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New Wave Group AB Interim / Quarterly Report 2022
3081_ir_2022-08-17_4f3481e9-3ec6-4c9c-966d-c909ceda0836.pdf
Interim / Quarterly Report
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January - June
Corporate
| CLIQUE REG, TRADEMARK |
J.HARVEST & FROST CORPORATE SHIRTMAKER |
JAMES HARVEST sports Twear |
Frinter ACTIVE WEAR |
MAC ONE® | JINGHAM |
|---|---|---|---|---|---|
| JOBMAN WORKWEAR |
I DPROJOB | TOPPOINT | d-Vice PROMOTE | cottover people & planet |
17:17442 active profile outfit |
| 105 / DERBY POF SWEDEN® |
Praphix | No Problem Sportswear |
CAD SPORTSWEAR |
hurricone | :::: bagsfirst® |
Sports & Leisure
| CUTTER & BUCK | ANNIKA LZ CUTTER & BUCK |
CRAFT :: | CLIQUE. | ahead 4 | K Kate Lord COLLECTION |
|---|---|---|---|---|---|
| LE GANT | AUCLAIR & | GANTS LAURENTIDE ares |
SEGER | Termo | |
| SINCE 1921 | warmand work process MARSTRAND ORIGINAL SAILOR SHOES |
mårie | speedo |
Gifts & Home Furnishings
| ORREFORS ↓ | KostaBoda | KOSTA BODA ART HOTEL SWEDEN |
HOUR BECOLLER IN SELLER OSTA LODGE |
FOSTA | sagatorm D |
|---|---|---|---|---|---|
| LORD NELSON VICTORY |
nightingale | queen | KOSTA LINNEWÄFVERI | Orrefors JERNVERK | BYON |
| vakinmel | VICTORIAN |
2 // Q2
-
Net sales amounted to SEK 2,019.2 million, which was 36% (30% in local currencies) higher than last year (SEK 1,486.8 million).
-
Operating result amounted to SEK 351.0 (241.3) million.
-
Result for the period amounted to SEK 265.0 (187.7) million.
-
Earnings per share amounted to SEK 3.99 (2.84).
-
Cash flow from operating activities amounted to SEK 68.1 (185.3) million.
PERIOD 1 APRIL - 30 JUNE 2022 PERIOD 1 JANUARY - 30 JUNE 2022
-
Net sales amounted to SEK 3,794.1 million, which was 38% (32% in local currencies) higher than last year (SEK 2,748.4 million).
-
Operating result amounted to SEK 560.1 (341.5) million.
-
Result for the period amounted to SEK 418.5 (255.4) million.
-
Earnings per share amounted to SEK 6.31 (3.88).
-
Cash flow from operating activities amounted to SEK 73.3 (552.5) million.
-
Equity ratio amounted to 59.0 (58.9) %.
-
Net debt to equity ratio amounted to 27.0 (31.2) %.
2018 2019 2020 2021 2022
2018 2019 2020 2021 2022
SEK
2018 2019 2020 2021 2022
Q1 Q2 Q3 Q4
To r s t e n J a n s s o n
"It is with pride and joy that we can present another record quarter."
Another record quarter
It is with pride and joy that we can present another record quarter with strong growth both in terms of sales and results. Sales have now increased eight quarters in a row and we are showing an all-time high in both net sales and operating result for the sixth consecutive quarter.
Net sales in the quarter increased from SEK 1,486.8 million to SEK 2,019.2 million, a growth of SEK 532.4 million or 36%. In local currencies, growth amounted to 30%.
Operating result increased from SEK 241.3 million to SEK 351.0 million, an increase of SEK 109.7 million or 45%. As previously reported for the second quarter of 2021, we received deferred government PPP loans in the USA of SEK 42.5 million. If you exclude these from the prior year's results, it amounted to SEK 198.8 million, and the actual profit improvement is then SEK 152.5 million or 77%.
The operating margin amounted to 17.4% in the quarter, which is also an all-time high.
All markets showed growth except for the Other countries region, which is due to reduced trading in Asia. The USA and Central Europe stand out with growth of 62% and 52% respectively. The USA is once again our biggest market.
Both our sales channels had good growth with 33% in promo and 40% in retail.
The half year
The first two quarters of the year produced sales growth of 38%, in local currencies 32%. Net sales amounted to SEK 3,794.1 million compared to SEK 2,748.4 million the previous year, a growth of SEK 1,045.7 million. Operating result increased from SEK 341.5 million to SEK 560.1 million or by 64%. The operating margin was thus 14.8% in the first half of the year compared to 12.4% for the same period in the previous year.
Rolling 12 months
On a rolling full-year basis, net sales now amount to SEK 7,764.3 million with an operating result of SEK 1,224.5 million and an operating margin of 15.8%.
Cash flow and balance sheet
We have increased the inventory to address the increasing demand. Accounts receivable increased due to the sales growth and we have distributed 547 MSEK in dividends during the last seven months to the shareholders. Considering these items, our balance sheet remains very strong with an equity ratio of 59% and an equity balance of more than SEK 5 billion. This gives us great security and tremendous opportunities for expansion.
The future
Despite all the current challenges in the world around us, our numbers show that our investments continue to bring success. We currently do not see any reduced demand for our products and brands - rather the opposite. Our sales continue to increase. We have now managed to build up the inventory during the second quarter, however further stock build-up is needed to meet the increasing demand. We also know that we have good growth (42%) in Craft's base orders for the fall. More and more customers are starting to sell our shoes and the Teamwear investment continues to produce good results. I also want to highlight Clique, which is greatly increasing its promo sales, and Cutter & Buck which has become a growth machine in both Europe and USA.
I am convinced that we are now taking market shares in most areas. If there is a downturn in the economy, we are well positioned to continue to take market shares and show growth. In addition, we have both higher profitability and a stronger balance sheet than most competitors, which opens the door for possible acquisitions at more reasonable prices. In recent years, we have had to refrain from acquisitions due to excessive price expectations.
Finally, a big thank you to our entire organization who have done a great job and a big thank you to all the customers who choose our products.
Torsten Jansson CEO
Q2
T h e p e r i o d
Comments on the period
Summary of the quarter April - June
The Group continues to have very strong development. The quarter's net sales and earnings are very positive compared to the previous year. The improvements took place in all segments and in both sales channels. Net sales increased in all regions except Other countries where we had lower sales in our trading operations in Asia. In addition to a higher net turnover, the gross profit margin has also improved. Costs increased slightly, which was mainly related to the higher net sales. Overall, the period's result improved by SEK 77.3 million and amounted to SEK 265.0 (187.7) million.
The Group's net sales increased by 36% (30% in local currencies). The Corporate segment increased by 30% and all regions improved their turnover except Other countries where trading activity decreased. Sports & Leisure increased by 53% and the segment had higher net sales in all regions. Gifts & Home Furnishings increased by 8%, which was mainly related to Sweden, the USA and Other Nordic countries.
The promo sales channel increased by 33% and retail improved by 40%. Promo increased in the Corporate and Sports & Leisure segments but decreased in Gifts & Home Furnishings. Retail sales increased in Sports & Leisure and Gifts & Home Furnishings but had a slightly lower net turnover in Corporate.
The gross profit margin improved compared to the previous year and amounted to 51.0 (48.3) %. It was mainly in the Corporate and Gifts & Home Furnishings segments that improvement took place. Sports & Leisure was at the same level as last year.
The Group's external costs increased compared to the previous year, which is substantially attributable to volume-related costs, but also that the group increased its marketing activities. Personnel costs increased compared to last year's quarter which included significant savings regarding the workforce. Personnel costs in the period are on par with the first
quarter of this year and the group has a workforce that has adapted to current volumes.
The operating result improved by SEK 109.7 million compared to the previous year and amounted to SEK 351.0 (241.3) million, and the operating margin amounted to 17.4 (16.2) %. Last year's operating result includes SEK 42.5 million regarding forgiven government loans (PPP loans) in the USA.
The cash flow from operating activities amounted to SEK 68.1 (185.3) million. The lower cash flow was a result of higher merchandise purchases, which was based on the high demand and forecasted sales increase. The inventory increased by SEK 873.3 million and amounted to SEK 3,650.7 (2,777.4) million, of which the exchange rate change when converted to SEK has increased the value by SEK 218.5 million.
CHANGE IN NET SALES
segment Corporate segment +30%
Gifts & Home Furnishings segment
April - June
Net sales
Net sales amounted to SEK 2,019.2 million, which was 36% higher than the previous year (SEK 1,486.8 million). The exchange rate effects had a positive impact on net sales of SEK 93.7 million, which corresponds to 6%.
Net sales in the USA increased by 62% and the improvement was seen in all segments. Sweden increased its net sales by 17% with all segments having higher net sales. In Central and Southern Europe, net sales increased by 52% and 47% respectively, and it was mainly Corporate and Sports & Leisure that increased their sales. The Nordic region excluding Sweden improved by 37% compared to the previous year. The increase was realized in all segments. Other countries decreased by 10%. The decrease was related to Asia and trading activities in the Corporate segment, while Canada had a 55% improvement (mainly in the Corporate segment).
Gross profit
The gross profit margin improved compared to the previous year and amounted to 51.0 (48.3) %. It was mainly the Corporate and Gifts & Home Furnishings segments that improved their margin, while Sports & Leisure was at the same level as last year.
Other operating income and other operating costs
Other operating income decreased by SEK 30.5 million to SEK 28.9 (59.4) million. Last year's amount includes government support related to COVID-19 of SEK 51.2 million, of which SEK 42.5 million refers to forgiven government loans (PPP loans) in the USA. In addition to this government support, other operating income includes the operation's exchange rate gains and must be reported against the income statement item other operating expenses where predominantly the operation's exchange rate losses are reported. Other operating expenses increased by SEK 12.2 million and amounted to SEK -15.1 (-2.9) million. The net of the above-mentioned items amounted to SEK 13.8 (56.5) million.
Costs and depreciations
External costs increased by SEK 111.2 million and amounted to SEK -345.0 (-233.8) million. The increase was largely due to volume-related costs and higher marketing activities. Personnel costs increased by SEK 46.1 million and amounted to SEK -288.9 (-242.8) million. Last year's quarter was affected by the savings implemented in previous years. During last year, the group began to return to more normal business after major savings made in the workforce.
Exchange rate effects increased these costs by SEK 41.0 million.
Amortizations, depreciations and write-downs were on par with last year and amounted to SEK -58.3 (-56.0) million.
Operating result
Operating result improved by SEK 109.7 million compared to the previous year and amounted to SEK 351.0 (241.3) million. The improved operating result is mostly related to a higher net turnover and improved gross profit margin. The operating margin increased and amounted to 17.4 (16.2) %.
Net financial items and tax
The financial net amounted to -10.4 (-9.4) MSEK. The Group's net debt has increased, which has also contributed to higher interest costs.
Tax on the period's result amounted to -75.5 (-44.3) MSEK. The effective tax rate amounted to 22.1 (19.1) %, where last year's lower percentage is mainly related to non-taxable income in connection with the forgiveness of government loans in the USA.
Result for the period
The result for the period improved by SEK 77.3 million and amounted to SEK 265.0 (187.7) million. Earnings per share amounted to SEK 3.99 (2.84).
January - June
Net sales
Net sales amounted to SEK 3,794.1 million, which was 38% higher than the previous year (SEK 2,748.4 million). Exchange rate effects had a positive impact on sales by SEK 155.0 million or 6%.
Net sales in the USA increased by 62% and Sweden increased sales by 17%. Both regions increased in all segments. Central Europe increased by 44%, the Nordics excluding Sweden increased by 38%, Southern Europe increased by 42% and Other countries increased by 32%. These regions mainly had an improvement in the Corporate and Sports & Leisure segments.
The promo sales channel increased by 40% and retail sales improved by 35%. Both sales channels increased their net sales in all segments.
Gross profit
The gross profit margin was higher than the previous year and amounted to 49.4 (48.1) %. It was primarily Corporate and Gifts & Home Furnishings segments that increased their margin. Sports & Leisure is at the same level as last year.
Other operating income and other operating costs
Other operating income decreased by SEK 24.5 million to SEK 51.5 (76.0) million. Last year's amount includes forgiven government loans (PPP loans) in the USA of SEK 42.5 million. See also note 8 regarding information related to COVID-19. In addition to the support mentioned above, other operating income also includes the operation's exchange rate gains and must be set against the income statement item other operating expenses where the operation's exchange rate losses are reported. Other operating expenses increased by SEK 18.8 million and amounted to SEK -26.9 (-8.1) million. The net of the above-mentioned items amounted to SEK 24.6 (67.9) million.
Costs and depreciations
External costs increased by SEK 198.0 million and amounted to SEK -656.6 (-458.6) million. The increase was mainly related to volume-related costs but also higher marketing activities. Personnel costs increased by SEK 83.5 million and amounted to SEK -563.5 (-480.0) million. The first half of last year was affected by the savings implemented in previous years.
Exchange rate changes have increased the above costs by SEK 71.6 million.
Depreciation and write-downs were slightly higher compared to the previous year and amounted to -117.1 (-110.1) MSEK.
Operating result
Operating result increased by SEK 218.6 million and amounted to SEK 560.1 (341.5) million. The improvement was mainly related to a higher net turnover and improved gross profit margin. The operating margin improved and amounted to 14.8 (12.4) %.
Net financial items and tax
The financial net amounted to SEK -20.0 (-22.1) million, which was attributable to a lower net debt during the first quarter and thus lower interest costs.
The tax cost for the period amounted to -121.5 (-63.9) MSEK. The effective tax rate amounted to 22.5 (20.0) %, where last year was positively affected by non-taxable income in the form of forgiveness of government loans in the USA.
Result for the period
Result for the period amounted to SEK 418.5 (255.4) million and earnings per share amounted to SEK 6.31 (3.88).
Reporting of operating segments
New Wave Group divides its operations into the segments Corporate, Sports & Leisure and Gifts & Home Furnishings. The Group monitors the segments' and brands' sales as well as operating result. The operating segments are based on the Group's operational management.
Corporate
Net sales for the second quarter increased by 30% and amounted to SEK 919.1 (708.4) million. Sales increased in all regions except Other countries due to a lower net turnover for the group's trading operations. The promo sales channel increased while the retail trade decreased its net sales. Operating result improved by SEK 86.9 million and amounted to SEK 204.4 (117.5) million. The higher result is mainly related to a higher net turnover but also an improved gross profit margin. Last year's operating result was positively affected by forgiven PPP loans in the USA of SEK 7.5 million.
Net sales for the first six months of the year amounted to SEK 1,770.4 (1,281.1) million. All regions had improved net sales. The promo sales channel increased while the retail trade decreased its net sales. Operating result improved by SEK 161.4 million and amounted to SEK 330.2 (168.8) million. The higher result was substantially related to the higher net sales and a higher gross profit margin.
Sports & Leisure
Net sales during the period April-June increased by 53% and amounted to SEK 881.5 (575.5) million. The segment had higher net sales in all regions and that both sales channels increased. Operating result improved by SEK 25.7 million and amounted to SEK 134.5 (108.8) million. The higher result was mainly related to higher net sales. Last year's operating result was positively affected by forgiven PPP loans in the USA of SEK 35.0 million.
Net sales for the period January-June increased by 47% and amounted to SEK 1,628.2 (1,108.6) million. Sales increased in both sales channels. The segment had higher net sales in all regions. Operating result increased by SEK 66.4 million and amounted to SEK 229.7 (163.3) million. The improvement was due to the higher net sales, but the segment also has higher costs. Last year's operating result was positively affected by forgiven PPP loans in the USA of SEK 35.0 million.
Gifts & Home Furnishings
Net sales for the second quarter increased by 8% and amounted to SEK 218.6 (202.6) million. The improved net sales are primarily related to Sweden, the USA and the rest of the Nordic region. Sales increased in retail but decreased in promo. Operating result decreased slightly compared to last year and amounted to SEK 12.1 (15.0) million. In addition to higher net sales, the segment had an improved gross profit margin, but was negatively affected by higher costs in the form of market activities and energy costs as well as more employees.
Net sales for the period January-June increased by 10% and amounted to SEK 395.5 (358.7) million. Sales increased in both sales channels. The higher net sales are mainly related to Sweden, but the regions USA, the Nordics excluding Sweden and Central Europe also had a positive impact. Operating result decreased by SEK 9.2 million compared to the previous year and amounted to SEK 0.2 (9.4) million. The lower result was mainly related to the market investments that are ongoing in Destination Kosta.
Capital tied up
NWG // 2021
Capital tied up in inventory increased by SEK 873.3 million compared to the previous year, amounting to SEK 3,650.7 (2,777.4) million. Exchange rate changes have increased the inventory value by SEK 218.5 million. The inventory's turnover rate is at the same level as the previous year and amounted to 1.2 (1.2) times.
| SEK million | 30 Jun 2022 |
30 Jun 2021 |
|---|---|---|
| Raw materials | 59.6 | 39.7 |
| Work in progress | 2.8 | 1.5 |
| Goods in transit | 482.7 | 155.7 |
| Finished goods | 3,105.6 | 2,580.5 |
| Total | 3,650.7 | 2,777.4 |
As of June 30, 2022, total obsolescence deductions (the difference between the lowest of acquisition value and fair value) for inventory amounted to SEK 165.3 (152.9) million and obsolescence reserve in relation to finished goods inventory amounted to 5.0 (5.6 ) %.
Accounts receivable amounted to SEK 1,333.6 (984.1) million, where the increase was primarily related to the higher net sales.
Investments, financing and liquidity
The quarter's cash flow from operating activities amounted to SEK 68.1 (185.3) million. The lower cash flow is attributable to higher merchandise purchases. The cash flow from investment activities amounted to SEK -55.2 (-24.0) million.
For the first six months of the year, cash flow from operating activities amounted to SEK 73.3 million, which was SEK 479.2 million lower than the previous year (SEK 552.5 million). The lower cash flow was related to more merchandise purchases and thus a higher inventory.
Net debt increased by SEK 48.8 million and amounted to SEK 1,356.1 (1,307.3) million. The net debt ratio and net debt through working capital decreased and amounted to 27.0 (31.2) % and 37.3 (45.4) % respectively.
The equity ratio was on par with the previous year and amounted to 59.0 (58.9) %.
The Group's total credit line as of June 30 amounted to SEK 2,730.3 million, of which SEK 9.8 million runs until and including January 2024, SEK 2,150.0 million runs until and including December 2024 and SEK 229.7 million has a term that extends to and including August 2027. The other SEK 250.0 million has a term of between three months and six years. The credit line is limited in amount to and dependent on the value
of certain underlying assets. The financing agreement means that key figures (covenants) must be met in order to maintain the credit line.
Personnel and organization
The average number of annual employees as of June 30 amounted to 2,206 (2,036) people, of which 49% were men and 51% were women. Of the number of employees, 472 (405) work in production.
The production within New Wave Group is attributable to AHEAD (embroidery), Cutter & Buck (embroidery), Kosta Boda, Orrefors, Seger, Termo and Toppoint.
Related party transactions
Lease agreements exist with related companies. Associated companies to the CEO have purchased goods and received compensation for consultancy services performed. In addition, there are transactions with related parties at immaterial values. All transactions have been made on market terms.
The Parent company
Total revenue for the quarter amounted to SEK 38.9 (27.9) million. Result before appropriations and tax amounted to SEK 211.0 (162.8) million. The improvement in result is mainly attributable to dividends from foreign subsidiaries. Net debt amounted to SEK 876.8 (954.7) million. The Parent company's net financing to subsidiaries amounted to SEK 1,519.3 (1,247.2) million. The cash flow from investment activities amounted to SEK 0.3 (34.6) million, where last year includes a larger amortization related to long-term receivables from Group companies. The balance sheet total amounted to SEK 4,152.6 (3,929.0) million and the equity, including the equity portion of untaxed reserves, to SEK 2,486.7 (2,360.7) million. Total revenue for the period January-June amounted to 74.0 (53.0). Result before appropriations and tax amounted to SEK 212.0 (164.4) million. The improvement in result is mainly attributable to dividends from foreign subsidiaries. The cash flow from investment activities amounted to SEK 0.2 (34.7) million. Last year includes a larger amortization related to long-term receivables from Group companies.
Calendar
| 6 OCT | Capital Market Day |
|---|---|
| 8 NOV | Interim report for the third quarter |
| 10 FEB | Year-end Report 2022 |
| 26 APR | Interim report for the first quarter |
| 16 MAY | Annual General Meeting |
The company's auditors have not conducted any review of the report for the second quarter of 2022.
The Board of Directors and CEO declare that the year-end 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 faced by the company and the companies included in the Group.
Gothenburg, August 17, 2022
2022
New Wave Group AB (publ)
Olof Persson Chairman of the Board
Christina Bellander Member of the Board
M. Johan Widerberg Member of the Board
Ralph Mühlrad Member of the Board
Ingrid Söderlund Member of the Board
Torsten Jansson CEO and Group CEO
For more information, please contact:
CEO AND GROUP CEO Torsten Jansson Phone: +46 (0) 31–712 89 01 E-mail: [email protected] DEPUTY CEO Göran Härstedt Phone: +46 (0) 70 - 362 56 11 E-mail: [email protected]
CFO Lars Jönsson Phone: +46 (0) 31–712 89 12 E-mail: [email protected]
This information is information that New Wave Group AB is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Market Act. The information was submitted for publication, through the agency of the contact persons detailed above, at 7.00 a.m.CET on August 17, 2022.
Consolidated income statement
| Note SEK million |
3 months Apr - Jun 2022 |
3 months Apr - Jun 2021 |
6 months Jan - Jun 2022 |
6 months Jan - Jun 2021 |
12 months Jan - Dec 2021 |
12 months Jan - Dec 2020 |
|---|---|---|---|---|---|---|
| Net sales 3, 4, 5 |
2 019.2 | 1 486.8 | 3 794.1 | 2 748.4 | 6 718.6 | 6 098.8 |
| Goods for resale | -989.8 | -769.2 | -1 921.4 | -1 425.6 | -3 489.3 | -3 461.5 |
| Gross profit | 1 029.4 | 717.6 | 1 872.7 | 1 322.8 | 3 229.3 | 2 637.3 |
| Other operating income 8 |
28.9 | 59.4 | 51.5 | 76.0 | 111.5 | 146.2 |
| External costs | -345.0 | -233.8 | -656.6 | -458.6 | -1 067.9 | -975.7 |
| Personnel costs | -288.9 | -242.8 | -563.5 | -480.0 | -1 016.9 | -982.6 |
| Amortizations, depreciations and write-downs of | ||||||
| tangible and intangible fixed assets 3 |
-58.3 | -56.0 | -117.1 | -110.1 | -227.3 | -229.5 |
| Other operating costs | -15.1 | -2.9 | -26.9 | -8.1 | -21.7 | -48.3 |
| Share of associated companies' result | 0.0 | -0.1 | 0.0 | -0.5 | -1.1 | -1.4 |
| Operating result 3 |
351.0 | 241.3 | 560.1 | 341.5 | 1 005.9 | 545.9 |
| Financial income | 1.5 | 0.9 | 2.1 | 1.7 | 3.0 | 4.1 |
| Financial expenses | -11.9 | -10.3 | -22.1 | -23.8 | -46.0 | -69.0 |
| Net financial items | -10.4 | -9.4 | -20.0 | -22.1 | -43.0 | -64.9 |
| Result before tax | 340.6 | 231.9 | 540.1 | 319.3 | 962.9 | 481.0 |
| Tax expense | -75.5 | -44.3 | -121.5 | -63.9 | -202.9 | -118.0 |
| Result for the period | 265.0 | 187.7 | 418.5 | 255.4 | 760.0 | 363.0 |
| Other comprehensive income: Items that can be reclassified into profit or loss: |
||||||
| Translation differences | 247.2 | -57.7 | 317.5 | 83.5 | 230.3 | -274.5 |
| Cash flow hedges | 7.8 | 0.1 | 8.0 | 1.7 | 3.3 | -4.7 |
| Sum | 255.0 | -57.6 | 325.5 | 85.2 | 233.6 | -279.2 |
| Income tax related to components of other | -1.6 | 0.0 | -1.6 | -0.4 | -0.7 | 1.0 |
| comprehensive income | ||||||
| Total other comprehensive for the period | 253.3 | -57.7 | 323.8 | 84.9 | 232.9 | -278.2 |
| Total comprehensive income for the period | 518.4 | 130.0 | 742.4 | 340.3 | 992.9 | 84.8 |
| Result for the period attributable to: | ||||||
| Shareholders of the Parent company | 264.9 | 188.5 | 418.4 | 257.2 | 760.3 | 365.5 |
| Non-controlling interest | 0.1 265.0 |
-0.8 187.8 |
0.1 418.5 |
-1.8 255.4 |
-0.3 760.0 |
-2.5 363.0 |
| Total comprehensive income attributable to: Shareholders of the Parent company |
518.4 | 131.3 | 742.4 | 341.9 | 992.8 | 88.9 |
| Non-controlling interest | 0.0 | -1.2 | 0.0 | -1.6 | 0.1 | -4.1 |
| 518.4 | 130.0 | 742.4 | 340.3 | 992.9 | 84.8 | |
| Earnings per share (SEK) | 3.99 | 2.84 | 6.31 | 3.88 | 11.46 | 5.51 |
| The average number of outstanding shares | 66 343 543 | 66 343 543 | 66 343 543 | 66 343 543 | 66 343 543 | 66 343 543 |
Consolidated cash flow statement
| Note SEK million |
3 months Apr - Jun 2022 |
3 months Apr - Jun 2021 |
6 months Jan - Jun 2022 |
6 months Jan - Jun 2021 |
12 months Jan - Dec 2021 |
12 months Jan - Dec 2020 |
|---|---|---|---|---|---|---|
| Operating activities Operating result |
351.0 | 241.3 | 560.1 | 341.5 | 1 005.9 | 545.9 |
| Adjustment for items not included in cash flow | 55.3 | 13.9 | 108.6 | 57.7 | 194.8 | 264.5 |
| Received interest | 0.5 | 1.8 | 0.7 | 1.3 | 1.8 | 0.7 |
| Paid interest | -10.9 | -11.2 | -20.7 | -23.4 | -44.8 | -65.7 |
| Paid income tax | -49.8 | -26.8 | -99.0 | -70.9 | -164.7 | -113.7 |
| Cash flow from operating activities before changes in working capital |
346.0 | 219.0 | 549.6 | 306.1 | 993.0 | 631.8 |
| Changes in working capital | ||||||
| Increase/decrease of inventories | -360.7 | 125.2 | -587.2 | 155.8 | 57.8 | 495.8 |
| Increase/decrease of current receivables | -119.2 | -156.8 | 86.6 | 99.5 | -269.9 | 106.1 |
| Increase/decrease of current liabilities | 202.0 | -2.2 | 24.3 | -9.0 | 426.5 | -27.1 |
| Cash flow from changes in working capital | -277.9 | -33.7 | -476.3 | 246.3 | 214.4 | 574.8 |
| Cash flow from operating activities | 68.1 | 185.3 | 73.3 | 552.5 | 1 207.4 | 1 206.6 |
| Investing activities | ||||||
| Investments in tangible fixed assets | -60.3 | -23.0 | -82.9 | -37.5 | -105.3 | -44.7 |
| Sales of tangible fixed assets | 7.1 | 0.7 | 9.8 | 2.1 | 9.9 | 6.7 |
| Investments in intangible fixed assets | -2.0 | -1.5 | -7.4 | -3.0 | -18.8 | -11.3 |
| Business combinations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -8.6 |
| Raised long-term receivables | 0.0 | 0.0 | 0.0 | -0.7 | 0.0 | 0.0 |
| Repayment of long-term receivables | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.3 |
| Cash flow from investing activities 3 |
-55.2 | -24.0 | -80.5 | -39.1 | -114.2 | -57.5 |
| Cash flow after investing activities | 12.9 | -161.3 | -7.2 | 513.3 | 1 093.2 | 1 149.1 |
| Financial activities | ||||||
| Loans raised | 314.7 | 0.0 | 357.0 | 0.0 | 0.0 | 62.9 |
| Amortization of loans | -26.9 | -64.4 | -52.3 | -379.0 | -706.5 | -1 091.8 |
| Amortization of lease liabilities | -34.3 | -31.0 | -67.5 | -62.6 | -126.5 | -126.7 |
| Acquisition of non-controlling interests | 0.0 | 0.0 | 0.0 | 0.0 | -12.5 | 0.0 |
| Dividend paid to the shareholders of the Parent company | -282.0 | 0.0 | -282.0 | 0.0 | -265.4 | 0.0 |
| Cash flow from financial activities | -28.4 | -95.4 | -44.7 | -441.6 | -1 110.9 | -1 155.6 |
| Cash flow for the period | -15.5 | 65.9 | -51.9 | 71.8 | -17.7 | -6.4 |
| Liquid assets at the beginning of the period | 298.6 | 344.8 | 327.9 | 325.1 | 325.1 | 351.3 |
| Translation differences in liquid assets | 22.4 | -4.9 | 29.5 | 8.9 | 20.5 | -19.8 |
| Liquid assets at the end of the period | 305.5 | 405.8 | 305.5 | 405.8 | 327.9 | 325.1 |
| Liquid assets | ||||||
| Cash at bank and in hand | 305.5 | 405.8 | 305.5 | 405.8 | 298.6 | 325.1 |
Consolidated balance sheet
| 30 Jun | 30 Jun | 31 Dec | 31 Dec | ||
|---|---|---|---|---|---|
| SEK million | Note | 2022 | 2021 | 2021 | 2020 |
| ASSETS | |||||
| Intangible fixed assets | 3 | 1 601.4 | 1 414.6 | 1 474.7 | 1 380.9 |
| Tangible fixed assets | 3 | 1 287.3 | 1 253.7 | 1 258.3 | 1 289.5 |
| Shares in associated companies | 38.7 | 39.2 | 38.7 | 39.7 | |
| Other long-term receivables | 12.5 | 14.8 | 11.8 | 14.0 | |
| Deferred tax assets | 3, 5 | 108.5 | 100.9 | 93.5 | 106.7 |
| Total non-current assets | 5 | 3 048.3 | 2 823.2 | 2 877.0 | 2 830.8 |
| Inventory | 3 650.7 | 2 777.4 | 2 937.6 | 2 883.0 | |
| Current tax receivables | 27.2 | 27.8 | 16.7 | 13.4 | |
| Accounts receivable | 1 333.6 | 984.1 | 1 359.6 | 1 059.3 | |
| Other receivables | 100.5 | 61.3 | 86.3 | 61.7 | |
| Prepaid expenses and accrued income | 59.0 | 48.4 | 55.3 | 43.5 | |
| Liquid assets | 305.5 | 405.8 | 327.9 | 325.1 | |
| Total current assets | 5 476.5 | 4 304.8 | 4 783.6 | 4 385.9 | |
| TOTAL ASSETS | 3, 6 | 8 524.8 | 7 128.1 | 7 660.6 | 7 216.7 |
| EQUITY | |||||
| Share capital | 199.0 | 199.0 | 199.0 | 199.0 | |
| Other capital contributions | 219.4 | 219.4 | 219.4 | 219.4 | |
| Reserves | 815.6 | 341.7 | 489.4 | 252.2 | |
| Retained earnings including result for the period | 3 792.8 | 3 426.8 | 3 658.8 | 3 174.3 | |
| Equity attributable to shareholders of the Parent company | 5 026.8 | 4 186.9 | 4 566.7 | 3 845.0 | |
| Non-controlling interest | 1.2 | 8.9 | 0.9 | 10.5 | |
| Total equity | 5 027.9 | 4 195.8 | 4 567.6 | 3 855.5 | |
| LIABILITIES | |||||
| Long-term interest-bearing liabilities | 7, 8 | 1 436.2 | 1 514.4 | 1 166.8 | 1 933.3 |
| Pension provisions | 22.6 | 19.2 | 19.4 | 18.0 | |
| Other provisions | 6.3 | 7.6 | 7.1 | 7.6 | |
| Deferred tax liabilities | 151.8 | 138.6 | 138.4 | 140.1 | |
| Total non-current liabilities | 1 616.9 | 1 679.7 | 1 331.6 | 2 099.1 | |
| Short-term interest-bearing liabilities | 7, 8 | 225.4 | 198.6 | 229.9 | 209.4 |
| Accounts payable | 998.0 | 586.1 | 926.1 | 543.6 | |
| Current tax liabilities | 149.9 | 61.4 | 89.9 | 58.6 | |
| Other liabilities | 8 | 159.1 | 170.0 | 163.6 | 177.9 |
| Accrued expenses and prepaid income | 347.6 | 236.4 | 351.9 | 272.5 | |
| Total current liabilities | 1 879.9 | 1 252.6 | 1 761.4 | 1 262.1 | |
| Total liabilities | 3, 6 | 3 496.9 | 2 932.3 | 3 093.0 | 3 361.1 |
| TOTAL EQUITY AND LIABILITIES | 8 524.8 | 7 128.1 | 7 660.6 | 7 216.7 |
Consolidated statement of changes in equity
| SEK million | Share capital | Other capital contributions |
Reserves | Retained earnings incl. result for the period |
Total | Non controlling interest |
Total equity |
|---|---|---|---|---|---|---|---|
| Opening balance 2021-01-01 | 199.0 | 219.4 | 252.2 | 3 174.3 | 3 845.0 | 10.5 | 3 855.5 |
| Result for the period | 257.2 | 257.2 | -1.8 | 255.4 | |||
| Other comprehensive income | |||||||
| Translation differences | 83.4 | 83.4 | 0.2 | 83.6 | |||
| Cash flow hedges for the period | 1.7 | 1.7 | 1.7 | ||||
| Reclassification of previous years' cash flow hedge |
4.7 | -4.7 | 0.0 | 0.0 | |||
| Income tax related to components of other comprehensive income |
-0.4 | -0.4 | -0.4 | ||||
| Transactions with shareholders | |||||||
| Dividends to shareholders of the Parent company |
0.0 | 0.0 | 0.0 | ||||
| Acquisition of non-controlling interest | 0.0 | 0.0 | 0.0 | 0.0 | |||
| Closing balance 2021-06-30 | 199.0 | 219.4 | 341.7 | 3 426.8 | 4 186.9 | 8.9 | 4 195.8 |
| SEK million | Share capital | Other capital contributions |
Reserves | Retained earnings incl. result for the period |
Total | Non controlling interest |
Total equity |
|---|---|---|---|---|---|---|---|
| Opening balance 2022-01-01 | 199.0 | 219.4 | 489.4 | 3 658.8 | 4 566.7 | 0.9 | 4 567.6 |
| Result for the period | 418.5 | 418.5 | 0.1 | 418.5 | |||
| Other comprehensive income | |||||||
| Translation differences | 317.3 | 317.3 | 0.2 | 317.5 | |||
| Cash flow hedges for the period | 8.0 | 8.0 | 8.0 | ||||
| Reclassification of previous years' cash flow hedge |
2.6 | -2.6 | 0.0 | 0.0 | |||
| Income tax related to components of other comprehensive income |
-1.6 | -1.6 | -1.6 | ||||
| Transactions with shareholders | |||||||
| Dividends to shareholders of the Parent company |
-282.0 | -282.0 | -282.0 | ||||
| Acquisitions of non-controlling interest | 0.0 | 0.0 | |||||
| Closing balance 2022-06-30 | 199.0 | 219.4 | 815.6 | 3 792.8 | 5 026.8 | 1.2 | 5 027.9 |
| Accumulated translation differences in equity | Jan - Jun 2022 |
Jan - Jun 2021 |
|---|---|---|
| Accumulated translation differences at the beginning of the period | 497.0 | 266.7 |
| Translation differences in foreign Group companies for the period | 317.5 | 83.6 |
| Accumulated translation differences at the end of period | 814.5 | 350.3 |
Financial key figures
| 3 months Apr - Jun 2022 |
3 months Apr - Jun 2021 |
6 months Jan - Jun 2022 |
6 months Jan - Jun 2021 |
12 months Jan - Dec 2021 |
12 months Jan - Dec 2020 |
|
|---|---|---|---|---|---|---|
| Net sales growth, % | 35.8 | 13.1 | 38.0 | -0.3 | 10.2 | -11.7 |
| Organic growth, % | 29.5 | 18.4 | 32.4 | 5.8 | 12.9 | -9.9 |
| Average number of employees | 2 206 | 2 036 | 2 206 | 2 036 | 2 060 | 2 064 |
| Gross profit margin, % | 51.0 | 48.3 | 49.4 | 48.1 | 48.1 | 43.2 |
| Operating margin before depreciations, % | 20.3 | 20.0 | 17.8 | 16.4 | 18.4 | 12.7 |
| Operating margin, % | 17.4 | 16.2 | 14.8 | 12.4 | 15.0 | 9.0 |
| Profit margin, % | 16.9 | 15.6 | 14.2 | 11.6 | 14.3 | 7.9 |
| Net margin, % | 13.1 | 12.6 | 11.0 | 9.3 | 11.3 | 6.0 |
| Return on shareholders' equity, % | 19.7 | 14.5 | 19.7 | 14.5 | 18.0 | 9.5 |
| Return on capital employed, % | 19.4 | 13.7 | 19.4 | 13.7 | 16.9 | 8.4 |
| Equity ratio, % | 59.0 | 58.9 | 59.0 | 58.9 | 59.6 | 53.4 |
| Net debt, SEK million | 1 356.1 | 1 307.3 | 1 356.1 | 1 307.3 | 1 068.8 | 1 817.6 |
| Net debt to credit institutes, SEK million | 695.2 | 593.5 | 695.2 | 593.5 | 375.1 | 1 075.9 |
| Net debt to equity ratio, % | 27.0 | 31.2 | 27.0 | 31.2 | 23.4 | 47.1 |
| Net debt in relation to working capital, % | 37.3 | 45.4 | 37.3 | 45.4 | 35.7 | 59.5 |
| Interest coverage ratio, times | 29.6 | 23.6 | 25.4 | 14.4 | 21.9 | 8.0 |
| Capital turnover, times | 1.0 | 0.9 | 1.0 | 0.9 | 0.9 | 0.8 |
| Inventory turnover, times | 1.2 | 1.2 | 1.2 | 1.2 | 1.2 | 1.1 |
| Cash flow before investments, SEK million | 68.1 | 185.3 | 73.3 | 552.5 | 1 207.4 | 1 206.6 |
| Net investments, SEK million | -55.2 | -24.0 | -80.5 | -39.1 | -114.2 | -57.5 |
| Cash flow after investments, SEK million | 12.9 | 161.3 | -7.2 | 513.3 | 1 093.2 | 1 149.1 |
| Shareholders' equity per share, before and after dilution, SEK | 75.77 | 63.11 | 75.77 | 63.11 | 68.83 | 57.96 |
| Share price as of the balance sheet date, SEK | 136.10 | 108.60 | 136.10 | 108.60 | 167.80 | 54.50 |
| Dividend/share, SEK | 4.25 | - | 4.25 | - | 4.00 | - |
| P/E-ratio | 9.80 | 12.32 | 9.80 | 12.32 | 14.64 | 9.89 |
| P/S-ratio | 1.16 | 1.18 | 1.16 | 1.18 | 1.66 | 0.59 |
| Share price/Shareholders' equity | 1.80 | 1.72 | 1.80 | 1.72 | 2.44 | 0.94 |
For definitions of alternative performance measures, see page 32.
Income statement
| 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 | 2022 | 2021 | 2022 | 2021 | 2021 | 2020 |
| Net sales | 26.4 | 25.1 | 50.5 | 46.0 | 90.4 | 90.5 |
| Other operating income | 12.5 | 2.6 | 23.5 | 7.0 | 18.0 | 41.1 |
| Total income | 38.9 | 27.9 | 74.0 | 53.0 | 108.4 | 131.5 |
| External costs | -17.2 | -17.5 | -31.9 | -29.2 | -62.6 | -55.4 |
| Personnel costs | -11.2 | -11.0 | -23.1 | -21.3 | -41.5 | -42.8 |
| Amortizations, depreciations and write-downs of tangible and intangible fixed assets |
-1.3 | -1.3 | -2.5 | -2.7 | -5.4 | -6.2 |
| Other operating costs | -11.0 | -2.3 | -20.4 | -5.2 | -14.3 | -35.2 |
| Operating result | -1.8 | -4.2 | -3.9 | -5.4 | -15.4 | -8.0 |
| Result from shares in Group companies | 207.7 | 171.5 | 207.7 | 171.5 | 470.6 | 80.5 |
| Changes in write-downs of financial assets | 0.0 | -7.9 | 0.0 | -7.9 | 7.1 | 7.8 |
| Financial income | 10.8 | 9.5 | 18.9 | 19.0 | 36.3 | 56.6 |
| Financial expenses | -5.7 | -6.2 | -10.7 | -12.9 | -23.9 | -42.4 |
| Net financial items | 212.8 | 166.9 | 215.9 | 169.8 | 490.1 | 102.5 |
| Result before appropriations and tax | 211.0 | 162.8 | 212.0 | 164.4 | 474.7 | 94.6 |
| Appropriations | 0.0 | 0.0 | 0.0 | 0.0 | 144.9 | 7.6 |
| Tax expense | -0.7 | 0.2 | -0.9 | -0.2 | -26.9 | 0.0 |
| Result for the period | 210.3 | 162.9 | 211.1 | 164.2 | 592.8 | 102.1 |
Total comprehensive income for the period corresponds with result for the period.
Cash flow statement
| 3 months Apr - Jun 2022 |
3 months Apr - Jun 2021 |
6 months Jan - Jun 2022 |
6 months Jan - Jun 2021 |
12 months Jan - Dec 2021 |
12 months Jan - Dec 2020 |
|
|---|---|---|---|---|---|---|
| SEK million | ||||||
| Operating activities | ||||||
| Operating result | -1.8 | -4.2 | -3.9 | -5.4 | -15.4 | -8.0 |
| Adjustment for items not included in cash flow | 16.1 | 2.8 | 21.3 | -2.7 | -0.5 | 17.9 |
| Received dividends | 207.7 | 0.0 | 207.7 | 0.0 | 470.6 | 0.0 |
| Received interest | 10.8 | 9.5 | 18.9 | 19.0 | 36.3 | 56.6 |
| Paid interest | -5.7 | -6.2 | -10.7 | -12.9 | -23.9 | -42.4 |
| Paid income tax | -2.9 | -2.5 | -6.3 | -5.0 | -13.2 | -4.6 |
| Cash flow from operating activities before changes in working capital |
224.3 | -0.6 | 227.1 | -6.9 | 453.8 | 19.5 |
| Changes in working capital | ||||||
| Increase/decrease in current receivables | -238.1 | 175.2 | -280.3 | 218.5 | 49.7 | 743.9 |
| Increase/decrease in current liabilities | -7.7 | -167.4 | 29.5 | -65.5 | 65.1 | 147.4 |
| Cash flow from changes in working capital | -245.8 | 7.7 | -250.8 | 153.0 | 114.8 | 891.4 |
| Cash flow from operating activities | -21.6 | 7.2 | -23.8 | 146.1 | 568.6 | 910.9 |
| Investing activities | ||||||
| Shareholder contributions to Group companies | 0.0 | 0.0 | 0.0 | 0.0 | -20.4 | -6.5 |
| Investments in associated companies | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Investments in tangible fixed assets | 0.0 | 0.0 | -0.1 | -0.3 | 0.0 | -3.6 |
| Investments in intangible fixed assets | 0.0 | 0.0 | 0.0 | 0.0 | -6.1 | -2.5 |
| Acquisition of shares | 0.0 | 0.0 | 0.0 | 0.0 | -12.5 | 0.0 |
| Intra-Group sales of Group companies | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 14.5 |
| Changes in long-term loans to Group companies | 0.5 | 34.5 | 0.5 | 35.0 | 324.9 | 2.5 |
| Raised long-term receivables | -0.2 | 0.1 | -0.2 | 0.0 | -0.1 | 0.9 |
| Cash flow from investing activities | 0.3 | 34.6 | 0.2 | 34.7 | 285.8 | 5.3 |
| Cash flow after investing activities | -21.3 | 41.8 | -23.6 | 180.8 | 854.5 | 916.2 |
| Financial activities | ||||||
| Loans raised | 328.6 | 0.0 | 354.6 | 0.0 | 0.0 | 0.0 |
| Amortization of loans | -25.3 | -41.7 | -49.3 | -180.8 | -588.8 | -936.4 |
| Dividend paid to shareholders of the Parent company | -282.0 | 0.0 | -282.0 | 0.0 | -265.4 | 0.0 |
| Cash flow from financial activities | 21.3 | -41.7 | 23.3 | -180.8 | -854.2 | -936.4 |
| Cash flow for the period | 0.0 | 0.1 | -0.2 | -0.1 | 0.1 | -20.2 |
| Liquid assets at the beginning of the period | 0.2 | 0.2 | 0.5 | 0.4 | 0.4 | 20.6 |
| Liquid assets at the end of the period | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | 0.4 |
| Liquid assets | ||||||
| Cash at bank and in hand | 0.3 | 0.3 | 0.3 | 0.3 | 0.5 | 0.4 |
Balance sheet
| SEK million ASSETS |
Note | 30 Jun 2022 |
30 Jun 2021 |
31 Dec 2021 |
31 Dec 2020 |
|---|---|---|---|---|---|
| Intangible fixed assets | 6.8 | 4.7 | 8.8 | 6.6 | |
| Tangible fixed assets | 3.0 | 4.2 | 3.5 | 4.7 | |
| Shares in Group companies | 2 256.0 | 2 236.1 | 2 256.0 | 2 236.1 | |
| Shares in associated companies | 38.1 | 38.1 | 38.1 | 38.1 | |
| Receivables on Group companies | 32.0 | 303.3 | 32.5 | 326.9 | |
| Other long-term receivables | 5.7 | 5.4 | 5.5 | 5.4 | |
| Total non-current assets | 2 341.7 | 2 591.9 | 2 344.4 | 2 617.8 | |
| Accounts receivable | 1.0 | 0.5 | 0.7 | 0.5 | |
| Receivables on Group companies | 1 783.2 | 1 297.5 | 1 481.6 | 1 351.8 | |
| Current tax receivables | 0.0 | 6.4 | 0.0 | 1.2 | |
| Other receivables | 16.9 | 24.1 | 39.4 | 24.5 | |
| Prepaid expenses and accrued income | 9.7 | 8.3 | 8.5 | 8.4 | |
| Liquid assets | 0.2 | 0.3 | 0.5 | 0.4 | |
| Total current assets | 1 811.0 | 1 337.1 | 1 530.6 | 1 386.8 | |
| TOTAL ASSETS | 4 152.6 | 3 929.0 | 3 875.0 | 4 004.6 | |
| EQUITY | |||||
| Share capital | 199.0 | 199.0 | 199.0 | 199.0 | |
| Restricted reserves | 249.4 | 249.4 | 249.4 | 249.4 | |
| Total restricted equity | 448.4 | 448.4 | 448.4 | 448.4 | |
| Retained earnings | 1 699.9 | 1 654.5 | 1 389.1 | 1 552.4 | |
| Share premium reserve | 48.0 | 48.0 | 48.0 | 48.0 | |
| Result for the period | 211.1 | 164.2 | 592.8 | 102.1 | |
| Total unrestricted equity | 1 959.0 | 1 866.7 | 2 029.9 | 1 702.5 | |
| Total equity | 2 407.4 | 2 315.2 | 2 478.3 | 2 151.0 | |
| Untaxed reserves | 99.9 | 57.3 | 99.9 | 57.3 | |
| LIABILITIES | |||||
| Long-term interest-bearing liabilities | 7 | 775.8 | 863.4 | 458.0 | 1 040.0 |
| Total non-current liabilities | 775.8 | 863.4 | 458.0 | 1 040.0 | |
| Short-term interest-bearing liabilities | 7 | 101.2 | 91.6 | 94.6 | 89.8 |
| Accounts payable | 454.8 | 237.1 | 399.1 | 218.0 | |
| Liabilities to Group companies | 295.9 | 353.6 | 321.6 | 437.2 | |
| Current tax liabilities | 7.1 | 0.0 | 12.4 | 0.0 | |
| Other liabilities | 1.2 | 1.2 | 1.2 | 1.3 | |
| Accrued expenses and prepaid income | 9.3 | 9.6 | 9.9 | 10.1 | |
| Total current liabilities | 869.5 | 693.1 | 838.8 | 756.4 | |
| Total liabilities | 1 645.4 | 1 556.5 | 1 296.8 | 1 796.3 | |
| TOTAL EQUITY AND LIABILITIES | 4 152.6 | 3 929.0 | 3 875.0 | 4 004.6 |
Statement of changes in equity
| SEK million | Share capital | Restricted reserves |
Retained earnings |
Share premium reserve |
Result for the period |
Total equity |
|---|---|---|---|---|---|---|
| Opening balance 2021-01-01 | 199.0 | 249.4 | 1 552.4 | 48.0 | 102.1 | 2 151.0 |
| Transfer according to decision at AGM | 102.1 | -102.1 | 0.0 | |||
| Result for the period | 164.2 | 164.2 | ||||
| Total changes excluding transactions with shareholders |
0.0 | 0.0 | 0.0 | 0.0 | 164.2 | 164.2 |
| Dividends | 0.0 | 0.0 | ||||
| Closing balance 2021-06-30 | 199.0 | 249.4 | 1 654.5 | 48.0 | 164.2 | 2 315.2 |
| SEK million | Share capital | Restricted reserves |
Retained earnings |
Share premium reserve |
Result for the period |
Total equity |
|---|---|---|---|---|---|---|
| Opening balance 2022-01-01 | 199.0 | 249.4 | 1 389.1 | 48.0 | 592.8 | 2 478.3 |
| Transfer according to decision at AGM | 592.8 | -592.8 | 0.0 | |||
| Result for the period | 211.1 | 211.1 | ||||
| Total changes excluding transactions with shareholders |
0.0 | 0.0 | 0.0 | 0.0 | 211.1 | 211.1 |
| Dividends | -282.0 | -282.0 | ||||
| Closing balance 2022-06-30 | 199.0 | 249.4 | 1 699.9 | 48.0 | 211.1 | 2 407.4 |
Note 1 - Accounting policies
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 according the Annual Accounts Act as well as RFR 2 Reporting for Legal Entities. Applied accounting policies are otherwise consistent with the 2021 Annual Report.
New accounting policies for 2022
A number of amendments of current accounting standards have been published and are effective from 2022 and later. None of these has a material impact on New Wave Group´s financial statements.
Note 2 - Risks and risk control
NNew Wave Group's international operations mean that it is continuously exposed to various financial risks. The financial risks are interest rate risks, currency, liquidity and credit risks. In order to minimize the effect these risks may have on earnings, the Group has a risk policy. For a more detailed description of the Group's risk management please refer to the Annual Report 2021, note 16, p. 98-104. The Annual Report is available at the Group's headquarters in Gothenburg, Sweden, as well as at www.nwg.se.
The Group's policy is to have short fixed-rate interest periods, which means that fluctuating short-term interest rates have a rapid impact on the Group's net interest income.
During 2020, the world was hit by a pandemic caused by COVID-19. New Wave Group has been largely affected by the spread of COVID-19 and the demand for the Group's products and services was significantly reduced also during the previous year. New outbreaks in China with large and long shutdowns risk exacerbating the strained situation that has existed for a year and continues to be in product supply and logistics.
The conflict between Russia and Ukraine has significantly increased geopolitical tensions, which in turn has a major impact on world trade. In this context, New Wave Group has marginal business with both Ukraine and Russia. Furthermore, the war also means increased uncertainty about economic development.
Group management and each company management closely monitor developments of COVID-19 and the conflict between Russia and Ukraine and work closely with suppliers and customers. Strategies and activities are continuously adapted as the situation develops.
Besides the above, the Group's reported risks are deemed to be essentially unchanged.
Note 3 - Reporting of operating segments
Net sales and operating result per operating segment
| SEK million | 3 months Apr - Jun |
3 months Apr - Jun |
6 months Jan - Jun |
6 months Jan - Jun |
12 months Jan - Dec |
12 months Jan - Dec |
|---|---|---|---|---|---|---|
| Corporate | 2022 | 2021 | 2022 | 2021 | 2021 | 2020 |
| Net sales | 919.1 | 708.8 | 1 770.4 | 1 281.1 | 2 971.6 | 3 104.8 |
| Operating result | 204.4 | 117.5 | 330.2 | 168.8 | 440.8 | 349.0 |
| Sports & Leisure | ||||||
| Net sales | 881.5 | 575.5 | 1 628.2 | 1 108.6 | 2 792.5 | 2 168.5 |
| Operating result | 134.5 | 108.8 | 229.7 | 163.3 | 466.0 | 170.4 |
| Gifts & Home Furnishings | ||||||
| Net sales | 218.6 | 202.6 | 395.5 | 358.7 | 954.5 | 825.5 |
| Operating result | 12.1 | 15.0 | 0.2 | 9.4 | 99.1 | 26.5 |
| Total net sales | 2 019.2 | 1 486.8 | 3 794.1 | 2 748.4 | 6 718.6 | 6 098.8 |
| Total operating result | 351.0 | 241.3 | 560.1 | 341.5 | 1 005.9 | 545.9 |
| Total operating result | 351.0 | 241.3 | 560.1 | 341.5 | 1 005.9 | 545.9 |
| Net financial items | -10.4 | -9.4 | -20.0 | -22.1 | -43.0 | -64.9 |
| Result before tax | 340.6 | 231.9 | 540.1 | 319.3 | 962.9 | 481.0 |
Assets and liabilities per operating segment
| SEK million | Total assets |
Fixed assets* |
Deferred tax assets |
Net investments |
Amortizations, depreciations and write-downs |
Total liabilities |
|---|---|---|---|---|---|---|
| 30 Jun 2022 | ||||||
| Corporate | 4 939.5 | 1 077.5 | 38.5 | -18.8 | -74.3 | 2 502.8 |
| Sports & Leisure | 3 202.9 | 1 477.6 | 55.2 | -53.1 | -34.9 | 788.7 |
| Gifts & Home Furnishings | 382.4 | 333.5 | 14.8 | -8.6 | -7.9 | 205.4 |
| Total | 8 524.8 | 2 888.6 | 108.5 | -80.5 | -117.1 | 3 496.9 |
| 30 Jun 2021 | ||||||
| Corporate | 4 134.2 | 1 076.7 | 34.4 | -21.5 | -68.9 | 2 162.4 |
| Sports & Leisure | 2 557.3 | 1 259.1 | 45.0 | -7.6 | -33.3 | 570.5 |
| Gifts & Home Furnishings | 436.6 | 332.6 | 21.5 | -9.9 | -7.9 | 199.4 |
| Total | 7 128.1 | 2 668.3 | 100.9 | -39.1 | -110.1 | 2 932.3 |
| 31 Dec 2021 | ||||||
| Corporate | 4 425.7 | 1 078.8 | 32.8 | -60.9 | -141.4 | 2 090.3 |
| Sports & Leisure | 2 742.7 | 1 317.6 | 45.3 | -29.2 | -66.5 | 749.5 |
| Gifts & Home Furnishings | 492.2 | 336.6 | 15.4 | -24.1 | -16.4 | 253.3 |
| Total | 7 660.6 | 2 733.0 | 93.5 | -114.2 | -224.3 | 3 093.0 |
* Financial fixed assets are not included
Note 4 - Net sales per sales channel and operating segment
| SEK million | Corporate | Sports & Leisure | Gifts & Home Furnishings |
Total | ||||
|---|---|---|---|---|---|---|---|---|
| 3 months Apr - Jun 2022 |
3 months Apr - Jun 2021 |
3 months Apr - Jun 2022 |
3 months Apr - Jun 2021 |
3 months Apr - Jun 2022 |
3 months Apr - Jun 2021 |
3 months Apr - Jun 2022 |
3 months Apr - Jun 2021 |
|
| Promo | 915.3 | 703.7 | 280.9 | 175.7 | 50.4 | 55.7 | 1 246.6 | 935.1 |
| Retail | 3.8 | 5.1 | 600.6 | 399.7 | 168.2 | 146.9 | 772.6 | 551.7 |
| Total | 919.1 | 708.8 | 881.5 | 575.5 | 218.6 | 202.6 | 2 019.2 | 1 486.8 |
| SEK million | Corporate | Sports & Leisure | Gifts & Home Furnishings |
Total | ||||
|---|---|---|---|---|---|---|---|---|
| 6 months Jan - Jun 2022 |
6 months Jan - Jun 2021 |
6 months Jan - Jun 2022 |
6 months Jan - Jun 2021 |
6 months Jan - Jun 2022 |
6 months Jan - Jun 2021 |
6 months Jan - Jun 2022 |
6 months Jan - Jun 2021 |
|
| Promo | 1 763.4 | 1 272.5 | 481.3 | 306.2 | 84.8 | 83.1 | 2 329.5 | 1 661.8 |
| Retail | 7.0 | 8.6 | 1 146.9 | 802.4 | 310.7 | 275.6 | 1 464.6 | 1 086.6 |
| Total | 1 770.4 | 1 281.1 | 1 628.2 | 1 108.6 | 395.5 | 358.7 | 3 794.1 | 2 748.4 |
| SEK million | Corporate | Sports & Leisure | Gifts & Home Furnishings |
Total | ||||
|---|---|---|---|---|---|---|---|---|
| 12 months Jan - Dec 2021 |
12 months Jan - Dec 2020 |
12 months Jan - Dec 2021 |
12 months Jan - Dec 2020 |
12 months Jan - Dec 2021 |
12 months Jan - Dec 2020 |
12 months Jan - Dec 2021 |
12 months Jan - Dec 2020 |
|
| Promo | 2 949.9 | 3 084.6 | 742.1 | 568.3 | 265.3 | 236.7 | 3 957.3 | 3 889.6 |
| Retail | 21.7 | 20.2 | 2 050.4 | 1 600.2 | 689.2 | 588.8 | 2 761.3 | 2 209.2 |
| Total | 2 971.6 | 3 104.8 | 2 792.5 | 2 168.5 | 954.5 | 825.5 | 6 718.6 | 6 098.8 |
Note 5 - Reporting of geographic areas
Net sales per geographic area
| SEK million | Corporate | Sports & Leisure | Gifts & Home Furnishings |
Total | Change % |
||||
|---|---|---|---|---|---|---|---|---|---|
| 3 months Apr - Jun 2022 |
3 months Apr - Jun 2021 |
3 months Apr - Jun 2022 |
3 months Apr - Jun 2021 |
3 months Apr - Jun 2022 |
3 months Apr - Jun 2021 |
3 months Apr - Jun 2022 |
3 months Apr - Jun 2021 |
||
| USA | 63.3 | 38.2 | 448.5 | 276.2 | 15.0 | 11.1 | 526.8 | 325.5 | 62% |
| Sweden | 142.7 | 122.0 | 154.4 | 114.3 | 180.1 | 170.3 | 477.2 | 406.6 | 17% |
| Central Europe | 219.2 | 138.0 | 93.3 | 66.6 | 7.5 | 6.4 | 320.0 | 211.0 | 52% |
| Nordic countries excl. Sweden |
135.8 | 106.1 | 125.6 | 83.4 | 12.3 | 10.6 | 273.7 | 200.1 | 37% |
| Southern Europe | 264.3 | 185.0 | 26.3 | 12.7 | 0.1 | 0.1 | 290.7 | 197.8 | 47% |
| Other countries | 93.8 | 119.5 | 33.4 | 22.3 | 3.6 | 4.0 | 130.8 | 145.8 | -10% |
| Total | 919.1 | 708.8 | 881.5 | 575.5 | 218.6 | 202.6 | 2 019.2 | 1 486.8 | 36% |
| SEK million | Corporate | Sports & Leisure | Gifts & Home Furnishings |
Total | Change % |
||||
|---|---|---|---|---|---|---|---|---|---|
| 6 months Jan - Jun 2022 |
6 months Jan - Jun 2021 |
6 months Jan - Jun 2022 |
6 months Jan - Jun 2021 |
6 months Jan - Jun 2022 |
6 months Jan - Jun 2021 |
6 months Jan - Jun 2022 |
6 months Jan - Jun 2021 |
||
| USA | 132.0 | 84.1 | 783.0 | 476.3 | 29.0 | 22.2 | 943.9 | 582.6 | 62% |
| Sweden | 254.7 | 218.8 | 313.5 | 247.1 | 322.2 | 297.8 | 890.4 | 763.7 | 17% |
| Central Europe | 409.1 | 262.2 | 184.4 | 146.3 | 12.2 | 11.2 | 605.7 | 419.7 | 44% |
| Nordic countries excl. Sweden |
235.5 | 178.4 | 229.0 | 158.4 | 24.7 | 18.3 | 489.2 | 355.1 | 38% |
| Southern Europe | 485.3 | 342.1 | 48.2 | 34.5 | 0.2 | 0.1 | 533.7 | 376.8 | 42% |
| Other countries | 253.9 | 195.4 | 70.1 | 46.1 | 7.2 | 9.0 | 331.2 | 250.6 | 32% |
| Total | 1 770.4 | 1 281.1 | 1 628.2 | 1 108.6 | 395.5 | 358.7 | 3 794.1 | 2 748.4 | 38% |
| SEK million | Corporate | Sports & Leisure | Gifts & Home Furnishings |
Total | Change % |
||||
|---|---|---|---|---|---|---|---|---|---|
| 12 months Jan - Dec 2021 |
12 months Jan - Dec 2020 |
12 months Jan - Dec 2021 |
12 months Jan - Dec 2020 |
12 months Jan - Dec 2021 |
12 months Jan - Dec 2020 |
12 months Jan - Dec 2021 |
12 months Jan - Dec 2020 |
||
| USA | 203.6 | 193.7 | 1 145.0 | 895.2 | 60.4 | 52.0 | 1 409.0 | 1 140.9 | 23% |
| Sweden | 476.1 | 387.8 | 637.6 | 480.3 | 799.4 | 689.8 | 1 913.1 | 1 558.0 | 23% |
| Central Europe | 660.8 | 592.4 | 338.9 | 300.8 | 26.0 | 20.2 | 1 025.7 | 913.4 | 12% |
| Nordic countries excl. Sweden |
401.3 | 358.5 | 411.4 | 306.1 | 49.8 | 45.7 | 862.5 | 710.3 | 21% |
| Southern Europe | 779.3 | 842.0 | 83.2 | 58.9 | 0.4 | 0.3 | 862.9 | 901.2 | -4% |
| Other countries | 450.5 | 730.4 | 176.4 | 127.1 | 18.5 | 17.5 | 645.4 | 875.0 | -26% |
| Total | 2 971.6 | 3 104.8 | 2 792.5 | 2 168.5 | 954.5 | 825.5 | 6 718.6 | 6 098.8 | 10% |
Fixed assets and deferred tax assets per geographic area
| 30 Jun 2022 | 30 Jun 2021 | 31 Dec 2021 | ||||
|---|---|---|---|---|---|---|
| SEK million | Fixed assets* |
Deferred tax assets |
Fixed assets* |
Deferred tax assets |
Fixed assets* |
Deferred tax assets |
| USA | 1 233,2 | 47,3 | 1 016,1 | 42,1 | 1 078,8 | 40,8 |
| Sweden | 755,5 | 22,5 | 724,8 | 22,3 | 755,3 | 19,5 |
| Central Europe | 317,8 | 9,5 | 331,4 | 5,1 | 318,1 | 8,7 |
| Nordic countries excl. Sweden | 226,6 | 4,5 | 240,8 | 4,2 | 230,2 | 3,9 |
| Southern Europe | 209,9 | 17,5 | 217,2 | 21,3 | 210,2 | 16,7 |
| Other countries | 145,7 | 7,2 | 138,2 | 5,9 | 140,4 | 3,9 |
| Total | 2 888,6 | 108,5 | 2 668,3 | 100,9 | 2 733,0 | 93,5 |
* Financial fixed assets are not included
Note 6 - Financial instruments
| SEK million | 30 Jun 2022 |
30 Jun 2021 |
31 Dec 2021 |
31 Dec 2020 |
|---|---|---|---|---|
| Assets at fair value through other comprehensive income | 8.0 | 1.7 | 3.3 | 0.0 |
| Assets at amortized cost | 1 738.7 | 1 458.9 | 1 777.5 | 1 454.7 |
| Total financial assets | 1 746.7 | 1 460.6 | 1 780.8 | 1 454.7 |
| Liabilities at fair value through other comprehensive income | 0.0 | 0.0 | 0.0 | 4.7 |
| Liabilities at amortized cost | 2 985.7 | 2 554.8 | 2 662.4 | 2 951.7 |
| Total financial liabilites | 2 985.7 | 2 554.8 | 2 662.4 | 2 956.4 |
Financial instruments are measured at fair value or amortized cost according to classification in the consolidated balance sheet.
Note 7 - Pledged assets and contingent liabilities
| GROUP | |
|---|---|
| Pledged assets | 30 Jun | 30 Jun | 31 Dec | 31 Dec |
|---|---|---|---|---|
| SEK million | 2022 | 2021 | 2021 | 2020 |
| Floating charges | 690.5 | 690.5 | 690.5 | 690.5 |
| Property mortgages | 192.0 | 172.3 | 179.8 | 172.0 |
| Net assets in Group companies | 3 733.3 | 3 256.1 | 3 337.8 | 3 201.5 |
| Shares in associated companies | 8.3 | 8.3 | 8.3 | 8.3 |
| Stock and accounts receivable | 407.2 | 287.8 | 353.5 | 321.7 |
| Total | 5 031.3 | 4 415.1 | 4 569.9 | 4 394.1 |
| Contingent liabilities | 30 Jun | 30 Jun | 31 Dec | 31 Dec |
| SEK million | 2022 | 2021 | 2021 | 2020 |
| Duty guarantees | 12.7 | 12.4 | 12.2 | 12.2 |
| Rent guarantees | 137.1 | 147.2 | 141.9 | 151.5 |
| Guarantees for associated companies | 6.0 | 6.0 | 6.0 | 6.0 |
| Total | 155.8 | 165.7 | 160.1 | 169.7 |
| PARENT COMPANY | ||||
| Pledged assets | ||||
| SEK million | 30 Jun 2022 |
30 Jun 2021 |
31 Dec 2021 |
31 Dec 2020 |
| Floating charges | 30.0 | 30.0 | 30.0 | 30.0 |
| Shares in Group companies | 1 737.7 | 1 744.3 | 1 737.7 | 1 744.3 |
| Shares in associated companies | 8.3 | 8.3 | 8.3 | 8.3 |
| Total | 1 776.0 | 1 782.6 | 1 776.0 | 1 782.6 |
| Contingent liabilities | 30 Jun | 30 Jun | 31 Dec | 31 Dec |
| SEK million | 2022 | 2021 | 2021 | 2020 |
| Guarantees for Group companies | 710.2 | 599.6 | 633.5 | 555.7 |
| Guarantees for associated companies | 6.0 | 6.0 | 6.0 | 6.0 |
| Total | 716.2 | 605.6 | 639.5 | 561.7 |
Note 8 - Disclosures related to COVID-19
In connection with the COVID-19 crisis, companies within the Group have taken part of the support packages that governments around the world have issued. This note contains information about the government support that the Group has received and their financial impact. In several countries, the Group has also taken part in support packages where employees reduce their working hours and receive compensation directly from the government. The financial impact from this is reduced personnel costs, but is not defined as a government grant.
Government
The Group has received government grants, mainly related to temporary lay-offs, in several countries. Employees reduce their working hours, but can keep main part of their salary and the employer temporary receives government grants to cover main part of the personnel costs for the employees. During the second quarter of 2021, the Group received confirmation that most of the government loans that the Group's American companies had previously received were forgiven. Confirmation that the remaining part were forgiven was received during the third quarter of the same year and all so-called PPP loans have thus been forgiven. The loans were obtained in 2020 and were linked to COVID-19. The forgiveness of the loans is considered to constitute government grants and is therefore reported as other operating income. In total, the loans forgiven amounts to SEK 44.2 million. The table below contains information on total received grants that are recorded as other operating income and grants that are received, but recorded as other liabilities as they relate to costs that have not yet occurred.
| Other operating income |
3 months Apr - Jun 2022 0.3 |
3 months Apr - Jun 2021 51.2 |
6 months Jan - Jun 2022 0.7 |
6 months Jan - Jun 2021 56.8 |
12 months Jan - Dec 2021 61.9 |
12 months Jan - Dec 2020 75.7 |
||
|---|---|---|---|---|---|---|---|---|
| 30 Jun 2022 |
30 Jun 2021 |
31 Dec 2021 |
31 Dec 2020 |
|||||
| Other liabilities | 0.0 | 0.3 | 0.3 | 1.3 |
Deferment of payment of taxes and social charges
In some countries, the Group has been granted a deferral of payment of taxes and social charges. The table below contains information on total liabilities for which the Group has been granted a deferral. All liabilities fall due within 12 months.
| 30 Jun | 30 Jun | 31 Dec | 31 Dec | |
|---|---|---|---|---|
| 2022 | 2021 | 2021 | 2020 | |
| Other liabilities | 0.0 | 0.0 | 0.0 | 20.2 |
Government loans
The Group has chosen to use the opportunity to obtain government loans in the US (so-called PPP loans) and in France and UK. The Group has during 2021 received notice that all of the previously granted government loans in the US has been forgiven. The loan forgiveness is recognized as other operating income. For the government loans in France and UK, there are no forgiveness options. The table below contains information on the remaining government loans received.
| 30 Jun 2022 |
30 Jun 2021 |
31 Dec 2021 |
31 Dec 2020 |
|
|---|---|---|---|---|
| Long-term interest-bearing liabilities |
4.0 | 7.4 | 4.6 | 36.8 |
| Short-term interest-bearing liabilities |
0.6 | 0.0 | 0.6 | 12.3 |
| 4.6 | 7.4 | 5.2 | 49.1 |
Condensed quarterly consolidated income statements
SEK million
| Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Quarter 1 873.2 Net sales 2 019.2 1 774.9 2 306.7 1 663.5 1 486.8 1 261.6 1 470.1 1 314.5 1 440.9 -1 007.7 Goods for resale -989.8 -931.6 -1 203.3 -860.4 -769.2 -656.4 -843.9 -799.7 -810.2 865.6 Gross profit 1 029.4 843.3 1 103.4 803.1 717.6 605.2 626.2 514.8 630.7 46.2 Gross profit margin % 51.0 47.5 47.8 48.3 48.3 48.0 42.6 39.2 43.8 29.6 Other operating income 28.9 22.6 23.9 11.6 59.4 16.6 34.7 61.4 20.6 -285.4 External costs -345.0 -311.6 -350.9 -258.4 -233.8 -224.8 -191.6 -187.7 -311.1 -259.9 Personnel costs -288.9 -274.6 -301.4 -235.5 -242.8 -237.2 -220.8 -209.1 -292.8 -55.0 Depreciations and write-downs -58.3 -58.8 -61.5 -55.7 -56.0 -54.1 -56.6 -57.8 -60.1 -11.4 Other operating costs -15.1 -11.8 -9.9 -3.7 -2.9 -5.2 -15.2 -11.4 -10.4 0.1 Share of associated companies' result 0.0 0.0 -0.3 -0.3 -0.1 -0.4 -0.4 -0.1 -0.9 283.6 Operating result 351.0 209.1 403.3 261.1 241.3 100.1 176.3 110.1 -24.1 0.1 Financial income 1.5 0.6 0.7 0.6 0.9 0.8 0.6 2.9 0.5 -14.6 Financial expenses -11.9 -10.2 -10.6 -11.6 -10.3 -13.5 -15.8 -20.2 -18.4 269.2 Result before tax 340.6 199.5 393.4 250.1 231.9 87.4 161.1 92.8 -42.1 -61.0 Tax expense -75.5 -46.0 -84.9 -54.1 -44.3 -19.7 -42.2 -19.9 5.1 Result for the period 308.5 196.0 187.7 67.7 208.2 118.9 72.9 -36.9 265.0 153.5 Total other comprehensive income for the period 253.3 70.5 87.5 60.5 -57.7 142.5 -58.3 -212.4 205.5 -213.0 518.4 224.0 396.0 256.5 130.0 210.2 168.6 Total comprehensive income for the -4.9 60.6 -139.5 period Earnings per share before and after dilution (SEK) 3.99 2.31 4.61 2.97 2.84 1.04 3.13 1.81 1.11 -0.54 2019 2018 2017 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Quarter Net sales 2 024.1 1 685.5 1 689.0 1 504.9 1 943.4 1 551.2 1 523.2 1 272.8 1 630.3 1 331.1 1 371.7 1 264.2 Goods for resale -1 079.2 -923.2 -903.3 -795.3 -1 042.3 -835.3 -804.2 -677.5 -886.8 -692.8 -745.7 -692.8 Gross profit 944.9 762.3 785.7 709.6 901.1 715.8 719.0 595.4 743.5 638.2 626.0 571.4 Gross profit margin % 46.7 45.2 46.5 47.1 46.4 46.1 47.2 46.8 45.6 47.9 45.6 45.2 Other operating income 32.3 12.9 15.5 17.2 28.3 19.3 11.3 15.9 22.9 10.4 7.0 10.9 External costs -343.8 -300.3 -330.2 -338.4 -390.6 -323.5 -305.1 -317.2 -304.9 -265.4 -270.1 -288.6 Personnel costs -307.6 -278.7 -290.5 -283.0 -298.0 -257.7 -260.9 -246.4 -262.2 -217.1 -233.0 -228.1 Depreciations and write-downs -73.6 -55.7 -52.8 -51.0 -21.6 -20.2 -18.5 -17.6 -18.2 -16.4 -15.7 -15.0 Other operating costs -12.4 -11.3 -7.7 -8.2 -9.8 -15.0 -8.3 -11.8 -6.1 -7.4 -3.9 -7.8 Share of associated companies' result 0.6 -0.2 -0.3 -0.2 0.1 -1.3 -0.3 0.4 -2.5 0.6 0.2 0.4 Operating result 240.3 129.1 119.6 46.0 209.4 117.5 137.3 18.6 172.5 143.0 110.5 43.2 Financial income 2.8 2.5 2.2 1.3 1.5 0.7 1.8 1.5 1.3 1.6 1.0 1.3 Financial expenses -24.1 -19.5 -18.1 -15.3 -14.2 -12.3 -8.2 -11.7 -14.3 -14.8 -14.1 -13.8 219.1 112.1 103.6 32.0 196.6 105.9 130.9 8.4 159.4 129.8 97.4 30.7 Result before tax Tax expense -53.1 -17.6 -19.9 -6.0 -37.7 -17.5 -24.2 -2.4 -12.6 -24.5 -20.3 -5.8 165.9 94.4 83.7 26.0 158.9 88.4 106.8 6.0 146.8 105.3 77.0 24.9 Result for the period Total other comprehensive income -131.5 126.9 16.2 86.3 2.7 -37.8 121.1 71.7 45.3 -43.3 -42.4 -12.2 for the period 34.4 221.4 99.9 112.3 161.6 50.5 227.9 77.7 192.1 62.0 34.7 12.7 Total comprehensive income for the period Earnings per share before and after dilution (SEK) 2.53 1.45 1.28 0.41 2.42 1.36 1.60 0.10 2.20 1.60 1.16 0.38 |
2022 | 2021 | 2020 | ||||
|---|---|---|---|---|---|---|---|
* The average number of outstanding shares. before and after dilution, has been 66,343,543 in all periods in the table.
Condensed quarterly consolidated cash flow statements
SEK million
| 2022 | 2021 | 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Cash flow from operating activities before | ||||||||||
| changes in working capital | 346.0 | 203.6 | 404.1 | 282.8 | 219.0 | 87.1 | 300.0 | 218.9 | 176.0 | -63.0 |
| Increase/decrease of inventories | -360.7 | -226.5 | 59.7 | -157.7 | 125.2 | 30.6 | 472.4 | 86.9 | 53.9 | -117.4 |
| Increase/decrease of current receivables | -119.2 | 205.8 | -194.6 | -174.7 | -156.8 | 256.3 | -87.7 | -207.6 | 87.4 | 313.9 |
| Increase/decrease of current liabilities | 202.0 | -177.7 | 144.1 | 291.4 | -2.2 | -6.8 | -127.2 | 185.0 | -65.9 | -19.0 |
| Changes in working capital | -277.9 | -198.4 | 9.2 | -41.0 | -33.7 | 280.1 | 257.5 | 64.3 | 75.5 | 177.6 |
| Cash flow from operating activities | 68.1 | 5.2 | 413.3 | 241.8 | 185.3 | 367.2 | 557.5 | 283.2 | 251.4 | 114.6 |
| Investing activities | -55.2 | -25.3 | -42.1 | -33.0 | -24.0 | -15.2 | -7.2 | -8.6 | -11.1 | -30.6 |
| Cash flow after investing activities | 12.9 | -20.1 | 371.2 | 208.8 | 161.3 | 352.0 | 550.3 | 274.6 | 240.3 | 84.0 |
| Increase/decrease of | ||||||||||
| interest-bearing liabilities | 253.6 | -16.3 | -82.6 | -309.0 | -95.4 | -346.1 | -435.9 | -322.9 | -201.6 | -195.2 |
| Transactions with owners | -282.0 | 0.0 | -277.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Cash flow from financial activities | -28.4 | -16.3 | -360.5 | -309.0 | -95.4 | -346.1 | -435.9 | -322.9 | -201.6 | -195.2 |
| Cash flow for the period | -15.5 | -36.4 | 10.7 | -100.2 | 65.9 | 5.9 | 114.5 | -48.4 | 38.7 | -111.2 |
| Liquid assets at the beginning of the period | 298.6 | 327.9 | 311.0 | 405.8 | 344.8 | 325.1 | 226.8 | 277.8 | 257.6 | 351.3 |
| Translation differences in liquid assets | 22.4 | 7.1 | 6.2 | 5.5 | -4.9 | 13.8 | -16.2 | -2.7 | -18.5 | 17.6 |
| Liquid assets at the end of the period | 305.5 | 298.6 | 327.9 | 311.0 | 405.8 | 344.8 | 325.1 | 226.8 | 277.8 | 257.6 |
| 2019 | 2018 | 2017 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Quarter | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 | Q4 | Q3 | Q2 | Q1 |
| Cash flow from operating activities before changes in working wcapital |
262.1 | 149.9 | 143.8 | 49.3 | 184.1 | 116.1 | 128.3 | 1.2 | 154.9 | 153.3 | 105.0 | 37.8 |
| Increase/decrease of stock | 180.9 | -256.4 | -108.0 | -58.3 | 44.6 | -310.4 | -110.8 | -117.4 | 129.5 | -200.4 | -63.7 | -73.9 |
| Increase/decrease of current receivables | -47.5 | -34.3 | -95.9 | 126.2 | -3.6 | -128.6 | -36.2 | 140.9 | -78.5 | -113.8 | -40.4 | 113.0 |
| Increase/decrease of current liabilities | -108.8 | 9.7 | 69.1 | -182.3 | -50.7 | 239.9 | 143.2 | -18.1 | -71.4 | 150.5 | 49.2 | -43.3 |
| Changes in working capital | 24.7 | -281.0 | -134.8 | -114.4 | -9.7 | -199.1 | -3.7 | 5.4 | -20.4 | -163.7 | -54.9 | -4.2 |
| Cash flow from operating activities | 286.7 | -131.1 | 9.0 | -65.1 | 174.4 | -83.0 | 124.6 | 6.6 | 134.5 | -10.4 | 50.1 | 33.6 |
| Investing activities | -42.2 | -32.6 | -35.6 | -38.3 | -39.7 | -42.1 | -41.6 | -39.8 | -37.7 | -36.9 | -16.0 | -19.9 |
| Cash flow after investing activities | 244.6 | -163.8 | -26.6 | -103.4 | 134.7 | -125.1 | 83.0 | -33.2 | 96.8 | -47.3 | 34.1 | 13.7 |
| Increase/decrease of | ||||||||||||
| interest-bearing liabilities | -122.6 | 210.1 | 75.3 | 49.2 | -15.9 | 104.9 | 58.0 | 5.1 | -54.6 | 30.2 | 47.1 | -39.4 |
| Transactions with owners | 0.0 | 1.2 | -132.7 | 0.0 | 0.0 | 0.0 | -112.8 | 0.0 | 0.0 | 0.0 | -89.6 | 0.0 |
| Cash flow from financial activities | -122.6 | 211.2 | -57.4 | 49.2 | -15.9 | 104.9 | -54.8 | 5.1 | -54.6 | 30.2 | -42.5 | -39.4 |
| Cash flow for the period | 121.9 | 47.4 | -84.0 | -54.2 | 118.8 | -20.2 | 28.2 | -28.1 | 42.2 | -17.1 | -8.4 | -25.7 |
| Liquid assets at the beginning of the period | 238.4 | 182.5 | 265.0 | 312.2 | 192.6 | 215.4 | 180.5 | 202.4 | 155.6 | 178.9 | 191.9 | 218.9 |
| Translation differences in liquid assets | -9.1 | 8.5 | 1.5 | 7.0 | 0.8 | -2.6 | 6.7 | 6.2 | 4.6 | -6.2 | -4.6 | -1.3 |
| Liquid assets at the end of the period | 351.3 | 238.4 | 182.5 | 265.0 | 312.2 | 192.6 | 215.4 | 180.5 | 202.4 | 155.6 | 178.9 | 191.9 |
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 Interim 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. A reconciliation of alternative performance measures is available on www.nwg.se/en/investor-relations/ financial-reports/key-numbers.
| PERFORMANCE | ||
|---|---|---|
| MEASURES GROSS PROFIT MARGIN |
DEFINITION/CALCULATION Net sales less goods for resale in percent of net sales. |
PURPOSE The measure is used for showing the Group's margins before the effect of costs such as selling and administrative costs. |
| OPERATING MARGIN | Operating result as a percentage of the period's net sales. | The measure is used to show operating profitability and how the Group meets its targets. |
| PROFIT MARGIN | Result before tax as a percentage of the period's net sales. | 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 net sales. | The measure is used to show net earnings in relation to income. |
| NET SALES GROWTH | Sales growth including currency effects. | The measure is used to show growth in the Group and to measure how the Group meets its targets. |
| ORGANIC GROWTH | Organic growth refers to sales growth from existing operations cleared from currency effects. The currency effect is calculated by recalculating this year's sales in local currencies to last year's rates and compared to previous year's sales. |
The measure is used to show growth in existing business since currency effects are beyond the Group's control and to measure how the Group meets its targets. |
| OPERATING MARGIN BEFORE DEPRECIATIONS |
Operating result before depreciation as a percentage of the period's net sales. |
The measure is used to show operating profitability and how the Group meets its targets, regardless of depreciation, amortization and write-downs. |
| NET FINANCIAL ITEMS | The total of interest income, interest expenses, currency differences on borrowings and cash equivalents in foreign currencies, other financial income and other financial expenses. |
The measure reflects the Group's total costs of the external financing. |
| RETURN MEASURES | DEFINITION/CALCULATION | PURPOSE |
| RETURN ON CAPITAL EMPLOYED |
Rolling 12 month's result before tax plus financial expenses as a percentage of average capital employed. The average capital employed is calculated by taking the capital employed per period end and the capital employed at year-end for 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 | Rolling 12 month's result for the period according to the income statement as a percentage of average equity. The average equity is calculated by taking the equity per period end and the equity at year-end for the previous year divided by two. For the Parent company it is calculated as result after tax as a percentage of average adjusted equity. In adjusted equity, the equity part of untaxed reserves is included. |
The measure is used to analyze profitability over time, given the resources available to the Parent company's owners. |
| DATA PER SHARE EQUITY PER SHARE |
DEFINITION/CALCULATION Equity at the end of the period divided by number of shares at the end of the period. |
PURPOSE Equity per share measures the net asset value per share and determines if a company is increasing shareholder value over time. |
|---|---|---|
| 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 non-controlling interests. Deferred tax liability in untaxed reserves has been calculated at the applica ble tax rates for the companies in each country, as decided and communicated at the balance sheet date. |
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 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 and current tax receivables, less short-term non-interest bearing liabilities excluding current tax liabilities. |
The measure is used to show how much capital is needed to finance operating activities. |
| NET DEBT | Interest-bearing liabilities (current and non-current) less cash and cash equivalents. |
The measure shows financing from borrowings. |
| NET DEBT TO CREDIT INSTITUTES |
Interest-bearing liabilities (current and non-current) less lease liabilities and less cash and cash equivalents. |
The measure shows financing from borrowings excluding lease liabilties |
| CAPITAL TURNOVER | Rolling 12 month's net sales divided by average total assets. The average total assets is calculated by taking the total assets per period end and the total assets at year-end for the previous year divided by two. |
The measure shows how efficiently the Group uses its total capital. |
| INVENTORY TURNOVER | Rolling 12 month's goods for resale in the income statement divided by average inventory. The average inventory is calculated by taking the inventory per period end and the inventory at year end for the previous year divided by two. |
The measure is used to show the inventory's turnover per year, since the stock is central for the Group to keep a good service level, i.e. to be able to deliver goods fast. |
| 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 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 Group's ability to pay interest costs. |
| EQUITY RATIO | Total equity as a percentage of total assets. | The measure shows how much of the Group's assets are financed by the shareholders through equity. An equity ratio is a measure of financial strength and how the Group meets its targets. |
| OTHER MEASURES | DEFINITION/CALCULATION | PURPOSE |
| OTHER MEASURES | DEFINITION/CALCULATION | PURPOSE |
|---|---|---|
| EFFECTIVE TAX RATE | Tax on profit for the period as a percentage of result before tax. | This measure enables comparison of income tax across locations where corporate taxes differ. |
| EFFECTIVE INTEREST RATE | Net financial items in relation to average net debt. | The measure enables comparison of cost for the net debt. |
| CASH FLOW FROM OPERATIONS |
Cash flow from operating activities 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 measure is used to regularly estimate how much cash is used for investments in operations and for expansion. |
New Wave Group is a growth group that designs, acquires and develops brands and products in the corporate, sports, gifts and home furnishings sectors. The Group shall achieve synergies by coordinating design, purchasing, marketing, warehousing 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) Corp. id number 556350-0916 Kungsportsavenyen 10, SE-411 36 Gothenburg Phone +46 (0) 31 712 89 00 | [email protected]
www.nwg.se