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New Wave Group AB — Interim / Quarterly Report 2015
Aug 20, 2015
3081_ir_2015-08-20_17c81213-1b97-42b3-91f2-c4a431f701e5.pdf
Interim / Quarterly Report
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INTERIM REPORT JANUARY–JUNE
INTERIM REPORT NEW WAVE GROUP AB
- Sales amounted to SEK 1,191 million, which was 21% higher than last year (SEK 983 million).
- Operating profit amounted to SEK 48.7 (48.0) million.
- The periods result amounted to SEK 27.8 (29.4) million.
- Earnings per share amounted to SEK 0.41 (0.44).
- Cash flow from operating activities amounted to SEK -55.9 (-27.7) million.
PERIOD 1 APRIL – 30 JUNE 2015 PERIOD 1 JANUARY – 30 JUNE 2015
- Sales amounted to SEK 2,287 million, which was 21% higher than last year (SEK 1,892 million).
- Operating profit amounted to SEK 50.5 (42.1) million.
- The periods result amounted to SEK 16.9 (18.1) million.
- Earnings per share amounted to SEK 0.24 (0.27).
- Cash flow from operating activities amounted to SEK -84.8 (61.1) million.
TURNOVER RESULT BEFORE TAX
CEO COMMENTS
APRIL - JUNE
I'm quite satisfied with the second-quarter. We are, by and large, following our plan and are at double digit growth even with currency effects excluded. Growth including currency effects at 21% feels strong, not the least because part of what we do requires some time before it gives results. And there is still virtually no sales of Cottover in the figures, as the launch was delayed a month and occurred only at the end of June. Operating profit of SEK 48.7 million is slightly more than last year and acceptable considering all the investments we are making in growth, but I believed in a higher result. The difference being gross profit, which I had hoped for a better outcome. But as I said, I'm quite satisfied with the outcome of the quarter.
JANUARY - JUNE
I feel confident and secure with our first six months. Even for the half year, we have double digit growth with currency effects excluded and a whole 21% including currency effects. Operating income is just over SEK 8 million better than last year but it is lower than my expectations. A somewhat lower gross profit in the second quarter and just under SEK 10 million in currency losses, mainly in Switzerland, in the first quarter make up the difference and with that knowledge, I think it is fully approved.
THE FUTURE
As I wrote after the first quarter, I have not looked so bright on the future since 1997. We will continue to grow and the investments we have made will produce results! We should also remember (see prior interim report) that we are in an investment phase and cannot always count on results within a few quarters – it will take a little time.
A shining example of this is Cottover which we launched at the end of the second quarter and actually started to sell in June. Cottover is the Group's most important launch ever and will really leave many competitors far behind us. But if we look critically at the first and second quarters, the result could have been millions better and the balance sheet smaller without the investment, but I am totally convinced that this is the way to go even though in a snapshot, it affects negatively. I look forward to the coming quarters and years with great confidence!
COMMENTS
SUMMARY OF THE QUARTER APRIL-JUNE
Our investment in better delivery reliability and new products continues to produce results. The Group increased its sales by 21% (10% excluding currency fluctuations) compared with last year. Out of our operating segments, Sport & Leisure increased the most with 29% of which the USA market accounts for the largest increase. Sales increased in both sales channels. Exchange rates have affected sales positively. The operating segment Corporate Promo increased by 19%, which is related to the regions Sweden, Other Nordic countries and Europe, as well as the promo sales channel. Gifts & Home Furnishings increased its sales by 2%. Product launches as well as the improved supply has mainly taken place in the promo sales channel and it is also here we see the largest increase, namely 24%. The retail sales channel increased by 17%.
The gross profit margin was slightly lower than last year and is due to our mix of products, customers and countries.
The Group's costs have increased compared with last year, which is related to the planned investment in sales and marketing as previously announced. Both external costs and personnel costs will increase in the coming quarters as we continue to market our product launches and expand our sales force.
Operating profit was slightly higher compared to last year. The improvement is mainly attributable to increased sales but our increased investments in sales and marketing have reduced the effectiveness of sales growth. Higher interest expense due to higher net debt had a negative impact on financial costs and profit after tax was on par with last year.
Cash flow from operating activities amounted to SEK -55.9 (-27.7) million, in which the deterioration is related to our purchase of goods and payment of these. Stock increased by SEK 866 million and amounted to SEK 2,486 (1,620) million, of which SEK 143 million is related to changes in exchange rates. Net debt increased by SEK 760 million and amounted to SEK 2,087 (1,327) million, of which SEK 169 million is related to changes in exchange rates. Net debt/equity ratio increased, amounting to 86.5 (62.9)%, which is related to the above mentioned stock building.
APRIL – JUNE
TURNOVER
Turnover amounted to SEK 1,191 million, which was 21% higher than last year (SEK 983 million). Exchange rates affected turnover positively by SEK 109 million (11%).
The operating segment Corporate Promo increased by 19%, Sports & Leisure increased by 29% and Gifts & Home Furnishings by 2%. Of the Group's sales channels, promo increased by 24% while retail sales increased 17%.
Turnover in Sweden increased by 7%. USA increased by 36% which is primarily attributable to the positive currency change. Turnover in local currency increased by 8%. Other Nordic countries increased by 18% and all countries in the region are increasing. Sales in Central and Southern Europe have increased by 15% and 34% respectively. The improvement in all regions is mainly due to the promo sales channel.
GROSS PROFIT
The gross profit amounted to 44.7 (45.9)%. The decrease is due to the mix of products, customers and countries.
OTHER OPERATING INCOME AND OTHER OPERATING EXPENSES
Other operating income increased by SEK 2.4 million to SEK 7.8 (5.4) million. Other operating income is mainly attributable to operating currency gains but also invoiced expenses and should be compared to the result row "Other operating expenses" where mainly foreign exchange losses are reported. Other operating expenses increased by SEK 4.1 million and amounted to SEK -6.7 (-2.6) million. The net total of the above items amounted to SEK 1.1 (2.8) million.
COSTS AND DEPRECIATION
External costs increased by SEK 42.0 million and amounted to SEK -258.9 (-216.9) million. The increase is related to increased investment in sales and marketing.
Personnel costs amounted to SEK -212.0 million which is SEK 35.3 million higher than last year (SEK -176.7 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 increased slightly compared to last year and amounted to SEK -14.3 (-13.2) million. The increase is mainly related to currency movements.
OPERATING MARGIN
Our increased investments in sales and marketing have given a lower operating margin. The operating margin for the period was 4.1 (4.9)%.
NET FINANCIAL ITEMS AND TAXES
Net financial items amounted to SEK -13.7 (-9.4) million. This deterioration is related to a worse net interest due to higher net debt.
Tax on result for the period amounted to SEK -7.2 (-9.2) million.
RESULT FOR THE PERIOD
Result for the period amounted to SEK 27.8 (29.4) million and earnings per share amounted to SEK 0.41 (0.44).
JANUARY – JUNE
TURNOVER
Turnover amounted to SEK 2,287 million, which was 21% higher than last year (SEK 1,892 million). Exchange rates affected turnover positively by SEK 216 million (11%).
The operating segment Corporate Promo increased by 23%, Sports & Leisure increased by 24% and Gifts & Home Furnishings was on par with last year. Of the Group's sales channels, promo increased by 27% while retail sales increased 15%.
Turnover in Sweden increased by 7% and this is related to the promo sales channel which increased by 11%, while retail was on par with last year. USA increased by 33% which is primarily attributable to the positive currency change. Turnover in local currency increased by 5% and was mainly in the promo sales channel. Other Nordic countries increased by 16%, where the increase was in all countries as well as in both sales channels. Sales in Central and Southern Europe increased by 16% and 35% respectively, which is related to the promo sales channel.
GROSS PROFIT
The gross profit margin was 45.1 (45.6)%. The 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 4.6 million to SEK 17.1 (12.5) million. Other operating income is mainly attributable to operating currency gains but also invoiced expenses and should be compared to the result row "Other operating expenses" where mainly foreign exchange losses are reported. Other operating expenses increased by SEK 20.2 million and amounted to SEK -25.2 (-5.0) million. The net total of the above items amounted to SEK -8.1 (7.5) million, where the deteriorated earnings is primarily attributable to the first quarter's foreign exchange losses associated with the Swiss Franc as it abandoned its EURO cap. Last year also includes a number of allowances and invoiced expenses which have not occurred during the first six months.
COSTS AND DEPRECIATION
External costs increased by SEK 82.6 million and amounted to SEK -529.0 (-446.4) million. The increase is related to increased investment in sales and marketing.
Personnel costs amounted to SEK -417.3 million which is SEK 61.1 million higher than last year (SEK -356.2 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 87 million.
Depreciation increased slightly compared to last year and amounted to SEK -29.2 (-25.6) million. The increase is mainly related to currency movements.
OPERATING MARGIN
Sales growth resulted in an improved operating profit, while the operating margin was unchanged compared with last year and amounted to 2.2 (2.2)%. The margin was negatively affected by our investments in sales.
NET FINANCIAL ITEMS AND TAXES
Net financial items amounted to SEK -28.8 (-17.7) million. This deterioration is related to a worse net interest due to higher net debt.
Tax on result for the period amounted to SEK -4.8 (-6.3) million.
RESULT FOR THE PERIOD
Result for the period amounted to SEK 16.9 (18.1) million and earnings per share amounted to SEK 0.24 (0.27).
REPORTING 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 19% and amounted to SEK 540 (454) million. The result (EBITDA) amounted to SEK 52.4 (54.7) million. The increased turnover is due to increased sales and marketing activities, as well as an improved inventory structure and level of service. The increase occurred in the promo sales channel and in all regions. The deterioration in earnings is primarily related to increased investments and costs for sales and marketing as well as a slightly lower gross profit margin (mix of products).
During the period January-June turnover increased by 23% and amounted to SEK 1,007 (816) million. The result (EBITDA) amounted to SEK 61.5 (56.1) 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 improved result is related to the increased turnover but has also been negatively affected by increased costs for sales and marketing during the first half of the year.
SPORTS & LEISURE
Turnover amounted to SEK 522 (404) million, which is 29% higher than last year. The result (EBITDA) amounted to SEK 10.9 (7.9) million. Sales increased mainly in the promo sales channel and in the regions of USA and Europe. The segment has a significant portion of its sales in the American market and the exchange rates have affected turnover positively. 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-June turnover increased by SEK 1,046 (842) millions, which is 24% 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 35.5 (26.8) million. The improved result is related to the increased turnover but has also been negatively affected by increased costs for sales and marketing during the first half of the year
GIFTS & HOME FURNISHINGS
Turnover increased by 2% and amounted to SEK 129 (126) million. The result (EBITDA) amounted to SEK -0.3 million which is somewhat better than last year (SEK -1.4 million). The increase in turnover is related to the retail sales channel.
lion. The result (EBITDA) is somewhat lower than last year and amounted to SEK -17.3 (-15.2) million. The lower result is related to the planned cost increases in sales and marketing.
CAPITAL TIED UP
Capital tied up in stock amounted to SEK 2,486 (1,620) million and increased by SEK 866 million compared to the same period last year. Changes in exchange rates for conversion to SEK have affected the stock value by SEK 143 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 stock increase raises the level of service and provides supply reliability for our customers. 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 | 2015-06 | 2014-06 |
|---|---|---|
| Raw materials | 23.2 | 23.2 |
| Work in progress | 2.6 | 4.1 |
| Goods in transit | 126.8 | 155.2 |
| Merchandise on stock | 2 333.4 | 1 437.5 |
| Total | 2 486.0 | 1 620.0 |
Stock was written down by SEK 110 (101) million, of which SEK 11 (13) million pertains to raw materials. Write-down related to merchandise on stock amounted to 4,1 (5,7)%.
Accounts receivable amounted to SEK 784 (657) million, where growth is primarily turnover related. However, even currency fluctuations when converted into SEK increased this amount.
INVESTMENT, FINANCING AND LIQUIDITY
During the period January-June turnover amounted to SEK 235 (234) mil-
Consolidated cash flow from operating activities was negative during the quarter and amounted to SEK -55.9 (-27.7) million. The reason for this is
that payments of our stock purchases have a different payment period compare to last year. The cash net investments amounted to SEK -39.6 (-17.5) million. The increase is related to tangible assets.
Consolidated cash flow from operating activities during the first half year amounted to SEK -84.8 (61.1) million, which relates to increased stock purchases. The cash net investments amounted to SEK -65.9 (-32.5) million. The increase is related to tangible assets.
Net debt increased by SEK 760 million to SEK 2,087 (1,327) million, which is primarily related to our planned build-up of stock. Exchange rates have increased the debt by SEK 169 million. The increase in stock means that our net debt in relation to shareholders' equity and working capital has increased to 86,5 (62,9)% and 75,5 (69,5)% respectively.
As a result of our stock build-up, our equity ratio decreased by 5.4 percentage points and amounted to 43.8 (49.2)% as of 30 June.
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 2,625 million, of which the principal agreement amounts to SEK 2,375 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.
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 June 2015 was 2,308 (2,185) of whom 51% were woman 49% were men. Of the total number of employees 589 (535) 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 and Toppoint.
RELATED PARTY TRANSACTIONS
There are lease agreements with affiliates. Affiliates of the Managing Director have bought merchandise and recieved compensation for consultancy services rendered. All transactions are on market terms.
THE PARENT COMPANY
Total income amounted to SEK 67.4 (44.5) million. Profit before appropriations and tax amounted to SEK 69.8 (-10.4) million, which includes dividends paid by subsidiaries of SEK 77.3 million. Net borrowing amounted to SEK 1,963 (1,316) million, of which SEK 1,785 (969) million relates to the financing of subsidiaries. Net investments amounted to SEK -3.8 (-12.0) million. The balance sheet total amounted to SEK 3,664 (2,818) million and shareholders' equity, including 78% of untaxed reserves, to SEK 1,324 (1,095) 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.
THE NATIONAL ATHLETICS TEAM DRESS UP IN CRAFT!
We are proud and happy to announce that Craft is new official sponsor of the Swedish Athletics' national team through a five year contract that runs from the upcoming World Championships in Beijing and throughout 2019. This is an offensive push completely in line with the Craft Brand and our current extensive marketing actions.
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.
CALENDAR
12 November 2015: Interim report for Q3
- 11 February 2016: Year-end report 2015
- 21 April 2016: Interim report for Q1
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.
GÖTEBORG 20 AUGUST 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: 031–7128901 E-mail: [email protected]
CFO Lars Jönsson Phone: 031–7128912 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 20 August 2015.
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Ditt budskap blir ännu tydligare när du väljer att ta ansvar. Välj CottoVer för en god sak. Tillsammans gör vi skillnad! www.cottover.se
CERTIFIERADE PROFILKLÄDER
Vänd dig till oss när du bestämt dig för att göra skillnad:
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DURABILITY AT WORK SINCE 1975
ALINGSÅS NWP PROFILDESIGN ALINGSÅS ALFTA FRONTA ALFTA ARLÖV ARLÖVS REKLAM BODEN NWP COMPANY LINE BORÅS NWP TOP LINE ESKILSTUNA NWP PROFEEL FALUN NWP TRYCKET I DALARNA GÄVLE ARNE BLOM GÄVLE NWP INDUSTRIPROFIL GÖTEBORG CONERA GÖTEBORG IDÉO PRESENTREKLAM GÖTEBORG NICE FÖRETAGSREKLAM HALLSBERG NWP LPT REKLAM HÄSSLEHOLM / VINSLÖV
NWP MAGNUSSONS JÖNKÖPING NWP ALPIST REKLAM JÖNKÖPING INSLAGET KALMAR KST INFOSERVICE KALMAR NWP NÖJAB KARLSKOGA NWP ARENA REKLAM KARLSTAD NWP MYSHKIN KARLSTAD TAG REKLAM KATRINEHOLM NWP PÅHLSONS REKLAM KIRUNA NWP COMPANY LINE KRISTIANSTAD NWP WAYPOINT KUNGSBACKA NWP BRODERIET KUNGÄLV NWP TRIMDON LIDKÖPING NWP NEW PROMOTION LIMHAMN NWP BRODERIET LINKÖPING TSB I LINKÖPING LJUNGBY NWP RYSSBY REKLAM LULEÅ NWP COMPANY LINE LÖDDEKÖPINGE NWP FELESTAD MALMÖ CONNECT MARKETING MALMÖ NWP FLINK REKLAM & PROMOTION MALMÖ NWP NORDTREND MARIESTAD NWP REKLAMBOLAGET MORA NWP TRYCKET I DALARNA MÖLNDAL NWP FLINK REKLAM & PROMOTION MÖLNDAL HAJON MÖLNDAL NWP NORDTREND MÖLNDAL TEAM PROMOTION NORRKÖPING PROMO FÖRETAGSREKLAM NORRKÖPING NWP TM NORRKÖPING TOOLS NORRKÖPING NYKÖPING NWP PÅHLSONS REKLAM OSKARSHAMN NWP DÖDERHULTS PROFIL PITEÅ MYNTA PROFIL & PRESENT SALA NWP Ö&P YRKESBUTIKEN SKELLEFTEÅ NWP COMPANY LINE SKELLEFTEÅ FRONTA SKELLEFTEÅ SKÖVDE CONTECO SKÖVDE NWP NEW PROMOTION STOCKHOLM NWP företagsPRofi len STOCKHOLM MOLIND STOCKHOLM NWP SCREENBOLAGET STHLM ARLANDA NWP DE FACTO YRKESKLÄDER STHLM BROMMA NWP DAYLIGHT REKLAM STHLM BROMMA TRÖJHUSET NWP GEWE PROMOTION STHLM KISTA SEGMENTA STHLM SKARPNÄCK
FRONTA SKARPNÄCK STHLM TÄBY DHL PRESENTREKLAM SUNDSVALL PAINTEX SUNDSVALL NWP YRKES & PROFIL KLÄDER SUNNE NWP SUN SCREEN TROLLHÄTTAN REMEMBER ME UDDEVALLA NWP OLYMPUS UMEÅ UMEÅ REKLAM UMEÅ NWP YRKES & PROFIL KLÄDER VÄSTERÅS NWP NOBLE ART VÄSTRA FRÖLUNDA
NWP OLYMPUS VÄXJÖ NWP PR ACTIVE ÖREBRO BACK UP ÖREBRO FRONTLINE REKLAM ÖREBRO NWP REKLAMPROFFSEN ÖREBRO TEXT PRINT ÖREBRO TH IDÉ & REKLAM NWP: NEW WAVE PROFILE MEMBERS & PARTNERS Retail återförsäljare STOCKHOLM UNIPEG RIVIERA
KATRINEHOLM Påhlsons Reklam KIRUNA Company Line / IMA KIRUNA Svenska Wip
9
TINGSRYD Ottoson Screen TOMELILLA Sahlins kläder UDDEVALLA Olympus UMEÅ Gärdin & Persson UMEÅ Jobline ULRICEHAMN Mercus Yrkeskläder UPPSALA Arbetsklädshuset UPPSALA Uppsala Maskin & Verktyg VARA Roupéz Profile
MASSIVE MEDIA DISPLAY OF OUR BRANDS AND OF OUR RETAILERS.
During the Spring of 2015, we increased our marketing efforts in Swedish evening press and weekend magazines extensively to create exposure and frequency for our most important brands. In total, we run hundreds of ads, mainly full pages and half pages, where we consequently refer to our retail network. This is our most extensive media campaign so far and it is backed up by marketing on the web and in social media.
CONSOLIDATED INCOME STATEMENTS
| 3 months | 3 months | 6 months | 6 months | 12 months | 12 months | |
|---|---|---|---|---|---|---|
| Apr- June | Apr- June | Jan- June | Jan- June | Jan-Dec | Jan-Dec | |
| SEK million | 2015 | 2014 | 2015 | 2014 | 2014 | 2013 |
| Income | 1 191.3 | 983.3 | 2 287.4 | 1 891.8 | 4 273.6 | 4 047.4 |
| Goods for resale | -659.1 | -531.8 | -1 254.8 | -1 029.5 | -2 321.0 | -2 177.0 |
| Gross profit | 532.2 | 451.5 | 1 032.6 | 862.3 | 1 952.6 | 1 870.4 |
| Other operating income* | 7.8 | 5.4 | 17.1 | 12.5 | 27.7 | 33.3 |
| External costs | -258.9 | -216.9 | -529.0 | -446.4 | -923.5 | -853.3 |
| Personnel costs | -212.0 | -176.7 | -417.3 | -356.2 | -735.7 | -697.8 |
| Depreciation and write downs of tangible and | ||||||
| intangible fixed assets | -14.3 | -13.2 | -29.2 | -25.6 | -54.2 | -52.1 |
| Other operating costs | -6.7 | -2.6 | -25.2 | -5.0 | -16.5 | -10.9 |
| Share of associated companies' result | 0.6 | 0.5 | 1.5 | 0.5 | -0.4 | 1.1 |
| Operating profit | 48.7 | 48.0 | 50.5 | 42.1 | 250.0 | 290.7 |
| Financial income | 3.2 | 1.2 | 5.1 | 2.6 | 4.9 | 6.8 |
| Financial expenses | -16.9 | -10.6 | -33.9 | -20.3 | -46.9 | -63.0 |
| Net financial items | -13.7 | -9.4 | -28.8 | -17.7 | -42.0 | -56.2 |
| Result before tax | 35.0 | 38.6 | 21.7 | 24.4 | 208.0 | 234.5 |
| Tax on result for the period | -7.2 | -9.2 | -4.8 | -6.3 | -31.1 | -47.4 |
| Result for the period | 27.8 | 29.4 | 16.9 | 18.1 | 176.9 | 187.1 |
| Other comprehensive income | ||||||
| Items that can be reclassified into profit or loss |
||||||
| Translation differences | -42.9 | 53.5 | 58.6 | 54.9 | 198.2 | 23.9 |
| Cash flow hedge | -1.3 | 0.0 | -1.0 | 0.0 | 1.3 | 0.1 |
| Sum | -44.2 | 53.5 | 57.6 | 54.9 | 199.5 | 24.0 |
| Income tax related to components of other comprehensive income |
0.3 | 0.0 | 0.2 | 0.0 | -0.3 | 0.0 |
| Total other comprehensive income net after tax for the period | -43.9 | 53.5 | 57.8 | 54.9 | 199.2 | 24.0 |
| Total comprehensive income for the period | -16.1 | 82.9 | 74.7 | 73.0 | 376.1 | 211.1 |
| Result attributable to: Shareholders of the parent company |
27.4 | 28.9 | 16.0 | 17.6 | 176.2 | 187.2 |
| Non-controlling (minority) interest | 0.4 | 0.5 | 0.9 | 0.5 | 0.7 | -0.1 |
| 27.8 | 29.4 | 16.9 | 18.1 | 176.9 | 187.1 | |
| Total comprehensive income attributable to: | ||||||
| Shareholders of the parent company | -16.3 | 81.7 | 73.3 | 71.8 | 373.9 | 210.9 |
| Non-controlling (minority) interest | 0.2 | 1.2 | 1.4 | 1.2 | 2.2 | 0.2 |
| -16.1 | 82.9 | 74.7 | 73.0 | 376.1 | 211.1 | |
| Profit per share | 0.41 | 0.44 | 0.24 | 0.27 | 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 | 3 months | 6 months | 6 months | 12 months | 12 months | |
|---|---|---|---|---|---|---|
| April - June | April - June | Jan - June | Jan - June | Jan - Dec | Jan - Dec | |
| SEK million | 2015 | 2014 | 2015 | 2014 | 2014 | 2013 |
| Current operation | ||||||
| Operating profit | 48.7 | 48.0 | 50.5 | 42.1 | 250.0 | 290.7 |
| Adjustment for items not included in cash flow | 23.0 | 12.6 | 41.0 | 27.2 | 71.8 | 32.2 |
| Received interest | 1.3 | 1.2 | 3.2 | 2.6 | 4.9 | 6.8 |
| Paid interest | -17.1 | -10.6 | -31.2 | -20.3 | -46.9 | -63.0 |
| Paid income tax | -1.3 | -12.4 | -18.1 | -19.9 | -25.9 | -40.1 |
| Cash flow from current operations | ||||||
| before changes in working capital | 54.6 | 38.8 | 45.4 | 31.7 | 253.9 | 226.6 |
| Changes in working capital | ||||||
| Increase/decrease of stock | -88.5 | -86.8 | -289.1 | -137.4 | -573.1 | 198.2 |
| Increase/decrease of current receivables | -23.0 | -28.0 | 106.5 | 144.3 | -20.6 | -30.4 |
| Increase/decrease of current liabilities | 1.0 | 48.3 | 52.4 | 22.5 | 55.6 | -35.9 |
| Cash flow from changes in working capital | -110.5 | -66.5 | -130.2 | 29.4 | -538.1 | 131.9 |
| Cash flow from operations | -55.9 | -27.7 | -84.8 | 61.1 | -284.2 | 358.5 |
| Investing activities | ||||||
| Investments in tangible fixed assets | -38.6 | -9.6 | -63.2 | -21.1 | -48.4 | -26.8 |
| Sales of tangible fixed assets | 0.0 | 0.0 | 1.0 | 2.0 | 2.3 | 4.1 |
| Investments in intangible fixed assets | -2.0 | -6.4 | -3.0 | -12.0 | -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* | 1.0 | 0.0 | 1.0 | 0.0 | 0.0 | 0.0 |
| Acquisition of financial fixed assets | 0.0 | -1.5 | 0.0 | -1.5 | -1.5 | 0.0 |
| Cash flow from investing activities | -39.6 | -17.5 | -65.9 | -32.5 | -74.3 | -46.8 |
| Cash flow after investing activities | -95.5 | -45.2 | -150.7 | 28.6 | -358.5 | 311.7 |
| Financial activities | ||||||
| Loan raised | 179.1 | 129.6 | 165.2 | 19.8 | 430.9 | 0.0 |
| Raised long-term receivables | -1.1 | 0.0 | -1.5 | 0.0 | 0.0 | 0.0 |
| Repayment of long-term receivables | 0.0 | 0.0 | 0.0 | 3.7 | 3.7 | 0.8 |
| Amortization of loan | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -291.8 |
| Dividend paid to the shareholders of the parent company | -66.3 | -66.3 | -66.3 | -66.3 | -66.3 | -66.3 |
| Cash flow from financial activities | 111.7 | 63.3 | 97.4 | -42.8 | 368.3 | -357.3 |
| Cash flow for the period | 16.2 | 18.1 | -53.3 | -14.2 | 9.8 | -45.6 |
| Liquid assets at the beginning of the period | 159.0 | 153.1 | 216.0 | 185.1 | 185.1 | 229.7 |
| Translation differences in liquid assets | -5.7 | 4.8 | 6.8 | 5.1 | 21.1 | 1.0 |
| Liquid assets at period-end | 169.5 | 176.0 | 169.5 | 176.0 | 216.0 | 185.1 |
| Liquid assets | ||||||
| Cash at bank and in hand | 169.5 | 176.0 | 169.5 | 176.0 | 216.0 | 185.1 |
| * The item includes: | ||||||
| Goodwill | - | - | - | 0.1 | -0.3 | - |
| Trademark | - | - | - | - | - | - |
| Working capital | -5.1 | - | -7.0 | - | - | - |
| Overtake of loan | - | - | 1.3 | - | 2.5 | - |
| Fixed assets | 6.1 | - | 5.9 | - | - | - |
| Liquid assets | - | - | - | - | - | - |
| Reclassification share in associated companies | - | - | -0.9 | - | - | - |
| Change in non-controlling (minority) interest | - | - | - | - | -7.5 | - |
| Effect on the cash flow | 1.0 | - | -0.7 | 0.1 | -5.3 | - |
CONDENSED CONSOLIDATED BALANCE SHEETS
| 30-June | 30-June | 31-Dec | 31-Dec | |
|---|---|---|---|---|
| SEK million | 2015 | 2014 | 2014 | 2013 |
| ASSETS | ||||
| Intangible fixed assets | 1 385.1 | 1 228.9 | 1 342.9 | 1 196.9 |
| Tangible fixed assets | 346.1 | 293.6 | 307.5 | 287.5 |
| Shares in associated companies | 60.1 | 65.1 | 64.2 | 63.1 |
| Long-term receivables | 17.2 | 20.3 | 20.7 | 23.9 |
| Deferred tax assets | 103.8 | 80.8 | 102.5 | 81.3 |
| Total non-current assets | 1 912.3 | 1 688.7 | 1 837.8 | 1 652.7 |
| Stock | 2 486.0 | 1 620.0 | 2 162.1 | 1 449.1 |
| Tax receivables | 27.1 | 21.3 | 22.9 | 30.2 |
| Accounts receivables | 783.7 | 656.6 | 804.2 | 734.2 |
| Prepaid expenses and accrued income | 74.7 | 80.0 | 67.1 | 59.5 |
| Other receivables | 52.8 | 42.9 | 126.5 | 110.7 |
| Liquid assets | 169.5 | 176.0 | 216.0 | 185.1 |
| Total current assets | 3 593.8 | 2 596.8 | 3 398.8 | 2 568.8 |
| TOTAL ASSETS | 5 506.1 | 4 285.5 | 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 | 273.6 | 74.1 | 217.6 | 20.0 |
| Retained earnings including result for the period | 1 701.4 | 1 591.8 | 1 750.4 | 1 640.4 |
| Equity attributable to shareholders of the parent company | 2 393.5 | 2 084.4 | 2 386.5 | 2 078.9 |
| Non-controlling (minority) interest | 20.0 | 25.1 | 18.6 | 23.9 |
| Total equity | 2 413.5 | 2 109.5 | 2 405.1 | 2 102.8 |
| LIABILITIES | ||||
| Long-term interest-bearing liabilities | 2 177.3 | 1 432.6 | 1 961.1 | 1 375.4 |
| Pension provisions | 13.2 | 11.9 | 12.9 | 11.0 |
| Other provisions | 10.0 | 17.3 | 13.1 | 15.9 |
| Deferred tax liabilities | 153.3 | 131.8 | 148.9 | 129.1 |
| Total non-current liabilities | 2 353.8 | 1 593.6 | 2 136.0 | 1 531.4 |
| Short-term interest-bearing liabilities | 79.1 | 70.3 | 83.7 | 73.7 |
| Accounts payable | 366.0 | 297.2 | 323.9 | 229.0 |
| Current tax liabilities | 10.4 | 0.0 | 26.9 | 21.6 |
| Other liabilities | 86.6 | 43.9 | 81.0 | 92.0 |
| Accrued expenses and prepaid income | 196.7 | 171.0 | 180.0 | 171.0 |
| Total current liabilities | 738.8 | 582.4 | 695.5 | 587.3 |
| Total liabilities | 3 092.6 | 2 176.0 | 2 831.5 | 2 118.7 |
| TOTAL EQUITY AND LIABILITIES | 5 506.1 | 4 285.5 | 5 236.6 | 4 221.5 |
| Memorandum items | ||||
| Pledged assets | 3 272.2 | 3 087.7 | 3 220.5 | 3 043.4 |
| Contingent liabilities | 22.1 | 25.6 | 24.8 | 24.3 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Other | Retained earnings | Non-controlling | |||||
|---|---|---|---|---|---|---|---|
| capital | incl. result | (minority) | |||||
| 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 | -66.3 | -66.3 | -66.3 | ||||
| Change in non-controlling (minority) 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 | Non-controlling | |||||
| capital | incl. result | (minority) | |||||
| 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 | 16.0 | 16.0 | 0.9 | 16.9 | |||
| Other comprehensive income | |||||||
| Translation difference | 58.1 | 58.1 | 0.5 | 58.6 | |||
| Cash flow hedge | -2.3 | 1.3 | -1.0 | -1.0 | |||
| Income tax related to components of other comprehensive income | 0.2 | 0.2 | 0.2 | ||||
| Transactions with shareholders | |||||||
| Dividends | -66.3 | -66.3 | -66.3 | ||||
| Closing balance 2015-06-30 | 199.1 | 219.4 | 273.6 | 1 701.4 | 2 393.5 | 20.0 | 2 413.5 |
| 6 months | 6 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 | 58.6 | 54.9 | 198.2 | 23.9 |
Accumulated translation differences at end of period 280.1 78.2 221.5 23.3
| FINANCIAL INSTRUMENTS | ||||
|---|---|---|---|---|
| SEK million | 30-June | 30-June | 31-Dec | 31-Dec |
| 2015 | 2014 | 2014 | 2013 | |
| Assets at fair value * | 1.7 | 5.6 | 2.3 | 0.1 |
| Assets at amortised cost | 1 005.0 | 874.8 | 1 151.0 | 1 034.8 |
| Total financial assets | 1 006.7 | 880.4 | 1 153.3 | 1 034.9 |
| Liabilities at fair value * | 1.0 | 0.0 | 0.0 | 1.6 |
| Liabilities at amortised cost | 2 905.2 | 2 014.8 | 2 628.8 | 1 940.8 |
| Total financial liabilites | 2 906.2 | 2 014.8 | 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
| 6 months | 6 months 12 months |
12 months | ||
|---|---|---|---|---|
| Jan- June | Jan- June | Jan-Dec | Jan-Dec | |
| 2015 | 2014 | 2014 | 2013 | |
| Sales growth, % | 20.9 | 1.0 | 5.6 | -5.4 |
| Number of employees | 2 308 | 2 185 | 2 212 | 2 123 |
| Gross profit margin, % | 45.1 | 45.6 | 45.7 | 46.2 |
| Operating margin before depreciation, % | 3.5 | 3.6 | 7.1 | 8.5 |
| Operating margin, % | 2.2 | 2.2 | 5.9 | 7.2 |
| Profit margin, % | 0.9 | 1.3 | 4.9 | 5.8 |
| Net margin, % | 0.7 | 1.0 | 4.1 | 4.6 |
| Return on shareholders' equity, % | 1.4 | 1.7 | 7.9 | 9.3 |
| Return on capital employed, % | 2.4 | 2.4 | 6.4 | 8.2 |
| Equity ratio, % | 43.8 | 49.2 | 45.9 | 49.8 |
| Net debt - Equity ratio, % | 86.5 | 62.9 | 76.0 | 60.1 |
| Net debt in relation to working capital, % | 75.5 | 69.5 | 71.1 | 67.6 |
| Net debt, SEK million | 2 086.9 | 1 327.0 | 1 828.7 | 1 264.0 |
| Interest cover ratio, times | 1.6 | 2.2 | 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 | -84.8 | 61.1 | -284.2 | 358.5 |
| Net investments, SEK million | -65.9 | -32.5 | -74.3 | -46.8 |
| Cash flow after investments, SEK million | -150.7 | 28.6 | -358.5 | 311.7 |
| Shareholders' equity per share, SEK | 36.38 | 31.80 | 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
| 6 months | 6 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan - June | Jan - June | Jan - Dec | Jan - Dec | |
| SEK million | 2015 | 2014 | 2014 | 2013 |
| Income | 51.9 | 39.8 | 90.0 | 84.6 |
| Other operating income* | 15.5 | 4.7 | 14.9 | 10.4 |
| Total income | 67.4 | 44.5 | 104.9 | 95.0 |
| Operating costs | ||||
| External costs | -40.8 | -36.9 | -64.7 | -61.3 |
| Personnel costs | -13.5 | -12.4 | -25.9 | -22.6 |
| Depreciation of tangible and intangible fixed assets | -2.8 | -1.7 | -3.9 | -2.5 |
| Other operating costs** | -13.7 | -3.6 | -13.0 | -8.4 |
| Operating profit/loss | -3.4 | -10.1 | -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 | 0.0 | 0.0 | -21.8 | -22.8 |
| Financial income | 24.7 | 21.2 | 41.8 | 55.8 |
| Financial expenses | -28.8 | -21.5 | -77.3 | -131.1 |
| Net financial items | 73.2 | -0.3 | 218.8 | 214.2 |
| Result before appropriations and tax | 69.8 | -10.4 | 216.2 | 214.4 |
| Appropriations | 0.0 | 0.0 | -1.6 | 26.1 |
| Tax on result for the period | 1.6 | 2.3 | 0.0 | 0.4 |
| Result for the period | 71.4 | -8.1 | 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
| 6 months | 6 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan-June | Jan-June | Jan-Dec | Jan-Dec | |
| SEK million | 2015 | 2014 | 2014 | 2013 |
| Current operations | ||||
| Operating profit/loss | -3.4 | -10.1 | -2.6 | 0.2 |
| Adjustment for items not included in cash flow | 2.8 | 1.7 | 3.9 | 2.5 |
| Received dividends | 0.0 | 0.0 | 2.8 | 16.8 |
| Received interest | 24.7 | 21.2 | 41.8 | 55.8 |
| Paid interest | -28.8 | -21.5 | -46.5 | -68.8 |
| Paid income tax | -0.1 | 0.7 | 0.9 | 4.9 |
| Cash flow from current operations | ||||
| before changes in working capital | -4.8 | -8.0 | 0.3 | 11.4 |
| Changes in working capital | ||||
| Decrease/increase in stock | -1.1 | -1.0 | -0.6 | 0.0 |
| Decrease/increase in current receivables | -185.4 | 102.8 | -274.3 | 450.7 |
| Decrease/increase on current liabilities | 88.5 | 10.9 | 94.4 | -121.9 |
| Cash flow from changes in working capital | -98.0 | 112.7 | -180.5 | 328.8 |
| Cash flow from operations | -102.8 | 104.7 | -180.2 | 340.2 |
| Investing activities | ||||
| Shareholders contribution to subsidiaries | 0.0 | 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 | -10.6 | -16.9 | -3.9 |
| Acquisition of shares | -1.7 | 0.0 | -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 | -3.8 | -12.0 | -33.3 | -13.9 |
| Cash flow after investing activities | -106.6 | 92.7 | -213.5 | 326.3 |
| Financial activities | ||||
| Loan raised | 163.1 | 0.0 | 292.2 | 0.0 |
| Amortization of loan | 0.0 | -26.7 | 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 | 96.8 | -93.0 | 225.9 | -344.8 |
| Cash flow for the period | -9.8 | -0.3 | 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 | 3.0 | 0.1 | 12.8 | 0.4 |
BALANCE SHEETS – PARENT COMPANY
| SEK million | 30 June | 30 June | 31 Dec | 31 Dec |
|---|---|---|---|---|
| ASSETS | 2015 | 2014 | 2014 | 2013 |
| Fixed assets | ||||
| Intangible fixed assets | 18.4 | 15.0 | 19.4 | 5.8 |
| Tangible fixed assets | 1.2 | 1.1 | 0.9 | 1.4 |
| Financial assets | ||||
| Shares in Group companies | 1 463.0 | 1 383.6 | 1 413.6 | 1 383.7 |
| Shares in associated companies | 54.7 | 60.4 | 60.4 | 58.9 |
| Receivables on Group companies | 903.8 | 739.5 | 857.0 | 714.0 |
| Other long-term receivables | 2.0 | 2.0 | 2.0 | 2.0 |
| Total financial assets | 2 423.5 | 2 185.5 | 2 333.0 | 2 158.6 |
| Total fixed assets | 2 443.1 | 2 201.6 | 2 353.3 | 2 165.8 |
| Current assets | ||||
| Current receivables | ||||
| Stock | 1.7 | 1.0 | 0.6 | 0.0 |
| Accounts receivable | 1.2 | 0.6 | 0.3 | 0.2 |
| Receivables on Group companies | 1 196.4 | 588.7 | 896.7 | 619.2 |
| Tax receivables | 2.0 | 2.7 | 0.2 | 1.1 |
| Other receivables | 9.6 | 16.7 | 90.6 | 87.1 |
| Prepaid expenses and accrued income | 6.5 | 6.8 | 5.4 | 9.2 |
| Total current receivables | 1 217.4 | 616.5 | 993.8 | 716.8 |
| Cash at bank and in hand | 3.0 | 0.1 | 12.8 | 0.4 |
| Total current assets | 1 220.4 | 616.6 | 1 006.6 | 717.2 |
| TOTAL ASSETS | 3 663.5 | 2 818.2 | 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 | 71.4 | -8.1 | 214.6 | 240.9 |
| 868.2 | 640.4 | 863.1 | 714.8 | |
| Total equity | 1 316.7 | 1 088.9 | 1 311.6 | 1 163.3 |
| Untaxed reserves | 8.9 | 7.3 | 8.9 | 7.3 |
| Non-current liabilities | ||||
| Overdraft facilities | 1 571.4 | 896.5 | 1 377.9 | 867.7 |
| Bankloan Total non-current liabilities |
341.5 1 912.9 |
370.0 1 266.5 |
325.0 1 702.9 |
400.0 1 267.7 |
| Current liabilities | ||||
| Short-term interest-bearing liabilities | 50.0 | 50.0 | 50.0 | 50.0 |
| Accounts payable | 53.3 | 41.0 | 39.7 | 25.9 |
| Liabilities to Group companies | 315.3 | 359.5 | 240.6 | 361.5 |
| Other liabilities | 0.8 | 0.7 | 1.0 | 2.3 |
| Accrued expenses and prepaid income | 5.6 | 4.3 | 5.2 | 5.0 |
| Total current liabilities | 425.0 | 455.5 | 336.5 | 444.7 |
| TOTAL EQUITY AND LIABILITIES | 3 663.5 | 2 818.2 | 3 359.9 | 2 883.0 |
| Pledged assets and contingent liabilities for the parent company | ||||
| Pledged assets | 1 183.4 | 1 116.1 | 1 141.4 | 1 116.1 |
| Contingent liabilities | 374.2 | 343.5 | 436.5 | 208.6 |
CHANGES IN EQUITY – PARENT COMPANY
| Share capital | Restricted | Retained Share premium | Result for | |||
|---|---|---|---|---|---|---|
| SEK million | reserves | profits | reserve | 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 | |||
|---|---|---|---|---|---|---|
| SEK million | reserves | profits | reserve | the period | Total equity | |
| 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 | 71.4 | 71.4 | ||||
| Total change in net assets excluding | 0.0 | 0.0 | 0.0 | 0.0 | 71.4 | 71.4 |
| transactions with shareholders | ||||||
| Dividends | -66.3 | -66.3 | ||||
| Closing balance 2015-06-30 | 199.1 | 249.4 | 748.8 | 48.0 | 71.4 | 1 316.7 |
SALES AND RESULT PER OPERATING SEGMENT
| SEK million | 3 months | 3 months | 6 months | 6 months | 12 months | 12 months |
|---|---|---|---|---|---|---|
| Apr-June | Apr-June | Jan-June | Jan-June | Jan-Dec | Jan-Dec | |
| Corporate Promo | 2015 | 2014 | 2015 | 2014 | 2014 | 2013 |
| Income | 540.0 | 453.8 | 1 007.0 | 815.6 | 1 788.2 | 1 587.3 |
| Result EBITDA | 52.4 | 54.7 | 61.5 | 56.1 | 173.8 | 143.5 |
| Sports & Leisure | ||||||
| Income | 522.3 | 403.5 | 1 045.7 | 842.1 | 1 952.5 | 1 929.3 |
| Result EBITDA | 10.9 | 7.9 | 35.5 | 26.8 | 135.3 | 154.8 |
| Gifts & Home furnishings | ||||||
| Income | 129.0 | 126.0 | 234.7 | 234.1 | 532.9 | 530.8 |
| Result EBITDA | -0.3 | -1.4 | -17.3 | -15.2 | -4.9 | 44.5 |
| Total income | 1 191.3 | 983.3 | 2 287.4 | 1 891.8 | 4 273.6 | 4 047.4 |
| Total result EBITDA | 63.0 | 61.2 | 79.7 | 67.7 | 304.2 | 342.8 |
| Total result EBITDA | 63.0 | 61.2 | 79.7 | 67.7 | 304.2 | 342.8 |
| Depreciation and write-downs | -14.3 | -13.2 | -29.2 | -25.6 | -54.2 | -52.1 |
| Net financial items | -13.7 | -9.4 | -28.8 | -17.7 | -42.0 | -56.2 |
| Profit before tax | 35.0 | 38.6 | 21.7 | 24.4 | 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 June 2015 | ||||||
| Corporate Promo | 2 887.0 | 624.9 | 26.7 | -26.8 | -14.0 | 2 199.2 |
| Sports & Leisure | 2 140.4 | 945.7 | 43.6 | -22.7 | -13.1 | 675.7 |
| Gifts & Home Furnishings | 478.7 | 160.6 | 33.5 | -16.4 | -2.1 | 217.7 |
| Total | 5 506.1 | 1 731.2 | 103.8 | -65.9 | -29.2 | 3 092.6 |
| 30 June 2014 | ||||||
| Corporate Promo | 2 183.6 | 585.9 | 22.7 | -22.8 | -11.5 | 1 505.3 |
| Sports & Leisure | 1 695.9 | 791.5 | 26.1 | -5.4 | -12.2 | 473.3 |
| Gifts & Home Furnishings | 406.0 | 145.1 | 32.0 | -4.3 | -1.9 | 197.4 |
| Total | 4 285.5 | 1 522.5 | 80.8 | -32.5 | -25.6 | 2 176.0 |
| 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
| SEK million | 3 months Apr-June |
Part of | 3 months Apr-June |
Part of | Change | Change |
|---|---|---|---|---|---|---|
| 2015 | income | 2014 | income | SEK million | % | |
| Sweden | 269 | 23% | 251 | 25% | 18 | 7% |
| USA | 354 | 30% | 261 | 27% | 93 | 36% |
| Nordic countries excluding Sweden | 170 | 14% | 144 | 15% | 26 | 18% |
| Central Europe | 194 | 16% | 168 | 17% | 26 | 15% |
| Southern Europe | 115 | 10% | 86 | 9% | 29 | 34% |
| Other countries | 89 | 7% | 73 | 7% | 16 | 22% |
| Total | 1 191 | 100% | 983 | 100% | 208 | 21% |
| 6 months | 6 months | |||||
|---|---|---|---|---|---|---|
| SEK million | Jan - June | Part of | Jan - June | Part of | Change | Change |
| 2015 | income | 2014 | income | SEK million | % | |
| Sweden | 505 | 22% | 471 | 25% | 34 | 7% |
| USA | 641 | 28% | 482 | 25% | 159 | 33% |
| Nordic countries excluding Sweden | 333 | 15% | 287 | 15% | 46 | 16% |
| Central Europe | 416 | 18% | 358 | 19% | 58 | 16% |
| Southern Europe | 218 | 9% | 162 | 9% | 56 | 35% |
| Other countries | 174 | 8% | 132 | 7% | 42 | 32% |
| Total | 2 287 | 100% | 1 892 | 100% | 395 | 21% |
| 12 months | 12 months | |||||
|---|---|---|---|---|---|---|
| SEK million | Jan - Dec | Part of | Jan - Dec | Part of | Change | Change |
| 2014 | income | 2013 | income | SEK million | % | |
| Sweden | 1 064 | 25% | 1 036 | 26% | 28 | 3% |
| USA | 1 124 | 26% | 1 095 | 27% | 29 | 3% |
| Nordic countries excluding Sweden | 606 | 14% | 589 | 15% | 17 | 3% |
| Central Europe | 766 | 18% | 710 | 17% | 56 | 8% |
| Southern Europe | 365 | 9% | 335 | 8% | 30 | 9% |
| Other countries | 349 | 8% | 282 | 7% | 67 | 24% |
| Total | 4 274 | 100% | 4 047 | 100% | 227 | 6% |
FIXED ASSETS AND DEFERRED TAX ASSETS PER AREA
| 30 June | 30 June | 31 Dec | ||||
|---|---|---|---|---|---|---|
| 2015 | 2014 | 2014 | ||||
| SEK million | Fixed | Deferred | Fixed | Deferred | Fixed | Deferred |
| assets* | tax assets | assets* | tax assets | assets* | tax assets | |
| Sweden | 446.5 | 19.1 | 432.1 | 19.5 | 433.5 | 19.7 |
| USA | 892.9 | 58.8 | 730.7 | 39.2 | 838.7 | 56.9 |
| Nordic countries excluding Sweden | 28.4 | 10.1 | 22.7 | 5.6 | 22.1 | 10.2 |
| Central Europe | 189.6 | 10.6 | 185.1 | 9.5 | 193.4 | 10.5 |
| Southern Europe | 164.8 | 2.6 | 141.3 | 1.5 | 144.4 | 2.4 |
| Other countries | 9.0 | 2.6 | 10.6 | 5.5 | 18.3 | 2.8 |
| Total | 1 731.2 | 103.8 | 1 522.5 | 80.8 | 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 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Income | 1 096.1 | 1 191.3 | 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 | -497.7 | -531.8 | -621.9 | -669.6 | -456.8 | -529.1 | -564.9 | -626.2 |
| Gross profit | 500.4 | 532.2 | 410.8 | 451.5 | 500.4 | 589.9 | 420.5 | 466.2 | 470.1 | 513.6 |
| Gross profit % | 45.7 | 44.7 | 45.2 | 45.9 | 44.6 | 46.8 | 47.9 | 46.8 | 45.4 | 45.1 |
| Other operating income | 9.3 | 7.8 | 7.1 | 5.4 | 5.1 | 10.1 | 8.6 | 7.7 | 7.7 | 9.3 |
| External costs | -270.1 | -258.9 | -229.5 | -216.9 | -216.6 | -260.5 | -222.9 | -209.7 | -205.4 | -215.2 |
| Personnel costs | -205.3 | -212.0 | -179.5 | -176.7 | -174.8 | -204.7 | -174.7 | -177.9 | -162.5 | -182.7 |
| Depreciations and write-downs | -14.9 | -14.3 | -12.4 | -13.2 | -14.4 | -14.2 | -11.8 | -14.6 | -13.9 | -11.9 |
| Other operating costs | -18.5 | -6.7 | -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 | 0.0 | 0.5 | 0.1 | -1.0 | 0.2 | 0.4 | -0.3 | 0.8 |
| Operating profit/loss | 1.8 | 48.7 | -5.9 | 48.0 | 95.7 | 112.2 | 16.1 | 70.2 | 92.8 | 111.6 |
| Financial income | 1.9 | 3.2 | 1.4 | 1.2 | 1.1 | 1.2 | 1.8 | 1.4 | 1.8 | 1.8 |
| Financial expenses | -17.0 | -16.9 | -9.7 | -10.6 | -12.1 | -14.5 | -17.8 | -16.1 | -14.9 | -14.2 |
| Result before tax | -13.3 | 35.0 | -14.2 | 38.6 | 84.7 | 98.9 | 0.1 | 55.5 | 79.7 | 99.2 |
| Tax | 2.4 | -7.2 | 2.9 | -9.2 | -17.8 | -7.0 | 0.0 | -16.6 | -21.9 | -8.9 |
| Result for the period | -10.9 | 27.8 | -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 | 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 | -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 | -0.17 | 0.44 | 1.01 | 1.38 | 0.00 | 0.60 | 0.87 | 1.35 |
| after dilution (SEK) | -0.17 | 0.41 | -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 |
| 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 |
| 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 | 2015 | 2014 | 2013 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||
| Cash flow from current operations | ||||||||||||
| before changes in working capital | -9.2 | 54.6 | -7.1 | 38.8 | 93.1 | 129.1 | -18.7 | 55.3 | 86.7 | 103.3 | ||
| Increase/decrease of stock | -200.6 | -88.5 | -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 | 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 | -25.8 | 48.3 | 50.0 | -16.9 | -34.1 | 2.3 | -1.3 | -2.8 | ||
| Changes in working capital | -19.7 | -110.5 | 95.9 | -66.5 | -383.8 | -183.7 | 124.8 | -13.5 | -89.2 | 109.8 | ||
| Cash flow from operations | -28.9 | -55.9 | 88.8 | -27.7 | -290.7 | -54.6 | 106.1 | 41.8 | -2.5 | 213.1 | ||
| Investing activities | -26.3 | -39.6 | -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 | 73.8 | -45.2 | -302.9 | -84.2 | 96.4 | 32.9 | -23.7 | 206.1 | ||
| Loan raised | 0.0 | 179.1 | 0.0 | 129.6 | 289.8 | 121.3 | 0.0 | 24.2 | 0.0 | 0.0 | ||
| Raised long-term receivables | -0.4 | -1.1 | 0.0 | 0.0 | -0.2 | 0.0 | 0.0 | 0.0 | 0.0 | -0.2 | ||
| Repayment of long-term receivables | 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 | -109.8 | 0.0 | 0.0 | 0.0 | -157.3 | 0.0 | -12.0 | -146.7 | ||
| Dividend paid to the shareholders of the parent company | 0.0 | -66.3 | 0.0 | -66.3 | 0.0 | 0.0 | 0.0 | -66.3 | 0.0 | 0.0 | ||
| Financial activities | -14.3 | 111.7 | -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 | -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 | 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 | ||
| Translation differences in liquid assets | 12.5 | -5.7 | 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 | 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 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 at least 40% of the Group's profit after taxes over a business cycle.
SHAREHOLDERS
The number of shareholders amount to 10 973 (11 031) on June 30, 2015. Institutional investors accounted for 49% of the capital and 13% of the votes. At the same time the ten largest shareholders held 70% of the capital and 92% of the votes. Non-Swedish shareholders accounted for 9% of the capital and 2% of the votes.
NEW WAVE GROUP'S TEN MAJOR SHAREHOLDERS 2015-06-30
| SHAREHOLDER | Number of shares | Number of votes | Capital % | Votes % |
|---|---|---|---|---|
| Torsten Jansson through companies | 20 903 477 | 198 316 817 | 31.5% | 81.4% |
| Lannebo Microcap | 6 878 877 | 6 878 877 | 10.4% | 2.8% |
| Avanza Pension | 4 370 077 | 4 370 077 | 6.6% | 1.8% |
| Fjärde AP-Fonden | 4 079 737 | 4 079 737 | 6.1% | 1.7% |
| Andra AP-Fonden | 2 642 161 | 2 642 161 | 4.0% | 1.1% |
| City Bank New York | 1 897 462 | 1 897 462 | 2.9% | 0.8% |
| Svolder AB | 1 672 500 | 1 672 500 | 2.5% | 0.7% |
| Handelsbanken fonder | 1 526 298 | 1 526 298 | 2.3% | 0.6% |
| Spiltan | 1 196 523 | 1 196 523 | 1.8% | 0.5% |
| Nordea fonder | 933 627 | 933 627 | 1.4% | 0.4% |
| 46 100 739 | 223 514 079 | 69.5% | 91.7% |
SHAREHOLDER DISTRIBUTION IN NEW WAVE GROUP 2015-06-30
| Number of shares | Number of votes | Capital % | Votes % | |
|---|---|---|---|---|
| Sweden | 60 673 953 | 238 043 073 | 91.5% | 97.7% |
| Shareholders outside Sweden, excl. USA | 3 943 911 | 3 943 911 | 5.9% | 1.6% |
| USA | 1 725 679 | 1 725 679 | 2.6% | 0.7% |
| Total | 66 343 543 | 243 712 663 | 100.0% | 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