.7 | 1 542.9 | 2 025.1 | 24.3 | 2 049.4 |
| 6 months | 6 months | Year | Year | ||||
| 2012 | 2011 | 2011 | 2010 | ||||
| Accumulated translation differences in equity | |||||||
| Accumulated translations differences at the beginning of the period | 69.9 | 49.9 | 49.9 | 115.7 | |||
| Translations differences for foreign subsidiaries for the period | -0.1 | 6.6 | 20.0 | -65.8 | |||
| Accumulated translation differences at period-end | 69.8 | 56.5 | 69.9 | 49.9 |
Financial highlights – group
| 6 months | 6 months | 12 months | 12 months Jan–Dec |
|
|---|---|---|---|---|
| Jan–Jun | Jan–Jun | Jan–Dec | ||
| 2012 | 2011 | 2011 | 2010 | |
| Sales growth, % | 5.2 | -1.6 | -0.2 | 3.8 |
| Number of employees | 2 423 | 2 162 | 2 470 | 2 196 |
| Gross profit margin, % | 45.8 | 47.8 | 47.7 | 47.1 |
| Operating margin before depreciation, % | 4.2 | 5.9 | 8.9 | 9.1 |
| Operating margin, % | 3.0 | 4.6 | 7.7 | 7.7 |
| Profit margin, % | 1.7 | 3.6 | 6.5 | 7.1 |
| Net margin, % | 1.3 | 2.3 | 4.6 | 5.3 |
| Return on shareholders' equity, % | 2.5 | 4.8 | 9.9 | 12.1 |
| Return on capital employed, % | 3.2 | 5.2 | 8.9 | 9.4 |
| Equity ratio, % | 43.4 | 43.8 | 43.5 | 44.8 |
| Net debt - Equity ratio, % | 83.4 | 83.3 | 85.9 | 72.8 |
| Net debt in relation to working capital | 79.0 | 77.0 | 78.6 | 75.3 |
| Net debt, SEK million | 1 710.0 | 1 591.1 | 1 797.4 | 1 406.6 |
| Interest cover ratio, times | 2.2 | 3.9 | 5.8 | 10.4 |
| Capital turnover, times | 0.9 | 0.9 | 0.9 | 1.0 |
| Stock turnover, times | 1.1 | 1.2 | 1.2 | 1.4 |
| Cash flow before investments, SEK million | 177.8 | -116.4 | 66.0 | 343.6 |
| Net investments, SEK million | -25.9 | -46.7 | -326.5 | -57.6 |
| Cash flow after investments, SEK million | 151.9 | -163.1 | -260.5 | 286.0 |
| Shareholders' equity per share, SEK | 30.89 | 28.78 | 31.54 | 29.14 |
| Shareholders' equity per share after dilution, SEK | 30.89 | 28.35 | 31.08 | 28.70 |
| Share price as at December 31, SEK | - | - | 23.00 | 40.40 |
| Dividend/share, SEK | - | - | 1.00 | 1.00 |
| P/E-ratio | - | - | 7.76 | 12.03 |
| P/S-ratio | - | - | 0.36 | 0.63 |
| Share price/Shareholders' equity | - | - | 0.73 | 1.39 |
Definitions
Return on equity Net profit according to income statement in percent of average adjusted equity.
Return on capital employed
Profit after net financial items plus financial costs in percent of average capital employed.
Gross margin Income with deductions for goods for resale in percent of income.
EBITDA Operating profit before depreciation.
Capital turnover Income divided by the average balance sheet total.
Net margin Net profit as a percentage of the period´s income.
Net debt/equity ratio Interest bearing liabilities less interest bearing assets as a percentage of equity.
Interest coverage ratio Result before tax plus financial costs divided by financial costs.
Operating margin
Operating profit after depreciation as a percentage of the period´s income.
Working capital
Total current assets less liquid assets less short-term non-interest bearing liabilities.
Equity/assets ratio
Equity including non-controlling (minority) interest as a percentage of balance sheet total.
Capital employed
Balance sheet total less non-interest bearing liabilities and non-interest bearing provisions.
Profit margin
Result before tax as a percentage of the period´s income.
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 | 2012 | 2011 | 2011 | 2010 |
| Income | 61.5 | 61.2 | 120.6 | 137.2 |
| Other operating income* | 9.7 | 10.5 | 19.6 | 19.2 |
| Total income | 71.2 | 71.7 | 140.2 | 156.4 |
| External costs | -49.9 | -49.8 | -90.9 | -101.8 |
| Personnel costs | -13.1 | -11.8 | -24.2 | -23.7 |
| Depreciation of tangible and intangible fixed assets | -1.6 | -1.4 | -3.0 | -0.9 |
| Other operating costs** | -7.6 | -9.4 | -18.9 | -16.7 |
| Operating profit/loss | -1.0 | -0.7 | 3.2 | 13.3 |
| Net income from shares in Group companies | 21.8 | 0.0 | 188.6 | 230.5 |
| Write-down of financial fixed assets | -15.7 | 0.0 | -345.0 | -122.4 |
| Financial income | 39.5 | 17.7 | 77.3 | 54.6 |
| Financial expenses | -32.9 | -12.2 | -127.2 | -36.1 |
| Net financial items | 12.7 | 5.5 | -206.3 | 126.6 |
| Result before appropriation and income tax | 11.7 | 4.8 | -203.1 | 139.9 |
| Appropriations | 0.0 | 0.0 | 3.7 | -19.3 |
| Tax on result for the period | -1.5 | -5.6 | -10.4 | -3.6 |
| Result for the period | 10.2 | -0.8 | -209.8 | 117.0 |
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 statements – parent company
| 6 months | 6 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan–Jun | Jan–Jun | Jan–Dec | Jan–Dec | |
| SEK million | 2012 | 2011 | 2011 | 2010 |
| Operating activities | ||||
| Operating profit/loss | -1.0 | -0.7 | 3.2 | 13.3 |
| Adjustment for items not included in cash flow | 1.5 | 1.4 | 3.4 | -3.9 |
| Dividend received | 7.4 | 0.0 | 0.0 | 118.7 |
| Interest received | 39.5 | 34.1 | 77.3 | 54.6 |
| Interest paid | -32.9 | -28.6 | -64.0 | -36.1 |
| Income tax paid | -6.9 | -20.7 | 5.5 | -3.7 |
| Cash flow from operating activities before changes in working capital | 7.6 | -14.5 | 25.4 | 142.9 |
| Cash flow from changes in working capital | ||||
| Decrease/increase in stock | 0.0 | -6.9 | 0.0 | 0.0 |
| Decrease/increase in current receivables | 159.0 | -101.9 | -28.1 | 151.3 |
| Decrease/increase in current liabilities | -32.4 | 27.6 | -33.6 | -33.3 |
| Changes in working capital | 126.6 | -81.2 | -61.7 | 118.0 |
| Cash flow from operations | 134.2 | -95.7 | -36.3 | 260.9 |
| Investing activities | ||||
| Capital contribution to subsidiaries | 0.0 | -5.2 | 0.0 | -28.8 |
| Intragroup sales of companies | 0.0 | 0.0 | 0.0 | 3.4 |
| Aquisition of tangible fixed assets | -0.7 | -3.4 | -3.5 | -0.2 |
| Aquisition of intangible fixed assets | -0.1 | -5.6 | -5.8 | -0.5 |
| Sales of intangible fixed assets | 0.1 | 0.0 | 0.0 | 0.0 |
| Aquisition of shares | 0.0 | -1.0 | -24.5 | 0.0 |
| Repayment of purchase amount | 0.0 | 0.0 | 0.0 | 2.4 |
| Loans to subsidiaries | 0.0 | 0.0 | -171.1 | 0.0 |
| Cash flow from investing activities | -0.7 | -15.2 | -204.9 | -23.7 |
| Cash flow after investing activities | 133.5 | -110.9 | -241.2 | 237.2 |
| Financing activities | ||||
| Borrowing | 0.0 | 179.0 | 309.0 | 0.0 |
| Amortized loans | -67.2 | 0.0 | 0.0 | -220.6 |
| Raised long-term receivables | 0.0 | -1.8 | -1.5 | 0.0 |
| Dividend paid to shareholders of the parent company | -66.3 | -66.3 | -66.3 | -16.6 |
| Cash flow from financing activities | -133.5 | 110.9 | 241.2 | -237.2 |
| Cash flow for the period | 0.0 | 0.0 | 0.0 | 0.0 |
| Liquid assets at beginning of the period | 0.0 | 0.0 | 0.0 | 0.0 |
| Liquid funds at period-end | 0.0 | 0.0 | 0.0 | 0.0 |
Balance sheets – parent company
| 30 Jun | 30 Jun | 31 Dec | 31 Dec | |
|---|---|---|---|---|
| SEK million ASSETS |
2012 | 2011 | 2011 | 2010 |
| Fixed assets | ||||
| Intangible fixed assets | 4.5 | 5.5 | 5.0 | 0.7 |
| Tangible fixed assets | 2.2 | 3.2 | 2.4 | 0.4 |
| Financial fixed assets | ||||
| Shares in Group companies | 1 371.7 | 1 405.1 | 1 382.1 | 1 400.0 |
| Shares in associated companies | 58.9 | 53.2 | 58.9 | 52.2 |
| Receivables from Group companies | 797.9 | 554.7 | 793.4 | 598.1 |
| Other long-term receivables | 2.0 | 2.3 | 2.0 | 0.5 |
| Total financial fixed assets | 2 230.5 | 2 015.3 | 2 236.4 | 2 050.8 |
| Total fixed assets | 2 237.2 | 2 024.0 | 2 243.8 | 2 051.9 |
| Current assets | ||||
| Current receivables | ||||
| Stock | 0.0 | 6.9 | 0.0 | 0.0 |
| Accounts receivable | 1.6 | 4.3 | 2.8 | 4.3 |
| Receivables from Group companies | 984.2 | 1 391.0 | 1 098.9 | 1 275.7 |
| Tax receivables | 4.0 | 0.4 | 2.3 | 14.4 |
| Other receivables | 7.3 | 5.1 | 40.6 | 16.0 |
| Prepaid expenses and accrued income | 9.4 | 10.3 | 10.2 | 12.8 |
| Total current receivables | 1 006.5 | 1 418.0 | 1 154.8 | 1 323.2 |
| Cash at bank and in hand | 0.0 | 0.0 | 0.0 | 0.0 |
| Total current assets | 1 006.5 | 1 418.0 | 1 154.8 | 1 323.2 |
| TOTAL ASSETS | 3 243.7 | 3 442.0 | 3 398.6 | 3 375.1 |
| EQUITY AND LIABILITIES Equity |
||||
| Restricted equity | ||||
| Share capital | 199.1 | 199.1 | 199.1 | 199.1 |
| Restricted reserves | 249.4 | 249.4 | 249.4 | 249.4 |
| Unrestricted equity | 448.5 | 448.5 | 448.5 | 448.5 |
| Retained profits | 500.1 | 776.2 | 776.2 | 725.5 |
| Share premium reserve | 48.0 | 48.0 | 48.0 | 48.0 |
| Result for the period | 10.2 | -0.8 | -209.8 | 117.0 |
| 558.3 | 823.4 | 614.4 | 890.5 | |
| Total equity | 1 006.8 | 1 271.9 | 1 062.9 | 1 339.0 |
| Untaxed reserves | 49.3 | 53.0 | 49.3 | 53.0 |
| Long-term liabilities | ||||
| Overdraft facilities | 1 700.9 | 1 565.8 | 1 763.5 | 1 430.2 |
| Total long-term liabilities | 1 700.9 | 1 565.8 | 1 763.5 | 1 430.2 |
| Current liabilities | ||||
| Accounts payable | 50.3 | 25.9 | 32.8 | 44.9 |
| Liabilities to Group companies | 427.1 | 517.8 | 478.0 | 501.2 |
| Tax liabilities | 0.0 | 0.0 | 3.8 | 0.0 |
| Other liabilities | 0.9 | 0.8 | 0.8 | 0.7 |
| Accrued expenses and prepaid income | 8.4 | 6.8 | 7.5 | 6.1 |
| Total current liabilities | 486.7 | 551.3 | 522.9 | 552.9 |
| TOTAL EQUITY AND LIABILITIES | 3 243.7 | 3 442.0 | 3 398.6 | 3 375.1 |
| Pledged assets and contingent liabilities for the parent company | ||||
| Pledged assets | 1 136.7 | 1 110.5 | 1 136.7 | 1 110.4 |
| Contingent liabilities | 231.2 | 401.6 | 302.1 | 467.1 |
Changes in equity – parent company
| Restricted | Retained | Share premium | Result for | |||
|---|---|---|---|---|---|---|
| SEK million | Share capital | reserves | profits | reserve | the year | Total equity |
| Opening balance 2011-01-01 | 199.1 | 249.4 | 725.5 | 48.0 | 117.0 | 1 339.0 |
| Transfer according to AGM | 117.0 | -117.0 | 0.0 | |||
| Result for the year | -209.8 | -209.8 | ||||
| Total change in net assets excluding | 0.0 | 0.0 | 0.0 | 0.0 | -209.8 | -209.8 |
| transactions with shareholders | ||||||
| Dividend | -66.3 | -66.3 | ||||
| Closing balance 2011-12-31 | 199.1 | 249.4 | 776.2 | 48.0 | -209.8 | 1 062.9 |
| Restricted | Retained | Share premium | Result for | |||
|---|---|---|---|---|---|---|
| SEK million | Share capital | reserves | profits | reserve | the period | Total equity |
| Opening balance 2012-01-01 | 199.1 | 249.4 | 776.2 | 48.0 | -209.8 | 1 062.9 |
| Transfer according to AGM | -209.8 | 209.8 | 0.0 | |||
| Result for the period | 10.2 | 10.2 | ||||
| Total change in net assets excluding | 0.0 | 0.0 | 0.0 | 0.0 | 10.2 | 10.2 |
| transactions with shareholders | ||||||
| Dividend | -66.3 | -66.3 | ||||
| Closing balance 2012-06-30 | 199.1 | 249.4 | 500.1 | 48.0 | 10.2 | 1 006.8 |
Sales and result per operating segment
| 3 months Apr–Jun |
3 months Apr–Jun |
6 months Jan–Jun |
6 months Jan–Jun |
12 months Jan–Dec |
12 months Jan–Dec |
|
|---|---|---|---|---|---|---|
| Corporate Promo | 2012 | 2011 | 2012 | 2011 | 2011 | 2010 |
| Income | 447.7 | 482.4 | 831.0 | 893.6 | 1 834.9 | 1 818.6 |
| Result EBITDA | 56.9 | 74.8 | 69.8 | 99.4 | 251.7 | 209.6 |
| Sports & Leisure | ||||||
| Income | 472.6 | 367.8 | 938.0 | 756.6 | 1 724.0 | 1 702.8 |
| Result EBITDA | 23.8 | 25.9 | 51.7 | 62.3 | 177.3 | 220.1 |
| Gifts & Home Furnishings | ||||||
| Income | 154.6 | 170.7 | 281.3 | 298.3 | 678.0 | 722.0 |
| Result EBITDA | -9.0 | -14.8 | -35.3 | -47.0 | -51.5 | -43.7 |
| Total income | 1 074.9 | 1 020.9 | 2 050.3 | 1 948.5 | 4 236.9 | 4 243.4 |
| Total result EBITDA | 71.7 | 85.9 | 86.2 | 114.7 | 377.5 | 386.0 |
| Total result EBITDA | 71.7 | 85.9 | 86.2 | 114.7 | 377.5 | 386.0 |
| Depreciation | -13.0 | -13.2 | -24.9 | -24.3 | -50.6 | -58.4 |
| Net financial items | -12.5 | -11.2 | -26.5 | -21.1 | -51.0 | -27.3 |
| Profit before tax | 46.2 | 61.5 | 34.8 | 69.3 | 275.9 | 300.3 |
Assets/Liabilities per operating segment
| Total | Fixed | Deferred | Total | |||
|---|---|---|---|---|---|---|
| SEK million | assets | assets * | tax assets | Investments | Depreciation | liabilities |
| 30 Jun 2012 | ||||||
| Corporate Promo | 2 114.0 | 579.6 | 31.1 | -18.1 | -12.7 | 1 703.8 |
| Sports & Leisure | 1 920.2 | 815.5 | 15.7 | -5.6 | -8.5 | 586.2 |
| Gifts & Home Furnishings | 685.4 | 186.6 | 36.8 | -2.2 | -3.7 | 380.2 |
| Total | 4 719.6 | 1 581.7 | 83.6 | -25.9 | -24.9 | 2 670.2 |
| 30 Jun 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 Furnishings | 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 |
| 31 Dec 2011 | ||||||
| Corporate Promo | 2 216.6 | 583.6 | 32.3 | -38.7 | -28.0 | 1 746.2 |
| Sports & Leisure | 1 857.5 | 807.4 | 27.0 | -274.8 | -13.4 | 534.3 |
| Gifts & Home Furnishings | 732.3 | 198.6 | 23.6 | -13.0 | -9.2 | 433.1 |
| Total | 4 806.4 | 1 589.6 | 82.9 | -326.5 | -50.6 | 2 713.6 |
* Fixed assets classified as financial assets are not included
Sales per area
| 3 months | 3 months | |||||
|---|---|---|---|---|---|---|
| Apr–Jun | Part of | Apr–Jun | Part of | Change | Change | |
| 2012 | turnover | 2011 | turnover | SEK million | % | |
| Sweden | 314 | 29% | 328 | 32% | -14 | -4% |
| USA | 280 | 26% | 200 | 20% | 80 | 40% |
| Nordic countries excluding Sweden | 176 | 16% | 173 | 17% | 3 | 2% |
| Central Europe | 166 | 16% | 177 | 17% | -11 | -6% |
| Southern Europe | 86 | 8% | 113 | 11% | -27 | -24% |
| Other countries | 53 | 5% | 30 | 3% | 23 | 77% |
| Total | 1 075 | 100% | 1 021 | 100% | 54 | 5% |
| 6 months | 6 months | |||||
| Jan–Jun | Part of | Jan–Jun | Part of | Change | Change | |
| 2012 | turnover | 2011 | turnover | SEK million | % | |
| Sweden | 558 | 27% | 600 | 31% | -42 | -7% |
| Total | 2 050 | 100% | 1 949 | 100% | 101 | 5% |
|---|---|---|---|---|---|---|
| Other countries | 102 | 5% | 64 | 3% | 38 | 59% |
| Southern Europe | 178 | 9% | 216 | 11% | -38 | -18% |
| Central Europe | 365 | 18% | 374 | 19% | -9 | -2% |
| Nordic countries excluding Sweden | 323 | 16% | 324 | 17% | -1 | 0% |
| USA | 524 | 25% | 371 | 19% | 153 | 41% |
| 12 months | 12 months | |||||
|---|---|---|---|---|---|---|
| Jan–Dec | Part of | Jan–Dec | Part of | Change | Change | |
| 2011 | turnover | 2010 | turnover | SEK million | % | |
| Sweden | 1 285 | 30% | 1 288 | 30% | -3 | 0% |
| USA | 894 | 21% | 893 | 21% | 1 | 0% |
| Nordic countries excluding Sweden | 661 | 16% | 651 | 15% | 10 | 2% |
| Central Europe | 781 | 18% | 798 | 19% | -17 | -2% |
| Southern Europe | 443 | 11% | 468 | 11% | -25 | -5% |
| Other countries | 173 | 4% | 145 | 4% | 28 | 19% |
| Total | 4 237 | 100% | 4 243 | 100% | -6 | 0% |
Fixed assets and deferred tax assets per area
| 30 Jun 2012 | 30 Jun 2011 | 31 Dec 2011 | 31 Dec 2010 | ||||||
|---|---|---|---|---|---|---|---|---|---|
| Fixed | Deferred | Fixed | Deferred | Fixed | Deferred | Fixed | Deferred | ||
| assets * | tax assets | assets * | tax assets | assets * | tax assets | assets * | tax assets | ||
| Sweden | 497 | 14 | 504 | 14 | 495 | 14 | 494 | 14 | |
| USA | 731 | 38 | 622 | 39 | 730 | 36 | 673 | 47 | |
| Nordic countries excluding Sweden | 25 | 6 | 27 | 2 | 23 | 7 | 26 | 3 | |
| Central Europe | 177 | 22 | 191 | 36 | 181 | 22 | 186 | 35 | |
| Southern Europe | 144 | 4 | 91 | 3 | 145 | 4 | 90 | 3 | |
| Other countries | 8 | 0 | 6 | 0 | 16 | 0 | 7 | 0 | |
| Total | 1 582 | 84 | 1 441 | 94 | 1 590 | 83 | 1 476 | 102 |
* Fixed assets classified as financial assets are not included.
Quarterly consolidated income statements
| SEK million | 2012 | 2011 | 2010 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Income | 975.4 | 1 074.9 | 927.6 | 1 020.9 | 1 100.9 | 1 187.5 | 915.3 | 1 065.3 | 1 060.7 | 1 202.1 |
| Goods for resale | -531.2 | -580.0 | -493.9 | -522.7 | -590.2 | -607.3 | -477.9 | -563.7 | -581.2 | -620.7 |
| Gross profit | 444.2 | 494.9 | 433.7 | 498.2 | 510.7 | 580.2 | 437.4 | 501.6 | 479.5 | 581.4 |
| Gross profit % | 45.5 | 46.0 | 46.8 | 48.8 | 46.4 | 48.9 | 47.8 | 47.1 | 45.2 | 48.4 |
| Other operating income | 8.5 | 9.5 | 12.6 | 8.4 | 11.5 | 6.9 | 5.1 | 5.1 | 12.6 | 9.4 |
| External costs | -247.2 | -238.3 | -241.5 | -241.6 | -231.4 | -256.0 | -240.4 | -230.6 | -222.3 | -252.9 |
| Personnel costs | -186.3 | -189.2 | -168.2 | -173.2 | -165.2 | -184.5 | -167.0 | -171.7 | -161.1 | -179.4 |
| Depreciations | -11.9 | -13.0 | -11.1 | -13.2 | -12.7 | -13.6 | -14.9 | -15.1 | -14.2 | -14.2 |
| Other operating costs | -3.8 | -5.9 | -7.9 | -5.5 | -6.7 | -4.7 | -3.9 | -1.5 | -10.2 | -6.0 |
| Share of associated companies result | -0.9 | 0.7 | 0.1 | -0.4 | 0.0 | 2.0 | 0.6 | 0.1 | 0.4 | -0.2 |
| Operating profit/loss | 2.6 | 58.7 | 17.7 | 72.7 | 106.2 | 130.3 | 16.9 | 87.9 | 84.7 | 138.1 |
| Financial income | 1.4 | 0.5 | 1.6 | 1.0 | 1.1 | 3.2 | 1.0 | 1.5 | 0.6 | 2.0 |
| Financial expenses | -15.4 | -13.0 | -11.5 | -12.2 | -14.9 | -19.3 | -7.6 | -6.6 | -8.3 | -9.9 |
| Profit before tax | -11.4 | 46.2 | 7.8 | 61.5 | 92.4 | 114.2 | 10.3 | 82.8 | 77.0 | 130.2 |
| Tax | 3.2 | -12.9 | -2.1 | -24.2 | -19.0 | -31.5 | -2.7 | -23.4 | -21.5 | -31.2 |
| Result for the period | -8.2 | 33.3 | 5.7 | 37.3 | 73.4 | 82.7 | 7.6 | 59.4 | 55.5 | 99.0 |
| Other comprehensive income | w | |||||||||
| Translation difference | -20.0 | 19.9 | -48.1 | 54.7 | 29.9 | -16.5 | -29.0 | 39.0 | -100.8 | 25.0 |
| Cash flow hedge | -5.5 | 2.7 | -7.8 | -1.7 | 18.2 | 0.8 | 1.6 | 3.7 | -16.7 | 6.6 |
| Income tax related to components of | ||||||||||
| other comprehensive income | 1.4 | -0.7 | 2.1 | 0.4 | -4.8 | -0.2 | -0.4 | -1.0 | 4.4 | -1.7 |
| Total other comprehensive | ||||||||||
| income net after tax for the period | -24.1 | 21.9 | -53.8 | 53.4 | 43.3 | -15.9 | -27.8 | 41.7 | -113.1 | 29.9 |
| Total comprehensive income for the period | -32.3 | 55.2 | -48.1 | 90.7 | 116.7 | 66.8 | -20.2 | 101.1 | -57.6 | 128.9 |
| Resilt attributable to: | ||||||||||
| Shareholders of the parent company | -8.4 | 33.4 | 5.2 | 36.8 | 73.1 | 83.2 | 7.5 | 59.4 | 55.0 | 97.9 |
| Non-controlling (minority) interest | 0.2 | -0.1 | 0.5 | 0.5 | 0.3 | -0.5 | 0.1 | 0.0 | 0.5 | 1.1 |
| -8.2 | 33.3 | 5.7 | 37.3 | 73.4 | 82.7 | 7.6 | 59.4 | 55.5 | 99.0 | |
| Total comprehensive income attributable to: | ||||||||||
| Shareholders of the parent company | -32.3 | 55.1 | -48.0 | 89.5 | 116.0 | 69.1 | -19.8 | 100.4 | -56.6 | 127.3 |
| Non-controlling (minority) interest | 0.0 | 0.1 | -0.1 | 1.2 | 0.7 | -2.3 | -0.4 | 0.7 | -1.0 | 1.6 |
| -32.3 | 55.2 | -48.1 | 90.7 | 116.7 | 66.8 | -20.2 | 101.1 | -57.6 | 128.9 | |
| Profit per share (SEK) | ||||||||||
| Profit per share before dilution | -0.13 | 0.50 | 0.08 | 0.55 | 1.10 | 1.25 | 0.11 | 0.90 | 0.83 | 1.47 |
| Profit per share after dilution | -0.12 | 0.50 | 0.08 | 0.55 | 1.09 | 1.22 | 0.11 | 0.88 | 0.82 | 1.45 |
| 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 |
| Weighted number of shares after dilution | 67 343 543 | 66 343 543 | 67 343 543 | 67 343 543 | 67 343 543 | 67 343 543 | 67 343 543 | 67 343 543 | 67 343 543 | 67 343 543 |
| SEK million | 2009 | 2008 | 2007 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Income | 979.5 | 1 022.9 | 1 002.2 | 1 082.4 | 1 015.0 | 1 245.4 | 1 117.3 | 1 226.5 | 760.4 | 977.5 | 1 124.7 | 1 331.4 |
| Goods for resale | -528.1 | -519.3 | -555.5 | -582.4 | -532.3 | -626.8 | -549.8 | -662.9 | -399.5 | -508.3 | -591.8 | -696.5 |
| Gross profit | 451.4 | 503.6 | 446.7 | 500.0 | 482.7 | 618.6 | 567.5 | 563.6 | 360.9 | 469.2 | 532.9 | 634.9 |
| Gross profit % | 46.1 | 49.2 | 44.6 | 46.2 | 47.6 | 49.7 | 50.8 | 46.0 | 47.5 | 48.0 | 47.4 | 47.7 |
| Other operating income | 22.9 | 22.0 | 2.1 | 21.9 | 6.2 | 6.4 | 23.2 | 20.7 | 2.3 | 18.6 | 6.8 | 10.0 |
| External costs | -267.7 | -220.1 | -226.5 | -234.8 | -277.4 | -270.6 | -259.9 | -297.7 | -189.7 | -204.7 | -252.6 | -274.3 |
| Personnel costs | -231.2 | -182.8 | -166.6 | -170.9 | -178.6 | -186.9 | -167.5 | -198.0 | -134.1 | -150.2 | -163.2 | -199.7 |
| Depreciations | -18.5 | -19.0 | -17.1 | -16.0 | -12.5 | -16.7 | -16.5 | -18.5 | -10.7 | -10.1 | -16.4 | -16.7 |
| Other operating costs | -14.7 | -8.7 | -1.8 | -2.4 | -4.8 | -2.0 | -4.0 | -9.6 | -2.0 | -2.9 | 0.3 | -2.7 |
| Share of associated companies result | 0.5 | 0.4 | 0.9 | -1.2 | 0.0 | 0.0 | 0.0 | 1.1 | 0.0 | 0.0 | 0.0 | 0.0 |
| Operating profit/loss | -57.3 | 95.4 | 37.7 | 96.6 | 15.6 | 148.8 | 142.8 | 61.6 | 26.7 | 119.9 | 107.8 | 151.5 |
| Financial income | 4.3 | 0.7 | 0.0 | 1.2 | 2.6 | 2.6 | 2.6 | 4.6 | 1.4 | 2.0 | 4.1 | 7.5 |
| Financial expenses | -19.8 | -13.5 | -11.4 | -7.7 | -34.7 | -38.9 | -41.8 | -33.0 | -16.3 | -21.4 | -31.3 | -36.9 |
| Profit before tax | -72.8 | 82.6 | 26.3 | 90.1 | -16.5 | 112.5 | 103.6 | 33.2 | 11.8 | 100.5 | 80.6 | 122.1 |
| Tax | 19.5 | -22.1 | -7.0 | -28.8 | 1.5 | -26.7 | -28.9 | -30.8 | -3.1 | -26.5 | -23.2 | -30.9 |
| Result for the period | -53.3 | 60.5 | 19.3 | 61.3 | -15.0 | 85.8 | 74.7 | 2.4 | 8.7 | 74.0 | 57.4 | 91.2 |
| Total other comprehensive | ||||||||||||
| income net after tax for the period | 20.6 | -35.9 | -119.0 | 34.3 | -126.7 | 6.6 | 211.7 | 204.4 | ||||
| Total comprehensive income for the period | -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 | -0.81 | 0.91 | 0.29 | 0.90 | -0.23 | 1.22 | 1.19 | -0.01 | 0.13 | 1.12 | 0.84 | 1.37 |
| Profit per share after dilution | -0.81 | 0.91 | 0.29 | 0.89 | -0.22 | 1.17 | 1.15 | -0.01 | 0.13 | 1.09 | 0.84 | 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 66 343 543 66 343 543 66 343 543 66 343 543 66 343 543 66 343 543 |
Weighted number of shares after dilution 66 343 543 66 343 543 66 343 543 67 343 543 68 996 793 69 496 793 68 446 793 66 343 543 67 843 543 67 843 543 66 448 692 68 843 543
Quarterly consolidated cash flow statements
| SEK million Quarter |
2012 Q1 |
Q2 | 2011 Q1 |
Q2 | Q3 | Q4 |
|---|---|---|---|---|---|---|
| Cash flow from current operations | ||||||
| before changes in working capital | -12.8 | 43.8 | -22.6 | 62.0 | 112.6 | 117.6 |
| Increase/decrease in stock | -44.9 | 34.3 | -124.7 | -77.8 | -155.1 | 105.2 |
| Increase/decrease in current receivables | 77.1 | 19.6 | 51.2 | 45.4 | -86.5 | 158.5 |
| Increase/decrease in current liabilities | 25.6 | 35.1 | -46.5 | -3.4 | 33.1 | -103.0 |
| Changes in working capital | 57.8 | 89.0 | -120.0 | -35.8 | -208.5 | 160.7 |
| Cash flow from operations | 45.0 | 132.8 | -142.6 | 26.2 | -95.9 | 278.3 |
| Investing activities | -10.8 | -15.1 | -27.1 | -19.6 | -165.4 | -114.4 |
| Cash flow after investing activities | 34.2 | 117.7 | -169.7 | 6.6 | -261.3 | 163.9 |
| Option premium | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Loan raised | 0.0 | 0.0 | 133.5 | 36.0 | 339.1 | -186.3 |
| Raised long-term receivables | 0.0 | 0.0 | 0.0 | -0.3 | 0.0 | 0.3 |
| Repayment of long-term receivables | 0.0 | 0.0 | 4.2 | 0.0 | 0.7 | -4.9 |
| Amortization of loan | -79.0 | -5.1 | 0.0 | 0.0 | 0.0 | 0.0 |
| Dividend paid to the parent company shareholders | 0.0 | -66.3 | 0.0 | -66.3 | 0.0 | 0.0 |
| Financing activities | -79.0 | -71.4 | 137.7 | -30.6 | 339.8 | -190.9 |
| Cash flow for the period | -44.8 | 46.3 | -32.0 | -24.0 | 78.5 | -27.0 |
| Liquid assets at the beginning of the period | 117.7 | 70.4 | 121.7 | 86.1 | 64.2 | 146.0 |
| Currency differences in liquid assets | -2.5 | 2.8 | -3.6 | 2.1 | 3.3 | -1.3 |
| Liquid assets at period-end | 70.4 | 119.5 | 86.1 | 64.2 | 146.0 | 117.7 |
| SEK million | 2010 | 2009 | 2008 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Cash flow from current operations | ||||||||||||
| before changes in working capital | 20.1 | 82.4 | 115.5 | 114.1 | -80.4 | 65.3 | 34.2 | 71.4 | -6.4 | 115.0 | 62.6 | -8.1 |
| Increase/decrease in stock | 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 in current receivables | 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 in current liabilities | 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 | 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 | 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 | -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 | 49.4 | 110.8 | -60.5 | 186.3 | -145.0 | 373.1 | 106.0 | 449.2 | -204.5 | -49.1 | -126.7 | 47.1 |
| Option premium | 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 | 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 | -0.3 | 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 | 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 | -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 shareholders | 0.0 | -16.6 | 0.0 | 0.0 | 0.0 | -11.9 | 0.0 | 0.0 | 0.0 | -66.3 | 0.0 | 0.0 |
| Financing activities | -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 | -7.6 | 4.0 | -9.6 | 58.0 | -118.8 | 23.7 | -32.0 | 25.6 | -66.8 | 10.5 | 88.6 | 11.7 |
| Liquid assets at the beginning of the period | 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 differences in liquid assets | -0.4 | 3.7 | -7.3 | 0.5 | 5.5 | -6.4 | -11.9 | 3.5 | -7.6 | 0.7 | 14.6 | 24.0 |
| Liquid assets at period-end | 72.4 | 80.1 | 63.2 | 121.7 | 77.9 | 95.2 | 51.3 | 80.4 | 41.1 | 52.3 | 155.5 | 191.2 |
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 14 975 (15 609) on June 30, 2012. Institutional investors accounted for 43 % of the capital and 11 % of the votes. At the same time the ten largest shareholders held 61 % of the capital and 90 % of the votes. Non-Swedish shareholders accounted for 13 % of the capital and 3 % of the votes.
New Wave Group's ten major shareholders 2012-06-30
| Shareholder | Number of shares | Number of votes | Capital % | Votes % |
|---|---|---|---|---|
| Torsten Jansson through companies | 22 615 697 | 208 984 817 | 34.1% | 82.7% |
| Avanza Pension | 3 573 900 | 3 573 900 | 5.4% | 1.4% |
| Fjärde AP-fonden | 3 456 127 | 3 456 127 | 5.2% | 1.4% |
| Home Capital | 2 357 209 | 2 357 209 | 3.6% | 0.9% |
| Länsförsäkringar Småbolagsfond | 2 037 366 | 2 037 366 | 3.1% | 0.8% |
| Handelsbanken fonder | 1 749 317 | 1 749 317 | 2.6% | 0.7% |
| SEB | 1 425 302 | 1 425 302 | 2.1% | 0.6% |
| Den Danske Bank | 1 177 523 | 1 177 523 | 1.8% | 0.5% |
| AMF | 1 168 000 | 1 168 000 | 1.8% | 0.5% |
| Spiltan | 916 366 | 916 366 | 1.4% | 0.4% |
| 40 476 807 | 226 845 927 | 61.0% | 89.8% |
| Shareholder distribution in New Wave Group 2012-06-30 | Number of shares | Number of votes | Capital % | Votes % |
|---|---|---|---|---|
| Sweden | 57 989 752 | 244 358 872 | 87.4% | 96.7% |
| Shareholders outside Sweden, excl. USA | 6 613 702 | 6 613 702 | 10.0% | 2.6% |
| USA | 1 740 089 | 1 740 089 | 2.6% | 0.7% |
| Total | 66 343 543 | 252 712 663 | 100.0% | 100.0% |
Brands per business area
Corporate Promo Sports & Leisure Gifts & Home Furnishings
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