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New Wave Group AB — Interim / Quarterly Report 2016
Aug 18, 2016
3081_ir_2016-08-18_d74630f7-5b54-4f2b-bb7c-a52f0cd77426.pdf
Interim / Quarterly Report
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Our Promo brand Clique has invested heavily in product range and contributes strongly to the sales increases during the second quarter 2016.
INTERIM REPORT JANUARY–JUNE
INTERIM REPORT NEW WAVE GROUP AB
- Sales amounted to SEK 1,257 million, which was 6% higher than last year (SEK 1,191 million).
- Operating profit amounted to SEK 100.2 million (48.7).
- Result for the period amounted to SEK 67.0 million (27.8).
- Earnings per share amounted to SEK 1.01 (0.41).
- Cash flow from operating activities amounted to SEK 88.6 million (-55.9).
PERIOD 1 APRIL – 30 JUNE 2016 PERIOD 1 JANUARY – 30 JUNE 2016
- Sales amounted to SEK 2,388 million, which was 4% higher than last year (SEK 2,287 million).
- Operating profit amounted to SEK 108.3 million (50.5).
- Result for the period amounted to SEK 62.4 million (16.9).
- Earnings per share amounted to SEK 0.95 (0.24).
- Cash flow from operations amounted to SEK 152.5 million (-84.8).
- Equity ratio amounted to 45.8% (43.8).
- Net debt to equity ratio amounted to 75.2% (86.5).
TURNOVER RESULT BEFORE TAX
CEO COMMENTS
APRIL - JUNE
Turnover amounted to SEK 1,257 million and the quarter goes down in history as the highest sales ever achieved in the period April-June. I am satisfied with the sales growth of 6% (8% in local currencies), although we can be even better! It should be kept in mind that the corresponding period 2015 increased by 21% (10% in local currencies), so it was tough to meet these figures. It was also historical, in a different way, that for the first time we surpassed five billion in turnover (SEK 5,065 million) for a rolling 12 months.
The promo sales channel developed strong growth of 11%. However, I am not satisfied with the retail sector which showed -2% but here intensive work is under way to increase growth. Geographically Europe with Sweden at the forefront is really strong while the United States was somewhat weaker than we expected.
Operating profit more than doubled to SEK 100.2 million which is the best since 2008, but even here we can be better which we will also show in the coming years. The operating margin shall be up at higher levels.
JANUARY - JUNE
The half year sales of SEK 2,388 million are also the highest ever. Operating profit at SEK 108.3 million is more than double compared with last year. The operating margin should nevertheless continue to be improved.
Our cash flow from operations is also positive at SEK 152.5 million (-84.8) which continues to give us an extremely strong balance sheet. The equity ratio of 45.8% is well above both our goal (30%) and our covenants but it will be needed for our continued expansion.
THE FUTURE
I remain optimistic about the future. We can still have an individual setback but it certainly looks good for the next few years even if we continue to invest heavily in both product development and not least in marketing.
We have better service to our customers than ever before, we have a better range than ever, we have strengthened our brands significantly, we have taken a leading role within CSR in Corporate Promo with Cottover and we are ready to launch Craft Teamwear (football, handball, floorball) during the first quarter next year. We are also launching Craft shoes at the turn of the year 2017/2018 and we will be launching fantastic news in the promo sales channel and workwear in spring 2017.
I cannot, therefore, be anything but positive for the coming years, although any individual quarter could be worse than expected because of our continued high rate of investment in sales, marketing and product development.
COMMENTS
SUMMARY OF THE QUARTER APRIL - JUNE
The Group increased its sales during the second quarter of the year by 6% (8% excluding currency fluctuations) compared with last year. The higher turnover is mainly related to the segment, Corporate Promo, which increased by 12%, and the sales channel promo, where our investments in higher delivery reliability and new products has mainly occurred. The increase occurs in the regions of Sweden, the rest of the Nordic region and Europe. Sport & Leisure sales decreased slightly compared with last year. However, we have an increase in promo sales channel while retail decreased. Gifts & Home Furnishing's sales increased by 7%. The improvement occurred in the Swedish market as well as in both sales channels. Totally our sales increased in the promo sales channel by 11% while retail sales decreased by 2%.
Our gross profit margin improved and amounted to 45.5% (44.7). We have a good level of service and the margin for each segment shows an improvement in Corporate Promo as well as Gifts & Home Furnishings and a slightly lower margin in Sports & Leisure.
The Group's external costs decreased compared with last year, which is related to lower marketing costs. We have, however, continued high activity on our marketing operations, mainly in Sweden, but have savings within other areas. Personnel costs were on par with last year.
Operating profit increased by SEK 51.5 million compared to last year and amounted to SEK 100.2 million (48.7). The increase is mainly due to the increased sales and improved gross profit margin but also a decrease in external costs contributed to the improvement. Net financial items deteriorated slightly which relates to a non-recurrent income which had a positive impact last year.
Cash flow from operations was positive and amounted to SEK 88.6 million (-55.9). The improved cash flow is mainly attributable to lower purchases of goods compared to last year. Inventories decreased by SEK 18 million and amounted to SEK 2,468 million (2,486). Currency rate fluctuations have increased the value by SEK 17 million. Net debt decreased by SEK 177 million and amounted to SEK 1,910 million (2,087). Even the net debt in relation to shareholders' equity and working capital decreased and amounted to 75.2% (86.5) and 71.4% (75.5) respectively.
APRIL - JUNE
TURNOVER
Turnover amounted to SEK 1,257 million, which was 6% higher than last year (SEK 1,191 million). Exchange rates affected turnover negatively by SEK 25 million (-2%). Of the Group's sales channels, promo increased by 11% while retail sales decreased by 2%.
Turnover in Sweden increased by 12%. The promo sales channel increased by 24% and this is due to our focus on a higher level of service. Retail sales increased by 3%. The USA decreased by 4% and the decrease occurs in both sales channels. The rest of the Nordic region increased its turnover by 13% and the improvement occurs in all markets and in both sales channels. Sales in Central and Southern Europe have increased by 9% and 13% respectively, which is related to the promo sales channel. Other countries decreased by 6%.
GROSS PROFIT
The gross profit margin improved and amounted to 45.5% (44.7). The improvement has occurred in the segments Corporate Promo (product mix) as well as Gifts & Home Furnishings (new purchasing channels).
OTHER OPERATING INCOME AND OTHER OPERATING EXPENSES
Other operating income increased by SEK 4.4 million to SEK 12.2 million (7.8). 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 operating currency losses are reported. Other operating expenses increased by SEK 1.4 million and amounted to SEK -8.1 million (-6.7). The net total of above items amounted to SEK 4.1 million (1.1).
COSTS AND DEPRECIATION
External costs decreased by SEK 9.3 million and amounted to SEK -249.6 million (-258,9) which is related to lower marketing costs.
Personnel costs is on par with last year and amounted to SEK -213.0 million (-212.0).
Depreciation was slightly lower compared to last year and amounted to SEK -13.4 million (-14.3).
OPERATING MARGIN
The operating margin amounted to 8.0% (4.1) whereas the improvement is primarily attributable to the higher turnover and the improved gross profit margin.
NET FINANCIAL ITEMS AND TAXES
Net financial items amounted to SEK -14.8 million (-13.7). The decrease is due to the fact that last year included a capital gain of SEK 1.9 million.
Tax on result for the period amounted to SEK 18.4 million (7.2) where the increase is related to the improved result.
RESULT FOR THE PERIOD
Result for the period amounted to SEK 67.0 million (27.8) and earnings per share amounted to SEK 1.01 (0.41).
JANUARY - JUNE
TURNOVER
Turnover amounted to SEK 2,388 million, which was 4% higher than last year (SEK 2,287 million). Exchange rates affected turnover negatively by SEK 34 million (-1%). Of the Group's sales channels promo increased by 9%, while retail decreased slightly (-1%).
Turnover in Sweden increased by 7%. The promo sales channel increased by 18% while retail decreased by 3%. The USA decreased slightly. The decrease occurs in both sales channels. The rest of the Nordic region grew by 6% and this increase is mainly within the promo sales channel and occurs in all markets. Sales in Central and Southern Europe have increased by 11% and 12% respectively, which is related to the promo sales channel. Other countries decreased by 6%.
GROSS PROFIT
Gross profit margin increased compared to last year and amounted to 45.5% (45.1). The improvement is related to the segments Corporate Promo and Gifts & Home Furnishings while Sport & Leisure is on the same level as last year.
OTHER OPERATING INCOME AND OTHER OPERATING EXPENSES
Other operating income increased by SEK 4.5 million to SEK 21.6 million (17.1). 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 operating currency losses are reported. Other operating expenses decreased by SEK 11.5 million and amounted to SEK -13.7 million (-25.2). The net total of above items amounted to SEK 7.9 million (-8.1), where the improved result is mainly attributable to foreign exchange losses last year associated with the Swiss Franc as it abandoned its EURO cap.
COSTS AND DEPRECIATION
External costs are on par with last year and amounted to SEK -529.4 million (-529.0). Personnel costs amounted to SEK -430.4 million which is SEK 13.1 million higher than last year (SEK -417.3 million). The growth is related to an increased number of employees, especially in sales, customer service and marketing.
Depreciation was lower compared with last year and amounted to SEK -26.6 million (-29.2).
OPERATING MARGIN
The operating margin amounted to 4.5% (2.2) where the improvement is related to the increase in sales and higher gross profit margin.
NET FINANCIAL ITEMS AND TAXES
Net financial items are on par with last year and amounted to SEK -28.6 million (-28.8).
Tax on result for the period amounted to SEK 17.3 million (4.8) where the increase is related to the improved result.
RESULT FOR THE PERIOD
Result for the period amounted to SEK 62.4 million (16.9) and earnings per share amounted to SEK 0.95 (0.24).
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 SEK 65 million and amounted to SEK 605 million (540). The result (EBITDA) increased by SEK 40.1 million and amounted to SEK 90.5 million (50.4). Sales growth was due to an improved inventory structure and level of service. It is the promo sales channel that has increased and in particular in the regions of Sweden, the rest of the Nordic region and Europe. The improved result is mainly related to increased turnover and improved gross profit margin.
Turnover for the first six months of this year increased by 10% and amounted to SEK 1,110 million (1,007). The result (EBITDA) increased by SEK 42.5 million and amounted to SEK 104.0 million (61.5). Sales growth was due to increased sales and marketing activities, as well as an improved inventory structure and level of service. It is the promo sales channel that has increased and in particular in the regions of Sweden, the rest of the Nordic region and Europe. The improved result is mainly related to increased turnover and improved gross profit margin.
BRUK.
This is Bruk, a new colourful collection designed by Kosta Boda in Småland. Inspired by nature, design in symbiosis with form and function. Precision made to hold and carry on many occasions
SPORTS & LEISURE
Turnover for the second quarter was slightly lower than last year and amounted to SEK 515 million (522). However, the result (EBITDA) improved and amounted to SEK 24.0 million (10.9). Sales increased in the promo sales channel while retail sales decreased. Sweden and other Nordic countries increased while the USA decreased. The improved result is related to lower marketing costs.
Turnover for the period January - June decreased slightly and amounted to SEK 1,035 million (1,046). The result (EBITDA) increased by SEK 10.5 million and amounted to SEK 46.0 million (35.5). Sales increased slightly in the promo sales channel while it decreased somewhat in retail. The rest of the Nordic region and Europe increased while the USA decreased slightly. The improved result is related to lower marketing costs.
GIFTS & HOME FURNISHINGS
Turnover increased by 7% and amounted to SEK 138 million (129). Sales increased in both sales channels and the improvement is in Sweden. The result (EBITDA) was slightly lower than last year and amounted to SEK -0.9 million (-0.3). The segment has higher earnings due to increased sales and improved gross profit margin but has higher overhead costs for marketing activities.
Turnover for the first half of the year amounted to SEK 243 million (235). Sales grew in both sales channels. The result (EBITDA) amounted to SEK 15.1 million which was SEK 2.2 million better than last year (SEK -17.3 million). The improvement in earnings is primarily related to sales growth.
CAPITAL TIED UP
Capital tied up in inventory amounted to SEK 2,468 million and has decreased by SEK 18 million compared with last year (SEK 2,486 million). Changes in exchange rates for conversion to SEK have affected the stock value by SEK 17 million. The inventory level and the level of service are good. The inventory value is expected to be at a higher level during the next quarter, which is primarily seasonal related but also because of our extended Corporate Promo range. The turnover rate in inventories is at the same level as last year and amounted to 1.1 (1.1).
| SEK million | 06-2016 | 06-2015 |
|---|---|---|
| Raw materials | 32.2 | 23.2 |
| Work in progress | 5.5 | 2.6 |
| Goods in transit | 83.6 | 126.8 |
| Merchandise on stock | 2,346.3 | 2,333.4 |
| Total | 2,467.6 | 2,486.0 |
Inventories were written down by SEK 111 million (110), of which SEK 7 million (11) relates to raw material stocks. Write-down related to merchandise in stock amounted to 4.2% (4.1).
Accounts receivable amounted to SEK 817 million (784). The increase is turnover related.
INVESTMENTS, FINANCING AND LIQUIDITY
The quarter's cash flow from operations improved and amounted to SEK 88.6 million (-55.9). The improvement is primarily related to lower inventory purchases. The cash flow from investing activities amounted to SEK -21.2 million (-40.7). Last year included investments in new facilities in a number of companies which will not take place this year.
Cash flow from operations for the first six months of this year amounted to SEK 152.5 million, which is an improvement by 237.3 million against last year (SEK -84.8 million). Last year we increased our inventories in the promo sales channel. The reason was mainly to improve the level of service but even an extended product range in this channel.
Net debt was reduced by SEK 177 million to SEK 1,910 (2,087) million, which is related to the above mentioned improved cash flow. Exchange rates have increased the debt by 26 million. Net debt in relation to equity and working capital has decreased and amounted to 75.2% (86.5) and 71.4% (75.5) respectively.
The equity ratio has improved by 2 percentage points and as of 30 June amounted to 45.8% (43.8).
The Group signed a new financial agreement on 10 February. The total credit facility as of 30 June amounted to SEK 2,614.1 million of which SEK 2,250.0 million has a term of three years and USD 43.6 million has a term of eight years. The credit facility amount is limited to and dependent on the value of some underlying assets. The funding agreement means that financial ratios (covenants) must be fulfilled in order to maintain the agreement. Based on the present forecast, management estimates that the Group will be able to meet these covenants with sufficient margin.
PERSONNEL AND ORGANISATION
The number of employees as of 30 June 2016 amounted to 2,391 (2,308), of whom 51% were female and 49% were men. Of the total number of employees 591 (589) work in production. The production contained within New Wave group is attributable to Ahead (embroidery), Cutter & Buck (embroidery), Dahetra, Orrefors Kosta Boda, Paris Glove, Seger, Termo and Toppoint.
RELATED PARTY TRANSACTIONS
There are lease agreements with related companies. Related companies to the CEO have bought merchandise and received payments for consulting services performed. There are transactions with related parties for insignificant amounts. All transactions are on market terms.
THE PARENT COMPANY
Total income for the first half of the year amounted to SEK 60.8 million (67.4). Result before appropriations and taxes amounted to SEK 406.7 million (69.8). The improvement in earnings is related to dividends from Group companies. Net debt amounted to SEK 1,799 million (1,960), of which SEK 1,915 million (1,785) relates to the financing of subsidiaries. Cash flow from investing activities amounted to SEK 29.8 million (-3.8). The balance sheet total amounted to SEK 3,644 million (3,664) and shareholders' equity, including 78% of untaxed reserves, to SEK 1,555 million (1,324).
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 2015; 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 2016 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 2015.
CALENDAR
10 November 2016: Interim report for Q3
- 9 February 2017: Year-end report 2016
- 26 April 2017: Interim report for Q1
GOTHENBURG AUGUST 18 2016 NEW WAVE GROUP AB (PUBL)
OLOF PERSSON
Chairman of the Board
ELISABETH DAHLIN Member of the Board
CHRISTINA BELLANDER Member of the Board
MATS ÅRJES Member of the Board
M JOHAN WIDERBERG Member of the Board
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 18 August 2016.
PART OF THE STREET VIEW
Outdoor advertising/billboards is only one media where New Wave Group's premium brands are visible throughout Sweden. For some two odd years we have invested heavily in daily magazines and outdoor advertising and we can now see the effects. Apart from sheer exposure, it is important that our retailers see and benefit from the fact that we invest heavily in marketing.
CONSOLIDATED INCOME STATEMENTS
| 3 months | 3 months | 6 months | 6 months | 12 months | 12 months | |
|---|---|---|---|---|---|---|
| Apr- Jun | Apr- Jun | Jan- Jun | Jan- Jun | Jan - Dec | Jan - Dec | |
| SEK million | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 |
| Income | 1 257.3 | 1 191.3 | 2 388.1 | 2 287.4 | 4 964.7 | 4 273.6 |
| Goods for resale | -685.0 | -659.1 | -1 301.3 | -1 254.8 | -2 726.1 | -2 321.0 |
| Gross profit | 572.3 | 532.2 | 1 086.8 | 1 032.6 | 2 238.6 | 1 952.6 |
| Other operating income* | 12.2 | 7.8 | 21.6 | 17.1 | 47.2 | 27.7 |
| External costs | -249.6 | -258.9 | -529.4 | -529.0 | -1 086.0 | -923.5 |
| Personnel costs | -213.0 | -212.0 | -430.4 | -417.3 | -851.6 | -735.7 |
| Depreciation and write downs of tangible and | ||||||
| intangible fixed assets | -13.4 | -14.3 | -26.6 | -29.2 | -57.1 | -54.2 |
| Other operating costs | -8.1 | -6.7 | -13.7 | -25.2 | -36.2 | -16.5 |
| Share of associated companies result | -0.2 | 0.6 | 0.0 | 1.5 | 0.3 | -0.4 |
| Operating profit | 100.2 | 48.7 | 108.3 | 50.5 | 255.2 | 250.0 |
| Financial income | 0.9 | 3.2 | 2.1 | 5.1 | 7.2 | 4.9 |
| Financial expenses | -15.7 | -16.9 | -30.7 | -33.9 | -81.5 | -46.9 |
| Net financial items | -14.8 | -13.7 | -28.6 | -28.8 | -74.3 | -42.0 |
| Result before tax | 85.4 | 35.0 | 79.7 | 21.7 | 180.9 | 208.0 |
| Tax on profit for the period | -18.4 | -7.2 | -17.3 | -4.8 | -35.6 | -31.1 |
| Result for the period | 67.0 | 27.8 | 62.4 | 16.9 | 145.3 | 176.9 |
| Other comprehensive income | ||||||
| Items that can be reclassified into | ||||||
| profit or loss | ||||||
| Translation differences | 42.3 | -42.9 | 28.8 | 58.6 | 28.1 | 198.2 |
| Cash flow hedge | 6.2 | -1.3 | 3.7 | -1.0 | -0.1 | 1.3 |
| Sum | 48.5 | -44.2 | 32.5 | 57.6 | 28.0 | 199.5 |
| Income tax related to components of other comprehensive income |
-1.3 | 0.3 | -0.8 | 0.2 | 0.0 | -0.3 |
| Total other comprehensive income net after tax for the period | 47.2 | -43.9 | 31.7 | 57.8 | 28.0 | 199.2 |
| Total comprehensive income for the period | 114.2 | -16.1 | 94.1 | 74.7 | 173.3 | 376.1 |
| Result attributable to: | ||||||
| Shareholders of the parent company | 67.3 | 27.4 | 63.2 | 16.0 | 143.6 | 176.2 |
| Non-controlling interest | -0.3 | 0.4 | -0.8 | 0.9 | 1.7 | 0.7 |
| 67.0 | 27.8 | 62.4 | 16.9 | 145.3 | 176.9 | |
| Total comprehensive income attributable to: | ||||||
| Shareholders of the parent company | 114.2 | -16.3 | 94.7 | 73.3 | 171.4 | 373.9 |
| Non-controlling interest | 0.0 | 0.2 | -0.6 | 1.4 | 1.9 | 2.2 |
| 114.2 | -16.1 | 94.1 | 74.7 | 173.3 | 376.1 | |
| Total comprehensive income attributable to: | 1.01 | 0.41 | 0.95 | 0.24 | 2.16 | 2.66 |
| 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 | |
|---|---|---|---|---|---|---|
| Apr - Jun | Apr - Jun | Jan - Jun | Jan - Jun | Jan - Dec | Jan - Dec | |
| SEK million | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 |
| Current operation | ||||||
| Operating profit | 100.2 | 48.7 | 108.3 | 50.5 | 255.3 | 250.0 |
| Adjustment for items not included in cash flow | 12.2 | 23.0 | 30.5 | 41.0 | 67.7 | 71.8 |
| Received interest | 0.9 | 1.3 | 2.1 | 3.2 | 5.4 | 4.9 |
| Paid interest | -15.7 | -17.1 | -30.7 | -31.2 | -68.4 | -46.9 |
| Paid income tax | -8.2 | -1.3 | -25.0 | -18.1 | -50.2 | -25.9 |
| Cash flow from current operations | ||||||
| before changes in working capital | 89.4 | 54.6 | 85.2 | 45.4 | 209.8 | 253.9 |
| Changes in working capital | ||||||
| Increase/decrease of stock | 62.4 | -88.5 | 12.7 | -289.1 | -245.6 | -573.1 |
| Increase/decrease of current receivables | -76.9 | -23.0 | 8.4 | 106.5 | 74.5 | -20.6 |
| Increase/decrease of current liabilities | 13.7 | 1.0 | 46.2 | 52.4 | 90.8 | 55.6 |
| Cash flow from changes in working capital | -0.8 | -110.5 | 67.3 | -130.2 | -80.3 | -538.1 |
| Cash flow from operations | 88.6 | -55.9 | 152.5 | -84.8 | 129.5 | -284.2 |
| Investing activities | ||||||
| Investments in tangible fixed assets | -17.8 | -38.6 | -34.6 | -63.2 | -108.7 | -48.4 |
| Sales of tangible fixed assets | 0.1 | 0.0 | 0.7 | 1.0 | 1.9 | 2.3 |
| Investments in intangible fixed assets | -2.2 | -2.0 | -2.5 | -3.0 | -4.4 | -21.4 |
| Acquisition of subsidiaries* | 0.0 | 0.0 | 0.0 | -1.7 | -1.7 | -5.4 |
| Repayment of purchase amount * | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.1 |
| Sales of subsidiaries * | 0.0 | 1.0 | 0.0 | 1.0 | 7.4 | 0.0 |
| Acquisition of financial fixed assets | -0.1 | 0.0 | -0.1 | 0.0 | 0.0 | -1.5 |
| Raised long-term receivables | -1.2 | -1.1 | -1.0 | -1.5 | -1.0 | 0.0 |
| Repayment of long-term receivables | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.7 |
| Cash flow from investing activities | -21.2 | -40.7 | -37.5 | -67.4 | -106.5 | -70.6 |
| Cash flow after investing activities | 67.4 | -96.6 | 115.0 | -152.2 | 23.0 | -354.8 |
| Financial activities | ||||||
| Loan raised | 16.1 | 179.1 | 0.0 | 165.2 | 0.0 | 430.9 |
| Amortization of loan | 0.0 | 0.0 | -58.5 | 0.0 | -10.0 | 0.0 |
| Dividend paid to non-controlling interest | 0.0 | 0.0 | 0.0 | 0.0 | -1.0 | 0.0 |
| 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 | -50.2 | 112.8 | -124.8 | 98.9 | -77.3 | 364.6 |
| Cash flow for the period | 17.2 | 16.2 | -9.8 | -53.3 | -54.3 | 9.8 |
| Liquid assets at the beginning of the period | 136.3 | 159.0 | 165.5 | 216.0 | 216.0 | 185.1 |
| Translation differences in liquid assets | 3.6 | -5.7 | 1.4 | 6.8 | 3.8 | 21.1 |
| Liquid assets at period-end | 157.1 | 169.5 | 157.1 | 169.5 | 165.5 | 216.0 |
| Liquid assets | ||||||
| Cash at bank and in hand | 157.1 | 169.5 | 157.1 | 169.5 | 165.5 | 216.0 |
| * The item includes: | ||||||
| Goodwill Working capital |
- - |
- -5.1 |
- - |
- -7.0 |
13.6 -18.8 |
-0.3 - |
| Overtake of loan | - | - | - | 1.3 | 12.7 | 2.5 |
| Fixed assets | - | 6.1 | - | 5.9 | 6.6 | - |
| Reclassification share in associated companies | - | - | - | -0.9 | -0.9 | - |
| Consideration | - | - | - | - | -7.5 | - |
| Change in non-controlling (minority) interest | - | - | - | - | 0 | -7.5 |
| Effect on the cash flow | 0.0 | 1.0 | 0.0 | -0.7 | 5.7 | -5.3 |
CONSOLIDATED BALANCE SHEETS
| 30 Jun | 30 Jun | 31 Dec | 31 Dec | |
|---|---|---|---|---|
| SEK million | 2016 | 2015 | 2015 | 2014 |
| ASSETS | ||||
| Intangible fixed assets | 1 402.0 | 1 385.1 | 1 387.4 | 1 342.9 |
| Tangible fixed assets | 372.5 | 346.1 | 361.9 | 307.5 |
| Shares in associated companies | 52.6 | 60.1 | 52.5 | 64.2 |
| Long-term receivables | 10.1 | 17.2 | 8.8 | 20.7 |
| Deferred tax assets | 115.9 | 103.8 | 112.2 | 102.5 |
| Total non-current assets | 1 953.1 | 1 912.3 | 1 922.8 | 1 837.8 |
| Stock | 2 467.6 | 2 486.0 | 2 447.8 | 2 162.1 |
| Tax receivables | 32.8 | 27.1 | 12.7 | 22.9 |
| Accounts receivables | 816.7 | 783.7 | 821.5 | 804.2 |
| Prepaid expenses and accrued income | 79.2 | 74.7 | 69.3 | 67.1 |
| Other receivables | 39.1 | 52.8 | 39.1 | 126.5 |
| Liquid assets | 157.1 | 169.5 | 165.5 | 216.0 |
| Total current assets | 3 592.5 | 3 593.8 | 3 555.9 | 3 398.8 |
| TOTAL ASSETS | 5 545.6 | 5 506.1 | 5 478.7 | 5 236.6 |
| EQUITY | ||||
| Share capital | 199.1 | 199.1 | 199.1 | 199.1 |
| Other capital contributions | 219.4 | 219.4 | 219.4 | 219.4 |
| Reserves | 275.7 | 273.6 | 244.1 | 217.6 |
| Retained earnings including result for the period | 1 825.8 | 1 701.4 | 1 829.0 | 1 750.4 |
| Equity attributable to shareholders of the parent company | 2 520.0 | 2 393.5 | 2 491.6 | 2 386.5 |
| Non-controlling interest | 21.4 | 20.0 | 22.0 | 18.6 |
| Total equity | 2 541.4 | 2 413.5 | 2 513.6 | 2 405.1 |
| LIABILITIES | ||||
| Long-term interest-bearing liabilities | 1 981.8 | 2 177.3 | 1 805.2 | 1 961.1 |
| Pension provisions | 14.5 | 13.2 | 13.5 | 12.9 |
| Other provisions | 7.2 | 10.0 | 6.4 | 13.1 |
| Deferred tax liabilities | 153.7 | 153.3 | 150.8 | 148.9 |
| Total non-current liabilities | 2 157.2 | 2 353.8 | 1 975.9 | 2 136.0 |
| Short-term interest-bearing liabilities | 85.2 | 79.1 | 289.4 | 83.7 |
| Accounts payable | 410.7 | 366.0 | 368.6 | 323.9 |
| Current tax liabilities | 24.6 | 10.4 | 11.8 | 26.9 |
| Other liabilities | 117.3 | 86.6 | 125.2 | 81.0 |
| Accrued expenses and prepaid income | 209.2 | 196.7 | 194.2 | 180.0 |
| Total current liabilities | 847.0 | 738.8 | 989.2 | 695.5 |
| Total liabilies | 3 004.2 | 3 092.6 | 2 965.1 | 2 831.5 |
| TOTAL EQUITY AND LIABILITIES | 5 545.6 | 5 506.1 | 5 478.7 | 5 236.6 |
| Memorandum items | ||||
| Pledged assets | 3 189.2 | 3 272.2 | 3 460.8 | 3 962.9 |
| Contingent liabilities | 24.3 | 22.1 | 23.8 | 24.8 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Other capital |
Retained earnings incl. result |
Non-controlling | |||||
|---|---|---|---|---|---|---|---|
| SEK million | Share capital | contributions | Reserves | for the year | 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 year | 143.6 | 143.6 | 1.7 | 145.3 | |||
| Other comprehensive income | |||||||
| Translation difference | 27.9 | 27.9 | 0.2 | 28.1 | |||
| Cash flow hedge | -0.1 | -0.1 | -0.1 | ||||
| Reclassification of previous year's cash flow hedge | -1.3 | 1.3 | 0.0 | 0.0 | |||
| Income tax related to components of | 0.0 | 0.0 | 0.0 | ||||
| Transactions with shareholders | |||||||
| Dividends to shareholders of the parent company | -66.3 | -66.3 | -66.3 | ||||
| Dividends to non-controlling interest | 0.0 | -1.0 | -1.0 | ||||
| Change in non-controlling interest | 0.0 | 0.0 | 2.5 | 2.5 | |||
| Closing balance 2015-12-31 | 199.1 | 219.4 | 244.1 | 1 829.0 | 2 491.6 | 22.0 | 2 513.6 |
| Other | Retained earnings | ||||||
| capital | incl. result | Non-controlling | |||||
| SEK million | Share capital | contributions | Reserves | for the year | Total | interest | Total equity |
| Opening balance 2016-06-01 | 199.1 | 219.4 | 244.1 | 1 829.0 | 2 491.6 | 22.0 | 2 513.6 |
| Result for the year | 63.2 | 63.2 | -0.8 | 62.4 | |||
| Other comprehensive income | |||||||
| Translation difference | 28.6 | 28.6 | 0.2 | 28.8 | |||
| Cash flow hedge | 3.7 | 3.7 | 3.7 | ||||
| Reclassification of previous year's cash flow hedge | 0.1 | -0.1 | |||||
| Income tax related to components of | -0.8 | -0.8 | -0.8 | ||||
| Transactions with shareholders | |||||||
| Dividends to shareholders of the parent company | -66.3 | -66.3 | -66.3 | ||||
| Dividends to non-controlling interest | 0.0 | 0.0 | |||||
| Change in non-controlling interest | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Closing balance 2016-06-30 | 199.1 | 219.4 | 275.7 | 1 825.8 | 2 520.0 | 21.4 | 2 541.4 |
| 6 months | 6 months | Year | Year | ||||
| Accumulated translation differences in equity | 2016 | 2015 | 2015 | 2014 | |||
| Accumulated translation differences at the beginning of the period | 249.6 | 221.5 | 221.5 | 23.3 | |||
| Translation difference in foreign subsidiaries for the period | 28.8 | 58.6 | 28.1 | 198.2 | |||
| Accumulated translation differences at end of period | 278.4 | 280.1 | 249.6 | 221.5 |
| FINANCIAL INSTRUMENTS | ||||
|---|---|---|---|---|
| SEK million | 30 June | 30 June 31 Dec |
||
| 2016 | 2015 | 2015 | 2014 | |
| Assets at fair value * | 3.7 | 1.7 | 0.0 | 2.3 |
| Assets at amortised cost | 1 012.9 | 1 005.0 | 1 032.3 | 1 151.0 |
| Total financial assets | 1 016.6 | 1 006.7 | 1 032.3 | 1 153.3 |
| Liabilities at fair value * | 0.3 | 1.0 | 10.8 | 6.4 |
| Liabilities at amortised cost | 2 801.9 | 2 905.2 | 2 759.5 | 2 622.4 |
| Total financial liabilites | 2 802.2 | 2 906.2 | 2 770.3 | 2 628.8 |
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- Jun | Jan- Jun | Jan-Dec | Jan-Dec | |
| 2016 | 2015 | 2015 | 2014 | |
| Sales growth. % | 4.4 | 20.9 | 16.2 | 5.6 |
| Number of employees | 2 391 | 2 308 | 2 358 | 2 212 |
| Gross profit margin. % | 45.5 | 45.1 | 45.1 | 45.7 |
| Operating margin before depreciation. % | 5.7 | 3.5 | 6.3 | 7.1 |
| Operating margin. % | 4.5 | 2.2 | 5.1 | 5.9 |
| Profit margin. % | 3.3 | 0.9 | 3.6 | 4.9 |
| Net margin. % | 2.6 | 0.7 | 2.9 | 4.1 |
| Return on shareholders' equity. % | 4.9 | 1.4 | 6.0 | 7.9 |
| Return on capital employed. % | 4.8 | 2.4 | 5.8 | 6.4 |
| Equity ratio. % | 45.8 | 43.8 | 45.9 | 45.9 |
| Net debt - Equity ratio. % | 75.2 | 86.5 | 76.8 | 76.0 |
| Net debt in relation to working capital | 71.4 | 75.5 | 71.7 | 71.1 |
| Net debt. SEK million | 1 909.9 | 2 086.9 | 1 929.1 | 1 828.7 |
| Interest cover ratio. times | 3.6 | 1.6 | 3.2 | 5.4 |
| Capital turnover. times | 0.9 | 0.9 | 0.9 | 0.9 |
| Stock turnover. times | 1.1 | 1.1 | 1.2 | 1.3 |
| Cash flow before investments. SEK million | 152.5 | -84.8 | 129.5 | -284.2 |
| Net investments. SEK million | -37.5 | -67.4 | -106.5 | -70.6 |
| Cash flow after investments. SEK million | 115.0 | -152.2 | 23.0 | -354.8 |
| Shareholders' equity per share. SEK | 38.30 | 36.38 | 37.89 | 36.25 |
| Share price as at December 31. SEK | 34.50 | 38.30 | ||
| Dividend/share. SEK | 1.00 | 1.00 | ||
| P/E-ratio | 15.75 | 14.37 | ||
| P/S-ratio | 0.46 | 0.60 | ||
| Share price/Shareholders' equity | 0.91 | 1.06 |
DEFINITIONS
New Wave Group presents certain financial measures that are not defined in the interim report in accordance with IFRS. The Group believes that these measures provide useful supplemental information to investors and the company's management whereby they allow evaluation of the company's results and financial position. Because not all companies calculate the financial measures in the same way, these are not always comparable to measures used by other companies. These financial measures should not be seen as a substitute for measures defined under IFRS. 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 PROFIT MARGIN Gross profit as a percentage of the period's 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 Interest-bearing liabilities reduced by liquid funds.
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 RATIO Total equity as a percentage of balance sheet total.
CAPITAL EMPLOYED Total assets decreased by non-interestbearing provisions and liabilities.
STOCK TURNOVER Cost of sold goods divided by average stock.
SHAREHOLDERS ' EQUITY PER SHARE Shareholders ' equity divided by the number of shares at the end of period.
EARNINGS PER SHARE1) Result after tax for the period, attributable to equity holders of the parent company divided by the average number of outstanding shares.
1) Definition as per IFRS
INCOME STATEMENTS – PARENT COMPANY
| 6 months | 6 months | 12 months | 12 months | ||
|---|---|---|---|---|---|
| Jan - Jun | Jan - Jun | Jan - Dec | Jan - Dec | ||
| SEK million | 2016 | 2015 | 2015 | 2014 | |
| Income | 48.7 | 51.9 | 94.7 | 90.0 | |
| Other operating income* | 12.1 | 15.5 | 27.9 | 14.9 | |
| Total income | 60.8 | 67.4 | 122.6 | 104.9 | |
| Operating costs | |||||
| External costs | -36.1 | -40.8 | -79.7 | -64.7 | |
| Personnel costs | -12.1 | -13.5 | -26.6 | -25.9 | |
| Depreciation of tangible and intangible fixed assets | -2.5 | -2.8 | -5.8 | -3.9 | |
| Other operating costs** | -10.9 | -13.7 | -26.1 | -13.0 | |
| Operating profit/loss | -0.8 | -3.4 | -15.6 | -2.6 | |
| Net income from shares in Group companies | 408.2 | 77.3 | 116.8 | 276.1 | |
| Write-downs of financial fixed assets | 0.0 | 0.0 | -93.2 | -21.8 | |
| Financial income | 31.7 | 24.7 | 57.1 | 41.8 | |
| Financial expenses | -32.4 | -28.8 | -104.7 | -77.3 | |
| Net financial items | 407.5 | 73.2 | -24.0 | 218.8 | |
| Result before appropriations and tax | 406.7 | 69.8 | -39.6 | 216.2 | |
| Appropriations | 0.0 | 0.0 | 8.9 | -1.6 | |
| Tax on result for the year | -0.1 | 1.6 | 0.0 | 0.0 | |
| Result for the year | 406.6 | 71.4 | -30.7 | 214.6 |
Total comprehensive income for the year correspond with profit for the year
* Rate of exchange profit and capital gain
** Rate of exchange loss
CASH FLOW STATEMENTS – PARENT COMPANY
| 6 months | 6 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan-Jun | Jan-Jun | Jan-Dec | Jan-Dec | |
| SEK million | 2016 | 2015 | 2015 | 2014 |
| Current operations | ||||
| Operating profit/loss | -0.8 | -3.4 | -15.6 | -2.6 |
| Adjustment for items not included in cash flow | 2.5 | 2.8 | 5.8 | 3.9 |
| Received dividends | 0.0 | 0.0 | 0.0 | 2.8 |
| Received interest | 31.7 | 24.7 | 57.1 | 41.8 |
| Paid interest | -32.4 | -28.8 | -64.3 | -46.5 |
| Paid income tax | -0.2 | -0.1 | -0.4 | 0.9 |
| Cash flow from current operations | ||||
| before changes in working capital | 0.8 | -4.8 | -17.4 | 0.3 |
| Changes in working capital | ||||
| Decrease/increase in stock | 0.8 | -1.1 | -0.2 | -0.6 |
| Decrease/increase in current receivables | 17.7 | -185.4 | -199.9 | -274.3 |
| Decrease/increase on current liabilities | 115.3 | 88.5 | 235.5 | 94.4 |
| Cash flow from changes in working capital | 133.8 | -98.0 | 35.4 | -180.5 |
| Cash flow from operations | 134.6 | -102.8 | 18.0 | -180.2 |
| Investing activities | ||||
| Shareholders contribution to subsidiaries | 0.0 | 0.0 | -9.6 | -9.5 |
| Shareholders contribution to associated companies | -0.1 | 0.0 | 0.0 | -1.5 |
| Investments in tangible fixed assets | -0.3 | -0.6 | -2.5 | -0.1 |
| Investments in intangible fixed assets | 0.0 | -1.5 | -1.5 | -16.9 |
| Acquisition of shares | 0.0 | -1.7 | -9.2 | -5.4 |
| Reduction share capital | 30.2 | 0.0 | 0.0 | 0.0 |
| Repayment of purchase amount | 0.0 | 0.0 | 0.0 | 0.1 |
| Cash-flow from investing activities | 29.8 | -3.8 | -22.8 | -33.3 |
| Cash-flow after investing activities | 164.4 | -106.6 | -4.8 | -213.5 |
| Financial activities Loan raised |
0.0 | 163.1 | 61.5 | 292.2 |
| Amortization of loan | -98.6 | 0.0 | 0.0 | 0.0 |
| Dividend paid to shareholders of the parent company Cash-flow from financial activities |
-66.3 -164.9 |
-66.3 96.8 |
-66.3 -4.8 |
-66.3 225.9 |
| Cash flow for the period | -0.5 | -9.8 | -9.6 | 12.4 |
| Liquid assets at the beginning of the year | 3.2 | 12.8 | 12.8 | 0.4 |
| Liquid assets at period-end | 2.7 | 3.0 | 3.2 | 12.8 |
BALANCE SHEETS – PARENT COMPANY
| SEK million | 30 Jun | 30 Jun | 31 Dec | 31 Dec |
|---|---|---|---|---|
| ASSETS | 2016 | 2015 | 2015 | 2014 |
| Fixed assets | ||||
| Intangible fixed assets | 13.6 | 18.4 | 15.7 | 19.4 |
| Tangible fixed assets | 2.8 | 1.2 | 2.9 | 0.9 |
| Financial assets | ||||
| Shares in Group companies | 1 488.2 | 1 463.0 | 1 488.1 | 1 413.6 |
| Shares in associated companies | 52.2 | 54.7 | 52.2 | 60.4 |
| Receivables on Group companies | 930.5 | 903.8 | 916.3 | 857.0 |
| Other long-term receivables | 2.0 | 2.0 | 2.0 | 2.0 |
| Total financial assets | 2 472.9 | 2 423.5 | 2 458.6 | 2 333.0 |
| Total fixed assets | 2 489.3 | 2 443.1 | 2 477.2 | 2 353.3 |
| Current assets | ||||
| Current receivables | ||||
| Stock | 0.0 | 1.7 | 0.8 | 0.6 |
| Accounts receivable | 0.7 | 1.2 | 0.3 | 0.3 |
| Receivables on Group companies | 1 130.2 | 1 196.4 | 1 156.2 | 896.7 |
| Tax receivables | 0.7 | 2.0 | 0.6 | 0.2 |
| Other receivables | 6.2 | 9.6 | 7.0 | 90.6 |
| Prepaid expenses and accrued income | 14.1 | 6.5 | 5.4 | 5.4 |
| Total current receivables | 1 151.9 | 1 217.4 | 1 170.3 | 993.8 |
| Cash at bank and in hand | 2.7 | 3.0 | 3.2 | 12.8 |
| Total current assets | 1 154.6 | 1 220.4 | 1 173.5 | 1 006.6 |
| TOTAL ASSETS | 3 643.9 | 3 663.5 | 3 650.7 | 3 359.9 |
| 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 | 651.8 | 748.8 | 748.8 | 600.5 |
| Share premium reserve | 48.0 | 48.0 | 48.0 | 48.0 |
| Result for the year | 406.6 | 71.4 | -30.7 | 214.6 |
| 1 106.4 | 868.2 | 766.1 | 863.1 | |
| Total equity | 1 554.9 | 1 316.7 | 1 214.6 | 1 311.6 |
| Untaxed reserves | 0.0 | 8.9 | 0.0 | 8.9 |
| Non-current liabilities | ||||
| Overdraft facilities | 1 405.4 | 1 571.4 | 1 329.6 | 1 377.9 |
| Bankloan | 334.0 | 341.5 | 294.2 | 325.0 |
| Total non-current liabilities | 1 739.4 | 1 912.9 | 1 623.8 | 1 702.9 |
| Current liabilities | ||||
| Short-term interest-bearing liabilities | 62.7 | 50.0 | 250.0 | 50.0 |
| Accounts payable | 133.9 | 53.3 | 99.4 | 39.7 |
| Liabilities to Group companies | 146.2 | 315.3 | 449.8 | 240.6 |
| Current tax liability | 0.0 | 0.0 | 0.0 | 0.0 |
| Other liabilities | 1.1 | 0.8 | 7.2 | 1.0 |
| Accrued expenses and prepaid income | 5.7 | 5.6 | 5.9 | 5.2 |
| Total current liabilities | 349.6 | 425.0 | 812.3 | 336.5 |
| TOTAL EQUITY AND LIABILITIES | 3 643.9 | 3 663.5 | 3 650.7 | 3 359.9 |
| Pledged assets and contingent liabilities for the parent company Pledged assets |
1 198.8 | 1 183.4 | 1 198.8 | 1 141.4 |
| Contingent liabilities | 437.2 | 374.2 | 334.0 | 436.5 |
CHANGES IN EQUITY – PARENT COMPANY
| Share capital | Restricted | Retained Share premium | Result for | |||
|---|---|---|---|---|---|---|
| SEK million | reserves | profits | reserve | the year | 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 year | -30.7 | -30.7 | ||||
| Total change in net assets excluding | 0.0 | 0.0 | 0.0 | 0.0 | -30.7 | -30.7 |
| transactions with shareholders | ||||||
| Dividends | -66.3 | -66.3 | ||||
| Closing balance 2015-12-31 | 199.1 | 249.4 | 748.8 | 48.0 | -30.7 | 1 214.6 |
| Share capital | Restricted | Retained Share premium | Result for | |||
|---|---|---|---|---|---|---|
| SEK million | reserves | profits | reserve | the year | Total equity | |
| Opening balance 2016-01-01 | 199.1 | 249.4 | 748.8 | 48.0 | -30.7 | 1 214.6 |
| Transfer according to Annual General meeting | -30.7 | 30.7 | 0.0 | |||
| Result for the year | 406.6 | 406.6 | ||||
| Total change in net assets excluding | 0.0 | 0.0 | 0.0 | 0.0 | 406.6 | 406.6 |
| transactions with shareholders | ||||||
| Dividends | -66.3 | -66.3 | ||||
| Closing balance 2016-06-30 | 199.1 | 249.4 | 651.8 | 48.0 | 406.6 | 1 554.9 |
INCOME AND RESULT (EBITDA) PER OPERATING SEGMENT
| SEK million | 3 months | 3 months | 6 months | 6 months | 12 months | 12 mån |
|---|---|---|---|---|---|---|
| Apr-Jun | Apr-Jun | Jan-Jun | Jan-Jun | Jan-Dec | jan-dec | |
| Corporate Promo | 2016 | 2015 | 2016 | 2015 | 2015 | 2014 |
| Income | 605.1 | 540.0 | 1 110.2 | 1 007.0 | 2 152.0 | 1 788.2 |
| Result EBITDA | 90.5 | 52.4 | 104.0 | 61.5 | 166.4 | 173.8 |
| Sports & Leisure | ||||||
| Income | 514.7 | 522.3 | 1 034.6 | 1 045.7 | 2 258.4 | 1 952.5 |
| Result EBITDA | 24.0 | 10.9 | 46.0 | 35.5 | 143.1 | 135.3 |
| Gifts & Home furnishings | ||||||
| Income | 137.5 | 129.0 | 243.3 | 234.7 | 554.3 | 532.9 |
| Result EBITDA | -0.9 | -0.3 | -15.1 | -17.3 | 2.8 | -4.9 |
| Total income | 1 257.3 | 1 191.3 | 2 388.1 | 2 287.4 | 4 964.7 | 4 273.6 |
| Total result EBITDA | 113.6 | 63.0 | 134.9 | 79.7 | 312.3 | 304.2 |
| Total result EBITDA | 113.6 | 63.0 | 134.9 | 79.7 | 312.3 | 304.2 |
| Depreciation and write downs | -13.4 | -14.3 | -26.6 | -29.2 | -57.1 | -54.2 |
| Net financial items | -14.8 | -13.7 | -28.6 | -28.8 | -74.3 | -42.0 |
| Result before tax | 85.4 | 35.0 | 79.7 | 21.7 | 180.9 | 208.0 |
ASSETS/LIABILITIES PER OPERATING SEGMENT
| SEK million | Total | Fixed | Deferred | Depreciation | Total | |
|---|---|---|---|---|---|---|
| assets | assets * | tax assets | Investments | and write downs | liabilities | |
| 30 Jun 2016 | ||||||
| Corporate Promo | 2 909.1 | 625.7 | 30.7 | -4.0 | -13.7 | 2 073.2 |
| Sports & Leisure | 2 126.2 | 969.1 | 49.5 | -11.9 | -11.0 | 597.6 |
| Gifts & Home Furnishings | 510.3 | 179.7 | 35.7 | -21.6 | -1.9 | 333.4 |
| Total | 5 545.6 | 1 774.5 | 115.9 | -37.5 | -26.6 | 3 004.2 |
| 30 Jun 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 |
| 31 Dec 2015 | ||||||
| Corporate Promo | 2 925.1 | 624.4 | 29.9 | -45.9 | -27.9 | 2 081.2 |
| Sports & Leisure | 2 069.9 | 955.0 | 50.8 | -39.0 | -25.1 | 601.2 |
| Gifts & Home Furnishings | 483.7 | 169.9 | 31.5 | -21.6 | -4.1 | 282.7 |
| Total | 5 478.7 | 1 749.3 | 112.2 | -106.5 | -57.1 | 2 965.1 |
INCOME PER AREA
| 3 months | 3 months | |||||
|---|---|---|---|---|---|---|
| SEK million | Apr-Jun | Part of | Apr-Jun | Part of | Change | Change |
| 2016 | income | 2015 | income | SEK million | % | |
| Sweden | 301.2 | 24% | 269.2 | 23% | 32.0 | 12% |
| USA | 339.2 | 27% | 354.5 | 30% | -15.3 | -4% |
| Nordic countries excluding Sweden | 191.8 | 15% | 170.0 | 14% | 21.8 | 13% |
| Central Europe | 211.2 | 17% | 193.9 | 16% | 17.3 | 9% |
| Southern Europe | 130.3 | 10% | 114.9 | 10% | 15.4 | 13% |
| Other countries | 83.6 | 7% | 88.8 | 7% | -5.2 | -6% |
| Total | 1 257.3 | 100% | 1 191.3 | 100% | 66.0 | 6% |
| 6 months | 6 months | |||||
|---|---|---|---|---|---|---|
| SEK million | Jan-Jun | Part of | Jan-Jun | Part of | Change | Change |
| 2016 | income | 2015 | income | SEK million | % | |
| Sweden | 537.9 | 23% | 505.0 | 22% | 32.9 | 7% |
| USA | 628.6 | 26% | 641.6 | 28% | -13.0 | -2% |
| Nordic countries excluding Sweden | 354.8 | 15% | 333.2 | 15% | 21.6 | 6% |
| Central Europe | 461.4 | 19% | 416.2 | 18% | 45.2 | 11% |
| Southern Europe | 243.1 | 10% | 217.9 | 10% | 25.2 | 12% |
| Other countries | 162.3 | 7% | 173.5 | 8% | -11.2 | -6% |
| Total | 2 388.1 | 100% | 2 287.4 | 100% | 100.7 | 4% |
| 12 months | 12 months | |||||
|---|---|---|---|---|---|---|
| SEK million | Jan - Dec | Part of | Jan - Dec | Part of | Change | Change |
| 2015 | income | 2014 | income | SEK million | % | |
| Sweden | 1 145.6 | 23% | 1 063.8 | 25% | 81.8 | 8% |
| USA | 1 389.1 | 28% | 1 124.2 | 26% | 264.9 | 24% |
| Nordic countries excluding Sweden | 660.2 | 13% | 605.6 | 14% | 54.6 | 9% |
| Central Europe | 927.3 | 19% | 766.4 | 18% | 160.9 | 21% |
| Southern Europe | 471.5 | 9% | 364.8 | 9% | 106.7 | 29% |
| Other countries | 371.0 | 7% | 348.8 | 8% | 22.2 | 6% |
| Total | 4 964.7 | 100% | 4 273.6 | 100% | 691.1 | 16% |
FIXED ASSETS AND DEFERRED TAX ASSETS PER AREA
| 30 Jun 2016 | 30 Jun 2015 | 31 Dec 2015 | ||||
|---|---|---|---|---|---|---|
| SEK million | Fixed | Deferred | Fixed | Deferred | Fixed | Deferred |
| assets* | tax assets | assets* | tax assets | assets* | tax assets | |
| Sweden | 465.0 | 20.9 | 446.5 | 19.1 | 458.0 | 20.5 |
| USA | 916.6 | 66.7 | 892.9 | 58.8 | 902.1 | 63.5 |
| Nordic countries excluding Sweden | 29.1 | 11.4 | 28.4 | 10.1 | 28.4 | 11.0 |
| Central Europe | 199.8 | 10.4 | 189.6 | 10.6 | 195.8 | 11.4 |
| Southern Europe | 157.3 | 3.5 | 164.8 | 2.6 | 157.1 | 3.0 |
| Other countries | 6.7 | 3.0 | 9.0 | 2.6 | 7.9 | 2.8 |
| Total | 1 774.5 | 115.9 | 1 731.2 | 103.8 | 1 749.3 | 112.2 |
* Fixed assets classified as financial assets are not included
QUARTERLY CONSOLIDATED INCOME STATEMENTS
| SEK million | 2016 | 2015 | 2014 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Income | 1 130.8 | 1 257.3 | 1 096.1 | 1 191.3 | 1 272.0 | 1 405.3 | 908.5 | 983.3 | 1 122.3 | 1 259.5 |
| Goods for resale | -616.3 | -685.0 | -595.7 | -659.1 | -697.8 | -773.5 | -497.7 | -531.8 | -621.9 | -669.6 |
| Gross profit | 514.5 | 572.3 | 500.4 | 532.2 | 574.2 | 631.8 | 410.8 | 451.5 | 500.4 | 589.9 |
| Gross profit % | 45.5 | 45.5 | 45.7 | 44.7 | 45.1 | 45.0 | 45.2 | 45.9 | 44.6 | 46.8 |
| Other operating income | 9.4 | 12.2 | 9.3 | 7.8 | 22.1 | 8.0 | 7.1 | 5.4 | 5.1 | 10.1 |
| External costs | -279.8 | -249.6 | -270.1 | -258.9 | -273.0 | -284.0 | -229.5 | -216.9 | -216.6 | -260.5 |
| Personnel costs | -217.4 | -213.0 | -205.3 | -212.0 | -202.8 | -231.5 | -179.5 | -176.7 | -174.8 | -204.7 |
| Depreciations and write-downs | -13.2 | -13.4 | -14.9 | -14.3 | -13.7 | -14.2 | -12.4 | -13.2 | -14.4 | -14.2 |
| Other operating costs | -5.6 | -8.1 | -18.5 | -6.7 | -9.3 | -1.7 | -2.4 | -2.6 | -4.1 | -7.4 |
| Share of associated companies' result | 0.2 | -0.2 | 0.9 | 0.6 | -1.2 | 0.0 | 0.0 | 0.5 | 0.1 | -1.0 |
| Operating profit/loss | 8.1 | 100.2 | 1.8 | 48.7 | 96.3 | 108.4 | -5.9 | 48.0 | 95.7 | 112.2 |
| Financial income | 1.2 | 0.9 | 1.9 | 3.2 | 1.4 | 0.7 | 1.4 | 1.2 | 1.1 | 1.2 |
| Financial expenses | -15.0 | -15.7 | -17.0 | -16.9 | -19.0 | -28.6 | -9.7 | -10.6 | -12.1 | -14.5 |
| Result before tax | -5.7 | 85.4 | -13.3 | 35.0 | 78.7 | 80.5 | -14.2 | 38.6 | 84.7 | 98.9 |
| Tax | 1.1 | -18.4 | 2.4 | -7.2 | -13.6 | -17.2 | 2.9 | -9.2 | -17.8 | -7.0 |
| Result for the period | -4.6 | 67.0 | -10.9 | 27.8 | 65.1 | 63.3 | -11.3 | 29.4 | 66.9 | 91.9 |
| Total other comprehensive income net after | ||||||||||
| tax for the period | -15.5 | 47.2 | 101.7 | -43.9 | 7.1 | -36.9 | 1.4 | 53.5 | 53.1 | 91.2 |
| Total comprehensive income for the | -20.1 | 114.2 | 90.8 | -16.1 | 72.2 | 26.4 | -9.9 | 82.9 | 120.0 | 183.1 |
| Profit per share | ||||||||||
| before dilution (SEK) | -0.06 | 1.01 | -0.17 | 0.41 | 0.98 | 0.94 | -0.17 | 0.44 | 1.01 | 1.38 |
| after dilution (SEK) | -0.06 | 1.01 | -0.17 | 0.41 | 0.98 | 0.94 | -0.17 | 0.44 | 1.01 | 1.38 |
| 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 | 2013 | 2012 | 2011 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Income | 877.3 | 995.3 | 1 035.0 | 1 139.8 | 975.4 | 1 074.9 | 1 053.8 | 1 176.1 | 927.6 | 1 020.9 | 1 100.9 | 1 187.5 |
| Goods for resale | -456.8 | -529.1 | -564.9 | -626.2 | -531.2 | -580.0 | -688.9 | -615.7 | -493.9 | -522.7 | -590.2 | -607.3 |
| Gross profit | 420.5 | 466.2 | 470.1 | 513.6 | 444.2 | 494.9 | 364.9 | 560.4 | 433.7 | 498.2 | 510.7 | 580.2 |
| Gross profit % | 47.9 | 46.8 | 45.4 | 45.1 | 45.5 | 46.0 | 34.6 | 47.6 | 46.8 | 48.8 | 46.4 | 48.9 |
| Other operating income | 8.6 | 7.7 | 7.7 | 9.3 | 8.5 | 9.5 | 7.4 | 9.7 | 12.6 | 8.4 | 11.5 | 6.9 |
| External costs | -222.9 | -209.7 | -205.4 | -215.2 | -247.2 | -238.3 | -245.5 | -223.0 | -241.5 | -241.6 | -231.4 | -256.0 |
| Personnel costs | -174.7 | -177.9 | -162.5 | -182.7 | -186.3 | -189.2 | -208.1 | -181.9 | -168.2 | -173.2 | -165.2 | -184.5 |
| Depreciations and write-downs | -11.8 | -14.6 | -13.9 | -11.9 | -11.9 | -13.0 | -53.1 | -11.9 | -11.1 | -13.2 | -12.7 | -13.6 |
| Other operating costs | -3.8 | -1.9 | -2.9 | -2.3 | -3.8 | -5.9 | -5.9 | -3.1 | -7.9 | -5.5 | -6.7 | -4.7 |
| Share of associated companies' result | 0.2 | 0.4 | -0.3 | 0.8 | -0.9 | 0.7 | 0.4 | 1.5 | 0.1 | -0.4 | 0.0 | 2.0 |
| Operating profit/loss | 16.1 | 70.2 | 92.8 | 111.6 | 2.6 | 58.7 | -139.9 | 151.7 | 17.7 | 72.7 | 106.2 | 130.3 |
| Financial income | 1.8 | 1.4 | 1.8 | 1.8 | 1.4 | 0.5 | 2.2 | 0.9 | 1.6 | 1.0 | 1.1 | 3.2 |
| Financial expenses | -17.8 | -16.1 | -14.9 | -14.2 | -15.4 | -13.0 | -16.1 | -18.7 | -11.5 | -12.2 | -14.9 | -19.3 |
| Result before tax | 0.1 | 55.5 | 79.7 | 99.2 | -11.4 | 46.2 | -153.8 | 133.9 | 7.8 | 61.5 | 92.4 | 114.2 |
| Tax | 0.0 | -16.6 | -21.9 | -8.9 | 3.2 | -12.9 | 33.8 | -33.2 | -2.1 | -24.2 | -19.0 | -31.5 |
| Result for the period | 0.1 | 38.9 | 57.8 | 90.3 | -8.2 | 33.3 | -120.0 | 100.7 | 5.7 | 37.3 | 73.4 | 82.7 |
| Total other comprehensive income net after | ||||||||||||
| tax for the period | -38.9 | 57.8 | -31.5 | 36.6 | -24.1 | 21.9 | -95.6 | 21.8 | -53.8 | 53.4 | 43.3 | -15.9 |
| Total comprehensive income for the | -38.8 | 96.7 | 26.3 | 126.9 | -32.3 | 55.2 | -215.6 | 122.5 | -48.1 | 90.7 | 116.7 | 66.8 |
| Profit per share | ||||||||||||
| before dilution (SEK) | 0.00 | 0.60 | 0.87 | 1.35 | -0.13 | 0.50 | -1.81 | 1.51 | 0.08 | 0.55 | 1.10 | 1.25 |
| after dilution (SEK) | 0.00 | 0.60 | 0.87 | 1.35 | -0.12 | 0.50 | -1.81 | 1.51 | 0.08 | 0.55 | 1.09 | 1.22 |
| 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 | 66 343 543 | 66 343 543 | 66 343 543 | 66 343 543 | 67 343 543 | 66 343 543 | 66 343 543 | 66 343 543 | 67 343 543 | 67 343 543 | 67 343 543 | 67 343 543 |
QUARTERLY CONSOLIDATED CASH FLOW STATEMENTS
| SEK million | 2016 | 2015 | 2014 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | ||
| Cash flow from current operations | ||||||||||||
| before changes in working capital | -4.2 | 89.4 | -9.2 | 54.6 | 73.8 | 90.6 | -7.1 | 38.8 | 93.1 | 129.1 | ||
| Increase/decrease of stock | -49.7 | 62.4 | -200.6 | -88.5 | -132.1 | 175.6 | -50.6 | -86.8 | -309.6 | -126.1 | ||
| Increase/decrease of current receivables | 85.3 | -76.9 | 129.5 | -23.0 | -117.2 | 85.2 | 172.3 | -28.0 | -124.2 | -40.7 | ||
| Increase/decrease of current liabilities | 32.5 | 13.7 | 51.4 | 1.0 | 14.3 | 24.1 | -25.8 | 48.3 | 50.0 | -16.9 | ||
| Changes in working capital | 68.1 | -0.8 | -19.7 | -110.5 | -235.0 | 284.9 | 95.9 | -66.5 | -383.8 | -183.7 | ||
| Cash flow from operations | 63.9 | 88.6 | -28.9 | -55.9 | -161.2 | 375.5 | 88.8 | -27.7 | -290.7 | -54.6 | ||
| Investing activities | -16.5 | -21.2 | -26.3 | -39.6 | -15.1 | -24.5 | -15.0 | -17.5 | -12.2 | -29.6 | ||
| Cash flow after investing activities | 47.4 | 67.4 | -55.2 | -95.5 | -176.3 | 351.0 | 73.8 | -45.2 | -302.9 | -84.2 | ||
| Loan raised | 0.0 | 16.1 | 0.0 | 179.1 | 173.9 | 0.0 | 0.0 | 129.6 | 289.8 | 121.3 | ||
| Raised long-term receivables | 0.0 | 0.0 | -0.4 | -1.1 | 0.1 | 0.4 | 0.0 | 0.0 | -0.2 | 0.0 | ||
| Repayment of long-term receivables | 0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 3.7 | 0.0 | 0.0 | 0.2 | ||
| Amortization of loan Dividend paid to non-controlling interest |
-74.6 0.0 |
0.0 0.0 |
-13.9 0.0 |
0.0 0.0 |
0.0 -1.0 |
-349.1 0.0 |
-109.8 0.0 |
0.0 0.0 |
0.0 0.0 |
0.0 0.0 |
||
| Dividend paid to the shareholders of the parent Financial activities |
0.0 -74.4 |
-66.3 -50.2 |
0.0 -14.3 |
-66.3 111.7 |
0.0 173.0 |
0.0 -348.7 |
0.0 -106.1 |
-66.3 63.3 |
0.0 289.6 |
0.0 121.5 |
||
| Cash flow for the period | -27.0 | 17.2 | -69.5 | 16.2 | -3.3 | 2.3 | -32.3 | 18.1 | -13.3 | 37.3 | ||
| Liquid assets at the beginning of the period | 165.5 | 136.3 | 216.0 | 159.0 | 169.5 | 167.7 | 185.1 | 153.1 | 176.0 | 169.6 | ||
| Adjustment liquid assets at the beginning of the | 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 | -2.2 | 3.6 | 12.5 | -5.7 | 1.5 | -4.5 | 0.3 | 4.8 | 6.9 | 9.1 | ||
| Liquid assets at period-end | 136.3 | 157.1 | 159.0 | 169.5 | 167.7 | 165.5 | 153.1 | 176.0 | 169.6 | 216.0 | ||
| SEK million | 2013 | 2012 | 2011 | |||||||||
| Quarter | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Cash flow from current operations | ||||||||||||
| before changes in working capital | -18.7 | 55.3 | 86.7 | 103.3 | -12.8 | 43.8 | 66.7 | 83.7 | -22.6 | 62.0 | 112.6 | 117.6 |
| Increase/decrease of stock | 27.8 | 28.2 | -3.1 | 145.3 | -44.9 | 34.3 | -1.6 | 205.8 | -124.7 | -77.8 | -155.1 | 105.2 |
| Increase/decrease of current receivables | 131.1 | -44.0 | -84.8 | -32.7 | 77.1 | 19.6 | -69.9 | -14.1 | 51.2 | 45.4 | -86.5 | 158.5 |
| Increase/decrease of current liabilities | -34.1 | 2.3 | -1.3 | -2.8 | 25.6 | 35.1 | -108.0 | 0.7 | -46.5 | -3.4 | 33.1 | -103.0 |
| Changes in working capital | 124.8 | -13.5 | -89.2 | 109.8 | 57.8 | 89.0 | -179.5 | 192.4 | -120.0 | -35.8 | -208.5 | 160.7 |
| Cash flow from operations | 106.1 | 41.8 | -2.5 | 213.1 | 45.0 | 132.8 | -112.8 | 276.1 | -142.6 | 26.2 | -95.9 | 278.3 |
| Investing activities | -9.7 | -8.9 | -21.2 | -7.0 | -10.8 | -15.1 | -17.2 | -7.3 | -27.1 | -19.6 | -165.4 | -114.4 |
| Cash flow after investing activities | 96.4 | 32.9 | -23.7 | 206.1 | 34.2 | 117.7 | -130.0 | 268.8 | -169.7 | 6.6 | -261.3 | 163.9 |
| Loan raised | 0.0 | 24.2 | 0.0 | 0.0 | 0.0 | 0.0 | 123.0 | 0.0 | 133.5 | 36.0 | 339.1 | 0.0 |
| Raised long-term receivables | 0.0 | 0.0 | 0.0 | -0.2 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.3 | 0.0 | 0.0 |
| Repayment of long-term receivables | 0.9 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 4.2 | 0.0 | 0.7 | -4.6 |
| Amortization of loan | -157.3 | 0.0 | -12.0 | -146.7 | -79.0 | -5.1 | 0.0 | -196.1 | 0.0 | 0.0 | 0.0 | -186.3 |
| 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 | 0.0 | -66.3 | 0.0 | 0.0 | 0.0 | -66.3 | 0.0 | 0.0 | 0.0 | -66.3 | 0.0 | 0.0 |
| Financial activities | -156.4 | -42.0 | -12.0 | -146.9 | -79.0 | -71.4 | 123.0 | -196.1 | 137.7 | -30.6 | 339.8 | -190.9 |
| Cash flow for the period | -60.0 | -9.1 | -35.7 | 59.2 | -44.8 | 46.3 | -7.0 | 72.7 | -32.0 | -24.0 | 78.5 | -27.0 |
| Liquid assets at the beginning of the period | 229.7 | 168.0 | 163.0 | 123.7 | 117.7 | 70.4 | 119.5 | 107.6 | 121.7 | 86.1 | 64.2 | 146.0 |
| Adjustment liquid assets at the beginning of the Translation differences in liquid assets |
0.0 -1.7 |
0.0 4.1 |
0.0 -3.6 |
0.0 2.2 |
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 |
* As of 2012 gross accounting of cash in bank 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 11 961 (10 973) on June 30, 2016. Institutional investors accounted for 45% of the capital and 12% 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 8% of the capital and 2% of the votes.
NEW WAVE GROUP'S TEN MAJOR SHAREHOLDERS 2016-06-30
| SHAREHOLDER | Number of shares | Number of votes | Capital % | Votes % |
|---|---|---|---|---|
| Torsten Jansson through companies | 21 353 377 | 198 722 497 | 32.2% | 81.5% |
| Lannebo fonder | 7 873 650 | 7 873 650 | 11.9% | 3.2% |
| Avanza Pension | 5 299 205 | 5 299 205 | 8.0% | 2.2% |
| Fjärde AP-Fonden | 4 279 737 | 4 279 737 | 6.5% | 1.8% |
| Svolder AB | 2 472 246 | 2 472 246 | 3.7% | 1.0% |
| Spiltan Aktiefonder | 1 248 226 | 1 248 226 | 1.9% | 0.5% |
| Handelsbanken fonder | 1 205 413 | 1 205 413 | 1.8% | 0.5% |
| City Bank New York | 977 504 | 977 504 | 1.5% | 0.4% |
| SEB fonder | 867 971 | 867 971 | 1.3% | 0.4% |
| Unionen | 754 758 | 754 758 | 1.1% | 0.3% |
| 46 332 087 | 223 701 207 | 69.8% | 91.8% |
NEW WAVE GROUP'S TEN MAJOR SHAREHOLDERS 2016-06-30
| Number of shares | Number of votes | Capital % | Votes % | |
|---|---|---|---|---|
| Sweden | 60 848 496 | 238 217 616 | 91.7% | 97.7% |
| Shareholders outside Sweden, excl. USA | 3 443 242 | 3 443 242 | 5.2% | 1.4% |
| USA | 2 051 805 | 2 051 805 | 3.1% | 0.8% |
| 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
G I F T S & H O M E F U R N I S H I N G S
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