New Wave Group AB Annual_report_2018_EN_HQ | Page 122

NWG // FINANCIAL INFORMATION
Auditor’s report
To the general meeting of the shareholders of New Wave Group AB (publ),
corporate identity number 556350 - 0916
Report on the annual accounts
and consolidated accounts
Opinions
We have audited the annual accounts and consoli-
dated accounts of New Wave Group AB (publ) for
the year 2018. The annual accounts and consoli-
dated accounts of the company are included on pages
57-121 in this document.
In our opinion, the annual accounts have been
prepared in accordance with the Annual Accounts
Act and present fairly, in all material respects,
the financial position of the Parent company as of
December 31, 2018 and its financial performance
and cash flow for the year then ended in accordance
with the Annual Accounts Act. The consolidated
accounts have been prepared in accordance with
the Annual Accounts Act and present fairly, in
all material respects, the financial position of the
Group as of December 31, 2018 and their financial
performance and cash flow for the year then ended in
accordance with International Financial Reporting
Standards (IFRS), as adopted by the EU, and the
Annual Accounts Act. The statutory administration
report is consistent with the other parts of the annual
accounts and consolidated accounts.
We therefore recommend that the general
meeting of shareholders adopts the income
statement and balance sheet for the Parent company
and the Group.
Our opinions in this report on the annual
accounts and consolidated accounts are consistent
with the content of the additional report that has
been submitted to the Parent company's audit
committee in accordance with the Audit Regulation
(537/2014) Article 11.
Basis for opinions
We conducted our audit in accordance with
International Standards on Auditing (ISA) and
generally accepted auditing standards in Sweden.
Our responsibilities under those standards are
further described in the Auditor’s Responsibilities
section. We are independent of the Parent company
and the Group in accordance with professional ethics
for accountants in Sweden and have otherwise
fulfilled our ethical responsibilities in accordance
122 // ANNUAL REPORT
with these requirements. This includes that, based
on the best of our knowledge and belief, no prohi-
bited services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided to the
audited company or, where applicable, its parent
company or its controlled companies within the EU.
We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a
basis for our opinions.
Key audit matters
Key audit matters of the audit are those matters
that, in our professional judgment, were of most
significance in our audit of the annual accounts and
consolidated accounts of the current period. These
matters were addressed in the context of our audit
of, and in forming our opinion thereon, the annual
accounts and consolidated accounts as a whole,
but we do not provide a separate opinion on these
matters. For each matter below, our description of
how our audit addressed the matter is provided in
that context.
We have fulfilled the responsibilities described
in the Auditor’s responsibilities for the audit of the
financial statements section of our report, including
in relation to these matters. Accordingly, our audit
included the performance of procedures designed to
respond to our assessment of the risks of material
misstatement of the financial statements. The results
of our audit procedures, including the procedures
performed to address the matters below, provide
the basis for our audit opinion on the accompanying
financial statements.
Revenue recognition
Total revenue amounted to SEK 6,291 million in
2018. On page 72 the company states the applied
accounting principles for revenue recognition. In
short they state that revenue related to the sales of
goods is recognized when it is likely that payment
will be received and when all risks and benefits have
been transferred from seller to buyer. The revenue
recogni-tion is associated with a certain element of