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New Wave Group AB — Interim / Quarterly Report 2015
Nov 12, 2015
3081_10-q_2015-11-12_be556c91-336d-4d33-bb9a-07fbb3372a04.pdf
Interim / Quarterly Report
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INTERIM REPORT JANUARY – SEPTEMBER
Wast landscape and high level performance from Craft.
INTERIM REPORT NEW WAVE GROUP AB
PERIOD 1 JULY – 30 SEPTEMBER
- Sales amounted to SEK 1,272 million, which was 13% higher than last year (SEK 1,122 million).
- Operating profit amounted to SEK 96.3 (95.7) million.
- Result for the period amounted to SEK 65.1 (66.9) million.
- Earnings per share amounted to SEK 0.98 (1.01).
- Cash flow from operating activities amounted to SEK -161.2 (-290.7) million.
PERIOD 1 JANUARY – 30 SEPTEMBER
- Sales amounted to SEK 3,559 million, which was 18% higher than last year (SEK 3,014 million).
- Operating profit amounted to SEK 146.8 (137.8) million.
- Result for the period amounted to SEK 82.0 (85.0) million.
- Earnings per share amounted to SEK 1.22 (1.28).
- Cash flow from operating activities amounted to SEK -246.0 (-229.6) million.
- Equity ratio amounted to 42.8 (45.9)%.
- Net debt amounted to 92.1 (76.0)%.
TURNOVER RESULT BEFORE TAX
CEO COMMENTS
JULY - SEPTEMBER
I'm quite satisfied even with our third quarter. Sales increased by 13% (of which 8% currency) but we should bear in mind that our growth began to take off in the corresponding quarter last year - when we had a growth rate of 8% (of which 4% currency). Sales of SEK 1,272 million is the highest ever for us during a third quarter. Most pleasing is the promo sales channel with a growth of 19%. It is also extra pleasing to see growth in this sales channel in Sweden, which amounted to 14%. Operating profit of SEK 96.3 million is fully approved as we still find ourselves in an investment phase.
JANUARY - SEPTEMBER
I can only say that our actions and investments have given the desired result on sales. A growth of 18% for the first nine months feels incredibly strong. Operating income is almost SEK 10 million better – in spite of major investments in sales, marketing and inventory.
THE FUTURE
We are in a very strong position in every way and I look forward to the next few years. The only thing that worries me for the fourth quarter is the weather – the incredibly warm October has not really given us the sales start I wished for. At the time of writing, and when I look at the long-term forecast for Gothenburg, it shows 10-12 degrees above zero for quite some time to come. However, as CEO it is still nice to feel secure with everything else – and no other concern than the weather. We are strongly equipped for the next quarter and year, and even if any individual quarter happens to be worse than your and my own expectations, I feel great confidence going forward!
Torsten Jansson, CEO
COMMENTS
SUMMARY OF THE QUARTER JULY-SEPTEMBER
The Group increased its sales by 13% (5% excluding currency fluctuations) compared with last year. The operating segment Corporate Promo had a growth of 17%, which is related to the promo sales channel as well as the regions Europe, Sweden and the USA. Sports & Leisure increased by 11% which is primarily related to positive currency changes. Gifts & Home Furnishings increased their sales by 15% and here the increase is in both sales channels. The promo sales channel increased by 19% as a result of increased marketing activities and product launches, as well as an improved security of supply. The retail sales channel increased by 9%.
The gross profit margin was slightly higher than last year.
Our planned investments in sales and marketing continued during the quarter and costs have therefore increased compared with last year. We intend to continue marketing our product launches as well as the expansion of our sales force. Costs will therefore be higher even in the coming quarters.
Operating profit was slightly higher than last year. The improvement is mainly attributable to the higher turnover but our increased investments in sales and marketing have reduced the effectiveness of sales growth. Increased interest expense due to higher net debt had a negative impact on financial costs and profit for the period was slightly lower than last year.
Cash flow from operating activities amounted to SEK -161.2 (-290.7) million, whereby the improvement is related to lower commodity purchases as we now have a good inventory and service level. Inventories, however, increased by SEK 674 million compared to 30 September 2014 and amounted to SEK 2,648 (1,974) million. Exchange rate fluctuations have increased inventory by SEK 101 million. Net debt increased by SEK 600 million and amounted to SEK 2,290 (1,690) million, of which SEK 128 million related to changes in exchange rates. The net debt to equity ratio increased and amounted to 92.1 (76.0)%, which is related to the above mentioned stock building.
JULY-SEPTEMBER
TURNOVER
Turnover amounted to SEK 1,272 million, which was 13% higher than last year (SEK 1,122 million). Exchange rates affected turnover positively by SEK 89 million (8%).
The operating segment Corporate Promo increased by 17%, Sports & Leisure increased by 11% and Gifts & Home Furnishings by 15%. Of the Group's sales channels, promo increased by 19% while retail sales increased 9%.
Turnover in Sweden increased by 8% and it is the promo sales channel that accounts for the bulk of the increase. The USA increased by 17%, which is attributable to positive currency changes. Net sales in local currency decreased by 4%, which is related to a major order last year which was not repeated this quarter. The order affected the region by 10%. Other Nordic countries decreased by 1%, which is related to Finland. Sales in Central and Southern Europe have increased by 20% and 22% respectively, which is related to the promo sales channel.
GROSS PROFIT
The gross profit margin increased slightly compared to last year and amounted to 45.1 (44.6)%.
OTHER OPERATING INCOME AND OTHER OPERATING EXPENSES
Other operating income increased by SEK 17.0 million to SEK 22.1 (5.1) million. Other operating income is mainly attributable to operating currency gains but also invoiced expenses as well as capital gains. These should be compared to the result row "Other operating expenses" where mainly operating currency and capital losses are reported. Other operating expenses increased by SEK 5.2 million and amounted to SEK -9.3 (-4.1) million. The net total of the above items amounted to SEK 12.8 (1.0) million. The improvement is mainly due to a one-time revenue in connection with a minor acquisition.
COSTS AND DEPRECIATION
External costs increased by SEK 56.4 million and amounted to SEK -273.0 (-216.6) million. The increase is primarily related to increased investments in sales and marketing.
Personnel costs amounted to SEK -202.8 million which is SEK 28.0 million higher than last year (SEK -174.8 million). The increase is related to an increased number of employees, mainly within sales and customer service.
Currency exchange rates had a negative impact on costs by SEK 42 million.
Depreciation decreased slightly compared to last year and amounted to SEK -13.7 (-14.4) million.
OPERATING MARGIN
Our increased investments in sales and marketing have given a lower operating margin. The operating margin for the period amounted to 7.6 (8.5)%.
NET FINANCIAL ITEMS AND TAXES
Net financial items amounted to SEK -17.6 (-11.0) million. This deterioration is related to a worse net interest due to higher net debt.
Tax on profit for the period amounted to SEK -13.6 (-17.8) million. The slightly lower percentage rate is related to a one-off effect due to a non-taxable other income.
RESULT FOR THE PERIOD
Result for the period amounted to SEK 65.1 (66.9) million and earnings per share amounted to SEK 0.98 (1.01).
JANUARY-SEPTEMBER
TURNOVER
Turnover amounted to SEK 3,559 million, which was 18% higher than last year (SEK 3,014 million). Exchange rates affected turnover positively by SEK 305 million (10%).
The operating segment Corporate Promo increased by 21%, Sports & Leisure increased by 19% and Gifts & Home Furnishings by 5%. Of the Group's sales channels, promo increased by 24% while retail sales increased 12%.
Turnover in Sweden increased by 7%, which is related to the promo sales channel. Retail is at the same level as last year. The USA increased by 26% which is primarily attributable to the positive currency change. Net sales in local currency increased slightly and was mainly in the promo sales channel. Other Nordic countries increased by 10%, this increase is took place in all countries and mainly within the promo sales channel. Sales in Central and Southern Europe have increased by 18% and 30% respectively, and even here it is mainly related to the promo sales channel.
GROSS PROFIT
The gross profit margin amounted to 45.1 (45.2)%. The slightly lower margin is due to the mix of products, customers and countries.
OTHER OPERATING INCOME AND OTHER OPERATING EXPENSES
Other operating income increased by SEK 21.6 million to SEK 39.2 (17.6) million. Other operating income is mainly attributable to operating currency gains but also invoiced expenses as well as capital gains and should be compared to the result row "Other operating expenses" where mainly operating currency and capital losses are reported. Other operating expenses increased by SEK 25.4 million and amounted to SEK -34.5 (-9.1) million. The net total of the above items amounted to SEK 4.7 (8.5) million, where the deterioration in earnings is primarily attributable to foreign exchange losses associated with the Swiss Franc as it abandoned its EURO cap.
COSTS AND DEPRECIATION
External costs increased by SEK 139.0 million and amounted to SEK -802.0 (-663.0) million. The increase is related to increased investment in sales and marketing.
Personnel costs amounted to SEK -620.1 million which is SEK 89.1 million higher than last year (SEK -531.0 million). The increase is related to an increased number of employees, mainly within sales and customer service.
Currency exchange rates had a negative impact on costs by SEK 129 million.
Depreciation increased slightly compared to last year and amounted to SEK -42.9 (-40.0) million. The increase is mainly related to currency movements.
OPERATING MARGIN
Sales growth resulted in an improved operating profit, while the operating margin was slightly lower compared with last year and amounted to 4.1 (4.6)%. The margin was negatively affected by our increased marketing activities.
NET FINANCIAL ITEMS AND TAXES
Net financial items amounted to SEK -46.4 (-28.7) million. This deterioration is related to a worse net interest due to higher net debt.
Tax on profit for the period amounted to SEK -18.4 (-24.1) million.
RESULT FOR THE PERIOD
Result for the period amounted to SEK 82.0 (85.0) million and earnings per share amounted to SEK 1.22 (1.28).
REPORT OF OPERATING SEGMENTS
New Wave Group AB divides its operations into segments - Corporate Promo, Sports & Leisure, and Gifts & Home Furnishings. The Group monitors the segments' and brands' sales and profit (EBITDA). The operating segments are based on the Group's operational management.
CORPORATE PROMO
Turnover increased by 17% and amounted to SEK 457 (392) million. The result (EBITDA) amounted to SEK 26.6 (40.4) million. It is the promo sales channel which has increased and growth occurs in Sweden, Europe and the USA. Sales growth is due to increased sales and marketing activities, as well as improved inventory structure and level of service. The deterioration in earnings is primarily related to increased investment and costs for sales and marketing as well as a slightly lower gross profit margin (mix of products).
During the period January-September turnover increased by 21% and amounted to SEK 1,464 (1,208) million. The result (EBITDA) amounted to SEK 88.1 (96.5) million. Sales growth occurred in all regions and is due to increased sales and marketing activities, as well as an improved inventory structure and level of service. The lower profit is related to the projected cost increases in sales and marketing as well as a slightly lower gross profit margin (mix of products).
SPORTS & LEISURE
Turnover amounted to SEK 674 (608) million, which is 11% higher than last year. The result (EBITDA) amounted to SEK 77.8 (75.8) million. The segment has a significant portion of its sales in the American market and the exchange rates have affected turnover positively. Sales grew in promo sales channel and reduced at retail. This quarter last year included a major order which was not repeated in this quarter, which has had an impact on the segment's net sales negatively by 6%. The improvement in earnings is attributable to higher turnover but even here the result has been negatively affected by increased sales and marketing costs.
During the period January-September turnover increased by SEK 1,720 (1,450) millions, which is 19% higher than last year. The segment has a significant portion of its sales in the American market and the exchange rates have affected turnover positively. Sales increased mainly in the promo sales channel and in the regions of USA and Europe. The result (EBITDA) amounted to SEK 113.3 (102.6) million. The improved result is related to the increased turnover but has also been negatively affected by increased costs for sales and marketing.
GIFTS & HOME FURNISHINGS
Turnover increased by 15% and amounted to SEK 140 (123) million. The result (EBITDA) amounted to SEK 5.6 million which was a marked improvement on last year's SEK -6.1 million. Sales growth is taking place in both sales channels. The improvement in earnings is attributable to the higher turnover but also a slightly improved gross profit margin.
During the period from January to September, turnover amounted to SEK 375 (357) million. The result (EBITDA) improved and amounted to SEK -11.7 million against last year's SEK -21.3 million. The improved result is related to the higher turnover and a slightly improved gross profit margin.
CAPITAL TIED UP
Capital tied up in stock amounted to SEK 2,648 (1,974) million and increased by SEK 674 million compared to the same period last year. Changes in exchange rates for conversion to SEK have affected the stock value by SEK 101 million. The increase is a planned increase and is mainly related to the promo sales channel and its supplemental purchases within its basic range of goods as well as its new base collections. The turnover rate in stock is lower than last year because of our stock build-up and amounted to 1.1 (1.3). The inventory value is expected to be on a higher level than before even in the coming quarters, mainly because of our extended Corporate Promo range as well as new and upcoming base collections.
| SEK million | 2015-09 | 2014-09 |
|---|---|---|
| Raw materials | 25.3 | 21.8 |
| Work in progress | 3.2 | 1.8 |
| Goods in transit | 119.8 | 181.2 |
| Merchandise on stock | 2,499.9 | 1,769.7 |
| Total | 2,648.2 | 1,974.5 |
Stock was written down by SEK 118 (101) million, of which SEK 11 (13) million pertains to raw materials. Write-down related to merchandise on stock amounted to 4.1 (4.7)%.
Accounts receivable amounted to SEK 921 (819) million, where growth is primarily turnover related. However, even currency fluctuations when converted into SEK increased this amount.
INVESTMENTS, FINANCING AND LIQUIDITY
Consolidated cash flow from operations during the quarter was negative and amounted to SEK -161.2 (-290.7) million. This is due to the seasonal build-up of inventories for the coming quarter. In addition to this normal build-up there is also an increase due to new products in our basic range of goods. The cash net investments amounted to SEK -15.1 (-12.2) million. The increase is related to tangible fixed assets.
During the period January-September, the Group's cash flow from operations amounted to SEK -246.0 (-229.6) million, where the increase is related to higher operating receivables. The cash net investments amounted to SEK -81.0 (-44.7) million. The increase is related to tangible fixed assets.
Net debt increased by SEK 600 million to SEK 2,290 (1,690) million, which is primarily related to our planned build-up of stock. Exchange rates have increased the debt by SEK 128 million. The increase in stock means that our net debt in relation to shareholders' equity and working capital has increased to 92.1 (76.0)% and 76.0 (72.6)% respectively.
As a result of our stock build-up, our equity ratio decreased by 3.1 percentage points and amounted to 42.8 (45.9)% as of 30 September.
The Group has a funding agreement which extends up to 12 November 2016. Total credit facility at the end of the quarter amounted to SEK 2,812 million, of which the principal agreement amounts to SEK 2,562 million. The credit facility amount is limited to and dependent on the value of some underlying assets. The principal agreement means that financial ratios (covenants) must be fulfilled in order to maintain the agreement. Interest is based on each respective currency's base rate and fixed margin. Work on a new funding agreement has begun.
Based on the present forecast, management estimates that the Group will be able to meet these covenants.
PERSONNEL AND ORGANISATION
The number of annual employees as of 30 September 2015 was 2,361 (2,186) of whom 50% were woman 50% were men. Of the total number of employees 589 (513) work in production. The production contained within New Wave group is attributable to Ahead (embroidery), Cutter & Buck (embroidery), Paris Glove, Orrefors Kosta Boda, Seger, Dahetra, Termo and Toppoint.
CERTIFIERADE PROFILKLÄDER
CERES-0201
VÄLJ ATT SYNAS OCH GÖRA SKILLNAD
Våra kläder är effektiva budbärare och säger något om vilka vi är. Därför ska du välja profilkläder med omsorg. Det du väljer att ha närmast kroppen har en avgörande betydelse för miljön och din hälsa, men också för människors arbetsvillkor.
Ditt budskap blir ännu tydligare när du väljer att ta ansvar. Välj CottoVer för en god sak. Tillsammans gör vi skillnad!
www.cottover.se
GIFTCARD SAVE THE CHILDREN
A very contemporary giftcard, where SEK 50 is dedicated to the Save the Children Catastrophy Fund, was presented in the Fall of 2015. Yet another way to make an active choice in times of great need to act and take a stand.
COTTOVER PUTS CSR ON THE AGENDA
Through this year's forceful advertising we do not only create sales, we also create public debate and discussion on the origin of products and the personal choice.
ETT GÅVOKORT FRÅN NEW WAVE GROUP* I SAMARBETE MED RÄDDA BARNEN * GÅVKORTET DISTRIBUERAS VIA ÅTERFÖRSÄLJARE
Foto: Ahmad Baroudi/Save the Children
INTANGIBLE ASSETS AND IMPAIRMENT TESTING
The breakdown of intangible assets between segments are based on the ratio as of the acquisition date for each company / brand and assigned to the operating segments as it is considered to belong to. New Wave Group monitors cash-generating units on a segment level. Goodwill is based on local currency and in the consolidated financial statements give rise to currency translation effects. The value of goodwill is reviewed annually to ensure that the value does not deviate negatively from book value, but can be tested more frequently if there are indications that the value has decreased. Write-down of operating segments containing goodwill and brands is based on the calculation of its value in use. This value is based on cash flow projections for the next five years and a terminal period. The segments' cash flows are influenced by commercial factors, including market growth, competitiveness, cost developments, levels of investment and working capital. When discounting, an assessment of financial factors such as interest rates, borrowing costs, market risk, beta values and tax rates will be carried out.
Assumptions made in the test are the Board's best estimate at this stage of the economic conditions expected to prevail over the forecast period. Current market conditions and the economic situation make forecasting for future periods difficult to predict. Furthermore, it is the fourth quarter that is historically the most important in terms of earnings for the group and is an important indicator of how the market develops. The first five years 2016-2020 are based upon the Board's established internal forecasts and for the subsequent periods an average growth rate of 3 (3)% for the terminal period has been used. Sensitivity analyses have been made of all operating segments.
In calculating the present value of expected future cash flows, a weighted average cost of capital (WACC) of 11.2 (11.2)% before taxes is used. Discounted cash flows are compared with book value per cash generating unit / operating segments. Based on the tests and analyses carried out, there is, in the current situation, no write-down requirement.
RELATED PARTY TRANSACTIONS
There are lease agreements with affiliates. Affiliates of the CEO have bought merchandise and received payments for consulting services performed. All transactions are on market terms.
THE PARENT COMPANY
Total income amounted to SEK 96.5 (72.1) million. Result before appropriations and tax amounted to SEK -2.7 (-33.8) million, which includes dividends paid by subsidiaries of SEK 77.3 million. Income was negatively impacted by SEK 64.6 million and relates to the write-down of tangible assets. This is attributable to a capital injection into a subsidiary to cover losses. This capital injection is not considered to add any further value to the subsidiary and thus burdened the result. Net borrowing amounted to SEK 2,136 (1,532) million, of which SEK 1,947 (1,184) million relates to the financing of subsidiaries. Net investments amounted to SEK -20.9 (-20.1) million. The balance sheet total amounted to SEK 3,852 (3,083) million and shareholders' equity, including 78% of untaxed reserves, to SEK 1,253 (1,071) million
RISKS AND RISK CONTROL
New Wave Group's international operations mean that it is continuously exposed to various financial risks. The financial risks are currency, borrowings and interest rate risks, as well as liquidity and credit risks. In order to minimize the affect these risks may have on earnings, the Group has established a financial policy. For a more detailed description of the Group's risk management please refer to the Annual Report 2014; www. nwg.se.
The Group's policy is 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 reported risks are deemed to be essentially unchanged.
ACCOUNTING PRINCIPLES
This report is prepared in accordance with IAS 34 Interim Report and the Annual Accounts Act.
No new or revised IFRS which came into force 2015 has had any significant impact on the Group.
The interim report for the parent company has been prepared according to the Annual Accounts Act as well as the Swedish Financial Accounting Standards Council's recommendation RFR2 - Accounting for Legal Entities. Applied accounting policies are in accordance with the Annual Report for 2014.
NOMINATION COMMITTEE
The nomination committee for the board election at the 2016 annual general meeting is:
- Johan Ståhl, representative of Lannebo Fonder and Chairman of the Nomination Committee
- Torsten Jansson, CEO and representative of Torsten Jansson Förvaltnings AB
- Arne Lööw, representative of Fjärde AP-fonden
For more information about the nomination committee and its work, please see www.nwg.se/en/investor-relations.html.
CALENDAR
- 11 February 2016: Year-end report 2015
- 21 April 2016: Interim report for the first quarter
- 11 May 2016: Annual general meeting 2016
- 18 August 2016: Interim report for the second quarter
- 10 November 2016: Interim report for the third quarter
CERTIFICATION
The Board and the CEO certify that the financial report gives a true and fair view of the company's and the Group's financial position and results and describes the principal risks and uncertainties that the Company and the companies included in the Group face.
GOTHENBURG 12 NOVEMBER 2015 NEW WAVE GROUP AB (PUBL)
ANDERS DAHLVIG Chairman of the Board
M JOHAN WIDERBERG Member of the Board
MATS ÅRJES
Member of the Board
CHRISTINA BELLANDER Member of the Board
HELLE KRUSE NIELSEN Member of the Board
TORSTEN JANSSON
CEO
FOR MORE INFORMATION, PLEASE CONTACT:
CEO Torsten Jansson Phone: 031–712 89 01 E-mail: [email protected] CFO Lars Jönsson Phone: 031–712 89 12 E-mail: [email protected]
The information in this report is that which New Wave Group is required to disclose under the Securities Market Act and/or the Financial Trading Act. The information was released for publication at 7 am (CET) on 12 November 2015.
REVIEW REPORT
New Wave Group AB (publ), corporation identity number 556350-0916
INTRODUCTION
We have reviewed the condensed interim report for New Wave Group AB (publ) as at September 30, 2015 and for the nine months period then ended. The Board of Directors and the Managing Director are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Swedish Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review.
SCOPE OF REVIEW
We conducted our review in accordance with the International Standard on Review Engagements, ISRE 2410 Review of Interim Financial Statements Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and other generally accepted auditing standards in Sweden. The procedures performed in a review do not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
CONCLUSION
Based on our review, nothing has come to our attention that causes us to believe that the interim report is not prepared, in all material respects, in accordance with IAS 34 and the Swedish Annual Accounts Act regarding the Group, and in accordance with the Swedish Annual Accounts Act regarding the Parent Company.
Göteborg, November 12, 2015
Ernst & Young AB Stefan Kylebäck Authorized Public Accountant
PROJOB DRESSES VOLVO CONSTRUCTION EQUIPMENT
Through Volvo Merchandise, buyers of VCE machinery and vehicles are offered high class workwear from Projob in catalogues and showrooms.
CUTTER & BUCK WIDENS THE EUROPAN RANGE
Cutter & Buck is a brand that has its firm base in golf and from there stretches out to fashion and trend. This Fall we se a number of jackets with a high level of fashion and a city-oriented appearance.
CONSOLIDATED INCOME STATEMENTS
| 3 months | 3 months | 9 months | 9 months | 12 months | 12 months | |
|---|---|---|---|---|---|---|
| July - Sept | July - Sept | Jan- Sept | Jan- Sept | Jan-Dec | Jan-Dec | |
| SEK million | 2015 | 2014 | 2015 | 2014 | 2014 | 2013 |
| Income | 1 272.0 | 1 122.3 | 3 559.4 | 3 014.1 | 4 273.6 | 4 047.4 |
| Goods for resale | -697.8 | -621.9 | -1 952.6 | -1 651.4 | -2 321.0 | -2 177.0 |
| Gross profit | 574.2 | 500.4 | 1 606.8 | 1 362.7 | 1 952.6 | 1 870.4 |
| Other operating income* | 22.1 | 5.1 | 39.2 | 17.6 | 27.7 | 33.3 |
| External costs | -273.0 | -216.6 | -802.0 | -663.0 | -923.5 | -853.3 |
| Personnel costs | -202.8 | -174.8 | -620.1 | -531.0 | -735.7 | -697.8 |
| Depreciation and write downs of tangible and | ||||||
| intangible fixed assets | -13.7 | -14.4 | -42.9 | -40.0 | -54.2 | -52.1 |
| Other operating costs | -9.3 | -4.1 | -34.5 | -9.1 | -16.5 | -10.9 |
| Share of associated companies' result | -1.2 | 0.1 | 0.3 | 0.6 | -0.4 | 1.1 |
| Operating profit | 96.3 | 95.7 | 146.8 | 137.8 | 250.0 | 290.7 |
| Financial income | 1.4 | 1.1 | 6.5 | 3.7 | 4.9 | 6.8 |
| Financial expenses | -19.0 | -12.1 | -52.9 | -32.4 | -46.9 | -63.0 |
| Net financial items | -17.6 | -11.0 | -46.4 | -28.7 | -42.0 | -56.2 |
| Result before tax | 78.7 | 84.7 | 100.4 | 109.1 | 208.0 | 234.5 |
| Tax on result for the period | -13.6 | -17.8 | -18.4 | -24.1 | -31.1 | -47.4 |
| Result for the period | 65.1 | 66.9 | 82.0 | 85.0 | 176.9 | 187.1 |
| Other comprehensive income | ||||||
| Items that can be reclassified into | ||||||
| profit or loss Translation differences |
6.0 | 53.1 | 64.6 | 108.0 | 198.2 | 23.9 |
| Cash flow hedge | 1.4 | 0.0 | 0.4 | 0.0 | 1.3 | 0.1 |
| Sum | 7.4 | 53.1 | 65.0 | 108.0 | 199.5 | 24.0 |
| Income tax related to components of other comprehensive income |
-0.3 | 0.0 | -0.1 | 0.0 | -0.3 | 0.0 |
| Total other comprehensive income net after tax for the | 7.1 | 53.1 | 64.9 | 108.0 | 199.2 | 24.0 |
| Total comprehensive income for the period | 72.2 | 120.0 | 146.9 | 193.0 | 376.1 | 211.1 |
| Result attributable to: | ||||||
| Shareholders of the parent company | 65.2 | 67.1 | 81.2 | 84.7 | 176.2 | 187.2 |
| Non-controlling (minority) interest | -0.1 | -0.2 | 0.8 | 0.3 | 0.7 | -0.1 |
| 65.1 | 66.9 | 82.0 | 85.0 | 176.9 | 187.1 | |
| Total comprehensive income attributable to: | ||||||
| Shareholders of the parent company | 72.3 | 120.1 | 145.6 | 191.9 | 373.9 | 210.9 |
| Non-controlling (minority) interest | -0.1 | -0.1 | 1.3 | 1.1 | 2.2 | 0.2 |
| 72.2 | 120.0 | 146.9 | 193.0 | 376.1 | 211.1 | |
| Profit per share | 0.98 | 1.01 | 1.22 | 1.28 | 2.66 | 2.82 |
| The average number of outstanding shares | 66 343 543 | 66 343 543 | 66 343 543 | 66 343 543 | 66 343 543 | 66 343 543 |
* Mainly rate of exchange profit and capital gain
CONSOLIDATED CASH FLOW STATEMENTS
| 3 months July - Sept |
3 months July- Sept |
9 months Jan - Sept |
9 months Jan - Sept |
12 months Jan - Dec |
12 months Jan - Dec |
|
|---|---|---|---|---|---|---|
| SEK million | 2015 | 2014 | 2015 | 2014 | 2014 | 2013 |
| Current operation Operating profit |
96.3 | 95.7 | 146.8 | 137.8 | 250.0 | 290.7 |
| Adjustment for items not included in cash flow | 8.4 | 16.2 | 49.4 | 43.4 | 71.8 | 32.2 |
| Received interest | 1.4 | 1.1 | 4.6 | 3.7 | 4.9 | 6.8 |
| Paid interest Paid income tax |
-18.9 -13.4 |
-12.1 -7.8 |
-50.1 -31.5 |
-32.4 -27.7 |
-46.9 -25.9 |
-63.0 -40.1 |
| Cash flow from current operations | ||||||
| before changes in working capital | 73.8 | 93.1 | 119.2 | 124.8 | 253.9 | 226.6 |
| Changes in working capital | ||||||
| Increase/decrease of stock | -132.1 | -309.6 | -421.2 | -447.0 | -573.1 | 198.2 |
| Increase/decrease of current receivables | -117.2 | -124.2 | -10.7 | 20.1 | -20.6 | -30.4 |
| Increase/decrease of current liabilities Cash flow from changes in working capital |
14.3 -235.0 |
50.0 -383.8 |
66.7 -365.2 |
72.5 -354.4 |
55.6 -538.1 |
-35.9 131.9 |
| Cash flow from operations | -161.2 | -290.7 | -246.0 | -229.6 | -284.2 | 358.5 |
| Investing activities | ||||||
| Investments in tangible fixed assets | -21.9 | -11.4 | -85.1 | -32.5 | -48.4 | -26.8 |
| Sales of tangible fixed assets | 0.8 | 0.1 | 1.8 | 2.1 | 2.3 | 4.1 |
| Investments in intangible fixed assets | -0.6 | -0.9 | -3.6 | -12.9 | -21.4 | -24.1 |
| Acquisition of subsidiaries* | 0.0 | 0.0 | -1.7 | 0.0 | -5.4 | 0.0 |
| Repayment of purchase amount * | 0.0 | 0.0 | 0.0 | 0.1 | 0.1 | 0.0 |
| Sales of subsidiaries * | 6.6 | 0.0 | 7.6 | 0.0 | 0.0 | 0.0 |
| Acquisition of financial fixed assets | 0.0 | 0.0 | 0.0 | -1.5 | -1.5 | 0.0 |
| Cash flow from investing activities | -15.1 | -12.2 | -81.0 | -44.7 | -74.3 | -46.8 |
| Cash flow after investing activities | -176.3 | -302.9 | -327.0 | -274.3 | -358.5 | 311.7 |
| Financial activities | ||||||
| Loan raised | 173.9 | 289.8 | 339.1 | 309.6 | 430.9 | 0.0 |
| Raised long-term receivables | 0.1 | 0.0 | -1.4 | 0.0 | 0.0 | 0.0 |
| Repayment of long-term receivables | 0.0 | -0.2 | 0.0 | 3.5 | 3.7 | 0.8 |
| Amortization of loan | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -291.8 |
| Dividend paid to non-controlling interest Dividend paid to the shareholders of the parent company |
-1.0 0.0 |
0.0 0.0 |
-1.0 -66.3 |
0.0 -66.3 |
0.0 -66.3 |
0.0 -66.3 |
| Cash flow from financial activities | 173.0 | 289.6 | 270.4 | 246.8 | 368.3 | -357.3 |
| Cash flow for the period | -3.3 | -13.3 | -56.6 | -27.5 | 9.8 | -45.6 |
| Liquid assets at the beginning of the period | 169.5 | 176.0 | 216.0 | 185.1 | 185.1 | 229.7 |
| Translation differences in liquid assets | 1.5 | 6.9 | 8.3 | 12.0 | 21.1 | 1.0 |
| Liquid assets at period-end | 167.7 | 169.6 | 167.7 | 169.6 | 216.0 | 185.1 |
| Liquid assets | ||||||
| Cash at bank and in hand | 167.7 | 169.6 | 167.7 | 169.6 | 216.0 | 185.1 |
| * The item includes: | ||||||
| Goodwill | 10.5 | - | 10.5 | 0.1 | -0.3 | - |
| Working capital | -15.2 | - | -22.2 | - | - | - |
| Overtake of loan | 11.4 | - | 12.7 | - | 2.5 | - |
| Fixed assets | -0.1 | - | 5.8 | - | - | - |
| Reclassification share in associated companies | - | - | -0.9 | - | - | - |
| Change in non-controlling interest | - | - | - | - | -7.5 | - |
| Effect on the cash flow | 6.6 | - | 5.9 | 0.1 | -5.3 | - |
CONDENSED CONSOLIDATED BALANCE SHEETS
| 30 Sept | 30 Sept | 31 Dec | 31 Dec | |
|---|---|---|---|---|
| SEK million | 2015 | 2014 | 2014 | 2013 |
| ASSETS | ||||
| Intangible fixed assets | 1 398.8 | 1 275.1 | 1 342.9 | 1 196.9 |
| Tangible fixed assets | 359.5 | 297.4 | 307.5 | 287.5 |
| Shares in associated companies | 59.8 | 65.2 | 64.2 | 63.1 |
| Long-term receivables | 17.1 | 20.6 | 20.7 | 23.9 |
| Deferred tax assets | 110.2 | 94.1 | 102.5 | 81.3 |
| Total non-current assets | 1 945.4 | 1 752.4 | 1 837.8 | 1 652.7 |
| Stock | 2 648.2 | 1 974.5 | 2 162.1 | 1 449.1 |
| Accounts receivables | 920.6 | 818.5 | 804.2 | 734.2 |
| Tax receivables | 19.6 | 19.5 | 22.9 | 30.2 |
| Prepaid expenses and accrued income | 68.1 | 72.0 | 67.1 | 59.5 |
| Other receivables | 38.0 | 38.9 | 126.5 | 110.7 |
| Liquid assets | 167.7 | 169.6 | 216.0 | 185.1 |
| Total current assets | 3 862.2 | 3 093.0 | 3 398.8 | 2 568.8 |
| TOTAL ASSETS | 5 807.6 | 4 845.4 | 5 236.6 | 4 221.5 |
| EQUITY | ||||
| Share capital | 199.1 | 199.1 | 199.1 | 199.1 |
| Other capital contributions | 219.4 | 219.4 | 219.4 | 219.4 |
| Reserves | 280.7 | 127.1 | 217.6 | 20.0 |
| Retained earnings including result for the period | 1 766.6 | 1 658.9 | 1 750.4 | 1 640.4 |
| Equity attributable to shareholders of the parent company | 2 465.8 | 2 204.5 | 2 386.5 | 2 078.9 |
| Non-controlling interest | 21.4 | 17.5 | 18.6 | 23.9 |
| Total equity | 2 487.2 | 2 222.0 | 2 405.1 | 2 102.8 |
| LIABILITIES | ||||
| Long-term interest-bearing liabilities | 2 391.7 | 1 792.6 | 1 961.1 | 1 375.4 |
| Pension provisions | 13.5 | 12.3 | 12.9 | 11.0 |
| Other provisions | 12.0 | 18.3 | 13.1 | 15.9 |
| Deferred tax liabilities | 154.6 | 137.8 | 148.9 | 129.1 |
| Total non-current liabilities | 2 571.8 | 1 961.0 | 2 136.0 | 1 531.4 |
| Short-term interest-bearing liabilities | 66.3 | 66.7 | 83.7 | 73.7 |
| Accounts payable | 380.4 | 324.1 | 323.9 | 229.0 |
| Current tax liabilities | 9.6 | 14.9 | 26.9 | 21.6 |
| Other liabilities | 98.9 | 75.4 | 81.0 | 92.0 |
| Accrued expenses and prepaid income | 193.4 | 181.3 | 180.0 | 171.0 |
| Total current liabilities | 748.6 | 662.4 | 695.5 | 587.3 |
| Total liabilities | 3 320.4 | 2 623.4 | 2 831.5 | 2 118.7 |
| TOTAL EQUITY AND LIABILITIES | 5 807.6 | 4 845.4 | 5 236.6 | 4 221.5 |
| Memorandum items | ||||
| Pledged assets | 3 430.9 | 3 987.5 | 3 220.5 | 3 043.4 |
| Contingent liabilities | 22.5 | 23.7 | 24.8 | 24.3 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Other | Retained earnings | ||||||
|---|---|---|---|---|---|---|---|
| capital | incl. result | Non-controlling | |||||
| SEK million | Share capital | contributions | Reserves | for the year | Total | interest | Total equity |
| Opening balance 2014-01-01 | 199.1 | 219.4 | 20.0 | 1 640.4 | 2 078.9 | 23.9 | 2 102.8 |
| Result for the year | 176.2 | 176.2 | 0.7 | 176.9 | |||
| Other comprehensive income | |||||||
| Translation difference | 196.7 | 196.7 | 1.5 | 198.2 | |||
| Cash flow hedge | 1.2 | 0.1 | 1.3 | 1.3 | |||
| Income tax related to components of other comprehensive income | -0.3 | 0.0 | -0.3 | -0.3 | |||
| Transactions with shareholders | |||||||
| Dividends to shareholder of the parent company | -66.3 | -66.3 | -66.3 | ||||
| Change in non-controlling interest | 0.0 | 0.0 | -7.5 | -7.5 | |||
| Closing balance 2014-12-31 | 199.1 | 219.4 | 217.6 | 1 750.4 | 2 386.5 | 18.6 | 2 405.1 |
| Other | Retained earnings | ||||||
|---|---|---|---|---|---|---|---|
| capital | incl. result | Non-controlling | |||||
| SEK million | Share capital | contributions | Reserves | for the period | Total | interest | Total equity |
| Opening balance 2015-01-01 | 199.1 | 219.4 | 217.6 | 1 750.4 | 2 386.5 | 18.6 | 2 405.1 |
| Result for the period | 81.2 | 81.2 | 0.8 | 82.0 | |||
| Other comprehensive income | |||||||
| Translation difference | 64.1 | 64.1 | 0.5 | 64.6 | |||
| Cash flow hedge | -0.9 | 1.3 | 0.4 | 0.4 | |||
| Income tax related to components of other comprehensive income | -0.1 | -0.1 | -0.1 | ||||
| Transactions with shareholders | |||||||
| Dividends to shareholder of the parent company | -66.3 | -66.3 | -66.3 | ||||
| Dividends to non-controlling interest | -1.0 | -1.0 | |||||
| Change in non-controlling interest | 0.0 | 0.0 | 2.5 | 2.5 | |||
| Closing balance 2015-06-30 | 199.1 | 219.4 | 280.7 | 1 766.6 | 2 465.8 | 21.4 | 2 487.2 |
| 9 months | 9 months | Year | Year | ||||
| Accumulated translation differences in equity | 2015 | 2014 | 2014 | 2013 | |||
| Accumulated translation differences at the beginning of the period | 221.5 | 23.3 | 23.3 | -0.6 | |||
| Translation difference in foreign subsidiaries for the period | 64.6 | 108.0 | 198.2 | 23.9 | |||
| Accumulated translation differences at end of period | 286.1 | 131.3 | 221.5 | 23.3 |
| FINANCIAL INSTRUMENTS | |||||
|---|---|---|---|---|---|
| SEK million | 30 Sept | 30 Sept | 31 Dec | 31 Dec | |
| 2015 | 2014 | 2014 | 2013 | ||
| Assets at fair value * | 0.8 | 0.0 | 2.3 | 0.1 | |
| Assets at amortised cost | 1 125.4 | 1 027.0 | 1 151.0 | 1 034.8 | |
| Total financial assets | 1 126.2 | 1 027.0 | 1 153.3 | 1 034.9 | |
| Liabilities at fair value * | 0.0 | 0.0 | 0.0 | 1.6 | |
| Liabilities at amortised cost | 3 130.4 | 2 370.1 | 2 628.8 | 1 940.8 | |
| Total financial liabilites | 3 130.4 | 2 370.1 | 2 628.8 | 1 942.4 |
Financial instruments are measured at fair value or amortised cost according to classification in the balance sheet.
Financial instruments include in addition to financial net debt, also accounts receivable and accounts payble.
Financial instruments at fair value in the balance sheet belongs to level 2 in IFRS 13 hierarcy.
* Refer to derivatives
FINANCIAL HIGHLIGHTS – GROUP
| 9 months | 9 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan- Sept | Jan- Sept | Jan-Dec | Jan-Dec | |
| 2015 | 2014 | 2014 | 2013 | |
| Sales growth, % | 18.1 | 3.7 | 5.6 | -5.4 |
| Number of employees | 2 361 | 2 186 | 2 212 | 2 123 |
| Gross profit margin, % | 45.1 | 45.2 | 45.7 | 46.2 |
| Operating margin before depreciation, % | 5.3 | 5.9 | 7.1 | 8.5 |
| Operating margin, % | 4.1 | 4.6 | 5.9 | 7.2 |
| Profit margin, % | 2.8 | 3.6 | 4.9 | 5.8 |
| Net margin, % | 2.3 | 2.8 | 4.1 | 4.6 |
| Return on shareholders' equity, % | 4.5 | 5.3 | 7.9 | 9.3 |
| Return on capital employed, % | 4.4 | 4.9 | 6.4 | 8.2 |
| Equity ratio, % | 42.8 | 45.9 | 45.9 | 49.8 |
| Net debt - Equity ratio, % | 92.1 | 76.0 | 76.0 | 60.1 |
| Net debt in relation to working capital, % | 76.0 | 72.6 | 71.1 | 67.6 |
| Net debt, SEK million | 2 290.3 | 1 689.8 | 1 828.7 | 1 264.0 |
| Interest cover ratio, times | 2.9 | 4.4 | 5.4 | 4.7 |
| Capital turnover, times | 0.9 | 0.9 | 0.9 | 0.9 |
| Stock turnover, times | 1.1 | 1.3 | 1.3 | 1.4 |
| Cash flow before investments, SEK million | -246.0 | -229.6 | -284.2 | 358.5 |
| Net investments, SEK million | -81.0 | -44.7 | -74.3 | -46.8 |
| Cash flow after investments, SEK million | -327.0 | -274.3 | -358.5 | 311.7 |
| Shareholders' equity per share, SEK | 37.49 | 33.49 | 36.25 | 31.69 |
| Share price as at December 31, SEK | - | - | 38.30 | 32.90 |
| Dividend/share, SEK | - | - | 1.00 | 1.00 |
| P/E-ratio | - | - | 14.37 | 11.67 |
| P/S-ratio | - | - | 0.60 | 0.54 |
| Share price/Shareholders' equity | - | - | 1.06 | 1.04 |
DEFINITIONS
RETURN ON EQUITY
Result for the period according to income statement in percent of average adjusted equity.
RETURN ON CAPITAL EMPLOYED Result before tax 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
Result for the period 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 as a percentage of the period´s income.
WORKING CAPITAL Total current assets less liquid assets less current non-interest bearing liabilities.
EQUITY/ASSETS RATIO Equity including non-controlling interests as a percentage of balance sheet total.
CAPITAL EMPLOYED Balance sheet total less non-interest bearing liabilities and non-interest bearing provisions.
STOCK TURNOVER Cost of sold goods divided by average stock.
PROFIT MARGIN Result before tax as a percentage of the period´s income.
PROFIT PER SHARE Result for the period in relation to a weighted average of the outstanding number of shares.
INCOME STATEMENTS – PARENT COMPANY
| 9 months | 9 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan - Sept | Jan - Sept | Jan - Dec | Jan - Dec | |
| SEK million | 2015 | 2014 | 2014 | 2013 |
| Income | 73.6 | 63.9 | 90.0 | 84.6 |
| Other operating income* | 22.9 | 8.2 | 14.9 | 10.4 |
| Total income | 96.5 | 72.1 | 104.9 | 95.0 |
| Operating costs | ||||
| External costs | -60.9 | -51.1 | -64.7 | -61.3 |
| Personnel costs | -19.2 | -18.2 | -25.9 | -22.6 |
| Depreciation of tangible and intangible fixed assets | -4.3 | -2.8 | -3.9 | -2.5 |
| Other operating costs** | -21.7 | -6.7 | -13.0 | -8.4 |
| Operating profit/loss | -9.6 | -6.7 | -2.6 | 0.2 |
| Net income from shares in Group companies | 77.3 | 0.0 | 276.1 | 312.3 |
| Write-down of financial fixed assets | -64.6 | -24.6 | -21.8 | -22.8 |
| Financial income | 40.4 | 31.2 | 41.8 | 55.8 |
| Financial expenses | -46.2 | -33.7 | -77.3 | -131.1 |
| Net financial items | 6.9 | -27.1 | 218.8 | 214.2 |
| Result before appropriations and tax | -2.7 | -33.8 | 216.2 | 214.4 |
| Appropriations | 0.0 | 0.0 | -1.6 | 26.1 |
| Tax on result for the period | 3.4 | 2.0 | 0.0 | 0.4 |
| Result for the period | 0.7 | -31.8 | 214.6 | 240.9 |
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
| 9 months | 9 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan-Sep | Jan-Sep | Jan-Dec | Jan-Dec | |
| SEK million | 2015 | 2014 | 2014 | 2013 |
| Current operations | ||||
| Operating profit/loss | -9.5 | -6.7 | -2.6 | 0.2 |
| Adjustment for items not included in cash flow | 4.2 | 2.8 | 3.9 | 2.5 |
| Received dividends | 0.0 | 0.0 | 2.8 | 16.8 |
| Received interest | 40.4 | 31.2 | 41.8 | 55.8 |
| Paid interest | -46.1 | -33.7 | -46.5 | -68.8 |
| Paid income tax | -0.3 | 0.6 | 0.9 | 4.9 |
| Cash flow from current operations | ||||
| before changes in working capital | -11.3 | -5.8 | 0.3 | 11.4 |
| Changes in working capital | ||||
| Decrease/increase in stock | -0.2 | 0.0 | -0.6 | 0.0 |
| Decrease/increase in current receivables | -407.9 | -120.3 | -274.3 | 450.7 |
| Decrease/increase in current liabilities | 174.3 | 77.8 | 94.4 | -121.9 |
| Cash flow from changes in working capital | -233.8 | -42.5 | -180.5 | 328.8 |
| Cash flow from operations | -245.1 | -48.3 | -180.2 | 340.2 |
| Investing activities | ||||
| Shareholders contribution to subsidiaries | -9.6 | 0.0 | -9.5 | -20.7 |
| Shareholders contribution to associated company | 0.0 | -1.5 | -1.5 | 0.0 |
| Intragroup sales of group companies | 0.0 | 0.0 | 0.0 | 0.1 |
| Investments in tangible fixed assets | -0.6 | 0.0 | -0.1 | 0.0 |
| Investments in intangible fixed assets | -1.5 | -10.8 | -16.9 | -3.9 |
| Acquisition of shares | -9.2 | -7.9 | -5.4 | 0.0 |
| Repayment of purchase amount | 0.0 | 0.1 | 0.1 | 0.0 |
| Repayment of loan from subsidiaries | 0.0 | 0.0 | 0.0 | 10.6 |
| Cash flow from investing activities | -20.9 | -20.1 | -33.3 | -13.9 |
| Cash flow after investing activities | -266.0 | -68.4 | -213.5 | 326.3 |
| Financial activities | ||||
| Loan raised | 319.7 | 140.0 | 292.2 | 0.0 |
| Amortization of loan | 0.0 | 0.0 | 0.0 | -278.5 |
| Dividend paid to shareholders of the parent company | -66.3 | -66.3 | -66.3 | -66.3 |
| Cash flow from financial activities | 253.4 | 73.7 | 225.9 | -344.8 |
| Cash flow for the period | -12.6 | 5.3 | 12.4 | -18.5 |
| Liquid assets at the beginning of the year | 12.8 | 0.4 | 0.4 | 18.9 |
| Liquid assets at period-end | 0.2 | 5.7 | 12.8 | 0.4 |
BALANCE SHEETS – PARENT COMPANY
| SEK million | 30 Sept | 30 Sept | 31 Dec | 31 Dec |
|---|---|---|---|---|
| ASSETS | 2015 | 2014 | 2014 | 2013 |
| Fixed assets | ||||
| Intangible fixed assets | 17.0 | 14.2 | 19.4 | 5.8 |
| Tangible fixed assets | 1.1 | 1.0 | 0.9 | 1.4 |
| Financial assets | ||||
| Shares in Group companies | 1 455.4 | 1 391.5 | 1 413.6 | 1 383.7 |
| Shares in associated companies | 54.7 | 60.4 | 60.4 | 58.9 |
| Receivables on Group companies | 920.3 | 794.1 | 857.0 | 714.0 |
| Other long-term receivables | 2.0 | 2.0 | 2.0 | 2.0 |
| Total financial assets | 2 432.4 | 2 248.0 | 2 333.0 | 2 158.6 |
| Total fixed assets | 2 450.5 | 2 263.2 | 2 353.3 | 2 165.8 |
| Current assets | ||||
| Current receivables | ||||
| Stock | 0.8 | 0.0 | 0.6 | 0.0 |
| Accounts receivable | 0.4 | 0.5 | 0.3 | 0.2 |
| Receivables on Group companies | 1 383.7 | 794.5 | 896.7 | 619.2 |
| Tax receivables | 3.9 | 2.5 | 0.2 | 1.1 |
| Other receivables | 7.0 | 8.1 | 90.6 | 87.1 |
| Prepaid expenses and accrued income | 5.1 | 8.3 | 5.4 | 9.2 |
| Total current receivables | 1 400.9 | 813.9 | 993.8 | 716.8 |
| Cash at bank and in hand | 0.2 | 5.7 | 12.8 | 0.4 |
| Total current assets | 1 401.1 | 819.6 | 1 006.6 | 717.2 |
| TOTAL ASSETS | 3 851.6 | 3 082.8 | 3 359.9 | 2 883.0 |
| 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 |
| 448.5 | 448.5 | 448.5 | 448.5 | |
| Unrestricted equity | ||||
| Retained profits | 748.8 | 600.5 | 600.5 | 425.9 |
| Share premium reserve | 48.0 | 48.0 | 48.0 | 48.0 |
| Result for the period | 0.7 | -31.8 | 214.6 | 240.9 |
| 797.5 | 616.7 | 863.1 | 714.8 | |
| Total equity | 1 246.0 | 1 065.2 | 1 311.6 | 1 163.3 |
| Untaxed reserves | 8.9 | 7.3 | 8.9 | 7.3 |
| Non-current liabilities | ||||
| Overdraft facilities | 1 774.9 | 1 137.8 | 1 377.9 | 867.7 |
| Bankloan | 311.0 | 350.0 | 325.0 | 400.0 |
| Total non-current liabilities | 2 085.9 | 1 487.8 | 1 702.9 | 1 267.7 |
| Current liabilities | ||||
| Short-term interest-bearing liabilities | 50.0 | 50.0 | 50.0 | 50.0 |
| Accounts payable | 98.8 | 63.2 | 39.7 | 25.9 |
| Liabilities to Group companies | 356.7 | 404.2 | 240.6 | 361.5 |
| Other liabilities | 0.8 | 1.2 | 1.0 | 2.3 |
| Accrued expenses and prepaid income | 4.5 | 3.9 | 5.2 | 5.0 |
| Total current liabilities | 510.8 | 522.5 | 336.5 | 444.7 |
| TOTAL EQUITY AND LIABILITIES | 3 851.6 | 3 082.8 | 3 359.9 | 2 883.0 |
| Pledged assets and contingent liabilities for the parent company | ||||
| Pledged assets | 1 165.8 | 1 116.1 | 1 141.4 | 1 116.1 |
| Contingent liabilities | 354.8 | 492.3 | 436.5 | 208.6 |
CHANGES IN EQUITY – PARENT COMPANY
| SEK million | Share capital | Restricted reserves |
profits | Retained Share premium reserve |
Result for the year |
Total equity |
|---|---|---|---|---|---|---|
| Opening balance 2014-01-01 | 199.1 | 249.4 | 425.9 | 48.0 | 240.9 | 1 163.3 |
| Transfer according to Annual General meeting | 240.9 | -240.9 | 0.0 | |||
| Result for the year | 214.6 | 214.6 | ||||
| Total change in net assets excluding | 0.0 | 0.0 | 0.0 | 0.0 | 214.6 | 214.6 |
| transactions with shareholders | ||||||
| Dividends | -66.3 | -66.3 | ||||
| Closing balance 2014-12-31 | 199.1 | 249.4 | 600.5 | 48.0 | 214.6 | 1 311.6 |
| Share capital | Restricted | Retained Share premium | Result for | Total equity | ||
|---|---|---|---|---|---|---|
| SEK million | reserves | profits | reserve | the period | ||
| Opening balance 2015-01-01 | 199.1 | 249.4 | 600.5 | 48.0 | 214.6 | 1 311.6 |
| Transfer according to Annual General meeting | 214.6 | -214.6 | 0.0 | |||
| Result for the period | 0.7 | 0.7 | ||||
| Total change in net assets excluding | 0.0 | 0.0 | 0.0 | 0.0 | 0.7 | 0.7 |
| transactions with shareholders | ||||||
| Dividends | -66.3 | -66.3 | ||||
| Closing balance 2015-09-30 | 199.1 | 249.4 | 748.8 | 48.0 | 0.7 | 1 246.0 |
SALES AND RESULT PER OPERATING SEGMENT
| SEK million | 3 months | 3 months | 9 months | 9 months | 12 months | 12 months |
|---|---|---|---|---|---|---|
| July - Sept | July - Sept | Jan-Sept | Jan-Sept | Jan-Dec | Jan-Dec | |
| Corporate Promo | 2015 | 2014 | 2015 | 2014 | 2014 | 2013 |
| Income | 457.4 | 392.2 | 1 464.4 | 1 207.8 | 1 788.2 | 1 587.3 |
| Result EBITDA | 26.6 | 40.4 | 88.1 | 96.5 | 173.8 | 143.5 |
| Sports & Leisure | ||||||
| Income | 674.1 | 607.6 | 1 719.8 | 1 449.7 | 1 952.5 | 1 929.3 |
| Result EBITDA | 77.8 | 75.8 | 113.3 | 102.6 | 135.3 | 154.8 |
| Gifts & Home furnishings | ||||||
| Income | 140.5 | 122.5 | 375.2 | 356.6 | 532.9 | 530.8 |
| Result EBITDA | 5.6 | -6.1 | -11.7 | -21.3 | -4.9 | 44.5 |
| Total income | 1 272.0 | 1 122.3 | 3 559.4 | 3 014.1 | 4 273.6 | 4 047.4 |
| Total result EBITDA | 110.0 | 110.1 | 189.7 | 177.8 | 304.2 | 342.8 |
| Total result EBITDA | 110.0 | 110.1 | 189.7 | 177.8 | 304.2 | 342.8 |
| Depreciation and write downs | -13.7 | -14.4 | -42.9 | -40.0 | -54.2 | -52.1 |
| Net financial items | -17.6 | -11.0 | -46.4 | -28.7 | -42.0 | -56.2 |
| Profit before tax | 78.7 | 84.7 | 100.4 | 109.1 | 208.0 | 234.5 |
ASSETS/LIABILITIES PER OPERATING SEGMENT
| SEK million | Total | Fixed | Deferred | Depreciation | Total | |
|---|---|---|---|---|---|---|
| assets | assets * | tax assets | Investments | and write-downs | liabilities | |
| 30 Sept 2015 | ||||||
| Corporate Promo | 3 039.2 | 632.8 | 28.0 | -34.7 | -19.3 | 2 261.3 |
| Sports & Leisure | 2 295.9 | 959.0 | 46.9 | -30.8 | -18.7 | 768.3 |
| Gifts & Home Furnishings | 472.5 | 166.5 | 35.3 | -17.0 | -4.9 | 290.8 |
| Total | 5 807.6 | 1 758.3 | 110.2 | -82.5 | -42.9 | 3 320.4 |
| 30 Sept 2014 | ||||||
| Corporate Promo | 2 413.7 | 585.0 | 24.6 | -28.2 | -20.0 | 1 736.0 |
| Sports & Leisure | 2 011.7 | 841.5 | 34.7 | -10.5 | -17.2 | 693.6 |
| Gifts & Home Furnishings | 420.0 | 146.0 | 34.8 | -6.0 | -2.8 | 193.8 |
| Total | 4 845.4 | 1 572.5 | 94.1 | -44.7 | -40.0 | 2 623.4 |
| 31 Dec 2014 | ||||||
| Corporate Promo | 2 746.6 | 602.9 | 26.6 | -50.8 | -27.2 | 2 014.5 |
| Sports & Leisure | 2 060.6 | 901.8 | 42.7 | -18.2 | -23.2 | 629.0 |
| Gifts & Home Furnishings | 429.4 | 145.7 | 33.2 | -7.8 | -3.8 | 188.0 |
| Total | 5 236.6 | 1 650.4 | 102.5 | -76.8 | -54.2 | 2 831.5 |
SALES PER AREA
| 3 months | 3 months | |||||
|---|---|---|---|---|---|---|
| SEK million | July - Sept | Part of | July - Sept | Part of | Change | Change |
| 2015 | income | 2014 | income | SEK million | % | |
| Sweden | 271.1 | 21% | 251.5 | 23% | 19.6 | 8% |
| USA | 403.4 | 32% | 344.5 | 31% | 58.9 | 17% |
| Nordic countries excluding Sweden | 168.3 | 13% | 169.3 | 15% | -1.0 | -1% |
| Central Europe | 220.0 | 17% | 183.3 | 16% | 36.7 | 20% |
| Southern Europe | 101.3 | 8% | 83.1 | 7% | 18.2 | 22% |
| Other countries | 107.9 | 9% | 90.6 | 8% | 17.3 | 19% |
| Total | 1 272.0 | 100% | 1 122.3 | 100% | 149.7 | 13% |
| 9 months | 9 months | Change | Change | |||
|---|---|---|---|---|---|---|
| SEK million | Jan - Sept | Part of | Jan - Sept | Part of | ||
| 2015 | income | 2014 | income | SEK million | % | |
| Sweden | 776.1 | 22% | 722.9 | 24% | 53.2 | 7% |
| USA | 1 044.9 | 29% | 826.2 | 28% | 218.7 | 26% |
| Nordic countries excluding Sweden | 501.5 | 14% | 456.3 | 15% | 45.2 | 10% |
| Central Europe | 636.2 | 18% | 541.1 | 18% | 95.1 | 18% |
| Southern Europe | 319.2 | 9% | 245.0 | 8% | 74.2 | 30% |
| Other countries | 281.5 | 8% | 222.6 | 7% | 58.9 | 26% |
| Total | 3 559.4 | 100% | 3 014.1 | 100% | 545.3 | 18% |
| 12 months | 12 months | |||||
|---|---|---|---|---|---|---|
| SEK million | Jan - Dec | Part of | Jan - Dec | Part of | Change | Change |
| 2014 | income | 2013 | income | SEK million | % | |
| Sweden | 1 063.8 | 25% | 1 035.7 | 26% | 28.1 | 3% |
| USA | 1 124.2 | 26% | 1 094.9 | 27% | 29.3 | 3% |
| Nordic countries excluding Sweden | 605.6 | 14% | 589.2 | 15% | 16.4 | 3% |
| Central Europe | 766.4 | 18% | 710.1 | 17% | 56.3 | 8% |
| Southern Europe | 364.8 | 9% | 335.1 | 8% | 29.7 | 9% |
| Other countries | 348.8 | 8% | 282.4 | 7% | 66.4 | 24% |
| Total | 4 273.6 | 100% | 4 047.4 | 100% | 226.2 | 6% |
FIXED ASSETS AND DEFERRED TAX ASSETS PER AREA
| 30 Sept | 30 Sept | 31 Dec | ||||
|---|---|---|---|---|---|---|
| 2015 | 2014 | 2014 | ||||
| SEK million | Fixed | Deferred | Fixed | Deferred | Fixed | Deferred |
| assets* | tax assets | assets* | tax assets | assets* | tax assets | |
| Sweden | 453.3 | 20.1 | 428.6 | 21.1 | 433.5 | 19.7 |
| USA | 907.6 | 62.1 | 784.8 | 48.1 | 838.7 | 56.9 |
| Nordic countries excluding Sweden | 29.1 | 10.5 | 22.6 | 6.6 | 22.1 | 10.2 |
| Central Europe | 198.1 | 11.4 | 184.9 | 9.7 | 193.4 | 10.5 |
| Southern Europe | 161.6 | 3.1 | 141.0 | 2.0 | 144.4 | 2.4 |
| Other countries | 8.6 | 3.0 | 10.6 | 6.6 | 18.3 | 2.8 |
| Total | 1 758.3 | 110.2 | 1 572.5 | 94.1 | 1 650.4 | 102.5 |
* Fixed assets classified as financial assets are not included
QUARTERLY CONSOLIDATED INCOME STATEMENTS
| SEK million | 2015 | 2014 | 2013 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q2 | Q3 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Income | 1 096.1 | 1 191.3 | 1 272.0 | 908.5 | 983.3 | 1 122.3 | 1 259.5 | 877.3 | 995.3 | 1 035.0 | 1 139.8 |
| Goods for resale | -595.7 | -659.1 | -697.8 | -497.7 | -531.8 | -621.9 | -669.6 | -456.8 | -529.1 | -564.9 | -626.2 |
| Gross profit | 500.4 | 532.2 | 574.2 | 410.8 | 451.5 | 500.4 | 589.9 | 420.5 | 466.2 | 470.1 | 513.6 |
| Gross profit % | 45.7 | 44.7 | 45.1 | 45.2 | 45.9 | 44.6 | 46.8 | 47.9 | 46.8 | 45.4 | 45.1 |
| Other operating income | 9.3 | 7.8 | 22.1 | 7.1 | 5.4 | 5.1 | 10.1 | 8.6 | 7.7 | 7.7 | 9.3 |
| External costs | -270.1 | -258.9 | -273.0 | -229.5 | -216.9 | -216.6 | -260.5 | -222.9 | -209.7 | -205.4 | -215.2 |
| Personnel costs | -205.3 | -212.0 | -202.8 | -179.5 | -176.7 | -174.8 | -204.7 | -174.7 | -177.9 | -162.5 | -182.7 |
| Depreciations and write-downs | -14.9 | -14.3 | -13.7 | -12.4 | -13.2 | -14.4 | -14.2 | -11.8 | -14.6 | -13.9 | -11.9 |
| Other operating costs | -18.5 | -6.7 | -9.3 | -2.4 | -2.6 | -4.1 | -7.4 | -3.8 | -1.9 | -2.9 | -2.3 |
| Share of associated companies' result | 0.9 | 0.6 | -1.2 | 0.0 | 0.5 | 0.1 | -1.0 | 0.2 | 0.4 | -0.3 | 0.8 |
| Operating profit/loss | 1.8 | 48.7 | 96.3 | -5.9 | 48.0 | 95.7 | 112.2 | 16.1 | 70.2 | 92.8 | 111.6 |
| Financial income | 1.9 | 3.2 | 1.4 | 1.4 | 1.2 | 1.1 | 1.2 | 1.8 | 1.4 | 1.8 | 1.8 |
| Financial expenses | -17.0 | -16.9 | -19.0 | -9.7 | -10.6 | -12.1 | -14.5 | -17.8 | -16.1 | -14.9 | -14.2 |
| Result before tax | -13.3 | 35.0 | 78.7 | -14.2 | 38.6 | 84.7 | 98.9 | 0.1 | 55.5 | 79.7 | 99.2 |
| Tax | 2.4 | -7.2 | -13.6 | 2.9 | -9.2 | -17.8 | -7.0 | 0.0 | -16.6 | -21.9 | -8.9 |
| Result for the period | -10.9 | 27.8 | 65.1 | -11.3 | 29.4 | 66.9 | 91.9 | 0.1 | 38.9 | 57.8 | 90.3 |
| Total other comprehensive income | |||||||||||
| net after tax for the period | 101.7 | -43.9 | 7.1 | 1.4 | 53.5 | 53.1 | 91.2 | -38.9 | 57.8 | -31.5 | 36.6 |
| Total comprehensive income for the period | 90.8 | -16.1 | 72.2 | -9.9 | 82.9 | 120.0 | 183.1 | -38.8 | 96.7 | 26.3 | 126.9 |
| Profit per share | |||||||||||
| before dilution (SEK) | -0.17 | 0.41 | 0.98 | -0.17 | 0.44 | 1.01 | 1.38 | 0.00 | 0.60 | 0.87 | 1.35 |
| after dilution (SEK) | -0.17 | 0.41 | 0.98 | -0.17 | 0.44 | 1.01 | 1.38 | 0.00 | 0.60 | 0.87 | 1.35 |
| The average number of outstanding 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 | |
| The average number of outstanding shares after 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 |
| SEK million | 2012 | 2011 | 2010 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Income | 975.4 | 1 074.9 | 1 053.8 | 1 176.1 | 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 | -688.9 | -615.7 | -493.9 | -522.7 | -590.2 | -607.3 | -477.9 | -563.7 | -581.2 | -620.7 |
| Gross profit | 444.2 | 494.9 | 364.9 | 560.4 | 433.7 | 498.2 | 510.7 | 580.2 | 437.4 | 501.6 | 479.5 | 581.4 |
| Gross profit % | 45.5 | 46.0 | 34.6 | 47.6 | 46.8 | 48.8 | 46.4 | 48.9 | 47.8 | 47.1 | 45.2 | 48.4 |
| Other operating income | 8.5 | 9.5 | 7.4 | 9.7 | 12.6 | 8.4 | 11.5 | 6.9 | 5.1 | 5.1 | 12.6 | 9.4 |
| External costs | -247.2 | -238.3 | -245.5 | -223.0 | -241.5 | -241.6 | -231.4 | -256.0 | -240.4 | -230.6 | -222.3 | -252.9 |
| Personnel costs | -186.3 | -189.2 | -208.1 | -181.9 | -168.2 | -173.2 | -165.2 | -184.5 | -167.0 | -171.7 | -161.1 | -179.4 |
| Depreciations and write-downs | -11.9 | -13.0 | -53.1 | -11.9 | -11.1 | -13.2 | -12.7 | -13.6 | -14.9 | -15.1 | -14.2 | -14.2 |
| Other operating costs | -3.8 | -5.9 | -5.9 | -3.1 | -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 | 0.4 | 1.5 | 0.1 | -0.4 | 0.0 | 2.0 | 0.6 | 0.1 | 0.4 | -0.2 |
| Operating profit/loss | 2.6 | 58.7 | -139.9 | 151.7 | 17.7 | 72.7 | 106.2 | 130.3 | 16.9 | 87.9 | 84.7 | 138.1 |
| Financial income | 1.4 | 0.5 | 2.2 | 0.9 | 1.6 | 1.0 | 1.1 | 3.2 | 1.0 | 1.5 | 0.6 | 2.0 |
| Financial expenses | -15.4 | -13.0 | -16.1 | -18.7 | -11.5 | -12.2 | -14.9 | -19.3 | -7.6 | -6.6 | -8.3 | -9.9 |
| Result before tax | -11.4 | 46.2 | -153.8 | 133.9 | 7.8 | 61.5 | 92.4 | 114.2 | 10.3 | 82.8 | 77.0 | 130.2 |
| Tax | 3.2 | -12.9 | 33.8 | -33.2 | -2.1 | -24.2 | -19.0 | -31.5 | -2.7 | -23.4 | -21.5 | -31.2 |
| Result for the period | -8.2 | 33.3 | -120.0 | 100.7 | 5.7 | 37.3 | 73.4 | 82.7 | 7.6 | 59.4 | 55.5 | 99.0 |
| Total other comprehensive income | ||||||||||||
| net after tax for the period | -24.1 | 21.9 | -95.6 | 21.8 | -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 | -215.6 | 122.5 | -48.1 | 90.7 | 116.7 | 66.8 | -20.2 | 101.1 | -57.6 | 128.9 |
| Profit per share | ||||||||||||
| before dilution (SEK) | -0.13 | 0.50 | -1.81 | 1.51 | 0.08 | 0.55 | 1.10 | 1.25 | 0.11 | 0.90 | 0.83 | 1.47 |
| after dilution (SEK) | -0.12 | 0.50 | -1.81 | 1.51 | 0.08 | 0.55 | 1.09 | 1.22 | 0.11 | 0.88 | 0.82 | 1.45 |
| The average number of outstanding 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 | |
| The average number of outstanding shares after dilution | 67 343 543 | 66 343 543 | 66 343 543 | 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 |
QUARTERLY CONSOLIDATED CASH FLOW STATEMENTS
| SEK million Quarter |
2015 Q1 |
Q2 | Q3 | 2014 Q1 |
Q2 | Q3 | Q4 | 2013 Q1 |
Q2 | Q3 | Q4 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash flow from current operations | ||||||||||||
| before changes in working capital | -9.2 | 54.6 | 73.8 | -7.1 | 38.8 | 93.1 | 129.1 | -18.7 | 55.3 | 86.7 | 103.3 | |
| Increase/decrease of stock | -200.6 | -88.5 | -132.1 | -50.6 | -86.8 | -309.6 | -126.1 | 27.8 | 28.2 | -3.1 | 145.3 | |
| Increase/decrease of current receivables | 129.5 | -23.0 | -117.2 | 172.3 | -28.0 | -124.2 | -40.7 | 131.1 | -44.0 | -84.8 | -32.7 | |
| Increase/decrease of current liabilities | 51.4 | 1.0 | 14.3 | -25.8 | 48.3 | 50.0 | -16.9 | -34.1 | 2.3 | -1.3 | -2.8 | |
| Changes in working capital | -19.7 | -110.5 | -235.0 | 95.9 | -66.5 | -383.8 | -183.7 | 124.8 | -13.5 | -89.2 | 109.8 | |
| Cash flow from operations | -28.9 | -55.9 | -161.2 | 88.8 | -27.7 | -290.7 | -54.6 | 106.1 | 41.8 | -2.5 | 213.1 | |
| Investing activities | -26.3 | -39.6 | -15.1 | -15.0 | -17.5 | -12.2 | -29.6 | -9.7 | -8.9 | -21.2 | -7.0 | |
| Cash flow after investing activities | -55.2 | -95.5 | -176.3 | 73.8 | -45.2 | -302.9 | -84.2 | 96.4 | 32.9 | -23.7 | 206.1 | |
| Loan raised | 0.0 | 179.1 | 173.9 | 0.0 | 129.6 | 289.8 | 121.3 | 0.0 | 24.2 | 0.0 | 0.0 | |
| Raised long-term receivables | -0.4 | -1.1 | 0.1 | 0.0 | 0.0 | -0.2 | 0.0 | 0.0 | 0.0 | 0.0 | -0.2 | |
| Repayment of long-term receivables | 0.0 | 0.0 | 0.0 | 3.7 | 0.0 | 0.0 | 0.2 | 0.9 | 0.1 | 0.0 | 0.0 | |
| Amortization of loan | -13.9 | 0.0 | 0.0 | -109.8 | 0.0 | 0.0 | 0.0 | -157.3 | 0.0 | -12.0 | -146.7 | |
| Dividend paid to non-controlling interest | 0.0 | 0.0 | -1.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Dividend paid to the shareholders of the parent company | 0.0 | -66.3 | 0.0 | 0.0 | -66.3 | 0.0 | 0.0 | 0.0 | -66.3 | 0.0 | 0.0 | |
| Financial activities | -14.3 | 111.7 | 173.0 | -106.1 | 63.3 | 289.6 | 121.5 | -156.4 | -42.0 | -12.0 | -146.9 | |
| Cash flow for the period | -69.5 | 16.2 | -3.3 | -32.3 | 18.1 | -13.3 | 37.3 | -60.0 | -9.1 | -35.7 | 59.2 | |
| Liquid assets at the beginning of the period | 216.0 | 159.0 | 169.5 | 185.1 | 153.1 | 176.0 | 169.6 | 229.7 | 168.0 | 163.0 | 123.7 | |
| Adjustment liquid assets at the beginning of the period | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Translation differences in liquid assets | 12.5 | -5.7 | 1.5 | 0.3 | 4.8 | 6.9 | 9.1 | -1.7 | 4.1 | -3.6 | 2.2 | |
| Liquid assets at period-end | 159.0 | 169.5 | 167.7 | 153.1 | 176.0 | 169.6 | 216.0 | 168.0 | 163.0 | 123.7 | 185.1 | |
| SEK million | 2012 | 2011 | 2010 | |||||||||
| Quarter | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Cash flow from current operations | ||||||||||||
| before changes in working capital | -12.8 | 43.8 | 66.7 | 83.7 | -22.6 | 62.0 | 112.6 | 117.6 | 20.1 | 82.4 | 115.5 | 114.1 |
| Increase/decrease of stock | -44.9 | 34.3 | -1.6 | 205.8 | -124.7 | -77.8 | -155.1 | 105.2 | 15.7 | 24.6 | -104.5 | 27.5 |
| Increase/decrease of current receivables | 77.1 | 19.6 | -69.9 | -14.1 | 51.2 | 45.4 | -86.5 | 158.5 | 10.0 | -83.9 | 5.3 | 31.6 |
| Increase/decrease of current liabilities | 25.6 | 35.1 | -108.0 | 0.7 | -46.5 | -3.4 | 33.1 | -103.0 | 19.6 | 94.4 | -57.8 | 29.0 |
| Changes in working capital | 57.8 | 89.0 | -179.5 | 192.4 | -120.0 | -35.8 | -208.5 | 160.7 | 45.3 | 35.1 | -157.0 | 88.1 |
| Cash flow from operations | 45.0 | 132.8 | -112.8 | 276.1 | -142.6 | 26.2 | -95.9 | 278.3 | 65.4 | 117.5 | -41.5 | 202.2 |
| Investing activities | -10.8 | -15.1 | -17.2 | -7.3 | -27.1 | -19.6 | -165.4 | -114.4 | -16.0 | -6.7 | -19.0 | -15.9 |
| Cash flow after investing activities | 34.2 | 117.7 | -130.0 | 268.8 | -169.7 | 6.6 | -261.3 | 163.9 | 49.4 | 110.8 | -60.5 | 186.3 |
| Loan raised | 0.0 | 0.0 | 123.0 | 0.0 | 133.5 | 36.0 | 339.1 | -186.3 | 0.0 | 0.0 | 53.9 | 0.0 |
| Raised long-term receivables | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.3 | 0.0 | 0.3 | -0.3 | 0.0 | -6.8 | 5.9 |
| Repayment of long-term receivables | 0.0 | 0.0 | 0.0 | 0.0 | 4.2 | 0.0 | 0.7 | -4.9 | 1.5 | 0.0 | 3.8 | -4.2 |
| Amortization of loan | -79.0 | -5.1 | 0.0 | -196.1 | 0.0 | 0.0 | 0.0 | 0.0 | -58.2 | -90.2 | 0.0 | -130.0 |
| Dividend paid to non-controlling interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Dividend paid to the shareholders of the parent company | 0.0 | -66.3 | 0.0 | 0.0 | 0.0 | -66.3 | 0.0 | 0.0 | 0.0 | -16.6 | 0.0 | 0.0 |
| Financial activities | -79.0 | -71.4 | 123.0 | -196.1 | 137.7 | -30.6 | 339.8 | -190.9 | -57.0 | -106.8 | 50.9 | -128.3 |
| Cash flow for the period | -44.8 | 46.3 | -7.0 | 72.7 | -32.0 | -24.0 | 78.5 | -27.0 | -7.6 | 4.0 | -9.6 | 58.0 |
| Liquid assets at the beginning of the period | 117.7 | 70.4 | 119.5 | 107.6 | 121.7 | 86.1 | 64.2 | 146.0 | 80.4 | 72.4 | 80.1 | 63.2 |
| Adjustment liquid assets at the beginning of the period Translation differences in liquid assets |
0.0 -2.5 |
0.0 2.8 |
0.0 -4.9 |
48.8 0.6 |
0.0 -3.6 |
0.0 2.1 |
0.0 3.3 |
0.0 -1.3 |
0.0 -0.4 |
0.0 3.7 |
0.0 -7.3 |
0.0 0.5 |
* As of 2012 gross accounting of cash in bank is applied.
N E W WAV E G R O U P ' S SHARE
The share capital in New Wave Group 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 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 40% of the Group's profit after taxes over a business cycle.
SHAREHOLDERS
The number of shareholders amount to 10 817 (10 773) on September 30, 2015. Institutional investors accounted for 48% of the capital and 13% of the votes. At the same time the ten largest shareholders held 69% of the capital and 92% of the votes. Non-Swedish shareholders accounted for 8% of the capital and 2% of the votes.
NEW WAVE GROUP'S TEN MAJOR SHAREHOLDERS 2015-09-30
| SHAREHOLDER | Number of shares | Number of votes | Capital % | Votes % |
|---|---|---|---|---|
| Torsten Jansson through companies | 20 944 377 | 198 316 817 | 31.6% | 81.4% |
| Lannebo Microcap | 7 098 969 | 7 098 969 | 10.7% | 2.9% |
| Avanza Pension | 4 490 879 | 4 490 879 | 6.8% | 1.8% |
| Fjärde AP-Fonden | 4 079 737 | 4 079 737 | 6.1% | 1.7% |
| Andra AP-Fonden | 2 469 054 | 2 469 054 | 3.7% | 1.0% |
| Svolder AB | 1 818 668 | 1 818 668 | 2.7% | 0.7% |
| Handelsbanken fonder | 1 727 638 | 1 727 638 | 2.6% | 0.7% |
| Spiltan | 1 196 523 | 1 196 523 | 1.8% | 0.5% |
| SEB fonder | 1 006 391 | 1 006 391 | 1.5% | 0.4% |
| Nordea fonder | 977 620 | 977 620 | 1.5% | 0.4% |
| 45 809 856 | 223 182 296 | 69.0% | 91.6% |
SHAREHOLDER DISTRIBUTION IN NEW WAVE GROUP 2015-09-30
| Number of shares | Number of votes | Capital % | Votes % | |
|---|---|---|---|---|
| Sweden | 60 872 739 | 238 241 859 | 91.8% | 97.8% |
| Shareholders outside Sweden, excl. USA | 4 122 582 | 4 122 582 | 6.2% | 1.7% |
| USA | 1 348 222 | 1 348 222 | 2.0% | 0.5% |
| Total | 66 343 543 | 243 712 663 | 100.00% | 100.0% |
NEW WAVE GROUP'S TRADEMARKS
C O R P O R AT E P R O M O
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) Company Number 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