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New Wave Group AB — Interim / Quarterly Report 2017
Aug 17, 2017
3081_ir_2017-08-17_2bf2acfd-6d05-4534-b985-414b94bf4ef9.pdf
Interim / Quarterly Report
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INTERIM REPORT JANUARY – JUNE
NEW WAVE GROUP'S
TRADEMARKS
CORPORATE PROMO
INTERIM REPORT NEW WAVE GROUP AB
PERIOD 1 APRIL – 30 JUNE 2017
- Sales amounted to SEK 1,372 million, which was 9 % higher than last year (SEK 1,257 million).
- Operating result amounted to SEK 110.5 (100.2) million.
- Result for the period amounted to SEK 77.0 (67.0) million.
- Earnings per share amounted to SEK 1.16 (1.01).
- Cash flow from operating activities amounted to SEK 50.1 (88.6) million.
PERIOD 1 JANUARY – 30 JUNE 2017
- Sales amounted to SEK 2,636 million, which was 10 % higher than last year (SEK 2,388 million).
- Operating result amounted to SEK 153.7 (108.3) million.
- Result for the period amounted to SEK 101.9 (62.4) million.
- Earnings per share amounted to SEK 1.55 (0.95) kr.
- Cash flow from operating activities amounted to SEK 83.7 (152.5) million.
- Equity ratio amounted to 48.6 (45.8) %.
- Net debt to equity ratio amounted to 61.7 (75.2) %.
TURNOVER RESULT BEFORE TAX
CEO COMMENTS
APRIL – JUNE
Our growth continues and sales increased 9 % including currency to SEK 1,371.7 million, which is a record for a second quarter. It is the 12th consecutive quarter of growth which we are proud of. Operating profit increased by 10 % to SEK 110.5 million, which is strong in view of the substantial investments we make in both new products and marketing.
These are strong figures, especially as we expected a negative calendar effect in this quarter due to the fact that Easter occurred during the second quarter of this year.
The balance sheet remains very strong, with an equity ratio of 48.6 %, and we also have a positive cash flow in spite of growth.
JANUARY – JUNE
Sales increased by 10 % to SEK 2,635.9 million, which is an all-time high.
There was also an operating profit increase of 42 % to SEK 153.7 million and profit after tax increased by a whole 63 % to SEK 101.9 million.
Delightedly, all regions and all segments are showing growth.
We also continue to grow with a positive cash flow, resulting in a very strong balance sheet where we reduced our net debt, have a low debt/equity ratio and an equity ratio of 48.6 %. The operating margin also improved compared with last year and amounted to 5.8 (4.5) %.
THE FUTURE
We are now faced with some really exciting quarters and years.
CRAFT Teamwear is now starting to take off and we have signed PEC Zwolle, the Finnish floorball association, Warberg Floorball Club and Lycurgus Volleyball Club, among other elite clubs and teams. We will over the next few quarters add additional clubs
in Europe. At the end of August we will open our new Canadian warehouse for Cutter & Buck and Clique. We have also made a decision on new warehouses in Germany and Belgium and to automate parts of the warehouse in Italy.
Right now, and even in January 2018, we will launch a record number of new products for ProJob and Jobman. In the first quarter of 2018, CRAFT shoes will also be out in the shops.
Even Kosta is developing well and we will continue our investments there.
We will also, as we previously reported, be starting extensive marketing in the USA at the end of this and next year.
With everything that we've done, and everything that we do, we are well equipped and we will definitely continue our growth.
In terms of earnings, I believe in continued growth. There can of course be single quarters which have lower growth, particularly if a lot of establishment costs end up in the same quarter. But we have now managed to achieve sales growth in 13 of the last 14 quarters, and improved operating profit in 11 of them.
Our operating result has improved significantly since we started our major investments for the future in 2014. From SEK 255 million 2015 to SEK 400 million 2016, and now on a rolling 12 months to SEK 445 million. There is a strong trend in terms of both sales and result.
We stand strong in for the future and our journey has just begun!
Torsten Jansson, CEO
COMMENTS
SUMMARY OF THE QUARTER APRIL - JUNE
The Group's sales increased by 9 % (5 % excluding currency fluctuations) compared with last year. The higher turnover is primarily related to the segment, Corporate Promo, which increased by 12 %. The improvement is in the promo sales channel, and the segment has mainly higher sales in the regions of Europe, USA as well as Other countries. Sports & Leisure increased its sales by 6 %. Sales increased in both sales channels and mainly in the regions of Sweden and Europe. Gifts & Home Furnishing's sales increased by 8 %. The improvement occurred in the Swedish market and mainly in the sales channel retail. The Group increased its turnover in both sales channels, promo improved by 11 % and retail by 6 %. The quarter's sales have been affected by the fact that Easter this year, unlike the previous year, was in the second quarter (the so called calendar effect).
Our gross profit margin is in line with last year and amounted to 45.6 (45.5) %.
The Group's external costs increased compared to last year, which is related to higher sales and marketing activities. Personnel costs have increased as we have increased the number of employees, mostly in sales and customer service.
Operating result increased by SEK 10.3 million compared with last year and amounted to SEK 110.5 (100.2) million. The improvement is due to the increased sales. Even the net financial items improved which relates to a lower net debt and therefore lower interest costs.
Cash flow from operating activities was slightly lower than last year and amounted to SEK 50.1 (88.6) million. The lower cash flow is primarily attributable to increased purchases of goods. Inventories increased by SEK 113 million and amounted to SEK 2,581 (2,468) million. Net debt decreased by SEK 196 million and amounted to SEK 1,714 (1,910 million). Even the net debt in relation to equity and working capital decreased and amounted to 61.7 (75.2) % and 63.7 (71.4) % respectively.
APRIL - JUNE
TURNOVER
Turnover amounted to SEK 1,372 million, which was 9 % higher than last year (SEK 1,257 million). Exchange rates affected turnover positively by SEK 53 million, corresponding to 4 %. Of the Group's sales channels promo increased by 11 % and retail by 6 %.
Turnover in Sweden increased by 6 % and it is mainly the retail sales channel that has increased. USA increased by 7 %, which is attributable to exchange rate changes when converted into SEK. Other Nordic countries increased their sales by 2 % and the improvement occurs in both sales channels. Sales in Central and Southern Europe have increased by 5 % and 15 % respectively, which is related to the promo sales channel. Other countries increased by 46 %, which is related to our operations in Asia and sales channel promo
GROSS PROFIT
The gross profit margin was at the same level as last year and amounted to 45.6 (45.5) %.
OTHER OPERATING INCOME AND OTHER OPERATING EXPENSES
Other operating income decreased by SEK 5.2 million and amounted to SEK 7.0 (12.2) 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 operating losses are reported. Other operating expenses decreased by SEK 4.2 million and amounted to SEK -3.9 (-8.1) million. The net total of above items amounted to SEK 3.1 (4.1) million.
COSTS AND DEPRECIATION
External costs increased by 20.5 million and amounted to SEK -270.1 (-249.6) million. The cost increase is mainly related to higher sales and marketing activities.
Personnel costs increased by SEK 20.0 million and amounted to SEK -233.0 (-213.0) million, which is due to an increased number of employees, primarily in sales and customer service.
Depreciation and write-downs were slightly higher compared to last year and amounted to SEK -15.7 (-13.4) million.
Exchange rate fluctuations impacted costs negatively by SEK 18 million.
OPERATING MARGIN
The operating margin was on par with last year and amounted to 8.1 (8.0) %.
NET FINANCIAL ITEMS AND TAXES
Net financial items amounted to SEK -13.1 (-14.8) million and the improvement is related to lower interest costs.
Tax on profit for the period amounted to SEK 20.3 (18.4) million where the increase is related to the improved result.
RESULT FOR THE PERIOD
Result for the period improved by SEK 10 million amounted to SEK 77.0 (67.0) million. Earnings per share amounted to SEK 1.16 (1.01).
JANUARY - JUNE
TURNOVER
Turnover amounted to SEK 2,636 million, which was 10 % higher than last year (SEK 2,388 million). Exchange rates affected turnover positively by SEK 90 million, corresponding to 4 %. Of the Group's sales channels, promo increased by 13 % and retail by 7 %.
Turnover in Sweden increased by 7 % and both sales channels showed growth. USA increased by 8 %, which is mainly related to the change in the exchange rate when converting into SEK. Other Nordic countries increased by 5 % and occurred mainly within the promo sales channel. Sales in Central and Southern Europe increased by 8 % and 15 % respectively, which is related to both sales channels. Other countries increased by 46 %, which is related to the promo sales channel and the Asian market.
GROSS PROFIT
The gross profit margin is on par with last year and amounted to 45.4 (45.5) %. The Corporate Promo segment has a slightly lower margin, which is related to changes in the product mix. Other segments increased their margin slightly. The Group has a good level of service.
OTHER OPERATING INCOME AND OTHER OPERATING EXPENSES
Other operating income decreased by SEK 3.7 million and amounted to SEK 17.9 (21.6) 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 operating losses are reported. Other operating expenses decreased by SEK 2.0 million and amounted to SEK -11.7 (-13.7) million. The net total of above items amounted to SEK 6.2 (7.9) million.
COSTS AND DEPRECIATION
External costs increased by SEK 29.3 million and amounted to SEK -558.7 (-529.4) million, and the increase is mainly attributable to higher sales and marketing costs. Personnel costs amounted to SEK 461.1 million which is SEK 30.7 million higher than last year (SEK -430.4 million). The increase is related to an increased number of employees, mainly in sales, customer service and marketing.
Depreciation and write-downs were higher compared to last year and amounted to SEK -30.7 (-26.6) million.
Exchange rate fluctuations impacted costs negatively by SEK 33 million.
OPERATING MARGIN
The operating margin was 5.8 (4.5) % where the improvement is related to the increased turnover.
NET FINANCIAL ITEMS AND TAXES
Net financial items improved by SEK 3.0 million compared to last year and amounted to SEK -25.6 (-28.6) million.
Tax on profit for the period amounted to SEK 26.1 (17.3) million where the increase is related to the improved result.
RESULT FOR THE PERIOD
Result for the period amounted to SEK 101.9 (62.4) million and earnings per share amounted to SEK 1.55 (0.95).
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 EBITDA. The operating segments are based on the Group's operational management.
CORPORATE PROMO
Turnover for the period April-June increased by SEK 74 million and amounted to SEK 679 (605) million. EBITDA increased by SEK 5.1 million and amounted to SEK 95.6 (90.5) million. It is the promo sales channel that has increased, mainly in the regions of Europe, as well as Other countries. The improved result is related to the increased turnover.
Turnover for the first six months of this year increased by 14 % and amounted to SEK 1,269 (1,110) million. EBITDA increased by SEK 25.2 million and amounted to SEK 129.2 (104.0) million. The increase in turnover is due to increased sales and marketing activities, as well as improved inventory structure and level of service. It is the promo sales channel that has increased, mainly in the regions of Other Nordic countries, Europe and Other countries. The improved result is mainly related to the increase in turnover.
KOSTA BODA CELEBRATES 275 YEARS
On Sweden's national day, the 6 th, June, Kosta Boda celebrated 275 years with royal glory. A fantastic day where the Swedish flags waved in the wind and about 10,000 people had gathered to meet the royal couple of Sweden and to witness a unique art glass casting with the King and Kosta Boda's great designer Bertil Vallien.
This masterpiece became an amazing piece of art glass, dubbed the "the crowning glory". The King himself actively participated in the casting and put a crown in the 800 degrees hot glass.
The atmosphere was magnificent and both the King, Bertil Vallien and all who came to watch were very proud and happy about Kosta Boda's 275-year-old glass history.
SPORTS & LEISURE
Turnover for the second quarter of the year increased by SEK 30 million and amounted to SEK 545 (515) million. EBITDA improved and amounted to SEK 28.9 (24.0) million. Sales increased in both sales channels. USA's sales (in local currency) are on par with last year, while other regions increased. The improved result is related to higher turnover.
Turnover for the period January-June increased by SEK 64 million and amounted to SEK 1,098 (1,035) million. EBITDA increased by SEK 15.7 million and amounted to SEK 61.7 (46.0 million). Sales increased in both sales channels, mainly within the regions of Sweden and Europe. The improved result is related to higher turnover.
GIFTS & HOME FURNISHINGS
Turnover for the second quarter increased by 8 % and amounted to SEK 148 (138) million. Sales increased in both sales channels and the improvement occurred in Sweden. EBITDA improved somewhat compared to last year and amounted to SEK 1.8 (-0.9) million. The segment has increased earnings because of increased turnover but have increased expenses for marketing activities.
Turnover for the first six months amounted to SEK 269 (243) million. Sales increased mainly in the retail sales channel. EBITDA amounted to SEK -6.5 million which was SEK 8.6 million better than last year (SEK -15.1 million). The improvement in earnings is mainly related to the increase in turnover.
CAPITAL TIED UP
Capital tied up in inventory amounted to SEK 2,581 million and has increased by SEK 113 million compared with last year (SEK 2,468 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 | 06-2017 | 06-2016 |
|---|---|---|
| Raw materials | 28.5 | 32.2 |
| Work in progress | 8.3 | 5.5 |
| Goods in transit | 170.9 | 83.6 |
| Merchandise on stock | 2 373.2 | 2 346.3 |
| Total | 2 580.9 | 2 467.6 |
Inventories were written down by SEK 102 (111) million, of which SEK 6 (7) million relates to raw material stocks. Write-down related to merchandise in stock amounted to 3.9 (4.2) %.
Accounts receivable amounted to SEK 824 (817) million. The increase is turnover related.
INVESTMENTS, FINANCING AND LIQUIDITY
The quarter's cash flow from operating activities was somewhat lower than last year and amounted to SEK 50.1 (88.6) million. The reason is primarily related to increased purchases of goods. The cash flow from investing activities amounted to SEK -16.1 (-21.2) million.
Cash flow from operating activities for the first six months of this year amounted to SEK 83.7 (152.5) million. The lower cash flow is primarily attributable to increased purchases within the promo sales channel. We want to maintain the high level of service we have today, but even to expand our product range in this channel.
Net debt decreased by SEK 196 million and amounted to SEK 1,714 (1,910) million, which is related to last year's improved cash flow and debt repayment. Net debt in relation to shareholders' equity and working capital has decreased and amounted to 61.7 (75.2) % and 63.7 (71.4) % respectively.
The equity ratio has improved by 2.8 percentage points compared to last year and amounted to 48.6 (45.8) %.
The Group's total credit facility as of 30 June amounted to SEK 2,572 million of which SEK 2,000 million runs until January 2019, USD 38 million has a term that extends until January 2024 and SEK 250 million has a term of between one and 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 2017 amounted to 2,451 (2,391) of whom 52 % were female and 48% were men. Of the total number of employees 675 (611) 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 Managing Director 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 quarter of the year amounted to SEK 52.2 (60.8) million. Profit before appropriations and taxes amounted to SEK 241.7 (406.7) million. The lower profit is related to lower dividends from Group companies. Net debt amounted to SEK 1,681 (1,799) million, of which SEK 1,957 (1,915) million relates to the financing of subsidiaries. Cash flow from investing activities amounted to SEK -57.4 (29.8) million. This year includes capital contribution to a subsidiary of SEK 56.4 million and last year included a repayment of share capital by subsidiaries of SEK 30.2 million . The balance sheet total amounted to SEK 3,720 (3,644) million and shareholders' equity, including 78% of untaxed reserves, to SEK 1,742 (1,555) 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 impact 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 2016; 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 Financial Reporting and the Annual Accounts Act.
The interim report for the Parent Company has been prepared in accordance with the Annual Accounts Act and the Swedish Financial Reporting Board's Recommendation RFR 2 "Accounting for Legal Entities".
Applied accounting principles are consistent with what is stated in the Annual Report 2016.
The International Accounting Standards Board (IASB) has published a number of standards, interpretations and amendments that have not yet entered into force or have not yet been adopted by the EU.
IFRS 9 "Financial Instruments" will replace IAS 39 "Financial Instruments: Recognition and Measurement". The standard will be applied by the Group and the Parent Company as of January 1, 2018. Management believes that the application of IFRS 9 will not have a material impact on the Group's Financial Reports. The Group will complete the evaluation of the full impact of the new standard, and report on possible effects in future Interim Reports.
IFRS 15 "Revenue from Contracts with Customers" will replace IAS 18 "Revenue" and IAS 11 "Construction Contracts". The Group and the Parent Company intend to apply the standard from January 1, 2018. The process of evaluating the effects of the standard has progressed as planned during the year and the Group has so far not identified any significant differences that may arise as a result of the implementation of the new standard. It still remains to further quantify the effects and the Group intends to continue the evaluation phase during 2017 and report the effects of any identified differences in the forthcoming Interim Reports.
IFRS 16 "Leases" will replace IAS 17 "Leases" as of January 1, 2019. The management believes that the standard will impact the Group's reported assets and liabilities attributable to, inter alia, the Group's lease agreements, but has not yet quantified the effects thereof. The Group evaluates the full impact of IFRS 16.
No new or revised IFRS, which came into force in 2017, had a significant impact on the Group.
CALENDAR
- 9 November 2016: Interim report for Q3
- 8 February 2018: Year-end report 2017
- 26 April 2018: Interim report for Q1
The Board of Directors and CEO declare that the interim report gives a true and fair overview of the company's and group's operations, financial position and earnings, and describes the significant risks and uncertainty factors that the company, and the companies included in the group, face.
GOTHENBURG AUGUST 17 2017 NEW WAVE GROUP AB (PUBL)
OLOF PERSSON Chairman of the Board
CHRISTINA BELLANDER Member of the Boardt
M JOHAN WIDERBERG
Member of the Board
ELISABETH DAHLIN Member of the Board
MATS ÅRJES Member of the Board
TORSTEN JANSSON CEO
FOR MORE INFORMATION, PLEASE CONTACT:
CEO Torsten Jansson Phone: 031–712 89 01 E-mail: [email protected]
CFO Lars Jönsson Phone: 031–712 89 12 E-mail: [email protected]
The information in this report is that which New Wave Group AB is required to disclose under the Securities Exchange and Clearing Operations Act and/or the Financial Trading Act. The information was released for publication at 7 am (CET) on 17 August 2017.
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 | 2017 | 2016 | 2017 | 2016 | 2016 | 2015 |
| Income | 1 371.7 | 1 257.3 | 2 635.9 | 2 388.1 | 5 237.1 | 4 964.7 |
| Goods for resale | -745.7 | -685.0 | -1 438.5 | -1 301.3 | -2 826.9 | -2 726.1 |
| Gross profit | 626.0 | 572.3 | 1 197.4 | 1 086.8 | 2 410.2 | 2 238.6 |
| Other operating income* | 7.0 | 12.2 | 17.9 | 21.6 | 51.0 | 47.2 |
| External costs | -270.1 | -249.6 | -558.7 | -529.4 | -1 098.0 | -1 086.0 |
| Personnel costs | -233.0 | -213.0 | -461.1 | -430.4 | -881.6 | -851.6 |
| Depreciation and write downs of tangible and | ||||||
| intangible fixed assets | -15.7 | -13.4 | -30.7 | -26.6 | -55.9 | -57.1 |
| Other operating costs** | -3.9 | -8.1 | -11.7 | -13.7 | -25.7 | -36.2 |
| Share of associated companies result | 0.2 | -0.2 | 0.6 | 0.0 | 0.2 | 0.3 |
| Operating result | 110.5 | 100.2 | 153.7 | 108.3 | 400.2 | 255.2 |
| Financial income | 1.0 | 0.9 | 2.3 | 2.1 | 3.1 | 7.2 |
| Financial expenses | -14.1 | -15.7 | -27.9 | -30.7 | -63.0 | -81.5 |
| Net financial items | -13.1 | -14.8 | -25.6 | -28.6 | -59.9 | -74.3 |
| Result before tax | 97.4 | 85.4 | 128.1 | 79.7 | 340.3 | 180.9 |
| Tax on profit for the period | -20.3 | -18.4 | -26.1 | -17.3 | -63.6 | -35.6 |
| Result for the period | 77.0 | 67.0 | 101.9 | 62.4 | 276.7 | 145.3 |
| Other comprehensive income Items that can be reclassified into profit or loss |
||||||
| Translation differences | -37.6 | 42.3 | -51.7 | 28.8 | 88.9 | 28.1 |
| Cash flow hedge | -6.0 | 6.2 | -3.6 | 3.7 | 5.5 | -0.1 |
| Sum | -43.7 | 48.5 | -55.3 | 32.5 | 94.4 | 28.0 |
| Income tax related to components of other comprehensive income |
1.3 | -1.3 | 0.8 | -0.8 | -1.2 | 0.0 |
| Total other comprehensive income net after | ||||||
| tax for the period | -42.4 | 47.2 | -54.5 | 31.7 | 93.2 | 28.0 |
| Total comprehensive income for the period | 34.7 | 114.2 | 47.4 | 94.1 | 369.9 | 173.3 |
| Result attributable to: | ||||||
| Shareholders of the parent company | 77.2 | 67.3 | 102.6 | 63.2 | 276.1 | 143.6 |
| Non-controlling interest | -0.1 | -0.3 | -0.6 | -0.8 | 0.6 | 1.7 |
| 77.0 | 67.0 | 101.9 | 62.4 | 276.7 | 145.3 | |
| Total comprehensive income attributable to: | ||||||
| Shareholders of the parent company | 35.1 | 114.2 | 48.4 | 94.7 | 368.6 | 171.4 |
| Non-controlling interest | -0.4 | 0.0 | -1.0 | -0.6 | 1.3 | 1.9 |
| 34.7 | 114.2 | 47.4 | 94.1 | 369.9 | 173.3 | |
| Result per share (SEK) | 1.16 | 1.01 | 1.55 | 0.95 | 4.16 | 2.16 |
| 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
* Mainly rate of exchange losses and capital losses
CONSOLIDATED CASH FLOW STATEMENTS
| 3 months Apr - Jun |
3 months Apr - Jun |
6 months Jan - Jun |
6 months Jan - Jun |
12 months Jan - Dec |
12 months Jan - Dec |
|
|---|---|---|---|---|---|---|
| SEK million | 2017 | 2016 | 2017 | 2016 | 2016 | 2015 |
| Current operation | ||||||
| Operating result | 110.5 | 100.2 | 153.7 | 108.3 | 400.2 | 255.3 |
| Adjustment for items not included in cash flow | 13.5 | 12.2 | 30.5 | 30.5 | 56.2 | 67.7 |
| Received interest | 0.8 | 0.9 | 2.1 | 2.1 | 3.1 | 5.4 |
| Paid interest | -13.9 | -15.7 | -27.7 | -30.7 | -63.0 | -68.4 |
| Paid income tax | -5.9 | -8.2 | -15.8 | -25.0 | -63.1 | -50.2 |
| Cash flow from current operations before changes in working capital |
105.0 | 89.4 | 142.8 | 85.2 | 333.4 | 209.8 |
| Changes in working capital | ||||||
| Increase/decrease of stock | -63.7 | 62.4 | -137.6 | 12.7 | 54.3 | -245.6 |
| Increase/decrease of current receivables | -40.4 | -76.9 | 72.6 | 8.4 | -66.5 | 74.5 |
| Increase/decrease of current liabilities | 49.2 | 13.7 | 5.9 | 46.2 | 127.7 | 90.8 |
| Cash flow from changes in working capital | -54.9 | -0.8 | -59.1 | 67.3 | 115.5 | -80.3 |
| Cash flow from operations | 50.1 | 88.6 | 83.7 | 152.5 | 448.9 | 129.5 |
| Investing activities | ||||||
| Investments in tangible fixed assets | -15.9 | -17.8 | -36.4 | -34.6 | -77.1 | -108.7 |
| Sales of tangible fixed assets | 0.6 | 0.1 | 1.6 | 0.7 | 0.9 | 1.9 |
| Investments in intangible fixed assets | -1.1 | -2.2 | -1.4 | -2.5 | -9.9 | -4.4 |
| Acquisition of subsidiaries | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -1.7 |
| Sales of subsidiaries | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 7.4 |
| Acquisition of shares in associated companies | 0.0 | -0.1 | 0.0 | -0.1 | -2.4 | 0.0 |
| Raised long-term receivables | 0.0 | -1.2 | 0.0 | -1.0 | -1.1 | -1.0 |
| Repayment of long-term receivables | 0.4 | 0.0 | 0.3 | 0.0 | 0.0 | 0.0 |
| Cash flow from investing activities | -16.0 | -21.2 | -35.9 | -37.5 | -89.6 | -106.5 |
| Cash flow after investing activities | 34.1 | 67.4 | 47.8 | 115.0 | 359.3 | 23.0 |
| Financial activities | ||||||
| Loan raised | 47.1 | 16.1 | 7.7 | 0.0 | 0.0 | 0.0 |
| Amortization of loan | 0.0 | 0.0 | 0.0 | -58.5 | -247.0 | -10.0 |
| Dividend paid to non-controlling interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -1.0 |
| Dividend paid to the shareholders of the parent company | -89.6 | -66.3 | -89.6 | -66.3 | -66.3 | -66.3 |
| Cash flow from financial activities | -42.5 | -50.2 | -81.9 | -124.8 | -313.3 | -77.3 |
| Cash flow for the period | -8.4 | 17.2 | -34.1 | -9.8 | 46.0 | -54.3 |
| Liquid assets at the beginning of the period | 191.9 | 136.3 | 218.9 | 165.5 | 165.5 | 216.0 |
| Translation differences in liquid assets | -4.6 | 3.6 | -5.9 | 1.4 | 7.4 | 3.8 |
| Liquid assets at period-end | 178.9 | 157.1 | 178.9 | 157.1 | 218.9 | 165.5 |
| Liquid assets | ||||||
| Cash at bank and in hand | 178.9 | 157.1 | 178.9 | 157.1 | 218.9 | 165.5 |
CONDENSED CONSOLIDATED BALANCE SHEETS
| 30 Jun | 30 Jun | 31 Dec | 31 Dec | |
|---|---|---|---|---|
| SEK million | 2017 | 2016 | 2016 | 2015 |
| ASSETS | ||||
| Intangible fixed assets | 1 415.2 | 1 402.0 | 1 469.4 | 1 387.4 |
| Tangible fixed assets | 388.5 | 372.5 | 399.2 | 361.9 |
| Shares in associated companies | 55.3 | 52.6 | 55.0 | 52.5 |
| Long-term receivables | 10.0 | 10.1 | 10.0 | 8.8 |
| Deferred tax assets | 106.8 | 115.9 | 114.1 | 112.2 |
| Total non-current assets | 1 975.8 | 1 953.1 | 2 047.7 | 1 922.8 |
| Stock | 2 580.9 | 2 467.6 | 2 496.4 | 2 447.8 |
| Tax receivables | 30.9 | 32.8 | 27.2 | 12.7 |
| Accounts receivables | 823.9 | 816.7 | 906.2 | 821.5 |
| Prepaid expenses and accrued income | 65.2 | 79.2 | 81.1 | 69.3 |
| Other receivables | 55.3 | 39.1 | 46.7 | 39.1 |
| Liquid assets | 178.9 | 157.1 | 218.9 | 165.5 |
| Total current assets | 3 735.1 | 3 592.5 | 3 776.5 | 3 555.9 |
| TOTAL ASSETS | 5 711.0 | 5 545.6 | 5 824.2 | 5 478.7 |
| EQUITY | ||||
| Share capital | 199.1 | 199.1 | 199.1 | 199.1 |
| Other capital contributions | 219.4 | 219.4 | 219.4 | 219.4 |
| Reserves | 278.3 | 275.7 | 337.4 | 244.1 |
| Retained earnings including result for the period | 2 057.2 | 1 825.8 | 2 038.7 | 1 829.0 |
| Equity attributable to shareholders of the parent company | 2 754.0 | 2 520.0 | 2 794.6 | 2 491.6 |
| Non-controlling interest | 22.0 | 21.4 | 22.6 | 22.0 |
| Total equity | 2 776.0 | 2 541.4 | 2 817.2 | 2 513.6 |
| LIABILITIES | ||||
| Long-term interest-bearing liabilities | 1 824.4 | 1 981.8 | 1 864.5 | 1 805.2 |
| Pension provisions | 16.3 | 14.5 | 15.1 | 13.5 |
| Other provisions | 3.6 | 7.2 | 6.0 | 6.4 |
| Deferred tax liabilities | 155.4 | 153.7 | 164.2 | 150.8 |
| Total non-current liabilities | 1 999.7 | 2 157.2 | 2 049.8 | 1 975.9 |
| Short-term interest-bearing liabilities | 68.4 | 85.2 | 103.3 | 289.4 |
| Accounts payable | 476.6 | 410.7 | 492.5 | 368.6 |
| Current tax liabilities | 44.6 | 24.6 | 32.2 | 11.8 |
| Other liabilities | 135.1 | 117.3 | 111.8 | 125.2 |
| Accrued expenses and prepaid income | 210.7 | 209.2 | 217.4 | 194.2 |
| Total current liabilities | 935.3 | 847.0 | 957.2 | 989.2 |
| Total liabilities | 2 935.0 | 3 004.2 | 3 007.0 | 2 965.1 |
| TOTAL EQUITY AND LIABILITIES | 5 711.0 | 5 545.6 | 5 824.2 | 5 478.7 |
| Memorandum items | ||||
| Pledged assets | 3 323.9 | 3 189.2 | 3 502.2 | 3 460.8 |
| Contingent liabilities | 137.0 | 24.3 | 24.1 | 23.8 |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
| Other | Retained earnings | ||||||
|---|---|---|---|---|---|---|---|
| capital | incl. result | Non-controlling | |||||
| SEK million | Share capital | contributions | Reserves | for the year | Total | interest | Total equity |
| Opening balance 2016-01-01 | 199.1 | 219.4 | 244.1 | 1 829.0 | 2 491.6 | 22.0 | 2 513.6 |
| Result for the year | 276.1 | 276.1 | 0.6 | 276.7 | |||
| Other comprehensive income | |||||||
| Translation difference | 88.9 | 88.9 | 88.9 | ||||
| Cash flow hedge | 5.5 | 5.5 | 5.5 | ||||
| Reclassification of previous years' cash flow hedge | 0.1 | -0.1 | 0.0 | 0.0 | |||
| Income tax related to components of | |||||||
| other comprehensive income | -1.2 | -1.2 | -1.2 | ||||
| Transactions with shareholders | |||||||
| Dividends to shareholders of the parent company | -66.3 | -66.3 | -66.3 | ||||
| Closing balance 2016-12-31 | 199.1 | 219.4 | 337.4 | 2 038.7 | 2 794.6 | 22.6 | 2 817.2 |
| Other | Retained earnings | ||||||
|---|---|---|---|---|---|---|---|
| capital | incl. result | Non-controlling | |||||
| SEK million | Share capital | contributions | Reserves | for the year | Total | interest | Total equity |
| Opening balance 2017-01-01 | 199.1 | 219.4 | 337.4 | 2 038.7 | 2 794.6 | 22.6 | 2 817.2 |
| Result for the period | 102.6 | 102.6 | -0.6 | 101.9 | |||
| Other comprehensive income | |||||||
| Translation difference | -50.8 | -50.8 | -50.8 | ||||
| Cash flow hedge | -3.6 | -3.6 | -3.6 | ||||
| Reclassification of previous years' cash flow hedge | -5.5 | 5.5 | 0.0 | 0.0 | |||
| Income tax related to components of | |||||||
| other comprehensive income | 0.8 | 0.8 | 0.8 | ||||
| Transactions with shareholders | |||||||
| Dividends | -89.6 | -89.6 | -89.6 | ||||
| Closing balance 2017-06-30 | 199.1 | 219.4 | 278.3 | 2 057.2 | 2 754.0 | 22.0 | 2 776.0 |
| 6 months | 6 months | Year | Year | ||||
| Accumulated translation differences in equity | 2017 | 2016 | 2016 | 2015 | |||
| Accumulated translation differences at the beginning of the period | 338.5 | 249.6 | 249.6 | 221.5 | |||
| Translation difference in foreign subsidiaries for the period | -50.8 | 28.8 | 88.9 | 28.1 | |||
| Accumulated translation differences at end of period | 287.7 | 278.4 | 338.5 | 249.6 |
| FINANCIAL INSTRUMENTS | ||||
|---|---|---|---|---|
| SEK million | 30 Jun | 30 Jun | 31 Dec | 31 Dec |
| 2017 | 2016 | 2016 | 2015 | |
| Assets at fair value * | 3.5 | 3.7 | 6.4 | 0.0 |
| Assets at amortised cost | 1 062.3 | 1 012.9 | 1 178.5 | 1 032.3 |
| Total financial assets | 1 065.8 | 1 016.6 | 1 184.9 | 1 032.3 |
| Liabilities at fair value * | 11.0 | 0.3 | 5.0 | 10.8 |
| Liabilities at amortised cost | 2 700.5 | 2 801.9 | 2 780.5 | 2 759.5 |
| Total financial liabilites | 2 711.5 | 2 802.2 | 2 785.5 | 2 770.3 |
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.
FINANCIAL HIGHLIGHTS – GROUP
| 6 months | 6 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan – Jun | Jan – Jun | Jan – Dec | Jan – Dec | |
| 2017 | 2016 | 2016 | 2015 | |
| Sales growth, % | 10.4 | 4.4 | 5.5 | 16.2 |
| Number of employees | 2 451 | 2 391 | 2 396 | 2 358 |
| Gross profit margin, % | 45.4 | 45.5 | 46.0 | 45.1 |
| Operating margin before depreciation, % | 7.0 | 5.7 | 8.7 | 6.3 |
| Operating margin, % | 5.8 | 4.5 | 7.6 | 5.1 |
| Profit margin, % | 4.9 | 3.3 | 6.5 | 3.6 |
| Net margin, % | 3.9 | 2.6 | 5.3 | 2.9 |
| Return on shareholders' equity, % | 7.4 | 4.9 | 10.4 | 6.0 |
| Return on capital employed, % | 6.6 | 4.8 | 8.6 | 5.8 |
| Equity ratio, % | 48.6 | 45.8 | 48.4 | 45.9 |
| Net debt to equity ratio, % | 61.7 | 75.2 | 62.1 | 76.8 |
| Net debt in relation to working capital | 63.7 | 71.4 | 64.7 | 71.7 |
| Net debt, SEK million | 1 713.9 | 1 909.9 | 1 748.9 | 1 929.1 |
| Interest cover ratio, times | 5.6 | 3.6 | 6.5 | 3.2 |
| Capital turnover, times | 0.9 | 0.9 | 0.9 | 0.9 |
| Stock turnover, times | 1.1 | 1.1 | 1.1 | 1.2 |
| Cash flow before investments, SEK million | 83.7 | 152.5 | 448.9 | 129.5 |
| Net investments, SEK million | -35.9 | -37.5 | -89.6 | -106.5 |
| Cash flow after investments, SEK million | 47.8 | 115.0 | 359.3 | 23.0 |
| Shareholders' equity per share, SEK | 41.84 | 38.30 | 42.46 | 37.89 |
| Shareholders' equity per share after dilution, SEK | 41.84 | 38.30 | 42.46 | 37.89 |
| Share price as at December 31, SEK | - | - | 55.25 | 34.50 |
| Dividend/share, SEK | - | - | 1.00 | 1.00 |
| P/E-ratio | - | - | 13.30 | 15.75 |
| P/S-ratio | - | - | 0.70 | 0.46 |
| Share price/Shareholders' equity | - | - | 1.30 | 0.91 |
INCOME STATEMENTS – PARENT COMPANY
| 6 months | 6 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan – Jun | Jan – Jun | Jan – Dec | Jan – Dec | |
| SEK million | 2017 | 2016 | 2016 | 2015 |
| Income | 42.1 | 48.7 | 101.2 | 94.7 |
| Other operating income* | 10.0 | 12.1 | 22.1 | 27.9 |
| Total income | 52.2 | 60.8 | 123.3 | 122.6 |
| Operating costs | ||||
| External costs | -41.5 | -36.1 | -91.9 | -79.7 |
| Personnel costs | -13.3 | -12.1 | -23.5 | -26.6 |
| Depreciation of tangible and intangible fixed assets | -2.5 | -2.5 | -5.2 | -5.8 |
| Other operating costs** | -9.2 | -10.9 | -19.5 | -26.1 |
| Operating result | -14.4 | -0.8 | -16.8 | -15.6 |
| Net income from shares in Group companies | 249.3 | 408.2 | 420.4 | 116.8 |
| Write-downs of financial fixed assets | 0.0 | 0.0 | -2.4 | -93.2 |
| Financial income | 34.3 | 31.7 | 66.6 | 57.1 |
| Financial expenses | -27.4 | -32.4 | -61.6 | -104.7 |
| Net financial items | 256.1 | 407.5 | 423.0 | -24.0 |
| Result before appropriations and tax | 241.7 | 406.7 | 406.2 | -39.6 |
| Appropriations | 0.0 | 0.0 | 33.9 | 8.9 |
| Tax on result for the period | 1.2 | -0.1 | -5.0 | 0.0 |
| Result for the period | 242.9 | 406.6 | 435.1 | -30.7 |
Total comprehensive income for the year correspond with result for the period
* Rate of exchange profit and capital gain
** Rate of exchange loss
CASH FLOW STATEMENTS – PARENT COMPANY
| 6 months | 6 months | 12 months | 12 months | |
|---|---|---|---|---|
| Jan - Jun | Jan - Jun | Jan - Dec | Jan - Dec | |
| SEK million Current operations |
2017 | 2016 | 2016 | 2015 |
| Operating result | -14.4 | -0.8 | -16.8 | -15.6 |
| Adjustment for items not included in cash flow | 2.5 | 2.5 | 5.2 | 5.8 |
| Received interest | 34.3 | 31.7 | 66.6 | 57.1 |
| Paid interest | -27.4 | -32.4 | -61.6 | -64.3 |
| Paid income tax | 1.4 | -0.2 | -2.8 | -0.4 |
| Cash flow from current operations | ||||
| before changes in working capital | -3.7 | 0.8 | -9.4 | -17.4 |
| Changes in working capital | ||||
| Decrease/increase in stock | 0.0 | 0.8 | 0.8 | -0.2 |
| Decrease/increase in current receivables | 263.7 | 17.7 | 458.9 | -199.9 |
| Decrease/increase on short-term liabilities | -140.8 | 115.3 | -147.3 | 235.5 |
| Cash flow from changes in working capital | 122.9 | 133.8 | 312.4 | 35.4 |
| Cash flow from operations | 119.2 | 134.6 | 303.0 | 18.0 |
| Investing activities | ||||
| Shareholders contribution to subsidiaries | -56.4 | -0.1 | -19.0 | -9.6 |
| Investments in tangible fixed assets | -0.5 | -0.3 | -2.9 | -2.5 |
| Investments in intangible fixed assets | -0.6 | 0.0 | -0.2 | -1.5 |
| Acquisition of shares | 0.0 | 0.0 | -2.2 | -9.2 |
| Repayment of share capital from subsidiaries | 0.0 | 30.2 | 30.2 | 0.0 |
| Cash-flow from investing activities | -57.4 | 29.8 | 5.9 | -22.8 |
| Cash-flow after investing activities | 61.8 | 164.4 | 308.9 | -4.8 |
| Financial activities | ||||
| Loan raised | 23.5 | 0.0 | 0.0 | 61.5 |
| Amortization of loan | 0.0 | -98.6 | -241.3 | 0.0 |
| Dividend paid to shareholders of the parent company | -89.6 | -66.3 | -66.3 | -66.3 |
| Cash-flow from financial activities | -66.1 | -164.9 | -307.6 | -4.8 |
| Cash flow for the period | -4.3 | -0.5 | 1.3 | -9.6 |
| Liquid assets at the beginning of the year | 4.5 | 3.2 | 3.2 | 12.8 |
| Liquid assets at period-end | 0.2 | 2.7 | 4.5 | 3.2 |
BALANCE SHEETS – PARENT COMPANY
| SEK million | 30 Jun | 30 Jun | 31 Dec | 31 Dec |
|---|---|---|---|---|
| ASSETS | 2017 | 2016 | 2016 | 2015 |
| Fixed assets | ||||
| Intangible fixed assets | 10.4 | 13.6 | 11.7 | 15.7 |
| Tangible fixed assets | 4.6 | 2.8 | 4.8 | 2.9 |
| Financial assets | ||||
| Shares in Group companies | 1 566.6 | 1 488.2 | 1 510.2 | 1 488.1 |
| Shares in associated companies | 54.6 | 52.2 | 54.6 | 52.2 |
| Receivables on Group companies | 929.1 | 930.5 | 998.0 | 916.3 |
| Other long-term receivables | 2.4 | 2.0 | 2.4 | 2.0 |
| Total financial assets | 2 552.7 | 2 472.9 | 2 565.2 | 2 458.6 |
| Total fixed assets | 2 567.7 | 2 489.3 | 2 581.7 | 2 477.2 |
| Current assets | ||||
| Current receivables | ||||
| Stock | 0.0 | 0.0 | 0.0 | 0.8 |
| Accounts receivable | 0.6 | 0.7 | 0.6 | 0.3 |
| Receivables on Group companies | 1 134.8 | 1 130.2 | 1 145.9 | 1 156.2 |
| Tax receivables | 0.0 | 0.7 | 0.2 | 0.6 |
| Other receivables | 12.7 | 6.2 | 8.4 | 7.0 |
| Prepaid expenses and accrued income | 4.2 | 14.1 | 11.8 | 5.4 |
| Total current receivables | 1 152.3 | 1 151.9 | 1 166.9 | 1 170.3 |
| Cash at bank and in hand | 0.2 | 2.7 | 4.5 | 3.2 |
| Total current assets | 1 152.5 | 1 154.6 | 1 171.5 | 1 173.5 |
| TOTAL ASSETS | 3 720.2 | 3 643.9 | 3 753.1 | 3 650.7 |
| 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 | 997.2 | 651.8 | 651.8 | 748.8 |
| Share premium reserve | 48.0 | 48.0 | 48.0 | 48.0 |
| Result for the year | 242.9 | 406.6 | 435.1 | -30.7 |
| 1 288.1 | 1 106.4 | 1 134.9 | 766.1 | |
| Total equity | 1 736.7 | 1 554.9 | 1 583.4 | 1 214.6 |
| Untaxed reserves | 6.8 | 0.0 | 6.8 | 0.0 |
| Non-current liabilities | ||||
| Overdraft facilities | 1 337.7 | 1 405.4 | 1 293.3 | 1 329.6 |
| Bankloan | 281.1 | 334.0 | 371.0 | 294.2 |
| Total non-current liabilities | 1 618.7 | 1 739.4 | 1 664.3 | 1 623.8 |
| Current liabilities | ||||
| Short-term interest-bearing liabilities | 62.6 | 62.7 | 66.2 | 250.0 |
| Accounts payable | 181.6 | 133.9 | 163.9 | 99.4 |
| Liabilities to Group companies | 107.1 | 146.2 | 256.9 | 449.8 |
| Current tax liability | 1.8 | 0.0 | 1.8 | 0.0 |
| Other liabilities | 4.7 | 1.1 | 2.4 | 7.2 |
| Accrued expenses and prepaid income | 0.3 | 5.7 | 7.4 | 5.9 |
| Total current liabilities | 358.1 | 349.6 | 498.6 | 812.3 |
| TOTAL EQUITY AND LIABILITIES | 3 720.2 | 3 643.9 | 3 753.1 | 3 650.7 |
| Pledged assets and contingent liabilities for the parent company | ||||
| Pledged assets | 1 222.1 | 1 198.8 | 1 222.1 | 1 198.8 |
| Contingent liabilities | 557.8 | 437.2 | 471.2 | 334.0 |
CHANGES IN EQUITY – PARENT COMPANY
| SEK million | Share capital | Restricted reserves |
profits | Retained Share premium reserve |
Result for 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 | 435.1 | 435.1 | ||||
| Total change in net assets excluding | 0.0 | 0.0 | 0.0 | 0.0 | 435.1 | 435.1 |
| transactions with shareholders | ||||||
| Dividends | -66.3 | -66.3 | ||||
| Closing balance 2016-12-31 | 199.1 | 249.4 | 651.8 | 48.0 | 435.1 | 1 583.4 |
| Restricted | Retained Share premium | Result for | ||||
|---|---|---|---|---|---|---|
| SEK million | Share capital | reserves | profits | reserve | the period | Total equity |
| Opening balance 2017-01-01 | 199.1 | 249.4 | 651.8 | 48.0 | 435.1 | 1 583.4 |
| Transfer according to Annual General meeting | 435.1 | -435.1 | 0.0 | |||
| Result for the period | 242.9 | 242.9 | ||||
| Total change in net assets excluding | 0.0 | 0.0 | 0.0 | 0.0 | 242.9 | 242.9 |
| transactions with shareholders | ||||||
| Dividends | -89.6 | -89.6 | ||||
| Closing balance 2017-06-30 | 199.1 | 249.4 | 997.2 | 48.0 | 242.9 | 1 736.7 |
NET INCOME AND EBITDA PER OPERATING SEGMENT
| SEK million | 3 months | 3 months | 6 months | 6 months | 12 months | 12 months |
|---|---|---|---|---|---|---|
| Apr - Jun | Apr - Jun | Jan - Jun | Jan - Jun | Jan - Dec | Jan - Dec | |
| Corporate Promo | 2017 | 2016 | 2017 | 2016 | 2016 | 2015 |
| Net income | 678.9 | 605.1 | 1 268.6 | 1 110.2 | 2 388.6 | 2 152.0 |
| EBITDA | 95.6 | 90.5 | 129.2 | 104.0 | 250.8 | 166.4 |
| Sports & Leisure | ||||||
| Net income | 544.9 | 514.7 | 1 097.9 | 1 034.6 | 2 260.8 | 2 258.4 |
| EBITDA | 28.9 | 24.0 | 61.7 | 46.0 | 194.5 | 143.1 |
| Gifts & Home furnishings | ||||||
| Net income | 147.9 | 137.5 | 269.4 | 243.3 | 587.7 | 554.3 |
| EBITDA | 1.8 | -0.9 | -6.5 | -15.1 | 10.8 | 2.8 |
| Total net income | 1 371.8 | 1 257.3 | 2 635.9 | 2 388.1 | 5 237.1 | 4 964.7 |
| Total EBITDA | 126.2 | 113.6 | 184.4 | 134.9 | 456.1 | 312.3 |
| Total EBITDA | 126.2 | 113.6 | 184.4 | 134.9 | 456.1 | 312.3 |
| Depreciation and write down | -15.7 | -13.4 | -30.7 | -26.6 | -55.9 | -57.1 |
| Net financial items | -13.1 | -14.8 | -25.6 | -28.6 | -59.9 | -74.3 |
| Result before tax | 97.3 | 85.4 | 128.0 | 79.7 | 340.3 | 180.9 |
ASSETS/LIABILITIES PER OPERATING SEGMENT
| SEK million | Total | Fixed | Deferred | Depreciation | Total | |
|---|---|---|---|---|---|---|
| assets | assets * | tax assets | Investments | and write-downs | liabilities | |
| 30 June 2017 | ||||||
| Corporate Promo | 2 841.0 | 624.3 | 35.2 | -9.1 | -15.2 | 1 901.0 |
| Sports & Leisure | 2 281.8 | 984.9 | 60.4 | -18.3 | -13.1 | 618.0 |
| Gifts & Home Furnishings | 588.2 | 194.6 | 11.2 | -8.5 | -2.4 | 416.0 |
| Total | 5 711.0 | 1 803.7 | 106.8 | -35.9 | -30.7 | 2 935.0 |
| 30 June 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 |
| 31 Dec 2016 | ||||||
| Corporate Promo | 2 988.7 | 629.2 | 36.3 | -16.6 | -28.5 | 2 031.7 |
| Sports & Leisure | 2 261.9 | 1 045.9 | 62.6 | -33.3 | -23.3 | 582.9 |
| Gifts & Home Furnishings | 573.6 | 193.5 | 15.2 | -39.7 | -4.1 | 392.4 |
| Total | 5 824.2 | 1 868.6 | 114.1 | -89.6 | -55.9 | 3 007.0 |
NET INCOME PER GEOGRAPHIC AREA
| SEK million | 3 months Apr – Jun 2017 |
Part of income |
3 months Apr – Jun 2016 |
Part of income |
Change SEK million |
Change % |
|---|---|---|---|---|---|---|
| Sweden | 318.9 | 23% | 301.2 | 24% | 17.7 | 6% |
| USA | 363.3 | 26% | 339.2 | 27% | 24.1 | 7% |
| Nordic countries excluding Sweden | 195.7 | 14% | 191.8 | 15% | 3.9 | 2% |
| Central Europe | 221.5 | 16% | 211.2 | 17% | 10.3 | 5% |
| Southern Europe | 150.1 | 11% | 130.3 | 10% | 19.8 | 15% |
| Other countries | 122.3 | 9% | 83.6 | 7% | 38.7 | 46% |
| Total | 1 371.7 | 100% | 1 257.3 | 100% | 114.5 | 9% |
| 6 months | 6 months | |||||
|---|---|---|---|---|---|---|
| SEK million | Jan – Jun | Part of | Jan – Jun | Part of | Change | Change |
| 2017 | income | 2016 | income | SEK million | % | |
| Sweden | 574.7 | 22% | 537.9 | 23% | 36.8 | 7% |
| USA | 677.6 | 26% | 628.6 | 26% | 49.0 | 8% |
| Nordic countries excluding Sweden | 371.6 | 14% | 354.8 | 15% | 16.8 | 5% |
| Central Europe | 496.3 | 19% | 461.4 | 19% | 34.9 | 8% |
| Southern Europe | 279.4 | 11% | 243.1 | 10% | 36.3 | 15% |
| Other countries | 236.3 | 9% | 162.3 | 7% | 74.0 | 46% |
| Total | 2 636.0 | 100% | 2 388.1 | 100% | 247.8 | 10% |
| 12 months | 12 months | |||||
|---|---|---|---|---|---|---|
| SEK million | Jan – Dec | Part of | Jan – Dec | Part of | Change | Change |
| 2016 | income | 2015 | income | SEK million | % | |
| Sweden | 1 236.4 | 24% | 1 145.6 | 23% | 90.8 | 8% |
| USA | 1 381.1 | 26% | 1 389.1 | 28% | -8.0 | -1% |
| Nordic countries excluding Sweden | 739.5 | 14% | 660.2 | 13% | 79.3 | 12% |
| Central Europe | 996.8 | 19% | 927.3 | 19% | 69.5 | 7% |
| Southern Europe | 524.4 | 10% | 471.5 | 9% | 52.9 | 11% |
| Other countries | 358.9 | 7% | 371.0 | 7% | -12.1 | -3% |
| Total | 5 237.1 | 100% | 4 964.7 | 100% | 272.4 | 5% |
FIXED ASSETS AND DEFERRED TAX ASSETS PER GEOGRAPHIC AREA
| 30 Jun 2017 | 30 Jun 2016 | 31 Dec 2016 | ||||
|---|---|---|---|---|---|---|
| SEK million | Fixed | Deferred | Fixed | Deferred | Fixed | Deferred |
| assets* | tax assets | assets* | tax assets | assets* | tax assets | |
| Sweden | 477.0 | 12.2 | 465.0 | 20.9 | 477.9 | 15.9 |
| USA | 934.3 | 56.5 | 916.6 | 66.7 | 996.1 | 59.2 |
| Nordic countries excluding Sweden | 27.9 | 8.3 | 29.1 | 11.4 | 27.7 | 8.4 |
| Central Europe | 202.8 | 21.8 | 199.8 | 10.4 | 202.5 | 22.7 |
| Southern Europe | 155.8 | 3.1 | 157.3 | 3.5 | 158.8 | 2.8 |
| Other countries | 6.0 | 4.8 | 6.7 | 3.0 | 5.6 | 5.1 |
| Total | 1 803.7 | 106.8 | 1 774.5 | 115.9 | 1 868.6 | 114.1 |
* Fixed assets classified as financial assets are not included
QUARTERLY CONSOLIDATED INCOME STATEMENTS
| SEK million | 2017 | 2016 | 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Income | 1 264.2 | 1 371.7 | 1 130.8 | 1 257.3 | 1 300.4 | 1 548.6 | 1 096.1 | 1 191.3 | 1 272.0 | 1 405.3 |
| Goods for resale | -692.8 | -745.7 | -616.3 | -685.0 | -693.3 | -832.3 | -595.7 | -659.1 | -697.8 | -773.5 |
| Gross profit | 571.4 | 626.0 | 514.5 | 572.3 | 607.1 | 716.3 | 500.4 | 532.2 | 574.2 | 631.8 |
| Gross profit % | 45.2 | 45.6 | 45.5 | 45.5 | 46.7 | 46.3 | 45.7 | 44.7 | 45.1 | 45.0 |
| Other operating income | 10.9 | 7.0 | 9.4 | 12.2 | 14.5 | 14.9 | 9.3 | 7.8 | 22.1 | 8.0 |
| External costs | -288.6 | -270.1 | -279.8 | -249.6 | -268.5 | -300.1 | -270.1 | -258.9 | -273.0 | -284.0 |
| Personnel costs | -228.1 | -233.0 | -217.4 | -213.0 | -208.3 | -242.9 | -205.3 | -212.0 | -202.8 | -231.5 |
| Depreciations and write-downs | -15.0 | -15.7 | -13.2 | -13.4 | -14.1 | -15.2 | -14.9 | -14.3 | -13.7 | -14.2 |
| Other operating costs | -7.8 | -3.9 | -5.6 | -8.1 | -5.8 | -6.2 | -18.5 | -6.7 | -9.3 | -1.7 |
| Share of associated companies' result | 0.4 | 0.2 | 0.2 | -0.2 | 0.0 | 0.2 | 0.9 | 0.6 | -1.2 | 0.0 |
| Operating result | 43.2 | 110.5 | 8.1 | 100.2 | 124.9 | 167.0 | 1.8 | 48.7 | 96.3 | 108.4 |
| Financial income | 1.3 | 1.0 | 1.2 | 0.9 | 1.0 | 0.0 | 1.9 | 3.2 | 1.4 | 0.7 |
| Financial expenses | -13.8 | -14.1 | -15.0 | -15.7 | -16.4 | -15.9 | -17.0 | -16.9 | -19.0 | -28.6 |
| Result before tax | 30.7 | 97.4 | -5.7 | 85.4 | 109.5 | 151.1 | -13.3 | 35.0 | 78.7 | 80.5 |
| Tax | -5.8 | -20.3 | 1.1 | -18.4 | -23.0 | -23.3 | 2.4 | -7.2 | -13.6 | -17.2 |
| Result for the period | 24.9 | 77.0 | -4.6 | 67.0 | 86.5 | 127.8 | -10.9 | 27.8 | 65.1 | 63.3 |
| Total other comprehensive income net after | ||||||||||
| tax for the period | -12.2 | -42.4 | -15.5 | 47.2 | 26.4 | 35.1 | 101.7 | -43.9 | 7.1 | -36.9 |
| Total comprehensive income for the period | 12.7 | 34.7 | -20.1 | 114.2 | 112.9 | 162.9 | 90.8 | -16.1 | 72.2 | 26.4 |
| Result per share | ||||||||||
| before dilution (SEK) | 0.38 | 1.16 | -0.06 | 1.01 | 1.31 | 1.9 | -0.17 | 0.41 | 0.98 | 0.94 |
| after dilution (SEK) | 0.38 | 1.16 | -0.06 | 1.01 | 1.31 | 1.9 | -0.17 | 0.41 | 0.98 | 0.94 |
| 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 | 2014 | 2013 | 2012 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Income | 908.5 | 983.3 | 1 122.3 | 1 259.5 | 877.3 | 995.3 | 1 035.0 | 1 139.8 | 975.4 | 1 074.9 | 1 053.8 | 1 176.1 |
| Goods for resale | -497.7 | -531.8 | -621.9 | -669.6 | -456.8 | -529.1 | -564.9 | -626.2 | -531.2 | -580.0 | -688.9 | -615.7 |
| Gross profit | 410.8 | 451.5 | 500.4 | 589.9 | 420.5 | 466.2 | 470.1 | 513.6 | 444.2 | 494.9 | 364.9 | 560.4 |
| Gross profit % | 45.2 | 45.9 | 44.6 | 46.8 | 47.9 | 46.8 | 45.4 | 45.1 | 45.5 | 46.0 | 34.6 | 47.6 |
| Other operating income | 7.1 | 5.4 | 5.1 | 10.1 | 8.6 | 7.7 | 7.7 | 9.3 | 8.5 | 9.5 | 7.4 | 9.7 |
| External costs | -229.5 | -216.9 | -216.6 | -260.5 | -222.9 | -209.7 | -205.4 | -215.2 | -247.2 | -238.3 | -245.5 | -223.0 |
| Personnel costs | -179.5 | -176.7 | -174.8 | -204.7 | -174.7 | -177.9 | -162.5 | -182.7 | -186.3 | -189.2 | -208.1 | -181.9 |
| Depreciations and write-downs | -12.4 | -13.2 | -14.4 | -14.2 | -11.8 | -14.6 | -13.9 | -11.9 | -11.9 | -13.0 | -53.1 | -11.9 |
| Other operating costs | -2.4 | -2.6 | -4.1 | -7.4 | -3.8 | -1.9 | -2.9 | -2.3 | -3.8 | -5.9 | -5.9 | -3.1 |
| Share of associated companies' result | 0.0 | 0.5 | 0.1 | -1.0 | 0.2 | 0.4 | -0.3 | 0.8 | -0.9 | 0.7 | 0.4 | 1.5 |
| Operating result | -5.9 | 48.0 | 95.7 | 112.2 | 16.1 | 70.2 | 92.8 | 111.6 | 2.6 | 58.7 | -139.9 | 151.7 |
| Financial income | 1.4 | 1.2 | 1.1 | 1.2 | 1.8 | 1.4 | 1.8 | 1.8 | 1.4 | 0.5 | 2.2 | 0.9 |
| Financial expenses | -9.7 | -10.6 | -12.1 | -14.5 | -17.8 | -16.1 | -14.9 | -14.2 | -15.4 | -13.0 | -16.1 | -18.7 |
| Result before tax | -14.2 | 38.6 | 84.7 | 98.9 | 0.1 | 55.5 | 79.7 | 99.2 | -11.4 | 46.2 | -153.8 | 133.9 |
| Tax | 2.9 | -9.2 | -17.8 | -7.0 | 0.0 | -16.6 | -21.9 | -8.9 | 3.2 | -12.9 | 33.8 | -33.2 |
| Result for the period | -11.3 | 29.4 | 66.9 | 91.9 | 0.1 | 38.9 | 57.8 | 90.3 | -8.2 | 33.3 | -120.0 | 100.7 |
| Total other comprehensive income net after | ||||||||||||
| tax for the period | 1.4 | 53.5 | 53.1 | 91.2 | -38.9 | 57.8 | -31.5 | 36.6 | -24.1 | 21.9 | -95.6 | 21.8 |
| Total comprehensive income for the period |
-9.9 | 82.9 | 120.0 | 183.1 | -38.8 | 96.7 | 26.3 | 126.9 | -32.3 | 55.2 | -215.6 | 122.5 |
| Result per share | ||||||||||||
| before dilution (SEK) | -0.17 | 0.44 | 1.01 | 1.38 | 0.00 | 0.60 | 0.87 | 1.35 | -0.13 | 0.50 | -1.81 | 1.51 |
| after dilution (SEK) | -0.17 | 0.44 | 1.01 | 1.38 | 0.00 | 0.60 | 0.87 | 1.35 | -0.12 | 0.50 | -1.81 | 1.51 |
| 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 | 66 343 543 | 66 343 543 | 66 343 543 | 66 343 543 | 67 343 543 | 66 343 543 | 66 343 543 | 66 343 543 |
QUARTERLY CONSOLIDATED CASH FLOW STATEMENTS
| SEK million | 2017 | 2016 | 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q2 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Cash flow from current operations | ||||||||||
| before changes in working capital | 37.8 | 105.0 | -4.2 | 89.4 | 116.2 | 132.0 | -9.2 | 54.6 | 73.8 | 90.6 |
| Increase/decrease of stock | -73.9 | -63.7 | -49.7 | 62.4 | -109.6 | 151.2 | -200.6 | -88.5 | -132.1 | 175.6 |
| Increase/decrease of current receivables | 113.0 | -40.4 | 85.3 | -76.9 | -106.8 | 31.9 | 129.5 | -23.0 | -117.2 | 85.2 |
| Increase/decrease of current liabilities | -43.3 | 49.2 | 32.5 | 13.7 | 115.7 | -34.2 | 51.4 | 1.0 | 14.3 | 24.1 |
| Changes in working capital | -4.2 | -54.9 | 68.1 | -0.8 | -100.7 | 148.9 | -19.7 | -110.5 | -235.0 | 284.9 |
| Cash flow from operations | 33.6 | 50.1 | 63.9 | 88.6 | 15.5 | 280.9 | -28.9 | -55.9 | -161.2 | 375.5 |
| Investing activities | -19.9 | -16.0 | -16.3 | -21.2 | -25.8 | -26.3 | -26.7 | -40.7 | -15.0 | -24.1 |
| Cash flow after investing activities | 13.7 | 34.1 | 47.6 | 67.4 | -10.3 | 254.6 | -55.6 | -96.6 | -176.2 | 351.4 |
| Loan raised | 0.0 | 47.1 | 0.0 | 16.1 | 22.9 | 0.0 | 0.0 | 179.1 | 173.9 | 0.0 |
| Amortization of loan | -39.4 | 0.0 | -74.6 | 0.0 | 0.0 | -211.4 | -13.9 | 0.0 | 0.0 | -349.1 |
| Dividend paid to non-controlling interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -1.0 | 0.0 |
| Dividend paid to the shareholders of the parent company | 0.0 | -89.6 | 0.0 | -66.3 | 0.0 | 0.0 | 0.0 | -66.3 | 0.0 | 0.0 |
| Financial activities | -39.4 | -42.5 | -74.6 | -50.2 | 22.9 | -211.4 | -13.9 | 112.8 | 172.9 | -349.1 |
| Cash flow for the period | -25.7 | -8.4 | -27.0 | 17.2 | 12.6 | 43.2 | -69.5 | 16.2 | -3.3 | 2.3 |
| Liquid assets at the beginning of the period | 218.9 | 191.9 | 165.5 | 136.3 | 157.1 | 172.9 | 216.0 | 159.0 | 169.5 | 167.7 |
| 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 |
| Translation differences in liquid assets | -1.3 | -4.6 | -2.2 | 3.6 | 3.2 | 2.8 | 12.5 | -5.7 | 1.5 | -4.5 |
| Liquid assets at period-end | 191.9 | 178.9 | 136.3 | 157.1 | 172.9 | 218.9 | 159.0 | 169.5 | 167.7 | 165.5 |
| SEK million | 2014 | 2013 | 2012 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 |
| Cash flow from current operations | ||||||||||||
| before changes in working capital | -7.1 | 38.8 | 93.1 | 129.1 | -18.7 | 55.3 | 86.7 | 103.3 | -12.8 | 43.8 | 66.7 | 83.7 |
| Increase/decrease of stock | -50.6 | -86.8 | -309.6 | -126.1 | 27.8 | 28.2 | -3.1 | 145.3 | -44.9 | 34.3 | -1.6 | 205.8 |
| Increase/decrease of current receivables | 172.3 | -28.0 | -124.2 | -40.7 | 131.1 | -44.0 | -84.8 | -32.7 | 77.1 | 19.6 | -69.9 | -14.1 |
| Increase/decrease of current liabilities | -25.8 | 48.3 | 50.0 | -16.9 | -34.1 | 2.3 | -1.3 | -2.8 | 25.6 | 35.1 | -108.0 | 0.7 |
| Changes in working capital | 95.9 | -66.5 | -383.8 | -183.7 | 124.8 | -13.5 | -89.2 | 109.8 | 57.8 | 89.0 | -179.5 | 192.4 |
| Cash flow from operations | 88.8 | -27.7 | -290.7 | -54.6 | 106.1 | 41.8 | -2.5 | 213.1 | 45.0 | 132.8 | -112.8 | 276.1 |
| Investing activities | -11.3 | -17.5 | -12.4 | -29.4 | -8.8 | -8.8 | -21.2 | -7.2 | -10.8 | -15.1 | -17.2 | -7.3 |
| Cash flow after investing activities | 77.5 | -45.2 | -303.1 | -84.0 | 97.3 | 33.0 | -23.7 | 205.9 | 34.2 | 117.7 | -130.0 | 268.8 |
| Loan raised | 0.0 | 129.6 | 289.8 | 121.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 123.0 | 0.0 |
| Amortization of loan | -109.8 | 0.0 | 0.0 | 0.0 | -157.3 | 24.2 | -12.0 | -146.7 | -79.0 | -5.1 | 0.0 | -196.1 |
| Dividend paid to non-controlling interest | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Dividend paid to the shareholders of the parent company |
0.0 | -66.3 | 0.0 | 0.0 | 0.0 | -66.3 | 0.0 | 0.0 | 0.0 | -66.3 | 0.0 | 0.0 |
| Financial activities | -109.8 | 63.3 | 289.8 | 121.3 | -157.3 | -42.1 | -12.0 | -146.7 | -79.0 | -71.4 | 123.0 | -196.1 |
| Cash flow for the period | -32.3 | 18.1 | -13.3 | 37.3 | -60.0 | -9.1 | -35.7 | 59.2 | -44.8 | 46.3 | -7.0 | 72.7 |
| Liquid assets at the beginning of the period | 185.1 | 153.1 | 176.0 | 169.6 | 229.7 | 168.0 | 163.0 | 123.7 | 117.7 | 70.4 | 119.5 | 107.6 |
| Adjustment liquid assets at the beginning of the period |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 48.8 |
| Translation differences in liquid assets | 0.3 | 4.8 | 6.9 | 9.1 | -1.7 | 4.1 | -3.6 | 2.2 | -2.5 | 2.8 | -4.9 | 0.6 |
| Liquid assets at period-end | 153.1 | 176.0 | 169.6 | 216.0 | 168.0 | 163.0 | 123.7 | 185.1 | 70.4 | 119.5 | 107.6 | 229.7 |
* As of 2012 gross accounting of cash in bank is applied
NEW WAVE GROUP'S
SHARE
NEW WAVE GROUPS 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 12 211 (11 961) on June 30, 2017. Institutional investors accounted for 50 % of the capital and 14 % of the votes. At the same time the ten largest shareholders held 66 % of the capital and 91 % of the votes. Non-Swedish shareholders accounted for 16 % of the capital and 4 % of the votes.
NEW WAVE GROUP'S TEN MAJOR SHAREHOLDERS 2017-06 -30
| SHAREHOLDER | Number of shares | Number of votes | Capital % | Votes % |
|---|---|---|---|---|
| Torsten Jansson through companies | 21 403 277 | 198 772 397 | 32.3% | 81.6% |
| Avanza Pension | 4 379 295 | 4 379 295 | 6.6% | 1.8% |
| Fjärde AP-Fonden | 4 193 793 | 4 193 793 | 6.3% | 1.7% |
| Lannebo fonder | 3 332 951 | 3 332 951 | 5.0% | 1.4% |
| City Bank New York | 2 064 530 | 2 059 484 | 3.1% | 0.8% |
| Svolder AB | 1 919 098 | 1 919 098 | 2.9% | 0.8% |
| Bank of New York Mellon | 1 826 651 | 1 826 651 | 2.8% | 0.7% |
| Spiltan Aktiefonder | 1 825 391 | 1 825 391 | 2.8% | 0.7% |
| Hans Diding | 1 319 000 | 1 319 000 | 2.0% | 0.5% |
| JP Morgan | 1 226 245 | 1 202 171 | 1.8% | 0.5% |
| 43 490 231 | 220 830 231 | 65.6% | 90.6% |
NEW WAVE GROUP'S TEN MAJOR SHAREHOLDERS 2017-06 -30
| Number of shares | Number of votes | Capital % | Votes % | |
|---|---|---|---|---|
| Sweden | 55 450 916 | 232 820 036 | 83.6% | 95.5% |
| Shareholders outside Sweden. excl. USA | 5 990 396 | 5 990 396 | 9.0% | 2.5% |
| USA | 4 902 231 | 4 902 231 | 7.4% | 2.0% |
| Total | 66 343 543 | 243 712 663 | 100.0% | 100.0% |
DEFINITIONS OF ALTERNATIVE PERFORMANCE MEASURES
Guidelines concerning non-IFRS performance measures for companies with securities listed on a regulated market in the EU have been issued by ESMA (The European Securities and Markets Authority). These guidelines are to be applied to alternative performance measures (APM) applied as of July 3, 2016. The Annual Report refers to a number of non-IFRS performance measures used to assist investors and company management to analyze the company's operations. 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. A description of the various non-IFRS performance measures used as a complement to the financial information reported according to IFRS and how they are used, is presented below.
| Performance measures | Definition/calculation | Purpose | ||||
|---|---|---|---|---|---|---|
| Gross profit margin | Income less goods for resale in percent of income. | The measure is used for showing the company's margins before the effect of costs such as selling and administrative costs. |
||||
| Operating margin | Operating profit/loss as a percentage of the period´s income. |
The measure is used to estimate operating profitability | ||||
| Profit margin | Result before tax as a percentage of the period's income |
The measure enables the profitability to be compared across locations where corporate taxes differ. |
||||
| Net margin | Result after tax as a percentage of the period´s income. |
The measure is used to show net earnings in relation to income. |
||||
| EBITDA | Operating profit/loss before depreciation/amorti zation and impairment of non-current assets. |
The measure is used to show profit (loss) from operating Activities, regardless of depreciation/amortization. |
||||
| Net financial items | The total of interest incomes, interest expenses, exchange differences on borrowings and cash and cash equivalents in foreign currencies, other financial income and other financial expenses. |
The measure reflects the company's total costs of the external financing. |
||||
| Return measures | Definition/calculation | Purpose | ||||
| Return on capital employed | Operating profit plus financial income as a percent age of average capital employed. The average capital employed is calculated by taking the capital employed per period end and the capital employed by period end of the Comparative period in the previous year divided by two. |
The measure is used to analyze profitability by putting result in relation to the capital needed to operate the business. |
||||
| Return on equity | Result for the period according to the income statement as a percentage of average equity. For the parent company it is calculated as result after tax as a percentage of average adjusted equity. In adjusted equity, 78% of untaxed reserves are included. |
The measure is used to analyze profitability over time, given the resources available to the parent company's owners. |
||||
| Capital measures | Definition/calculation | Purpose | ||||
| Equity | The equity reported in the consolidated balance sheet consists of taxed equity increased by the equity portion of the Group's untaxed reserves and noncontrolling interests. Deferred tax liability in untaxed reserves has been calculated at a 22.0% rate for Swedish companies and at the applicable tax rate for foreign companies in each country outside Sweden. |
The measure is the difference between the Group's assets and liabilities, which corresponds to the Group's equity contributed by owners and the Group's accumulated profits. |
| Capital measures, cont. | Definition/calculation | Purpose |
|---|---|---|
| Capital employed | Total assets less provisions and non-interest bearing liabilities, which consist of accounts payable, current tax liabilities, other liabilities and accrued expenses and prepaid income. |
The measure indicates how much capital is needed to run the business, regardless of type of financing (borrowed or equity). |
| Working capital | Total current assets, excluding liquid assets, less short-term non-interest bearing liabilities. |
The measure is used to show how much capital is needed to finance day to day operations. |
| Net debt | Interest-bearing debt (current and non-current) less cash and cash equivalents. |
The measure shows financing from borrowings. |
| Stock turnover | Goods for resale in the income statement divided by average stock. |
The measure is used to show the inventory's turnover per year. |
| Net debt to equity ratio | Net debt as a percentage of equity | The measure helps show financial risk and is useful for management to monitor the level of the company's indebtedness. |
| Net debt in relation to working capital |
Net debt divided by working capital | The measure is used to show how much of the working capital is financed through net debt. |
| Interest coverage ratio | Result before tax plus financial costs divided by financial costs. |
The measure is used to calculate the company's ability to pay interest costs. |
| Equity ratio | Equity as a percentage of total assets. | The measure shows how much of the the company's assets are financed by the shareholders through equity. An equity ratio is a measure of financial strength. |
| Data per share | Definition/calculation | Purpose |
| Equity per share | Equity at the end of the period divided by number of shares at the end of the period. |
Equity per share measures the netasset value backing up each share of the company's equity and determines if a company is increasing shareholder value over time. |
| Other measures | Definition/calculation | Purpose |
| Effective tax rate | Tax on profit for the period as a percentage of profit before tax |
This measure enables comparison of income tax across locations where corporate taxes differ. |
| Cash flow from operations |
Cash flow from operations including changes in working capital and before cash flows from investing and financing activities. |
The measure is used to show the cash flow generated by the company's operations. |
| Net Investments | Cash flow from investing activities according to the cash flow analysis which includes investments and divestments of buildings, acquisitions, investments in tangible and intangible assets and raised long-term debt. |
The measures is used to regularly estimate how much cash is used to maintain operations and for expansion. |
New Wave Group is a growth company creating. acquiring and developing promo. sports. gift and interior design trademarks and products. The group shall achieve synergies by coordinating design. purchasing. marketing. logistics and distribution of the assortment. The group shall offer its products to the promo market and the retail market in order to achieve good risk diversification.
New Wave Group AB (publ) Org nr 556350-0916 Kungsportsavenyen 10, SE-411 36 Göteborg Tel +46 (0)31 712 89 00 | [email protected] www.nwg.se