New Wave Group AB Annual_report_2018_EN_HQ | Page 96

NWG // FINANCIAL INFORMATION //
THE GROUP
Translation exposure
The Group accounts are also affected by translating the results
and net assets of foreign Group companies into SEK. A change
of 1 % of the currency exchange rates would impact sales by
SEK 47.5 million (SEK 41.2 million), calculated on the sales
for 2018 where USD and EUR impacts the most with SEK
15.8 million (SEK 14.2 million) and SEK 16.6 million (SEK
14.7 million) each. Such an effect on the exchange rates would
impact closing equity by SEK 28.8 (18.7) million. The below
table displays a sensitivity analysis regarding sales based on
the preceding year's currency exchange rates, where a trans-
lation of net sales to the exchange rates of the preceding year
would have lowered net sales by SEK 185.4 (22.8) million.
SEK million
Currency impact per
geographic area
USA
Nordic countries
Central Europe
Southern Europe
Other countries
Total
2018 2017
37.2
38.4
58.9
37.1
13.9
185.4 -4.9
10.7
8.2
10.9
-2.1
22.8
The financing is based on commitments (covenants) regarding
financial ratios. The covenants are met as of 31 December 2018.
Based on the current forecast, management deems that the
Group will be able to achieve these key performance indicators
by a satisfactory margin going forward.
The table below displays the maturity analysis of the amor-
tization of interest-bearing liabilities including contractual and
undiscounted interest payments. Any planned future liabilities
have not been included. Interest payments related to financial
instruments with floating rate have been calculated based on the
interest rate at year end.
SEK million
Maturity analysis of
New Wave Group's loans
2018
2019
2020
2021
2022
2023
2024
Liquidity risk Maturity analysis of
New Wave Group's other
financial liabilities
Due to the relatively capital-intensive nature of its activities and
its expansive growth strategy, New Wave Group has a need to
secure its funding. For a growth Group like New Wave Group
it is essential to ensure that sufficient liquidity is available to
fund future expansion and that there is a high degree of flexi-
bility when acquisition opportunities occur. It is also important
that a sound balance between equity and financing through debt
is kept which is why New Wave Group’s goal is to achieve an
equity ratio in excess of 30 %. New Wave Group has a centra-
lized finance function, which means that external borrowing
is managed and administered centrally as far as possible. The
liquidity generated in the Group is continually transferred to
New Wave Group’s treasury center through various pooling
systems and reduces the total credit volume. New Wave Group
has not made any financial investments.
The Group signed a new funding agreement as of 11 April
2018. As of 31 December 2018, the total credit facility amounted
to SEK 2,765 million, of which SEK 2,000 million runs until
and including March 2022 and USD 30 million has a maturity
which runs until and including January 2024. The other SEK
500 million has a term of between three months and six years.
The credit facility amount is limited to, and dependent on, the
value of some underlying assets. 2018
2019
096 // ANNUAL REPORT
2018
2017
- 118.2
350.8 1 619.5
98.1 59.5
95.3 57.9
1 682.3 56.3
60.6 54.4
16.5 14.8
2018 2017
- 876.1
1 231.8 -
The table below displays the maturity for the Group's
outstanding currency futures och unrealized amounts per year-
end, distributed per currency. All contracts mature within
twelve months from year-end.
2018-12-31
Currency
EUR
USD
CAD Hedged volume
result, SEK million Unrealized,
SEK million Number of
hedged months
0.8
47.8
1.3 0.0
0.4
0.1
0.5 < 6
< 6
< 6
2017-12-31
Currency
EUR
EUR
USD
USD Hedged volume
result, SEK million Unrealized,
SEK million Number of
hedged months
2.1
0.3
37.9
21.8 -0.4
0.0
1.5
1.1
2.2 < 6
6 - 12
< 6
6 - 12