New Wave Group AB — Interim / Quarterly Report 2011

Feb 9, 2012

Year End Report for New Wave Group AB (publ) JANUARY – DECEMBER 2011

1 October – 31 December 2011

• • Turnover amounted to SEK 1,188 million, which was on par with last year (SEK 1,202 million).
• • Acquired units contributed by SEK 56 million in turnover and SEK -4 million in profit before tax, of which SEK 4 million was acquisition costs.
• • Operating profit amounted to SEK 130.3 million (SEK 138.1 million).
• • Profit after tax amounted to SEK 82.7 million (SEK 99.0 million).
• • Earnings per share amounted to SEK 1.25 (SEK 1.47).
• • Cash flow from operating activities amounted to SEK 279.1 million (SEK 202.2 million).

1 January – 31 December 2011

• • Sales turnover amounted to SEK 4,237 million, which was 4 % better than last year in local currencies and on par with last year in SEK (SEK 4,243 million).
• • Acquired units contributed by SEK 89 million in turnover and SEK -8 million in profit before tax, of which SEK 7 million was acquisition costs.
• • Operating profit amounted to SEK 326.9 million (SEK 327.6 million).
• • Items affecting comparability amounted to SEK 30.5 million before tax.
• • Profit after tax amounted to SEK 199.1 million (SEK 221.5 million).
• • Earnings per share amounted to SEK 2.99 (SEK 3.31).
• • Cash flow from operating activities amounted to SEK 66.8 million (SEK 343.6 million).
• • Equity ratio amounted 43.5 % (44.8 %).
• • Net debt to equity ratio amounted 85.9 % (72.8 %).

CEO Comments

2011 was a tough year for the Group, much tougher than I predicted at the beginning of the year. However, most of our businesses actually improved their performances – quite a bit – but a few companies decreased the Group's overall result.

The major negative occurrences were the extremely warm Swedish winter in November-December, which meant that our operative segment Sports & Leisure deviated heavily from the plan, and the problems in one of our German subsidiaries which impacted the result by SEK 23.5 million. In Orrefors Kosta Boda we liquidated the department for cut crystal, which impacted the outcome by SEK 7 million. Due to Orrefors Kosta Boda's development being worse than expected we have had to cut costs even more and further savings measures are currently being implemented. If these

Result before tax

DIVIDEND

The Board has decided to propose to the General Annual Meeting a dividend of SEK 1.00 (SEK 1.00) per share, equal to SEK 66.3 million.

VIEWS ON 2012

For 2012 we expect a higher sales turnover and better result than the 2011 outcome.

measures do not generate expected results, we will have to make a new evaluation of the Group's trademark value concerning Orrefors Kosta Boda. Finally, the acquisition of Ahead and Paris Glove had a negative effect due to acquisition costs of SEK 7 million.

If we exclude the non-recurring costs for the acquisitions, Germany and Orrefors Kosta Boda, our operating profit actually increased by SEK 36.5 million (11 %), despite the warm winter and the problems in Orrefors Kosta Boda. Therefore, as CEO I have to say that I'm pleased with the Group's development in all other respects and l look forward to 2012 with confidence.

Comments

SUMMARY OF THE QUARTER OCTOBER-DECEMBER

The Group's sales turnover was on par with last year. Acquired units contributed by 5 %. The fourth quarter is our biggest quarter and the sales turnover was negatively affected by the mild winter, mainly in the Sports & Leisure operating segment. Excluding acquired units the segment's turnover decreased by 10 %. The decrease is mainly related to the Swedish and European markets, while the American market was somewhawt better than last year. Operating segment Promo's turnover was somewhat lower than last year, with the Nordic region and USA showing signs of growth and mainly Southern Europe was weaker. Gifts & Home Furnishings decreased their sales turnover due to the weak Swedish retail market. Both our sales channels – promo and retail – were on par with last year, but excluding our acquisitions retail decreased by 10 %.

On 30 November, New Wave Group AB acquired all shares in the Canadian glove company Paris Glove of Canada Inc. for CAD 16.5 million. Pars Glove's turnover in 2010 was CAD 28 million and operating profit (EBIT) CAD 2.8 million. The acquisition was executed partly by a newly formed Canadian subsidiary operating under New Wave Group AB, partly through New Wave Holding USA Inc. New Wave Licensing SA acquired the brand. The majority of the acquisition is financed in CAD and USD. The company was consolidated as of the acquisition date and has contributed with SEK 2 million in turnover before tax. The Group has per the 6 December also acquired 49 % of Fersten Group, a promo company in Canada based in Montreal. The company's annual turnover is roughly CAD 2 million.

Gross profit margin was higher than last year due to the Group's improved warehouse structure. The mix of customers and markets has also had a positive effect.

The Group's costs have increased compared to last year, which is mainly related to the acquisitions made during the year.

Profit after tax amounted to SEK 82.7 million (SEK 99.0 million). The lower profit is mainly related to lower operating income and increased financing costs.

Cash flow from operating activities amounted to SEK 279.1 million (SEK 202.2 million) and the increase is mainly attributable to decreased stock. Stock-in-trade amounted to SEK 1,974 million as of 31 December, of which SEK 129 million refer to acquired units. The early Chinese New Year meant that we had to move incoming stock deliveries forward. Net debt amounted to SEK 1,797 million (SEK 1,407 million) and the debt-to-equity ratio to 85.9 % (72.8 %).

OCTOBER – DECEMBER

Sales

Turnover amounted to SEK 1,188 million, which was on par with last year (SEK 1,202 million). Acquired units contributed by SEK 56 million or 5 %.

The Promo operating segment decreased by 2 % and it is mainly Southern Europe that has had a negative development. Sports & Leisure increased its sales turnover by 3 %, which is related to acquired units. Excluding acquisitions, sales decreased by 10 %. This is mainly related to weaker retail sales. The sales turnover has decreased in both the Nordic and the European areas. Gifts & Home Interior decreased sales by 7 %, where the retail sales channel has decreased mainly in the Swedish market.

Sales turnover decreased by 10 % in Sweden, which is due to weaker retail sales. Sales increased by 2 % in the other Nordic countries where the Finnish and Danish markets are showing signs of growth. Sales decreased by 9 % and 18 % respectively in Mid Europe and Southern Europe, which is mainly due to deteriorating market conditions. The U.S. increased by 28 %, which is attributable to acquired units.

Gross Profit

Gross profit margin amounted to 48.9 % (48.4 %), which is mainly attributable to a better stock situation as well as a better mix of customers and countries.

Other Operating Income and Other Operating Expenses

Other operating income decreased by SEK 2.5 million to SEK 6.9 million (SEK 9.4 million). Other operating income is mainly attributable to operating exchange gains and results should be compared to the line "Other operating expenses" in which primarily the company's foreign exchange losses are reported. Other operating expenses decreased by SEK 1.3 million to SEK -4.7 million (SEK -6.0 million). The net of above items amounted to SEK 2.2 million (SEK 3.4 million).

Expenses and Depreciation

External expenses increased by SEK 3.1 million to SEK -256 million (SEK -252.9 million). Acquired units accounted for SEK -12.8 million and another SEK 4 million in acquisition costs.

Personnel costs amounted to SEK -184.5 million, which is SEK 5.1 million higher than last year (SEK -179.4 million). The higher costs are mainly due to acquired units, which accounted for SEK -9.6 million.

Depreciations amounted to SEK -13.6 million (SEK -14.2 million).

The operating margin decreased and amounted to 11.0 % (11.5 %), which is due to lower other operating income as well as the acquired units' lower results.

Net Financial Items and Taxes

Net financial items amounted to SEK -16.1 million (SEK -7.9 million). The increase is due to higher net debt as well as higher interest rates. The higher net debt is mainly related to this year's acquisitions, of which SEK 102 million relate to the quarter's acquisition of Paris Glove of Canada Inc. It is the Group's policy to have short fixedinterest agreements resulting in quick effects on the Group's net interest as the shortterm interest rate changes.

Tax expense in absolute numbers amounted to SEK -31.5 million (SEK -31.2 million) and the tax rate amounted to 27.6 % (24.0 %). Last year was positively affected by a change in deferred tax assets.

Result

Profit after tax amounted to SEK 82.7 million (SEK 99.0 million) and earnings per share amounted to SEK 1.25 (SEK 1.47). The profit decrease is related to lower operating income, acquired units' earnings as well as higher financing costs.

SUMMARY OF 2011

The Group's growth in local currencies amounted to 4 %. Promo sales in Sweden and the Nordic region have been showing signs of growth, while the rest of Europe has been weaker. Sports & Leisure has been successful in the Nordic region during the first quarter, but the mild winter during the fourth quarter caused the segment to lose sales compared to last year (excluding acquisitions). In USA, Cutter & Buck sales were on par with last year. Gifts & Home Furnishings decreased sales by 6 %, which is mainly related to weaker Swedish retail sales, but also lower export sales. Of the Group's sales channels – promo and retail – promo has shown signs of small growth, while retail decreased by 5 % (excluding acquisitions).

Gross profit margin improved and amounted to 47.7 % (47.1 %). Previous year's gross profit was negatively affected by the shortage of goods we had during most of the year. The Group has during the year accomplished a better warehouse structure, which has given results. The mix of customers and markets has also had a positive effect.

The Group has continued to work on cost levels and last year's cost saving measures have had a positive effect during the year. However, total costs have increased compared to last year due to the financial irregularities and improperly reported balance sheet items that occurred in one of New Wave Group's German subsidiaries during the second quarter, which had a negative effect of about SEK 23.5 million. Costs in connection with the liquidation of the Orrefors Kosta Boda cut crystal operation have also had a negative effect of SEK 7.0 million. In addition to these comparability affecting posts, costs have been affected by SEK 36.5 million in regard to acquired units. Excluding non-recurring costs and acquired units the Group's external and personnel costs are on par with last year (in local currencies).

Profit after tax amounted to SEK 199.1 million (SEK 221.5 million). The decrease is related to above-mentioned posts affecting comparability as well as higher financing costs.

During the year the Group has acquired all shares in Ahead Inc. and Paris Glove of Canada Inc. Ahead is mostly known for their collection of caps with embroidered logos and their strong position on the market makes them an excellent complement to New Wave's business portfolio. Paris Glove is one of the oldest and most respected glove companies in Northern America and has achieved a respectable status as premium brand synonymous with quality, style and performance in the glove area. Auclair Sport Divison is Paris Glove's highest sports and leisure division and one of few companies that can deliver products to all markets - sports, fashion and protective gloves for men and women, adults and children. The Group has also acquired 49 % of Fersten Group, a promo company in Canada based in Montreal.

The lower Orrefors Kosta Boda sales meant that we have made the decision to decrease the number of employees. The cutbacks will mostly affect production, but the other departments will be affected as well. The measurements are expected to generate savings of about SEK 24 million annually. These measures will be implemented during the first half of 2012 after negotiations with the unions. Savings will be achieved gradually in the second half of 2012 and reach full effect in 2013.

The Groups continues its efforts to decrease working capital. However, last year's working capital was negative by SEK 210.4 million due to a deliberate buildup of inventories. We had a shortage of goods in some segments last year and during the year we have mainly worked to achieve a better warehouse structure and setup. This has meant a higher inventory, but also that we have been able to improve our gross profit. Cash flow from operating activities amounted to SEK 66.8 million (SEK 343.6 million). Stock-in-trade amounts to SEK 1,974 million, of which acquired units have contributed SEK 129 million. Net debt increased by SEK 390 million and amounted to SEK 1,797 million (SEK 1,407 million), of which acquired units accounted for SEK 258 million. Net debt to equity ratio amounted 85.9 % (72.8 %).

JANUARY – DECEMBER Sales

Sales amounted to SEK 4,237 million (SEK 4,243 million), which was on par with last year. Exchange rates affected sales negatively by SEK 176 million and sales in local currencies increased by 4 %, of which acquired units accounted for 2 % (SEK 89 million).

The operating segment Promo increased by 1 % with better activity in Sweden and the other Nordic countries. Sports & Leisure increased sales by 1 %, with acquired units having a 5 % positive effect. Gifts & Home Furnishings decreased sales by 6 %. The operating segment decreased sales both in Sweden and in the export market and mainly within retail.

Sales turnover in Sweden was unchanged compared to last year. However, we had an increase in the promo sales channel, while retail decreased. U.S. sales were unchanged, but the sales have been negatively affected when converted to SEK. Acquired units have had a positive effect by 8 %. The other Nordic countries increased by 2 % and the increase are in all markets. Mid Europe and Southern Europe were negatively affected by exchange rate changes and the countries are on par or somewhat lower than last year.

Gross Profit

Gross profit margin amounted to 47.7 % (47.1 %), which is mainly attributable to a better stock situation as well as a better mix of customers and countries.

Other Operating Income and Other Operating Expenses

Other operating income increased by SEK 7.2 million to SEK 39.4 million (SEK 32.2 million). Other operating income is mainly attributable to operating exchange gains, but also invoiced allowances 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 3.2 million to SEK -24.8 million (SEK -21.6 million). The net of above items amounted to SEK 14.6 million (SEK 10.6 million). The increase is mainly attributable to increased expenses associated with implemented marketing activities.

Expenses and Depreciation

External expenses increased by SEK 24.3 million to SEK -970.5 million (SEK -946.2 million). The increase is mainly attributable to the financial irregularities and incorrectly reported balance sheet items from the second quarter in one of New Wave Group's German subsidiaries, which had a negative effect of about SEK 23.5 million. Acquired units have affected costs by SEK 21.5 million and another SEK 7.1 million in acquisition costs.

Personnel costs amounted to SEK -691.1 million, which is SEK 11.9 million higher than last year (SEK -679.2 million). The increase is mainly due to acquired units, which affected by SEK -15.0 million. Costs in connection with the liquidation of the Orrefors Kosta Boda cut crystal operation also have a negative effect and amount to SEK -7.0 million.

Exchange rates had a positive effect on costs by SEK 61 million.

Depreciations amounted to SEK -50.6 million (SEK -58.4 million).

Operating margin amounted to 7.7 % (7.7 %). Excluding above mentioned acquisition and comparability affecting posts, the operating margin amounted to 8.6 %.

Net Financial Items and Taxes

Net financial items amounted to SEK -51.0 million (SEK -27.3 million). The increase is due to higher interest rates as well as higher net debt. The net debt increased by SEK 390 million during the year, of which net investments regarding acquisitions amounts to SEK 255 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.

Tax expense in absolute numbers amounted to SEK -76.8 million (SEK -78.8 million) and the tax rate amounted to 27.8 % (26.2 %).

Result

Profit after tax amounted to SEK 199.1 million (SEK 221.5 million) and earnings per share amounted to SEK 2.99 (SEK 3.31). The lower result is related to the comparability affecting posts, which amounted to SEK 26.2 million after tax.

REPORTING OF OPERATING SEGMENTS

New Wave Group AB divides its operations into three segments: Promo, Sports & Leisure and Gifts & Home Furnishings. The Group monitors the segments' and brands' sales as well as profit (EBITDA). The business segments are based on the Group's operational management.

Corporate Promo

October-December sales decreased by SEK 12 million and amounted to SEK 544 million (SEK 556 million). The decrease is due to a weaker promo market, mainly in Southern Europe. Profit (EBITDA) increased to SEK 102.7 million (SEK 86.2 million). The improved profit is related to better operating margin.

Sales for the period January-December increased by 1 % to SEK 1,835 million (SEK 1,818 million) and the profit (EBITDA) improved by SEK 42.1 million to SEK 251.7 million (SEK 209.6 million). The sales turnover increase is mainly due to improved promo markets in Sweden and the other Nordic countries, while it has been negative in the rest of Europe. The profit increase is related to cost savings and improved operating margins. The segment was negatively affected by the aforementioned item affecting comparability regarding Germany by SEK 23.5 million.

Sports & Leisure

October-December sales increased by 3 % and amounted to SEK 429 million (SEK 415 million). The result (EBITDA) amounted to SEK 36.3 million, which was SEK 35.9 million lower than last year (SEK 72.2 million). The higher turnover is mainly due to acquired units, which contributed by SEK 56 million. The segment was negatively affected by the mild winter and has not lived up to last year's sales figures. The decrease in profit is related to the lower sales figures as well as higher sales and marketing efforts. Acquired units accounted by SEK -3 million.

The operating segment increased sales by 1 % to SEK 1,724 million (SEK 1,703 million) January-December, but the result (EBITDA) decreased by SEK 42.8 million to SEK 177.3 million (SEK 220.1 million). The turnover increase is due to the acquired units with sales of SEK 89 million in the period. The segment was however negatively affected by currency conversion to SEK and is on par with last year in local currencies. The lower result is related to lower gross profit margin in the retail sales channel and higher sales and marketing costs. Acquired units accounted for SEK -5 million.

Gifts & Home Furnishings

October-December sales decreased by 7 % and amounted to SEK 215 million (SEK 231 million). The result (EBITDA) amounted to SEK 4.9 million, which was SEK 11.0 million better than last year (SEK -6.1 million). The turnover decrease is mainly due to Orrefors Kosta Boda's decreased retail sales. The profit increase is mainly related to cost savings and improved operating margins.

January–December sales decreased by 6 % to SEK 678 million (SEK 722 million) and the profit (EBITDA) decreased by SEK -7.8 million to SEK -51.5 million (SEK -43.7 million). The decrease is mainly related to Orrefors Kosta Boda's decreased retail sales. The segment has also been negatively affected by non-recurring costs of SEK 7.0 million in connection with the liquidation of Orrefors Kosta Boda's cut-crystal operation.

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 17.

October-December sales decreased by 10 % in Sweden, mainly due to a decrease in the retail sales channel. The U.S. operation increased sales by 28 %, with acquired units having a 22 % effect. Sales are increasing in both sales channels. The increase is mainly due to better development in the retail sales channel. The other Nordic countries increased due to improved sales in Finland and Denmark. In Europe, several countries are decreasing or are on par with last year.

January-December sales in Sweden were unchanged compared to last year. The promo sales channel has however shown small signs of growth, while retail has decreased slightly. U.S. sales are also unchanged compared to 2010. Acquired units contributed with 8 % in the region. Currency changes had a negative effect and the region had a weak growth in local currency. All remaining Nordic countries are showing signs of growth in all markets. In Europe, several countries are decreasing slightly or are on par with last year. The region was also negatively affected by currency exchange rates when converting to SEK.

ACQUISITIONS Ahead Inc.

On 29 July, New Wave Group AB acquired the entire operation and all assets of the American cap and apparel company Ahead Inc. for USD 23.8 million. The acquisition was executed by a newly formed subsidiary operating under New Wave Holding USA Inc. and by New Wave Licensing SA who acquired the brand. The majority of the acquisition is financed in USD.

Ahead was founded in 1995 and has been very successful in the golf segment with high graphic quality on caps, but also matching garments. With their head office in New Bedford, Mass., Ahead sells products in four categories; men's wear, headgear, the golf collection "Heavey Metal™" and the women's collection "Kate Lord™ Collection" which contains headgear, women's wear and accessories. For more information, go to www.aheadweb.com.

Ahead is mostly known for their collection of caps with embroidered logos and their strong position on the market makes them an excellent complement to New Wave's business portfolio. The company is also known for revolutionizing the development of caps in the golf collective.

Ahead currently has about 197 employees and their 2010 turnover was close to USD 32 million with an operating profit of USD 2.7 million. The activity was consolidated from the acquisition date and has contributed by SEK 74 million in turnover and SEK -6 million in result before tax. If the acquisition of Ahead had been executed at the beginning of the year, the pro forma revenues would have been SEK 227 million more and the result before tax SEK 8 million higher.

The acquisition estimates are preliminary.

A distribution of acquired net assets is reported below, where the brand is valued based on future earning capacity.

Preliminary acquisition analysis:	MUSD	MSEK
Purchase amount	23.8	151.1
Acquisition costs	0.6	4.1
Total purchase amount	24.4	155.2
Acquired assets. net		149.1
Expensed acquisition costs		4.1
Goodwill		2.0

Cash flow impact analysis

Net cash impact	-24.1	-152.1
Paid acquisition costs	-0.6	-4.1
Paid purchase amount	-24.0	-151.1
Net acquired cash balance	0.5	3.1

Acquired assets,	Booked	Real	Acquired assets
net	value at	value	net
SEK million	Ahead	adjustment	(real value)
Liquid assets	3.1		3.1
Land and buildings	30.9		30.9
Equipment	15.4		15.4
Stock	66.6		66.6
Accounts receivable	36.3		36.3
Other assets	6.4		6.4
Debts	-20.3		-20.3
Trademark		12.7	12.7
Deferred tax		-2.0	-2.0
Acquired assets, net	138.4	10.7	149.1
Goodwill			2.0
Total purchase amount			151.1

	Total	Deferred tax	Net	Ec. life	Depr./y
Goodwill	2.0	0	2.0	-	-
Trademark	12.7	-2.0	10.7	-	-

Paris Glove of Canada Inc.

On 30 November, New Wave Group AB acquired all shares in the Canadian glove company Paris Glove of Canada Inc. for CAD 16.5 million. Pars Glove's turnover in 2010 was CAD 16.5 million and operating profit (EBIT) CAD 2.8 million. The company has 129 employees. Paris Glove (www.parisglove.com) is a further strengthening of New Wave's company portfolio and a complement to existing clothing lines and global markets. The company's established client base also provides a gateway to the Canadian end-user market for other New Wave products.

Paris Glove has been family owned since the start in 1945 when founders Felix and Lily Monk brought their glove manufacturing knowledge from England to Canada. It is one of the oldest and most respected glove companies in Northern America and has achieved a respectable status as premium brand synonymous with quality, style and performance in the glove area.

Auclair Sport Divison is Paris Glove's highest sports and leisure division and one of few companies that can deliver products to all markets - sports, fashion and protective gloves for men and women, adults and children. The company also has a line of scarves and headgear for men and women and distributes a limited selection of other products for other brands to their clients. The Paris Glove Group includes Laurentide, Gloves International Inc., The Paris Fashion Division and Auclair Sports Division.

The company was consolidated from the day of acquisition and has contributed by SEK 15 million in turnover as well as SEK -2 million in profit before tax. If the acquisition of Paris Glove had been executed at the beginning of the year, the pro forma revenues would have been SEK 182 million and the result before tax SEK 12.5 million higher.

The acquisition estimates are preliminary.

A distribution of acquired net assets is reported below, where the brand is valued based on future earning capacity.

Preliminary acquisition analysis:	MUSD	MCAD	MSEK
Purchase amount	2.2	14.2	107.2
Acquisition costs	0.5	-	3.0
Total purchase amount	2.7	14.2	110.2
Acquired assets. net			102.8
Expensed acquisition costs			3.0
Goodwill			4.4

Cash flow impact analysis

Net cash impact	-2.7	-13.0	-102.4
Paid acquisition costs	-0.5	-	-3.0
Paid purchase amount	-2.2	-14.2	-107.2
Net acquired cash balance	-	1.2	7.8

Acquired assets.	Booked	Real	Acquired assets
net	value at	value	net
SEK million	Paris group	adjustment	(real value)
Liquid assets	7.8		7.8
Equipment	3.1		3.1
Stock	54.8		54.8
Accounts receivable	76.5		76.5
Other assets	45.9		45.9
Debts	-121.8		-121.8
Trademark		43.5	43.5
Deferred tax		-7.0	-7.0
Acquired assets. net	66.3	36.5	102.8
Goodwill			4.4
Total purchase amount			107.2

	Totalt	Deferred tax	Net	Ec. life	Depr./y
Goodwill	4.4	0	4.4	-	-
Varumärke	43.5	-7.0	36.5	-	-

Fersten Group

As of 6 December New Wave Group has also acquired 49 % of Fersten Group. The company is a promo company situated in Montreal, Canada. The company has an annual turnover of about CAD 2 million.

ESTABLISHMENTS

New Wave Group has together with a Finnish and a Swedish partner established a co-owned company to take over distribution rights for Craft in Russia.

CAPITAL TIED UP

Capital tied up has increased by SEK 379 million during the year. Total inventories amounted to SEK 1,974 million (SEK 1,595 million) of which acquired units have contributed by SEK 129 million. The increase is planned as our inventories during some periods have been too low in some segments historically and we therefore have not been able to achieve the required customer service level. The early Chinese New Year meant that we had to move incoming stock deliveries forward. Inventory turnover rate amounted to 1.2 (1.4).

	2011-12	2010-12
Raw materials	63.8	80.4
Work in progress	20.7	23.0
Goods in transit	64.1	103.7
Merchandise on stock	1 825.3	1 387.6
Total	1 973.9	1 594.7

Obsolescence as of 31 December, 2011 amounted to SEK 77 million (SEK 61 million) and is 4.2 % (4.4 %) of merchandise on stock.

Accounts receivable amounted to SEK 782 million (SEK 788 million) of whitch acquired units accounted for SEK 69 million. Capital tied up in accounts receivable has been affected by the turbulence in Greece, which has resulted in the Group starting negotiations with customers and agents in those countries which are considered especially effected by this turbulence and increased risk. The negotiations are about conditions for deliveries and credits, as well as collateral for market presence and risk management.

INTANGIBLE ASSETS AND IMPAIRMENT TESTING

The breakdown of intangible assets between segments is based on each respective company's/brand's situation at the time of acquisition and assigned to the operating segment which it is considered to belong to. New Wave Group monitors cashgenerating units on segment level. Goodwill is based on local currency and raises currency conversion effects in the consolidated financial statement. The goodwill value is tested on a daily basis to ensure that the value does not deviate negatively from book value, but can be tested more often if there are indications that the value has decreased. Impairment of operating segments containing goodwill and brands is based on calculation of value in use. This value is based on cash flow forecast for the next five years and a terminal session. Operating segments' cash flows are influenced by commercial factors such as market growth, competitiveness, cost development, levels of investment and working capital. When discounting financial factors such as interest rates, borrowing costs, market risk, beta values and tax rates are added.

Assumptions made in a test are the Board's best assessment of the economic conditions expected to prevail over the forecast period, based on the current situation. Current market conditions and the economic situation make a forecast for future periods difficult to make. The first five years, 2012-2016, are based upon the Board's established internal forecasts and for the following terminal period an average growth rate of 3 % has been used. Sensitivity analyses have been carried out across all operating segments.

In calculating the present value of expected future cash flows, a weighted average cost of capital (WACC) of 12 % before tax is used. Discounted cash flows are compared with book value per cash-generating unit/operating segment. The 2011 assessment proved that there is no need for impairment.

Corporate Promo

The calculation includes the operating segment's cash flow based on internal forecasts. It includes an increase in sales which is slightly higher than the inflation and that the capital tied up during the internal prognosis period (2012-2016) is expected to be at current levels.

Sports & Leisure

The calculation includes the operating segment's cash flow based on internal forecasts. Actions taken during last year have contributed to improvements in profitability and working capital. The effects of these actions are included in the prognosticated estimated improvements.

Gifts & Home Furnishings

The calculation includes the operating segment's cash flow based on internal forecasts. With regards to Orrefors Kosta Boda, which is very important to the business area, further actions have been implemented in 2011 to streamline and improve profitability. The forecast includes the estimated margin and earnings improvements these measures are expected to provide, which i.a. means an improved stock situation and better efficiency. For the forecast period (2012-2016) 2012 is expected to have a weaker development and then a gradual improvement during the remaining years.

INVESTMENTS, FINANCING AND LIQUITIDY

The Group's cash flow from operating activities improved by SEK 76.9 million and amounted to SEK 279.1 million (SEK 202.2 million). It is mainly lower stock that has improved cash flow compared to previous year. The Group's cash net investments

were SEK -126.1 million (SEK -15.9 million), of which acquisitions amounted to SEK 102.4 million.

Net debt increased by SEK 390 million to SEK 1,797 million (SEK 1,407 million) during the period January-December, which is related to the acquisition of Ahead and Paris Glove as well as increased working capital, mainly in inventories. Net debt to equity ratio and working capital increased and amounted to 85.9 % (72.8 %) and 78.6 % (75.3 %) respectively.

The equity ratio decreased by 1.3 percentages and amounted to 43.5 % (44.8 %), which is due to acquisitions and an increase in working capital.

The Group's credit agreement has a credit limit of SEK 2,200 million and is valid until 15 September, 2013. The credit agreement means that commitments (covenants) must be fulfilled in order to maintain the credit limit. The interest rate is based on each respective currency's base rate and a fixed margin.

Based on this forecast, it is the management's assessment that the Group will meet these covenants with sufficient margin. It is the Group's policy to have short fixedinterest agreements resulting in quick effects on the Group's net interest as the shortterm interest rate changes.

PERSONNEL AND ORGANISATION

As of 31 December, 2011 the number of employees amounted to 2,470 (2,196) persons, of which 49 % were women and 51 % were men. Out of the total number of employees, 673 (556) work in production. The production contained within the New Wave Group is attributable to Ahead (embroidery), Cutter & Buck (embroidery), Paris Glove, Orrefors Kosta Boda, Seger, Dahetra and Toppoint. Acquired units account for 326 employees, of which 116 are in production.

SUBSCRIPTION OPTIONS IN NEW WAVE GROUP AB (PUBL.)

New Wave Group has two outstanding share option programs.

A program for senior executives was introduced in June 2009. The option program consists of 1,000,000 options, expires in June 2012 and has an exercise price of SEK 26.10. The option subscription premium was SEK 0.21 per option.

A program for the Board 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 CEO have bought merchandise. The parent company has purchased consultancy services from a member of the Board. All transactions have occurred in accordance with market conditions.

VIEWS ON 2012

For 2012 we expect a higher sales turnover and a somewhat better result than the 2011 outcome.

THE PARENT COMPANY

Total income January-December amounted to SEK 140.2 million (SEK 156.4 million). Profit before tax amounted to SEK -203.1 million (SEK 139.9 million). Net borrowing amounted to SEK 1,764 million (SEK 1,430 million), of which SEK 1,414 million (SEK 1,373 million) refers to financing of subsidiaries. Net investments amounted to SEK -205.2 million (SEK -23.7 million). The balance sheet total amounted to SEK 3,399 million (SEK 3,375 million) and equity, including 73.7 % untaxed reserves, to SEK 1,099 million (SEK 1,378 million). The result has been negatively affected by SEK 345 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 2010; www.nwg.se.

It is the Group's policy to have short fixed-interest agreements resulting in quick effects on the Group's net interest as the short-term interest rate changes.

The Group's accounted exposures are in all material aspects unchanged.

ACCOUNTING PRINCIPLES

This report has been prepared according to IAS 34 Interim Report and the Annual Report Law. The interim report for the parent company has been prepared according to Annual Report Law as well as the Swedish Financial Accounting Standards Council's standards 2 - Accounting for legal entity. Applied accounting principles are in accordance with the Annual Report for 2010.

ANNUAL SHAREHOLDERS MEETING

The annual shareholders meeting will take place 15 May at 1 pm at Kosta Boda Art Hotel in Kosta, Sweden. The annual report is expected to be available at the head office in Gothenburg, Sweden on 27 April.

DIVIDEND

The aim is to distribute 30 % of the Group's net profit over a business cycle. The Board has decided to propose to the annual shareholders meeting a dividend of SEK 1.00 (SEK 1.00) per share, which is equal to SEK 66.3 million. The proposal corresponds to 33 % of net profit.

NOMINATION COMMITTEE

• The nomination committee for the board election at the 2012 annual shareholders meeting is:
• • Arne Lööw, representative of Fjärde AP-fonden and the committee's chairman
• • Torsten Jansson, CEO and representative of Torsten Jansson Förvaltnings AB
• • Kenneth Andersen, representative of Home Capital

For more information about the nomination committee and its work, please see http://www.nwg.se/aktieagare/bolagsstyrning/valberedning.html.

CALENDAR

• • 26 April, 2012 Interim report for Q1
• • 15 May, 2012
• General Annual Meeting 2012
• • 22 August, 2012 Interim report for Q2
• • 13 November, 2012 Interim report for Q3

The Board and CEO assure that the Interim Report gives a true and fair view of the company and the Group's operations, position and result and describes the material risks and uncertainties that the company and the Group face.

Gothenburg 9 February, 2012 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 31–712 89 01 E-mail: torsten.jansson@nwg.se

Deputy CEO Rolf Karp

Phone: +46 31–712 89 05 E-mail: rolf.karp@nwg.se

CFO Lars Jönsson

Phone: +46 31–712 89 12 E-mail: lars.jonsson@nwg.se

Consolidated income statements

	3 months	3 months	12 months	12 months	12 months	12 months
	Oct–Dec	Oct–Dec	Jan–Dec	Jan–Dec	Jan–Dec	Jan–Dec
SEK million	2011	2010	2011	2010	2009	2008
Income	1 187.5	1 202.1	4 236.9	4 243.4	4 087.0	4 604.2
Goods for resale	-607.3	-620.7	-2 214.1	-2 243.5	-2 185.3	-2 371.8
Gross profit	580.2	581.4	2 022.8	1 999.9	1 901.7	2 232.4
Other operating income*	6.9	9.4	39.4	32.2	68.9	56.5
External costs	-256.0	-252.9	-970.5	-946.2	-949.1	-1 105.6
Personnel costs	-184.5	-179.4	-691.1	-679.2	-751.5	-731.0
Depreciation of tangible and
intangible fixed assets	-13.6	-14.2	-50.6	-58.4	-70.6	-64.2
Other operating costs	-4.7	-6.0	-24.8	-21.6	-27.6	-20.4
Share of associated companies result	2.0	-0.2	1.7	0.9	0.6	1.1
Operating profit	130.3	138.1	326.9	327.6	172.4	368.8
Financial income	3.2	2.0	6.9	5.1	6.2	12.4
Financial costs	-19.3	-9.9	-57.9	-32.4	-52.4	-148.4
Net financial items	-16.1	-7.9	-51.0	-27.3	-46.2	-136.0
Profit before tax	114.2	130.2	275.9	300.3	126.2	232.8
Tax on profit for the period	-31.5	-31.2	-76.8	-78.8	-38.4	-84,9
Profit/loss for the period	82.7	99.0	199.1	221.5	87.8	147.9
Other comprehensive income
Translation difference	-16.5	25.0	20.0	-65.8	-90.0	285.9
Cash flow hedge	0.8	6.6	9.5	-4.8	-13.6	14.0
Income tax related to components of other
comprehensive income	-0.2	-1.7	-2.5	1.3	3.6	-3.9
Total other comprehensive income net after tax for
the period	-15.9	29.9	27.0	-69.3	-100.0	296.0
Total comprehensive income for the period	66.8	128.9	226.1	152.2	-12.2	443.9
Profit/loss attributable to:
Equity holders of the parent company	83.2	97.9	198.3	219.8	85.8	144.6
Non-controlling (minority) interest	-0.5	1.1	0.8	1.7	2.0	3.3
Total comprehensive income attributable to:	82.7	99.0	199.1	221.5	87.8	147.9
Equity holders of the parent company	69.1	127.3	226.6	151.3	-12.6	435.8
Non-controlling (minority) interest	-2.3	1.6	-0.5	0.9	0.4	8.1
	66.8	128.9	226.1	152.2	-12.2	443.9
Profit per share
Profit per share before dilution	1.25	1.47	2.99	3.31	1.29	2.18
Profit per share after dilution	1.22	1.45	2.94	3.26	1.27	2.18
Weighted number of shares before dilution	66 343 543	66 343 543	66 343 543	66 343 543	66 343 543	66 343 543
Weighted number of shares after dilution	67 343 543	67 343 543	67 343 543	67 343 543	67 343 543	66 343 543

* Rate of exchange profit and capital gain.

Consolidated cash flow statement

	3 months	3 months	12 months	12 months	12 months	12 months
	Oct–Dec	Oct–Dec	Jan–Dec	Jan–Dec	Jan–Dec	Jan–Dec
SEK million	2011	2010	2011	2010	2009	2008
Current operation
Profit/loss before financial items	130.2	138.1	326.9	327.6	172.4	368.8
Adjustment for items not included in cash flow	25.3	15.6	78.7	77.0	52.3	29.2
Received interest	3.2	2.1	6.9	5.1	6.2	12.4
Paid interest	-19.3	-10.0	-57.9	-32.4	-52.4	-148.4
Paid income tax	-14.2	-21.6	-77.4	-45.2	-39.6	-98.9
Cash flow from current operations	125.2	124.2	277.2	332.1	138.9	163.1
before changes in working capital
Cash flow from changes in working capital
Increase/decrease of stock	105.2	27.5	-252.4	-36.7	526.1	-194.2
Increase/decrease of current receivables	160.6	31.6	170.7	-37.0	119.2	153.0
Increase/decrease of short-term liabilities	-111.9	18.9	-128.7	85.2	22.1	-389.9
Changes in working capital	153.9	78.0	-210.4	11.5	667.4	-431.1
Cash flow from operations	279.1	202.2	66.8	343.6	806.3	-268.0
Investing activities
Investments in tangible assets	-24.2	-16.0	-68.8	-61.2	-61.9	-61.3
Sales of tangible assets	11.3	0.0	11.6	3.1	40.7	8.5
Investments in intangible assets	-5.9	0.0	-18.0	-2.0	0.0	-0.1
Acquisition of subsidiaries*	-102.4	0.0	-254.5	0.0	0.0	-0.6
Repayment of purchase amount*	0.0	0.0	0.0	2.4	0.0	0.0
Sales of financial assets	0.0	0.1	0.0	0.1	0.0	0.0
Acquisition of financial assets	-4.9	0.0	-8.5	0.0	-1.8	-11.7
Cash flow from investing activities	-126.1	-15.9	-338.2	-57.6	-23.0	-65.2
Cash flow after investing activities	153.0	186.3	-271.4	286.0	783.3	-333.2
Financial activities
Option premium	0.0	0.0	0.0	0.0	0.2	2.1
Loan raised	-175.4	0.0	333.2	53.9	0.0	441.0
Raised long-term receivables	0.3	5.9	0.0	-0.1	0.0	-0.6
Repayment of long-term receivables	-4.9	-4.2	0.0	0.0	2.5	1.0
Amortization of loan	0.0	-130.0	0.0	-278.4	-875.6	0.0
Dividend paid to the parent company's shareholders	0.0	0.0	-66.3	-16.6	-11.9	-66.3
Cash flow from financial activities	-180.0	-128.3	266.9	-241.2	-884.8	377.2
Cash flow for the period	-27.0	58.0	-4.5	44.8	-101.5	44.0
Opening cash balance	146.0	63.2	121.7	80.4	191.2	115.5
Currency translation	-1.3	0.5	0.5	-3.5	-9.3	31.7
Closing cash balance	117.7	121.7	117.7	121.7	80.4	191.2
Liquid assets
Cash at bank and in hand	117.7	121.7	117.7	121.7	80.4	191.2
*The item includes:
Goodwill	2.6	-	4.6	2.4	-	0.1
Trademark	-43.5	-	-54.2	-	-	-
Working capital	-123.4	-	-223.6	-	-	-0.7
Overtake of loan	57.2	-	57.2	-	-	-
Fixed assets	-3.1	-	-49.4	-	-	-
Liquid assets	7.8	-	10.9	-	-	-
Effect on the cash flow	-102.4	-	-254.5	2.4	-	-0.6

Consolidated balance sheets

	31 Dec	31 Dec	31 Dec	31 Dec
SEK million	2011	2010	2009	2008
ASSETS
Intangible fixed assets	1 223.5	1 141.7	1 205.4	1 275.7
Property, plant and equipment	366.1	333.9	379.6	415.3
Shares in associated companies	60.2	51.7	50.9	49.4
Long-term receivables	40.6	14.4	14.3	16.8
Deferred tax assets	82.9	101.8	109.2	124.4
Total fixed assets	1 773.3	1 643.5	1 759.4	1 881.6
Stock	1 973.9	1 594.7	1 624.8	2 200.3
Tax receivables	17.7	46.6	65.3	81.0
Accounts receivables	782.3	787.9	735.3	835.8
Prepaid expenses and accrued income	73.4	72.3	73.4	88.1
Other receivables	68.1	51.9	63.7	92.7
Liquid assets	117.7	121.7	80.4	191.2
Total current assets	3 033.1	2 675.1	2 642.9	3 489.1
TOTAL ASSETS	4 806.4	4 318.6	4 402.3	5 370.7
EQUITY
Share capital	199.1	199.1	199.1	199.1
Other capital contributed	219.4	219.4	219.4	219.2
Reserves	65.9	37.6	106.1	204.5
Retained earnings including profit/loss for the period	1 584.2	1 452.2	1 249.0	1 175.1
Equity attributable to Parent Company shareholders	2 068.6	1 908.3	1 773.6	1 797.9
Non-controlling (minority) interest	24.2	24.7	33.5	35.9
Total equity	2 092.8	1 933.0	1 807.1	1 833.8
LIABILITIES
Long-term interest-bearing liabilities	1 873.5	1 492.4	1 796.2	2 716.5
Pension obligations	9.3	8.1	8.2	8.9
Other provisions	3.2	16.0	16.8	12.7
Deferred tax liabilities	160.6	148.2	170.6	181.4
Total long-term liabilities	2 046.6	1 664.7	1 991.8	2 919.5
Short-term interest-bearing liabilities	41.5	35.9	25.0	51.0
Accounts payable	283.5	305.6	261.8	247.5
Current tax liabilities	32.2	66.4	35.9	55.3
Accrued expenses and prepaid income	226.4	204.2	196.5	192.3
Other liabilities	83.4	108.8	84.2	71.3
Total short-term liabilities	667.0	720.9	603.4	617.4
Total liabilies	2 713.6	2 385.6	2 595.2	3 536.9
TOTAL EQUITY AND LIABILITIES	4 806.4	4 318.6	4 402.3	5 370.7
Memorandum items
Assets pledged	3 211.5	2 714.3	2 256.9	3 851.8
Contingent liabilities	24.4	39.8	8.3	8.3

Changes in Equity – Group

				Retained		Non
		Other		earnings		controlling
		capital		incl. profit/loss		(minority)
SEK million		Share capital contributed	Reserves	for the period	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 period				219.8	219.8	1.7	221.5
Other comprehensive income
Translation difference			-65.0		-65.0	-0.8	-65.8
Cash flow hedge			-4.8		-4.8		-4.8
Income tax related to components of other comprehensive income			1.3		1.3		1.3
Transactions with shareholders
Dividend				-16.6	-16.6		-16.6
Change in non-controlling (minority) interest				0.0	0.0	-9.7	-9.7
Balance at year end 2010-12-31	199.1	219.4	37.6	1 452.2	1 908.3	24.7	1 933.0
				Retained		Non
		Other		earnings		controlling
		capital		incl. profit/loss		(minority)	Total equity
SEK million		Share capital contributed	Reserves	for the period	Total	interest	kapital
Opening balance 2011-01-01	199.1	219.4	37.6	1 452.2	1 908.3	24.7	1 933.0
Profit for the period				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
Change in non-controlling (minority) interest				0.0	0.0	0.0	-0.0
Balance at end of period 2011-12-31	199.1	219.4	65.9	1 584.2	2 068.6	24.2	2 092.8
				Full Year	Full Year	Full Year	Full Year
Accumulated translation differences in equity				2011	2010	2009	2008
Accumulated translation differences in equity opening balance				49.9	115.7	205.7	-80.2
Translation differences in foreign subsidiaries for the period				20.0	-65.8	-90.0	285.9
Accumulated translation differences at end of period				69.9	49.9	115.7	205.7

Financial highlights – Group

	12 months	12 months	12 months	12 months Jan–Dec
	Jan–Dec	Jan–Dec	Jan–Dec
	2011	2010	2009	2008
Sales growth, %	-0.2	3.8	-11.2	9.8
Number of employees	2 470	2 196	2 203	2 562
Gross margin, %	47.7	47.1	46.5	48.5
Operating margin before depreciation, %	8.9	9.1	5.9	9.4
Operating margin, %	7.7	7.7	4.2	8.0
Profit margin, %	6.5	7.1	3.1	5.1
Net margin, %	4.6	5.3	2.1	3.2
Return on shareholders' equity, %	9.9	12.1	4.9	9.2
Return on capital employed, %	8.9	9.4	4.3	9.0
Equity ratio, %	43.5	44.8	41.0	34.1
Net debt - Equity ratio, %	85.9	72.8	96.3	140.5
Net debt in relation to working capital	78.6	75.3	87.7	94.3
Net debt, SEK million	1 797.4	1 406.6	1 740.8	2 576.3
Interest cover ratio, times	5.8	10.4	3.4	2.6
Capital turnover, times	0.9	1.0	0.8	0.9
Stock turnover, times	1.2	1.4	1.1	1.2
Cash flow before investments, SEK million	66.8	343.6	806.3	-268.0
Net investments, SEK million	-338.2	-57.6	-23.0	-65.2
Cash flow after investments, SEK million	-271.4	286.0	783.3	-333.2
Shareholders' equity per share, SEK	31.54	29.14	27.24	27.64
Shareholders' equity per share after dilution, SEK	31.08	28.70	26.83	27.64
Share price as at December 31, SEK	23.00	40.40	27.50	6.25
Dividend/share, SEK	1.00	1.00	0.25	0.18
P/E-ratio	7.76	12.03	20.54	2.87
P/S-ratio	0.36	0.63	0.45	0.09
Share price/Shareholders' equity	0.73	1.39	1.01	0.23

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.

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

Profit after net financial items plus financial costs divided by financial costs.

Operating margin

Operating profit after depreciation as a percentage of the period´s income.

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

Profit after net financial items as a percentage of the period´s income.

Stock turnover

Cost of sold goods divided by average stock.

Income Statements – Parent Company

	12 months	12 months	12 months	12 months
	Jan–Dec	Jan–Dec	Jan–Dec	Jan–Dec
SEK million	2011	2010	2009	2008
Income	120.6	137.2	139.0	133.0
Other operating income*	19.6	19.2	17.7	16.8
Total income	140.2	156.4	156.7	149.8
External expenses	-90.9	-101.8	-109.0	-101.2
Personnel costs	-24.2	-23.7	-25.3	-26.7
Depreciation of tangible and intangible fixed assets	-3.0	-0.9	-4.1	-2.7
Other operating costs**	-18.9	-16.7	-17.1	-11.1
Operating profit/loss	3.2	13.3	1.2	8.1
Net income from shares in Group companies	126.5	230.5	197.7	302.7
Write-down of financial fixed assets	-345.0	-122.4	-20.6	0.0
Financial income	77.3	54.6	84.1	150.5
Financial costs	-65.1	-36.1	-53.4	-186.7
Net financial items	-206.3	126.6	207.8	266.5
Profit/loss before appropriations and income tax	-203.1	139.9	209.0	274.6
Appropriations	3.7	-19.3	-0.2	24.0
Tax on net profit/loss for the period	-10.4	-3.6	-10.3	-0.1
Profit/loss for the period	-209.8	117.0	198.5	298.5

* Rate of exchange profit and capital gain

** Rate of exchange loss and capital loss

Cash Flow Analysis – Parent Company

	12 months	12 months	12 months	12 months
	Jan–Dec	Jan–Dec	Jan–Dec	Jan–Dec
SEK million	2011	2010	2009	2008
Current operations
Operating profit before financial items	3.2	13.3	1.2	8.1
Adjustments items not included in cash flow	3.4	-3.9	20.6	1.3
Received dividends	0.0	118.7	194.9	266.5
Interest received	77.3	54.6	84.1	150.5
Interest paid	-64.0	-36.1	-53.4	-186.7
Tax paid	5.5	-3.7	9.2	-37.3
Cash flow from current operations
before changes in working capital	25.4	142.9	256.6	202.4
Cash flow from change in working capital
Decrease/increase in short-term receivables	-27.6	151.3	330.8	-164.4
Decrease/increase on short-term liabilities	-33.8	-33.3	-19.5	30.4
Changes in working capital	-61.4	118.0	311.3	-134.0
Cash flow from operations	-36.0	260.9	567.9	68.4
Investing activities
Shareholders contribution to subsidiaries	0.0	-28.8	-10.4	-48.6
Intragroup company aquisition	0.0	0.0	-87.0	0.0
Intragroup sales of group companies	0.0	3.4	115.1	725.4
Aquisition of tangible assets	-3.8	-0.2	-0.1	-0.7
Aquisition of intangible assets	-5.8	-0.5	0.0	1.7
Aquisition of shares	-24.5	0.0	-1.1	-12.9
Repayment of purchase amount	0.0	2.4	0.0	0.0
Loan given to subsidiaries	-171.1	0.0	0.0	-789.3
Repayment of loan from subsidiaries	0.0	0.0	312.6	0.0
Cash-flow from investing activities	-205.2	-23.7	329.1	-124.4
Cash-flow after investing activities	-241.2	237.2	897.0	-56.0
Financial activities
Loan raised	309.0	0.0	0.0	120.1
Amortization of loan	0.0	-220.6	-849.1	0.0
Raised long-term receivables	-1.5	0.0	0.0	0.0
Dividend paid to shareholders of the parent company	-66.3	-16.6	-11.9	-66.3
Received/paid Group contribution	0.0	0.0	-36.0	2.2
Cash-flow from financial activities	241.2	-237.2	-897.0	56.0
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 Sheet – Parent Company

	31 Dec	31 Dec	31 Dec	31 Dec
SEK million	2011	2010	2009	2008
ASSETS
Fixed assets
Intangible fixed assets	5.0	0.7	0.6	2.4
Tangible fixed assets	2.4	0.4	0.8	1.3
Financial assets
Shares in Group companies	1 382.1	1 400.0	1 449.6	1 485.2
Shares in associated companies	58.9	52.2	52.3	51.2
Receivables on Group companies	793.4	598.1	659.9	1 593.7
Other long-term receivables	2.0	0.5	0.5	0.0
Total financial assets	2 236.4	2 050.8	2 162.3	3 130.1
Total fixed assets	2 243.8	2 051.9	2 163.7	3 133.8
Current assets
Short-term receivables
Accounts receivable	2.8	4.3	0.4	0.6
Receivables on Group companies	1 098.9	1 275.7	1 282.1	1 033.5
Tax receivables	2.3	14.4	26.1	36.0
Other receivables	40.6	16.0	15.0	3.0
Prepaid expenses and accrued income	10.2	12.8	17.3	6.0
Total short-term receivables	1 154.8	1 323.2	1 340.9	1 079.1
Cash at bank and in hand Total current assets	0.0 1 154.8	0.0 1 323.2	0.0 1 340.9	0.0 1 079.1
TOTAL ASSETS	3 398.6	3 375.1	3 504.6	4 212.9
EQUITY AND LIABILITIES
Shareholders' equity
Restricted shareholders' equity
Share capital	199.1	199.1	199.1	199.1
Restricted reserves	249.4	249.4	249.4	249.4
	448.5	448.5	448.5	448.5
Unrestricted shareholders' equity
Retained profits	776.2	725.5	510.7	250.6
Share premium reserve	48.0	48.0	48.0	48.0
Profit/loss for the period	-209.8	117.0	198.5	298.5
	614.4	890.5	757.2	597.1
Total shareholders' equity	1 062.9	1 339.0	1 205.7	1 045.6
Untaxed reserves	49.3	53.0	33.6	33.4
Long-term liabilities
Overdraft facilities	1 763.5	1 430.2	1 686.9	2 536.0
Total long-term liabilities	1 763.5	1 430.2	1 686.9	2 536.0
Short-term liabilities
Accounts payable	32.8	44.9	37.3	15.7
Liabilities to Group companies	478.0	501.2	534.3	573.2
Current tax liabilities	3.8	0.0	0.0	0.0
Other liabilities	0.8	0.7	0.7	0.0
Accrued expenses and prepaid income	7.5	6.1	6.1	9.0
Total short-term liabilities	522.9	552.9	578.4	597.9
TOTAL EQUITY AND LIABILITIES	3 398.6	3 375.1	3 504.6	4 212.9
Memorandum items
Pledged assets	1 136.7	1 110.4	1 488.5	2 154.4
Contingent liabilities	256.8	467.1	299.9	338.5

Changes in Equity for the parent company

		Restricted	Retained	Share premium	Profit/loss
SEK million	Share capital	reserves	profits	reserve	for the period	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 period					117.0	117.0
Total change in net assets excluding	0.0	0.0	32.9	0.0	117.0	149.9
transactions with shareholders
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			117.0		-117.0	0.0
Profit/loss for the period					-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
Balance at end of period 2011-12-31	199.1	249.4	776.2	48.0	-209.8	1 062.9

Sales and result per business area

	3 months	3 months	12 months	12 months	12 months
	Oct–Dec	Oct–Dec	Jan–Dec	Jan–Dec	Jan–Dec
Corporate Promo	2011	2010	2011	2010	2009
Income	543.7	555.9	1 834.9	1 818.6	1 805.1
Result EBITDA	102.7	86.2	251.7	209.6	171.9
Sports and Leisure
Income	429.1	415.6	1 724.0	1 702.8	1 587.1
Result EBITDA	36.3	72.2	177.3	220.1	124.5
Gifts and Home furnishing
Income	214.7	230.6	678.0	722.0	694.8
Result EBITDA	4.9	-6.1	-51.5	-43.7	-53.4
Total income	1 187.5	1 202.1	4 236.9	4 243.4	4 087.0
Total result EBITDA	143.9	152.3	377.5	386.0	243.0
Total result EBITDA	143.9	152.3	377.5	386.0	243.0
Depreciation	-13.6	-14.2	-50.6	-58.4	-70.6
Net financial items	-16.1	-7.9	-51.0	-27.3	-46.2
Profit before tax	114.2	130.2	275.9	300.3	126.2

Assets/Liabilities per operating segment

			Deferred
SEK million	Total assets	Fixed assets*	tax assets	Investments	Depreciation	Total liabilities
31 Dec 2011
Corporate Promo	2 216.6	583.6	32.3	-50.4	-28.0	1 746.2
Sports and Leisure	1 857.5	807.4	27.0	-274.8	-13.4	534.3
Gifts and Home furnishing	732.3	198.6	23.6	-13.0	-9.2	433.1
Total	4 806.4	1 589.6	82.9	-338.2	-50.6	2 713.6
31 Dec 2010
Corporate Promo	1 986.3	561.3	39.0	-38.2	-26.7	1 481.2
Sports and Leisure	1 457.2	749.5	35.7	-9.4	-19.1	457.6
Gifts and 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
	Oct–Dec	Part of	Oct–Dec	Part of	Change	Change
SEK million	2011	turnover	2010	turnover	SEK million	%
Sweden	362	30%	404	34%	-42	-10%
USA	250	21%	196	16%	54	28%
Nordic countries excluding Sweden	165	14%	161	14%	4	2%
Mid-Europe	222	19%	243	20%	-21	-9%
Southern Europe	129	11%	158	13%	-29	-18%
Other countries	60	5%	40	3%	20	50%
Total	1 188	100%	1 202	100%	-14	-1%

	12 months		12 months
	Jan–Dec	Part of	Jan–Dec	Part of	Change	Change
SEK million	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%
Mid-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

	31 Dec		31 Dec
	2011		2010
	Fixed	Deferred	Fixed	Deferred
SEK million	assets *	tax assets	assets*	tax assets
Sweden	495	14	494	14
USA	730	36	673	47
Nordic countries excluding Sweden	23	7	26	3
Mid-Europe	181	22	186	35
Southern Europe	145	4	90	3
Other countries	16	0	7	0
Total	1 590	83	1 476	102

* Fixed assets classified as financial assets are not included

Quarterly Income Statements – Group

SEK million	2011				2010				2009
Quarter	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Income	927.6	1 020.9	1 100.9	1 187.5	915.3	1 065.3	1 060.7	1202.1	979.5	1 022.9	1 002.2	1082.4
Goods for resale	-493.9	-522.7	-590.2	-607.3	-477.9	-563.7	-581.2	-620.7	-528.1	-519.3	-555.5	-582.4
Gross profit	433.7	498.2	510.7	580.2	437.4	501.6	479.5	581.4	451.4	503.6	446.7	500.0
Gross profit %	46.8	48.8	46.4	48.9	47.8	47.1	45.2	48.4	46.1	49.2	44.6	46.2
Other operating income	12.6	8.4	11.5	6.9	5.1	5.1	12.6	9.4	22.9	22.0	2.1	21.9
External costs	-241.5	-241.6	-231.4	-256.0	-240.4	-230.6	-222.3	-252.9	-267.7	-220.1	-226.5	-234.8
Personnel costs	-168.2	-173.2	-165.2	-184.5	-167.0	-171.7	-161.1	-179.4	-231.2	-182.8	-166.6	-170.9
Depreciations	-11.1	-13.2	-12.7	-13.6	-14.9	-15.1	-14.2	-14.2	-18.5	-19.0	-17.1	-16.0
Other operating costs	-7.9	-5.5	-6.7	-4.7	-3.9	-1.5	-10.2	-6.0	-14.7	-8.7	-1.8	-2.4
Share of associated companies result	0.1	-0.4	0.0	2.0	0.6	0.1	0.4	-0.2	0.5	0.4	0.9	-1.2
Operating profit/loss	17.7	72.7	106.2	130.3	16.9	87.9	84.7	138.1	-57.3	95.4	37.7	96.6
Financial income	1.6	1.0	1.1	3.2	1.0	1.5	0.6	2.0	4.3	0.7	0.0	1.2
Financial costs	-11.5	-12.2	-14.9	-19.3	-7.6	-6.6	-8.3	-9.9	-19.8	-13.5	-11.4	-7.7
Profit before tax	7.8	61.5	92.4	114.2	10.3	82.8	77.0	130.2	-72.8	82.6	26.3	90.1
Tax	-2.1	-24.2	-19.0	-31.5	-2.7	-23.4	-21.5	-31.2	19.5	-22.1	-7.0	-28.8
Profit/loss for the period	5.7	37.3	73.4	82.7	7.6	59.4	55.5	99.0	-53.3	60.5	19.3	61.3
Other comprehensive income
Translation difference	-48.1	54.7	29.9	-16.5	-29.0	39.0	-100.8	25.0	13.1	-27.3	-106.1	30.3
Cash flow hedge	-7.8	-1.7	18.2	0.8	1.6	3.7	-16.7	6.6	10.2	-11.7	-17.5	5.4
Income tax related to components of
other comprehensive income	2.1	0.4	-4.8	-0.2	-0.4	-1.0	4.4	-1.7	-2.7	3.1	4.6	-1.4
Total other comprehensive income net after
tax for the period	-53.8	53.4	43.3	-15.9	-27.8	41.7	-113.1	29.9	20.6	-35.9	-119.0	34.3
Total comprehensive income for the period	-48.1	90.7	116.7	66.8	-20.2	101.1	-57.6	128.9	-32.7	24.6	-99.7	95.6
Profit/loss attributable to:
Equity holders of the parent company	5.2	36.8	73.1	83.2	7.5	59.4	55.0	97.9	-53.6	60.6	19.2	59.6
Non-controlling (minority) interest	0.5	0.5	0.3	-0.5	0.1	0.0	0.5	1.1	0.3	-0.1	0.1	1.7
	5.7	37.3	73.4	82.7	7.6	59.4	55.5	99.0	-53.3	60.5	19.3	61.3
Total comprehensive income attributable to:
Equity holders of the parent company	-48.0	89.5	116.0	69.1	-19.8	100.4	-56.6	127.3	-33.3	25.3	-98.1	93.5
Non-controlling (minority) interest	-0.1	1.2	0.7	-2.3	-0.4	0.7	-1.0	1.6	0.6	-0.7	-1.6	2.1
	-48.1	90.7	116.7	66.8	-20.2	101.1	-57.6	128.9	-32.7	24.6	-99.7	95.6
Profit per share (SEK)
Profit per share before dilution	0.08	0.55	1.10	1.25	0.11	0.90	0.83	1.47	-0.81	0.91	0.29	0.90
Profit per share after dilution	0.08	0.55	1.09	1.22	0.11	0.88	0.82	1.45	-0.81	0.91	0.29	0.89
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	67 343 543	67 343 543	67 343 543	67 343 543	67 343 543	67 343 543	67 343 543	67 343 543	66 343 543	66 343 543	66 343 543	67 343 543

MSEK	2008				2007				2006
Quarter	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Income	1 015.0	1 245.4	1 117.3	1 226.5	760.4	977.5	1124.7	1331.4	755.3	896.7	799.6	1078.9
Goods for resale	-532.3	-626.8	-549.8	-662.9	-399.5	-508.3	-591.8	-696.5	-407.7	-468.8	-424.0	-539.1
Gross profit	482.7	618.6	567.5	563.6	360.9	469.2	532.9	634.9	347.6	427.9	375.6	539.8
Gross profit %	47.6	49.7	50.8	46.0	47.5	48.0	47.4	47.7	46.0	47.7	47.0	50.0
Other operating income	6.2	6.4	23.2	20.7	2.3	18.6	6.8	10.0	1.8	5.5	5.7	10.1
External costs	-277.4	-270.6	-259.9	-297.7	-189.7	-204.7	-252.6	-274.3	-199.9	-184.4	-186.2	-222.9
Personnel costs	-178.6	-186.9	-167.5	-198.0	-134.1	-150.2	-163.2	-199.7	-129.4	-132.3	-116.8	-143.7
Depreciations	-12.5	-16.7	-16.5	-18.5	-10.7	-10.1	-16.4	-16.7	-9.4	-9.3	-10.2	-11.2
Other operating costs	-4.8	-2.0	-4.0	-9.6	-2.0	-2.9	0.3	-2.7	-0.8	-3.7	-5.3	-3.8
Share of associated companies result	0.0	0.0	0.0	1.1	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.2
Operating profit/loss	15.6	148.8	142.8	61.6	26.7	119.9	107.8	151.5	9.9	103.7	62.7	168.5
Financial income	2.6	2.6	2.6	4.6	1.4	2.0	4.1	7.5	2.0	4.2	1.7	1.5
Financial costs	-34.7	-38.9	-41.8	-33.0	-16.3	-21.4	-31.3	-36.9	-14.8	-18.8	-16.5	-13.9
Profit before tax	-16.5	112.5	103.6	33.2	11.8	100.5	80.6	122.1	-2.9	89.1	47.9	156.1
Tax	1.5	-26.7	-28.9	-30.8	-3.1	-26.5	-23.2	-30.9	0.8	-23.4	-10.7	-29.8
Profit/loss for the period	-15.0	85.8	74.7	2.4	8.7	74.0	57.4	91.2	-2.1	65.7	37.2	126.3
Profit per share (SEK)
Profit per share before dilution	-0.23	1.22	1.19	-0.01	0.13	1.12	0.84	1.37	-0.04	1.03	0.54	1.91
Profit per share after dilution	-0.22	1.17	1.15	-0.01	0.13	1.09	0.84	1.27	-0.04	1.00	0.52	1.96
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	64 517 776	64 517 776	66 343 543	66 343 543
Weighted number of shares after dilution	68 996 793	69 496 793	68 446 793	66 343 543	67 843 543	67 843 543	66 448 692	68 843 543	66 003 728	66 040 365	67 719 546	66 553 928

Quarterly Cash Flow Analysis – Group

SEK million	2011				2010				2009				2008
Quarter	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
Current operation
Profit/loss before financial items	17.7	72.8	106.2	130.2	16.9	87.9	84.7	138.1	-57.3	95.4	37.7	96.6	15.6	148.8	142.8	61.7
Adjustment for items not included in cash flow**	16.3	15.3	21.8	25.3	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	1.1	3.2	1.0	1.4	0.7	2.0	4.3	0.7	0.0	1.2	2.6	2.6	2.6	4.6
Paid interest	-11.5	-12.2	-14.9	-19.3	-7.6	-6.6	-8.3	-9.9	-19.8	-13.5	-11.4	-7.7	-34.7	-38.9	-41.8	-33.0
Paid income tax	-46.7	-14.9	-1.6	-14.2	-5.5	-10.3	-1.2	-28.2	-19.9	-8.2	10.2	-21.7	-18.7	-16.9	-30.4	-32.9
Cash flow from current operations	-22.6	62.0	112.6	125.2	20.1	82.4	115.5	114.1	-80.4	65.3	34.2	71.4	-6.4	115.0	62.6	-8.1
before changes in working capital
Cash flow from changes in working capital
Increase/decrease of stock	-124.7	-77.8	-155.1	105.2	15.7	24.6	-104.5	27.5	-65.5	199.3	147.3	245.0	-118.4	-82.4	-162.3	168.9
Increase/decrease of current receivables**	51.2	45.4	-86.5	160.6	10.0	-83.9	5.3	31.6	7.2	47.3	12.5	100.6	108.7	-168.3	26.2	186.4
Increase/decrease of short-term liabilities	-46.5	-3.4	33.1	-111.9	19.6	94.4	-57.8	29.0	0	61.5	-52.7	13.3	-172.6	107.4	-31.0	-293.7
Changes in working capital	-120.0	-35.8	-208.5	153.9	45.3	35.1	-157.0	88.1	-58.3	308.1	107.1	358.9	-182.3	-143.3	-167.1	61.6
Cash flow from operations	-142.6	26.2	-95.9	279.1	65.4	117.5	-41.5	202.2	-138.7	373.4	141.3	430.3	-188.7	-28.3	-104.5	53.5
Investing activities
Investments in tangible assets	-23.2	-10.1	-11.3	-24.2	-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	0.3	0.0	11.3	0.0	1.3	1.8	0.0	2.1	17.8	0.0	20.8	0.0	1.7	8.0	-1.2
Investments in intangible assets	0.0	-10.4	-1.7	-5.9	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	-152.1	-102.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.7	-2.4	2.5
Repayment of purchase amount *	0.0	0.0	0.0	0.0	0.0	2.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Sales of financial assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of financial assets	-3.9	0.6	-0.3	-4.9	0.0	0.0	0.0	0.0	-0.7	-0.2	-0.9	0.0	-14.2	-1.7	2.2	2.0
Cash flow from investing activities	-27.1	-19.6	-165.4	-126.1	-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	6.6	-261.3	153.0	49.4	110.8	-60.5	186.3	-145.0	373.1	106.0	449.2	-204.5	-49.1	-126.7	47.1
Financial activities
Option premium	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	2.1	0.0
Loan raised	133.5	36.0	339.1	-175.4	0.0	0.0	53.9	0.0	26.2	0.0	0.0	15.9	137.7	125.9	213.2	-35.8
Raised long-term receivables	0.0	-0.3	0.0	0.3	-0.3	0.0	-6.8	5.9	-0.5	0.0	-0.6	-0.4	0.0	0.0	0.0	-0.8
Repayment of long-term receivables	4.2	0.0	0.7	-4.9	1.5	0.0	3.8	-4.2	0.5	1.7	1.8	0.0	0.0	0.0	0.0	1.2
Amortization of loan	0.0	0.0	0.0	0.0	-58.2	-90.2	0.0	-130.0	0.0	-339.4	-139.2	-439.1	0.0	0.0	0.0	0.0
Dividend paid to the parent company's shareholders	0.0	-66.3	0.0	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	-30.6	339.8	-180.0	-57.0	-106.8	50.9	-128.3	26.2	-349.4	-138.0	-423.6	137.7	59.6	215.3	-35.4
Cash flow for the period	-32.0	-24.0	78.5	-27.0	-7.6	4.0	-9.6	58.0	-118.8	23.7	-32.0	25.6	-66.8	10.5	88.6	11.7
Opening cash balance	121.7	86.1	64.2	146.0	80.4	72.4	80.1	63.2	191.2	77.9	95.2	51.3	115.5	41.1	52.3	155.5
Currency translation	-3.6	2.1	3.3	-1.3	-0.4	3.7	-7.3	0.5	5.5	-6.4	-11.9	3.5	-7.6	0.7	14.6	24.0
Closing cash balance	86.1	64.2	146.0	117.7	72.4	80.1	63.2	121.7	77.9	95.2	51.3	80.4	41.1	52.3	155.5	191.2
*The item includes:
Goodwill	-	-	2.0	2.6	-	2.4	-	-	-	-	-	-	-	-	-2.4	2.5
Trademark	-	-	-10.7	-43.5	-	-	-	-	-	-	-	-	-	-	-	-
Working capital	-	-	-100.2	-123.4	-	-	-	-	-	-	-	-	-	-0.7	-	-
Overtake of loan	-	-	-	57.2	-	-	-	-	-	-	-	-	-	-	-	-
Fixed assets	-	-	-46.3	-3.1	-	-	-	-	-	-	-	-	-	-	-	-
Liquid assets	-	-	3.1	7.8	-	-	-	-	-	-	-	-	-	-	-	-
Effect on the cash flow	0.0	0.0	-152.1	-102.4	0.0	2.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.7	-2.4	2.5

** 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 15 820 (14 915) on December 31, 2011. Institutional investors accounted for 41 % of the capital and 11 % of the votes. At the same time the ten largest shareholders held 59 % of the capital and 89 % of the votes. Non-Swedish shareholders accounted for 14 % of the capital and 4 % of the votes.

New Wave Group's ten major shareholders 2011-12-31

Shareholder	Number of shares	Number of votes	Capital %	Votes %
Torsten Jansson genom bolag	22 604 656	208 973 776	34.1%	82.7%
Fjärde AP-Fonden	3 859 355	3 859 355	5.8%	1.5%
Avanza Pension	3 136 744	3 136 744	4.7%	1.2%
Länsförsäkringar Småbolagsfond	1 938 847	1 938 847	2.9%	0.8%
Handelsbanken fonder	1 604 720	1 604 720	2.4%	0.6%
Home Capital	1 598 436	1 598 436	2.4%	0.6%
City Bank New York	1 161 135	1 161 135	1.8%	0.5%
AMF	1 153 000	1 153 000	1.7%	0.5%
Tangent	1 001 120	1 001 120	1.5%	0.4%
SEB fonder	942 840	942 840	1.4%	0.4%
	39 000 853	225 369 973	58.8%	89.2%

Shareholder Distribution In New Wave Group 2011-12-31

	Number of shares	Number of votes	Capital %	Votes %
Sweden	56 966 566	243 335 686	85.9%	96.3%
Shareholders outside Sweden, excl. USA	7 661 925	7 661 925	11.5%	3.0%
USA	1 715 052	1 715 052	2.6%	0.7%
Total	66 343 543	252 712 663	100.0%	100.0%

Brands per business area

Corporate Promo

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 info@nwg.se www.nwg.se